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
3438
Submission date and time
03.08.2011 14:52:17
Content of announcement in Estonian
Title
Kontserni majandustulemused, 1-6/2011
Message
Lühiaruanne koos konsolideeritud bilansi ja kasumiaruandega
Kontserni aruandeperioodi majandustulemused jätkasid tugevnemist. Teise kvartali müügimaht kasvas kolmandiku võrra 11,1 miljoni euroni ja poolaastaga enam kui viiendiku võrra 20,5 miljoni euroni. Samal ajal kasvas ka aruandekvartali ärikasum 3 korda 0,5 miljoni euroni ja poolaasta ärikasum 2,8 korda 0,7 miljoni euroni.
Tähtsamad näitajad (EUR’000) IIkv 2011 IIkv 2010 Ipa 2011 Ipa 2010 2010
Müügitulu 11 112 8 338 20 539 16 909 40 885
Ärikasum enne kulumit (EBITDA) 898 526 1 397 946 2 898
Ärikasum (EBIT) 540 178 700 250 1 519
Perioodi puhaskasum 1 164 640 1 329 1 163 2 295
sh emaettevõtte omanikele kuuluv osa puhaskasumist 1 077 588 1 258 1 160 2 173
Kasum aktsia kohta (EUR) 0,06 0,03 0,07 0,07 0,13
Tootmissegmendi müügitulud kasvasid aruandekvartalis 37,6% 9,9 miljoni euroni ja I poolaastaga 23,6% 18,2 miljoni euroni, andes konsolideeritud müügitulust üle 88%. Mitmesuguste elektriseadmete müük kasvas II kvartalis 45% 9,2 miljoni euroni, mis on 93% tootmise aruandekvartali müügitulust ja kuue kuuga enam kui 24% 16,4 miljoni euroni, andes Tootmise müügimahust 90%.
Majanduskasvu kiirenemine 2010. aasta lõpus ja käesoleva aasta alguses Euroopa Liidu riikides on toonud kaasa majandusolukorra paranemise Kontserni koduturgudel. Enim on kasvanud müük Soome turule – teises kvartalis üle 58% 5,1 miljoni euroni ja kuue kuuga kokku 46% 9,3 miljoni euroni; ka Eesti segmendi tootmisettevõtete müük Soome turule kasvas enam kui 75%. Müügimaht Eesti turule suurenes aruandekvartalis 44% 4,3 miljoni euroni ja kuue kuuga 30% 7,6 miljoni euroni. Tagasihoidlikumad on olnud arengud Leedu turul. Kokkuvõttes realiseeriti Eesti, Leedu ja Soome turgudele 91,8% (83,8%) Kontserni toodetest ja teenustest. Müük väljapoole Eestit moodustas 63% (65%).
Äritegevuse kulud kasvasid teises kvartalis 29,3%, olles 4 protsendipunkti võrra madalamad müügitulude juurdekasvutempost. Poolaastaga kasvasid kulud 18,8%, mis on 2,7 protsendipunkti müügitulude juurdekasvutempost väiksem.
Kontserni keskmine töötajate arv oli teises kvartalis 421 (2010 II kv: 423) ja I poolaastal 419 (427). Aruandeperioodi lõpu seisuga töötas Kontsernis 457 inimest, mis oli 11 töötajat rohkem kui aasta tagasi ja 17 töötajat rohkem kui aasta algul. Kuue kuuga maksti töötajatele palkade ja tasudena välja 3 768 (3 363) tuhat eurot ja keskmine töötasu kuus töötaja kohta oli 1 472 (1 311) eurot.
Teise kvartali ärikasum oli 540 (2010 II kv: 178) tuhat eurot ja ärikasum enne kulumit 898 (2010 II kv: 526) tuhat eurot. Ärirentaabluseks kujunes 4,9%, mis oli 2,8 protsendipunkti võrra parem võrreldava perioodi näitajast ja ärirentaabluseks enne kulumit 8,1%, paranedes võrreldava perioodi näitaja suhtes 1,8 protsendipunkti võrra. Esimese poolaasta konsolideeritud ärikasum oli 700 tuhat eurot, mis oli 2,8 korda enam kui võrreldaval perioodil ja ärikasum enne kulumit oli 1 397 tuhat eurot, juurdekasv 47,6%. Kuue kuu ärirentaablus enne kulumit oli 6,8% (2010 6 k: 5,6%) ja ärirentaablus 3,4%, mis oli 1,9 protsendipunkti parem võrreldava perioodi näitajast.
Aruandekvartalis konsolideeris Kontsern sidusettevõttest kasumit 79 tuhat eurot, võrreldaval perioodil 102 tuhat eurot ja kuue kuuga kokku 109 (2010 6 k: 57) tuhat eurot. Netofinantstulu kasvas II kvartalis 229 tuhande euro võrra 781 tuhande euroni, poolaastaga kokku aga kahanes 294 tuhande euro võrra 775 tuhande euroni. Aruandeperioodil saadi dividenditulu 235 tuhat eurot enam kui võrreldaval perioodil, kokku 795 tuhat eurot, samas müüdi 2010. aasta esimeses kvartalis 80 tuhat PKC Group Oyj aktsiat ja finantstulu aktsiate müügilt oli 522 tuhat eurot.
Kokkuvõttes kujunes teise kvartali konsolideeritud puhaskasumiks 1 164 (2010 II kv: 640) tuhat eurot, millest emaettevõtte omanike osa moodustas 1 077 (2010 II kv: 588) tuhat eurot. Puhaskasum aktsia kohta oli II kvartalis 0,06 eurot (2010 II kv: 0,03) eurot. Kuue kuuga teeniti puhaskasumit aktsia kohta 0,07 eurot. Konsolideeritud puhaskasum kasvas poolaastaga 14,2% ja oli 1 329 tuhat eurot, sellest emaettevõtte omanike osa oli 1 258 (2010 6 k: 1 160) tuhat eurot.
Kontsern investeeris I poolaastal kinnisvarainvesteeringutesse 1 057 tuhat, materiaalsesse põhivarasse 294 tuhat ja immateriaalsesse põhivarasse 67 tuhat eurot, kokku 1 418 tuhat eurot. Võrreldaval perioodil investeeriti kinnisvarainvesteeringutesse 245, materiaalsesse põhivarasse 2 051 ja immateriaalsesse põhivarasse 31 tuhat eurot, kokku 2 327 tuhat eurot, millest 1,9 miljonit soetati kapitalirendi tingimustel.
Andres Allikmäe
Juhataja
Lisainformatsioon: Harju Elektri 2. kvartali ja I poolaasta vahearuanne; Karin Padjus, finantsdirektor (tel 674 7403).
KONSOLIDEERITUD BILANSS 30.06.2011
Konsolideeritud, auditeerimata
Kontsern
EUR'000
VARAD 30.06.11 31.12.10
Raha, pangakontod 478 2 400
N?uded ostjatele ja muud nõuded 6 957 6 479
Ettemaksed 109 123
Ettevõtte tulumaks 27 0
Varud 7 668 5 411
Käibevara kokku 15 239 14 413
Sidusettevõtete aktsiad 789 680
Pikaajalised finantsinvesteeringud 21 847 21 539
Kinnisvarainvesteeringud 9 566 8 711
Materiaalne põhivara 9 201 9 350
Immateriaalne põhivara 436 421
Põhivara kokku 41 839 40 701
VARAD KOKKU 57 078 55 114
KOHUSTUSED JA OMAKAPITAL
Võlakohustused 1 643 1 539
Võlad tarnijatele ja muud võlad 6 377 5 178
Maksuvõlad 930 915
Ettevõtte tulumaks 11 19
Lühiajalised eraldised 66 79
Kokku lühiajal.kohustused 9 027 7 730
Pikaajalised kohustused 1 869 1 838
Kohustused kokku 10 896 9 568
Aktsiakapital 11 760 10 737
Ülekurss 0 384
Reservkapital 21 701 21 396
Jaotamata kasum 11 104 11 440
Emaettevõtte osalus omakapitalis 44 565 43 957
Vähemusosa 1 617 1 589
Kokku omakapital 46 182 45 546
KOHUSTUSED JA OMAKAPITAL KOKKU 57 078 55 114
KASUMIARUANNE
KONSOLIDEERITUD KASUMIARUANNE 01.01.-30.06.2011
Konsolideeritud, auditeerimata
EUR’000
Kontsern KV2 2011 KV2 2010 6 k 2011 6 k 2010
Realiseerimise netokäive 11 112 8 338 20 539 16 909
Realiseeritud toodete kulud -9 183 -7 079 -17 208 -14 488
Kogukasum 1 929 1 259 3 331 2 421
Turustuskulud -542 -436 -1 035 -841
Üldhalduskulud -819 -641 -1 561 -1 334
Muud äritulud 4 5 5 24
Muud ärikulud -32 -9 -40 -20
Ärikasum 540 178 700 250
Neto finantstulud/ (-kulud) 781 552 775 1 069
Tulu/kulu sidusettevõttest 79 102 109 57
Kasum enne maksustamist 1 400 832 1 584 1 376
Tulumaks -236 -192 -255 -213
Maksustamisjärgne kasum, sh 1 164 640 1 329 1 163
emaettevõtte omanike osa 1 077 588 1 258 1 160
mitte-kontrolliv osa 87 52 71 3
Tava puhaskasum aktsia kohta 0,06 0,03 0,07 0,07
Lahustatud puhaskasum aktsia kohta 0,06 0,03 0,07 0,07
Karin Padjus
Finantsdirektor
Tel 674 7403
Content of announcement in English
Title
Financial results, 1-6/2011
Message
Overview with the balance sheet and the income statement
The financial indicators of the Group in the reporting period demonstrated improvement trends. In Q2, the sales revenue of the Group increased by one third to 11.1 million euros and during the 6 months by more than one fifth to 20.5 million euros. At the same time, the operating profit in Q2 2011 was 540,000 euros increasing three times compared to the same period a year before and in H1 700,000 euros, increasing 2.8 times compared to the H1 2010.
Key figures (EUR’000) Q2 2011 Q2 2010 H1 2011 H1 2010 2010
Sales revenue 11,112 8,338 20,539 16,909 40,885
EBITDA 898 526 1,397 946 2,898
Operating profit 540 178 700 250 1,519
Net profit for the current period 1,164 640 1,329 1,163 2,295
Incl. equity holders of the parent 1,077 588 1,258 1,160 2,173
EPS (EUR) 0.06 0.03 0.07 0.07 0.13
The sales revenue of the production segment increased by more than 37% in the reporting quarter and over 23% within 6 months, traditionally amounting to the largest share – 88.7% (87.1%) of the sales revenue. The sale of miscellaneous electrical installations increased by 45% to 9.2 million euros in the Q2, accounting for 93% of the sales revenue of the reporting quarter, and increased by more than 24% to 16.4 million euros within 6 months, making up 90% of the sales revenue of the production segment.
An increase in economic growth in the EU countries at the end of 2010, and at the beginning of this year, has resulted in improvement of the economic situation in the domestic markets of the Group. Sales have increased the most to the Finnish market –in Q2 more than 58% up to 5.1 million euros and during the 6 months by 46% up to 9.3 million euros. At the same time, also the sales of production companies of the Estonian segment to the Finnish market increased by over 75%. In the reporting quarter, the sales of products and services to the Estonian market amounted to 4.3 million euros, increasing by 44% compared to the reference period and by 7.6 million euros within 6 months, representing growth of over 30% relative to the reference period. Developments in the Lithuanian market have been more modest. Totally, the domestic markets (Estonia, Lithuania and Finland) of the Group’s companies prevailed, where 91.8% (83.8%) of the Group’s products and services were sold. 63% (65%) of Group products were sold outside of Estonia.
In the second quarter, expenses of the operating activities increased by 29.3%, which was by 4 percentage points lower than the growth rate of sales revenue and expenses increased by 18.8% within six months, which was by 2.7 percentage points lower than the growth rate of sales revenue.
In the second quarter, there was an average of 421 (Q2 2010:423) and in H1 2011 an average of 419 (H1 2010:427) people working in the Group. As at the balance day on 30 June, there were 457 people working in the Group, which were 17 employees more than on the beginning of the year and 11 employees more than a year before. Within 6 months, a total of 3,768 (3,363) thousand euros was paid in wages and payments to the employees and the average wage per employee was 1,472 (1,311) euros.
Operating profit of Q2 2011 was 540,000 (Q2 2010: 178,000) euros and EBITDA was 898,000 (Q2 2010: 526,000) euros. Return of sales for the period was 4.9%, which was 2.8 per cent point better compared to the same period last year and return of sales before depreciation was 8.1%, improving by 1.8 per cent point comparing to the Q2 2010. Operating profit of the H1 2011 was 700,000 euros, which was 2.8 times more thank comparing period and EBITDA was 1,397,000 euros, growth 47.6%. Return of sales before depreciation in H1 was 6.8% (H1 2010: 5.6%) and return of sales for the period 3.4%, which was 1.9 per cent point better than a year before.
In the accounting quarter the Group consolidated from the related company a profit of 79,000 (Q2 2010: 102,000) euros and within the 6 months 109,000 (H1 2010: 57,000) euros. In the Q2, net financial income increased by 229,000 euros to 781,000 euros, but declined by 294,000 euros to 775,000 euros within 6 months. In the reporting period, dividend income was received more by 235,000 euros, totalling 795,000 euros. At the same time, 80,000 shares in PKC Group Oyj were sold in the Q1 2010 and financial income from selling the shares was 522,000 euros.
Overall, the consolidated net profit of the Q2 2011 was 1,164,000 (Q2 2010: 640,000) euros, of which the share of the owners of the parent company was 1,077,000 (Q2 2010: 588,000) euros. In Q2 EPS were 0.06 (Q2 2010: 0.03) euros. In the H1 2011, earnings per share amounted 0.07 euros. The consolidated net profit increased during the first half of the year by 14.2% and was 1,329,000 euros, of which the share of the owners of the parent company was 1,258 (H1 2010: 1,160) thousand euros.
In H1 2011 the Group invested 1,057,000 euros in real estate, 294,000 euros in tangible fixed assets and 67,000 euros in intangible fixed assets, totally 1,418,000 euros. During the compared period the Group invested 245,000 in real estate, 2,051,000 in tangible fixed assets and 31,000 euros in intangible fixed assets, totally 2,327,000 euros, of which 1.9 million was acquired subject to financial lease conditions.
Andres Allikmäe
Member of the Board
For more information: Interim report 1-6/2011; Mrs Karin Padjus, FO, phone +372 674 7403
AS HARJU ELEKTER
BALANCE SHEET, 30.06.2011
Consolidated, unaudited
Group
in thousands EUR
ASSETS 30.06.11 31.12.10
Cash and cash equivalents 478 2 400
Trade receivables and other receivables 6 957 6 479
Prepayments 109 123
Prepaid income tax 27 0
Inventories 7 668 5 411
TOTAL CURRENT ASSETS 15 239 14 413
Investments in associates 789 680
Other long-term financial investments 21 847 21 539
Investment property 9 566 8 711
Property, plant and equipment 9 201 9 350
Intangible assets 436 421
Total non-current assets 41 839 40 701
TOTAL ASSETS 57 078 55 114
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 1 643 1 539
Trade payables and other payables 6 377 5 178
Tax liabilities 930 915
Income tax liabilities 11 19
Short-term provision 66 79
TOTAL CURRENT LIABILITIES 9 027 7 730
NON-CURRENT LIABILITIES 1 869 1 838
TOTAL LIABILITIES 10 896 9 568
Share capital 11 760 10 737
Paid-in capital over/under par 0 384
Restricted reserves 21 701 21 396
Retained earnings 11 104 11 440
TOTAL OWNERS' EQUITY 44 565 43 957
Minority interests 1 617 1 589
TOTAL EQUITY 46 182 45 546
TOT.LIABILIT.AND OWNERS' EQUITY 57 078 55 114
INCOME STATEMENT, 1-6/2011
Consolidated,unaudited
EUR’000
GROUP Q2 2011 Q2 2010 H1 2011 H1 2010
NET SALES 11 112 8 338 20 539 16 909
Cost of goods sold -9 183 -7 079 -17 208 -14 488
Gross profit 1 929 1 259 3 331 2 421
Marketing expenses -542 -436 -1 035 -841
Administrative expenses -819 -641 -1 561 -1 334
Other revenue 4 5 5 24
Other expenses -32 -9 -40 -20
Operating profit 540 178 700 250
Net financial incomes/expenses 781 552 775 1 069
Income from subsidiaries 79 102 109 57
Profit from normal operations 1 400 832 1 584 1 376
Corporate Income tax -236 -192 -255 -213
Profit after taxes, incl 1 164 640 1 329 1 163
Net profit for the year 1 077 588 1 258 1 160
Non-controlling interest 87 52 71 3
Basic earnings per share 0,06 0,03 0,07 0,07
Diluted earnings per share 0,06 0,03 0,07 0,07
Karin Padjus
FO
Tel +372 674 7403