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
17238
Attachments
Submission date and time
24.04.2025 07:00:00
Content of announcement in Estonian
Title
AS-i Harju Elekter Group majandustulemused, 1-3/2025
Message
Harju Elektri I kvartali müügitulu oli 37,4 miljonit eurot, mis on 20% vähem kui
möödunud aasta samal perioodil. Samas kujunes ärikasumiks 2,8 miljonit eurot,
mis on 186% rohkem kui võrreldaval perioodil. Ärikasumi paranemisele aitasid
kaasa mitmed sihipärased tegevused madalahooaja kasumlikkuse parandamiseks,
sealhulgas ka tavapäraselt madalamad tööjõukulud I kvartalis.
Puhaskasumiks kujunes 2,6 miljonit eurot, mis on 630% parem kui võrreldaval
perioodil. Tulemusele avaldas olulist mõju EUR/SEK vahetuskursi märkimisväärne
muutus Rootsi krooni tugevnemise suunas ning sellest tulenenud nõuete ja
kohustuste ümberhindlused.
Kuigi kontserni majandustulemused näitasid paranemise märke, on majanduskeskkond
taas täis väljakutseid. Seda mõjutavad nii meie tegutsemisriikide
sisepoliitilised arengud kui ka üleüldine maailmapoliitika ümberkujunemine.
Ameerika Ühendriikidest tulevad vastuolulised uudised ja sagedased suunamuutused
suurendavad klientide ebakindlust, mille tulemusena lükatakse mitmeid tellimusi
edasi või pannakse need ajutiselt ootele. Balti riikide ja Skandinaavia
majandused ei ole veel stabiilsele kasvule pöördunud, samas kui maksukoormus
kasvab ja töötasud suurenevad.
Turbulentsetele aegadele hoolimata, läheme kõrghooajale vastu tugeva
tellimusraamatuga. Viimaste aastate restruktureerimised ja organisatsioonilised
muutused on aidanud viia kulubaasi, nii üld- kui tööjõukulude vaates, vastavusse
oodatavale mahule, püüdes samal ajal säilitada kompetentsi ka madalhooaegadel.
2025. aastal on potentsiaal kujuneda tugevaks finantsaastaks, mis omakorda
võimaldab jätkata arengustrateegia elluviimist ja toetada jätkusuutlikku kasvu
ka järgnevatel perioodidel.
Müügitulu ja finantstulemused
Kuigi I kvartali müügitulu langus võrreldes eelmise aasta rekordiliste
müügimahtudega on märgatav, jäi käive hooajalisust arvestades sarnasele tasemele
kui enne erakordsete tulemuste perioodi. Elektriseadmete müügitulu moodustas
kvartalis 34,1 miljonit eurot ehk 91,1% kogukäibest, vähenedes aastataguse ajaga
võrreldes 21,6%. Peamised toote- ja teenusegrupid olid jätkuvalt alajaamad,
madalpinge jaotusseadmed, tehnilised hooned ning allhanke- ja inseneri teenused.
Põhinäitajad 3 kuud 3 kuud
Muutus
(EUR´000) 2025 2024
--------------------------------------------------------------------------
Müügitulu 37 427 46 775 -20,0%
Brutokasum 5 667 4 836 17,2%
Ärikasum enne kulumit (EBITDA) 3 866 1 941 99,2%
Ärikasum (EBIT) 2 795 976 186,4%
Perioodi puhaskasum 2 636 361 630,2%
Puhaskasum aktsia kohta (eurot) 0,14 0,02 600,0%
--------------------------------------------------------------------------
Aruandekvartali äritegevuse kulud olid kokku 35,6 (2024 I kv: 45,7) miljonit
eurot, mis on 22% vähem kui aasta varem. Kulude vähenemine tulenes peamiselt
müüdud toodete ja teenuste kuludest, mis kahanesid 31,8 (2024 I kv: 41,9)
miljonile eurole ehk 24,3% võrra. See saavutati tänu tootmismahtude
korrigeerimisele ning paremale kulude juhtimisele sisendhindade ja
tarnelahenduste osas. Turustuskulud olid 1,3 (2024 I kv: 1,2) miljonit eurot,
moodustades kontserni äritegevusekuludest 3,6% (2024 I kv: 2,6%) ja müügitulust
3,4% (2024 I kv: 2,6%). Kulude kasv on olnud vajalik müügitulu hoidmiseks,
kliendisuhete tugevdamiseks ja uute lepingute sõlmimiseks. Üldhalduskulud olid
2,6 (2024 I kv: 2,5) miljonit eurot, moodustades kontserni aruandekvartali
äritegevusekuludest 7,2% (2024 I kv: 5,5%) ja müügitulust 6,9% (2024 I kv:
5,4%).
Põhivara amortisatsioonikulu ulatus kvartalis 1,1 (2024 I kv: 1,0) miljonini
eurot. Kulude kerge kasv on ootuspärane, peegeldades varasemate investeeringute
mõju. Tööjõukulud olid kvartalis 9,5 (2024 I kv: 10,1) miljonit eurot, mis on
5,2% vähem kui aasta varem. Kulude kokkuhoid tulenes töötajate arvu
korrigeerimisest tootmisüksustes Eestis, Soomes ja Leedus. Samas suurenes
tööjõukulude osakaal müügitulust 25,5%-ni (2024 I kv: 21,5%).
Esimese kvartali brutokasum oli 5,7 (2024 I kv: 4,8) miljonit eurot ja
brutokasumi marginaaliks kujunes 15,1% (2024 I kv: 10,3%). Ärikasum (EBIT) oli
2,8 (2024 I kv: 1,0) miljonit eurot ja ärirentaablus 7,5% (2024 I kv: 2,1%).
Puhaskasum esimeses kvartalis oli 2,6 (2024 I kv: 0,4) miljonit eurot.
Puhaskasum aktsia kohta oli esimeses kvartalis 0,14 (2024 I kv: 0,02) eurot.
Põhitegevusala ja turud
Kontserni 2025. aasta esimese kvartali müügitulu turgude lõikes peegeldas üldist
langustrendi enamikul põhiturgudel võrreldes 2024. aasta sama perioodiga.
Kontserni neli suurimat sihtturgu - Eesti, Soome, Rootsi ja Norra - moodustasid
kokku 79% kogu kvartali müügitulust, mis on 2 protsendipunkti vähem kui aasta
varem.
Eestis ulatus müügitulu 4,8 (2024 I kv: 4,5) miljonit eurot, kasvades 7,4% ning
moodustades 12,8% (2024 I kv: 9,6%) kontserni kvartali kogukäibest. Müüki toetas
kompaktalajaamade tellimuste kasv elektrijaotusvõrgu klientidelt.
Kinnisvarasegmendi renditulud püsisid samal tasemel kui aasta varem.
Soome turg kujunes kvartalis jätkuvalt kontserni suurimaks, kuid müügitulu
vähenes 24,1%, olles 12,9 (2024 I kv: 17,0) miljonit eurot. Languse peamine
põhjus oli komplekttalajaamade müügi vähenemine ning lepinguliste tootmismahtude
langus.
Norra turu müügitulu langes 6,9 (2024 I kv: 9,3) miljoni euroni, vähenedes
26,2% võrreldes aasta varasema ajaga. Peamiseks languse põhjuseks oli eelmise
aasta esimese kvartali ajutiselt kõrge võrdlusbaas. Lisaks mõjutas tulemust turu
üldine madalseis, mille tõttu olid 2024. aastal sõlmitud uued lepingulised
tellimused 2025. aasta alguseks tagasihoidlikumad.
Rootsi turu müügitulu vähenes 28,5%, ulatudes 4,9 (2024 I kv: 6,9) miljoni
euroni, mis oli sarnane 2024. aasta neljanda kvartali tasemega. Langust mõjutas
ärimudeli muudatus, mille raames lõpetati EPC ehk võtmed-kätte projektide
pakkumine. Keskendudes nüüd tehasetootelistele lahendustele, on müügimaht
ajutiselt väiksem, kuid ettevõtte riskiprofiil stabiilsem.
Olulise positiivse muutusena kasvas Saksamaa turg, kus müügitulu kolmekordistus
tänu suurenenud projektipõhistele tellimustele alajaamade tootegrupis, ulatudes
6,5 (2024 I kv: 2,2) miljoni euroni.
Investeeringud
Kontsern investeeris aruandeperioodil põhivarasse kokku 0,8 (2024 I kv: 0,7)
miljonit eurot, sealhulgas kinnisvarainvesteeringutesse 0,1 (2024 I kv: 0,4)
miljonit eurot, materiaalsesse põhivarasse 0,3 (2024 I kv: 0,1) miljonit eurot
ja immateriaalsesse põhivarasse 0,4 (2024 I kv: 0,2) miljonit eurot. Soetati
tootmistehnoloogilisi põhivarasid ning arendati tootmis- ja
protsessijuhtimissüsteeme. Investeeringud sisaldasid ka tootearendust.
Kontserni pikaajaliste finantsinvesteeringute väärtus oli aruandekuupäeva
seisuga kokku 27,7 (31.12.24: 27,7) miljonit eurot. Aruandekvartali jooksul
langes allesjäänud väärtpaberite õiglane väärtus 5 tuhande euro võrra ning
noteeritud väärtpaberite müügist laekus kokku 17 tuhat eurot.
Aktsia
Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq Tallinna
börsil 4,67 euro tasemel.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Auditeerimata
(EUR´000) 31.03.2025 31.12.2024
-------------------------------------------------------------------
VARAD
Käibevarad
Raha ja raha ekvivalendid 1 556 3 773
Nõuded ostjatele ja muud nõuded 38 351 29 606
Ettemaksed 2 270 2 096
Varud 27 308 19 845
Käibevara kokku 69 485 55 320
Põhivara
Edasilükkunud tulumaksu vara 597 687
Pikaajalised finantsinvesteeringud 27 708 27 717
Kinnisvarainvesteeringud 29 198 29 432
Materiaalne põhivara 32 706 32 420
Immateriaalne põhivara 8 429 8 121
Põhivara kokku 98 638 98 377
VARAD KOKKU 168 123 153 697
-------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
Kohustused
Võlakohustused 10 500 9 839
Ostjate ettemaksed 13 181 11 600
Võlad tarnijatele ja muud võlad 26 657 17 472
Maksuvõlad 3 887 3 260
Lühiajalised eraldised 588 270
Lühiajalised kohustused kokku 54 813 42 441
Võlakohustused 20 183 20 184
Edasilükkunud tulumaksu kohustus 40 39
Pikaajalised kohustused 20 223 20 223
Kohustused kokku 75 036 62 664
Omakapital
Aktsiakapital 11 655 11 655
Ülekurss 3 306 3 306
Reservid 22 734 23 135
Jaotamata kasum 55 392 52 937
Omakapital kokku 93 087 91 033
KOHUSTUSED JA OMAKAPITAL KOKKU 168 123 153 697
-------------------------------------------------------------------
KONSOLIDEERITUD KASUMIARUANNE
(EUR´000) 3 kuud 2025 3 kuud 2024
---------------------------------------------------------------------------
Müügitulu 37 427 46 775
Müüdud toodete ja teenuste kulud -31 760 -41 939
Brutokasum 5 667 4 836
Turustuskulud -1 285 -1 195
Üldhalduskulud -2 580 -2 517
Muud äritulud 1 024 19
Muud ärikulud -31 -167
Ärikasum 2 795 976
Finantstulud 633 92
Finantskulud -284 -590
Kasum enne maksustamist 3 144 478
Tulumaks -508 -117
Perioodi puhaskasum 2 636 361
---------------------------------------------------------------------------
Puhaskasum aktsia kohta
Tavapuhaskasum aktsia kohta (EUR) 0,14 0,02
Lahustatud puhaskasum aktsia kohta (EUR) 0,14 0,02
---------------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
(EUR´000) 3 kuud 2025 3 kuud 2024
--------------------------------------------------------
Perioodi puhaskasum 2 636 361
Muu koondkasum
Kirjed, mis hiljem võib klassifitseerida
kasumiaruandesse
Valuutakursi vahed välisettevõtte ümberarvestusel -588 106
Kirjed, mida hiljem ei klassifitseerita
kasumiaruandesse
Finantsvara ümberhindlus -5 70
Perioodi muu koondkasum (-kahjum) kokku -593 176
Perioodi koondkasum kokku 2 043 537
-------------------------------------------------------------------------------
Priit Treial
Finantsjuht ja juhatuse liige
Tel 674 7400
[email protected] (mailto:[email protected])
Content of announcement in English
Title
Harju Elekter Group financial results, 1-3/2025
Message
Harju Elekter's revenue for the first quarter was 37.4 million euros, which is
20% less than in the same period last year. At the same time, operating profit
was 2.8 million euros, which is 186% more than in the comparable period. The
improvement in operating profit was driven by a number of targeted actions to
improve low season profitability, including lower than usual labour costs in the
first quarter.
At the same time, net profit was 2.6 million euros, which is 630% more than in
the comparable period. The result was impacted significantly by the notable
change in the EUR/SEK exchange rate towards the stronger Swedish krona and the
resulting revaluation of receivables and liabilities.
Although the Group's financial results showed signs of improvement, the economic
environment is once again full of challenges. This will be influenced by
internal political developments in the countries in which we operate, as well as
by the overall transformation of world politics. Controversial news from the
United States and frequent changes of direction increase customer uncertainty,
resulting in many orders being delayed or temporarily put on hold. The Baltic
and Scandinavian economies have not yet returned to stable growth, while the tax
burden is increasing, and wages are rising.
Despite the turbulent times, we are going into the peak season with a strong
order book. Restructuring and organisational changes in recent years have helped
to set the cost base, both in terms of overhead and labour costs, in line with
expected volumes, while at the same time striving to maintain competence in low
seasons.
2025 has the potential to be a strong financial year, which in turn will enable
the continuation of the development strategy and support sustainable growth in
the coming periods.
Revenue and financial results
Although the decline in first quarter revenue compared to last year's record
sales volumes is noticeable, seasonality in turnover remained at a similar level
to before the period of exceptional results. The revenue from the sale of
electrical equipment amounted to 34.1 million euros in the quarter, or 91.1% of
total revenue, decreasing by 21.6% compared to the same period last year. The
main product and service groups continued to be substations, low-voltage
distribution equipment, technical buildings, and subcontracting and engineering
services.
Key indicators 3M 3M +/-
(EUR´000)
2025 2024
--------------------------------------------------------------------------
Revenue 37,427 46,775 -20.0%
Gross profit 5,667 4,836 17.2%
EBITDA 3,866 1,941 99.2%
Operating profit (EBIT) 2,795 976 186.4%
Profit for the period 2,636 361 630.2%
Earnings per share (EPS) (euros) 0.14 0.02 600.0%
--------------------------------------------------------------------------
Operating expenses for the reporting quarter totaled 35.6 (Q1 2024: 45.7)
million euros, which is 22% less than the previous year. The decrease in
expenses was mainly due to the cost of sales, which fell to 31.8 (Q1
2024: 41.9) million euros, a reduction of 24.3%. This was achieved through
adjustments in production volumes and better cost management regarding input
prices and supply solutions. Distribution costs were 1.3 (Q1 2024: 1.2) million
euros, accounting for 3.6% (Q1 2024: 2.6%) of the Group's operating expenses and
3.4% (Q1 2024: 2.6%) of revenue. The increase in costs has been necessary to
maintain revenue, strengthen customer relationships, and secure new contracts.
Administrative expenses were 2.6 (Q1 2024: 2.5) million euros, accounting for
7.2% (Q1 2024: 5.5%) of the Group's operating expenses for the reporting quarter
and 6.9% (Q1 2024: 5.4%) of revenue.
Depreciation expenses for fixed assets amounted to 1.1 (Q1 2024: 1.0) million
euros in the quarter. A slight increase in costs was expected, reflecting the
continued impact of previous investments. Labour costs for the quarter were 9.5
(Q1 2024: 10.1) million euros, which is 5.2% less than a year earlier. The cost
savings resulted from adjustments in the number of employees in production units
in Estonia, Finland, and Lithuania. However, the share of labour costs in
revenue increased to 25.5% (Q1 2024: 21.5%).
The gross profit for the first quarter was 5.7 (Q1 2024: 4.8) million euros,
with a gross profit margin of 15.1% (Q1 2024: 10.3%). Operating profit (EBIT)
was 2.8 (Q1 2024: 1.0) million euros, and the operating margin was 7.5% (Q1
2024: 2.1%). Net profit for the first quarter was 2.6 (Q1 2024: 0.4) million
euros. Earnings per share for the first quarter were 0.14 (Q1 2024: 0.02) euros.
Core business and markets
The Group's revenue for the first quarter of 2025 by markets reflected the
overall downward trend in most key markets compared to the same period in 2024.
The Group's four largest target markets - Estonia, Finland, Sweden, and Norway -
accounted for a total of 79% of the total quarterly revenue, which is 2
percentage points less than a year earlier.
In Estonia, revenue reached 4.8 (Q1 2024: 4.5) million euros, growing by 7.4%
and accounting for 12.8% (Q1 2024: 9.6%) of the Group's total quarterly revenue.
Sales were supported by an increase in orders for compact substations from
electricity distribution network customers. Rental income in the real estate
segment remained at the same level as the previous year.
The Finnish market continued to be the largest for the Group in the quarter,
despite revenues decreasing by 24.1% to 12.9 (Q1 2024: 17.0) million euros. The
main reason for the decline was the decrease in the sale of compact substations
and the decline in contractual manufacturing volumes.
Revenue in the Norwegian market fell to 6.9 (Q1 2024: 9.3) million euros,
decreasing by 26.2% compared to the previous year. The decline was mainly due to
the high comparison base from the previous year, when Norwegian revenue was
significantly higher. The market downturn also contributed to the decline,
resulting in smaller contractual manufacturing new order volumes in 2024 for
2025.
Revenue in the Swedish market decreased by 28.5%, reaching 4.9 (Q1 2024: 6.9)
million euros, which was similar to the level of the fourth quarter of 2024. The
decline was influenced by a business model change, where the offering of EPC
(Turnkey solutions) projects was discontinued. Now focusing on factory-made
solutions, sales volume is temporarily smaller, but the company's risk profile
is more stable.
As a significant positive change, the Germany market grew, with revenue tripling
due to increased project-based orders in the substation product group, reaching
6.5 (Q1 2024: 2.2) million euros.
Investments
The Group invested a total of 0.8 (Q1 2024: 0.7) million euros in non-current
assets during the reporting period, including 0.1 (Q1 2024: 0.4) million euros
in investment properties, 0.3 (Q1 2024: 0.1) million euros in property, plant,
and equipment, and 0.4 (Q1 2024: 0.2) million euros in intangible fixed assets.
Investments included the acquisition of production technology assets and the
development of production and process management systems. Investments also
included product development.
The value of the Group's long-term financial investments was 27.7 (31.12.24:
27.7) million euros as of the reporting date. During the reporting quarter, the
fair value of remaining securities decreased by 5 thousand euros and proceeds
from the sale of listed securities amounted to 17 thousand euros.
Share
The company's share price on the last trading day of the reporting quarter on
the Nasdaq Tallinn Stock Exchange closed at 4.67 euros.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited
(EUR´000) 31.03.2025 31.12.2024
-------------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 1,556 3,773
Trade and other receivables 38,351 29,606
Prepayments 2,270 2,096
Inventories 27,308 19,845
Total current assets 69,485 55,320
Non-current assets
Deferred income tax assets 597 687
Non-current financial investments 27,708 27,717
Investment properties 29,198 29,432
Property, plant, and equipment 32,706 32,420
Intangible assets 8,429 8,121
Total non-current assets 98,638 98,377
TOTAL ASSETS 168,123 153,697
-------------------------------------------------------------------------------
LIABILITIES AND EQUITY
Liabilities
Borrowings 10,500 9,839
Prepayments from customers 13,181 11,600
Trade and other payables 26,657 17,472
Tax liabilities 3,887 3,260
Current provisions 588 270
Total current liabilities 54,813 42,441
Borrowings 20,183 20,184
Other non-current liabilities 40 39
Total non-current liabilities 20,223 20,223
Total liabilities 75,036 62,664
Equity
Share capital 11,655 11,655
Share premium 3,306 3,306
Reserves 22,734 23,135
Retained earnings 55,392 52,937
Total equity attributable to the owners of the parent
company 93,087 91,033
TOTAL LIABILITIES AND EQUITY 168,123 153,697
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
(EUR´000)
3M 2025 3M 2024
-------------------------------------------------------------
Revenue 37,427 46,775
Cost of sales -31,760 -41,939
Gross profit 5,667 4,836
Distribution costs -1,285 -1,195
Administrative expenses -2,580 -2,517
Other income 1,024 19
Other expenses -31 -167
Operating profit 2,795 976
Finance income 633 92
Finance costs -284 -590
Profit before tax 3,144 478
Income tax -508 -117
Profit for the period 2,636 361
-------------------------------------------------------------
Earnings per share
Basic earnings per share (euros) 0.14 0.02
Diluted earnings per share (euros) 0.14 0.02
-------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR´000) 3M 2025 3M 2024
---------------------------------------------------------------- --------
Profit for the period 2,636 361
Other comprehensive income
Items that may be reclassified to profit or loss
Impact of exchange rate changes of a foreign
subsidiaries -588 106
Items that will not be reclassified to profit or loss
Revaluation of financial assets -5 70
Total comprehensive income (-loss) for the period -593 176
Other comprehensive income 2,043 537
-------------------------------------------------------------------------------
Priit Treial
CFO and Member of the Management Board
+372 674 7400
[email protected] (mailto:[email protected])