Financial results, 1-12/2014

25.02.2015 Reports
 

2014 was an eventful and successful year for the Harju Elekter Group. Despite the fact that the economic environment and the markets were unstable and volatile, we were able to reach the goals we set for ourselves and increasing Group’s sales revenue and profit.

In July 2014, Group’s subsidiary Satmatic Oy purchased all shares of Finland’s largest pre-fabricated substation producer Finnkumu Oy, whose financial statements of the second half of the year comprises Group’s Q4 and 1-12/2014 interim report since 1 July 2014. In July 2014, Group sold its 34% holding in AS Draka Keila Cables to the core investor Prysmian Group. Affiliated company’s profit is consolidated by the equity method till 30.6.2014. Both of these events had an impact on both the Group’s accounting quarter as well as 12-months consolidated financial results.

October-December change January-December change
(thousand euros) 2014 2013 % 2014 2013 %
Revenue 14,166 12,288 15.3 50,606 48,288 4.8
Gross profit 2,222 2,131 4.3 9,081 8,458 7.4
EBITDA 657 626 5.0 3,741 3,269 14.4
EBIT 282 214 31.8 2,228 1,743 27.8
Profit for the period 253 298 -15.1 9,778 5,173 89.0

The Group’s revenue increased in the reporting quarter by 15.3%, compared to the Q4 2013 and amounted to 14.2 million euros. Consolidated sales revenue for the reporting year reached 50.6 million euros, having increased 4.8% in relation to the comparable period. 70% of the Group’s products and services were sold outside Estonia.

90.5% of sales revenue was earned from the Production segment, and Real Estate together with Unallocated Activities contributed 9.5% of the consolidated sales volume. The Manufacturing segment is engaged in the manufacturing and sales of electricity distribution and control equipment and in related activities. The revenue from the sales of electrical equipment comprised 93.6% of the sales volume for Manufacturing and 84.7% of the consolidated revenue. The sale of electrical equipment grew by 21.8% to 12.4 million euros in Q4, and 7.3% to 42.9 million euros in the 12 month period.

As at the balance date on 31 December, there were 483 people working in the Group, which were 32 employees more than a year before. With the purchase of Finnkumu Oy, the Group gained 18 employees. In Q4 2014, the average 465 people worked in the Group – on the average by 29 persons more than in the reference period. During 12 months, the average number of employees decreased by 4 to 459.

Labour costs increased in Q4 by 9.6% to 3.2 million euros and in 12-months period by 6.0% to 12.0 million euros. The rate of labour costs to revenue formed 23.8% (2013: 23.5%). In the Q4, employee wages and salaries totalled 2,503 (Q4 2013: 2,247) thousand euros and during the 12-months period 9,194 (2013: 8,645) thousand euros. The average wages per employee per month amounted to 1,669 (2013: 1,584) euros.

Cost of sales increased 17.6% in the reporting quarter and 4.3% in 12-months period, at a rate slightly higher the sales revenue by 2.2 percentage points in reporting quarter and below by 0.5 percentage points in 12-months. Overall, the growth rate of operating expenses lagged behind that of sales revenue, having increased in the reporting quarter by 15.1%, to 14.9 million euros, in the 12-month period by 3.8%, to 48.3 million euros.

Accordingly, the Group’s operating profit in the reporting quarter was 0.3 (Q4 2013: 0.2) million euros and EBITDA 0.7 (Q4 2013: 0.6) million euros. Return of sales for the accounting quarter was 2.0% (Q4 2013: 1.7%) and return of sales before depreciation 4.6% being 0.5 per cent point lower compering to the same period a year before. During 12-months period, EBITDA as well EBIT increased both by 0.5 million euros to 3.7 million and to 2.2 million euros, respectively. Return of sales before depreciation for the accounting year improved by 0.6 per cent point and was 7.4% and return of sales by 0.8 per cent point being 4.4%.

PKC Group Oyj paid dividends to the shareholders 0.70 euros per share. Dividend income from the shares was 907 (2013: 948) thousand euros. In the second quarter, also 200,000 shares of PKC Group Oyj were sold and the financial income from selling the shares was 4.6 (2013: 1.7) million euros. The profit from financial investment totalled 5.6 million euros in the 12-months period (2013: 2.6 million euros). During the 12 months, finance income amounted to 5.7 (2013: 2.6) million euros.

In the Q3 2014, the Group sold their 34% holding in AS Draka Keila Cables and the financial income from selling the shares was 1.8 million euros. In the accounting period, the Group consolidated from the associated company a profit of 0.8 (2013: 1.3) million euros.

The consolidated net profit of the reporting year was 9.8 million euros, increasing approximately 4.6 million euros compared to the previous period.  The share of the owners of the Company was 9.7 million euros. EPS in 12 months was 0.56 (2013: 0.30) euros.

Andres Allikmäe
Managing director/ CEO
Tel +372 674 7400

For more information: Internal report 1-12/2014

 

AS HARJU ELEKTER
BALANCE SHEET, 31.12.2014
Consolidated, unaudited
Group
EUR’000
ASSETS 31.12.14 31.12.13
Cash and cash equivalents 9 984 4 102
Available-for-sale financial assets 35 0
Trade receivables and other receivables 6 484 5 699
Prepayments 455 256
Prepaid income tax 79 41
Inventories 8 104 5 801
TOTAL CURRENT ASSETS 25 141 15 899
Deferred income tax asset 0 7
Investments in associates 0 3 598
Other long-term financial investments 19 145 31 339
Investment property 12 109 11 663
Property, plant and equipment 7 968 8 129
Intangible assets 5 429 436
Total non-current assets 44 651 55 172
TOTAL ASSETS 69 792 71 071
LIABILITIES AND OWNERS’ EQUITY
Interest-bearing loans and borrowings 278 654
Trade payables and other payables 6 989 4 437
Tax liabilities 1 072 969
Income tax liabilities 12 15
Short-term provision 39 36
TOTAL CURRENT LIABILITIES 8 390 6 111
NON-CURRENT LIABILITIES 1 560 1 141
TOTAL LIABILITIES 9 950 7 252
Share capital 12 180 12 180
Share premium 240 240
Restricted reserves 19 393 31 424
Retained earnings 26 664 18 635
TOTAL OWNERS’ EQUITY 58 477 62 479
Non-controlling interests 1 365 1 340
TOTAL EQUITY 59 842 63 819
TOT.LIABILIT.AND OWNERS’ EQUITY 69 792 71 071
INCOME STATEMENT,  1-12/2014
Consolidated,unaudited
EUR’000
GROUP Q4 2014 Q4 2013 M12 2014 M12 2013
NET SALES 14 166 12 288 50 606 48 288
Cost of goods sold -11 945 -10 157 -41 525 -39 830
Gross profit 2 222 2 131 9 081 8 458
Marketing expenses -745 -737 -2 720 -2 627
Administrative expenses -1 176 -1 169 -4 042 -4 067
Other revenue 11 8 27 38
Other expenses -30 -19 -118 -59
Operating profit 282 214 2 228 1 743
Finance income 34 2 5 661 2 648
Finance costs -12 -16 -38 -46
Income from subsidiaries 0 153 2 602 1 303
Profit from normal operations 304 353 10 453 5 648
Corporate Income tax -51 -55 -675 -475
Profit after taxes, incl 253 298 9 778 5 173
Net profit for the year 232 327 9 697 5 162
Non-controlling interest 21 -29 81 11
Basic earnings per share  (EUR) 0,01 0,02 0,56 0,3
Diluted earnings per share  (EUR) 0,01 0,02 0,56 0,3

Interim report 1-12/2014

Karin Padjus
FO
+372 674 7403

 

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