Market announcement
AS Harju Elekter Group
Category
Management interim statement or quarterly financial report
Attachments
Date
21.02.2024 08:00:00
Title
Harju Elekter kontserni majandustulemused, 1-12/2023
Message
Juhatuse kommentaar 2023. aasta jääb Harju Elektri ajalukku kui transformatsiooniaasta. Suutsime eelneva aasta sügava kahjumi ümber pöörata tugevaks kasumiks, seejuures saavutada kontserni ajaloo suurima ärikasumi ning kasvanud intresside juures ka rahuldava puhaskasumi. Neljanda kvartali tulemused olid äritegevuse hooajalisuse tõttu tavapäraselt nõrgemad, kuid võrreldes aasta varasema perioodiga on tulemused jätkuvalt paranenud. Eelkõige võib rahul olla ärikasumi muutusega, mis jäi rahuldavale tasemele ka pärast aasta lõpu projektide kasumlikkuse ja varade ümberhindamisi. 2022. aasta kahjumite asemel teenis kontsern 2023. aastal nii äri- kui ka puhaskasumit. Aastat sisustasid mitmed põhimõttelised otsused ja pöördelised muudatused, mille üle uhkust tunda. Eesti tütarettevõtete liitmine läks oodatust edukamalt, mida ilmestasid ka tugevad majandustulemused. Samuti võime uhkust tunda Leedu tootmisettevõtte üle, mis on tänaseks kasvanud kontserni suurimaks üksuseks, ja keda saame tunnustada kontserni ettevõtetest tugevaimate finantstulemuste eest. Soomes, mis on jätkuvalt meie põhiturg, väljusime möödunud aastal väiksema mahuga ärisuundadest ning keskendusime põhitegevustele ja nende tugevdamisele. Kuigi loodetud prognoosid Rootsi üksuse kasumlikuks pööramisel möödunud aastal veel ei täitunud, jätkame sihikindlat tööd ettevõtte kasumlikkuse saavutamiseks 2024. aastal. 2022. aasta lõpus alustatud ja eelmisel aastal juurutatud struktuurimuudatused ning strateegilise tegevuskava elluviimine on olnud tervikuna edukad. Kevadel alustame kontserni järgmise kasvuperioodi strateegiliste eesmärkide seadmisega, mida ajendab kontserni ärikasumi marginaali kasvatamise soov ja vastavalt omanike ootusele ka jätkuv dividendi suurendamise vajadus. Kontserni keskseks strateegiliseks teesiks järgnevatel aastatel on kasumlik kasv. Müügitulu ja finantstulemused Kontserni müügitulu oli neljandas kvartalis 50,7 miljonit eurot, mis on sarnane aasta varasema tulemusega, kus müügitulu teeniti 50,0 miljonit eurot. Aastate võrdluses saavutati aga müügitulu kiire kasv, 19,2% aastas. Seda toetasid tugevad raamlepingud ja suurenenud nõudlus kontserni teenuste järele. Kokku oli kontserni 2023. aasta müügitulu 209,0 (2022: 175,3) miljonit eurot. ------------------------------------------------------------------------------- EUR'000 IV KV IV KV Muutus 12 kuud 12 kuud Muutus 2023 2022 2023 2022 ------------------------------------------------------------------------------- Müügitulu 50 737 49 978 1,5% 209 014 175 293 19,2% Brutokasum 4 218 2 517 67,6% 23 588 12 269 92,3% Ärikasum (-kahjum) enne kulumit (EBITDA) 1 920 -943 303,6% 12 444 217 5634,6% Ärikasum (-kahjum) (EBIT) 758 -2 063 136,7% 8 078 -4 546 277,7% Perioodi puhaskasum (-kahjum) 135 -2 482 105,4% 5 160 -5 567 192,7% Puhaskasum (-kahjum) aktsia kohta (eurot) 0,01 -0,14 105,3% 0,28 -0,31 191,7% ------------------------------------------------------------------------------- Kontserni äritegevuse kulud langesid neljandate kvartalite võrdluses 2,9% võrra, olles kokku 50,4 miljonit eurot. Kõigis kulugruppides oli märgata väiksemaid kulusid, eriti turustus- ja üldhalduskuludes. Tööjõukulud seevastu kasvasid 15%. Turustuskulud olid aruandekvartalis 1,3 (2022 IV kv: 1,4) ning üldhalduskulud 2,7 (2022 IV kv: 3,0) miljonit eurot. Aruandeaasta turustuskulud kokku olid 5,3 (2022: 5,6) miljonit eurot ning üldhalduskulud 10,1 (2022: 11,2) miljonit eurot. Tööjõukulud mõlema perioodi võrdluses kasvasid, olles vastavalt 10,5 (2022 IV kv: 9,1) ja 39,9 (2022: 34,4) miljonit eurot. Valdava osa tööjõukulude kasvust andis personali juurdekasv ning keskmise töötasu kasvu mõjutas üldine majanduskasv. Aruandekvartalis teenisime 4 218 (2022 IV kv: 2 517) tuhat eurot brutokasumit, mis on 8,3% (2022 IV kv: 5,0%) müügitulust. Neljanda kvartali ärikasum (EBIT) oli 758 (2022 IV kv ärikahjum: -2 063) tuhat eurot, ning käibe ärirentaablus 1,5% (2022 IV kv: -4,1%). Neljanda kvartali puhaskasum oli 135 (2022: -2 520) tuhat eurot, mis on 0,01 (2022: -0,14) eurot aktsia kohta, mis on märkimisväärne paranemine võrreldes 2022. aasta IV kvartaliga. Aruandeaasta brutokasum oli 23 588 (2022: 12 269) tuhat eurot ja brutokasumi marginaal 11,3% (2022: 7,0%). Aasta jooksul teeniti ärikasumit (EBIT) 8 078 (2022: ärikahjum -4 546) ning puhaskasumit 5 160 (2022: puhaskahjum -5 544) tuhat eurot. Puhaskasum aktsia kohta oli 0,28 (2022: puhaskahjum aktsia kohta -0,31) eurot. Põhitegevusala ja turud Kontserni põhitegevusala, tootmine, moodustas kontserni aruandekvartali müügitulust 94,0% (2022 IV kv: 92,5%). Tootmissegmendi müügitulu kasvas kvartalite võrdluses 3,2% ja aastate võrdluses 25,6%, olles vastavalt 47,7 ja 197,9 miljonit eurot. Kontserni suurimad sihtturud on Eesti, Soome, Rootsi ja Norra, kuhu müüdi aruandekvartalis kokku 78,4% (2022 IV kv: 89,7%) kontserni toodetest ja teenustest. Neljandas kvartalis teeniti Eestist müügitulu 5,2 (2022 IV kv: 7,6) miljonit eurot, mis on 2,4 miljonit vähem kui aasta varem. Aastate võrdluses vähenes müügitulu 9,4 miljoni euro võrra 20,9 miljoni euroni. Müügitulu vähenemine mõlema perioodi vaates on valdavalt seotud Eesti elektrikaupade projekti- ja jaemüügi tegevuse lõpetamisega, kuid vähenes ka elektriseadmete müük lepingulistele klientidele. Eelneva aasta suurenenud maht tuli peamiselt hermeetiliste jaotustrafode ning jaotuskappide lepingust. Eesti turg moodustas aruandekvartali konsolideeritud müügitulust 10,3% (2022 IV kv: 15,2%). Kvartalite võrdluses langes Soome müügitulu 7,7% võrra 19,6 (2022 IV kv: 21,3) miljoni euroni. Müügitulu kasvu pärssis elektrivõrkude investeeringute oluline vähenemine seoses regulatiivsete muudatustega elektrivõrkude võrgutasude määrades. Aruandeaasta jooksul kokku teeniti Soomest 83,3 (2022: 81,8) miljonit eurot, valdavalt komplektalajaamade ja madalpinge jaotusseadmete tarnetest. Kontserni suurimale turule müüdi aruandekvartalis 38,7% (2022 IV kv: 42,5%) Harju Elektri toodetest ja teenustest. Rootsi turu müügitulu kasvas alajaamade müügi suurenemise ja projektiäri kasvu toel, olles aruandekvartalis 9,2 (2022 IV kv: 7,1) ja aruandeaasta kokkuvõttes 32,5 (2022: 22,8) miljonit eurot. Rootsi moodustas aruandekvartali konsolideeritud müügitulust 18,1% (2022 IV kv: 14,2%). Norra turult teeniti müügitulu aruandekvartalis 5,7 (2022 IV kv: 8,9) ja aasta jooksul 33,8 (2022: 21,8) miljonit eurot. Müügitulu teeniti põhiliselt sagedusmuundurseadmete süsteemide ning elektri- ja automaatika kilpide tootmisest merendus- ja laevandussektorile. Norra turg moodustas aruandekvartali konsolideeritud müügitulust 11,3% (2022 IV kv: 17,8%). Müügitulu muudele turgudele kasvas kvartalite võrdluses 5,8 miljoni euro võrra 11,0 miljoni euroni ning see tuli valdavalt Saksamaa ja Hollandi arvelt. Aastate võrdluses kasvas müügitulu muudelt turgudelt 20,0 miljoni euro võrra 38,5 miljoni euroni. Enamus kasvust andis müük USA-sse, kus Ameerika Ühendriikide Teraskorporatsiooni Big River Steel'i tehasesse saadeti sagedusmuundurseadmeid ja MCC süsteeme. Muud turud moodustasid aruandekvartali konsolideeritud müügitulust 21,6% (2022 IV kv: 10,3%). Investeeringud Harju Elekter investeeris aruandeperioodil põhivarasse kokku 6,9 (2022: 15,2) miljonit eurot, sealhulgas kinnisvarainvesteeringutesse 5,2 (2022: 1,8) miljonit eurot, materiaalsesse põhivarasse 1,4 (2022: 12,9) miljonit eurot ja immateriaalsesse põhivarasse 0,4 (2022: 0,5) miljonit eurot. Enamus aruandeperioodi investeeringutest suunati Allika Tööstuspargi Reimax Electronics OÜ-le renditava tootmishoone ehitusse, mis valmis aruandeaasta lõpus. Lisaks investeeriti teistesse kinnisvaraobjektidesse, tootmistehnoloogilisse põhivarasse ning tootmis- ja protsessijuhtimissüsteemidesse. Kontserni pikaajaliste finantsinvesteeringute väärtus oli aruandekuupäeva seisuga kokku 29,2 (31.12.22: 23,7) miljonit eurot. Peamise osa 2023. aasta finantsvara ümberhindlusest andis OÜ Skeleton Technologies Group investeeringu osaluse hinnanguline õiglase väärtuse muutus 5,4 miljoni euro võrra 27,2 miljoni euroni. Noteeritud väärtpaberite õiglane väärtus kasvas aruandeaasta jooksul 0,1 miljoni euro võrra, aasta varem vähenes 0,7 miljoni euro võrra. Soetusi ja müüke aruandeaasta jooksul ei toimunud. Aktsia Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq Tallinna börsil 4,97 euro tasemel. AS-il Harju Elekter Group oli 31.12.2023 seisuga 11 164 aktsionäri. Aruandekvartali jooksul vähenes aktsionäride arv 105 võrra ning kogu aasta jooksul kasvas 580 võrra. Ettepanek dividendideks Kooskõlastatult nõukoguga teeb juhatus ettepaneku maksta aktsionäridele dividendidena välja 0,13 eurot aktsia kohta, kokku 2,4 miljonit eurot, mis moodustab 2023. aasta puhaskasumist 47%. KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE Auditeerimata ---------------------------------------------------------------------- EUR '000 31.12.2023 31.12.2022 ---------------------------------------------------------------------- VARAD Käibevarad Raha ja raha ekvivalendid 1 381 9 152 Nõuded ostjatele ja muud nõuded 38 837 31 612 Ettemaksed 1 071 1 126 Varud 36 834 37 068 Käibevara kokku 78 123 78 958 ---------------------------------------------------------------------- Põhivara Edasilükkunud tulumaksu vara 731 1 008 Pikaajalised finantsinvesteeringud 29 244 23 731 Kinnisvarainvesteeringud 28 856 24 756 Materiaalne põhivara 34 067 35 740 Immateriaalne põhivara 7 354 7 244 Põhivara kokku 100 252 92 479 ---------------------------------------------------------------------- VARAD KOKKU 178 375 171 437 ---------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL Kohustused Võlakohustused 19 387 24 385 Ostjate ettemaksed 18 870 16 827 Võlad tarnijatele ja muud võlad 28 159 24 502 Maksuvõlad 3 308 3 478 Lühiajalised eraldised 140 2 103 Lühiajalised kohustused kokku 64 864 71 295 ---------------------------------------------------------------------- Võlakohustused 23 481 20 732 Muud pikaajalised kohustused 32 0 Pikaajalised kohustused kokku 23 513 20 732 ---------------------------------------------------------------------- KOHUSTUSED KOKKU 88 377 92 027 ---------------------------------------------------------------------- Omakapital Aktsiakapital 11 655 11 523 Ülekurss 3 306 2 509 Reservid 23 055 17 768 Jaotamata kasum 51 982 47 771 Emaettevõtte omanikele kuuluv omakapital kokku 89 998 79 571 Mittekontrolliv osalus 0 -161 Omakapital kokku 89 998 79 410 ---------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL KOKKU 178 375 171 437 ---------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE Auditeerimata ------------------------------------------------------------------------ EUR '000 IV KV IV KV 12 kuud 12 kuud 2023 2022 2023 2022 ------------------------------------------------------------------------ Müügitulu 50 737 49 978 209 014 175 293 Müüdud toodete ja teenuste kulud -46 519 -47 461 -185 426 -163 024 Brutokasum 4 218 2 517 23 588 12 269 Turustuskulud -1 260 -1 449 -5 320 -5 578 Üldhalduskulud -2 657 -3 037 -10 112 -11 194 Muud äritulud 495 2 314 308 Muud ärikulud -38 -96 -392 -351 Ärikasum (-kahjum) 758 -2 063 8 078 -4 546 Finantstulud 456 5 97 78 Finantskulud -624 -433 -2 103 -809 Kasum (-kahjum) enne maksustamist 590 -2 491 6 072 -5 277 Tulumaks -455 9 -912 -290 Perioodi puhaskasum (-kahjum) 135 -2 482 5 160 -5 567 ------------------------------------------------------------------------ Puhaskasumi (-kahjum) jaotus Emaettevõtte omanike osa puhaskasumist 135 -2 520 5 160 -5 544 Mitte-kontrolliv osa puhaskasumist 0 38 0 -23 ------------------------------------------------------------------------ Puhaskasum (-kahjum) aktsia kohta Tavapuhaskasum aktsia kohta (EUR) 0,01 -0,14 0,28 -0,31 Lahustatud puhaskasum aktsia kohta (EUR) 0,01 -0,14 0,28 -0,30 ------------------------------------------------------------------------ KONSOLIDEERITUD KOONDKASUMIARUANNE Auditeerimata ---------------------------------------------------------------------------- EUR '000 IV KV IV KV 12 kuud 12 kuud 2023 2022 2023 2022 ---------------------------------------------------------------------------- Perioodi puhaskasum (-kahjum) 135 -2 482 5 160 -5 567 Muu koondkasum (-kahjum) Kirjed, mis hiljem võib klassifitseerida kasumiaruandesse Valuutakursi vahed välisettevõtte ümberarvestusel -212 -47 -139 -208 Kirjed, mida hiljem ei klassifitseerita kasumiaruandesse Realiseerunud kasum finantsvara müügist 0 0 0 320 Finantsvara ümberhindluse netokasum/netokahjum (-) -3 266 20 5 516 -726 Perioodi muu koondkasum (-kahjum) kokku -3 478 -27 5 377 -614 Perioodi koondkasum (-kahjum) kokku -3 343 -2 509 10 537 -6 181 ---------------------------------------------------------------------------- Koondkasumi (-kahjum) jaotus: Emaettevõtte omanike osa koondkasumist -3 343 -2 547 10 537 -6 158 Mitte-kontrolliv osa koondkasumist 0 38 0 -23 ---------------------------------------------------------------------------- Priit Treial Finantsjuht ja juhatuse liige Tel 674 7400
Title
Harju Elekter Group financial results, 1-12/2023
Message
Commentary from the management 2023 will remain in Harju Elekter's history as a year of transformation. We managed to turn the deep loss of the previous year into a strong profit, while achieving the largest operating profit in the Group's history and a satisfactory net profit despite increased interest rates. The fourth quarter results were weaker than usual due to the seasonality of the business, but compared to the same period last year, the results have continued to improve. In particular, we can be content with the change in operating profit (EBIT), which remained at a satisfactory level even after the year-end revaluation of the profitability of the projects and assets. Instead of losses in 2022, the Group earned both operating and net profit in 2023. The year was marked by a number of fundamental decisions and pivotal changes to be proud of. The merger of the Estonian subsidiaries was more successful than expected, as demonstrated by the strong financial results. We can also be proud of the Lithuanian manufacturing company, which by today has grown to become the largest unit in the Group, and which we can commend for the strongest financial performance among all companies of the Group. In Finland, which continues to be our principal market, we exited from lower-volume business lines last year and focused on core activities and the strengthening thereof. Although the anticipated forecasts of turning the Swedish unit profitable did not materialise in the reporting year, we will continue our determined work towards making the company profitable in 2024. As a whole, the structural reforms launched at the end of 2022 and introduced last year, as well as the implementation of the Strategic Action Plan, have been successful. In the spring, we will start setting the strategic targets for the Group's next growth period, driven by the need to increase the Group's EBIT margin and, in line with the expectations of shareholders, by the continued desire to increase the dividend. The Group's central strategic objective in the coming years will be profitable growth. Revenue and financial results The Group's revenue in the fourth quarter was 50.7 million euros, similar to the previous year's revenue result of 50.0 million euros. However, in a full year comparison, we achieved faster increase in revenue at 19.2% per year. This was underpinned by strong framework agreements and increased demand for the Group's services. In total, the Group's revenue for 2023 was 209.0 (2022: 175.3) million euros. ------------------------------------------------------------------------------- EUR '000 Q4 Q4 +/- 12M 12M +/- 2023 2022 2023 2022 ------------------------------------------------------------------------------- Revenue 50,737 49,978 1.5% 209,014 175,293 19.2% Gross profit 4,218 2,517 67.6% 23,588 12,269 92.3% EBITDA 1,920 -943 303.6% 12,444 217 5634.6% Operating profit/loss (-) (EBIT) 758 -2,063 136.7% 8,078 -4,546 277.7% Profit/loss (-) for the period 135 -2,482 105.4% 5,160 -5,567 192.7% Earnings per share (EPS) (euros) 0.01 -0.14 105.3% 0.28 -0.31 191.7% ------------------------------------------------------------------------------- The Group's operating expenses decreased by 2.9% comparing the fourth quarters, being a total of 50.4 million euros. Lower costs were observed in all cost groups, especially in distribution costs and administrative expenses. Labour costs, on the other hand, increased by 15%. Distribution costs were 1.3 (Q4 2022: 1.4) and administrative expenses 2.7 (Q4 2022: 3.0) million euros in the quarter. The total distribution costs of the year were 5.3 (2022: 5.6) million euros and administrative expenses 10.1 (2022: 11.2) million euros. Labour costs increased in both periods, being 10.5 (Q4 2022: 9.1) and 39.9 (2022: 34.4) million euros, respectively. The majority of the increase in labour costs originates from staff growth, and the growth in average wages was influenced by wage pressure from the overall economy. The gross profit for the quarter was 4,218 (Q4 2022: 2,517) thousand euros and the gross profit margin was 8.3% (Q4 2022: 5.0%). The fourth quarter operating profit (EBIT) was 758 (Q4 2022 operating loss: -2,063) thousand euros and the operating margin was 1.5% (Q4 2022: -4.1%). Net profit for the fourth quarter was 135 (2022: -2,520) thousand euros, which is 0.01 euros per share. This is a significant improvement compared to the fourth quarter of 2022, when net profit per share was -0.14 euros. The gross profit for the year was 23,588 (2022: 12,269) thousand euros and the gross margin was 11.3% (2022: 7.0%). During the year, operating profit (EBIT) of 8,078 (2022: operating loss -4,546) and net profit of 5,160 (2022: net loss -5,544) thousand euros were earned. Net profit per share was 0.28 (2022: net loss per share -0.31) euros. Core business and markets The Group's core business, Production, accounted for 94.0% (Q4 2022: 92.5%) of the revenue of the quarter. The production segment's revenue increased by 3.2% quarterly and by 25.6% annually, amounting to 47.7 and 197.9 million euros respectively. The Group's largest target markets are Estonia, Finland, Sweden, and Norway, where a total of 78.4% (Q4 2022: 89.7%) of the Group's products and services were sold in the quarter. In the fourth quarter, 5.2 (Q4 2022: 7.6) million euros were earned from Estonia, which was 2.4 million euros less than a year earlier. Compared to year before, the revenue decreased by 9.4 million to 20.9 million euros. The decrease in revenue in both periods is mostly related to the termination of the retail and project-based sale of electrical products in Estonia but sales of electrical equipment to contract customers also decreased. The increased volume in the previous year originated mainly from the contract for hermetic distribution transformers and distribution cabinets. The Estonian market accounted for 10.3% (Q4 2022: 15.2%) of the revenue of the quarter. Compared to the quarters, revenue in Finland decreased by 7.7% to 19.6 (Q4 2022: 21.3) million euros. Revenue growth was hindered by a decline in investment in electricity networks due to regulatory changes in network charges. During the year, a total of 83.3 (2022: 81.8) million euros were earned from Finland, mainly from the supply of package substations and low-voltage distribution equipment. The Group's largest market sold 38.7% (Q4 2022: 42.5%) of Harju Elekter products and services in the reporting quarter. The revenue of the Swedish market increased due to the rise in the sale of substations and the growth of project business, being 9.2 (Q4 2022: 7.1) in the quarter and 32.5 (2022: 22.8) million euros in the summary of the year. Sweden accounted for 18.1% (Q4 2022: 14.2%) of the revenue of the reporting quarter. Revenue from the Norwegian market was 5.7 (Q4 2022: 8.9) in the quarter, and 33.8 (2022: 21.8) million euros during the year. Revenue was mainly generated from the production of frequency converter systems and electrical and automation panels for the maritime and shipping sector. The Norwegian market accounted for 11.3% (Q4 2022: 17.8%) of the revenue of the reporting quarter. Revenue from other markets increased by 5.8 to 11.0 million euros year-on-year. Revenue increased mainly from the Germany and Netherlands markets. In annual comparison, revenue from other markets increased by 20.0 million euros to 38.5 million euros. Most of the growth came from sales to the USA, where frequency converter equipment and MCC systems were shipped to the United States Steel Corporation's Big River Steel plant. Other markets accounted for 21.6% (Q4 2022: 10.3%) of the revenue of the reporting quarter. Investments During the reporting period, the Group invested a total of 6.9 (2022: 15.2) million euros in non-current assets, incl 5.2 (2022: 1.8) in investment properties, 1.4 (2022: 12.9) in property, plant, and equipment and 0.4 (2022: 0.5) million euros in intangible assets. Most of the investments during the reporting period were made in the construction of the production building to be rented out to Reimax Electronics OÜ in the Allika Industrial Park, which was completed at the end of the year. In addition, investments were made in other real estate objects, production technology equipment, and production and process management systems. The value of the Group's non-current financial investments totalled 29.2 (31.12.22: 23.7) million euros as of the reporting date. The main part of the revaluation of financial assets in 2023 came from the estimated fair value change of OÜ Skeleton Technologies Group's investment, which increased by 5.4 million euros to 27.2 million euros. The fair value of listed securities increased by 0.1 million euros during the year, compared to a decrease by 0.7 million euros a year earlier. There were no acquisitions or sales of listed securities during the year. Share The company's share price on the last trading day of the reporting quarter on the Nasdaq Tallinn Stock Exchange closed at 4.97 euros. As of 31 December 2023, AS Harju Elekter Group had 11,164 shareholders. During the quarter, the number of shareholders decreased by 105 and increased by 580 during the entire year. Dividend Proposal In coordination with the Supervisory Board, the Group's Management Board will propose to pay dividends to the shareholders 0.13 euros per share, totalling 2.4 million euros and representing 47% of consolidated net profit in 2023. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited ---------------------------------------------------------------------------- EUR '000 31.12.2023 31.12.2022 ---------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents 1,381 9,152 Trade and other receivables 38,837 31,612 Prepayments 1,071 1,126 Inventories 36,834 37,068 Total current assets 78,123 78,958 ---------------------------------------------------------------------------- Non-current assets Deferred income tax assets 731 1,008 Non-current financial investments 29,244 23,731 Investment properties 28,856 24,756 Property, plant, and equipment 34,067 35,740 Intangible assets 7,354 7,244 Total non-current assets 100,252 92,479 ---------------------------------------------------------------------------- TOTAL ASSETS 178,375 171,437 ---------------------------------------------------------------------------- LIABILITIES AND EQUITY Liabilities Borrowings 19,387 24,385 Prepayments from customers 18,870 16,827 Trade and other payables 23,159 24,502 Tax liabilities 3,308 3,478 Current provisions 140 2,103 Total current liabilities 64,864 71,295 ---------------------------------------------------------------------------- Borrowings 23,481 20,732 Other non-current liabilities 32 0 Total non-current liabilities 23,513 20,732 ---------------------------------------------------------------------------- TOTAL LIABILITIES 88 377 92 027 ---------------------------------------------------------------------------- Equity Share capital 11,655 11,523 Share premium 3,306 2,509 Reserves 23,055 17,768 Retained earnings 51,982 47,771 Total equity attributable to the owners of the parent company 89,998 79,571 Non-controlling interests 0 -161 Total equity 89,998 79,410 ---------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 178,375 171,437 ---------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF PROFIT AND LOSS Unaudited ------------------------------------------------------------------------ EUR '000 Q4 Q4 12M 12M 2023 2022 2023 2022 ------------------------------------------------------------------------ Revenue 50,737 49,978 209,014 175,293 Cost of sales -46,519 -47,461 -185,426 -163,024 Gross profit 4,218 2,517 23,588 12,269 Distribution costs -1,260 -1,449 -5,320 -5,578 Administrative expenses -2,657 -3,037 -10,112 -11,194 Other income 495 2 314 308 Other expenses -38 -96 -392 -351 Operating profit/loss (-) 758 -2,063 8,078 -4,546 Finance income 456 5 97 78 Finance costs -624 -433 -2,103 -809 Profit/loss (-) before tax 590 -2,491 6,072 -5,277 Income tax -455 9 -912 -290 Profit/loss (-) for the period 135 -2,482 5,160 -5,567 ------------------------------------------------------------------------ Profit /loss (-) attributable to: Owners of the parent company 135 -2,520 5,160 -5,544 Non-controlling interests 0 38 0 -23 ------------------------------------------------------------------------ Earnings per share Basic earnings per share (euros) 0.01 -0.14 0.28 -0.31 Diluted earnings per share (euros) 0.01 -0.14 0.28 -0.30 ------------------------------------------------------------------------ CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited ---------------------------------------------------------------------------- EUR '000 Q4 Q4 12M 12M 2023 2022 2023 2022 ---------------------------------------------------------------------------- Profit/loss (-) for the period 135 -2,482 5,160 -5,567 Other comprehensive income (loss) Items that may be reclassified to profit or loss Impact of exchange rate changes of a foreign subsidiaries -212 -47 -139 -208 Items that will not be reclassified to profit or loss Gain on sales of financial assets 0 0 0 320 Net gain/loss (-) on revaluation of financial assets -3,266 20 5,516 -726 Total comprehensive income (loss) for the period -3,478 -27 5,377 -614 Other comprehensive income (loss) -3,343 -2,509 10,537 -6,181 ---------------------------------------------------------------------------- Total comprehensive income (loss) attributable to: Owners of the Company -3,343 -2,547 10,537 -6,158 Non-controlling interests 0 38 0 -23 ---------------------------------------------------------------------------- Priit Treial CFO and Member of the Management Board +372 674 7400