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
9357
Attachments
Submission date and time
23.02.2022 08:00:00
Content of announcement in Estonian
Title
Harju Elekter kontserni majandustulemused, 1-12/2021
Message
Juhatuse kommentaar Harju Elektri teisest poolaastast kasvama hakanud tellimused ja müügimahud, jätkasid tugevat kasvu ka neljandas kvartalis. Viimase kvartali müügimahud kasvasid aastataguse perioodiga võrreldes üle 7 miljoni ehk viiendiku võrra, mis aitas kokkuvõttes ületada nii 2020. aasta müügitulu kui ka 150 miljoni euro piiri. Müügitulu 152 (2020: 147) miljonit eurot ületab eelmisel aastal saavutatud kontserni käiberekordi. Hoolimata mahtude kasvust, jääb aastat tervikuna iseloomustama tooraine ja komponentide defitsiit, hinnarekordid ning vähene kättesaadavus, mis omakorda põhjustasid pidevaid ümberplaneerimisi tootmises ning klientide tellimuste hilinemisi. Kuigi neljandaks kvartaliks oli lehtmetalli defitsiit valdavalt leevenenud, siis polnud veel tunda toorainete hinnalangust ning koos mainitud ümberkorraldustega tootmises, ei õnnestunud jõuda rahuldava kasumlikkuseni. 2022. aasta eesmärgiks on jätkusuutliku kasumlikkuseni jõudmine, milleks annavad võimaluse tooraine hinnalanguse trend, komponentide saadavuse paranemine ja püsivad kliendisuhted. Ka müügiosakonna tulemuslik töö hinnaläbirääkimistel klientidega annab võimaluse olukorra parandamiseks. Takistusteks ja riskideks on jätkuv pandeemiaolukord, pinged suurriikide vahel ning kasvav konkurents oskustööjõu pärast, mis omakorda põhjustab tugeva palgasurve. Müügitulu, kulud ja kasum Kontserni neljanda kvartali müügitulu oli 43,6 (2020 IV kv: 35,2) miljonit eurot, kasvades võrreldava perioodi suhtes 23,6%. Müügitulu suurenes kõikides tegevusvaldkondades ning peamise osa kasvust andis elektriseadmete müük, olles 35,6 (2020 IV kv: 30,2) miljonit eurot. Peamiseks põhjuseks on raamlepingute tellimuste mahu suurenemine. Hoolimata tõsistest väljakutsetest, kasvas Harju Elektri 2021. aasta müügitulu võrreldava perioodi suhtes 4,2% ehk 152,8 (2020: 146,6) miljoni euroni, ületades eelnevad rekordilised müügimahud. Enim suurenes müügitulu laevaehitussektori elektritöödelt, olles kokkuvõttes 6,0 (2020: 4,2) miljonit eurot. Elektriseadmete müügitulu kasvas aastate võrdluses 1,5 miljoni võrra 126,7 miljoni euroni. ------------------------------------------------------------------------------- EUR'000 IV kv IV kv +/- 12 kuud 12 kuud +/- 2021 2020 kv/kv 2021 2020 12k/12k ------------------------------------------------------------------------------- Müügitulu 43 561 35 243 23,6% 152 757 146 614 4,2% Brutokasum 4 703 5 585 -15,8% 17 880 21 209 -15,7% Ärikasum enne kulumit (EBITDA) 1 939 2 400 -19,2% 7 221 10 340 -30,2% Ärikasum (EBIT) 853 1 335 -36,1% 3 202 6 546 -51,1% Perioodi puhaskasum 894 1 159 -22,9% 2 610 5 528 -52,8% sh emaettevõtte omanike osa 888 1 165 -23,8% 2 598 5 563 -53,3% Puhaskasum aktsia kohta (eurot) 0,05 0,07 -23,8% 0,15 0,31 -53,3% ------------------------------------------------------------------------------- Neljanda kvartali äritegevuse kulud olid kokku 42,8 (2020 IV kv: 34,0) miljonit eurot. Müüdud toodete ja teenuste kulud, mis moodustasid äritegevuskuludest 90,9%, olid 38,9 (2020 IV kv: 29,7) miljonit eurot. Aruandeaasta kokkuvõttes kasvasid äritegevuse kulud eelneva aastaga võrreldes 6,6%, olles 149,8 (2020: 140,5) miljonit eurot. Kontserni turustuskulud vähenesid eelmise aastaga võrreldes 10%, olles 5,3 (2020: 5,8) miljonit eurot. Tööjõukulud kvartalite ja aastate võrdluses kasvasid, olles vastavalt 8,4 (2020 IV kv: 7,3) ja 30,7 (2020: 27,3) miljonit eurot. Valdava osa tööjõukulude kasvust andis lisapersonali palkamine. Lisaks mõjutas tööjõukulusid lisatööde suurenemine ja pidev valmisolek tootmistsükli jätkamiseks. Tööjõukulude ja keskmise töötasu kasvu mõjutab kõikidel turgudel tööjõupuudusest tingitud palgasurve ning Soome ja Rootsi töötajate osakaalu tõus kontsernis, sest Skandinaavia riikides on palgatase märgatavalt kõrgem kui Eestis ja Leedus. Aasta alguses alanud tooraine defitsiit, oluline hinnatõus nii materjalide kui teenuste osas ning kiirenev tööjõukulude kasv mõjutasid ka viimase kvartali kasumlikkust. Aruandekvartali brutokasum oli 4703 (2020 IV kv: 5585) tuhat eurot ja brutokasumi marginaaliks kujunes 10,8% (2020 IV kv: 15,8%). Ärikasum (EBIT) jäi alla võrreldava kvartali tulemusele, olles 853 (2020 IV kv: 1335) tuhat eurot, sh ärirentaablus vähenes 2,0%-le (2020 IV kv: 3,8%). Aruandekvartali puhaskasum oli 894 (2020 IV kv: 1159) tuhat eurot, millest emaettevõtte omanike osa moodustas 888 (2020 IV kv: 1165) tuhat eurot. Puhaskasum aktsia kohta oli neljandas kvartalis 0,05 (2020 IV kv: 0,07) eurot. 2021. aasta brutokasum oli 17 880 (2020: 21 209) tuhat eurot ja brutokasumi marginaal 11,7% (2020: 14,5%). Kaheteist kuuga teeniti ärikasumit (EBIT) 3202 (2020: 6546) tuhat eurot. Kontserni aruandeaasta puhaskasum 2610 (2020: 5528) tuhat eurot ning puhaskasum aktsia kohta oli 0,15 (2020: 0,31) eurot. Põhitegevusala ja turud Kontserni põhitegevusala, tootmine, moodustas kontserni müügitulust nii aruandekvartalis kui ka kaheteistkümne kuuga 87,4%. Tootmissegmendi müügitulu kasvas nii kvartalite kui aastate võrdluses vastavalt - 7,4 miljoni võrra 37,7 miljoni euroni ja 8,0 miljoni võrra 133,5 miljoni euroni. Tootmisettevõtete suurimad väljakutsed tulid projektides vajalike komponentide tarneraskustest. Mitmed suured tellimused olid ootel ning tootmistsükleid pidi jooksvalt ümber korraldama. Müük Eesti turule jäi aruandekvartalite võrdluses samale tasemele, olles 6,5 miljonit eurot. Aastate võrdluses kasvas müügitulu 2,5 miljoni võrra 26,0 miljoni euroni, moodustades kontserni müügitulust 17,0% (2020: 16,0%). Kasv tuli komplektalajaamade tootmisest ja tarnimisest. Kontserni müügitulu Soomes oli aruandekvartalis 17,9 miljonit eurot (2020 IV kv: 13,8). Viimase kvartali müügitulu kasvu mõjutasid aasta alguse tellimuste lükkumine teise poolaastasse, mille tingisid nii aasta alguse külm talv kui ka materjali defitsiidist tulenevad tarneraskused. Kokkuvõttes kasvas aastate võrdluses Soome turu müügitulu 2,2 miljoni võrra 70,9 miljoni euroni. Kontserni suurimale turule Soome müüdi aruandeaasta jooksul 46,4% (2020: 46,9%) kontserni toodetest ja teenustest. Rootsi turult teenitud müügitulu nii aruandekvartalite kui ka aastate võrdluses kasvas, olles vastavalt 10,4 (2020 IV kv: 9,1) ja 27,6 (2020: 26,5) miljonit eurot. Aasta teises pooles jätkati hoogsamalt uue sõlmitud raamlepingu alajaamade tootmise ning tarnetega. Rootsi on kontserni turgudest teine suurim turg, moodustades kontserni aruandeaasta kui ka eelneva perioodi müügitulust 18,1%. Kontsern näeb Rootsis turupotentsiaali ning teeb investeeringuid äritegevuse laiendamiseks. Müük Norra turule jätkas neljandas kvartalis taastumist. Aruandekvartalis müüdi Norra turule 4,2 (2020 IV kv: 2,8) miljoni euro väärtuses kontserni tooteid ja teenuseid. 2021. aastal teeniti Norra turult 13,2 miljonit eurot (2020: 16,7). Müügitulu langus on tingitud erakordselt suurtest tellimustest võrdlusperioodil, samuti laevandusektori tellimusmahtude taastumise aeglasest tempost. Norra turg moodustas aruandeaasta müügitulust 8,6% (2020: 11,4%). Investeeringud Harju Elekter investeeris 2021. aastal põhivarasse kokku 7,7 (2020: 8,1) miljonit eurot, sealhulgas kinnisvarainvesteeringutesse 1,3 (2020: 3,1) miljonit eurot, materiaalsesse põhivarasse 5,7 (2020: 4,6) miljonit eurot ja immateriaalsesse põhivarasse 0,7 (2020: 0,3) miljonit eurot. Valdav osa aruandeperioodi investeeringutest, 2,5 miljonit eurot, suunati Leedu tütarettevõtte tootmis- ja büroohoone laiendusse, mis valmis suvel. Investeeringu kogumaksumus oli 5,5 miljonit eurot. Lisaks alustati Allika Tööstuspargi tootmis- ja laoruumide kompleksi Laohotell III ehitusega, investeeriti tootmistehnoloogilisse põhivarasse ning päikeseelektrijaamadesse. Seoses Elektra elektrisõidukite laadijate tootmise laiendamisega Soomes soetati aruandekvartalis praeguse tootmise lähedusse Ulvilas 1140 m(2) suurune lisatootmispind. Aruandekuupäeva seisuga oli kontserni pikaajaliste finantsinvesteeringute väärtus kokku 25,2 (31.12.20: 11,9) miljonit eurot. Finantsvara ümberhindlusest tekkinud netokasum oli aruandekvartalis 3,9 miljonit eurot ja aruandeaastal 12,3 miljonit eurot. Väärtpaberite osalisest müügist laekus aruandeaastal kokku 1,0 miljon eurot, sh realiseerunud kasum oli 0,3 miljon eurot. Aktsia Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq Tallinna börsil 7,44 euro tasemel. AS Harju Elektril oli 31.12.2021 seisuga 9387 aktsionäri. Aruandekvartali jooksul suurenes aktsionäride arv 448 võrra. Ettepanek dividendideks Kooskõlastatult nõukoguga teeb juhatus ettepaneku maksta aktsionäridele dividendidena välja 0,14 eurot aktsia kohta, kokku 2,5 miljonit eurot, mis moodustab 97% 2021. aasta puhaskasumist. KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE Auditeerimata ---------------------------------------------------------------------- EUR'000 31.12.2021 31.12.2020 ---------------------------------------------------------------------- VARAD Käibevarad Raha ja raha ekvivalendid 574 2 843 Nõuded ostjatele ja muud nõuded 33 689 27 226 Ettemaksed 1 844 820 Varud 27 437 18 856 Käibevara kokku 63 544 49 745 ---------------------------------------------------------------------- Põhivara Edasilükkunud tulumaksu vara 690 514 Pikaajalised finantsinvesteeringud 25 222 11 918 Kinnisvarainvesteeringud 23 903 23 605 Materiaalne põhivara 26 654 22 494 Immateriaalne põhivara 7 544 7 199 Põhivara kokku 84 013 65 730 ---------------------------------------------------------------------- VARAD KOKKU 147 557 115 475 ---------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL Kohustused Võlakohustused 16 912 12 056 Ostjate ettemaksed 4 659 4 182 Võlad tarnijatele ja muud võlad 24 490 15 837 Maksuvõlad 3 156 2 871 Lühiajalised eraldised 35 34 Lühiajalised kohustused kokku 49 252 34 980 ---------------------------------------------------------------------- Võlakohustused 11 426 7 032 Muud pikaajalised kohustused 33 66 Pikaajalised kohustused kokku 11 459 7 098 ---------------------------------------------------------------------- KOHUSTUSED KOKKU 60 711 42 078 ---------------------------------------------------------------------- Omakapital Aktsiakapital 11 352 11 176 Ülekurss 1 601 804 Reservid 18 716 6 709 Jaotamata kasum 55 315 54 858 Emaettevõtte omanikele kuuluv omakapital kokku 86 984 73 547 Mittekontrolliv osalus -138 -150 Omakapital kokku 86 846 73 397 ---------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL KOKKU 147 557 115 475 ---------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE Auditeerimata ---------------------------------------------------------------------------- EUR'000 IV kv IV kv 12 kuud 12 kuud 2021 2020 2021 2020 ---------------------------------------------------------------------------- Müügitulu 43 561 35 243 152 757 146 614 Müüdud toodete ja teenuste kulud -38 858 -29 658 -134 877 -125 405 Brutokasum 4 703 5 585 17 880 21 209 Turustuskulud -1 260 -2 208 -5 259 -5 847 Üldhalduskulud -2 655 -2 140 -9 703 -9 259 Muud äritulud 114 213 513 707 Muud ärikulud -49 -115 -229 -264 Ärikasum 853 1 335 3 202 6 546 Finantstulud 57 21 129 137 Finantskulud -101 -110 -353 -379 Kasum enne maksustamist 809 1 246 2 978 6 304 Tulumaks 85 -87 -368 -776 Perioodi puhaskasum 894 1 159 2 610 5 528 ---------------------------------------------------------------------------- Puhaskasumi jaotus Emaettevõtte omanike osa puhaskasumist 888 1 165 2 598 5 563 Mitte-kontrolliv osa puhaskasumist 6 -6 12 -35 ---------------------------------------------------------------------------- Puhaskasum aktsia kohta Tavapuhaskasum aktsia kohta (EUR) 0,05 0,07 0,15 0,31 Lahustatud puhaskasum aktsia kohta (EUR) 0,05 0,07 0,14 0,31 ---------------------------------------------------------------------------- KONSOLIDEERITUD KOONDKASUMIARUANNE Auditeerimata ---------------------------------------------------------------------------- EUR'000 IV kv IV kv 12 kuud 12 kuud 2021 2020 2021 2020 ---------------------------------------------------------------------------- Perioodi puhaskasum 894 1 159 2 610 5 528 Muu koondkasum (-kahjum) Kirjed, mis hiljem võib klassifitseerida kasumiaruandesse Valuutakursi vahed välisettevõtte ümberarvestusel -44 128 -57 112 Kirjed, mida hiljem ei klassifitseerita kasumiaruandesse Realiseerunud kasum finantsvara müügist 0 0 265 80 Finantsvara ümberhindluse netokasum/netokahjum (-) 3 900 3 669 12 269 2 922 Perioodi muu koondkasum (-kahjum) kokku 3 856 3 797 12 477 3 114 Perioodi koondkasum (-kahjum) kokku 4 750 4 956 15 087 8 642 ---------------------------------------------------------------------------- Koondkasumi jaotus: Emaettevõtte omanike osa koondkasumist 4 744 4 962 15 075 8 677 Mitte-kontrolliv osa koondkasumist 6 -6 12 -35 ---------------------------------------------------------------------------- Tiit Atso Juhatuse esimees Tel 674 7400
Content of announcement in English
Title
Harju Elekter Group financial results, 1-12/2021
Message
Commentary from the Management
Harju Elekter's orders and sales volumes, which started to increase in the
second half of the year, continued to grow strongly in the fourth quarter. Sales
volumes in the last quarter increased by more than 7 million euros, or by a
fifth, year-on-year, helping to exceed both the revenue of 2020 and the 150-
million-euro mark. Revenue of 152 (2020: 147) million euros exceeds the turnover
record achieved by the Group last year.
Despite the growth of volumes, the year as a whole continues to be characterised
by shortages of raw materials and components, record prices and low availability
which, in turn, led to constant rescheduling in production and delays in
customer orders. Although the sheet metal shortage had largely eased by the
fourth quarter, the fall in raw material prices could not yet be felt and,
combined with the readjustments in production mentioned above, it was not
possible to achieve satisfactory profitability.
The objective for 2022 is to achieve sustainable profitability, which will be
possible thanks to the downward trend in raw material prices, improved component
availability and strong customer relationships. Effective work by the sales
department in price negotiations with customers also provides an opportunity for
improvement. Obstacles and risks include the ongoing pandemic situation,
tensions between major economies and growing competition for skilled labour
which, in turn, is creating strong wage pressures.
Revenue, Expenses, and Profit
The revenue of the Group was 43.6 (Q4 2020: 35.2) million euros in the fourth
quarter, increasing by 23.6% compared to the comparable period. Revenue
increased in all areas of business activity, but the main contribution came from
the sale of electrical equipment, which was 35.6 (Q4 2020: 30.2) million euros.
This was mainly due to the increase in the volume of orders from the framework
contracts. Despite serious challenges, Harju Elekter's revenue for the year grew
by 4.2% year-on-year, to 152.8 (2020: 146.6) million euros, exceeding previous
record sales volumes. The revenue from electrical works in the shipbuilding
sector increased the most, totaling 6.0 (2020: 4.2) million euros. The revenue
of electrical equipment increased by 1.5 million to 126.7 million euros in a
year comparison.
-------------------------------------------------------------------------------
EUR'000 Q4 Q4 +/- 12m 12m +/-
2021 2020 Q/Q 2021 2020 12m/12m
-------------------------------------------------------------------------------
Revenue 43,561 35,243 23.6% 152,757 146,614 4.2%
Gross profit 4,703 5,585 -15.8% 17,880 21,209 -15.7%
EBITDA 1,939 2,400 -19.2% 7,221 10,340 -30.2%
Operating profit (EBIT) 853 1,335 -36.1% 3,202 6,546 -51.1%
Profit for the period 894 1,159 -22.9% 2,610 5,528 -52.8%
Incl. attributable to owners of
the parent 888 1,165 -23.8% 2,598 5,563 -53.3%
Earnings per share (EPS)
(euros) 0.05 0.07 -23.8% 0.15 0.31 -53.3%
-------------------------------------------------------------------------------
The total operating expenses for the reporting quarter were 42.8 (Q4
2020: 34.0) million euros. Costs of sales, which accounted for 90.9% of
operating expenses, was 38.9 (Q4 2020: 29.7) million euros. In the accounting
year as a whole, operating expenses increased by 6.6% year-on-year, to 149.8
(2020: 140.5) million euros. The Group's distribution costs decreased by 10%
year-on-year to 5.3 million euros (2020: 5.8 million). Labour costs increased
with quarterly and yearly comparison, amounting to 8.4 (Q4 2020: 7.3) and 30.7
(2020: 27.3) million euros, respectively. Labour costs were impacted by the
hiring of extra staff, by the increase in additional work, and by the constant
readiness to continue the production cycle. The increase in labour costs and
average wages was affected by wage pressures due to workforce shortages in all
markets and by the rising share of Finnish and Swedish employees in the Group,
as wages in Scandinavian countries are significantly higher than in Estonia and
Lithuania.
The shortage in raw materials that began at the start of the year, significant
price increases for both materials and services, and accelerating growth of
labour costs affected profitability also in the last quarter. The gross profit
for the Q4 was 4,703 (Q4 2020: 5,585) thousand euros and the gross profit margin
was 10.8% (Q4 2020: 15.8%). Quarterly operating profit (EBIT) was lower than in
the comparable quarter, being 853 (Q4 2020: 1,335) thousand euros, operating
margin decreased to 2.0% (Q4 2020: 3,8%). The net profit for the Q4 was 894 (Q4
2020: 1,159) thousand euros of which the share of the owners of the parent
company was 888 (Q4 2020: 1,165) thousand euros. The earnings per share were
0.05 (Q4 2020: 0.07) euros.
The gross profit for the year 2021 was 17,880 (2020: 21,209) thousand euros and
the gross profit margin was 11.7% (2020: 14.5%). In the twelve months, the
operating profit (EBIT) was 3,202 (2020: 6,546) thousand euros. In total, the
Group's net profit for 2021 was 2,610 (2020: 5,528) thousand euros and earnings
per share was 0.15 (2020: 0.31) euros.
Core Business and Markets
The Group's core business, Production, accounted for 87.4% of the Group's
revenue in the reporting quarter and in twelve months. The revenue of the
production segment increased both by quarter and by year: 7.4 million to 37.7
million euros and by 8.0 million to 133.5 million euros, respectively. The
biggest challenges for manufacturing companies came from supply shortages of
missing components that were required in projects. A number of large orders were
pending, and production cycles had to be reorganised on an ongoing basis.
Sales to the Estonian market remained practically at the same level in the
reporting quarter, totalling 6.5 million euros. Revenue increased by 2.5 million
to 26.0 million euros in year comparison, accounting for 17.0% (2020: 16.0%) of
the Group's revenue. The growth mainly came from the production and supply of
prefabricated substations.
The Group's revenue in Finland was 17.9 million euros in the reporting quarter
(Q4 2020: 13.8). The increase in revenue in the last quarter was affected by the
postponement of orders from the beginning of the year to the second half of the
year, due to both the cold winter at the beginning of the year and supply
difficulties resulting from material shortages. All in all, year-on-year revenue
in the Finnish market increased by 2.2 million, to 70.9 million euros. During
the reporting year, 46.4% (2020: 46.9%) of the Group's products and services
were sold to the Group's largest market, Finland.
The revenue earned from the Swedish market increased both in the reporting
quarter and yearly comparison, amounting to 10.4 (Q4 2020: 9.1) and 27.6 (2020:
26.5) million euros, respectively. In the second half of the year, the
production and supply of substations for new framework contract continued at an
accelerated pace. Sweden is the Group's second largest market, accounting for
18.1% of the Group's revenue during the year as well as in the previous period.
The Group sees market potential in Sweden and is making investments to increase
the business activity.
Sales to the Norwegian market continued to recover in the fourth quarter. The
Group sold products and services worth 4.2 (Q4 2020: 2.8) million euros to the
Norwegian market. In 2021, the Norwegian market generated revenues of 13.2
million euros (2020: 16,7). The decrease in Norwegian revenue was due to record
high orders in the reference period, as well as the slow pace of recovery in the
maritime industry. The Norwegian market accounted for 8.6% (2020: 11.4%) of the
reporting year revenue.
Investments
During 2021, the Group invested a total of 7.7 (2020: 8.1) million euros in non-
current assets, incl 1.3 (2020: 3.1) million euros in investment properties,
5.7 (2020: 4.6) million euros in property, plant, and equipment and 0.7 (2020:
0.3) million euros in intangible assets. The Group directed the majority of the
investments during the reporting period, i.e. 2.5 million euros, to the
expansion of the Lithuanian plant, which was completed in the summer. The total
cost of the investment was 5.5 million euros. In addition, preparations for the
construction of the production and storage complex in the Allika Industrial
Park, Laohotell III, were launched and investments were made in production
technology and in solar power plants. In connection with the expansion of the
production of the Elektra electric vehicle chargers in Finland, an additional
production area of 1,140 m(2) was acquired in the reporting quarter in Ulvila,
near the current production facilities. As of the reporting date, the total
value of the Group's non-current financial investments was 25.2 (31.12.20:
11.9) million euros. The net gain on the revaluation of financial assets in the
reporting quarter was 3.9 million euros and in the reporting year 12.3 million
euros. During 2021 one million euros was received from the partial sale of
securities, of which the realized profit was 0.3 million euros.
Share
The company's share price on the last trading day of the reporting quarter on
the Nasdaq Tallinn Stock Exchange closed at 7.44 euros. As at 31 December 2021,
AS Harju Elekter had 9,387 shareholders. The number of shareholders increased
during the reporting quarter by 448 members.
Dividend Proposal
In coordination with the Supervisory Board, the Group's Management Board will
propose to pay dividends to the shareholders 0.14 euros per share, totalling
2.5 million euros and representing 97% of consolidated net profit in 2021.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited
----------------------------------------------------------------------------
31 31
EUR'000 December 2021 December 2020
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ASSETS
Current assets
Cash and cash equivalents 574 2,843
Trade and other receivables 33,689 27,226
Prepayments 1,844 820
Inventories 27,437 18,856
Total current assets 63,544 49,745
----------------------------------------------------------------------------
Non-current assets
Deferred income tax assets 690 514
Non-current financial investments 25,222 11,918
Investment properties 23,903 23,605
Property, plant, and equipment 26,654 22,494
Intangible assets 7,544 7,199
Total non-current assets 84,013 65,730
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TOTAL ASSETS 147,557 115,475
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LIABILITIES AND EQUITY
Liabilities
Borrowings 16,912 12,056
Prepayments from customers 4,659 4,182
Trade and other payables 24,490 15,837
Tax liabilities 3,156 2,871
Current provisions 35 34
Total current liabilities 49,252 34,980
----------------------------------------------------------------------------
Borrowings 11,426 7,032
Other non-current liabilities 33 66
Total non-current liabilities 11,459 7,098
----------------------------------------------------------------------------
TOTAL LIABILITIES 60,711 42,078
----------------------------------------------------------------------------
Equity
Share capital 11,352 11,176
Share premium 1,601 804
Reserves 18,716 6,709
Retained earnings 55,315 54,858
Total equity attributable to the owners of the
parent company 86,984 73,547
Non-controlling interests -138 -150
Total equity 86,846 73,397
----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 147,557 115,475
----------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND
LOSS
Unaudited
----------------------------------------------------------------------------
EUR'000 Q4 Q4 12m 12m
2021 2020 2021 2020
----------------------------------------------------------------------------
Revenue 43,561 35,243 152,757 146,614
Cost of sales -38,858 -29,658 -134,877 -125,405
Gross profit 4,703 5,585 17,880 21,209
Distribution costs -1,260 -2,208 -5,259 -5,847
Administrative expenses -2,655 -2,140 -9,703 -9,259
Other income 114 213 513 707
Other expenses -49 -115 -229 -264
Operating profit 853 1,335 3,202 6,546
Finance income 57 21 129 137
Finance costs -101 -110 -353 -379
Profit before tax 809 1,246 2,978 6,304
Income tax 85 -87 -368 -776
Profit for the period 894 1,159 2,610 5,528
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Profit attributable to:
Owners of the parent company 888 1,165 2,598 5,563
Non-controlling interests 6 -6 12 -35
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Earnings per share
Basic earnings per share (EUR) 0.05 0.07 0.15 0.31
Diluted earnings per share (EUR) 0.05 0.07 0.14 0.31
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited
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EUR'000 Q4 Q4 12m 12m
2021 2020 2021 2020
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Profit for the period 894 1,159 2,610 5,528
Other comprehensive income
Items that may be reclassified to profit or loss
Impact of exchange rate changes of a foreign
subsidiaries -44 128 -57 112
Items that will not be reclassified to profit or
loss
Gain on sales of financial assets 0 0 265 80
Net gain/loss (-) on revaluation of financial
assets 3,900 3,669 12,269 2,922
Total comprehensive income for the period 3,856 3,797 12,477 3,114
Other comprehensive income 4,750 4,956 15,087 8,642
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Total comprehensive income attributable to:
Owners of the Company 4,744 4,962 15,075 8,677
Non-controlling interests 6 -6 12 -35
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Tiit Atso
Chairman of the Management Board
+372 674 7400