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
Other price sensitive information
Unique data record identifier
4442
Attachments
Submission date and time
06.05.2014 12:34:59
Content of announcement in Estonian
Title
Kontserni majandustulemused, 1-3/2014
Message
. jaanuar - märts aasta
2014 2013 2013
Müügitulu (tuhat eurot) 9 661 11 390 48 288
Brutokasum (tuhat eurot) 1 701 1 721 8 458
Ärikasum enne kulumit (EBITDA) (tuhat eurot) 441 555 3 269
Ärikasum (EBIT) (tuhat eurot) 56 188 1 743
Perioodi puhaskasum (tuhat eurot) 371 717 5 173
sh emaettevõtte omanike osa (tuhat eurot) 391 698 5 162
Käesoleva aasta alguses on äritegevus käivitunud aeglasemalt kui varasematel aastatel. Aruandekvartali konsolideeritud müügitulu oli 9,7 miljonit eurot ehk 15% vähem kui võrreldaval perioodil. Enam kui 80% müügitulust saadi elektriseadmete müügist, mis aruandekvartalis vähenes 16,5%, olles ka peamiseks müügitulu vähenemise põhjuseks. 64,0% Kontserni toodetest ja teenustest realiseeriti Eestist väljapoole (2013 I kv: 65,3%) ning 81% müügituludest saadi Kontserni ettevõtete koduturgudelt (Eesti, Soome, Leedu). Müügimahu langusele avaldas enim mõju Leedu segment, mille müügitulu vähenes võrreldava perioodi suhtes poole võrra ning seda peamiselt projektidest saadava müügitulu kahanemisest. Kontserni suurimad turud on Eesti ja Soome, mistõttu on Kontserni müügimahud tugevalt mõjutatud nendel turgudel toimuvast. Aruandekvartalis müüdi Soome turule 45%(2013 I kv: 47%) ja Eesti turule 36%(2013 I kv: 35%) Kontserni toodetest ja teenustest.
Äritegevuse kulud kahanesid aruandeperioodil 14,5%, sh vähenesid müüdud toodete ja teenuste kulud 1,7 miljoni euro võrra ehk 17,7% 8,0 miljoni euroni. Kuna müüdud toodete ja teenuste kulu vähenes kiiremas tempos kui müügitulu, paranes brutokasumi marginaal võrreldava perioodi näitaja suhtes 2,5 protsendipunkti võrra 17,6%ni.
Turustuskulud kasvasid aruandekvartalis 52 tuhande euro võrra 651 tuhande euroni, turustuskulude määr moodustas müügituludest 6,7% (2013 I kv: 5,3%). Üldhalduskulud kasvasid aruandeperioodil 4% 976 tuhande euroni ja üldhalduskulude määr müügitulust moodustas 10,1%, kasvades 1,9 protsendipunkti võrra.
2014. aasta I kvartalis töötas Kontsernis keskmiselt 440 inimest, mis oli keskmiselt 22 töötajat vähem kui võrreldaval perioodil. Aruandekvartalis maksti töötajatele palkade ja tasudena välja 2 170 (2013 I kv: 2 108) tuhat eurot. Keskmine töötasu kuus Kontserni töötaja kohta oli 1 645 (2013 I kv: 1 520) eurot. 2013. aasta II poolaastal korrigeeriti Kontsernis töötajate palkasid, mis on ka peamiseks põhjuseks püsikulude tõusule. Tööjõu- ja palgakulud kasvasid aruandekvartalis 2,9%, mis tõi kaasa ka ärikasumi marginaali vähenemise.
Kontserni esimese kvartali ärikasum oli 56 (2013 I kv: 188) tuhat eurot ja ärikasum enne kulumit 441 (2013 I kv: 555) tuhat eurot. Aruandekvartali ärirentaabluseks kujunes 0,6% (2013 I kv: 1,7%) ja ärirentaabluseks enne kulumit 4,6% (2013 I kv 4,9%).
Kontsern konsolideeris aruandekvartalis sidusettevõttest kasumit 324 (2013 I kv: 75) tuhat eurot.
Aruandekvartali konsolideeritud puhaskasum oli 371 (2013 I kv: 717) tuhat eurot; kusjuures 2013. aasta I kvartali puhaskasumis sisaldus finantsvara müügi kasum 453 tuhat eurot. Emaettevõtte omanike osa I kvartali konsolideeritud puhaskasumis moodustas 391 (2013 I kv: 698) tuhat eurot ning puhaskasum aktsia kohta oli 0,02 (2013 I kv: 0,04) eurot.
Andres Allikmäe
Juhataja
Tel 674 7400
Lisainformatsioon: ASi Harju Elekter 1.kvartali vahearuanne
KONSOLIDEERITUD BILANSS 31.03.2014
Konsolideeritud, auditeerimata
Kontsern
EUR'000
VARAD 31.03.14 31.12.13
Raha, pangakontod 4 186 4 102
N?uded ostjatele ja muud nõuded 5 928 5 699
Ettemaksed 363 256
Ettevõtte tulumaks 54 41
Varud 6 812 5 801
Käibevara kokku 17 343 15 899
Edasilükkunud tulumaksu vara 6 7
Sidusettevõtete aktsiad 3 922 3 598
Pikaajalised finantsinvesteeringud 29 319 31 339
Kinnisvarainvesteeringud 11 676 11 663
Materiaalne põhivara 8 066 8 129
Immateriaalne põhivara 498 436
Põhivara kokku 53 487 55 172
VARAD KOKKU 70 830 71 071
KOHUSTUSED JA OMAKAPITAL
Võlakohustused 582 654
Võlad tarnijatele ja muud võlad 6 151 4 437
Maksuvõlad 761 969
Ettevõtte tulumaks 15 15
Lühiajalised eraldised 32 36
Kokku lühiajal.kohustused 7 541 6 111
Pikaajalised kohustused 1 141 1 141
Kohustused kokku 8 682 7 252
Aktsiakapital 12 180 12 180
Ülekurss 240 240
Reservkapital 29 394 31 424
Jaotamata kasum 19 044 18 635
Emaettevõtte osalus omakapitalis 60 858 62 479
Mitte-kontrolliv osalus 1 290 1 340
Kokku omakapital 62 148 63 819
KOHUSTUSED JA OMAKAPITAL KOKKU 70 830 71 071
KASUMIARUANNE
KONSOLIDEERITUD KASUMIARUANNE 01.01.-31.03.2014
Konsolideeritud, auditeerimata
EUR’000
Kontsern KV12014 KV12013
Realiseerimise netokäive 9 661 11 390
Realiseeritud toodete kulud -7 960 -9 669
Kogukasum 1 701 1 721
Turustuskulud -651 -599
Üldhalduskulud -976 -939
Muud äritulud 9 17
Muud ärikulud -27 -12
Ärikasum 56 188
Finantstulud 17 462
Neto finantskulud -8 -8
Tulu sidusettevõttest 324 75
Kasum enne maksustamist 389 717
Tulumaks -18 0
Maksustamisjärgne kasum, sh 371 717
emaettevõtte omanike osa 391 698
mitte-kontrolliv osa -20 19
Tava puhaskasum aktsia kohta (EUR) 0,02 0,04
Lahustatud puhaskasum aktsia kohta (EUR) 0,02 0,04
Karin Padjus
Finantsdirektor
674 7403
Content of announcement in English
Title
Financial results, 1-3/2014
Message
. January - March Year
2014 2013 2013
Revenue (EUR’000) 9,661 11,390 48,288
Gross profit (EUR’000) 1,701 1,721 8,458
EBITDA (EUR’000) 441 555 3,269
EBIT (EUR’000) 56 188 1,743
Profit for the period (EUR’000) 371 717 5,173
incl attributed to Owners of the Company 391 698 5,162
Business at the beginning of this year has started more slowly than in previous years. In the accounting quarter, the Group’s consolidated revenue was 9.7 million euros, which was 15% lower compared to the reference period. More than 80% of the return on sales originated from the sale of electrical equipment. The sale of electrical equipment decreased 16.5% in the reporting quarter, which was also the main reason for the decline in sales revenue. 64.0% of the Group’s products and services were sold in foreign markets, outside Estonia (Q1 2013: 65.3%) and 81% revenues received from the Group’s companies home markets - Estonia, Finland and Lithuania. The biggest contribution to the decline in sales volumes came from the Lithuanian segment, where sales revenue decreased by one half with respect to the comparable period and this was mainly caused by the decline in revenue received from various projects. The biggest markets of the Group are Estonia and Finland; accordingly, the sales volumes of the Group are strongly influenced by the events taking place on these markets. In the reporting quarter, 45% (Q1 2013:47%) of the Group’s products and services were sold on the Finnish and 36% (Q1 2013:35%) in Estonian market.
The Finnish industrial sector remains in recession, and once again we have to recognise the 10% drop in the sales volumes of the technology sector, compared to Q1 2013. Finland is the biggest market of the Group; accordingly, the sales volumes of the Group are strongly influenced by the events taking place on this market. In the reporting quarter, 45% of the Group’s products and services were sold on the Finnish market (Q1 2013: 47%).
In the reporting quarter, the operating expenses decreased by 14.5%, including the cost of sales by 1.7 million euros or by 17.7% to 8.0 million euros. Since the cost of sales decreased at a pace that exceeded the return on sales, the gross profit margin improved by 2.5 percentage points to 17.6% in comparison to the indicator for the comparable period.
In the reporting quarter, the distribution costs increased by 52,000 euros to 651,000 euros, the rate of distribution costs to revenue accounted for 6.7% (Q1 2013: 5.3%). Administrative expenses increased by 4% to 976,000 euros, and the rate of administrative expenses to revenue accounted for 10.1%, having increased by 1.9 percentage points.
In Q1 2014, the average 440 people worked in the Group ? on the average by 22 persons less than in the reference period. In the first quarter, employee wages and salaries totalled 2,170 (Q1 2013: 2,108) thousand euros. The average wages per employee per month amounted 1,645 (2013 Q1: 1, 520) euros. In the second half of 2013, the salaries of the Group’s employees were adjusted, which was also the main cause of the increase in fixed costs. In the reporting quarter the labour and salary costs increased by 2.9%, which also brought with it a decrease in the operating profit margin.
The Group’s operating profit of Q1 2014 was 56 (Q1 2013: 188) thousand euros and EBITDA 441 (Q1 2013: 555) thousand euros. Return of sales for the accounting quarter was 0.6% (Q1 2013: 1.7%) and return of sales before depreciation 4.6% (Q1 2013: 4.9%).
Group consolidated from the associated company a profit of 324,000 (Q1 2013: 75,000) euros.
Overall, the consolidated net profit of the Q1 2014 was 371,000 (Q1 2013: 717,000) euros, and the Q1 2013 figure includes the profit from the sale of financial assets in the amount of 453,000 euros. The share of the owners of the Company in Q1 2014 was 391,000 (Q1 2013: 698,000) euros and EPS was 0.02 (Q1 2013: 0.04) euros.
Andres Allikmäe
Managing director/ CEO
+372 674 7400
For more information: Internal report 1-3/2014
AS HARJU ELEKTER
BALANCE SHEET, 31.03.2014
Consolidated, unaudited
Group
EUR'000
ASSETS 31.03.14 31.12.13
Cash and cash equivalents 4 186 4 102
Trade receivables and other receivables 5 928 5 699
Prepayments 363 256
Prepaid income tax 54 41
Inventories 6 812 5 801
TOTAL CURRENT ASSETS 17 343 15 899
Deferred income tax asset 6 7
Investments in associates 3 922 3 598
Other long-term financial investments 29 319 31 339
Investment property 11 676 11 663
Property, plant and equipment 8 066 8 129
Intangible assets 498 436
Total non-current assets 53 487 55 172
TOTAL ASSETS 70 830 71 071
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 582 654
Trade payables and other payables 6 151 4 437
Tax liabilities 761 969
Income tax liabilities 15 15
Short-term provision 32 36
TOTAL CURRENT LIABILITIES 7 541 6 111
NON-CURRENT LIABILITIES 1 141 1 141
TOTAL LIABILITIES 8 682 7 252
Share capital 12 180 12 180
Share premium 240 240
Restricted reserves 29 394 31 424
Retained earnings 19 044 18 635
TOTAL OWNERS' EQUITY 60 858 62 479
Non-controlling interests 1 290 1 340
TOTAL EQUITY 62 148 63 819
TOT.LIABILIT.AND OWNERS' EQUITY 70 830 71 071
INCOME STATEMENT, 1-3/2014
Consolidated,unaudited
EUR’000
GROUP Q1 2014 Q1 2013
NET SALES 9 661 11 390
Cost of goods sold -7 960 -9 669
Gross profit 1 701 1 721
Marketing expenses -651 -599
Administrative expenses -976 -939
Other revenue 9 17
Other expenses -27 -12
Operating profit 56 188
Finance income 17 462
Finance costs -8 -8
Income from subsidiaries 324 75
Profit from normal operations 389 717
Corporate Income tax -18 0
Profit after taxes, incl 371 717
Net profit for the year 391 698
Non-controlling interest -20 19
Basic earnings per share (EUR) 0,02 0,04
Diluted earnings per share (EUR) 0,02 0,04
Karin Padjus
FO
+372 674 7403