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
5483
Attachments
Submission date and time
28.04.2016 08:05:00
Content of announcement in Estonian
Title
Harju Elekter kontserni majandustulemused, 1-3/2016
Message
Harju Elekter kontserni 2016. aasta esimene kvartal oli edukas. Vaatamata maailma majanduskeskkonna ebastabiilsusele, täitsime endale püstitatud eesmärgid. jaanuar - märts aasta 2016 2015 2015 Müügitulu (tuhat eurot) 11 757 10 945 60 656 Brutokasum (tuhat eurot) 2 069 1 698 10 299 Ärikasum enne kulumit (tuhat eurot)780 388 4 819 Ärikasum (tuhat eurot) 390 29 3 276 Perioodi puhaskasum (tuhat eurot) 311 10 3 186 sh emaettevõtte omanike osa (tuhat eurot) 324 16 3 190 Aruandekvartali konsolideeritud müügitulu oli 11,8 (2015 I kv: 10,9) miljonit eurot. Aruandekvartali müügitulu kasvas võrreldava perioodi suhtes 7% ehk 0,8 miljonit eurot. 89% müügituludest saadi Tootmise segmendist ning Kinnisvara ja Muud tegevusalad andsid kokku 11% konsolideeritud müügimahust. Elektriseadmete müük andis 94% (2015 I kv: 91%) Tootmise segmendi müügitulust ning 84% (2015 I kv: 81%) kogu Kontserni müügitulust. Elektriseadmete müük kasvas 11% ehk 935 tuhat eurot. Renditulu suurenemine 8% ehk 38 tuhat eurot võrreldava perioodi suhtes oli tingitud eelkõige Allika Tööstuspargis tootmishoone valmimisega 2015. aasta juunis. Kontserni suurim turg - Soome - on kasvanud aastaga 20% ehk 1 235 tuhat eurot. Aruandekvartalis müüdi 63% Kontserni toodetest ja teenustest (2015 I kv: 56%) Soome turule ning enamus Kontserni ettevõtteid on suutnud oma müügimahtusid Soome turule kasvatada. Kontserni juhtkonna 2016. aasta prognooside kohaselt suureneb Soome turu osakaal veelgi. Aastaga on tõusnud müük Rootsi turule 160% ehk 487 tuhat eurot. Kuigi Rootsi ettevõtte Harju Elekter AB tegevus on peatatud on AS Harju Elekter Elektrotehnika teinud eesmärgipärast tööd Rootsi turul müügimahtude kasvatamiseks. Kontsern müüs aruandekvartalis Eesti turule 26% (2015 I kv: 28%) oma toodetest ja teenustest. Äritegevuse kulud kasvasid aruandeperioodil 4%. Müüdud toodete ja teenuste kulu suurenes 5% 9 688 tuhande euroni. Turustuskulud kasvasid aruandekvartalis 39 tuhande euro võrra 723 tuhande euroni, turustuskulude määr moodustas müügitulust 6,1 % (2015 I kv: 6,2%). Üldhalduskulud olid võrreldava perioodi näitajast 79 tuhat eurot väiksemad. Üldhalduskulude määr moodustas müügitulust 8,1%, kahanedes 1,3 protsendipunkti võrra. 2015. aasta teises pooles alanud tootmise optimeerimine Kontserni Eesti ettevõtetes on toonud kaasa töötajate arvu vähendamise. 2016. aasta I kvartalis töötas Kontsernis keskmiselt 453 inimest, mis oli keskmiselt 14 töötajat vähem kui võrreldaval perioodil. Aruandekvartalis maksti töötajatele palkade ja tasudena välja 2 374 (2015 I kv: 2 388) tuhat eurot. Keskmine töötasu kuus Kontserni töötaja kohta oli 1 747 (2015 I kv: 1 705) eurot. Tööjõukulud kahanesid 4,5% 2 950 tuhande euroni ning tööjõukulude määr müügitulust 28%lt 2015. aasta I kvartalis 25%ni aruandekvartalis. Aruandekvartali kasumid ja kasumimarginaalid on võrreldava perioodi suhtes paranenud. Esimese kvartali konsolideeritud brutokasum oli 2 069 (2015 I kv: 1 698) tuhat eurot. Aruandekvartali brutokasumi marginaaliks kujunes 17,6% (2015 I kv: 15,5%). Kontserni esimese kvartali ärikasum oli 390 (2015 I kv: 29) tuhat eurot ja ärikasum enne kulumit 780 (2015 I kv: 388) tuhat eurot. Aruandekvartali ärirentaabluseks kujunes 3,3% (2015 I kv: 0,3%) ja ärirentaabluseks enne kulumit 6,6% (2015 I kv 3,5%). Aruandekvartali konsolideeritud puhaskasum oli 311 (2015 I kv: 10) tuhat eurot, millest emaettevõtte omanike osa moodustas 324 (2015 I kv: 16) tuhat eurot. Puhaskasum aktsia kohta oli I kvartalis 0,02 eurot. Kontsern investeeris 3 kuuga põhivarasse kokku 49 tuhat eurot, 2015 I kvartalis 1,04 miljonit eurot. Suuremad investeeringud on Kontsernil plaanis teha 2016. aasta teisel poolel. Bilansipäevajärgsed sündmused ASi Harju Elekter nõukogu otsustas oma 5. aprilli 2016. aaasta koosolekul liita Kontserni Eesti tütarettevõtete ASi Harju Elekter Elektrotehnika ja ASi Harju Elekter Teletehnika metallitehased, koondades kogu Kontserni lehtmetalli töötlemise ressursi ASi Harju Elekter Teletehnika. Restruktureerimise tulemusena saavutatakse oluline kokkuhoid nii tootmis- kui ka tööjõukulude osas. Tehaste ühendamine viiakse läbi 2016. aasta jooksul. PKC Group Oyj 4. aprilli 2016 aktsionäride üldkoosolek otsustas maksta dividende 0,70 eurot aktsia kohta. Dividendid kanti aktsionäride pangakontodele 15. aprillil 2016. ASile Harju Elekter kuulub 1 094 641 aktsiat. Dividenditulu 766 tuhat eurot kajastub 2016. aasta II kvartali kasumis. Soomes dividendidelt kinni peetud tulumaks 15% moodustas 115 tuhat eurot. PKC Group Oyj dividendid lisavad II kvartali investeerimistegevuse rahavoole 651 tuhat eurot. ASi Harju Elekter juhatus kutsus 28. aprilliks 2016 kokku aktsionäride korralise üldkoosoleku. Juhatus teeb korralisele üldkoosolekule ettepaneku maksta 2015. aasta eest dividendideks 0,05 (2014:0,15) eurot aktsia kohta, kokku 877 (2015: 2 610) tuhat eurot. Juhatus toetab ka nõukogu ettepanekuid põhikirja muutmiseks ning aktsiakapitali vähendamist summani 11,2 miljonit eurot, millega kaasneb täiendav väljamakse aktsionäridele 0,07 eurot aktsia kohta. Aprillis sõlmiti eelleping mehaaniliste ja elektromehaaniliste seadmete ja komponentide tootjaga Stera Technologies Oy neile tootmishoonete ehitamiseks ja hilisemaks rentimiseks Kontsernile kuuluvas Allika Tööstuspargis. Tootmishoonete suurus on kokku ca 8400m2 ja need on kavas rentnikule üle anda kahes etapis – aprillis 2017 ja oktoobris 2018. Andres Allikmäe Juhataja Tel 674 7400 Lisainformatsioon: ASi Harju Elekter 1.kvartali vahearuanne KONSOLIDEERITUD BILANSS 31.03.2016 Auditeerimata Kontsern EUR'000 VARAD 31.03.16 31.12.15 Raha, pangakontod 5 513 5 711 Äritegevuse ja muud nõuded 7 982 6 678 Ettemaksed 375 278 Ettevõtte tulumaks 56 28 Varud 8 094 7 148 Käibevara kokku 22 020 19 843 Edasilükkunud tulumaksu vara 57 57 Pikaajalised finantsinvesteeringud 19 476 20 188 Kinnisvarainvesteeringud 12 868 12 990 Materiaalne põhivara 7 816 8 010 Immateriaalne põhivara 5 466 5 491 Põhivara kokku 45 683 46 736 VARAD KOKKU 67 703 66 579 KOHUSTUSED JA OMAKAPITAL Võlakohustused 222 296 Võlad tarnijatele ja muud võlad 7 725 6 043 Maksuvõlad 886 944 Ettevõtte tulumaks 146 146 Lühiajalised eraldised 9 34 Kokku lühiajal.kohustused 8 988 7 463 Pikaajalised kohustused 912 912 Kohustused kokku 9 900 8 375 Aktsiakapital 12 418 12 418 Ülekurss 804 804 Reservkapital 17 335 18 047 Jaotamata kasum 27 141 26 817 Emaettevõtte osalus omakapitalis 57 698 58 086 Mitte-kontrolliv osalus 105 118 Kokku omakapital 57 803 58 204 KOHUSTUSED JA OMAKAPITAL KOKKU 67 703 66 579 KONSOLIDEERITUD KASUMIARUANNE 01.01.-31.03.2016 Auditeerimata EUR’000 Kontsern KV1 2016 KV1 2015 Realiseerimise netokäive 11 757 10 945 Realiseeritud toodete kulud -9 688 -9 247 Kogukasum 2 069 1 698 Turustuskulud -723 -684 Üldhalduskulud -947 -1 025 Muud äritulud 10 54 Muud ärikulud -19 -14 Ärikasum 390 29 Finantstulud 1 14 Finantskulud -6 -7 Kasum enne maksustamist 385 36 Tulumaks -74 -26 Maksustamisjärgne kasum, sh 311 10 emaettevõtte omanike osa 324 16 mitte-kontrolliv osa -13 -6 Tava puhaskasum aktsia kohta (EUR) 0,02 0,00 Lahustatud puhaskasum aktsia kohta (EUR) 0,02 0,00 Tiit Atso Finantsjuht Tel 674 7422
Content of announcement in English
Title
Harju Elekter Group financial results, 1-3/2016
Message
The reporting quarter was successful for the Harju Elekter Group. Despite the fact that the economic environment was unstable, we were able to reach the goals we set for ourselves. January - March Year 2016 2015 2015 Revenue (thousand euros) 11,757 10,945 60,656 Gross profit (thousand euros) 2,069 1,698 10,299 EBITDA (thousand euros) 780 388 4,819 EBIT (thousand euros) 390 29 3,276 Profit for the period (thousand euros) 311 10 3,186 incl attributed to Owners of the Company (thousand euros) 324 16 3,190 In the accounting quarter, the Group’s consolidated revenue was 11.8 (2015 Q1: 10.9) million euros. Sales revenue of the reporting quarter increased by 7% or 0.8 million euros in relation to the comparison period. 89% of revenue was earned from the Manufacturing segment, Real Estate and Unallocated activities contributed 11% of the consolidated sales volume. The sales of electrical equipment accounted for 94% (Q1 2015: 91%) of the sales revenue of the Production segment and 84% (Q1 2015: 81%) of the sales revenue of the whole Group. The sale of electrical equipment was up by 11% or 935,000 euros. The increase of rent revenue was mainly due to the completion of the production building in Allika Industrial Village in June 2015, due to which rental revenues have increased 8% (38,000 euros) in Q1 2016. The Finnish market, which is the Group’s largest, has grown by 20% or 1,235,000 euros year-on-year. In the reporting quarter, 63% of the Group’s products and services were sold on the Finnish market (Q1 2015: 56%). Most of the Group’s enterprises have managed to grow their sales volumes on the Finnish market. According to the estimates made by the Group’s management, the share of the Finnish market is set to increase even further in 2016. Sales to the Swedish market have grown by 160% or 487,000 euros year-on-year. While the operations of the Swedish company Harju Elekter AB have been suspended, AS Harju Elekter Elektrotehnika has been working towards increasing its sales volumes on the Swedish markets. During the reporting quarter 26% (Q1 2015: 28%) of the Group’s products and services were sold on the Estonian market. In the reporting quarter, the operating expenses increased by 4%. The cost of sales increased by 5% up to 9,688,000 euros. In the reporting quarter, the distribution costs increased by 39,000 euros to 723,000 euros, the rate of distribution costs to revenue accounted for 6.1% (Q1 2015: 6.2%). Administrative expenses were 79,000 euros lower than the indicator for the comparable period, and the rate of administrative expenses to revenue accounted for 8.1%, having decreased by 1.3 percentage points. The optimisation of production, which started in the second half of 2015 in the Group’s Estonian enterprises, involved staff reductions. In Q1 2016, the average 453 people worked in the Group ? on the average by 14 persons less than in the reference period; employee wages and salaries totalled 2,374,000 (Q1 2015: 2,388,000) euros. The average wages per employee per month amounted 1,747 (Q1 2015: 1,705) euros. The labor costs decreased by 4.5% to 2,950,000 euros and the share of labour costs in sales revenue from 28% in Q1 2015 to 25% in the reporting quarter. In the reporting quarter, profits as well as profit margins have improved compared to the reference period. In the first quarter the gross profit of the Group was 2,069,000 (Q1 2015: 1,698,000) euros. The gross profit margin was 17.6% (Q1 2015: 15.5%). The Group’s operating profit of Q1 2016 was 390,000 (Q1 2015:29,000) euros and EBITDA 780,000 (Q1 2015: 388,000) euros. Return of sales for the accounting quarter was 3.3% (Q1 2015: 0.3%) and return of sales before depreciation 6.6% (Q1 2015: 3.5%). Overall, the consolidated net profit of the Q1 2016 was 311,000 (Q1 2015: 10,000) euros, of which the share of the owners of the Company was 324,000 (Q1 2015: 16,000) euros. EPS in the Q1 was 0.02 euros. During the 3-months period, the Group’s investments to non-current assets totalled 49,000 euros (Q1 2015: 1.04 million euros). Major investments in the Group are planned to H2 2016. Post-balance events At its 5 April 2016 meeting, the Supervisory Board of AS Harju Elekter decided to merge the metal factories of the Group’s Estonian subsidiaries - AS Harju Elekter Elektrotehnika and AS Harju Elekter Teletehnika, consolidating the sheet metal processing resources of the entire Group into AS Harju Elekter Teletehnika. The outcome of restructuring is significant economy in terms of manufacturing as well as labour costs. The merger of factories will be realised over the course of 2016. The general meeting of shareholders of PKC Group Oyj, held on 4 April 2016, decided to pay dividends amounting to 0.70 euros per share. Dividends were transferred to the bank accounts of shareholders on 15 April 2016. AS Harju Elekter owns 1,094,641 of PKC Group Oyj shares. The dividend income of 766,000 euros is reflected in the profit and cash flow from investment activity for Q2 of 2016. The 15% income tax on dividends, withheld in Finland, accounted for 115,000 euros. The cash flow from investment activity (PKC Group dividends) accounted for 651,000 euros. The Management Board of AS Harju Elekter called an annual general meeting of shareholders on 28 April 2016. The Board will propose to the AGM to pay a dividend of 0.05 (2014: 0.15) euros per share for the year 2015, totalling 877 (2014: 2,610) thousand euros. The Management Board also supports the Supervisory Board’s proposals to amend the articles of association and the reduction of share capital to 11.2 million euros, involving an additional disbursement of 0.07 euro per share to the shareholders. In April, a preliminary contract was concluded with Stera Technologies Oy, manufacturer of mechanical and electromechanical assemblies, for the construction and subsequent rental of production facilities in Allika Industrial Park, which belongs to the Group. The total size of the production facilities is 8400 m2 and they will be delivered to the lessee in two stages, in April 2017 and October 2018. Andres Allikmäe Managing director/ CEO +372 674 7400 For more information: Interim report 1-3/2016 AS HARJU ELEKTER BALANCE SHEET, 31.03.2016 Unaudited Group EUR'000 ASSETS 31.03.16 31.12.15 Cash and cash equivalents 5 513 5 711 Trade receivables and other receivables 7 982 6 678 Prepayments 375 278 Prepaid income tax 56 28 Inventories 8 094 7 148 TOTAL CURRENT ASSETS 22 020 19 843 Deferred income tax asset 57 57 Other long-term financial investments 19 476 20 188 Investment property 12 868 12 990 Property, plant and equipment 7 816 8 010 Intangible assets 5 466 5 491 Total non-current assets 45 683 46 736 TOTAL ASSETS 67 703 66 579 LIABILITIES AND OWNERS' EQUITY Interest-bearing loans and borrowings 222 296 Trade payables and other payables 7 725 6 043 Tax liabilities 886 944 Income tax liabilities 146 146 Short-term provision 9 34 TOTAL CURRENT LIABILITIES 8 988 7 463 NON-CURRENT LIABILITIES 912 912 TOTAL LIABILITIES 9 900 8 375 Share capital 12 418 12 418 Share premium 804 804 Restricted reserves 17 335 18 047 Retained earnings 27 141 26 817 TOTAL OWNERS' EQUITY 57 698 58 086 Non-controlling interests 105 118 TOTAL EQUITY 57 803 58 204 TOT.LIABILIT.AND OWNERS' EQUITY 67 703 66 579 INCOME STATEMENT, 1-3/2016 Unaudited EUR’000 GROUP Q1 2016 Q1 2015 NET SALES 11 757 10 945 Cost of goods sold -9 688 -9 247 Gross profit 2 069 1 698 Marketing expenses -723 -684 Administrative expenses -947 -1 025 Other revenue 10 54 Other expenses -19 -14 Operating profit 390 29 Finance income 1 14 Finance costs -6 -7 Profit from normal operations 385 36 Corporate Income tax -74 -26 Profit for the period, attributable to 311 10 owners of the Company 324 16 non-controlling interest -13 -6 Basic earnings per share (EUR) 0,02 0,00 Diluted earnings per share (EUR) 0,02 0,00 Tiit Atso CFO +372 674 7422