Financial results, 1-9/2013

06.11.2013 Reports Market Announcements

The Group’s 9 months sales revenue was 36.0 million euros and in the accounting quarter 11.6 million euros. From the beginning of the year, the operating profit has grown steadily quarter to quarter reached 0.8 million in the Q3 and being almost on the same level as in comparable periods. In the accounting quarter, EBIT improved by 1 percentage point and was 6.6% (Q3 2012: 5.6%). In the 9 months-period, operating profit amounted 1.5 million euros and EBIT was 4.2% (9M 2012: 4.5%). Overall, the consolidated net profit of the 9M 2013 increased to 4.9 million euros and to 2.4 million euros in Q3 2013. EPS in 9 months was 0.28 (9M 2012: 0.20) euros and in third quarter 0.14 (Q3 2012: 0.07) euros.

Change July – September Change January – September Year
(thousand euros) % 2013 2012 % 2013 2012 2012
Revenue -20.3 11,551 14,486 -10.5 36,000 40,236 52,801
Gross profit -7.1 2,262 2,435 -5.5 6,327 6,694 8,653
EBITDA -4.6 1,136 1,191 -9.4 2,643 2,918 3,439
EBIT -6.6 763 817 -16.0 1,531 1,822 1,970
Profit for the period 81.5 2,407 1,326 42.1 4,876 3,431 3,603
incl attributed to Owners of the Company 93.6  2,432  1,256 45.2 4,835 3,329  3,517

The decrease in consolidated sales revenue was caused by a decrease in sales and commissions in the production segment, which accounted for about 90% of sales revenue this year. Around 83% of the sales revenue came from the production and sale of electrical equipment. In the accounting quarter, both the production and sales volume of electrical devices decreased by 2.8 million euros, reaching 9.5 million euros, and in the period of 9 months, by 4.0 million euros reaching 29.8 million euros. The greatest setbacks in the production volumes of electrical devices occurred in the segments of Finland (-3.0 million euros) and Lithuania (-0.9 million euros).

61% of the Group’s products and services were sold in foreign markets, outside Estonia (9M 2012: 65%) and 93% revenues received from the Group’s companies home markets  – Estonia, Finland, Sweden, Lithuania.

In the reporting quarter, operating costs decreased 21%; with 23% lower costs related to the sale of products and services and 7% lower costs related to administration and distribution. During the first nine months of the year, costs related to sold products decreased by 3.9 million euros to 29.7 million euros, resulting in a gross profit margin of 17.6% with an improvement of 1 percentage point.

In Q3 2013, the average 454 people worked in the Group − on the average by 25 persons less than in the reference period. During the first 9 months, the average number of employees decreasing by 24 persons. In Q3 2013, the average 457 people worked in the Group − on the average by 10 persons less than in the reference period. During the first 9 months, the average number of employees decreased by 10 persons up to 461 employees. Because of that, in the reporting quarter, labour costs decreased by 8.0% and by 5% during 9 months-period. In the third quarter, employee wages and salaries totalled 1,985 (Q3 2012: 2,206) thousand euros and during the first 9 months 6,398 (9M 2012: 6,826) thousand euros. The average wages per employee per month amounted 1,538 (9M 2012: 1,683) euros.

During 9 months, the amount of the consolidated balance sheet increased by 13.1 million euros and compared to the period under review by 13.7 million euros, and as of 30 September 2013, was 72.7 million euros. Most of the growth derived from value adjustment of long-term financial investments. The market price of PKC Group Oyj shares increased in accounting quarter by 5.75 (Q3 2012: 1.90) euros and the share price in Helsinki Stock Exchange in last trading day of September was 23.95 (a year before: 14.03) euros. During nine months, the market price of PKC Group Oyj shares increased by 8.52 (9M 2012: 2.60) euros. The cost of investment in assets and reserves in equity capital increased by the profit of 11.4 (9M 2012: 3.6) million euros, received from stock revaluation. In third quarter, AS Harju Elekter bought 11 ha of production land on the outskirts of Tallinn, in Allika Industrial Park, with the objective being future industrial real estate development. During the 9-months period, the Group’s investments to real estate, tangible fixed assets and intangible fixed assets totalling 1.98 (9M 2012: 0.53) million euros.

At the balance date 30 September 2013, fixed assets amounted 75.4% (30 September 2012: 70.1%) and owners’ equity 86.9% (30 September 2012: 82.0%) of the cost of assets.

The Group’s 9-month current ratio and the quick ratio improved both by 0.3, compared to the reference period, being 2.1 and 1.3.

As at September 30 2013 AS Harju Elekter had 1,481 shareholders. The largest shareholder of AS Harju Elekter is AS Harju KEK, a company based on local capital which held 32.0 % of AS Harju Elekter’s share capital.

Andres Allikmäe
Managing director/ CEO
Tel +372 674 7400

For more information: Internal report 1-9/2013

AS HARJU ELEKTER
BALANCE SHEET, 30.09.2013
Consolidated, unaudited
Group
EUR’000
ASSETS 30.09.13 31.12.12
Cash and cash equivalents 3 320 3 352
Trade receivables and other receivables 6 867 6 493
Prepayments 507 232
Prepaid income tax 46 0
Inventories 7 186 6 395
TOTAL CURRENT ASSETS 17 926 16 472
Deferred income tax asset 4 5
Investments in associates 3 445 2 295
Other long-term financial investments 31 028 21 386
Investment property 10 135 10 454
Property, plant and equipment 9 789 8 546
Intangible assets 397 451
Total non-current assets 54 798 43 137
TOTAL ASSETS 72 724 59 609
LIABILITIES AND OWNERS’ EQUITY
Interest-bearing loans and borrowings 1 155 1 075
Trade payables and other payables 5 926 5 902
Tax liabilities 1 077 1 049
Income tax liabilities 0 75
Short-term provision 28 23
TOTAL CURRENT LIABILITIES 8 186 8 124
NON-CURRENT LIABILITIES 1 349 1 349
TOTAL LIABILITIES 9 535 9 473
Share capital 12 180 12 180
Share premium 240 240
Restricted reserves 31 111 21 354
Retained earnings 18 289 15 008
TOTAL OWNERS’ EQUITY 61 820 48 782
Non-controlling interests 1 369 1 354
TOTAL EQUITY 63 189 50 136
TOT.LIABILIT.AND OWNERS’ EQUITY 72 724 59 609
INCOME STATEMENT,  1-9/2013
Consolidated,unaudited
EUR’000
GROUP Q3 2013 Q3 2012 M9 2013 M9 2012
NET SALES 11 551 14 486 36 000 40 236
Cost of goods sold -9 289 -12 051 -29 673 -33 542
Gross profit 2 262 2 435 6 327 6 694
Marketing expenses -586 -759 -1 890 -2 113
Administrative expenses -913 -855 -2 897 -2 773
Other revenue 13 8 32 48
Other expenses -13 -12 -41 -34
Operating profit 763 817 1 531 1 822
Net financial incomes/expenses 1 221 9 2 615 1 003
Income from subsidiaries 467 561 1 150 1 014
Profit from normal operations 2 451 1 387 5 296 3 839
Corporate Income tax -44 -61 -420 -408
Profit after taxes 2 407 1 326 4 876 3 431
Profit attributable to:
   Owners of the Company 2 432 1 256 4 835 3 329
   Non-controlling interest -25 70 41 102
Basic earnings per share (EUR) 0,14 0,07 0,28 0,2
Diluted earnings per share (EUR) 0,14 0,07 0,28 0,2

Interim report 1-9/2013

Karin Padjus
FO
+372 674 7403

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