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
6518
Attachments
Submission date and time
28.02.2018 10:45:59
Content of announcement in Estonian
Title
Harju Elekter kontserni majandustulemused, 1-12/2017
Message
Harju Elekter Grupi jaoks kujunesid nii IV kvartal kui ka 2017. aasta tervikuna muutuste rohkeks ja erakordselt edukaks. 2016. aasta lõpus sõlmitud suuremahulised lepingud ja lisandunud müügitellimused tõid kaasa rekordilised müügitulud ning ajaloo suurimad kasumid. Kontserni juhatus teeb kooskõlastatult nõukoguga ettepaneku maksta aktsionäridele dividende 0,24 eurot aktsia kohta, kokku 4,3 miljonit eurot, mis moodustab 100% aruandeaasta tavapärasest puhaskasumist. muutus jaanuar-detsember muutus oktoober-detsember (tuhat eurot) % 2017 2016 % 2017 2016 Müügitulu 67,8 102 668 61 167 75,6 28 818 16 408 Brutokasum 50,8 15 625 10 361 83,1 4 570 2 496 Ärikasum enne kulumit 58,8 7 587 4 777 62,3 2 345 894 Ärikasum 71,1 5 442 3 181 88,3 1 404 487 Perioodi puhaskasum 803,6 29 132 3 224 52,3 946 375 sh emaettevõtte omanike 804,9 29 129 3 219 64,5 976 369 Perioodi puhaskasum ilma erakorralise tuluta 33,2 4 293 3 224 Kontserni müügitulu oli aruandekvartalis 28,8 (2016 IV kv: 16,4) miljonit eurot, kasvades võrreldava perioodi suhtes 75,6%. Aruandeaasta konsolideeritud müügitulu suurenes võrreldava perioodi suhtes 67,8% 102,7 (2016: 61,2) miljoni euroni. Müügitulude tõus tuli peamiselt läbi tellimuste mahu märgatava kasvu seoses 2016. aasta lõpus sõlmitud uute lepingutega ning 2017. aasta jaanuaris saadud suurtellimusega eriotstarbeliste alajaamade tarnimiseks Ameerika Ühendriikidesse. Kolmandast kvartalist lisandus Telesilta Oy soetamisega elektritööde teenus, moodustades Kontserni müügitulust aruandekvartalis 14,6% ja aruandeaastal 7,7%. Aruandekvartalis teeniti 76,1% (2016 IV kv: 91,2%) müügituludest Tootmise segmendist ning Kinnisvara ja Muud tegevusalad andsid kokku 23,9% (2016 IV kv: 8,8%) müügimahust. Aastaga kasvas tootmissegmendi müügimaht 29,6 miljoni euro võrra 85,4 miljoni euroni, millest 97,1% saadi elektriseadmete müügist. Kinnisvara segmendi müügitulu vähenemist mõjutas PKC Group Oyj lahkumine Kontserni rendipindadelt 2017. aasta alguses. Vabanenud tootmispinnad võeti ASi Harju Elekter Elektrotehnika poolt täielikult kasutusele IV kvartalis 2017. Augustis avas AS Stera Saue ASile Harju Elekter kuuluvas Allika tööstuspargis uued tootmis- ja laohooned. Tulu nendelt rendipindadelt kajastus nii Kontserni rendituludes kui ka Kinnisvara segmendi tuludes kolmandast kvartalist. Juunis soetatud Soome ettevõtte Telesilta Oy majandusnäitajate kajastamine alates III kvartalist tõi kaasa muu segmenteerimata tegevuste müügitulu kasvu nii aruandekvartalis kui aruandeaastal tervikuna. Elektriinstallatsioonitööd moodustasid muust segmenteerimata müügitulust aruandekvartalis 66,0% ja 12 kuu arvestuses 51,8% ning Energo Veritas OÜ soetamisega elektrikaupade vahendusmüük vastavalt 27,3% ja 35,0%. Kontserni väljapoolt Eestit teenitud müügitulu moodustas aruandekvartalis 85,8% (2016 IV kv: 75,4%) ja 2017. aastal 84,0% (2016: 78,1%). Kontserni suurim turg on jätkuvalt Soome. Aruandekvartalis müüdi 75,6% Kontserni toodetest ja teenustest (2016 IV kv: 62,2%) Soome turule, kasvades aastaga 11,6 miljonit eurot ehk 113,6%. Aastate võrdluses kasvas müük Soome turule 34,0 miljonit eurot 75,0 miljoni euroni, moodustades kogu müügitulust 73,0% (2016: 67,0%). Kasvu peamiseks põhjuseks oli 2016. aasta lõpus sõlmitud lepingud Soome võrguettevõtetega, kelle tellimused algasid I kvartalis 2017. Soome turu kasvule andis märkimisväärse panuse ka uue tütarettevõtte Telesilta Oy soetus, suurendades Kontserni müügitulu aastate võrdluses 12,9%. Müük Norra turule kasvas aastaga kahekordseks 5,9 miljoni euroni, moodustades konsolideeritud müügitulust 5,7%. Kasvu peamiseks põhjuseks oli Leedu tütarettevõtte Rifas UAB tellimusmahtude suurenemine Norra turul. Müük Rootsi turule suurenes 12 kuuga 0,6 miljoni euro võrra 2,7 miljoni euroni. Kasvas ka müük Eesti turule: aruandeaastal 22,7% 16,4 miljoni euroni, moodustades 16,0% Kontserni müügitulust ja neljandas kvartalis 1,6% 4,1 miljoni euroni, andes aruandekvartali konsolideeritud müügitulust 14,2%. Äritegevuse kulud on aruandeaastal kasvanud sünkroonis müügitulu kasvuga. Kvartalite võrdluses kasvasid äritegevuse kulud IV kvartalis 72,3% ehk 11,5 miljonit eurot ja aastases võrdluses 67,6% ehk 39,2 miljonit eurot. Põhiosa kulude kasvust põhjustas müüdud toodete ja teenuste kulude suurenemine: kvartalite võrdluses 74,3% ehk 10,3 miljonit eurot ja aastases võrdluses 71,3% ehk 36,2 miljonit eurot. Kontserni turustus- ja üldhalduskulud kasvasid aruandekvartalis kokku 1,1 miljoni euro võrra 3,1 miljoni euroni ja aastaga 3,0 miljonit eurot 10,1 miljon euroni. Nii turustus- kui ka üldhalkduskulude määrad olid languses, moodustades aruandekvartalis müügitulust vastavalt 4,6% (2016 IV kv: 5,0%) ja 6,3% (2016 IV kv: 7,1%). 12 kuuga vähenes nii turustus- kui ka üldhalduskulude määr ühe protsendipunkti võrra ning olid vastavalt 4,0% ja 5,8%. Spetsiifiliste tellimuste mahu hüppeline tõus on toonud kaasa vajaduse palgata juurde spetsialiste, millega kaasnesid koolitus- ja uute töökohtade ettevalmistamise kulud. Kontsern on viimases kvartalis teinud kulutusi uute hangete ettevalmistamiseks ning uute tütarettevõtete soetamiseks 2018. aastal. Aruandeperioodi lõpu seisuga töötas Kontsernis 630 inimest, mis oli 150 võrra rohkem kui aasta tagasi. Telesilta Oy ja Energo Veritas OÜ soetamisega lisandus kontserni 42 töötajat. 2017. aasta IV kvartalis töötas Kontsernis keskmiselt 620 (2017 IV kv: 467) inimest ja aastases arvestuses oli keskmine töötajate arv 567 ehk keskmiselt 112 töötajat enam kui võrreldaval perioodil. Aruandekvartalis maksti töötajatele palkade ja tasudena välja 4 127 (2016 IV kv: 3 167) tuhat eurot, aasta jooksul kokku 14 073 (2016:10 597) tuhat eurot. Töötasude tõus oli tingitud uute töötajate palkamisest seoses tootmismahtude olulise suurenemisega, kuid jäi siiski alla müügitulu kasvule (67,8%). Seoses heade majandustulemustega suurenesid ka tulemustasud ja aasta lõpus moodustatud reservid. Aruandeaastal oli keskmine töötasu kuus ühe Kontserni töötaja kohta 2 067 eurot, kasvades keskmiselt 76 euro võrra. Keskmist töötasu kasvu mõjutas Soome töötajate osakaalu tõus Kontsernis, kuna Soomes on palgatase oluliselt kõrgem kui Eesti ja Leedu ettevõtetes. Tööjõukulud kasvasid aruandekvartalis 51,6% 5,6 miljoni euroni ja aastaga 38,9% 18,7 miljoni euroni. Tööjõukulude määr moodustas aruandeaasta müügitulust 18,2%, vähenedes võrreldava perioodi suhtes 3,8 protsendipunkti võrra. Aruandekvartali konsolideeritud brutokasum oli 4 570 (2016 IV kv: 2 496) tuhat eurot. Brutokasumi marginaaliks kujunes 15,9% (2016 IV kv: 15,2%). Aruandeaasta konsolideeritud brutokasum oli 15 625 (2016: 10 361) tuhat eurot ja brutokasumi marginaal 15,2 % (2016: 16,9%). Neljanda kvartali konsolideeritud ärikasum oli 1 404 (2016 IV kv: 487) tuhat eurot ja ärikasum enne kulumit 2 345 (2016 IV kv: 894) tuhat eurot. Aruandekvartali ärirentaabluseks kujunes 4,9% (2016 IV kv: 3,0%) ja ärirentaabluseks enne kulumit 8,1% (2016 IV kv 5,5%). Kontserni 2017. aasta ärikasum oli 5 442 (2016: 3 181) tuhat eurot ja ärikasum enne kulumit 7 587 (2016: 4 777) tuhat eurot. Aruandeaasta ärirentaabluseks kujunes 5,3% (2016: 5,2%) ja ärirentaabluseks enne kulumit 7,4% (2016: 7,8%). Rentaabluse languse põhjusteks on renditulude vähenemine seoses PKC Group Oyj lahkumisega Kontserni rendipindadelt 2017. aasta alguses ja globaalne toormaterjalide hinnatõus. Euroopa juhtivad lehtmetalli tootjad tõstsid esimesel poolaastal toormaterjali hindasid, mis kasvatasid müüdud toodete ja teenuste kulude taset. Samuti mõjutasid rentaablust ühekordsed kulud seoses AS Harju Elekter Elektrotehnika kolimisega uutele tootmispindadele. Aruandekvartali konsolideeritud puhaskasum oli 946 (2016 IV kv: 375) tuhat eurot, millest emaettevõtte omanike osa moodustas 976 (2016 IV kv: 369) tuhat eurot. Puhaskasum aktsia kohta oli IV kvartalis 0,06 (2016 IV kv: 0,02 eurot) eurot. Kokkuvõttes oli 2017. aasta konsolideeritud puhaskasum 29 132 (2016: 3 224) tuhat eurot. Emaettevõtte omanikele kuuluv osa oli 29 129 (2016: 3 219) tuhat eurot. Puhaskasum aktsia kohta oli 1,64 (2016: 0,18) eurot. Suure puhaskasumi põhjuseks oli PKC Group Oyj aktsiate müügist saadud ühekordne finantstulu 24 839 tuhat eurot. Aasta konsolideeritud puhaskasum erakorralise tuluta oli 4 293 (2016: 3 224) tuhat eurot ja puhaskasum aktsia kohta 0,24 (2016: 0,18 eurot) eurot. Kontsern investeeris aasta jooksul põhivarasse kokku 7,3 (2016: 4,8) miljonit eurot. Investeeringute kasv on seotud Allika Tööstuspargis käimasolevate arendustega ning investeeringutega tootmisesse. Raha ja rahaekvivalendid kasvasid aastaga 7,7 miljoni euro võrra 11,0 miljoni euroni ja võrreldaval perioodil kahanesid 2,4 miljoni euro võrra 3,3 miljoni euroni. Ettevõtte aktsia hind tõusis aruandeaastal Nasdaq Tallinna börsil 75,4% 2,85 eurolt 5,00 euroni. Andres Allikmäe Juhatuse esimees Tel 674 7400 Lisainformatsioon: Tiit Atso, Kontserni finantsjuht, tel 674 7400 ning ASi Harju Elekter IV kvartali ja 12 kuu vahearuanne. KONSOLIDEERITUD BILANSS 31.12.2017 Auditeerimata Kontsern EUR'000 VARAD 31.12.17 31.12.16 Raha, pangakontod 10 992 3 278 Müügivalmis finantsvara 9 935 0 Äritegevuse ja muud nõuded 13 575 8 480 Ettemaksed 1 118 771 Ettevõtte tulumaks 56 24 Varud 13 037 9 712 KÄIBEVARA KOKKU 48 713 22 265 Edasilükkunud tulumaksu vara 56 37 Pikaajalised finantsinvesteeringud 4 684 21 990 Kinnisvarainvesteeringud 11 983 10 972 Immateriaalne põhivara 6 660 5 431 PÕHIVARA KOKKU 41 264 51 703 VARAD KOKKU 89 977 73 968 KOHUSTUSED JA OMAKAPITAL Võlakohustused 625 804 Ostjate ettemaksed 1 088 0 Võlad tarnijatele ja muud võlad 12 802 9 140 Võlg aktsionäridele 0 1 242 Maksuvõlad 2 106 1 075 Ettevõtte tulumaks 270 133 Lühiajalised eraldised 245 15 LÜHIAJALISED KOHUSTUSED KOKKU 17 136 12 409 PIKAAJALISED KOHUSTUSED 2 910 1 167 KOHUSTUSED KOKKU 20 046 13 576 Aktsiakapital 11 176 12 418 Ülekurss 804 804 Reservkapital 2 844 19 214 Jaotamata kasum 55 048 29 113 Emaettevõtte osalus omakapitalis 69 872 60 307 Mitte-kontrolliv osalus 59 85 OMAKAPITAL KOKKU 69 931 60 392 KOHUSTUSED JA OMAKAPITAL KOKKU 89 977 73 968 KONSOLIDEERITUD KASUMIARUANNE 01.01.-31.12. Auditeerimata EUR’000 Kontsern KV4 2017 KV4 2016 2017 2016 Müügitulud 28 818 16 408 102 668 61 167 Müüdud toodete kulud -24 248 -13 912 -87 043 -50 806 Brutokasum 4 570 2 496 15 625 10 361 Turustuskulud -1 325 -818 -4 132 -3 034 Üldhalduskulud -1 820 -1 165 -5 981 -4 138 Muud äritulud 10 10 50 76 Muud ärikulud -31 -36 -120 -84 Ärikasum 1 404 487 5 442 3 181 Finantstulud 20 6 24 869 775 Finantskulud -190 -7 -96 -24 Kasum enne maksustamist 1 234 486 30 215 3 932 Tulumaks -288 -111 -1 083 -708 Perioodi puhaskasum, sh 946 375 29 132 3 224 emaettevõtte omanike osa 976 369 29 129 3 219 mitte-kontrolliv osa -30 6 3 5 Tava puhaskasum aktsia kohta (EUR) 0,06 0,02 1,64 0,18 Lahustatud puhaskasum aktsia kohta (EUR) 0,06 0,02 1,64 0,18 Tiit Atso Kontserni finantsjuht 674 7400
Content of announcement in English
Title
Harju Elekter Group financial results, 1-12/2017
Message
For Harju Elekter Group, Q4 and 2017 as a whole both turned out to be full of changes and extremely successful. The large volume contracts concluded at the end of 2016 and the additional sales orders brought record sales revenue and the biggest profits in history. As discussed with the Supervisory Board, the Management Board proposes to pay 4.3 million euros (0.24 euros per share) in dividends to shareholders, which amounted 100% of the reporting year net profit of regular activities. Change January - December Change October - December (thousand euros) % 2017 2016 % 2017 2016 Sales revenue 67.8 102,668 61,167 75.6 28,818 16,408 Gross profit 50.8 15,625 10,361 83.1 4,570 2,496 EBITDA 58.8 7,587 4,777 62.3 2,345 894 EBIT 71.1 5,442 3,181 88.3 1,404 487 Profit for the period 803.6 29,132 3,224 52.3 946 375 incl attributed to Owners of the Company 804.9 29,129 3,219 64.5 976 369 Profit for the period without extraordinary income 33.2 4,293 3,224 Consolidated revenue for the reporting quarter was 28.8 (Q4 2016: 16.4) million euros, increasing by 75.6% in relation to the comparable period. The Group’s revenue for 12-month was 102.7 (2016: 61.2) million euros, increasing by 67.8% in relation to the comparable period. The main reason for the high growth was the contracts concluded at the end of 2016 and the orders for supplying of specialised pre-fabricated substations to USA in January 2017. In the third quarter, by the acquisition of Telesilta Oy an electrical installation service was added, accounting for 14.6% of the Group's sales revenue in the reporting quarter and 7.7% in the reporting year. During the reporting quarter 76.1% (Q4 2016: 91.2%) of revenue was earned from the Manufacturing segment, Real Estate and Unallocated activities contributed 23.9% (Q4 2016: 8.8%) of the consolidated sales volume. Over the year, the sales of the Manufacturing segment increased by 29.6 million euros to 85.4 million euros, of which 97.1% was from the sale of electrical equipment. The decrease in Real Estate segment sales was caused by PKC Group Oyj ceasing its production activities in Estonia and leaving from the Group’s rental premises at the beginning of 2017. The available production spaces were taken into use by AS Harju Elekter Elektrotehnika in Q4 2017. In August, AS Stera Saue opened new production hall and warehouse in the Allika Industrial Park owned by AS Harju Elekter. Rental income reflected in the Group’s revenue as well as in income of Real Estate segment from the third quarter. The inclusion since Q3 of the financial indicators of Finnish company Telesilta OY, acquired in June, brought with it a growth in the sales revenue for Unallocated activities during the accounting quarter, as well as the accounting year. Electrical installation works comprised 66.0% among Unallocated activities sales revenue during the accounting quarter and 51.8% in the 12-month period accounting and 27.3% and 35.0% from the intermediate sale of electrical products due to the acquisition of Energo Veritas OÜ. The Group’s sales revenue earned outside Estonia accounted for 85.8% in Q4 2017 (Q4 2016: 75.4%) and 84.0% in 2017 (2016: 78.1%). Finland continues as the largest market of the Group. In the reporting quarter, 75.6% of the Group’s products and services (Q4 2016: 62.2%) were sold on the Finnish market, growing over the year by 11.6 million euros, i.e. 113.6%. Comparing the reporting 12 months, the increase was 34.0 million euros up to 75.0 million euros, accounting for 73.0% (2016: 67.0%) of the consolidated sales revenue. The main reason for the growth was the contracts concluded with Finnish network companies at the end of 2016, whose orders began in Q1 of 2017. The acquisition of the new subsidiary Telesilta Oy also made a significant contribution to the growth of the Finnish market, increasing Group’s sales revenue by 12.9% year-on-year. Sales to the Norwegian market doubled to 5.9 million euros a year, accounting for 5.7% of consolidated sales revenue. The main reason for the growth was the increase in the order volumes of the Lithuanian subsidiary Rifas UAB in the Norwegian market. Sales on the Swedish market increased by 0.6 million euros up to 2.7 million euros during the 12-month period. Sales on the Estonian market grew also. In 2017, sales on the Estonian market increased by 22.7% up to 16.4 million euros, accounting for 16.0% of the consolidated sales revenue. In Q4, sales on the Estonian market increased by 1.6% up to 4.1 million euros, accounting for 14.2% of the consolidated sales revenue of the reporting quarter. In 2017, the operating expenses have increased at the same pace with the increase in sales revenue. Operating expenses increased 72.3%, i.e. 11.5 million euros in the reporting quarter compared to the reference period and in a year-on-year comparison, by 67.6% i.e. 39.2 million euros. The main reason for the upsurge in costs was the increase in the cost of sales: quarter to quarter by 74.3% i.e 10.3 million euros and by 71.3% i.e 36.2 million euros y-o-y. The distribution costs and administrative expenses increased totally by 1.1 million euros up to 3.1 million euros in the reporting quarter and by 3.0 million euros up to 10.1 million euros during the year. Both, the rate of distribution costs and the rate of administrative expenses are in decline and accounted for 4.6% (Q4 2016: 5.0%) and 6.3% (Q4 2016: 7.1%) of the sales revenue in the reporting quarte respectively. In 12-month period, the rate of distribution costs as well as the rate of administrative expenses decreased by 1 percentage point, being 4.0% and 5.8% respectively. The exponential rise in the volume of specific orders has brought with it the need to hire additional specialists, which was accompanied by training and new job preparation costs. In the last quarter, the Group has incurred expenditures on the preparation of new procurements and the acquisition of new subsidiaries in 2018. At the end of the reporting period, there were 630 people working in the Group, which was 150 persons more than a year earlier, including with the acquisition of Telesilta Oy and Energo Veritas OÜ, added 42 employees to the Group. In Q4 2017, an average of 620 (Q4 2017: 467) employees worked in the Group. In year-on-year comparison, an average of 567 employees worked in the Group, which was on average 112 people more than in the reference period. In the reporting quarter, 4,127 (Q4 2016: 3,167) thousand euros were paid to the employees as salaries and fees, totally 14,073 (2016: 10,597) thousand euros during the year. The growth of wages was due to hiring new employees related to the significant increase in production volumes, being still lower from the growth of sales revenue (67.8%). In connection with good economic results, performance pay for 2017 and the reserves created at the end of the year have also increased. In 2017, the average monthly salary per employee of the Group was 2,067 euros, an average increase of 76 euros. The increase in the average salary was influenced by an increase in the share of Finnish employees in the Group as Finland has a significantly higher wage level than in Estonia and Lithuania. Labour costs increased by 51.6% up to 5.6 million euros in Q4, and by 38.9% up to 18.7 million euros during the year. The rate of labour costs accounted for 18.2% of the reporting year sales revenue, decreasing by 3.8 percentage points compared to the reference period. In the reporting quarter, the gross profit of the Group was 4,570 (Q4 2016: 2,496) thousand euros. The gross profit margin was 15.9% (Q4 2016: 15.2%). In the reporting year, the gross profit of the Group was 15,625 (2016: 10,361) thousand euros. The gross profit margin was 15.2% (2016: 16.9%). In the reporting quarter, the Group’s operating profit was 1,404 (Q4 2016: 487) thousand euros and EBITDA 2,345 (Q4 2016: 894) thousand euros. Return of sales for the reporting quarter was 4.9% (Q4 2016: 3.0%) and return of sales before depreciation 8.1% (Q4 2016: 5.5%). The Group’s operating profit of 2017 was 5,442 (2016: 3,181) thousand euros and EBITDA 7,587 (2016: 4,777) thousand euros. Return of sales for the reporting 12-month period was 5.3% (2016: 5.2%) and return of sales before depreciation was 7.4% (2016: 7.8%). Return of sales has decreased due to less rental income as PKC Group Oyj moved out from the Group’s rental premises in the beginning of 2017 and the increase in global commodity prices. European sheet metal producers raised their prices in the first half of the year, affecting the cost of sales of the Group. Also, the non-recurrent expenses occurred in AS Harju Elekter Elektrotehnika, resulting from moving to new production facilities, had effect on return of sales. In the reporting quarter, the consolidated net profit was 946 (Q4 2016: 375) thousand euros, of which the share of the owners of the Company was 976 (Q4 2016: 369) thousand euros. EPS in the Q4 2017 was 0.06 euros (Q4 2016: 0.02 euros). Overall, the consolidated net profit of the year 2017 was 29,132 (2016: 3,224) thousand euros. The share of the owners of the Company was 29,129 (2016: 3,219) thousand euros. EPS was 1.64 (2016: 0.18) euros. Large net profit was the result of one-time financial income from the sale of the PKC Group Oyj shares in amount of 24,839 thousand euros. Profit for the period without extraordinary income was 4,293 (2016: 3,224) thousand euros and EPS 0.24 (2016: 0.18) euro. In 2017, the Group has made a total of 7.3 (2017: 4.8) million euros. Investment growth is related to the ongoing developments of Allika Industrial Park as well as investments into the production. Cash and cash equivalents increased by 7.7 million euros to 11.0 million euros in the reporting year and decreased by 2.4 million euros to 3.3 million euros in the comparable period. During the year 2017, Harju Elekter’s share in Nasdaq Tallinn increased by 75.4% from 2.85 euros up to 5.00 euros. Andres Allikmäe Chairman of the Management Board +372 674 7400 For more information: Tiit Atso, CFO, +372 674 7400 or Interim report 1-12/2017 AS HARJU ELEKTER CONSOLIDATED BALANCE SHEET,31.12.2017 Unaudited EUR'000 ASSETS 31.12.17 31.12.16 Cash and cash equivalents 10 992 3 278 Available-for-sale financial assets 9 935 0 Trade receivables and other receivables 13 575 8 480 Prepayments 1 118 771 Prepaid income tax 56 24 Inventories 13 037 9 712 TOTAL CURRENT ASSETS 48 713 22 265 Deferred income tax asset 56 37 Other long-term financial investments 4 684 21 990 Investment property 17 881 13 273 Property, plant and equipment 11 983 10 972 Intangible assets 6 660 5 431 TOTAL NON-CURRENT ASSETS 41 264 51 703 TOTAL ASSETS 89 977 73 968 LIABILITIES AND OWNERS' EQUITY Interest-bearing loans and borrowings 625 804 Advances from customers 1 088 9 140 Trade payables and other payables 12 802 1 242 Payables to shareholders 0 1 075 Tax liabilities 2 106 133 Income tax liabilities 270 15 Short-term provision 245 12 409 TOTAL CURRENT LIABILITIES 17 136 1 167 NON-CURRENT LIABILITIES 2 910 13 576 TOTAL LIABILITIES 20 046 12 418 Share capital 11 176 -1 242 Share premium 804 804 Restricted reserves 2 844 19 214 Retained earnings 55 048 29 113 TOTAL OWNERS' EQUITY 69 872 60 307 Non-controlling interests 59 85 TOTAL EQUITY 69 931 60 392 TOTAL LIABILITIES AND OWNERS' EQUITY 89 977 73 968 CONSOLIDATED INCOME STATEMENT, 1-12/2017 Unaudited EUR’000 Q4 2017 Q4 2016 2017 2016 Revenue 28 818 16 408 102 668 61 167 Cost of goods sold -24 248 -13 912 -87 043 -50 806 Gross profit 4 570 2 496 15 625 10 361 Distribution costs -1 325 -818 -4 132 -3 034 Administrative expenses -1 820 -1 165 -5 981 -4 138 Other income 10 10 50 76 Other expenses -31 -36 -120 -84 Operating profit 1 404 487 5 442 3 181 Finance income 20 6 24 869 775 Finance costs -190 -7 -96 -24 Profit from normal operations 1 234 486 30 215 3 932 Corporate income tax -288 -111 -1 083 -708 Profit for the period, attributable to 946 375 29 132 3 224 owners of the Company 976 369 29 129 3 219 non-controlling interests -30 6 3 5 Basic earnings per share (EUR) 0,06 0,02 1,64 0,18 Diluted earnings per share (EUR) 0,06 0,02 1,64 0,18 Tiit Atso CFO +372 674 7400