Financial results, 1-3/2014

06.05.2014 Reports
January – March Year
2014 2013 2013
Revenue (EUR’000) 9,661 11,390 48,288
Gross profit (EUR’000) 1,701 1,721 8,458
EBITDA (EUR’000) 441 555 3,269
EBIT (EUR’000) 56 188 1,743
Profit for the period (EUR’000) 371 717 5,173
incl attributed to Owners of the Company 391 698 5,162

Business at the beginning of this year has started more slowly than in previous years. In the accounting quarter, the Group’s consolidated revenue was 9.7 million euros, which was 15% lower compared to the reference period. More than 80% of the return on sales originated from the sale of electrical equipment. The sale of electrical equipment decreased 16.5% in the reporting quarter, which was also the main reason for the decline in sales revenue. 64.0% of the Group’s products and services were sold in foreign markets, outside Estonia (Q1 2013: 65.3%) and 81% revenues received from the Group’s companies home markets – Estonia, Finland and Lithuania. The biggest contribution to the decline in sales volumes came from the Lithuanian segment, where sales revenue decreased by one half with respect to the comparable period and this was mainly caused by the decline in revenue received from various projects. The biggest markets of the Group are Estonia and Finland; accordingly, the sales volumes of the Group are strongly influenced by the events taking place on these markets. In the reporting quarter, 45% (Q1 2013:47%) of the Group’s products and services were sold on the Finnish and 36% (Q1 2013:35%) in Estonian market.

The Finnish industrial sector remains in recession, and once again we have to recognise the 10% drop in the sales volumes of the technology sector, compared to Q1 2013. Finland is the biggest market of the Group; accordingly, the sales volumes of the Group are strongly influenced by the events taking place on this market. In the reporting quarter, 45% of the Group’s products and services were sold on the Finnish market (Q1 2013: 47%).

In the reporting quarter, the operating expenses decreased by 14.5%, including the cost of sales by 1.7 million euros or by 17.7% to 8.0 million euros. Since the cost of sales decreased at a pace that exceeded the return on sales, the gross profit margin improved by 2.5 percentage points to 17.6% in comparison to the indicator for the comparable period.

In the reporting quarter, the distribution costs increased by 52,000 euros to 651,000 euros, the rate of distribution costs to revenue accounted for 6.7% (Q1 2013: 5.3%). Administrative expenses increased by 4% to 976,000 euros, and the rate of administrative expenses to revenue accounted for 10.1%, having increased by 1.9 percentage points.

In Q1 2014, the average 440 people worked in the Group − on the average by 22 persons less than in the reference period. In the first quarter, employee wages and salaries totalled 2,170 (Q1 2013: 2,108) thousand euros. The average wages per employee per month amounted 1,645 (2013 Q1: 1, 520) euros. In the second half of 2013, the salaries of the Group’s employees were adjusted, which was also the main cause of the increase in fixed costs. In the reporting quarter the labour and salary costs increased by 2.9%, which also brought with it a decrease in the operating profit margin.

The Group’s operating profit of Q1 2014 was 56 (Q1 2013: 188) thousand euros and EBITDA 441 (Q1 2013: 555) thousand euros. Return of sales for the accounting quarter was 0.6% (Q1 2013: 1.7%) and return of sales before depreciation 4.6% (Q1 2013: 4.9%).

Group consolidated from the associated company a profit of 324,000 (Q1 2013: 75,000) euros.

Overall, the consolidated net profit of the Q1 2014 was 371,000 (Q1 2013: 717,000) euros, and the Q1 2013 figure includes the profit from the sale of financial assets in the amount of 453,000 euros.  The share of the owners of the Company in Q1 2014 was 391,000 (Q1 2013: 698,000) euros and EPS was 0.02 (Q1 2013: 0.04) euros.

Andres Allikmäe
Managing director/ CEO
+372 674 7400

For more information: Internal report 1-3/2014

AS HARJU ELEKTER
BALANCE SHEET, 31.03.2014
Consolidated, unaudited
Group
EUR’000
ASSETS 31.03.14 31.12.13
Cash and cash equivalents 4 186 4 102
Trade receivables and other receivables 5 928 5 699
Prepayments 363 256
Prepaid income tax 54 41
Inventories 6 812 5 801
TOTAL CURRENT ASSETS 17 343 15 899
Deferred income tax asset 6 7
Investments in associates 3 922 3 598
Other long-term financial investments 29 319 31 339
Investment property 11 676 11 663
Property, plant and equipment 8 066 8 129
Intangible assets 498 436
Total non-current assets 53 487 55 172
TOTAL ASSETS 70 830 71 071
LIABILITIES AND OWNERS’ EQUITY
Interest-bearing loans and borrowings 582 654
Trade payables and other payables 6 151 4 437
Tax liabilities 761 969
Income tax liabilities 15 15
Short-term provision 32 36
TOTAL CURRENT LIABILITIES 7 541 6 111
NON-CURRENT LIABILITIES 1 141 1 141
TOTAL LIABILITIES 8 682 7 252
Share capital 12 180 12 180
Share premium 240 240
Restricted reserves 29 394 31 424
Retained earnings 19 044 18 635
TOTAL OWNERS’ EQUITY 60 858 62 479
Non-controlling interests 1 290 1 340
TOTAL EQUITY 62 148 63 819
TOT.LIABILIT.AND OWNERS’ EQUITY 70 830 71 071
INCOME STATEMENT,  1-3/2014
Consolidated,unaudited
EUR’000
GROUP     Q1 2014   Q1 2013
NET SALES 9 661 11 390
Cost of goods sold -7 960 -9 669
Gross profit 1 701 1 721
Marketing expenses -651 -599
Administrative expenses -976 -939
Other revenue 9 17
Other expenses -27 -12
Operating profit 56 188
Finance income 17 462
Finance costs -8 -8
Income from subsidiaries 324 75
Profit from normal operations 389 717
Corporate Income tax -18 0
Profit after taxes, incl 371 717
Net profit for the year 391 698
Non-controlling interest -20 19
Basic earnings per share  (EUR) 0,02 0,04
Diluted earnings per share  (EUR) 0,02 0,04

Interim report 1-3/2014

Karin Padjus
FO
+372 674 7403

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