Harju Elekter
AS Harju Elekter acquired all of the shares of their Lithuanian subsidiary UAB Rifas

Harju Elekter 

24.04.2015 09:40

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The issuer is solely responsible for the content of this announcement.

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Estonia, 2015-04-24 09:40 CEST (GLOBE NEWSWIRE) -- Yesterday, on 23 April 2015,
AS Harju Elekter signed a contract for the purchase of all shares in Lithuanian
subsidiary UAB Rifas. In the transaction, AS Harju Elekter acquired a holding
of 37% in their subsidiary UAB Rifas, in addition to the previously acquired
63%, and in doing so became the sole owner of the company. The purchase
transaction enters into force on 28 April 2015, at the latest. According to the
contract, the price of the transaction will not be made public. 

After the transaction, Rifas UAB will continue to operate under its own name
and brand as a wholly-owned subsidiary of AS Harju Elekter. Acquiring all of
the shares of UAB Rifas was a strategic move by the Group, helping to secure
their position in Lithuania and on export markets. 

 Andres Allikmäe was appointed Chairman and Endel Palla, Tiit Atso (Group's
FO), Jan Osa (Sales Director of AS Harju Elekter Elektrotehnika) and Aidas
Šetikas was appointed Member of the Management Board of Rifas UAB. Aidas
Šetikas will also continue as a Managing Director of Rifas UAB. 

UAB Rifas Group, financial summary              
2012-2014                                       
1000 euros                          2014   2013   2012 
Cash and cash equivalents           662    633    602  
Trade receivables                   1,030  1,005  2,158
Inventories                         1,285  827    733  
Non-current assets                  1,615  1,664  1,769
Total assets                        4,592  4,129  5,262
Current liabilities                 1,165  671    1,723
Long-term liabilities               0      2      10   
Equity                              3,427  3,456  3,529
incl. share capital                 222    222    222  
Revenue                             5,283  5,809  7,221
EBIT                                109    17     273  
Net profit                          54     -49    224  
Basic earnings per share (EUR)      7      -6     29   
Number of shares                    7,650  7,650  7,650
Dividend per share                  9.46   9.46   11.36

Since the end of the previous financial year there are no significant change in
the UAB Rifas business activities. 

UAB Rifas was established in 1991. The main area of the activities of the
company is the production and marketing of the industrial automation equipment
and electric power distribution and transfer equipment. The Rifas Group
comprises the Lithuanian manufacturing company Rifas UAB, and its subsidiary,
Automatikos Iranga (51%), which specialises in design. In 2014, the company's
audited sales revenue amounted to 5.3 million euros, of which 80% was sold
outside Lithuania. There are 80 employees working in the Rifas Group. AS Harju
Elekter acquired a holding of 51% in the Lithuanian company UAB Rifas in 2003
and increased it to 63% in December 2012. 

Harju Elekter is the leading MV/LV electrical and engineering devices producer
in the Baltic States as well as well-known and respected company in
Scandinavia. Harju Elekter Group includes manufacturers of electrical equipment
in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%),
Satmatic Oy (100%) and Rifas UAB (100%), as well as the telecommunications
products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia. In
addition, AS Harju Elekter has financial investments in the Latvian electrical
equipment sales company SIA Energokomplekss (14%) and in the Finnish publicly
listed company PKC Group Oyj (5%). 

The transaction does not constitute a transaction between related parties
within the meaning of NASDAQ Tallinn's Rules and Regulations. The management
board and the supervisory board members of AS Harju Elekter are not personally
interested in this transaction in any other way. 



Andres Allikmäe
Managing Director/CEO
+372 674 7400

Additional information: Andres Allikmäe, Managing Director of AS Harju Elekter;
Endel Palla, Chairman of the Supervisory Board (+372 674 7400). 



Prepared by:
Moonika Vetevool
Corporate communication and investor relations manager
+372 671 2761
News Source: NASDAQ OMX



24.04.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language:     English
Company:      Harju Elekter
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3100004250
WKN:          
 
End of Announcement                             DGAP News-Service
 
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