Market announcement
AS Harju Elekter Group
LEI code
5299009GM96I0NYKWS93
Size of the entity
Large group
Economic activities
Real Estate Activities
Industry sector(s)
Credit rating agency
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
10127
Attachments
Submission date and time
22.02.2023 08:00:00
Content of announcement in Estonian
Title
Harju Elekter kontserni majandustulemused, 1-12/2022
Message
Harju Elektri neljandat kvartalit ja aastat ilmestab rekordiline müügitulu, mis kasvas eelnevate perioodide võrdluses ligi 15%. Aastane müügitulu 175,3 (2021: 152,8) miljonit eurot ületab eelmisel aastal saavutatud kontserni käiberekordi. Müügimahtude kasvu on toetanud püsivad kliendisuhted, mis põhinevad pikaajalisel usaldusväärsel koostööl. Keerulise kriisiaasta lõpuks tuli siiski vastu võtta aasta lõikes ajaloo esimene kahjum. Majandustulemusi õnnestus teisel poolaastal parandada, kuid hoolimata pingutustest tuli teha ühekordseid märkimisväärseid reserve ja mahakandmisi, mis ei võimaldanud kasumit saavutada. Ühekordsete kuludeta oleks viimase kvartali ärikasum olnud 0,4 (2021 IV kv: 0,9) ja teise poolaasta ärikasum 2,5 (2021 II poolaasta: 2,0) miljonit eurot. 2023. aastaks oleme ladunud tugeva vundamendi ning jätkame ühtsena toimiva Harju Elekter kontserni loomist. Meil on kaasaegsed tehased ning nende sisseseade Eestis, Soomes, Leedus ja Rootsis. Västeråsis valmis aasta lõpus uus 6300 m² suurune tootmishoone, mis on värskeimaks täienduseks meie tööstuskinnisvara portfellis. Kaasaegse tehase valmimisega otsustasime Rootsi tütarettevõtte erinevad üksused koondada Västeråsi, et tagada kokkuhoid ning ühtsem ja tugevam kohalik üksus. Kontsernil on hea likviidsus ja kapitaliseeritus ning tugev juhtimisstruktuur. Aasta viimases kvartalis saime paika ekspertidest koosneva kontserni juhtkonna ning alustasime ettevõtete tsentraalsemat juhtimist eelkõige finantsjuhtimises- kontrollis, tootmises-tarneahelas ja müügis-turunduses. Harju Elektri strateegia, mis on integreeritud jätkusuutlikkuse eesmärkidega, keskendub järgnevatel aastatel tööstustoodangu ja projektide müügimahtude ja kasumlikkuse kasvule. Müügitulu ja finantstulemused Harju Elekter teenis aruandekvartalis müügitulu 50,0 (2021 IV kv: 43,6) ning aruandeaastas 175,3 (2021: 152,8) miljonit eurot. Võrreldavate perioodide suhtes oli kvartali ja aasta müügitulu kasv 14,7% ja 14,8%. Valdava osa aruandekvartali konsolideeritud müügitulu kasvust andis madalpingeseadmete, alajaamade ja elektriautolaadijate müügi suurenemine. ------------------------------------------------------------------------------- EUR '000 IV KV IV KV Muutus 12 kuud 12 kuud Muutus 2022 2021 2022 2021 ------------------------------------------------------------------------------- Müügitulu 49 978 43 561 14,7% 175 293 152 757 14,8% Brutokasum 2 517 4 703 -46,5% 12 269 17 880 -31,4% Ärikasum (-kahjum) enne kulumit (EBITDA) -943 1 939 -148,6% 217 7 220 -97,0% Ärikasum (-kahjum) (EBIT) -2 063 853 -341,9% -4 546 3 202 -242,0% Perioodi puhaskasum (-kahjum) -2 482 894 -377,6% -5 567 2 610 -313,3% sh emaettevõtte omanike osa -2 520 888 -383,8% -5 544 2 598 -313,4% Puhaskasum (-kahjum) aktsia kohta (eurot) -0,14 0,05 -380,0% -0,31 0,15 -306,7% ------------------------------------------------------------------------------- Kontserni äritegevuse kulud olid aruandekvartalis kokku 51,9 (2021 IV kv: 42,8) ning aruandeaastal 179,8 (2021: 149,8) miljonit eurot. Valdava osa äritegevuskulude tõusust andis müüdud toodete ja teenuste kulude kasv kvartalis 22,1% ja aastaga 20,9%. Müüdud toodete ja teenuste kulude kasv ületas neljandate kvartalite ja aastate võrdluses müügitulu kasvutempot 7,4 ja 6,1 protsendipunkti võrra. Turustuskulud kasvasid kvartalite võrdluses 0,2 miljoni võrra 1,4 miljoni euroni, moodustades kontserni äritegevuse kuludest 2,8% ja müügitulust 2,9%. Üldhalduskulud kasvasid kvartalite võrdluses 0,4 miljoni euro võrra 3,0 miljoni euroni, moodustades kontserni aruandekvartali äritegevuse kuludest 5,8% ja müügitulust 6,1%. 2022. aasta turustuskulud kokku olid 5,6 (2021: 5,3) ning üldhalduskulud 11,1 (2021: 9,7) miljonit eurot. Aruandeaasta üldhalduskuludesse arvestati Energo Veritas OÜ firmaväärtuse allahindlus 0,4 miljoni euro väärtuses, mis mõjutas ka aastast põhivarade kulumit. Kvartalite võrdluses kasvasid tööjõukulud 8,7%, ulatudes 9,1 miljoni euroni. Aastate võrdluses kasvasid tööjõukulud 3,8 miljoni võrra, olles 34,4 miljonit eurot. Valdava osa tööjõukulude ja keskmise töötasu kasvust andis personali juurdekasv ning kõikidel turgudel tööjõupuudusest tingitud palgasurve. Neljanda kvartali brutokasum oli 2517 (2021 IV kv: 4703) tuhat eurot ja brutokasumi marginaaliks kujunes 5,0% (2021 IV kv: 10,8%). Ärikahjum (EBIT) oli -2063 (2021 IV kv: ärikasum 853) tuhat eurot. Neljanda kvartali ärirentaabluseks kujunes -4,1% (2021 IV kv: 2,0%). Aruandekvartali puhaskahjum oli -2482 (2021 IV kv: puhaskasum 894) tuhat eurot, millest emaettevõtte omanike osa moodustas -2520 (2021 IV kv: 888) tuhat eurot. Puhaskahjum aktsia kohta oli viimases kvartalis -0,14 (2021 IV kv: puhaskasum aktsia kohta 0,05) eurot. Neljanda kvartali tulemust mõjutas enim ühekordse kuluna varude allahindlus 1,0 miljon eurot ning eraldise suurendamine kahjumlike lepingute katteks 1,5 miljoni euro võrra. 2022. aasta brutokasum oli 12 269 (2021: 17 880) tuhat eurot ja brutokasumi marginaal 7,0% (2021: 11,7%). Keeruline aasta tõi Harju Elektrile esmakordse ärikahjumi (EBIT) -4546 (2021: ärikasum 3202) tuhat eurot ning puhaskahjumi -5567 (2021: puhaskasum 2610) tuhat eurot. Puhaskahjum aktsia kohta oli -0,31 (2021: puhaskasum aktsia kohta 0,15) eurot. Põhitegevusala ja turud Kontserni põhitegevusala, tootmine, moodustas kontserni aruandekvartali müügitulust 92,5% ja 2022. aasta müügitulust 89,9%. Tootmissegmendi müügitulu kasvas aruandekvartalis 22,7% ja aastaga 18,0%, olles vastavalt 46,2 ja 157,6 miljonit eurot. Müük Eesti turule oli neljandas kvartalis 7,6 (2021 IV kv: 6,5) ja aruandeaastas 30,3 (2021: 26,0) miljonit eurot, moodustades konsolideeritud müügitulust vastavalt 15,2% ja 17,3% (2021 IV kv ja 12k: 15,0% ja 17,0%). Kasv tuli peamiselt alajaamade ning kaablijaotuskappide müügimahu suurenemisest. Aruandekvartalis teeniti müügitulu Soome turult 18,7% enam kui aasta varem, kokku 21,3 miljonit eurot. 2022. aastal teeniti 81,8 (2021: 70,9) miljonit eurot, kasvades põhiturgude võrdluses rahalises väärtuses enim. Kontserni suurimale turule müüdi aruandekvartalis 42,5% (2021 IV kv: 41,1%) ja aruandeaasta jooksul 46,7% (2021: 46,4%) Harju Elektri toodetest ja teenustest. Müük Rootsi turule langes neljandate kvartalite võrdluses 31,8% ning aastate võrdluses 17,3%, olles vastavalt 7,0 ja 22,8 miljonit eurot. Rootsi turu võrdlusbaas oli kõrge, kuna aasta varem oli Rootsi tütarettevõttel tavapärasest rohkem pooleliolevaid projekte kohalikul turul. Rootsi moodustas aruandekvartali konsolideeritud müügitulust 14,2% (2021 IV kv: 23,8%) ja 2022. aasta müügitulust 13,0% (2021: 18,1%). Neljanda kvartali müügitulu Norra turule kahekordistus võrreldes aasta varasema tulemusega, olles 8,9 (2021 IV kv: 4,2) miljoni eurot. 2022. aastal teenitud müügitulu Norra turult oli 21,8 miljonit eurot, mis on 65,4% enam kui eelneval aastal. Müügitulu kasv mõlemas perioodis on tingitud madalast laevandussektori tellimusmahust võrdlusperioodil. Norra turg moodustas aruandekvartali konsolideeritud müügitulust 17,8% (2021 IV kv: 9,7%) ja aasta müügitulust 12,4% (2021: 8,6%). Investeeringud Harju Elekter investeeris aruandeperioodil põhivarasse kokku 15,2 (2021: 7,7) miljonit eurot, sealhulgas kinnisvarainvesteeringutesse 1,8 (2021: 1,3) miljonit eurot, materiaalsesse põhivarasse 12,9 (2021: 5,7) miljonit eurot ja immateriaalsesse põhivarasse 0,5 (2021: 0,7) miljonit eurot. Kontserni Rootsi tütarettevõte soetas viimases kvartalis kinnisvaraettevõtte, LC Development Fastigheter 17 AB, mis loodi spetsiaalselt Västeråsi tehase ehituseks. Ostetava maa ja hoone hinnaks kujunes kokku 10,5 miljonit eurot. Eelnevatel kvartalitel suunati valdav osa aruandeperioodi investeeringutest Allika Tööstuspargi tootmis- ja laoruumide kompleksi Laohotell III ehituse lõpetamisse, mis tänaseks on rentnikega täidetud. Lisaks investeeriti tootmistehnoloogilisse põhivarasse, tootmis- ja protsessijuhtimissüsteemidesse, hoonete renoveerimisse ning Soomes kinnistu soetamisse. Kontserni pikaajaliste finantsinvesteeringute väärtus oli aruandekuupäeva seisuga kokku 23,7 (31.12.21: 25,2) miljonit eurot. Harju Elekter suurendas aruandeperioodil 0,2 miljoni euro võrra osalust tehnoloogiaettevõttes IGL- Technologies Oy 5,5%-lt 10%-ni ja võõrandas 14%-lise SIA Energokomplekss osaluse, et keskenduda oma põhitegevusalale. Aktsia Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq Tallinna börsil 5,01 euro tasemel. AS-il Harju Elekter oli 31.12.2022 seisuga 10 584 aktsionäri. Aruandekvartali jooksul suurenes aktsionäride arv 417 võrra. KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE Auditeerimata --------------------------------------------------------------------------- EUR '000 31.12.2022 31.12.2021 --------------------------------------------------------------------------- VARAD Käibevarad Raha ja raha ekvivalendid 9 152 574 Nõuded ostjatele ja muud nõuded 31 612 33 689 Ettemaksed 1 126 1 844 Varud 37 068 27 437 Käibevara kokku 79 958 63 544 --------------------------------------------------------------------------- Põhivara Edasilükkunud tulumaksu vara 1 008 690 Pikaajalised finantsinvesteeringud 23 731 25 222 Kinnisvarainvesteeringud 24 756 23 903 Materiaalne põhivara 35 740 26 654 Immateriaalne põhivara 7 244 7 544 Põhivara kokku 92 479 84 013 --------------------------------------------------------------------------- VARAD KOKKU 171 437 147 557 --------------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL Kohustused Võlakohustused 24 385 16 912 Ostjate ettemaksed 16 827 4 659 Võlad tarnijatele ja muud võlad 24 502 24 490 Maksuvõlad 3 478 3 156 Lühiajalised eraldised 2 103 35 Lühiajalised kohustused kokku 71 295 49 252 --------------------------------------------------------------------------- Võlakohustused 20 732 11 426 Muud pikaajalised kohustused 0 33 Pikaajalised kohustused kokku 20 732 11 459 --------------------------------------------------------------------------- KOHUSTUSED KOKKU 92 027 60 711 --------------------------------------------------------------------------- Omakapital Aktsiakapital 11 523 11 352 Ülekurss 2 509 1 601 Reservid 17 768 18 716 Jaotamata kasum 47 771 55 315 Emaettevõtte omanikele kuuluv omakapital kokku 79 571 86 984 Mittekontrolliv osalus -161 -138 Omakapital kokku 79 410 86 846 --------------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL KOKKU 171 437 147 557 --------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE Auditeerimata -------------------------------------------------------------------------- EUR '000 IV KV IV KV 12 kuud 12 kuud 2022 2021 2022 2021 -------------------------------------------------------------------------- Müügitulu 49 978 43 561 175 293 152 757 Müüdud toodete ja teenuste kulud -47 461 -38 858 -163 024 -134 877 Brutokasum 2 517 4 703 12 269 17 880 Turustuskulud - 1 449 - 1 260 -5 578 -5 259 Üldhalduskulud -3 037 -2 655 -11 194 -9 703 Muud äritulud 9 114 351 513 Muud ärikulud -103 -49 -394 -229 Ärikasum (-kahjum) -2 063 853 -4 546 3 202 Finantstulud 48 57 122 129 Finantskulud -476 -101 -853 -353 Kasum (-kahjum) enne maksustamist -2 491 809 -5 277 2 978 Tulumaks 9 85 -290 -368 Perioodi puhaskasum (-kahjum) -2 482 894 -5 567 2 610 -------------------------------------------------------------------------- Puhaskasumi (-kahjum) jaotus Emaettevõtte omanike osa puhaskasumist -2 520 888 -5 544 2 598 Mitte-kontrolliv osa puhaskasumist 38 6 -23 12 -------------------------------------------------------------------------- Puhaskasum (-kahjum) aktsia kohta Tavapuhaskasum aktsia kohta (EUR) -0,14 0,05 -0,31 0,15 Lahustatud puhaskasum aktsia kohta (EUR) -0,14 0,05 -0,30 0,14 -------------------------------------------------------------------------- KONSOLIDEERITUD KOONDKASUMIARUANNE Auditeerimata -------------------------------------------------------------------------- EUR '000 IV KV IV KV 12 kuud 12 kuud 2022 2021 2022 2021 -------------------------------------------------------------------------- Perioodi puhaskasum (-kahjum) -2 482 894 -5 567 2 610 Muu koondkasum (-kahjum) Kirjed, mis hiljem võib klassifitseerida kasumiaruandesse Valuutakursi vahed välisettevõtte ümberarvestusel -47 -44 -208 -57 Kirjed, mida hiljem ei klassifitseerita kasumiaruandesse Realiseerunud kasum finantsvara müügist 0 0 320 265 Finantsvara ümberhindluse netokasum/netokahjum (-) 20 3 900 -726 12 269 Perioodi muu koondkasum (-kahjum) kokku -27 3 856 -614 12 477 Perioodi koondkasum (-kahjum) kokku -2 509 4 750 -6 181 15 087 -------------------------------------------------------------------------- Koondkasumi (-kahjum) jaotus: Emaettevõtte omanike osa koondkasumist -2 547 4 744 -6 158 15 075 Mitte-kontrolliv osa koondkasumist 38 6 -23 12 -------------------------------------------------------------------------- Tiit Atso Juhatuse esimees Tel 674 7400
Content of announcement in English
Title
Harju Elekter Group financial results, 1-12/2022
Message
The fourth quarter and year of Harju Elekter are marked by record revenues, increasing by almost 15% compared to previous periods. Annual revenue of 175.3 (2021: 152.8) million euros exceeds the Group's turnover record achieved last year. The growth in sales volumes has been supported by sustained customer relationships based on long-term reliable cooperation. However, by the end of a difficult crisis year, the first loss in company history had to be absorbed. We managed to improve the financial results in the second half of the year, but despite our efforts, we had to make one-time significant reserves and write- offs, which did not allow us to make a profit. Without one-time costs, the operating profit for the last quarter would have been 0.4 (2021 Q4: 0.9) and the second half operating profit would have been 2.5 (2021 II half: 2.0) million euros. We have laid a solid foundation for 2023 and will continue with the process of creating a cohesively functioning Harju Elekter Group. We have modern factories and equipment in Estonia, Finland, Lithuania, and Sweden. In Västerås a new production building of 6,300 m² was completed at the end of the year, which is the latest addition to our industrial real estate portfolio. With the completion of our modern factory, we decided to consolidate the various units of our Swedish subsidiary in Västerås, to ensure savings and a more cohesive and stronger local unit. The Group has good liquidity and capitalisation, as well as a strong governance structure. In the last quarter of the year, we established a group management team comprised of experts and began the more centralised management of companies, especially in financial management-control, production-supply chain, and sales-marketing. Harju Elekter's strategy, which is integrated with sustainability goals, will focus on increasing the sales volumes and profitability of industrial production and projects in the coming years. Revenue and financial results Harju Elekter earned revenue of 50.0 (2021 Q4: 43.6) million euros in the reporting quarter and 175.3 (2021: 152.8) million in the reporting year. Compared to the comparable periods, the quarterly and annual revenue growth was 14.7% and 14.8%. The majority of the increase in consolidated revenue in the reporting quarter was due to the increase in sales of low-voltage equipment, substations and electric car chargers. ------------------------------------------------------------------------------- EUR '000 Q4 Q4 +/- 12M 12M +/- 2022 2021 2022 2021 ------------------------------------------------------------------------------- Revenue 49,978 43,561 14.7% 175,293 152,757 14.8% Gross profit 2,517 4,703 -46.5% 12,269 17,880 -31.4% EBITDA -943 1,939 -148.6% 217 7,220 -97.0% Operating profit/loss (-) (EBIT) -2,063 853 -341.9% -4,546 3,202 -242.0% Profit/loss (-) for the period -2,482 894 -377.6% -5,567 2,610 -313.3% Incl. attributable to owners of the parent company -2,520 888 -383.8% -5,544 2,598 -313.4% Earnings per share (EPS) (euros) -0.14 0.05 -380.0% -0.31 0.15 -306.7% ------------------------------------------------------------------------------- The Group's operating expenses totalled 51.9 (2021 Q4: 42.8) million euros in the reporting quarter and 179.8 (2021: 149.8) million in the reporting year. The majority of the increase in operating expenses was due to the increase in the cost of sales respectively, 22.1% in the quarter and 20.9% in the year. The growth rate of costs of sales exceeded the growth rate of revenue by 7.4 and 6.1 percentage points, respectively, in the comparison of the fourth quarters and years. Distribution costs increased by 0.2 million to 1.4 million euros compared to the fourth quarter the year before, making up 2.8% of the Group's operating expenses and 2.9% of revenue. Administrative expenses increased by 0.4 million euros to 3.0 million euros year-on-year, making up 5.8% of the Group's operating expenses and 6.1% of the revenue. The total distribution costs for 2022 were 5.6 (2021: 5.3) and general administration costs were 11.1 (2021: 9.7) million euros. The write-down of the goodwill of Energo Veritas OÜ in the value of 0.4 million euros was included in the administrative expenses of the financial year, which also affected the annual depreciation of non-current assets. In a quarterly comparison, labour costs increased by 8.7%, amounting to 9.1 million euros. In yearly comparison, labour costs increased by 3.8 million, being 34.4 million euros. A majority of the growth in labour costs and average wages was attributed to the significant increase in staff and to wage pressure due to labour shortages in all markets. The gross profit for the fourth quarter was 2,517 (2021 Q4: 4,703) thousand euros and the gross profit margin was 5.0% (2021 Q4: 10.8%). Operating loss (EBIT) was -2,063 (2021 Q4: operating profit 853) thousand euros. The operating margin of the fourth quarter was -4.1% (2021 Q4: 2.0%). The net loss for the reporting quarter was -2,482 (2021 Q4: net profit 894) thousand euros, of which the share of the owners of the parent company was -2,520 (2021 Q4: 888) thousand euros. Net loss per share in the last quarter was -0.14 (2021 Q4: net profit per share 0.05) euros. The result of the fourth quarter was most affected by a one- time expense of 1.0 million euros of inventory write-down and an increase of the provision to cover unprofitable contracts by 1.5 million euros. The gross profit for 2022 was 12,269 (2021: 17,880) thousand euros and the gross profit margin was 7.0% (2021: 11.7%). The difficult year brought Harju Elekter a first operating loss (EBIT) of -4,546 (2021: operating profit 3,202) and a net loss of -5,567 (2021: net profit 2,610) thousand euros. Net loss per share was -0.31 (2021: net profit per share 0.15) euros. Core business and markets The production segment accounted for 92.5% of the revenue for the quarter and 89.9% of the revenue for 2022. The revenue of the production segment increased by 22.7% in the reporting quarter and by 18.0% during the year, being 46.2 and 157.6 million euros, respectively. Sales to the Estonian market was 7.6 (2021 Q4: 6.5) in the reporting quarter and 30.3 (2021: 26.0) million euros in the reporting year, making up 15.2% and 17.3% of the consolidated revenue, respectively (2021 Q4 and 12M: 15.0% and 17.0%). The growth came mainly from the increase in the sales volume of substations and cable distribution cabinets. In the reporting quarter, revenue from the Finnish market was 18.7% more than the year before, totaling 21.3 million euros. In 2022, with 81.8 (2021: 70.9) million euros earned, the Finnish market grew the most in monetary value compared to the main markets. In the reporting quarter, 42.5% (2021 Q4: 41.1%) and within the reporting year 46.7% (2021: 46.4%) of Harju Elekter products and services were sold to the Group's largest market. Sales to the Swedish market decreased by 31.8% compared to the reporting quarters and by 17.3% compared to twelve months, being 7.0 and 22.8 million euros, respectively. The benchmark for the Swedish market was high, as the Swedish subsidiary had more projects underway than usual in the local market in the same period last year. Sweden accounted 14.2% (2021 Q4: 23.8%) of the consolidated revenue of the reporting quarter and 13.0% (2021: 18.1%) of the year 2022 revenue. The fourth quarter's revenue from the Norwegian market doubled compared to the previous year, amounting to 8.9 (2021 Q4: 4.2) million euros. The revenue earned in 2022 from the Norwegian market was 21.8 million euros, which is 65.4% more than the previous year. The increase in revenue in both periods is due to the low order volume of the shipping sector in the comparison period. The Norwegian market accounted for 17.8% (2021 Q4: 9.7%) of the consolidated revenue of the reporting quarter and 12.4% (2021: 8.6%) of the annual revenue. Investments During the reporting period, the Group invested a total of 15.2 (2021: 7.7) million euros in non-current assets, incl 1.8 (2021: 1.3) million euros in investment properties, 12.9 (2021: 5.7) million euros in property, plant, and equipment and 0.5 (2021: 0.7) million euros in intangible assets. In the last quarter, the Swedish subsidiary acquired a real estate company, LC Development Fastigheter 17 AB, which was created specifically for the construction of the Västerås factory. The total acquisition price of the land and building was 10.5 million euros. During the previous quarters, most of the investments were directed to the construction of the Laohotell III production and warehouse complex, in the Allika Industrial Park, which today is filled with tenants. In addition, investments were made in production technology equipment, production and process management systems, renovating buildings and a plot of land was acquired in Finland. The value of the Group's non-current financial investments totalled 23.7 (31.12.21: 25.2) million euros as of the reporting date. Harju Elekter increased its holding in the technology company IGL-Technologies Oy from 5.5% to 10% by 0.2 million euros and sold a 14% holding in SIA Energokomplekss, to focus on its core business. Share The company's share price on the last trading day of the reporting quarter on the Nasdaq Tallinn Stock Exchange closed at 5.01 euros. As of 31 December 2022, AS Harju Elekter had 10,584 shareholders. The number of shareholders increased during the reporting quarter by 417. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited ------------------------------------------------------------------------------- EUR '000 31.12.2022 31.12.2021 ------------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents 9,152 574 Trade and other receivables 31,612 33,689 Prepayments 1,126 1,844 Inventories 37,068 27,437 Total current assets 79,958 63,544 ------------------------------------------------------------------------------- Non-current assets Deferred income tax assets 1,008 690 Non-current financial investments 23,731 25,222 Investment properties 24,756 23,903 Property, plant and equipment 35,740 26,654 Intangible assets 7,244 7,544 Total non-current assets 92,479 84,013 ------------------------------------------------------------------------------- TOTAL ASSETS 171,437 147,557 ------------------------------------------------------------------------------- LIABILITIES AND EQUITY Liabilities Borrowings 24,385 16,912 Prepayments from customers 16,827 4,659 Trade and other payables 24,502 24,490 Tax liabilities 3,478 3,156 Current provisions 2,103 35 Total current liabilities 71,295 49,252 ------------------------------------------------------------------------------- Borrowings 20,732 11,426 Other non-current liabilities 0 33 Total non-current liabilities 20,732 11,459 ------------------------------------------------------------------------------- TOTAL LIABILITIES 92,027 60,711 ------------------------------------------------------------------------------- Equity Share capital 11,523 11,352 Share premium 2,509 1,601 Reserves 17,768 18,716 Retained earnings 47,771 55,315 Total equity attributable to the owners of the parent company 79,571 86,984 Non-controlling interests -161 -138 Total equity 79,410 86,846 ------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 171,437 147,557 ------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF PROFIT AND LOSS Unaudited -------------------------------------------------------------------------- EUR '000 Q4 Q4 12M 12M 2022 2021 2022 2021 -------------------------------------------------------------------------- Revenue 49,978 43,561 175,293 152,757 Cost of sales -47,461 -38,858 -163,024 -134,877 Gross profit 2,517 4,703 12,269 17,880 Distribution costs - 1,449 - 1,260 -5,578 -5,259 Administrative expenses -3,037 -2,655 -11,194 -9,703 Other income 9 114 351 513 Other expenses -103 -49 -394 -229 Operating profit/loss (-) -2,063 853 -4,546 3,202 Finance income 48 57 122 129 Finance costs -476 -101 -853 -353 Profit/loss (-) before tax -2,491 809 -5,277 2,978 Income tax 9 85 -290 -368 Profit/loss (-) for the period -2,482 894 -5,567 2,610 -------------------------------------------------------------------------- Profit /loss (-) attributable to: Owners of the parent company -2,520 888 -5,544 2,598 Non-controlling interests 38 6 -23 12 -------------------------------------------------------------------------- Earnings per share Basic earnings per share (euros) -0.14 0.05 -0.31 0.15 Diluted earnings per share (euros) -0.14 0.05 -0.30 0.14 -------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited ---------------------------------------------------------------------------- EUR '000 Q4 Q4 12M 12M 2022 2021 2022 2021 ---------------------------------------------------------------------------- Profit/loss (-) for the period -2,482 894 -5,567 2,610 Other comprehensive income Items that may be reclassified to profit or loss Impact of exchange rate changes of a foreign subsidiaries -47 -44 -208 -57 Items that will not be reclassified to profit or loss Gain on sales of financial assets 0 0 320 265 Net gain/loss (-) on revaluation of financial assets 20 3,900 -726 12,269 Total comprehensive income for the period -27 3,856 -614 12,477 Other comprehensive income -2,509 4,750 -6,181 15,087 ---------------------------------------------------------------------------- Total comprehensive income attributable to: Owners of the Company -2,547 4,744 -6,158 15,075 Non-controlling interests 38 6 -23 12 ---------------------------------------------------------------------------- Tiit Atso Chairman of the Board +372 674 7400