- ISIN EE3100004250
Harju Elekter
Financial results, 1-9/2012
Harju Elekter
31.10.2012 10:31
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Estonia, 2012-10-31 10:31 CET (GLOBE NEWSWIRE) -- The Group's financial
performance during the reporting period improved compared to the reference
period. During the nine months, revenue increased by 19.8%, gross profit by
18.1%, operating profit by 20.9% and net profit by 47.6%, incl. in the third
quarter by 11.1%, 4.3%, 1.3% and 33.4%, respectively.
Key figures (EUR'000) Q3 2012 Q3 2011 9m 2012 9m 2011 2011
Sales revenue 14,486 13,035 40,236 33,574 46,674
EBITDA 1,191 1,145 2,918 2,543 3,378
Operating profit 817 806 1,822 1,506 2,025
Net profit for the current period 1,326 996 3,431 2,324 2,948
incl. equity holders of the parent 1,256 945 3,329 2,202 2,773
EPS (EUR) 0.07 0.06 0.20 0.13 0.17
In the third quarter, the Group's consolidated revenue increased by 1.45
million euros up to 14.5 million euros and the revenue for nine months
increased by more than 6 million euros, to nearly 40.2 million euros. The
increase in revenue derived mainly from the principal activity, i.e.
production, where the sales increased by over 1.42 million euros or 12.0% in
the third quarter and by over 6.6 million euros or 21.9% within nine months.
Production also contributed the largest share of revenue - 91% (9m 2011:
89.4%). From industrial products, the sale of electrical equipment grew 14.3%
to 12.4 million euros and one-fourth i.e. 6.7 million euros to 33.9 million
euros in 9 months, contributing 84% (9m 2011: 81%) of the Group's sales
revenues.
Of the revenue of the Group, 65% was received from the foreign markets outside
Estonia. 90% of the Group's products and services were sold in the Group's
companies home markets: Estonia, Finland, Sweden, Lithuania (9m 2011: 92.6%).
Domestic sale increased by 10.7% to 14.1 million euros in 9 months, amounting
to 35% of the Group's sales revenues; sales to the Finnish market increased by
28.9% to 19.3 million euros, which was 47.9% of the sales revenue of the Group.
Sales to the Lithuanian market decreased by one-third in Q3 and 40% in 9
months. However, the Lithuanian company's 9-month sales volumes in foreign
markets have increased to 60% (9m 2011: 36%) of the total sales revenue of the
company. Group's export to other European Union countries has almost doubled.
Germany is also a developing and continuously growing market for the Group,
also have increased supplies to France and Portugal. 6.1% (9m 2011: 5.0%) of
the Group's products and services were sold outside EU, increasing by 35.7% in
the reporting quarter and during the nine months by 44.5%. Supplies to Russia
and Belarus have also increased; Ukraine and Switzerland were introduced as a
new market.
With a strong growth of revenue, the expenditure of business activities have
been increasing a little faster - in the reporting quarter by 11.7% and during
nine months by 20.0%. In Q3, the Group expensed doubtful receivables in the
total amount of 72,000 euros, increasing distribution costs in Q3 by 11.4% and
in 9 months by 4.3% and decreasing profit margins by 0.5 percentage points in
the quarter under review and 0.2 percentage points in 9 months.
In Q3 2012, the average 467 people worked in the Group − on the average by 32
persons more than in the reference period. During the first 9 months, the
average number of employees increasing by 27 persons up to 451 employees. In
the third quarter, employee wages and salaries totalled 2.2 (Q3 2011: 2.0)
million euros and during the first 9 months 6.8 (9m 2011: 5.8) million euros.
The average wages per employee per month amounted 1,683 (9m 2011: 1,519) euros.
As at the balance day on 30 September, there were 479 people working in the
Group, which were 24 employees more than a year before and 22 employees more
than in the beginning of the year.
Operating profit of Q3 2012 was 817 (Q3 2011: 806) thousand euros and EBITDA
1.2 (Q3 2011: 1.1) million euros. Return of sales for the accounting quarter
was 5.6% (Q3 2011: 6.2%) and return of sales before depreciation 8.2% (Q3 2011:
8.8%). During 9 months, EBITDA increased by 14.7% to 2.9 million euros and
operating profit by 20.9% to 1.8 million euros. Return of sales before
depreciation for the 9 months 2012 was 7.3% (9m 2011: 7.6%) and return of sales
was 4.5%, being on the same level as in the reference period.
Net financial expenses have increased by 243,000 euros to 1.0 million euros
within nine months. In Q3 2012, the Group consolidated from the associated
company a profit of 561,000 (Q3 2011:291,000) euros and during the nine months
1.0 (9m 2012: 0.4) million euros.
Overall, the consolidated net profit of the Q3 2012 was 1.3 (Q3 2011: 1.0)
million euros, of which the share of the owners of the parent company was 1.2
(Q3 2011: 0.9) million euros. EPS in the Q3 was 0.07 (Q3 2011: 0.06) euros. The
consolidated net profit of nine months was 3.4 million euros increasing by
47.6% compared to the reference period. EPS was 0.20 (9m 2011: 0.13) euros.
Andres Allikmäe
Managing director/ CEO
For more information: Internal report 1-9/2012; Mrs Karin Padjus, FO, phone
+372 674 7403
AS HARJU ELEKTER
BALANCE SHEET, 30.09.2012
Consolidated, unaudited
Group
in thousands EUR
ASSETS 30.09.12 31.12.11
Cash and cash equivalents 1 814 815
Trade receivables and other receivables 8 089 7 848
Prepayments 188 104
Prepaid income tax 0 20
Inventories 7 569 6 658
TOTAL CURRENT ASSETS 17 660 15 445
Deferred income tax asset 49 35
Investments in associates 2 191 1 177
Other long-term financial investments 19 448 16 023
Investment property 10 552 10 833
Property, plant and equipment 8 698 8 985
Intangible assets 425 422
Total non-current assets 41 363 37 475
TOTAL ASSETS 59 023 52 920
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 147 2 245
Trade payables and other payables 7 521 6 268
Tax liabilities 1 225 758
Income tax liabilities 83 29
Short-term provision 12 17
TOTAL CURRENT LIABILITIES 8 988 9 317
NON-CURRENT LIABILITIES 1 630 1 569
TOTAL LIABILITIES 10 618 10 886
Share capital 12 180 11 760
Paid-in capital over/under par 240 0
Restricted reserves 19 422 15 881
Retained earnings 14 790 12 672
TOTAL OWNERS' EQUITY 46 632 40 313
Non-controlling 1 773 1 721
TOTAL EQUITY 48 405 42 034
TOT.LIABILIT.AND OWNERS' EQUITY 59 023 52 920
INCOME STATEMENT, 1-9/2012
Consolidated,unaudited
EUR'000
GROUP Q3 2012 Q3 2011 1-9/2012 1-9/2011
NET SALES 14 486 13 035 40 236 33 574
Cost of goods sold -12 051 -10 698 -33 542 -27 907
Gross profit 2 435 2 337 6 694 5 667
Marketing expenses -759 -631 -2 113 -1 666
Administrative expenses -855 -900 -2 773 -2 461
Other revenue 8 16 48 21
Other expenses -12 -16 -34 -55
Operating profit 817 806 1 822 1 506
Net financial incomes/expenses 9 -15 1 003 760
Income from subsidiaries 561 291 1 014 400
Profit from normal operations 1 387 1 082 3 839 2 666
Corporate Income tax -61 -86 -408 -342
Profit after taxes, incl 1 326 996 3 431 2 324
Net profit for the period 1 256 945 3 329 2 202
Non-controlling interest 70 51 102 122
Basic earnings per share (EUR) 0,07 0,06 0,2 0,13
Diluted earnings per share (EUR) 0,07 0,06 0,2 0,13
Karin Padjus
Financial manager
News Source: NASDAQ OMX
31.10.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
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Language: English
Company: Harju Elekter
Estonia
Phone:
Fax:
E-mail:
Internet:
ISIN: EE3100004250
WKN:
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