- ISIN EE3100004250
Harju Elekter
Financial results, 1-9/2014
DGAP-News: Harju Elekter
05.11.2014 / 10:17
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Estonia, 2014-11-05 10:17 CET (GLOBE NEWSWIRE) --
In Q3, the Group's revenue and earnings increased comparing to the previous
quarter as well as to the comparable period.
In July 2014, Group's subsidiary Satmatic Oy purchased all shares of Finland's
largest pre-fabricated substation producer Finnkumu Oy, whose Q3 financial
statements comprises Group's Q3 and 1-9/2014 interim report since 1 July 2014.
In July 2014, Group sold its 34% holding in AS Draka Keila Cables to the core
investor Prysmian Group. Affiliated company's profit is consolidated by the
equity method till 30.6.2014. Both of these events have an impact on both the
Group's accounting quarter as well as 9-months consolidated financial results.
change July-September change January-Septem Year
ber
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(thousand euros) % 2014 2013 % 2014 2013 2013
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Revenue 35.8 15,687 11,551 1.2 36,440 36,000 48,288
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Gross profit 43.4 3,242 2,262 8.4 6,858 6,327 8,458
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EBITDA 67.8 1,907 1,136 16.7 3,084 2,643 3,269
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EBIT 100.1 1,527 763 27.1 1,945 1,531 1,743
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Profit for the period 33.0 3,200 2,407 95.3 9,525 4,876 5,173
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Incl.attributed to 27.5 3,102 2,432 95.7 9,463 4,835 5,162
Owners of the Company
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Revenue increased in the reporting quarter compared to the previous quarter by
35.8% and reached 15.7 million euros. Because 50% of the growth came from
Finnkumu Oy, the comparable increase in Q3 sales volumes was 10.9%.
Consolidated sales revenue for the nine month period reached 36.4 million
euros, having increased 1.2% in relation to the comparable period. 70% of the
Group's products and services sold outside Estonia.
90% of sales revenue was earned from the Production segment, and Real Estate
together with Unallocated Activities contributed 10% of the consolidated sales
volume. The Manufacturing segment is engaged in the manufacturing and sales of
electricity distribution and control equipment and in related activities. The
revenue from the sales of electrical equipment comprised 92.7% of the sales
volume for Manufacturing and 83.7% of the consolidated revenue.
In the reporting quarter, the number of employees in the Group was an average
of 14 more than in the comparable period. The Group companies have recruited
new employees, and in Q3 additional temporary staff is traditionally used.
Compared to the beginning of the year, the number of employees in the Group has
increased by 22, with 18 added to the Group as a result of the acquisition of
Finnkumu Oy in Q3. Labour costs increased in 9-months period by 4.7% to 8.8
million euros. The rate of labour costs to revenue formed 24.2% (9M 2013:
23.4%). In the Q3, employee wages and salaries totalled 2,361 (Q3 2013: 1,985)
thousand euros and during the 9-months period 6,692 (9M 2013: 6,398) thousand
euros. The average wages per employee per month amounted to 1,647 (9M 2013:
1,542) euros.
Cost of sales increased 34% in the reporting quarter and decreased 0.3% in
9-months period, at a rate slightly below the sales revenue by 1.8 percentage
points in reporting quarter and by 1.5 percentage point in 9-months. Overall,
the growth rate of operating expenses lagged behind that of sales revenue,
having increased in the reporting quarter by 30.6%, to 14.1 million euros, but
having decreased in the 9-month period by 0.1%, to 34.4 million euros.
Accordingly, the Group's operating profit in the reporting quarter was 1.5 (Q3
2013: 0.8) million euros and EBITDA 1.9 (Q3 2013: 1.1) million euros. Return
of sales for the accounting quarter was 9.7% (Q3 2013: 6.6%) and return of
sales before depreciation 12.2% being 2.4 per cent point better compering to
the same period a year before. During 9-months period, EBITDA as well EBIT
increased both by 0.4 million euros to 3.1 million and to 1.9 million euros,
respectively.
PKC Group Oyj paid dividends to the shareholders 0.70 euros per share. Dividend
income from the shares was 907 (2013: 948) thousand euros. In the second
quarter, also 200,000 shares of PKC Group Oyj were sold and the financial
income from selling the shares was 4.6 (9M 2013:1.7) million euros. The profit
from financial investment totalled 5.5 million euros in the 9-months period; in
the comparable period it was 2.6 million euros. During the 9 months, finance
income amounted to 5.6 (9M 2013: 2.6) million euros.
In the reporting quarter, the Group sold their 34% holding in AS Draka Keila
Cables and the financial income from selling the shares was 1.8 million euros.
During the reporting period, the Group consolidated from the associated company
a profit of 0.8 (9M 2013: 1.2) million euros.
The consolidated net profit of the reporting quarter was 3.2 (Q3 2013: 2.4)
million euros, of which the share of the owners of the Company was 3.1 (Q3
2013: 2.4) million euros. EPS in the Q3 was 0.18 (Q3 2013: 0.14) euros.
Overall, the consolidated net profit of the 9M 2014 was 9.5 million euros,
being 2 times higher compared to the previous period. The share of the owners
of the Company was 9.5 million euros. EPS in 9 months was 0.54 (9M 2013: 0.28)
euros.
Andres Allikmäe
Managing director/ CEO
Tel +372 674 7400
For more information: Interim report 1-9/2014
AS HARJU ELEKTER
BALANCE SHEET, 30.09.2014
Consolidated, unaudited
Group
EUR'000
ASSETS 30.09.14 31.12.13
Cash and cash equivalents 9 135 4 102
Available-for-sale financial assets 30 0
Trade receivables and other receivables 8 184 5 699
Prepayments 225 256
Prepaid income tax 9 41
Inventories 9 713 5 801
TOTAL CURRENT ASSETS 27 296 15 899
Deferred income tax asset 6 7
Investments in associates 0 3 598
Other long-term financial investments 17 548 31 339
Investment property 11 464 11 663
Property, plant and equipment 8 043 8 129
Intangible assets 5 364 436
Total non-current assets 42 425 55 172
TOTAL ASSETS 69 721 71 071
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 412 654
Trade payables and other payables 7 035 4 437
Tax liabilities 1 335 969
Income tax liabilities 221 15
Short-term provision 23 36
TOTAL CURRENT LIABILITIES 9 026 6 111
NON-CURRENT LIABILITIES 2 724 1 141
TOTAL LIABILITIES 11 750 7 252
Share capital 12 180 12 180
Share premium 240 240
Restricted reserves 17 793 31 424
Retained earnings 26 412 18 635
TOTAL OWNERS' EQUITY 56 625 62 479
Non-controlling interests 1 346 1 340
TOTAL EQUITY 57 971 63 819
TOT.LIABILIT.AND OWNERS' EQUITY 69 721 71 071
INCOME STATEMENT, 1-9/2014
Consolidated,unaudited
EUR'000
GROUP Q3 2014 Q3 2013 M9 2014 M9 2013
NET SALES 15 687 11 551 36 440 36 000
Cost of goods sold -12 445 -9 289 -29 582 -29 673
Gross profit 3 242 2 262 6 858 6 327
Marketing expenses -680 -586 -1 976 -1 890
Administrative expenses -966 -913 -2 865 -2 897
Other revenue -20 13 16 32
Other expenses -49 -13 -88 -41
Operating profit 1 527 763 1 945 1 531
Finance income 79 1 228 5 627 2 645
Finance costs -9 -7 -25 -30
Income from subsidiaries 1 787 467 2 602 1 150
Profit from normal operations 3 384 2 451 10 149 5 296
Corporate Income tax -184 -44 -624 -420
Profit after taxes, incl 3 200 2 407 9 525 4 876
Net profit for the year 3 102 2 432 9 463 4 835
Non-controlling interest 98 -25 62 41
Basic earnings per share (EUR) 0,18 0,14 0,54 0,28
Diluted earnings per share (EUR) 0,18 0,14 0,54 0,28
News Source: NASDAQ OMX
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05.11.2014 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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295151 05.11.2014
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