The Group’s sales revenue in the accounting quarter was 16.6 (H1 2014: 11.1) million euros and in 6- months period 27.5 (H1 2014: 20.8) million euros. During the reporting quarter, sales revenue increased by 52% or 5.6 million euros compared to the previous quarter, and 50% or 5.5 million euros in relation to the comparison period. The consolidated net profit of the H1 2015 was 1.6 million euros. The results of the first six months of the year were the most affected by the following circumstances: the reporting period that is compared does not reflect the business results of Finnkumu Oy (acquired in June 2014); the net profit of the first six months of 2014 include the financial income from the sale of PKC Group Oyj shares at 4.6 million euros and the consolidated profit of 0.8 million euros from the related company (AS Draka Keila Cables).
|Change||April – June||Change||January – June||Year|
|Profit for the period||-73.6||1,573||5,954||-75.0||1,583||6,325||9,778|
|incl attributed to Owners of the Company||-73.9||1,557||5,970||-75.3||1,572||6,361||9,697|
There has been a growth in sales revenue among almost all products and services. 91% of sales income was earned from the Production segment, and Real Estate together with other areas of activity contributed 9% of the consolidated sales volume.87%(Q2 2014: 81%) of the reporting quarter sales revenue originated from the sale of electrical equipment. There was 14.4 million euros worth of electrical equipment sold in the reporting quarter, which was 5.4 million euros or 59% more than in the comparison quarter, with sales of equipment growing 38% in the 1st half of the year, to 23.3 million euros. The biggest contribution to the increase of sales volume came from Finnkumu Oy, whose sales income not included in H1 2014 results and from UAB Rifas, whom realized a one large-scale project to Norwegian market in the reporting quarter.
In H1 2015, 76% (H1 2014: 65%) of the Group’s products and services were sold in foreign markets, outside Estonia and in the reporting quarter 79% (Q2 2014: 67%). Finland is the biggest market of the Group and 61% (H1 2014: 50%) of the Group’s products and services were sold on the Finnish market in first half of the year. The share of the Finnish market in the consolidated sales revenue has grown 9 percentage points in the second quarter and 11 percentage points during the half-year when compared to the respective periods of 2014. The share of the Estonian market in the consolidated sales decreased during a year by 10.5 percentage points to 24.1%. The decline was mainly due to the non-performance of the contractual order volume by Eesti Energia, which was one third less than in the comparable period.
Operating expenses increased 41% in the reporting quarter and 29% in the first half of the year compared to the reference periods. Cost of sales increased 47% in the reporting quarter. Since the sales revenue of the reporting quarter increased at a pace that exceeded the cost of sales, improved the gross profit margin. The cost of sales increased 33% during the first six months, at the same pace sales revenue. In H1, distribution cost as well as administrative expenses increased marginally and the rates to revenue decreased accounted 4.9% (H1 2014: 6.2%) and 7.5% (H1 2014: 9.2%), respectively.
In Q2 2015, the average 481 people worked in the Group − on the average by 37 persons more than in the reference period. In the first half of the year, the average number of employees increased by 32 to 474. During the first 6 months employee wages and salaries totalled 4,802 (H1 2014: 4,331) thousand euros. The average wages per employee per month amounted to 1,714 (H1 2013: 1,633) euros.
In the second quarter the gross profit of the Group was 3,081 (Q2 2014: 1,922) thousand euros. The gross profit margin was 18.6% being 1.3 per cent point better compering to the same period a year before. In the first half of the year, the gross profit of the Group was 4,779 (H1 2014: 3,616) thousand euros and the gross profit margin was 17.4% being on the same level as a year before.
The Group’s operating profit in the reporting quarter was 1,380 (Q2 2014: 362) thousand euros and EBITDA 1,751 (Q2 2014: 736) thousand euros. Return of sales for the accounting quarter was 8.3% (Q2 2014: 3.3%) and return of sales before depreciation 10.6% improving by 4.0 per cent point, compering to the same period a year before.
In H1 2015, EBITDA increased by 962 thousand euros to 2,139 thousand euros and operating profit by 990 thousand euros to 1,408 thousand euros. Return of sales before depreciation 7.8% (H1 2014: 5.7%) and return of sales 5.1% (H1 2014: 2.0%).
PKC Group Oyj paid dividends to the shareholders 0.70 euros per share. Dividend income from the shares was 766 (Q2 20134 906) thousand euros. In total, financial investments yielded a profit of 785 thousand euros in the first half of the year, which was 4,763 thousand euros lower, than in the comparable period. In Q2 2014, 200,000 shares of PKC Group Oyj were sold.
The consolidated net profit of the Q2 2015 was 4,573 (Q2 2014: 5,954) thousand euros, of which the share of the owners of the Company was 1,557 (Q2 2014: 5,970) thousand euros. EPS in the Q2 was 0.09 (Q2 2014: 0.34) euros.
Overall, the consolidated net profit of the H1 2015 was 1,583 (H1 2014: 6,325) thousand euros. The share of the owners of the Company was 1,572 (H1 2014: 6,361) thousand euros. In H1, EPS was 0.09 (H1 2014: 0.37) euros.
During the 6-months period, the Group’s investments to non-current assets totalled 4.5 (H1 2014: 4.0, incl through business combinations 3.3) million euros.
Managing director/ CEO
+372 674 7400
For more information: Internal report 1-6/2015
|AS HARJU ELEKTER|
|BALANCE SHEET, 30.06.2015|
|Cash and cash equivalents||2 263||9 984|
|Available-for-sale financial assets||0||35|
|Trade receivables and other receivables||8 914||6 484|
|Prepaid income tax||49||79|
|Inventories||11 141||8 104|
|TOTAL CURRENT ASSETS||23 055||25 141|
|Other long-term financial investments||24 128||19 145|
|Investment property||13 165||12 109|
|Property, plant and equipment||8 294||7 968|
|Intangible assets||5 448||5 429|
|Total non-current assets||51 035||44 651|
|TOTAL ASSETS||74 090||69 792|
|LIABILITIES AND OWNERS’ EQUITY|
|Interest-bearing loans and borrowings||1 641||278|
|Trade payables and other payables||8 572||6 989|
|Tax liabilities||1 104||1 072|
|Income tax liabilities||271||12|
|TOTAL CURRENT LIABILITIES||11 592||8 390|
|NON-CURRENT LIABILITIES||1 956||1 560|
|TOTAL LIABILITIES||13 548||9 950|
|Share capital||12 180||12 180|
|Unregistered share capital||238||0|
|Restricted reserves||21 976||19 393|
|Retained earnings||25 200||26 664|
|TOTAL OWNERS’ EQUITY||60 398||58 477|
|Non-controlling interests||144||1 365|
|TOTAL EQUITY||60 542||59 842|
|TOT.LIABILIT.AND OWNERS’ EQUITY||74 090||69 792|
|INCOME STATEMENT, 1-6/2015|
|GROUP||Q2 2015||Q2 2014||H1 2015||H1 2014|
|NET SALES||16 590||11 092||27 535||20 753|
|Cost of goods sold||-13 509||-9 170||-22 756||-17 137|
|Gross profit||3 081||1 922||4 779||3 616|
|Marketing expenses||-663||-646||-1 347||-1 296|
|Administrative expenses||-1 028||-929||-2 054||-1 899|
|Operating profit||1 380||362||1 408||418|
|Finance income||771||5 531||785||5 548|
|Income from subsidiaries||0||491||0||815|
|Profit from normal operations||2 129||6 375||2 164||6 765|
|Corporate Income tax||-556||-421||-581||-440|
|Profit for the period, attributable to||1 573||5 954||1583||6 325|
|owners of the Company||1 557||5 970||1572||6 361|
|Basic earnings per share (EUR)||0,09||0,34||0,09||0,37|
|Diluted earnings per share (EUR)||0,09||0,34||0,09||0,37|
+372 674 7422