- ISIN EE3100004250
Harju Elekter
Financial results, 1-3/2015
DGAP-News: Harju Elekter
2015-04-29 / 07:42
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Estonia, 2015-04-29 07:42 CEST (GLOBE NEWSWIRE) -- In Q1 2015, AS Harju Elekter
was affected by normal seasonality. Finnkumu Oy was consolidated and added to
the Group's results; although, compared to last year, the profit from AS Draka
Keila Cables was no longer consolidated. A decline in the Estonian segment was
mostly due to the non-performance of the contractual order volume by Eesti
Energia.
January - March Year
2015 2014 2014
Revenue (EUR'000) 10,945 9,661 50,606
Gross profit (EUR'000) 1,698 1,701 9,081
EBITDA (EUR'000) 388 441 3,741
EBIT (EUR'000) 29 56 2,228
Profit for the period (EUR'000) 10 371 9,778
incl attributed to Owners of the Company 16 391 9,697
In the accounting quarter, the Group's consolidated revenue was 10.9 million
euros, which was 13.3% compared to the reference period. 90% of sales income
was earned from the Production segment, and Real Estate together with other
areas of activity contributed 10% of the consolidated sales volume.
There has been a growth in sales revenue among almost all products and
services. More than 91% of sales revenue originated from the sale of electrical
equipment, having increased 14% in the reporting quarter. 72% of the Group's
products and services were sold in foreign markets, outside Estonia (Q1 2014:
64%). Finland is the biggest market of the Group. In the reporting quarter, 56%
of the Group's products and services were sold in Finland (Q1 2014: 45%). The
sales volume of Estonian segment has decreased by 11.2%.
In the reporting quarter, the operating expenses increased by 14.3%. Since the
cost of sales increased at a pace that exceeded the sales revenue, the gross
profit margin decreased by 2.1 percentage points in comparison to the indicator
for the comparable period. Because of the Group's Estonian and Finnish
subsidiaries participation in Tampere energy fair, the distribution costs
increased by 33,000 euros to 684,000 euros, the rate of distribution costs to
revenue accounted for 6.2% (Q1 2014: 6.7%) in the reporting quarter.
Administrative expenses were 49,000 euros higher than the indicator for the
comparable period, and the rate of administrative expenses to revenue accounted
for 9.4%, having decreased by 0.7 percentage points.
In Q1 2015, the average 467 people worked in the Group − on the average by 27
persons more than in the reference period. In the first quarter, employee wages
and salaries totalled 2,388 (Q1 2014: 2,170) thousand euros. The average wages
per employee per month amounted 1,705 (Q1 2014: 1,645) euros. The labour and
salary costs increased by 9.7% up to 3.1 million euros in Q1 2015 and the rate
of labour costs decreased to 28.2%, from 29.1% in Q1 2014.
In the first quarter the gross profit of the Group was 1.7 (Q1 2014: 1.7)
million euros. The gross profit margin was 15.5% (Q1 2014: 17.6%). The Group's
operating profit of Q1 2015 was 29 (Q1 2014:56) thousand euros and EBITDA 388
(Q1 2014: 441) thousand euros. Return of sales for the accounting quarter was
0.3% (Q1 2014: 0.6%) and return of sales before depreciation 3.5% (Q1 2014:
4.6%). In Q1 2014, the Group consolidated from the associated company a profit
of 324,000 euros. The Group sold the associated company in 2014. The
consolidated profit of AS Draka Keila Cables contributed 87% of the Group's net
profit for Q1 2014.
Overall, the consolidated net profit of the Q1 2015 was 10 (Q1 2014: 371)
thousand euros, of which the share of the owners of the Company was 16 (Q1
2013: 391) thousand euros.
During 3 months, the amount of the consolidated balance sheet increased by 5.3
million euros and compered to the period under review increased by 4.2 million
euros up to 75.0 million euros, as of 31 March 2015.
During the 3-months period, the Group's investments to non-current assets
totalled 1.04 (Q1 2014: 0.40) million euros.
Subsequent events:
The general meeting of shareholders of PKC Group Oyj, held on 1 April 2015,
decided to pay dividends amounting to 0.70 euros per share. Dividends were
transferred to the bank accounts of shareholders on 14 April 2015. AS Harju
Elekter owns 1,094,641 of PKC Group Oyj shares. The net dividend income of
651,000 euros is reflected in the profit and cash flow from investment activity
for Q2 of 2015.
The Management Board of AS Harju Elekter sent out invitations to its
shareholders on convening an annual general meeting of shareholders in the
Keila Kultuurikeskus, on 14 May 2015. The Board will propose to the AGM to pay
a dividend of 0.15 (2013: 0.10) euros per share for the year 2014, totalling
2.61 (2013: 1.74) million euros.
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.
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
Managing director/ CEO
+372 674 7400
For more information: Internal report 1-3/2015
AS HARJU ELEKTER
BALANCE SHEET, 31.03.2015
Consolidated, unaudited
Group
EUR'000
ASSETS 31.03.15 31.12.14
Cash and cash equivalents 8 292 9 984
Available-for-sale financial assets 0 35
Trade receivables and other receivables 6 847 6 484
Prepayments 842 455
Prepaid income tax 99 79
Inventories 10 274 8 104
TOTAL CURRENT ASSETS 26 354 25 141
Other long-term financial investments 22 505 19 145
Investment property 12 364 12 109
Property, plant and equipment 8 390 7 968
Intangible assets 5 429 5 429
Total non-current assets 48 688 44 651
TOTAL ASSETS 75 042 69 792
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 205 278
Trade payables and other payables 8 935 6 989
Tax liabilities 1 080 1 072
Income tax liabilities 12 12
Short-term provision 20 39
TOTAL CURRENT LIABILITIES 10 252 8 390
NON-CURRENT LIABILITIES 1 560 1 560
TOTAL LIABILITIES 11 812 9 950
Share capital 12 180 12 180
Share premium 240 240
Restricted reserves 22 754 19 393
Retained earnings 26 698 26 664
TOTAL OWNERS' EQUITY 61 872 58 477
Non-controlling interests 1 358 1 365
TOTAL EQUITY 63 230 59 842
TOT.LIABILIT.AND OWNERS' EQUITY 75 042 69 792
INCOME STATEMENT, 1-3/2015
Consolidated,unaudited
EUR'000
GROUP Q1 2015 Q1 2014
NET SALES 10 945 9 661
Cost of goods sold -9 247 -7 960
Gross profit 1 698 1 701
Marketing expenses -684 -651
Administrative expenses -1 025 -976
Other revenue 54 9
Other expenses -14 -27
Operating profit 29 56
Finance income 14 17
Finance costs -7 -8
Income from subsidiaries 0 324
Profit from normal operations 36 389
Corporate Income tax -26 -18
Profit for the period, attributable to 10 371
owners of the Company 16 391
non-controlling interest -6 -20
Basic earnings per share (EUR) 0,00 0,02
Diluted earnings per share (EUR) 0,00 0,02
News Source: NASDAQ OMX
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2015-04-29 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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350183 2015-04-29
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