Market announcement
AS Harju Elekter Group
Category
Half-yearly financial report
Attachments
Date
24.07.2024 07:00:00
Title
AS-i Harju Elekter Group majandustulemused, 1-6/2024
Message
AS-i Harju Elekter Group majandustulemused, 1-6/2024 Kontserni 2024. aasta teise kvartali tulemused olid prognoositult tugevad. Pärast nõrka aasta algust saavutasime teises kvartalis ajalooliselt rekordilise ärikasumi. Kontserni õiget suunda näitab ka 7,8%line ärikasumlikkuse marginaal, mis annab meile võimaluse suurendada kasumlikkust soovitud tasemeni, edendada äri jätkusuutlikult ja teha ka tulevikus omanikutulu väljamakseid. Majandustulemustele andsid suurima panuse taas Leedu ja Eesti äriüksused ning kõrghooajale iseloomulikult taastati kasumlikkus ka Soomes. Rootsi tulemuste parandamiseks jätkame eesmärgistatult meeskonna tugevdamise, hilinenud projektide lõpetamise ja uute tellimuste kasvatamisega. Vaatamata positiivsele esimesele poolaastale, näeme siiski tellimuste stabiliseerumist, mistõttu ärimahtude kasvu teisel poolaastal ei ole oodata. Soome jaotusvõrkude vähenenud tellimused mõjutavad meid jätkuvalt nii käesoleval kui ka järgnevatel aastatel, kuigi oleme osaliselt suutnud neid tellimusi asendada uute klientide ja projektidega. Päringute hulk näitab tugevaid investeeringuid elektrifitseerimise sektoris ja töömahu kasvu järgmise aasta tellimuste osas. Müügitulu ja finantstulemused Kontserni teise kvartali ja kuue kuu tulemused näitavad ettevõtte müügitulu püsimist samal tasemel võrreldes eelmise aastaga, kuid kasumi ja tõhususe märgatavat kasvu. Tegemist on ettevõtte parima teise kvartali ja kuue kuu tulemusega aastate võrdluses, ületades mõlemas perioodis varasemaid müügirekordeid. Aruandekvartali müügitulu oli 56,8 (2023 II kv: 56,8) miljonit eurot ja esimese poolaasta müügitulu ulatus 103,6 (2023 6k: 102,0) miljoni euroni. ------------------------------------------------------------------------------- EUR'000 II KV II KV Muutus 6 kuud 6 kuud Muutus 2024 2023 2024 2023 ------------------------------------------------------------------------------- Müügitulu 56 801 56 762 0,1% 103 577 102 030 1,5% Brutokasum 8 172 6 611 23,6% 13 008 11 996 8,4% Ärikasum (-kahjum) enne kulumit (EBITDA) 5 450 3 243 68,1% 7 389 5 625 31,3% Ärikasum (-kahjum) (EBIT) 4 450 2 168 105,3% 5 425 3 477 -56,0% Perioodi puhaskasum (-kahjum) 3 467 884 292,2% 3 827 1 633 -134,4% sh emaettevõtte omanike osa 3 467 982 253,0% 3 827 1 763 117,1% Puhaskasum (-kahjum) aktsia kohta (eurot) 0,19 0,05 280,0% 0,21 0,10 -110,0% ------------------------------------------------------------------------------- Kontserni äritegevuse kulud vähenesid kvartalite võrdluses 3,7% võrra, jõudes 52,2 (2023 II kv: 54,2) miljoni euroni. Suurima osa vähenemisest moodustas müüdud toodete ja teenuste kulude langus 1,5 miljoni euro võrra, ulatudes 48,6 miljoni euroni, ning üldhalduskulude vähenemine 0,5 miljoni euro võrra, jõudes 2,2 miljoni euroni. Teise poolaasta äritegevuse kulud olid kokku 97,8 (2023 6k: 98,0) miljonit eurot. Müüdud toodete ja teenuste kulud aga suurenesid kuue kuu jooksul 0,5 miljoni euro võrra, ulatudes 90,6 miljoni euroni, ning see suurenemine tuli peamiselt esimesest kvartalist. Turustuskulud, tööjõukulud ja põhivara kulum jäid samale tasemele kui aasta varem, olles vastavalt 1,3, 1,0 ja 10,6 miljonit eurot teises kvartalis. Turustus- ja üldhalduskulud vähenesid kuue kuu võrdluses kokku 0,7 miljoni euro võrra, olles lõplikult 2,5 ja 4,7 miljonit eurot. Tööjõukulud kasvasid 0,4 miljoni euro võrra võrreldes eelmise aasta esimese poolaastaga, ulatudes kokku 20,6 miljoni euroni. Tööjõukulude kasv oli suuresti mõjutatud märkimisväärsest töötajate arvu vähenemisest Eesti ja Leedu tootmisüksustes, millega kaasnesid lõpparve tasud ja hüvitised. Brutokasum jõudis 8,2 (2023 II kv: 6,6) miljoni euroni ja brutokasumi marginaal oli 14,4% (2023 II kv: 11,6%). Ärikasum (EBIT) kahekordistus 4,5 (2023 II kv: 2,2) miljoni euroni, andes ärirentaabluseks 7,8% (2023 II kv: 3,8%). Puhaskasum teises kvartalis oli 3,5 (2023 II kv: 0,9) miljonit eurot ning puhaskasumi marginaal 6,1% (2023 II kv: 1,6%). Kasumlikkuse kasvu põhjuseks on eelmisel aastal olnud tarneahela raskuste lahenemine ja töötajate arvu optimeerimine, mis on võimaldanud tootmise efektiivsuse kasvu. Samuti oli tehaste koormatus maksimumi lähedal ja tootmine tõhusam kui eelmisel aasta. Esimese poolaasta jooksul teenis kontsern müügitulu 103,6 (2023 6k: 102,0) miljonit eurot, mis samuti jäi eelmise aasta sama perioodi tulemusega üsna samaks, kasvades 1,5%. Kuue kuu brutokasum oli 13,0 (2023 6k: 12,0) miljonit eurot. Põhitegevusala ja turud Kontserni põhitegevusala, tootmine, ei toonud märkimisväärset müügitulu kasvu. Teises kvartalis teeniti tootmissegmendist 54,3 (2023 II kv: 54,0) miljonit eurot ja esimesel poolaastal 98,7 (2023 6k: 96,6) miljonit eurot. Müük kasvas enim Leedu tootmisüksuses, kus keskendutakse energiajaotuse ja sagedusinverteri seadmete ning lahenduste arendamisele merendus- ja tööstussektorites. Tootmissegment moodustas aruandekvartali ja poolaasta konsolideeritud müügitulust 95,3%. Aruandekvartalis teeniti Eestist 6,9 (2023 II kv: 5,6) miljonit eurot, mis on 24% rohkem kui aasta varem. Kuue kuu võrdluses kasvas müügitulu veidi tagasihoidlikumalt, ehk 8,1% võrra, ulatudes 11,4 (2023 6k: 10,5) miljoni euroni. Müügitulu kasv Eestis tulenes peamiselt kompaktalajaamade suuremast müügist elektri jaotusvõrgu klientidele. Soome turult teeniti teises kvartalis 20,6 (2023 II kv: 24,5) miljonit eurot ja esimesel poolaastal 37,5 (2023 6k: 43,1) miljonit eurot, mis on vastavalt 16% ja 13% vähem kui aasta varem. Müügitulu Soomes vähenes kompaktalajaamade segmendi madalama nõudluse tõttu, mis tulenes 2024. aasta alguses rakendatud kommunaalteenuste hinnakontrolli meetodite muudatustest. Rootsi turu müügitulu oli üsna stabiilne, ulatudes teises kvartalis 8,7 (2023 II kv: 9,1) miljoni euroni ja esimesel poolaastal 15,6 (2023 6k: 15,6) miljoni euroni. Tagasihoidlik müügi vähenemine Rootsis tulenes ärimudeli muudatustest ja otsusest lõpetada EPC-projektide (võtmed kätte lahenduste) müük ning keskenduda tehasetoodetele. Rootsi turg moodustas aruandekvartali ja poolaasta konsolideeritud müügitulust 15% (2023 II kv: 16% ja 6k: 15%). Võrreldes eelmise aasta teise kvartaliga vähenes Norrast teenitud müügitulu 8,0 (2023 II kv: 11,5) miljoni euroni tulenevalt ajamkappide ja mootorjuhtimis keskuste müügi vähenemise tõttu merendussektori lepingulistele klientidele. Langus tulenes peamiselt kõrgest võrdlusbaasist, põhjustatud Leedu tootmisüksuse ülekoormusest 2023. aastal ning madalamast tellimuste hulgast käesoleval aastal. Poolaasta müügitulu oli 17,3 (2023 6k: 15,5) miljonit eurot. Norra turg moodustas aruandekvartali konsolideeritud müügitulust 14,0% (2023 II kv: 20,2%) ja poolaasta müügitulust 16,7% (2023 6k: 15,2%). Investeeringud Harju Elekter investeeris aruandeperioodil põhivarasse kokku 1,5 (2023 6k: 2,6) miljonit eurot, sealhulgas kinnisvarainvesteeringutesse 0,7 (2023 6k: 2,1) miljonit eurot, materiaalsesse põhivarasse 0,4 (2023 6k: 0,4) miljonit eurot ja immateriaalsesse põhivarasse 0,4 (2023 6k: 0,1) miljonit eurot. Investeeringud hõlmasid suuremahulisi ruumide renoveerimis- ja rekonstrueerimistöid Keila tööstuspargis, mis on suunatud pikaajalise rentniku, Prysmian Group Baltics, vajadustele. Lisaks soetati tootmis-tehnoloogilisi põhivarasid ning arendati tootmis- ja protsessijuhtimissüsteeme. Kontserni pikaajaliste finantsinvesteeringute väärtus oli aruandekuupäeva seisuga kokku 27,7 (31.12.23: 29,2) miljonit eurot. Aruandekvartalis otsustati realiseerida enamus noteeritud väärtpabereid, mille müügist laekus kokku 1,6 miljonit eurot, sh realiseerunud kasum oli 0,2 miljon eurot. Aktsia Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq Tallinna börsil 4,74 euro tasemel. KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE Auditeerimata ------------------------------------------------------------------------------ EUR '000 30.06.2024 31.12.2023 30.06.2023 ------------------------------------------------------------------------------ VARAD Käibevarad Raha ja raha ekvivalendid 1 632 1 381 2 339 Nõuded ostjatele ja muud nõuded 48 655 38 837 38 447 Ettemaksed 1 173 1 071 2 143 Varud 28 745 36 834 46 747 Käibevara kokku 80 205 78 123 89 676 ------------------------------------------------------------------------------ Põhivara Edasilükkunud tulumaksu vara 722 731 985 Pikaajalised finantsinvesteeringud 27 715 29 244 32 593 Kinnisvarainvesteeringud 28 901 28 856 26 314 Materiaalne põhivara 33 275 34 067 33 919 Immateriaalne põhivara 7 576 7 354 7 267 Põhivara kokku 98 189 100 252 101 078 ------------------------------------------------------------------------------ VARAD KOKKU 178 394 178 375 190 754 ------------------------------------------------------------------------------ KOHUSTUSED JA OMAKAPITAL Kohustused Võlakohustused 17 272 19 387 20 768 Ostjate ettemaksed 13 495 18 870 18 769 Võlad tarnijatele ja muud võlad 27 970 23 159 32 034 Maksuvõlad 4 598 3 308 4 219 Lühiajalised eraldised 185 140 1 980 Lühiajalised kohustused kokku 63 520 64 864 77 770 ------------------------------------------------------------------------------ Võlakohustused 23 207 23 481 23 780 Muud pikaajalised kohustused 54 32 0 Pikaajalised kohustused kokku 23 261 23 513 23 780 ------------------------------------------------------------------------------ KOHUSTUSED KOKKU 86 781 88 377 101 550 ------------------------------------------------------------------------------ Omakapital Aktsiakapital 11 655 11 655 11 523 Ülekurss 3 306 3 306 2 509 Reservid 23 063 23 055 26 843 Jaotamata kasum 53 589 51 982 48 620 Emaettevõtte omanikele kuuluv omakapital kokku 91 613 89 998 89 495 Mittekontrolliv osalus 0 0 -291 Omakapital kokku 91 613 89 998 89 204 ------------------------------------------------------------------------------ KOHUSTUSED JA OMAKAPITAL KOKKU 178 394 178 375 190 754 ------------------------------------------------------------------------------ KONSOLIDEERITUD KASUMIARUANNE Auditeerimata ------------------------------------------------------------------------ EUR '000 II KV II KV 6 kuud 6 kuud 2024 2023 2024 2023 ------------------------------------------------------------------------ Müügitulu 56 801 56 762 103 577 102 030 Müüdud toodete ja teenuste kulud -48 629 -50 151 -90 569 -90 034 Brutokasum 8 172 6 611 13 008 11 996 Turustuskulud -1 328 -1 313 -2 524 -2 668 Üldhalduskulud -2 227 -2 711 -4 744 -5 291 Muud äritulud 75 181 94 199 Muud ärikulud -242 -600 -409 -759 Ärikasum (-kahjum) 4 450 2 168 5 425 3 477 Finantstulud 11 -7 104 68 Finantskulud -540 -1 021 -1 131 -1 570 Kasum (-kahjum) enne maksustamist 3 921 1 140 4 398 1 975 Tulumaks -454 -256 -571 -342 Perioodi puhaskasum (-kahjum) 3 467 884 3 827 1 633 ------------------------------------------------------------------------ Puhaskasumi (-kahjum) jaotus Emaettevõtte omanike osa puhaskasumist 3 467 982 3 827 1 763 Mitte-kontrolliv osa puhaskasumist 0 -98 0 -130 ------------------------------------------------------------------------ Puhaskasum (-kahjum) aktsia kohta Tavapuhaskasum aktsia kohta (EUR) 0,19 0,05 0,21 0,10 Lahustatud puhaskasum aktsia kohta (EUR) 0,19 0,05 0,21 0,10 ------------------------------------------------------------------------ KONSOLIDEERITUD KOONDKASUMIARUANNE Auditeerimata ---------------------------------------------------------------------------- EUR '000 II KV II KV 6 kuud 6 kuud 2024 2023 2024 2023 ---------------------------------------------------------------------------- Perioodi puhaskasum (-kahjum) 3 467 884 3 827 1 633 ------------------------------ Muu koondkasum (-kahjum) Kirjed, mis hiljem võib klassifitseerida kasumiaruandesse Valuutakursi vahed välisettevõtte ümberarvestusel -46 164 60 123 Kirjed, mida hiljem ei klassifitseerita kasumiaruandesse Realiseerunud kasum finantsvara müügist 185 0 185 0 Finantsvara ümberhindluse netokasum/netokahjum (-) -141 8 830 -72 8 866 Perioodi muu koondkasum (-kahjum) kokku -2 8 994 173 8 989 Perioodi koondkasum (-kahjum) kokku 3 465 9 878 4 000 10 622 ---------------------------------------------------------------------------- Koondkasumi (-kahjum) jaotus: Emaettevõtte omanike osa koondkasumist 3 465 9 976 4 000 10 752 Mitte-kontrolliv osa koondkasumist 0 -98 0 -130 ---------------------------------------------------------------------------- Priit Treial Finantsjuht ja juhatuse liige Tel 674 7400
Title
Harju Elekter Group financial results, 1-6/2024
Message
Harju Elekter Group financial results, 1-6/2024 The Group's results for the second quarter of 2024 were strong, as predicted. After a weak start to the year, we achieved historically high operating profit in the second quarter. The correct direction of the Group is also validated by the 7.8% operating profit margin, which gives us the opportunity to increase profitability to the desired level, promote business in a sustainable manner, and distribute profits to owners in the future. The largest contributors to the financial results were once again the business units in Lithuania and Estonia, and, as could be expected during the high season, profitability was also restored in Finland. We will continue with the targeted strengthening of the team, completion of the delayed projects, and increasing the volume of new orders to improve the results in Sweden. Despite the positive first half of the year, the orders volumes are showing signs of stabilisation, thus we don't expect business volume growth in the second half of the year. The reduced orders from the Finnish distribution networks continue to affect us both this year and in the upcoming years, although we have been able to partially replace these orders with new customers and projects. The number of inquiries indicates strong investments in the electrification sector and an increase in workload regarding the orders for next year. Revenue and financial results The Group's results for the second quarter and the first half of the year show that the company's revenue has remained at the same level compared to the previous year, but there has been a significant increase in profit and efficiency. These are the company's best second-quarter and six-month results over the years, surpassing previous revenue records in both periods. The revenue for the reporting quarter was 56.8 (2023 Q2: 56.8) million euros, and for the first half of the year, it reached 103.6 (2023 6M: 102.0) million euros. ------------------------------------------------------------------------------- EUR'000 Q2 Q2 +/- 6M 6M +/- 2024 2023 2024 2023 ------------------------------------------------------------------------------- Revenue 56,801 56,762 0.1% 103,577 102,030 1.5% Gross profit 8,172 6,611 23.6% 13,008 11,996 8.4% EBITDA 5,450 3,243 68.1% 7,389 5,625 31.3% Operating profit/loss (-) (EBIT) 4,450 2,168 105.3% 5,425 3,477 -56.0% Profit/loss (-) for the period 3,467 884 292.2% 3,827 1,633 -134.4% Incl. attributable to owners of the parent company 3,467 982 253,0% 3,827 1,763 117,1% Earnings per share (EPS) (euros) 0.19 0.05 280.0% 0.21 0.10 -110.0% ------------------------------------------------------------------------------- The Group's operating expenses decreased by 3.7% compared to the previous quarters, reaching 52.2 (2023 Q2: 54.2) million euros. The most significant reduction was due to a decrease in the cost of sales by 1.5 million, totaling 48.6 million euros, and a reduction in administrative expenses by 0.5 million euros, amounting to 2.2 million euros. In the first half of the year, operating expenses totaled 97.8 (2023 6M: 98.0) million euros. The cost of sales increased by 0.5 million over the six months, reaching 90.6 million euros, with the increase primarily occurring in the first quarter. Distribution costs, labour costs, and depreciation of non-current assets remained at the same level as the previous year, totaling 1.3 million, 1.0 million, and 10.6 million euros, respectively, in the second quarter. Distribution costs and administrative expenses decreased by a combined 0.7 million euros over the six months, totaling 2.5 million and 4.7 million euros, respectively. Labour costs increased by 0.4 million compared to the first six months, totaling 20.6 million euros. The increase in labour costs was largely influenced by a significant reduction in the number of employees at the Estonian and Lithuanian production units, which included severance payments and compensations. Gross profit reached 8.2 (2023 Q2: 6.6) million euros, with a gross profit margin of 14.4% (2023 Q2: 11.6%). Operating profit (EBIT) doubled to 4.5 (2023 Q2: 2.2) million euros, resulting in an operating margin of 7.8% (2023 Q2: 3.8%). Net profit for the second quarter was 3.5 (2023 Q2: 0.9) million euros, and the net profit margin was 6.1% (2023 Q2: 1.6%). The reason for the increase in profitability is the resolution of supply chain difficulties we experienced last year and the optimisation of the number of employees, which has enabled us to increase production efficiency. Also, the factories were operating at near maximum capacity and production was more efficient than last year. During the first half of the year, the Group earned revenue of 103.6 (2023 6M: 102.0) million euros, which remained quite similar to the results from the same period last year, increasing by 1.5%. The six-month gross profit was 13.0 (2023 6M: 12.0) million euros. Core business and markets The Group's core segment, production, did not contribute to revenue growth. In the second quarter, the production segment generated 54.3 (2023 Q2: 54.0) million euros, and for the first six months, it reached 98.7 (2023 6M: 96.6) million euros. The largest growth in sales was in the Lithuanian production unit, which focuses on developing electrical distribution and frequency inverter equipment and solutions for the maritime and industrial sectors. The production segment accounted for 95.3% of the Group's revenue for the quarter and the half- year. In the reporting quarter, revenue from Estonia was 6.9 (2023 Q2: 5.6) million euros, which was 24% higher than the previous year. For the first six months of the year, revenue grew more modestly by 8.1%, reaching 11.4 (2023 6M: 10.5) million euros. The increase in revenue in Estonia was mainly due to higher sales of compact substations to electrical distribution network customers. Revenue from Finland was 20.6 (2023 Q2: 24.5) million euros in the second quarter and 37.5 (2023 6M: 43.1) million euros for the first six months, representing a decrease of 16% and 13%, respectively, compared to the previous year. The decline in revenue in Finland was due to lower demand for compact substations, resulting from changes in utility price control methods implemented at the beginning of 2024. Revenue from Sweden was relatively stable, reaching 8.7 (2023 Q2: 9.1) million euros in the second quarter and 15.6 (2023 6M: 15.6) million euros for the first six months. The modest decrease in sales in Sweden was due to changes in the business model and the decision to stop selling EPC projects (turnkey solutions) and focus on factory products. The Swedish market accounted for 15% (2023 Q2: 16% and 2023 6M: 15%) of the Group's consolidated revenue for the quarter and the half-year. Revenue from Norway decreased to 8.0 (2023 Q2: 11.5) million euros compared to the second quarter of the previous year due to a reduction in sales of drive cabinets and MCC-s (Motor control centers) to maritime sector contractual clients. This decline was mainly due to a high comparison base, caused by overcapacity at the Lithuanian production unit in 2023 and a lower volume of orders this year. For the first six months, revenue from Norway was 17.3 (2023 6M: 15.5) million euros. The Norwegian market accounted for 14.0% (2023 Q2: 20.2%) of the Group's revenue for the quarter and 16.7% (2023 6M: 15.2%) for the half-year. Investments During the reporting period, Harju Elekter invested a total of 1.5 (2023 6M: 2.6) million euros in non-current assets, including 0.7 (2023 6M: 2.1) million euros in real estate investments, 0.4 (2023 6M: 0.4) million euros in property, plant, and equipment, and 0.4 (2023 6M: 0.1) million euros in intangible assets. The investments included large-scale renovation and reconstruction work at the Keila industrial park, aimed at meeting the needs of the long-term tenant, Prysmian Group Baltics. Additionally, production technology equipment was acquired, and production and process management systems were developed. As of the reporting date, the value of the Group's long-term financial investments was 27.7 (31.12.23: 29.2) million euros. During the reporting quarter, most of the listed securities were sold, generating a total of 1.6 million euros from their sale, with a realized profit of 0.2 million euros. Share The company's share price on the last trading day of the reporting quarter on the Nasdaq Tallinn Stock Exchange closed at 4.74 euros. As of 30 June 2024, AS Harju Elekter Group had 11,025 shareholders. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited ------------------------------------------------------------------------------ EUR '000 30.06.2024 31.12.2023 30.06.2023 ------------------------------------------------------------------------------ ASSETS Current assets Cash and cash equivalents 1,632 1,381 2,339 Trade and other receivables 48,655 38,837 38,447 Prepayments 1,173 1,071 2,143 Inventories 28,745 36,834 46,747 Total current assets 80,205 78,123 89,676 ------------------------------------------------------------------------------ Non-current assets Deferred income tax assets 722 731 985 Non-current financial investments 27,715 29,244 32,593 Investment properties 28,901 28,856 26,314 Property, plant, and equipment 33,275 34,067 33,919 Intangible assets 7,576 7,354 7,267 Total non-current assets 98,189 100,252 101,078 ------------------------------------------------------------------------------ TOTAL ASSETS 178,394 178,375 190,754 ------------------------------------------------------------------------------ LIABILITIES AND EQUITY Liabilities Borrowings 17,272 19,387 20,768 Prepayments from customers 13,495 18,870 18,769 Trade and other payables 27,970 23,159 32,034 Tax liabilities 4,598 3,308 4,219 Current provisions 185 140 1,980 Total current liabilities 63,520 64,864 77,770 ------------------------------------------------------------------------------ Borrowings 23,207 23,481 23,780 Other non-current liabilities 54 32 0 Total non-current liabilities 23,261 23,513 23,780 ------------------------------------------------------------------------------ TOTAL LIABILITIES 86,781 88,377 101,550 ------------------------------------------------------------------------------ Equity Share capital 11,655 11,655 11,523 Share premium 3,306 3,306 2,509 Reserves 23,063 23,055 26,843 Retained earnings 53,589 51,982 48,620 Total equity attributable to the owners of the parent company 91,613 89,998 89,495 Non-controlling interests 0 0 -291 Total equity 91,613 89,998 89,204 ------------------------------------------------------------------------------ TOTAL LIABILITIES AND EQUITY 178,394 178,375 190,754 ------------------------------------------------------------------------------ CONSOLIDATED STATEMENT OF PROFIT AND LOSS Unaudited ---------------------------------------------------------------------------- EUR '000 Q2 Q2 6M 6M 2024 2023 2024 2023 ---------------------------------------------------------------------------- Revenue 56,801 56,762 103,577 102,030 Cost of sales -48,629 -50,151 -90,569 -90,034 Gross profit 8,172 6,611 13,008 11,996 Distribution costs -1,328 -1,313 -2,524 -2,668 Administrative expenses -2,227 -2,711 -4,744 -5,291 Other income 75 181 94 199 Other expenses -242 -600 -409 -759 Operating profit/loss (-) 4,450 2,168 5,425 3,477 Finance income 11 -7 104 68 Finance costs -540 -1,021 -1,131 -1,570 Profit/loss (-) before tax 3,921 1,140 4,398 1,975 Income tax -454 -256 -571 -342 Profit/loss (-) for the period 3,467 884 3,827 1,633 ---------------------------------------------------------------------------- Profit /loss (-) attributable to: Owners of the parent company 3,467 982 3,827 1,763 Non-controlling interests 0 -98 0 -130 ---------------------------------------------------------------------------- Earnings per share Basic earnings per share (euros) 0.19 0.05 0.21 0.10 Diluted earnings per share (euros) 0.19 0.05 0.21 0.10 ---------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited ------------------------------------------------------------------------------ EUR '000 Q2 Q2 6M 6M 2024 2023 2024 2023 ------------------------------------------------------------------------------ Profit/loss (-) for the period 3,467 884 3,827 1,633 ------------------------------ Other comprehensive income (loss) Items that may be reclassified to profit or loss Impact of exchange rate changes of a foreign subsidiaries -46 164 60 123 Items that will not be reclassified to profit or loss Gain on sales of financial assets 185 0 185 0 Net gain/loss (-) on revaluation of financial assets -141 8,830 -72 8,866 Total comprehensive income (loss) for the period -2 8,994 173 8,989 Other comprehensive income (loss) 3,465 9,878 4,000 10,622 ------------------------------------------------------------------------------ Total comprehensive income (loss) attributable to: Owners of the Company 3,465 9,976 4,000 10,752 Non-controlling interests 0 -98 0 -130 ------------------------------------------------------------------------------ Priit Treial CFO and Member of the Management Board +372 674 7400