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
Half-yearly financial report
Unique data record identifier
11343
Attachments
Submission date and time
24.07.2024 07:00:00
Content of announcement in Estonian
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
Content of announcement in English
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
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Profit /loss (-) attributable to:
Owners of the parent company 3,467 982 3,827 1,763
Non-controlling interests 0 -98 0 -130
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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
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited
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EUR '000 Q2 Q2 6M 6M
2024 2023 2024 2023
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Profit/loss (-) for the period 3,467 884 3,827 1,633
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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
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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
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Priit Treial
CFO and Member of the Management Board
+372 674 7400