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
Half-yearly financial report
Unique data record identifier
9697
Attachments
Submission date and time
27.07.2022 08:00:00
Content of announcement in Estonian
Title
Harju Elekter kontserni majandustulemused, 1-6/2022
Message
2022. aasta teine kvartal kujunes Harju Elektrile kasumlikkuse mõttes ajaloo raskeimaks. Kahjumlikkust mõjutasid püsivad probleemid tarneahelates, mis väljendusid eelkõige materjalide hinnakasvus ning mitmete komponentide puuduses. Kontsernil tuli kriitiliselt ümber hinnata kõik käimasolevad tööd, nende võimalik tulemuslikkus ning sõlmitud kokkulepped eesootavateks perioodideks. Lisaks tootmiskulude kasvule osutusid mitmed projektid esialgsest planeeritust keerukamaks ja kahjumlikuks, mida omakorda võimendasid tarneraskustest tingitud ebaefektiivsus ning kvalifitseeritud tööjõu tasude suurenemine. Oleme astunud mitmeid samme, et maailmasündmustest tekkinud raskustega toime tulla. Jätkame tootmise reorganiseerimisega, et katkiste tarneahelate tingimustes efektiivsus tagada. Raamlepingute hinnaläbirääkimistest saadud leevendus ei jõudnud täielikult veel teise kvartali tulemustesse ning pigem kajastub teises poolaastas. Positiivse poole pealt on tellimusraamat kaetud pikaks perioodiks, mida iseloomustab ka müügitulude jätkuv kasv. Rohepöörde trend ja elektrifitseerimise surve on endiselt süvenemas, kiirendades elektrivõrkudesse investeerimist, et tagada töökindlus ja kaasajastamine. Finantstulemused 2022. aasta II kvartali konsolideeritud müügitulu oli 41,9 (2021 II kv: 36,3) miljonit eurot ning esimese poolaasta müügitulu oli 79,2 (2021 6k: 67,0) miljonit eurot. Mõlema perioodi võrdluses suurenes müügitulu enamik tegevusvaldkondades. Peamise osa kasvust andis elektriseadmete müük, suurenedes kvartalite võrdluses 4,9 ja kuue kuu võrdluses 9,8 miljonit eurot. ------------------------------------------------------------------------------- EUR'000 II KV II KV Muutus 6 kuud 6 kuud Muutus 2022 2021 2022 2021 ------------------------------------------------------------------------------- Müügitulu 41 914 36 310 15,4% 79 235 67 028 18,2% Brutokasum 963 4 306 -77,6% 3 949 8 151 -51,6% Ärikasum (-kahjum) enne kulumit (EBITDA) -1 953 1 638 -219,2% -2 022 3 124 -164,7% Ärikasum (-kahjum) (EBIT) -3 048 651 -568,2% -4 174 1 168 -457,4% Perioodi puhaskasum (-kahjum) -3 197 488 -755,1% -4 491 785 -672,1% sh emaettevõtte omanike osa -3 209 485 -761,6% -4 517 795 -668,2% Puhaskasum (-kahjum) aktsia kohta (eurot) -0,18 0,03 -700% -0,25 0,04 -725,0% ------------------------------------------------------------------------------- Kontserni äritegevuse kulud kasvasid nii kvartalite kui 6 kuu võrdluses 26,5%. Aruandekvartali äritegevuse kulud olid kokku 45,2 (2021 II kv: 35,8) miljonit eurot ning esimese poolaasta kulud 83,6 (2021 6k: 66,0) miljonit eurot. Valdava osa äritegevuskulude tõusust andis müüdud toodete ja teenuste kulude kasv, mõlema perioodi võrdluses 28%. Müüdud toodete ja teenuste kulude kasv kvartalis ületas müügitulude kasvutempot 12,6 protsendipunkti võrra. Turustus- ja üldhalduskulude kasv jäi alla käibe kasvule. Turustuskulud kasvasid kvartalite võrdluses 0,2 miljoni võrra 1,5 miljoni euroni, moodustades kontserni äritegevusekuludest 3,4% ja müügitulust 3,6%. Üldhalduskulud kasvasid kvartalite võrdluses 0,3 miljoni euro võrra 2,8 miljoni euroni, moodustades kontserni aruandekvartali äritegevusekuludest 6,1% ja müügitulust 6,6%. Esimese poolaasta turustuskulud kokku olid 2,9 ning üldhalduskulud 5,4 miljonit eurot. Tööjõukulud kvartalite ja poolaastate võrdluses kasvasid, olles vastavalt 9,1 (2021 II kv: 7,6) ja 17,9 (2021 6k: 14,9) miljonit eurot. Valdava osa tööjõukulude ja keskmise töötasu kasvust andis personali märkimisväärne juurdekasv ning kõikidel turgudel tööjõupuudusest tingitud palgasurve. Aruandekvartali brutokasum oli 963 (2021 II kv: 4 306) tuhat eurot ja brutokasumi marginaaliks kujunes 2,3% (2021 II kv: 11,9%). Ärikahjum (EBIT) oli -3 048 (2021 II kv: ärikasum 651) tuhat eurot. Teise kvartali ärirentaabluseks kujunes -7,3% (2021 II kv: 1,8%). Aruandekvartali puhaskahjum oli -3 197 (2021 II kv: puhaskasum 488) tuhat eurot, millest emaettevõtte omanike osa moodustas -3 209 (2021 II kv: 485) tuhat eurot. Puhaskahjum aktsia kohta oli teises kvartalis -0,18 (2021 II kv: puhaskasum aktsia kohta 0,03) eurot. Esimese poolaasta brutokasum oli 3 949 (2021 6k: 8 151) tuhat eurot ja brutokahjumi marginaal 5,0% (2021 6k: 12,2%). Kuue kuuga teeniti ärikahjumit (EBIT) -4 174 (2021 6k: ärikasum 1 168) tuhat eurot ning puhaskahjumit -4 491 (2021 6k: puhaskasum 785) tuhat eurot. Puhaskahjum aktsia kohta oli -0,25 (2021 6k: puhaskasum aktsia kohta 0,04) eurot. Põhitegevusala ja turud Kontserni põhitegevusala, tootmine, moodustas kontserni konsolideeritud müügitulust 89,3%. Elektriseadmeid tootvate ettevõtete müügimahtude kasvu ning suuremahuliste eritellimustööde toel suurenes tootmissegmendi müügimaht aruandekvartalis 18,3% ehk 37,4 miljoni euroni. Aruandekvartali müük Eesti turule jäi võrdluses eelmise aastaga samale tasemele, olles 6,9 miljonit eurot. Kuue kuuga kasvas müügitulu 15,1% ehk 13,8 miljoni euroni. Kasv tuli peamiselt hermeetiliste jaotustrafode ning jaotuskappide müügimahu suurenemisest. Eesti turg moodustas aruandekvartali konsolideeritud müügitulust 16,4% (2021 II kv: 19,0%). Turgude võrdluses oli müügikasv Soome turule kõige suurem. Aruandekvartalis teeniti 3,7 miljoni euro võrra enam müügitulu kui aasta varem, kokku 22,1 miljonit eurot. Kuue kuuga teeniti Soome turult 38,8 (2021 6k: 33,0) miljonit eurot. Valdav osa aruandekvartali müügimahust moodustas alajaamade müük Soome elektrivõrguettevõtetele. Eelmise aasta kuue kuu tavapärasest väiksemat müügitulu mõjutasid enim tellimuste vähenemine seoses lumerohke ja külma talvega, uute pikaajaliste tellimustega alustamine, kuid ka mõningased tarneraskused ja materjali defitsiit. Kontserni suurimale turule müüdi aruandekvartalis üle poole ehk 52,6% (2021 II kv: 50,6%) Harju Elektri toodetest ja teenustest. Müük Rootsi turule vähenes aruandekvartalite võrdluses 43% ja kuue kuu võrdluses 19%, olles vastavalt 3,5 ja 9,3 miljonit eurot. Rootsi turu võrdlusbaas oli kõrge, kuna eelmise aasta samal perioodil oli Rootsi tütarettevõttel tavapärasest rohkem pooleliolevaid projekte kohalikul turul. Rootsi moodustas aruandekvartali konsolideeritud müügitulust 8,3% (2021 II kv: 16,9%). Laevandussektori tellimusmahud Norras on taastumas. Aruandekvartalis müüdi Norra turule 2,9 miljoni euro väärtuses kontserni tooteid ja teenuseid, mis oli 45% võrra enam kui eelneva aasta samal perioodil. Kuue kuu võrdluses kahekordistus müügitulu 7,4 miljonit euroni. Müügitulu kasv mõlemas perioodis on tingitud madalast tellimusmahust võrdlusperioodil. Norra turg moodustas kvartali müügitulust 6,9% (2021 II kv: 5,5%). Investeeringud Harju Elekter investeeris aruandeperioodil põhivarasse kokku 2,2 (2021 6k: 3,9) miljonit eurot, sealhulgas kinnisvarainvesteeringutesse 1,2 (2021 6k: 0,2) miljonit eurot, materiaalsesse põhivarasse 0,7 (2021 6k: 3,5) miljonit eurot ja immateriaalsesse põhivarasse 0,3 (2021 6k: 0,2) miljonit eurot. Valdav osa aruandeperioodi investeeringutest suunati Allika Tööstuspargi tootmis- ja laoruumide kompleksi Laohotell III ehitusse, mis tänaseks on rentnikega täidetud. Lisaks investeeriti tootmistehnoloogilisse põhivarasse ning tootmis-ja protsessijuhtimissüsteemidesse. Kontserni pikaajaliste finantsinvesteeringute väärtus oli aruandekuupäeva seisuga kokku 23,6 (31.12.21: 25,2) miljonit eurot. Peamiseks muutuseks oli osaline väärtpaberite müük ning õiglase väärtuse langus esimesel poolaastal 0,9 miljoni euro võrra. Noteeritud väärtpaberite osalisest müügist laekus esimesel poolaastal kokku 1,3 (2021 6k: 1,0) miljonit eurot, millest realiseerunud kasum oli 0,32 (2021 6k: 0,27) miljonit eurot. Harju Elekter suurendas 0,2 miljoni euro võrra osalust tehnoloogiaettevõttes IGL-Technologies Oy 5,5%-lt 10%-ni. Aktsia Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq Tallinna börsil 5,43 euro tasemel. AS Harju Elektril oli 30.06.2022 seisuga 9842 aktsionäri. Aruandekvartali jooksul suurenes aktsionäride arv 97 võrra. KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE Auditeerimata ---------------------------------------------------------------------------- EUR'000 30.06.2022 31.12.2021 30.06.2021 ---------------------------------------------------------------------------- VARAD Käibevarad Raha ja raha ekvivalendid 629 574 1 576 Nõuded ostjatele ja muud nõuded 31 134 33 689 27 215 Ettemaksed 1 729 1 844 1 366 Varud 38 185 27 437 24 623 Käibevara kokku 71 677 63 544 54 780 ---------------------------------------------------------------------------- Põhivara Edasilükkunud tulumaksu vara 762 690 575 Pikaajalised finantsinvesteeringud 23 596 25 222 21 259 Kinnisvarainvesteeringud 24 647 23 903 23 328 Materiaalne põhivara 25 794 26 654 24 879 Immateriaalne põhivara 7 711 7 544 7 224 Põhivara kokku 82 510 84 013 77 265 ---------------------------------------------------------------------------- VARAD KOKKU 154 187 147 557 132 045 ---------------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL Kohustused Võlakohustused 20 398 16 912 15 292 Ostjate ettemaksed 8 558 4 659 1 919 Võlad tarnijatele ja muud võlad 27 615 24 490 22 208 Maksuvõlad 3 525 3 156 2 946 Lühiajalised eraldised 551 35 73 Lühiajalised kohustused kokku 60 647 49 252 42 438 ---------------------------------------------------------------------------- Võlakohustused 14 158 11 426 9 469 Muud pikaajalised kohustused 33 33 65 Pikaajalised kohustused kokku 14 191 11 459 9 534 ---------------------------------------------------------------------------- KOHUSTUSED KOKKU 74 838 60 711 51 972 ---------------------------------------------------------------------------- Omakapital Aktsiakapital 11 352 11 352 11 176 Ülekurss 1 601 1 601 804 Reservid 17 913 18 716 15 173 Jaotamata kasum 48 595 55 315 53 080 Emaettevõtte omanikele kuuluv omakapital kokku 79 461 86 984 80 233 Mittekontrolliv osalus -112 -138 -160 Omakapital kokku 79 349 86 846 80 073 ---------------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL KOKKU 154 187 147 557 132 045 ---------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE Auditeerimata -------------------------------------------------------------------------- EUR'000 II KV II KV 6 kuud 6 kuud 2022 2021 2022 2021 -------------------------------------------------------------------------- Müügitulu 41 914 36 310 79 235 67 028 Müüdud toodete ja teenuste kulud -40 951 -32 004 -75 286 -58 877 Brutokasum 963 4 306 3 949 8 151 Turustuskulud -1 515 - 1 315 -2 866 -2 529 Üldhalduskulud -2 764 -2 437 -5 429 -4 654 Muud äritulud 322 188 378 360 Muud ärikulud -54 -91 -206 -160 Ärikasum (-kahjum) -3 048 651 -4 174 1 168 Finantstulud 34 51 74 68 Finantskulud -111 -60 -230 -158 Kasum (-kahjum) enne maksustamist -3 125 642 -4 330 1 078 Tulumaks -72 -154 -161 -293 Perioodi puhaskasum (-kahjum) -3 197 488 -4 491 785 -------------------------------------------------------------------------- Puhaskasumi (-kahjum) jaotus Emaettevõtte omanike osa puhaskasumist -3 209 485 -4 517 795 Mitte-kontrolliv osa puhaskasumist 12 3 26 -10 -------------------------------------------------------------------------- Puhaskasum (-kahjum) aktsia kohta Tavapuhaskasum aktsia kohta (EUR) -0,18 0,03 -0,25 0,04 Lahustatud puhaskasum aktsia kohta (EUR) -0,18 0,03 -0,25 0,04 -------------------------------------------------------------------------- KONSOLIDEERITUD KOONDKASUMIARUANNE Auditeerimata -------------------------------------------------------------------------- EUR'000 II KV II KV 6 kuud 6 kuud 2022 2021 2022 2021 -------------------------------------------------------------------------- Perioodi puhaskasum (-kahjum) -3 197 488 -4 491 785 Muu koondkasum (-kahjum) Kirjed, mis hiljem võib klassifitseerida kasumiaruandesse Valuutakursi vahed välisettevõtte ümberarvestusel -86 19 -65 -4 Kirjed, mida hiljem ei klassifitseerita kasumiaruandesse Realiseerunud kasum finantsvara müügist 169 221 320 265 Finantsvara ümberhindluse netokasum/netokahjum (-) -336 7 954 -858 8 319 Perioodi muu koondkasum (-kahjum) kokku -253 8 194 -603 8 580 Perioodi koondkasum (-kahjum) kokku -3 450 8 682 -5 094 9 365 -------------------------------------------------------------------------- Koondkasumi (-kahjum) jaotus: Emaettevõtte omanike osa koondkasumist -3 462 8 680 -5 120 9 375 Mitte-kontrolliv osa koondkasumist 12 2 26 -10 -------------------------------------------------------------------------- Tiit Atso Juhatuse esimees Tel 674 7400
Content of announcement in English
Title
Harju Elekter Group financial results, 1-6/2022
Message
In terms of profitability, the second quarter of 2022 turned out to be the most difficult in the history of Harju Elekter. Persistent supply chain problems, in particular in the form of rising material prices and shortages involving several components, affected the profitability. The Group was forced to critically reassess all ongoing works, agreements, and their potential profitability for the coming periods. In addition to the increase in production costs, several projects turned out to be more complex and unprofitable than originally planned, exacerbated by the inefficiencies arising from supply constraints and rising fees for skilled labour. We have taken a number of steps to cope with the challenges posed by world events. We will continue to reorganise production to ensure efficiency in the face of disrupted supply chains. The relief obtained from framework contract price negotiations has not yet fully been reflected in second quarter results and is more likely to be seen in the second half of the year. On the positive side, the order book is covered for a long period, which is also characterised by continued growth in revenues. The green transition trend and the pressure to ramp up electrification continue to intensify, accelerating investment in electricity networks to ensure reliability and modernisation. Financial Results The consolidated revenue for the second quarter of 2022 was 41.9 (Q2 2021: 36.3) million euros, and the revenue for the first half of the year was 79.2 (6M 2021: 67.0) million euros. Comparing both periods, revenue increased in most business areas. Manufacturing and sales of electrical equipment accounted for the majority of the increase, rising by 4.9 million euros in the reporting quarter in yearly comparison and 9.8 million euros in the six-month comparison. ------------------------------------------------------------------------------- EUR'000 Q2 Q2 +/- 6M 6 M +/- 2022 2021 2022 2021 ------------------------------------------------------------------------------- Revenue 41,914 36,310 15.4% 79,235 67,028 18.2% Gross profit 963 4,306 -77.6% 3,949 8,151 -51.6% EBITDA -1,953 1,638 -219.2% -2,022 3,124 -164.7% Operating profit/loss (-) (EBIT) -3,048 651 -568.2% -4,174 1,168 -457.4% Profit/loss (-) for the period -3,197 488 -755.1% -4,491 785 -672.1% Incl. attributable to owners of the parent company -3,209 485 -761.6% -4,517 795 -668.2% Earnings per share (EPS) (euros) -0.18 0.03 -700% -0.25 0.04 -725.0% ------------------------------------------------------------------------------- The Group's operating expenses increased by 26.5% during quarterly and 6 months comparison. The operating expenses in total for the reporting quarter were 45.2 (Q2 2021: 35.8) million euros, and for the first half of the year 83.6 (6M 2021: 66.0) million euros. The majority of the increase in operating expenses was due to the increase in the cost of sales, up 28% in the comparison of both periods. The increased costs of goods and services sold exceeded the growth rate of revenue by 12.6 percentage points. The increase in distribution costs and administrative expenses was lower than the increase in revenue. Distribution costs increased by 0.2 million to 1.5 million euros quarter-on-quarter, making up 3.4% of the Group's operating expenses and 3.6% of revenue. Administrative expenses increased by 0.3 million euros to 2.8 million euros quarter-on-quarter, accounting for 6.1% of the Group's operating expenses and 6.6% of revenue. The total distribution costs for the first half of the year were 2.9 and administrative expenses were 5.4 million euros. Labour costs increased with quarterly and half-yearly comparison, being 9.1 (Q2 2021: 7.6) and 17.9 (6M 2021: 14.9) million euros, respectively. A majority of the growth in labour costs and average wages was attributed to the significant increase in staff and wage pressure due to labour shortages in all markets. The gross profit for the Q2 was 963 (Q2 2021: 4,306) thousand euros and the gross profit margin was 2.3% (Q2 2021: 11.9%). The consolidated operating loss (EBIT) was -3,048 (Q2 2021: operating profit 651) thousand euros. The operating margin for the second quarter was -7.3% (Q2 2021: 1.8%). The net loss for the Q2 was -3,197 (Q2 2021: net profit 488) thousand euros of which the share of the owners of the parent company was -3,209 (Q2 2021: 485) thousand euros. The earnings per share were -0.18 euros (Q2 2021: 0.03) in the second quarter. The gross profit for the first half of the year was 3,949 (6M 2021: 8,151) thousand euros and the gross profit margin was 5.0% (6M 2021: 12.2%). During the first six months, the operating loss (EBIT) was -4,174 (6M 2021: operating profit 1,168) thousand euros. In total, the Group's net loss for the first half of the year was -4,491 (6M 2021: net profit 785) thousand euros and earnings per share was -0.25 (6M 2021: 0.04) euros. Core Business and Markets The Group's core business, production, accounted for 89.3% of the Group's consolidated revenue. Thanks to the growth in sales volumes of companies manufacturing electrical equipment and the support of large-scale special-order work, the sales volume of the production segment increased by 18.3% to 37.4 million euros in the reporting quarter. Sales of the reporting quarter to the Estonian market remained at the same level as last year, being 6.9 million euros. In six months, revenue increased by 15.1% to 13.8 million euros. The increase was mainly due to the increase in sales of hermetic distribution transformers and distribution cabinets. The Estonian market accounted for 16.4% (Q2 2021: 19.0%) of the consolidated revenue in the reporting quarter. In the comparison of markets, the sales growth was the highest for the Finnish market. In the reporting quarter, revenue was 3.7 million euros more than the year before, totaling 22.1 million euros. In six months, 38.8 (6M 2021: 33.0) million euros were earned from the Finnish market. The majority of the sales volume in the reporting quarter consisted of the sale of substations to Finnish electricity network companies. The lower-than-usual six-month revenue in the previous year were mainly affected by a decrease in orders due to the snowy and cold winter, the start of new long-term orders, as well as some supply constraints and material shortages. In the reporting quarter, more than half, or 52.6% (Q2 2021: 50.6%) of Harju Elekter's products and services were sold to the Group's largest market. Sales to the Swedish market decreased by 43% compared to the reporting quarters and by 19% compared to six months, being 3.5 and 9.3 million euros, respectively. The benchmark for the Swedish market was high, as the Swedish subsidiary had more projects underway than usual in the local market in the same period last year. Sweden accounted for 8.3% (Q2 2021: 16.9%) of the consolidated revenue of the reporting quarter. Order volumes in the shipping sector in Norway are recovering. During the reporting quarter, 2.9 million euros worth of Group products and services were sold on the Norwegian market, which was 45% more than in the same period of the previous year. Compared to six months, revenue doubled to 7.4 million euros. Revenue increases in both periods are due to low order volume in the comparison periods. The Norwegian market accounted for 6.9% (Q2 2021: 5.5%) of the quarter's revenue. Investments During the reporting period, the Group invested a total of 2.2 (6M 2021: 3.9) million euros in non-current assets, incl 1.2 (6M 2021: 0.2) million euros in investment properties, 0.7 (6M 2021: 3.5) million euros in property, plant, and equipment and 0.3 (6M 2021: 0.2) million euros in intangible assets. Most of the investments during the reporting period were directed to the construction of the Laohotell III production and warehouse complex, in the Allika Industrial Park, which today is filled with tenants. In addition, investments were made in production technology equipment and production and process management systems. The value of the Group's non-current financial investments totaled 23.6 (31.12.21: 25.2) million euros as of the reporting date. The main change were the partial sale of securities and the decrease in fair value of 0.9 million euros in the first half of the year. A total of 1.3 (6M 2021: 1.0) million euros was received from the partial sale of listed securities during the first half of the year, of which the realized profit was 0.32 (6M 2021: 0.27) million euros. Harju Elekter increased its stake in the technology company IGL-Technologies Oy from 5.5% to 10% by 0.2 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 5.43 euros. As of 30 June 2022, AS Harju Elekter had 9,842 shareholders. The number of shareholders increased during the reporting quarter by 97. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited ---------------------------------------------------------------------------- EUR'000 30.06.2022 31.12.2021 30.06.2021 ---------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents 629 574 1,576 Trade and other receivables 31,134 33,689 27,215 Prepayments 1,729 1,844 1,366 Inventories 38,185 27,437 24,623 Total current assets 71,677 63,544 54,780 ---------------------------------------------------------------------------- Non-current assets Deferred income tax assets 762 690 575 Non-current financial investments 23,596 25,222 21,259 Investment properties 24,647 23,903 23,328 Property, plant and equipment 25,794 26,654 24,879 Intangible assets 7,711 7,544 7,224 Total non-current assets 82,510 84,013 77,265 ---------------------------------------------------------------------------- TOTAL ASSETS 154,187 147,557 132,045 ---------------------------------------------------------------------------- LIABILITIES AND EQUITY Liabilities Borrowings 20,398 16,912 15,292 Prepayments from customers 8,558 4,659 1,919 Trade and other payables 27,615 24,490 22,208 Tax liabilities 3,525 3,156 2,946 Current provisions 551 35 73 Total current liabilities 60,647 49,252 42,438 ---------------------------------------------------------------------------- Borrowings 14,158 11,426 9,469 Other non-current liabilities 33 33 65 Total non-current liabilities 14,191 11,459 9,534 ---------------------------------------------------------------------------- TOTAL LIABILITIES 74,838 60,711 51,972 ---------------------------------------------------------------------------- Equity Share capital 11,352 11,352 11,176 Share premium 1,601 1,601 804 Reserves 17,913 18,716 15,173 Retained earnings 48,595 55,315 53,080 Total equity attributable to the owners of the parent company 79,461 86,984 80,233 Non-controlling interests -112 -138 -160 Total equity 79,349 86,846 80,073 ---------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 154,187 147,557 132,045 ---------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF PROFIT AND LOSS Unaudited -------------------------------------------------------------------------- EUR'000 Q2 Q2 6M 6M 2022 2021 2022 2021 -------------------------------------------------------------------------- Revenue 41,914 36,310 79,235 67,028 Cost of sales -40,951 -32,004 -75,286 -58,877 Gross profit 963 4,306 3,949 8,151 Distribution costs -1,515 - 1,315 -2,866 -2,529 Administrative expenses -2,764 -2,437 -5,429 -4,654 Other income 322 188 378 360 Other expenses -54 -91 -206 -160 Operating profit/loss (-) -3,048 651 -4,174 1,168 Finance income 34 51 74 68 Finance costs -111 -60 -230 -158 Profit/loss (-) before tax -3,125 642 -4,330 1,078 Income tax -72 -154 -161 -293 Profit/loss (-) for the period -3,197 488 -4,491 785 -------------------------------------------------------------------------- Profit /loss (-) attributable to: Owners of the parent company -3,209 485 -4,517 795 Non-controlling interests 12 3 26 -10 -------------------------------------------------------------------------- Earnings per share Basic earnings per share (euros) -0.18 0.03 -0.25 0.04 Diluted earnings per share (euros) -0.18 0.03 -0.25 0.04 -------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited -------------------------------------------------------------------------- EUR'000 Q2 Q2 6M 6M 2022 2021 2022 2021 -------------------------------------------------------------------------- Profit/loss (-) for the period -3,197 488 -4,491 785 Other comprehensive income Items that may be reclassified to profit or loss Impact of exchange rate changes of a foreign subsidiaries -86 19 -65 -4 Items that will not be reclassified to profit or loss Gain on sales of financial assets 169 221 320 265 Net gain/loss (-) on revaluation of financial assets -336 7,954 -858 8,319 Total comprehensive income for the period -253 8,194 -603 8,580 Other comprehensive income -3,450 8,682 -5,094 9,365 -------------------------------------------------------------------------- Total comprehensive income attributable to: Owners of the Company -3,462 8,680 -5,120 9,375 Non-controlling interests 12 2 26 -10 -------------------------------------------------------------------------- Tiit Atso Chairman of the Board +372 674 7400