Harju Elekter
Consolidated unaudited results for Q4 and 12 months 2013

DGAP-News: Harju Elekter /

28.02.2014 / 07:00

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Estonia, 2014-02-28 07:00 CET (GLOBE NEWSWIRE) -- 
In the accounting quarter, the Group's consolidated revenue was 12.3 million
euros, which was 2.2% lower compared to the reference period. Operating profit
of Q4 2013 was 214,000 euros, increasing by 28.1%. The consolidated net profit
of the Q4 increased by 56.0% and was 298,000 euros. 

The Group's twelve month sales revenue was 48.3 million euros, which was 8.5%
lower compared the reference period. The operating profit decreased by 11.5% to
1.74 million euros, but net profit increased by 43.6% to 5.17 million euros, in
12-months period. 

                                 Change       October -   Change     January -  
                                   %           December     %        December   
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(thousand euros)                           2013    2012             2013    2012
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Revenue                            -2.2  12,288  12,565     -8.5  48,288  52,801
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Gross profit                       10.2   2,131   1,933     -2.3   8,458   8,653
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EBITDA                             16.1     627     540     -4.9   3,269   3,439
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EBIT                               28.1     214     167    -11.5   1,743   1,970
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Profit for the period              56.0     298     191     43.6   5,173   3,603
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incl attributed to Owners of       58.0     327     207     46.8   5,162   3,517
 the Company                                                                    
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EPS (EUR)                                  0.02    0.01             0.30    0.21
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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 2013, the production and sales
volume of electrical devices was 40.0 million euros, being 4.1 million euros
lower compared to the reference period. The greatest setbacks in the production
volumes of electrical devices occurred in the segments of Finland (-2.2 million
euros) and Lithuania (-1.2 million euros). 

Home markets were still dominant. Export markets lost some of their
significance and their development will depend largely on the activeness of our
key clients in the respective countries. 

In 2013, one-off projects in Belgium, Malaysia, Belarus and Switzerland were
concluded, but also some new projects were started in the United States.
Deliveries to Norway and Russia have increased, and in the last couple of years
these countries have increasingly joined the Group's other target markets. 

63% of the Group's products and services were sold in foreign markets, outside
Estonia (2012: 66%) and 93% revenues received from the Group's companies home
markets - Estonia, Finland, Sweden, Lithuania. 

In the reporting quarter, the operating expenses decreased by 2.5% to 12.1
million euros, including the cost of sales by 4.5% to 10.2 million euros. In
the reporting quarter, doubtful receivables in the total amount of 155,000
euros were written off. All in all, the distribution costs and administrative
expenses were stable, on the same level as a year before; costs related to sold
products decreased by 4.3 million euros (a tenth) and operating expenses
totally by 8.5% to 46.5 million euros. 

 As at the balance day on 31 December, there were 451 people working in the
Group, which were 27 employees less than in the beginning of the year. In Q4
2013, the average 436 people worked in the Group − on the average by 21 persons
less than in the reference period. During the 12 months, the average number of
employees increased by 3 persons up to 455 employees. Labour costs decreased by
1.6% to 2.9 million euros in accounting quarter and by 4.3% to 11.4 million
euros during 12-months period. In the fourth quarter, employee wages and
salaries totalled 2,247 (Q4 2012: 2,314) thousand euros and during the 12
months 8,645 (2012: 9,139) thousand euros. The average wages per employee per
month amounted 1,584 (2012: 1,684) euros. 

During 12 months, the amount of the consolidated balance sheet increased by
11.5 million euros and as of 31 December 2013, and was 71.1 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
0.24 (Q4 2012: 1.40) euros and the share price in Helsinki Stock Exchange in
last trading day of December was 24.19 (a year before: 15.43) euros. During 12
months, the market price of PKC Group Oyj shares increased by 8.76 (2012: 4.00)
euros. The cost of investment in assets and reserves in equity capital
increased by the profit of 11.7 (2012: 5.5) million euros, received from stock
revaluation. 

During the year 2013, the Group's investments to real estate, tangible fixed
assets and intangible fixed assets totalling 2.32 (2012: 0.84) million euros.
At the balance date 31 December 2013, fixed assets amounted 77.6% (31.12.2012:
72.4%) of the cost of assets. 

During 12 months, cash and cash equivalents increased by 0.76 million euros to
4.10 million euros; within the comparable period, cash and cash equivalents
increased by 2.5 million euros to 3.35 million euros. 

As at December 31 2013 AS Harju Elekter had 1,500 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 1-12/2013



AS HARJU ELEKTER                                                             
BALANCE SHEET, 31.12.2013                                                    
Consolidated, unaudited                                                      
                                                                             
Group                                                                        
EUR'000                                                                      
ASSETS                                   31.12.13  31.12.12                  
Cash and cash equivalents                   4 102     3 352                  
Trade receivables and other receivables     5 699     6 493                  
Prepayments                                   256       232                  
Prepaid income tax                             41         0                  
Inventories                                 5 801     6 395                  
TOTAL CURRENT ASSETS                       15 899    16 472                  
Deferred income tax asset                       7         5                  
Investments in associates                   3 598     2 295                  
Other long-term financial investments      31 339    21 386                  
Investment property                        11 663    10 454                  
Property, plant and equipment               8 129     8 546                  
Intangible assets                             436       451                  
Total non-current assets                   55 172    43 137                  
TOTAL ASSETS                               71 071    59 609                  
LIABILITIES AND OWNERS' EQUITY                                               
Interest-bearing loans and borrowings         654     1 075                  
Trade payables and other payables           4 437     5 902                  
Tax liabilities                               969     1 049                  
Income tax liabilities                         15        75                  
Short-term provision                           36        23                  
TOTAL CURRENT LIABILITIES                   6 111     8 124                  
NON-CURRENT LIABILITIES                     1 141     1 349                  
TOTAL LIABILITIES                           7 252     9 473                  
Share capital                              12 180    12 180                  
Share premium                                 240       240                  
Restricted reserves                        31 424    21 354                  
Retained earnings                          18 635    15 008                  
TOTAL OWNERS' EQUITY                       62 479    48 782                  
Non-controlling interests                   1 340     1 354                  
TOTAL EQUITY                               63 819    50 136                  
TOT.LIABILIT.AND OWNERS' EQUITY            71 071    59 609                  
                                                                             
                                                                             
INCOME STATEMENT,  1-12/2013                                                 
Consolidated,unaudited                                                       
                                                                             
EUR'000                                                                      
GROUP                                    Q4 2013   Q4 2012      2013     2012
                                                                             
NET SALES                                  12 288    12 565   48 288   52 801
Cost of goods sold                        -10 157   -10 632  -39 830  -44 148
Gross profit                                2 131     1 933    8 458    8 653
Marketing expenses                           -737      -658   -2 627   -2 801
Administrative expenses                    -1 169    -1 088   -4 067   -3 876
Other revenue                                   8         1       38       49
Other expenses                                -19       -21      -59      -55
Operating profit                              214       167    1 743    1 970
Net financial incomes/expenses                -14        -6    2 602      997
Income from subsidiaries                      153       104    1 303    1 118
Profit from normal operations                 353       265    5 648    4 085
Corporate Income tax                          -55       -74     -475     -482
Profit after taxes                            298       191    5 173    3 603
Profit attributable to:                                                      
Owners of the Company                         327       207    5 162    3 517
Non-controlling interest                      -29       -16       11       86
Basic earnings per share (EUR)               0,02      0,01      0,3     0,21
Diluted earnings per share (EUR)             0,02      0,01      0,3     0,21
                                                                             
Karin Padjus                                                                 
FO                                                                           
Tel +372 674 7403
News Source: NASDAQ OMX


End of Corporate News

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28.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English        
Company:     Harju Elekter  
 
 
             Estonia        
ISIN:        EE3100004250   
 
 
End of News    DGAP News-Service  
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254934 28.02.2014