Financial results, 1-3/2013

07.05.2013 Reports Market Announcements

Despite seasonal influences and the economic instability of the Northern European region, we managed to end the first quarter of 2013 by meeting expected results for the Harju Elekter Group.  In the accounting quarter, the Group’s consolidated revenue was 11.4 million euros, reaching practically the same level with the comparable period. In the coming quarters we are expecting positive developments on our perspective markets in Scandinavia, as well as recovery of the Finnish export industry.

January – March

Year

Change %

2013

2012

2012

Revenue (EUR’000)

-2.4

11,390

11,671

52,801

Gross profit (EUR’000)

-9.2

1,721

1,896

8,653

EBITDA (EUR’000)

-24.5

555

735

3,439

EBIT (EUR’000)

-49.8

188

375

1,970

Profit for the period (EUR’000)

21.1

717

592

3,603

incl attributed to Owners of the Company

20.3

698

580

3,517

The manufacturing segment contributed 89.1% of the consolidated sales revenues, real estate 5.7% and other, not segmented activities, 5.2%. 65.3% of the Group’s products and services were sold in foreign markets, outside Estonia (Q1 2012: 63.8%) and 91% revenues received from the Group’s companies home markets  – Estonia, Finland, Sweden, Lithuania. At the same time, the consolidated sales revenue decreased marginally during three months in Estonia (-0.27 million euros) and Finland (-0.20 million euros), increased revenues in Lithuania (0.27 million euros) and other markets, incl. Norway and Russia, (0.19 million euros). Ukraine was introduced as a new market.

Operating expenses decreased 0.7% during the period under review, inclusive cost of sales decreased 1.1% to 9.7 million euros. General administrative expenses and marketing costs increased totally by 1.7% to 1.5 million euros in the reporting quarter. The reason for the growth in general administrative expenses was the increased development costs included in these expenses.

Operating profit of Q1 2013 was 188 (Q1 2012: 375) thousand euros and EBITDA 555 (Q1 2012: 735) thousand euros. Return of sales for the accounting quarter was 1.7% (Q1 2012: 3.2%) and return of sales before depreciation 4.9% (Q1 2012: 6.3%). Decrease of operating profit was mainly due to a smaller amount of value-added products into the Finnish and Lithuanian subsidiaries’ product portfolios.

In the first quarter, also 30,000 (Q1 2012: 15,400) PKC Group Oyj shares were sold and the financial income from selling the shares was 453,000 (Q1 2012: 175,000) euros. Net financial expenses have increased by 281,000 euros to 454,000 euros. In the reporting quarter, the Group consolidated from the associated company a profit of 75,000 (Q1 2012: 79,000) euros.

Overall, the consolidated net profit of the Q1 2013 was 717,000 (Q1 2012: 592,000) euros, of which the share of the owners of the Company was 698,000 (Q1 2012: 580,000) euros. EPS in the Q1 was 0.04 (Q1 2012: 0.03) euros.

In Q1 2013, the average 462 people worked in the Group − on the average by 27 persons more than in the reference period. At the same time, the labour costs have decreased by 5.9%. Labour costs account for 24.0% of sales revenues, being by 0.9 percentage points less year-over-year (y-o-y) and 1 percentage point less compared to Q1 2011. In the first quarter, employee wages and salaries totalled 2,108 (Q1 2012: 2,280) thousand euros. The average wages per employee per month amounted 1,520 (2012 Q1: 1,746) euros.

During the 3-months period, the Group’s investments to real estate, tangible fixed assets and intangible fixed assets totalling 0.102 (Q1 2012: 0.140) million euros.

During the accounting period, cash and cash equivalents increased by 0.7 million euros to 4.0 million euros; within the comparable period, cash and cash equivalents increased by 0.4 million euros to 1.2 million euros.

Andres Allikmäe
Managing director/ CEO
Tel +372 674 7400

AS HARJU ELEKTER
BALANCE SHEET, 31.03.13
Consolidated, unaudited
Group
EUR’000
ASSETS 31.03.13 31.12.12
Cash and cash equivalents 4 032 3 352
Trade receivables and other receivables 7 053 6 493
Prepayments 284 232
Prepaid income tax 6 0
Inventories 6 745 6 395
TOTAL CURRENT ASSETS 18 120 16 472
Deferred income tax asset 5 5
Investments in associates 2 370 2 295
Other long-term financial investments 24 472 21 386
Investment property 10 355 10 454
Property, plant and equipment 8 387 8 546
Intangible assets 445 451
Total non-current assets 46 034 43 137
TOTAL ASSETS 64 154 59 609
LIABILITIES AND OWNERS’ EQUITY
Interest-bearing loans and borrowings 1 103 1 075
Trade payables and other payables 6 773 5 902
Tax liabilities 883 1 049
Income tax liabilities 49 75
Short-term provision 16 23
TOTAL CURRENT LIABILITIES 8 824 8 124
NON-CURRENT LIABILITIES 1 349 1 349
TOTAL LIABILITIES 10 173 9 473
Share capital 12 180 12 180
Share premium 240 240
Restricted reserves 24 464 21 354
Retained earnings 15 724 15 008
TOTAL OWNERS’ EQUITY 52 608 48 782
Non-controlling interests 1 373 1 354
TOTAL EQUITY 53 981 50 136
TOT.LIABILIT.AND OWNERS’ EQUITY 64 154 59 609
INCOME STATEMENT,  1-3/2013
Consolidated,unaudited
EUR’000
GROUP Q1 2013 Q1 2012
NET SALES 11 390 11 671
Cost of goods sold -9 669 -9 775
Gross profit 1 721 1 896
Marketing expenses -599 -637
Administrative expenses -939 -875
Other revenue 17 2
Other expenses -12 -11
Operating profit 188 375
Net financial incomes/expenses 454 173
Income from subsidiaries 75 79
Profit from normal operations 717 627
Corporate Income tax 0 -35
Profit after taxes, incl 717 592
Net profit for the year 698 580
Non-controlling interest 19 12
Basic earnings per share 0,04 0,03
Diluted earnings per share 0,04 0,03
Karin Padjus
FO

Interim report 1-3/2013

Recent news

23.02.2021 Harju Elekter Group financial results, 1-12/2020 Read more... 11.02.2021 Harju Elekter to conclude an important agreement in Sweden Read more... 08.02.2021 AS Harju Elekter comments on trading activity of its stock Read more... 20.01.2021 Harju Elekter Group concluded an agreement with Finland’s largest distribution network company Read more... 15.01.2021 Harju Elekter Group’s Finnish subsidiary’s name was changed Read more... 05.01.2021 Merger and division of the Group’s Finnish subsidiaries Read more... 01.01.2020 Archive Read more... 17.12.2020 Publication of Financial Reports in 2021 Read more... 16.12.2020 Changes in the Swedish subsidiaries of Harju Elekter Group Read more... 02.11.2020 The merger of Swedish subsidiaries of Harju Elekter Group was entered into the commercial register Read more... 28.10.2020 Harju Elekter Group financial results, 1-9/2020 Read more... 22.09.2020 Harju Elekter Group concluded an agreement with Finland’s second largest electricity distribution system operator Read more... 21.09.2020 Harju Elekter’s Swedish subsidiary signed a contract related to the upgrading of the Slussen metro station’s electrical substation in Stockholm Read more... 01.09.2020 Harju Elekter Group won an important tender in Finland Read more... 29.07.2020 Harju Elekter Group financial results, 1-6/2020 Read more... 22.07.2020 Harju Elekter invests up to 6 million euros in factory expansion of the Lithuanian subsidiary Read more... 09.07.2020 Dividend payment ex-date of Harju Elekter Read more... 30.06.2020 AGM decisions Read more... 03.06.2020 Harju Elekter notice of the AGM Read more... 30.04.2020 Harju Elekter will merge its Swedish subsidiaries Read more... 29.04.2020 Harju Elekter Group financial results, 1-3/2020 Read more... 27.03.2020 Audited annual report 2019 Read more... 17.03.2020 Appointment of the Chairman of the Management Board Read more... 21.02.2020 Harju Elekter Group financial results, 1-12/2019 Read more... 29.01.2020 Harju Elekter merges Finnish subsidiaries Read more... 20.12.2019 Publication of financial reports in 2020 Read more... 10.12.2019 Regarding changes in the management of Harju Elekter Read more... 09.12.2019 Harju Elekter won Elektrilevi tender Read more... 05.11.2019 Large order received by Harju Elekter’s subsidiary Read more... 31.10.2019 Harju Elekter Group financial results, 1-9/2019 Read more... 30.10.2019 Extension of the powers of Members of the Management Board of Harju Elekter Read more... 19.09.2019 Harju Elekter Lithuanian subsidiary opened new production facilities Read more... 03.09.2019 Changes to the governing bodies of Swedish subsidiaries of Harju Elekter Read more... 03.09.2019 Changes to the governing body of Harju Elekter’s Finnish subsidiary Read more... 02.09.2019 The subsidiary of Harju Elekter bought a real estate company in Finland Read more... 31.07.2019 Harju Elekter Group financial results, 1-6/2019 Read more... 04.07.2019 Harju Elekter brings subsidiaries under a joint trademark Read more... 13.05.2019 Dividend payment ex-date of Harju Elekter Read more... 02.05.2019 Harju Elekter Group financial results, 1-3/2019 Read more... 02.05.2019 AGM decisions Read more... 04.04.2019 Change in AS Harju Elekter subsidiary’s Management Board Read more... 03.04.2019 Harju Elekter notice of the AGM Read more... 02.04.2019 Audited annual report 2018 Read more... 27.02.2019 Harju Elekter Group financial results, 1-12/2018 Read more... 10.01.2019 Changes to the management boards of Harju Elekter’s subsidiaries Read more... 02.01.2019 Large order received by Harju Elekter’s subsidiary Read more... 21.12.2018 Publication of financial reports in 2019 Read more... 27.11.2018 Extension of delivery contract until 2020 Read more... 24.10.2018 Harju Elekter Group financial results, 1-9/2018 Read more... 06.09.2018 Harju Elekter raises its technology capacity Read more... 30.08.2018 Harju Elekter expands production capacity in Lithuania Read more... 25.07.2018 Harju Elekter Group financial results, 1-6/2018 Read more... 11.05.2018 Dividend payment ex-date of Harju Elekter Read more... 03.05.2018 AGM decisions Read more... 25.04.2018 Harju Elekter Group financial results, 1-3/2018 Read more... 04.04.2018 Audited annual report 2017 Read more... 20.03.2018 Harju Elekter Group won Elektrilevi tender Read more... 28.02.2018 Harju Elekter Group financial results, 1-12/2017 Read more... 09.02.2018 Harju Elekter Group won an important tender in Sweden Read more... 25.01.2018 Harju Elekter’s subsidiary won an important tender in Finland Read more... 05.01.2018 Changes to the management boards of Harju Elekter’s Finnish subsidiaries Read more... 21.12.2017 Publication of financial reports in 2018 Read more... 13.12.2017 Harju Elekter purchases SEBAB AB Read more... 13.12.2017 Correction: Harju Elekter purchases SEBAB AB Read more... 06.11.2017 Harju Elekter signed a Letter of Intent for the acquisition of all shares of SEBAB AB Read more... 27.10.2017 Changes in AS Harju Elekter subsidiary’s management board Read more... 25.10.2017 Harju Elekter Group financial results, 1-9/2017 Read more... 25.09.2017 Termination of the contract of service of the managing director of a subsidiary Read more... 11.09.2017 Commencement of negotiations Read more... 02.08.2017 Termination of the contract of service of the managing director of a subsidiary Read more... 26.07.2017 Harju Elekter Group financial results, 1-6/2017 Read more... 05.06.2017 Harju Elekter purchased Telesilta Oy Read more... 10.05.2017 Commencement of negotiations Read more... 04.05.2017 Extension of the authorisations of the Chairman of the Management Board Read more... 27.04.2017 AGM resolutions Read more... 26.04.2017 Harju Elekter Group financial results, 1-3/2017 Read more... 30.03.2017 Harju Elekter purchased a majority holding in Energo Veritas Read more... 28.03.2017 AS Harju Elekter notice of AGM Read more... 28.03.2017 Audited annual report 2016 Read more... 16.03.2017 AS Harju Elekter accepted a takeover bid for shares of PKC Group Plc Read more... 27.02.2017 Harju Elekter Group financial results, 1-12/2016 Read more... 20.01.2017 Motherson Sumi Systems made a takeover bid for shares of PKC Group Read more... 16.01.2017 The payment related to reduction of the share capital Read more... 13.01.2017 ADJUSTMENT: Large order received by Harju Elekter’s subsidiary Read more... 11.01.2017 Large order received by Harju Elekter’s subsidiary Read more... 28.12.2016 Publication of financial reports in 2017 Read more... 20.12.2016 Harju Elekter Group signed a large volume contract Read more... 27.10.2016 Harju Elekter Group financial results, 1-9/2016 Read more... 26.10.2016 Changes in the Management Board of AS Harju Elekter Read more... 21.10.2016 Harju Elekter laid the cornerstone for two new buildings in Allika Industrial Park Read more... 18.10.2016 Reduction of share capital was entered in the Commercial Register Read more... 14.10.2016 Harju Elekter acquired Finnish real estate company Kiinteistö Oy Uutvallinkulma Read more... 27.07.2016 Harju Elekter Group financial results, 1-6/2016 Read more... 28.04.2016 Harju Elekter Group financial results, 1-3/2016 Read more... 28.04.2016 Resolution of AGM Read more... 07.04.2016 CORRECTION: Notice of the AGM Read more... 06.04.2016 Audited annual report 2015 Read more... 06.04.2016 Notice of the AGM Read more... 05.04.2016 Restructuring of AS Harju Elekter subsidiaries in Estonia Read more... 26.02.2016 Harju Elekter – 50 years of experience in offering solutions for electricity distribution! Harju Elekter Group financial results, 1-12/2015 Read more... 22.12.2015 Publication of financial reports in 2016 Read more... 04.11.2015 Harju Elekter Group financial results, 1-9/2015 Read more... 08.08.2015 Harju Elekter Group financial results, 1-6/2015 Read more... 22.07.2015 Registration of the share capital increase in the Commercial Register Read more... 03.06.2015 AS Harju Elekter acquired a 10% holding in the ultracapacitors’ manufacturer Skeleton Technologies Group OÜ. Read more... 01.06.2015 Termination of the contract of service of the managing director of a subsidiary Read more... 14.05.2015 Resolutions of AGM Read more... 29.04.2015 Financial results, 1-3/2015 Read more... 24.04.2015 AS Harju Elekter acquired all of the shares of their Lithuanian subsidiary UAB Rifas Read more... 15.04.2015 AS Harju Elekter Supervisory Board approved audited annual report 2014 Read more... 14.04.2015 AS Harju Elekter notice of the annual general meeting Read more... 25.02.2015 Financial results, 1-12/2014 Read more... 29.12.2014 Publication of financial reports in 2015 Read more... 05.11.2014 Financial results, 1-9/2014 Read more... 06.08.2014 Financial results, 1-6/2014 Read more... 09.07.2014 AS Harju Elekter sold its holding in AS Draka Keila Cables Read more... 17.06.2014 Group’s Finnish subsidiary purchases Finnkumu Oy Read more... 10.06.2014 Purchase of Finnkumu Oy approved by Supervisory Board Read more... 08.05.2014 Notice on the decrease of an important holding Read more... 08.05.2014 Resolutions of AGM Read more... 06.05.2014 Financial results, 1-3/2014 Read more... 30.04.2014 Commencement of negotiations Read more... 17.04.2014 Audited annual report 2013 Read more... 16.04.2014 Resignation Application from a Member of the Supervisory Board Read more... 16.04.2014 Invitation, agenda and proposals to the AGM of shareholders Read more... 28.02.2014 AS Harju Elekter consolidated unaudited results for Q4 and 12 months 2013 Read more... 28.02.2014 Suspension of the activities of Swedish subsidiary Harju Elekter AB Read more... 02.01.2014 Publication of financial reports in 2014 Read more... 02.01.2014 Publication of financial reports in 2014 Read more... 06.11.2013 Financial results, 1-9/2013 Read more... 22.10.2013 The subsidiary of AS Harju Elekter signed a large volume contract Read more... 07.08.2013 Financial results, 1-6/2013 Read more... 09.05.2013 Resolutions of AGM Read more... 10.04.2013 Invitation, agenda and proposals to the AGM of shareholders Read more... 27.02.2013 Financial results, 1-12/2012 Read more... 11.01.2013 Publication of financial reports in 2013 Read more...