Financial results, 1-6/2013

07.08.2013 Reports Market Announcements

The Group’s six month sales revenue was 24.5 million euros and in the accounting quarter 13.1 million euros. In H1, the operating profit amounted 0.8 million euros and in the accounting quarter 0.6 million euros. Overall, the consolidated net profit of the H1 2013 increased to 2.5 million euros and to 1.8 million euros in Q2 2013.

Change April – June Change January – June Year
(thousand euros) % 2013 2012 % 2013 2012 2012
Revenue -7.2 13,060 14,079 -5.1 24,450 25,750 52,801
Gross profit -0.8 2,344 2,363 -4.6 4,066 4,259 8,653
EBITDA -4.2 952 993 -12.7 1,507 1,727 3,439
EBIT -8.1 579 630 -23.7 768 1,005 1,970
Profit for the period 15.8 1,752 1,513 17.3 2,470 2,105 3,603
incl attributed to Owners of the Company 14.2 1,705 1,493 15.9 2,403 2,073 3,517

In the reporting quarter, the consolidated sales volume dropped by 7% to 13.1 million euros compared to the indicator from the same period of last year, mainly as a result of decreased sales revenue from the Production segment. At the same time, Production segment sales volume was 1.5 million euros higher than in Q1 of the financial year and 500,000 euros higher than the indicator for the last quarter of last year. 89.3% of sales revenue came from the Production segment, 5.1% from real estate and 5.6% from unallocated activities. Around 83% of the sales revenue came from the production and sale of electrical equipment, its sales volume decreasing 9% to 11 million euros during the reporting quarter and 6% to 20.3 million euros during the first half of the year. The sale of electrical equipment usually increases in Q2 and Q3, while being more modest in Q1 and Q4. In Q2 2013 the sales volume of electrical equipment was 1.6 million euros higher than in Q1 2013.

63% of the Group’s products and services were sold in foreign markets, outside Estonia (H1 2012: 65.1%) and 92% revenues received from the Group’s companies home markets  – Estonia, Finland, Sweden, Lithuania. The largest target markets of the Group are Estonia and Finland, which is why the sales volumes of the Group are strongly influenced by the developments there. The Group’s sales on the Finnish market decreased by 1.3 million euros in the first half of the year to 11.3 million euros and by 1 million euros to 5.9 million euros in the reporting quarter, thus also decreasing the relative importance of the Finnish market in the consolidated sales revenues to 46.1%. 1.3% of the Group’s products and services were marketed in other EU countries and 7% outside the EU in the first half of the year.

Decreased production volumes have also resulted in decreased costs. In the reporting quarter, operating costs decreased 7.5%; with 8.5% lower costs related to the sale of products and services and 1.9% lower costs related to marketing. General administrative costs remained on the same level with the comparable period.

In Q2 2013, the average 464 people worked in the Group − on the average by 14 persons more than in the reference period. During the first 6 months, the average number of employees increasing by 21 persons up to 463 employees. However, in the reporting quarter, labour costs decreased by 2.1% to 3.1 million euros and wage costs decreased by 1.5% to 2.3 million euros, being in the first half of the year 3.9% and 4.5% respectively. In the second quarter, employee wages and salaries totalled 2,305 (Q2 2012: 2,339) thousand euros and during the first 6 months 4,414 (H1 2012: 4,619) thousand euros. The average wages per employee per month amounted 1,591 (2012 H1: 1,740) euros.

Operating profit of Q2 2013 was 579 (Q2 2012: 630) thousand euros and EBITDA 952 (Q2 2012: 993) thousand euros. Return of sales for the accounting quarter was 4.4% (Q2 2012: 4.5%) and return of sales before depreciation 7.3% being 0.1 per cent point better compering to the same period figure a year before. The operating profit before depreciation decreased by 12.7% up to 1.51 million euros and operating profit by 23.7% to 0.77 million euros. The decrease in operating profit was the result of the decrease of profitability in Group’s Finnish and Lithuanian subsidiaries in the first quarter. EBITDA was 6.2% (H1 2012: 6.7%) and EBIT 3.1% (H1 2012: 3.9%).

Dividend income in the reporting quarter was 948,000 (Q2 2012: 831,000) euros. 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. Totally, the net financial expenses have increased by 400,000 euros to 1.39 million euros. In Q2 2013, the Group consolidated from the associated company a profit of 608,000 (Q2 2012: 374,000) euros and during the first six months totally in amount of 0.68 (H1 2012: 0.45) million euros.

The consolidated net profit of the Q2 2013 was 1.75 (Q2 2012: 1.51) million euros, of which the share of the owners of the company was 1.71 (Q2 2012: 1.49) million euros. EPS in the Q2 was 0.10 (Q2 2012: 0.09) euros.  Overall, the consolidated net profit of the H1 2013 was 2.47 million euros, increasing by 17.3%. The share of the owners of the company was 2.40 million euros. EPS in the H1 was 0.14 (H1 2012: 0.12) euros.

During first six months cash flow from operating activities increased by 0,4 million euros, from investment activities by 1.2 million euros and cash out-flow from financial activities was 1.8 million euros; compared to the reference period the numbers were 1.2 million euros, 0.7 million euros and -1.5 million euros respectively. During the H1 2013, cash and cash equivalents decreased by 0.3 million euros to 3.1 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

For more information: Internal report 1-6/2013

AS HARJU ELEKTER
BALANCE SHEET, 30.06.13
Consolidated, unaudited
Group
EUR’000
ASSETS 30.06.13 31.12.12
Cash and cash equivalents 3 087 3 352
Trade receivables and other receivables 7 479 6 493
Prepayments 318 232
Prepaid income tax 58 0
Inventories 6 837 6 395
TOTAL CURRENT ASSETS 17 779 16 472
Deferred income tax asset 4 5
Investments in associates 2 978 2 295
Other long-term financial investments 24 676 21 386
Investment property 10 245 10 454
Property, plant and equipment 8 298 8 546
Intangible assets 424 451
Total non-current assets 46 625 43 137
TOTAL ASSETS 64 404 59 609
LIABILITIES AND OWNERS’ EQUITY
Interest-bearing loans and borrowings 847 1 075
Trade payables and other payables 6 733 5 902
Tax liabilities 1 042 1 049
Income tax liabilities 28 75
Short-term provision 45 23
TOTAL CURRENT LIABILITIES 8 695 8 124
NON-CURRENT LIABILITIES 1 349 1 349
TOTAL LIABILITIES 10 044 9 473
Share capital 12 180 12 180
Share premium 240 240
Restricted reserves 24 707 21 354
Retained earnings 15 839 15 008
TOTAL OWNERS’ EQUITY 52 966 48 782
Non-controlling interests 1 394 1 354
TOTAL EQUITY 54 360 50 136
TOT.LIABILIT.AND OWNERS’ EQUITY 64 404 59 609
INCOME STATEMENT,  1-6/2013
Consolidated,unaudited
EUR’000
GROUP Q2 2013 Q2 2012 H1 2013 H1 2012
NET SALES 13 060 14 079 24 450 25 750
Cost of goods sold -10 716 -11 716 -20 384 -21 491
Gross profit 2 344 2 363 4 066 4 259
Marketing expenses -704 -718 -1 304 -1 355
Administrative expenses -1 045 -1 043 -1 984 -1 918
Other revenue 1 38 18 40
Other expenses -17 -10 -28 -21
Operating profit 579 630 768 1 005
Net financial incomes/expenses 940 821 1 394 994
Income from subsidiaries 608 374 683 453
Profit from normal operations 2 127 1 825 2 845 2 452
Corporate Income tax -375 -312 -375 -347
Profit after taxes, incl 1 752 1 513 2 470 2 105
Net profit for the year 1 705 1 493 2 403 2 073
Non-controlling interest 47 20 67 32
Basic earnings per share 0,10 0,09 0,14 0,12
Diluted earnings per share 0,10 0,09 0,14 0,12
Karin Padjus
FO

Interim report 1-6/2013

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