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
5220
Attachments
Submission date and time
04.11.2015 12:02:42
Content of announcement in Estonian
Title
Harju Elekter kontserni majandustulemused, 1-9/2015
Message
Konsolideeritud müügitulu oli aruandekvartalis 18,1 (2014 III kv: 15,7) miljonit eurot, kasvades võrreldes eelmise kvartaliga 9% ehk 1,5 miljonit eurot ja võrreldava perioodi suhtes 15% ehk 2,4 miljonit eurot. Üheksa kuu konsolideeritud müügitulu oli 45,6 miljonit eurot, kasvades võrreldava perioodi suhtes 25%. 2015. aasta 9 kuu konsolideeritud puhaskasum oli 3,2 (2014 9 k: 9,5) miljonit eurot. Aruandeperioodi tulemuste võrdlemisel eelmise aastaga avaldasid enim mõju järgnevad asjaolud: 2014.aasta majandustulemustes kajastus Finnkumu Oy (soetatud juunis 2014) osas vaid firma 3. kvartali tegevus, samuti sisaldusid 2014. aasta 9 kuu puhaskasumis sidusettevõttest (AS Draka Keila Cables) konsolideeritud kasum 0,8 miljonit eurot. 2014. aasta puhaskasumile avaldasid mõju erakorralised tulud finantsinvesteeringute müügist: AS Draka Keila Cables vähemusosaluse müügist saadud tulu 1,8 miljonit eurot ja PKC Group Oyj aktsiate müügist saadud 4,6 miljonit eurot. Jättes välja erakorralised tulud finantsinvesteeringute müügist, oli 2014. aasta 9 kuu võrreldav puhaskasum 3,1 miljonit eurot ja käesoleval aruandeperioodil 3,2 miljonit eurot. muutus juuli-september muutus jaanuar-september aasta (tuhat eurot) % 2015 2014 % 2015 2014 2014 Müügitulu 15,3 18 091 15 687 25,2 45 626 36 440 50 606 Brutokasum 6,1 3 441 3 242 19,9 8 220 6 858 9 081 Ärikasum enne kulumit 14,4 2 181 1 907 40,1 4 321 3 084 3 741 Ärikasum 17,1 1 788 1 527 64,4 3 197 1 945 2 228 Perioodi puhaskasum -49,4 1 620 3 200 -66,4 3 203 9 525 9 778 sh emaettevõtte omanike -47,5 1 627 3 102 -66,2 3 199 9 463 9 697 Müügitulud kasvasid enamuste toodete ja teenuste osas. Aruandekvartalis saadi 93 % (2014 III kv: 92%) ja 9 kuuga 92% (2014 9 k: 90%) müügitulust Tootmise segmendist, Kinnisvara ning Muud tegevusalad andsid kokku vastavalt 7% ja 8% konsolideeritud müügimahust. Elektriseadmete müügist saadi 88% aruandekvartali müügitulust (2014 III kv: 87%). Aruandekvartalis müüdi elektriseadmeid 15,9 miljoni euro väärtuses, mis oli võrreldava kvartali näitajast 2,2 miljonit eurot ehk 16% enam, 9 kuuga kasvas elektriseadmete müük 39,2 (2014 9k: 30,5) miljoni euroni, moodustades 86% kogu müügitulust. Suurima panuse 9 kuu elektriseadmete müügimahu tõusule andsid Finnkumu Oy ning UAB Rifas. Olulise kasvu andis müük Norra turule, mis oli 9 kuuga 3,2 (2014 9k: 1,0) miljonit eurot. Kontserni väljapoolt Eestit teenitud müügitulu moodustas 2015. aasta 9 kuuga 77% (2014 9 k: 70%) ja aruandekvartalis 77% (2014 III kv: 76%). Soome on Kontserni suurim turg, mistõttu on Kontserni müügimahud tugevalt mõjutatud sellel turul toimuvast. 9 kuuga müüdi 63% Kontserni toodetest ja teenustest (2014 9 k: 57%) Soome turule. Soome turu osakaal konsolideeritud müügitulus kasvas aruandekvartalis ühe ja 9 kuuga 6 protsendipunkti võrra võrreldes 2014. aastaga, samal ajal kui Eesti turu osakaal langes aastaga 7 protsendipunkti võrra 23,5%le. Langus oli tingitud peamiselt madalpingeseadmete müügitellimuste vähenemisest. Äritegevuse kulud kasvasid aruandekvartalis 16% ja 9 kuuga 23% võrreldes eelmise aasta samade perioodidega. Müüdud toodete ja teenuste kulu kasvas aruandekvartalis 18% 14 650 tuhande euroni ja 9 kuuga 26 % 37 406 tuhande euroni. Turustuskulud vähenesid 1 961 tuhande euroni; turustuskulude määr moodustas müügitulust 4,3% (2014 9 k: 5,4%). Üldhalduskulud suurenesid aruandekvartalis 69 tuhande euro võrra 1 035 tuhande euroni, 9 kuuga 223 tuhat eurot 3 088 tuhande euroni, seejuures üldhalduskulude määr müügitulust vähenes, moodustades 6,8% (2014 9 k: 7,9%). 2015. aasta 3. kvartalis töötas Kontsernis keskmiselt 479 (2014 III kv: 471) ja 9 kuuga 475 (2014 9 k: 451) inimest. Aruandekvartalis maksti töötajatele palkade ja tasudena välja 2 454 (2014 III kv: 2 361) tuhat eurot ning 9 kuuga 7 256 (2014 9k: 6 692) tuhat eurot. Keskmine töötasu kuus Kontserni töötaja kohta oli 1 696 (2014 9k: 1 647) eurot. Kolmanda kvartali konsolideeritud brutokasum oli 3 441 (2014 III kv: 3 242) tuhat eurot. Aruandekvartali brutokasumi marginaaliks kujunes 19,0%, mis oli 1,7 protsendipunkti võrra madalam võrreldava perioodi näitajast. 9 kuu konsolideeritud brutokasum oli 8 220 (2014 9 k: 6 858) tuhat eurot. 9 kuu brutokasumi marginaal oli 18,0% mis oli 0,8 protsendipunkti madalam kui võrreldava perioodil. Aruandekvartali konsolideeritud ärikasum oli 1 788 (2014 III kv: 1 527) tuhat eurot ja ärikasum enne kulumit 2 181 (2014 III kv: 1 907) tuhat eurot. Aruandekvartali ärirentaabluseks kujunes 9,9% (2014 III kv: 9,7%) ja ärirentaabluseks enne kulumit 12,1% olles samal tasemel võrreldava perioodi näitaja suhtes. 9 kuu ärikasum enne kulumit suurenes 1 237 tuhande euro võrra 4 321 tuhande euroni ja ärikasum 1 252 tuhande euro võrra 3 197 tuhande euroni. 9 kuu ärirentaablus enne kulumit oli 9,5% (2014 9 k: 8,5%) ja ärirentaablus 7,0% (2014 9 k: 5,3%). Aprillis 2015 maksis PKC Group Oyj 2014. aasta eest dividende 0,70 eurot aktsia kohta. Dividenditulu aktsiatelt oli 766 (2014 II kv: 906) tuhat eurot. Kokku saadi finantstulu 9 kuuga 788 tuhat eurot mis oli 4 839 tuhat eurot vähem kui võrreldaval perioodil. 2014. aasta teises kvartalis müüdi 200 tuhat PKC Group Oyj aktsiat, mis andis finantstulu 4 616 tuhat eurot. AS Harju Elekter müüs oma osaluse ASis Draka Keila Cables 9. juulil 2014. Tehingust saadi finantstulu 1 785 tuhat eurot, lisaks konsolideeriti ettevõttest kasumit 817 tuhat eurot. Kokku saadi eelmise aasta 9 kuuga tulu sidusettevõttest 2 602 tuhat eurot. Aruandekvartali konsolideeritud puhaskasum oli 1 620 (2014 III kv: 3 200) tuhat eurot, millest emaettevõtte omanike osa moodustas 1 627 (2014 III kv: 3 102) tuhat eurot. Puhaskasumi marginaaliks kujunes 9,0% (2014 III kv: 20,4%). Puhaskasum aktsia kohta oli 3. kvartalis 0,09 (2014 III kv: 0,18) eurot. Kokkuvõttes oli 9 kuu konsolideeritud puhaskasum 3 203 (2014 9 k: 9 525) tuhat eurot. Emaettevõtte omanikele kuuluv osa oli 3 199 (2014 9 k: 9 463) tuhat eurot, puhaskasumi marginaal oli 7% (2014 9 k: 26,1%). Puhaskasum aktsia kohta oli 0,18 (2014 9 k: 0,54) eurot. Kontsern investeeris põhivarasse 9 kuuga kokku 4,7 (2014 9k: 5,8 sh äriühenduste kaudu 4,9) miljonit eurot. Andres Allikmäe Juhataja Tel 674 7400 Lisainformatsioon: ASi Harju Elekter 3.kvartali ja 9 kuu vahearuanne KONSOLIDEERITUD BILANSS 30.09.15 Konsolideeritud, auditeerimata Kontsern EUR'000 VARAD 30.09.15 31.12.14 Raha, pangakontod 2 030 9 984 Müügivalmis finantsvara 0 35 N?uded ostjatele ja muud nõuded 9 904 6 484 Ettemaksed 416 455 Ettevõtte tulumaks 60 79 Varud 9 668 8 104 Käibevara kokku 22 078 25 141 Pikaajalised finantsinvesteeringud 20 133 19 145 Kinnisvarainvesteeringud 13 053 12 109 Materiaalne põhivara 8 239 7 968 Immateriaalne põhivara 5 430 5 429 Põhivara kokku 46 855 44 651 VARAD KOKKU 68 933 69 792 KOHUSTUSED JA OMAKAPITAL Võlakohustused 632 278 Võlad tarnijatele ja muud võlad 6 711 6 989 Maksuvõlad 1 402 1 072 Ettevõtte tulumaks 58 12 Lühiajalised eraldised 9 39 Kokku lühiajal.kohustused 8 812 8 390 Pikaajalised kohustused 1 956 1 560 Kohustused kokku 10 768 9 950 Aktsiakapital 12 418 12 180 Ülekurss 804 240 Reservkapital 17 980 19 393 Jaotamata kasum 26 826 26 664 Emaettevõtte osalus omakapitalis 58 028 58 477 Mitte-kontrolliv osalus 137 1 365 Kokku omakapital 58 165 59 842 KOHUSTUSED JA OMAKAPITAL KOKKU 68 933 69 792 KASUMIARUANNE KONSOLIDEERITUD KASUMIARUANNE 01.01.-30.09.15 Konsolideeritud, auditeerimata EUR’000 Kontsern KV3 2015 KV3 2014 9k 2015 9k 2014 Realiseerimise netokäive 18 091 15 687 45 626 36 440 Realiseeritud toodete kulud -14 650 -12 445 -37 406 -29 582 Kogukasum 3 441 3 242 8 220 6 858 Turustuskulud -614 -680 -1 961 -1 976 Üldhalduskulud -1 035 -966 -3 088 -2 865 Muud äritulud 5 -20 66 16 Muud ärikulud -9 -49 -40 -88 Ärikasum 1 788 1 527 3 197 1 945 Finantstulud 3 79 788 5 627 Finantskulud -11 -9 -40 -25 Tulu sidusettevõttest 0 1 787 0 2 602 Kasum enne maksustamist 1 780 3 384 3 945 10 149 Tulumaks -160 -184 -742 -624 Maksustamisjärgne kasum, sh 1 620 3 200 3 203 9 525 emaettevõtte omanike osa 1 627 3 102 3 199 9 463 mitte-kontrolliv osa -7 98 4 62 Tava puhaskasum aktsia kohta (EUR) 0,09 0,18 0,18 0,54 Lahustatud puhaskasum aktsia kohta (EUR) 0,09 0,18 0,18 0,54 Tiit Atso Finantsjuht Tel 674 7422
Content of announcement in English
Title
Harju Elekter Group financial results, 1-9/2015
Message
The Group’s sales revenue in the accounting quarter was 18.1 (Q3 2014: 15.7) million euros. During the accounting quarter, sales revenue increased by 9% or 1.5 million euros compared to the previous quarter, and 15% or 2.4 million euros in relation to the comparison period. In 9-months, the Group’s sales revenue was 45.6 million euros, increasing by 25% compared to the previous period. The consolidated net profit of the 9M 2015 was 3.2 (9M 2014: 9.5) million euros. When comparing the results of the reporting period to the last year, the following circumstances had the greatest impact: in the financial results of 2014, the operations of Finnkumu Oy (acquired in June 2014) were only represented in the 3rd quarter; also the net profit of the 9 months of 2014 included the consolidated profit of the associated company AS Draka Keila Cables in the amount of 0.8 million euros. The net profit of 2014 was impacted by the extraordinary revenues from the sales of financial investments. This includes the revenue of 1.8 million euros from the sales of the AS Draka Keila Cables minority holding and 4.6 million euros from the sales of the shares of PKC Group Oyj. Not including the extraordinary revenues from the sales of financial investments, the comparable 9-months net profit of 2014 was 3.1 million euros and of the current reporting period, 3.2 million euros.
Change July-September Change January-September Year
(thousand euros) % 2015 2014 % 2015 2014 2014
Revenue 15.3 18,091 15,687 25.2 45,626 36,440 50,606
Gross profit 6.1 3,441 3,242 19.9 8,220 6,858 9,081
EBITDA 14.4 2,181 1,907 40.1 4,321 3,084 3,741
EBIT 17.1 1,788 1,527 64.4 3,197 1,945 2,228
Profit for the period -49.4 1,620 3,200 -66.4 3,203 9,525 9,778
incl attributed to
Owners of the Company -47.5 1,627 3,102 -66.2 3,199 9,463 9,697
There has been a growth in sales revenue among almost all products and services. In the reporting quarter, 93% (Q3 2014: 92%) and in 9-months period, 92% (9M 2014: 90%) of sales revenue was earned from the Manufacturing segment, and Real Estate and Unallocated activities contributed 7% and 8% of the consolidated sales volume, respectively. 88% (Q3 2014: 87%) of the reporting quarter sales revenue originated from the sale of electrical equipment. There was 15.9 million euros worth of electrical equipment sold in the reporting quarter, which was 2.2 million euros or 16% more than in the comparison quarter, with sales of equipment growing up to 39.2 (9M 2014: 30.5) million euros in the 9-months period and formed 86% of the total sales revenue. The biggest contribution to the increase of electrical equipment sales volume came from Finnkumu Oy as well as from UAB Rifas. A significant growth came from the sales to the Norwegian market, which was 3.2 (9M 2014: 1.0) million euros.
In nine months, 77% (9M 2014: 70%) of the Group’s products and services were sold in foreign markets, outside Estonia and in the reporting quarter 77% (Q3 2014: 76%). 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 nine months, 63% of the Group’s products and services were sold on the Finnish market (9M 2014: 57%). The share of the Finnish market in the consolidated sales revenue has grown 1 percentage point in the accounting quarter and 6 percentage points during the 9-months period when compared to the respective periods of 2014. At the same time, the share of the Estonian market in the consolidated sales decreased during a year by 7 percentage points to 23.5%. The decline was mainly due to decrease in orders for the sales of low-voltage electrical equipment.
Operating expenses increased 16% in the reporting quarter and 23% in the 9-months period compared to the reference periods. Cost of sales increased by 18% up to 14,650 thousand euros in the reporting quarter and by 26% up to 37,406 thousand euros during 9-months period. Distribution costs decreased to 1,961 thousand euros in the 9-months period; the rate of distribution costs to revenue accounted for 4.3% (9M 2014: 5.4%). Administrative expenses increased during nine months by 223,000 euros to 3,088 thousand euros, at the same time the rate of administrative expenses to revenue decreased and accounted for 6.8% (9M 2014: 7.9%).
In Q3 2015, the average 479 (Q3 2014: 471) people worked in the Group and in 9-months period, the average number of employees was 475 (9M 2014: 451). In the third quarter, employee wages and salaries totalled 2,454 (Q3 2014: 2,361) thousand euros and during the first 9 months 7,256 (9M 2014: 6,692) thousand euros. The average wages per employee per month amounted to 1,696 (9M 2014: 1,647) euros.
In the third quarter the gross profit of the Group was 3,441 (Q3 2014: 3,242) thousand euros. The gross profit margin was 19.0% being 1.7 per cent point lower compering to the same period a year before. In the 9-months period, the gross profit of the Group was 8,220 (9M 2014: 6,858) thousand euros and the gross profit margin was 18.0% being 0.8 percent point lower comparing to the reference period.
The Group’s operating profit in the reporting quarter was 1,788 (Q3 2014: 1,527) thousand euros and EBITDA 2,181 (Q3 2014:1,907) thousand euros. Return of sales for the accounting quarter was 9.9% (Q3 2014: 9.7%) and return of sales before depreciation 12.1% being on the same level as a year before.
In 9-months period, EBITDA increased by 1,237 thousand euros to 4,321 (9M 2014: 3,084) thousand euros and operating profit by 1,252 thousand euros to 3,197 (9M 2014: 1,945) thousand euros. Return of sales before depreciation was 9.5% (9M 2014: 8.5%) and return of sales 7.0% (9M 2014: 5.3%).
In April, PKC Group Oyj paid dividends to the shareholders 0.70 euros per share. Dividend income from the shares was 766 (Q2 2014: 906) thousand euros. In total, financial investments yielded a profit of 785 thousand euros during nine months, which was 4,839 thousand euros lower, than in the comparable period. In Q2 2014, 200,000 shares of PKC Group Oyj were sold and the financial income from selling the shares was 4,616 thousand euros.
AS Harju Elekter sold its holding in AS Draka Keila Cables on 9 July 2014. The transaction earned 1,785 thousand euros of financial income and an additional profit of 817,000 euros was consolidated from the company. In total, a revenue of 2,602 thousand euros was made by the associated company in the 9 months of last year.
In Q3 2015, the consolidated net profit was 1,620 (Q3 2014: 3,200) thousand euros, of which the share of the owners of the Company was 1,627 (Q3 2014: 3,102) thousand euros. The net profit margin was established at 9.0% (Q3 2014: 20.4%). EPS in the Q3 was 0.09 (Q3 2014: 0.18) euros.
Overall, the consolidated net profit of the 9-months period was 3,203 (9M 2014: 9,525) thousand euros. The share of the owners of the Company was 3,199 (9M 2014: 9,463) thousand euros. The net profit margin was established at 7.0% (9M 2014: 26.1%). In 9-months period, EPS was 0.18 (9M 2014: 0.54) euros.
During the 9-months period, the Group’s investments to non-current assets totalled 4.7 (9M 2014: 5.8, incl through business combinations 4.9) million euros.
Andres Allikmäe
Managing director/ CEO
+372 674 7400
For more information: Internal report 1-9/2015
AS HARJU ELEKTER
BALANCE SHEET, 30.09.15
Consolidated, unaudited
Group
EUR'000
ASSETS 30.09.15 31.12.14
Cash and cash equivalents 2 030 9 984
Available-for-sale financial assets 0 35
Trade receivables and other receivables 9 904 6 484
Prepayments 416 455
Prepaid income tax 60 79
Inventories 9 668 8 104
TOTAL CURRENT ASSETS 22 078 25 141
Other long-term financial investments 20 133 19 145
Investment property 13 053 12 109
Property, plant and equipment 8 239 7 968
Intangible assets 5 430 5 429
Total non-current assets 46 855 44 651
TOTAL ASSETS 68 933 69 792
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 632 278
Trade payables and other payables 6 711 6 989
Tax liabilities 1 402 1 072
Income tax liabilities 58 12
Short-term provision 9 39
TOTAL CURRENT LIABILITIES 8 812 8 390
NON-CURRENT LIABILITIES 1 956 1 560
TOTAL LIABILITIES 10 768 9 950
Share capital 12 418 12 180
Share premium 804 240
Restricted reserves 17 980 19 393
Retained earnings 26 826 26 664
TOTAL OWNERS' EQUITY 58 028 58 477
Non-controlling interests 137 1 365
TOTAL EQUITY 58 165 59 842
TOT.LIABILIT.AND OWNERS' EQUITY 68 933 69 792
INCOME STATEMENT, 1-9/2015
Consolidated,unaudited
EUR’000
GROUP Q3 2015 Q3 2014 9m 2015 9m 2014
NET SALES 18 091 15 687 45 626 36 440
Cost of goods sold -14 650 -12 445 -37 406 -29 582
Gross profit 3 441 3 242 8 220 6 858
Marketing expenses -614 -680 -1 961 -1 976
Administrative expenses -1 035 -966 -3 088 -2 865
Other revenue 5 -20 66 16
Other expenses -9 -49 -40 -88
Operating profit 1 788 1 527 3 197 1 945
Finance income 3 79 788 5 627
Finance costs -11 -9 -40 -25
Income from subsidiaries 0 1 787 0 2 602
Profit from normal operations 1 780 3 384 3 945 10 149
Corporate Income tax -160 -184 -742 -624
Profit for the period, attributable to 1 620 3 200 3 203 9 525
owners of the Company 1 627 3 102 3 199 9 463
non-controlling interest -7 98 4 62
Basic earnings per share (EUR) 0,09 0,18 0,18 0,54
Diluted earnings per share (EUR) 0,09 0,18 0,18 0,54
Tiit Atso
CFO
+372 674 7422