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AS Harju Elekter Group
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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Kuupäev
24.04.2024 07:00:00
Pealkiri
Harju Elekter kontserni majandustulemused, 1-3/2024
Teade
Juhatuse kommentaar Harju Elektri 2024. aasta algas tagasihoidlikumate tulemustega kui aasta varem. Pikemas võrdluses on siiski tegemist tugeva I kvartaliga. Vaatamata meie püüdlustest hooajalisust minimeerida, kujunevad I ja IV kvartali tulemused tavaliselt nõrgemateks II ja III kvartali omadest. Ka käesoleval aastal algas märkimisväärne tootmismahtude kasv alles märtsis ning jätkub tellimuste kohaselt vähemalt sügise lõpuni. Suurima panuse finantstulemustesse andis Leedu ning mõningal määral ka Eesti tootmine. Soome tootmisüksuses on ees mitmed tegevused kasumlikkuse taastamiseks ning pikalt aega võtnud Rootsi üksuse kasumisse jõudmise suhtes võime olla järjest optimistlikumad. Olulist majanduslikku mõju avaldasid Eesti ja Soome müügitulemustele Soome riikliku energiavõrgu regulatsioonide muudatused jaotusvõrkudele, mille tõttu on vähendatud investeeringuid jooksvaks ja tulevateks aastateks. Käesoleva aasta 11. märtsist hakkas kehtima Euroopa Parlamendi ja Nõukogu määrus, mis keelustab 2026. aastast fluoritud kasvuhoonegaaside (SF6) kasutamise elektriseadmetes. Suure tõenäosusega tähendab see Harju Elektri jaoks mitmete sõlmitud elektrivõrkude lepingute muutmist või nende ülesütlemist 2025. aasta jooksul. Kuna seadmetootjad alles käivitavad SF6 vabade seadmete tootmist, võib turul tekkida defitsiitne olukord, mis mõjutab nii seadmete kättesaadavust kui ka hindade järsku kasvu. See tingib omakorda kompleksalajaamade tellimuste mahu olulise kõikumise enne ja pärast nimetatud seadmete kasutusele võtmise tähtaega. Tänaseks on lõpule viidud 2022. aasta teises pooles alustatud restruktureerimine, mis muutis kontserni ja tütarettevõtete juhtimist, teravdas fookust põhitegevusaladele ja nägi ette muid olulisi samme, et olla valmis uue strateegilise arengukava elluviimiseks. Ilma kasvuta ei ole arengut, mistõttu jätkame võimaluste otsimist kasumliku kasvu jätkamiseks nii olemasolevates kui ka uutes asukohtades. Müügitulu ja finantstulemused Kontserni müügitulu esimeses kvartalis oli 46,8 miljonit eurot, mis on 3,3% rohkem võrreldes eelmise aasta sama perioodiga. Elektriseadmete müük näitas stabiilset kasvu ja olulist panust ettevõtte tuludesse, teenides kokkuvõtvalt 42,2 miljonit eurot ning moodustades 90,3% kogu kvartali müügitulust. Elektriseadmete müügist olulisema osa moodustasid alajaamade, madalpinge jaotusseadmete, tehniliste hoonete ja allhanketeenuse pakkumine. ----------------------------------------------------------------- EUR '000 3 kuud 3 kuud Muutus 2024 2023 ----------------------------------------------------------------- Müügitulu 46 775 45 269 3,3% Brutokasum 4 836 5 386 -10,2% Ärikasum enne kulumit (EBITDA) 1 941 2 382 -18,5% Ärikasum (EBIT) 976 1 309 -25,4% Perioodi puhaskasum 361 749 -51,8% Puhaskasum aktsia kohta (eurot) 0,02 0,04 -50,0% ----------------------------------------------------------------- Kontserni äritegevuse kulud olid aruandekvartalis kokku 45,7 (2023 I kv: 43,8) miljonit eurot. Peamise osa äritegevuskulude kasvust andis müüdud toodete ja teenuste kulude 5,2%-line tõus, mis jäi alla esimeste kvartalite müügitulu kasvutempole 1,9 protsendipunkti. Turustuskulud vähenesid 11,8% võrra, ulatudes 1,2 miljoni euroni, moodustades nii kontserni äritegevuse kuludest kui ka müügitulust 2,6%. Üldhalduskulud vähenesid kvartalite võrdluses 2,4% võrra 2,5 miljoni euroni, moodustades kontserni aruandekvartali äritegevuse kuludest 5,5% ja müügitulust 5,4%. Tööjõukulud kasvasid kvartalite võrdluses 5,7%, ulatudes 10,0 miljoni euroni. Müügitulu kasvas, kuid kasumlikus vähenes võrreldes aasta varasemaga. Kolme kuu brutokasum oli 4,8 (2023 I kv: 5,4) miljonit eurot ja brutokasumi marginaaliks kujunes 10,3% (2023 I kv: 11,9%). Ärikasum (EBIT) oli 1,0 (2023 I kv: 1,3) miljonit eurot ja ärirentaablus 2,1% (2023 I kv: 2,9%). Puhaskasum esimeses kvartalis oli 0,4 (2023 I kv: 0,7) miljonit eurot. Puhaskasum aktsia kohta oli esimeses kvartalis 0,02 (2023 I kv: 0,04) eurot. Põhitegevusala ja turud Kontserni põhitegevusala, tootmine, moodustas kontserni aruandekvartali müügitulust 94,9%. Tootmissegmendi müügitulu kasvas kvartalite võrdluses 4,2%, olles 44,4 miljonit eurot. Kontserni suurimad sihtturud, Eesti, Soome, Rootsi ja Norra, moodustasid 80,6% kogu müügitulust esimeses kvartalis, mis on oluline tõus võrreldes eelmise aastaga (2023 I kv: 75,3%). Eesti ja Soome turud olid võrreldes aasta varasemaga tagasihoidlikumad. Aruandekvartalis teeniti Eestist 4,5 (2023 I kv: 5,0) miljonit eurot, moodustades konsolideeritud müügitulust 9,6% (2023 I kv: 10,9%). Alajaamade ja kaablijaotuskappide müük elektrijaotussektori klientidele vähenes, kuid samal ajal suurenes renditulu kinnisvaraobjektidelt. Soome turult teeniti 17,0 miljonit eurot, mis on 8,9% vähem kui aasta varem. Valdava osa müügitulude langusest tulenes elektriseadmete müügi ja elektritööde mahu vähenemisest. Tagasihoidlikuks jäi alajaamade müük elektrijaotussektori klientidele ja elektriautolaadijate müük. Märkimisväärne kasv toimus Norra turul, kus müügitulu kasvas kahekordselt 9,3 miljoni euroni, peamiselt madalpingeseadmete müügist laevandussektori klientidele. Norra turg moodustas aruandekvartali konsolideeritud müügitulust 19,9%. Rootsi müügitulu kasvas samuti veidi, ulatudes 6,9 (2023 I kv: 6,5) miljoni euroni, näidates stabiilset arengut turusegmendis. Investeeringud Harju Elekter investeeris aruandeperioodil põhivarasse kokku 0,7 (2023 I kv: 0,6) miljonit eurot, sealhulgas kinnisvarainvesteeringutesse 0,4 (2023 I kv: 0,3) miljonit eurot, materiaalsesse põhivarasse 0,1 (2023 I kv: 0,3) miljonit eurot ja immateriaalsesse põhivarasse 0,2 (2023 I kv: 0,1) miljonit eurot. Investeeringud hõlmasid suuremahulisi ruumide renoveerimis- ja rekonstrueerimistöid Keila tööstuspargis, mis on suunatud pikaajalise rentniku, Prysmian Group Baltics, vajadustele. Lisaks soetati tootmis-tehnoloogilisi põhivarasid ning arendati tootmis- ja protsessijuhtimissüsteeme. Kontserni pikaajaliste finantsinvesteeringute väärtus oli aruandekuupäeva seisuga kokku 29,3 (31.12.23: 29,2) miljonit eurot. Aktsia Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq Tallinna börsil 4,79 euro tasemel. AS-il Harju Elekter Group oli 31.03.2024 seisuga 11 103 aktsionäri. KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE Auditeerimata ------------------------------------------------------------------------------ EUR '000 31.03.2024 31.12.2023 31.03.2023 ------------------------------------------------------------------------------ VARAD Käibevarad Raha ja raha ekvivalendid 1 444 1 381 1 028 Nõuded ostjatele ja muud nõuded 49 050 38 837 37 627 Ettemaksed 1 400 1 071 1 945 Varud 35 900 36 834 44 704 Käibevara kokku 87 794 78 123 85 304 ------------------------------------------------------------------------------ Põhivara Edasilükkunud tulumaksu vara 868 731 1 002 Pikaajalised finantsinvesteeringud 29 313 29 244 23 767 Kinnisvarainvesteeringud 28 922 28 856 24 766 Materiaalne põhivara 33 549 34 067 35 042 Immateriaalne põhivara 7 440 7 354 7 284 Põhivara kokku 100 092 100 252 91 861 ------------------------------------------------------------------------------ VARAD KOKKU 187 886 178 375 177 165 ------------------------------------------------------------------------------ KOHUSTUSED JA OMAKAPITAL Kohustused Võlakohustused 22 576 19 387 18 366 Ostjate ettemaksed 20 946 18 870 21 310 Võlad tarnijatele ja muud võlad 27 432 23 159 31 888 Maksuvõlad 2 978 3 308 3 033 Lühiajalised eraldised 150 140 1 950 Lühiajalised kohustused kokku 74 082 64 864 76 547 ------------------------------------------------------------------------------ Võlakohustused 23 207 23 481 20 412 Muud pikaajalised kohustused 32 32 0 Pikaajalised kohustused kokku 23 239 23 513 20 412 ------------------------------------------------------------------------------ KOHUSTUSED KOKKU 97 321 88 377 96 959 ------------------------------------------------------------------------------ Omakapital Aktsiakapital 11 655 11 655 11 523 Ülekurss 3 306 3 306 2 509 Reservid 23 261 23 055 17 815 Jaotamata kasum 52 343 51 982 48 552 Emaettevõtte omanikele kuuluv omakapital kokku 90 565 89 998 80 399 Mittekontrolliv osalus 0 0 -193 Omakapital kokku 90 565 89 998 80 206 ------------------------------------------------------------------------------ KOHUSTUSED JA OMAKAPITAL KOKKU 187 886 178 375 177 165 ------------------------------------------------------------------------------ KONSOLIDEERITUD KASUMIARUANNE Auditeerimata ---------------------------------------------------------------- EUR '000 3 kuud 3 kuud 2024 2023 ---------------------------------------------------------------- Müügitulu 46 775 45 269 Müüdud toodete ja teenuste kulud -41 939 -39 883 Brutokasum 4 836 5 386 Turustuskulud -1 195 -1 356 Üldhalduskulud -2 517 -2 580 Muud äritulud 19 18 Muud ärikulud -167 -159 Ärikasum 976 1 309 Finantstulud 92 75 Finantskulud -590 -549 Kasum enne maksustamist 478 835 Tulumaks -117 -86 Perioodi puhaskasum 361 749 ---------------------------------------------------------------- Puhaskasumi jaotus Emaettevõtte omanike osa puhaskasumist 361 781 Mitte-kontrolliv osa puhaskasumist 0 -32 ---------------------------------------------------------------- Puhaskasum aktsia kohta Tavapuhaskasum aktsia kohta (EUR) 0,02 0,04 Lahustatud puhaskasum aktsia kohta (EUR) 0,02 0,04 ---------------------------------------------------------------- KONSOLIDEERITUD KOONDKASUMIARUANNE Auditeerimata ------------------------------------------------------------------------- EUR '000 3 kuud 3 kuud 2024 2023 ------------------------------------------------------------------------- Perioodi puhaskasum 361 749 Muu koondkasum Kirjed, mis hiljem võib klassifitseerida kasumiaruandesse Valuutakursi vahed välisettevõtte ümberarvestusel 106 -41 Kirjed, mida hiljem ei klassifitseerita kasumiaruandesse Realiseerunud kasum finantsvara müügist 0 0 Finantsvara ümberhindluse netokasum 70 36 Perioodi muu koondkasum kokku 176 -5 Perioodi koondkasum kokku 537 744 ------------------------------------------------------------------------- Koondkasumi jaotus: Emaettevõtte omanike osa koondkasumist 537 776 Mitte-kontrolliv osa koondkasumist 0 -32 ------------------------------------------------------------------------- Priit Treial Finantsjuht ja juhatuse liige Tel 674 7400
Pealkiri
Harju Elekter Group financial results, 1-3/2024
Teade
Commentary from the management Harju Elekter's 2024 began with more modest results than in the year before. In the longer term, however, it was still a strong first quarter. Despite our efforts to minimise seasonality, the Q1 and Q4 results tend to be weaker than the Q2 and Q3 results. In this year as well, the significant increase in production volumes started in March, and based on orders is expected to continue until the end of autumn. The biggest contribution to the financial results originated from production in Lithuania, and from production in Estonia to some extent. The Finnish production unit has a number of activities ahead to restore its profitability, and we can be increasingly optimistic about the Swedish unit's return to profitability, which has taken longer time than anticipated. Amendments to the Finnish national energy network regulations that govern distribution networks had a significant economic impact on sales results in Estonia and Finland, resulting in reduced investments for the current and coming years. On 11 March this year, the Regulation of the European Parliament and of the Council banning the use of fluorinated greenhouse gases (SF6) in electrical equipment from 2026 entered into force. For Harju Elekter, this will very likely mean that a number of electricity grid contracts will be amended or cancelled in 2025. As equipment manufacturers are only starting up their production of SF6- free equipment, a shortage situation could emerge in the market, affecting both the availability of equipment and leading to a sharp increase in prices. This, in turn, will lead to significant fluctuations in the volume of orders for complex substations before and after the commissioning date of said equipment. By today, we have completed the restructuring commenced in the second half of 2022, which transformed the management of the Group and its subsidiaries, sharpened the focus on core activities, and provided for other important steps to be ready for the implementation of the new strategic development plan. There is no development without growth, which is why we will keep looking for opportunities to continue profitable growth in both existing and new locations. Revenue and financial results The Group's revenue in the first quarter was 46.8 million euros, representing a 3.3% growth compared to the same period last year. Sales of electrical equipment showed stable growth and made a significant contribution to the company's revenue, amounting to 42.2 million euros and accounting for 90.3% of total quarterly revenue. The majority of electrical equipment sales consisted of substations, low-voltage distribution equipment, technical buildings, and subcontracting services. ------------------------------------------------------------------ EUR '000 3M 3M +/- 2024 2023 ------------------------------------------------------------------ Revenue 46,775 45,269 3.3% Gross profit 4,836 5,386 -10.2% EBITDA 1,941 2,382 -18.5% Operating profit (EBIT) 976 1,309 -25.4% Profit for the period 361 749 -51.8% Earnings per share (EPS) (euros) 0.02 0.04 -50.0% ------------------------------------------------------------------ The Group's operating expenses in the reporting quarter totaled 45.7 (Q1 2023: 43.8) million euros. The main part of the increase in operating expenses came from a 5.2% rise in the costs of goods sold and services, which lagged behind the growth rate of revenue by 1.9 percentage points in the first quarters. Marketing expenses decreased by 11.8% to 1.2 million euros, representing 2.6% of both the Group's operating expenses and revenue. Administrative expenses decreased by 2.4% to 2.5 million euros compared to previous quarters, representing 5.5% of the Group's operating expenses and 5.4% of revenue for the reporting quarter. Labour costs increased by 5.7% compared to previous quarters, amounting to 10.0 million euros. While revenue increased, profitability declined compared to the previous year. The three-month gross profit was 4.8 (2023 Q1: 5.4) million euros, resulting in a gross profit margin of 10.3% (2023 Q1: 11.9%). Operating profit (EBIT) amounted to 1.0 (2023 Q1: 1.3) million euros, with an operating margin of 2.1% (2023 Q1: 2.9%). Net profit for the first quarter was 0.4 (2023 Q1: 0.7) million euros. Earnings per share for the first quarter were 0.02 (2023 Q1: 0.04) euros. Core business and markets The Group's core business, Production, accounted for 94.9% of the revenue of the quarter. The production segment's revenue increased by 4.2%, amounting to 44.4 million euros. The Group's largest target markets, Estonia, Finland, Sweden, and Norway, together accounted for 80.6% of total revenue in the first quarter, representing a significant increase compared to the previous year (2023 Q1: 75.3%). Estonia and Finland markets were more modest compared to the previous year. In the reporting quarter, revenue from Estonia amounted to 4.5 (2023 Q1: 5.0) million euros, comprising 9.6% (2023 Q1: 10.9%) of consolidated revenue. Sales of substations and cable distribution cabinets to electricity distribution sector clients decreased, while rental income from real estate properties increased. From the Finnish market, revenue amounted to 17.0 million euros, which is 8.9% less than the previous year. The majority portion of the revenue decline was due to reduced sales of electrical equipment and electrical works. Sales of substations to electricity distribution sector customers and electric vehicle chargers remained modest. There was a significant growth in the Norwegian market, where revenue doubled to 9.3 million euros, primarily from the sale of low-voltage equipment to maritime sector customers. The Norwegian market accounted for 19.9% of consolidated revenue in the reporting quarter. Revenue from the Swedish market also slightly increased, reaching 6.9 (2023 Q1: 6.5) million euros, indicating stable development in this market segment. Investments During the reporting period, Harju Elekter invested a total of 0.7 (Q1 2023: 0.6) million euros in non-current assets, including 0.4 (2023 Q1: 0.3) million euros in investment properties, 0.1 (2023 Q1: 0.3) million euros in property, plant, and equipment and 0.2 (2023 Q1: 0.1) million euros in intangible assets. The investments primarily focused on extensive renovation and reconstruction works in the Keila Industrial Park, aimed at meeting the long- term needs of a tenant, Prysmian Group Baltics. Additionally, investments were made in production technology equipment and production and process management systems. The total value of the Group's long-term financial investments as of the reporting date was 29.3 (31.12.23: 29.2) million euros. Shares The company's share price on the last trading day of the reporting quarter on the Nasdaq Tallinn Stock Exchange closed at 4.79 euros. As of 31 March 2024, AS Harju Elekter Group had 11,103 shareholders. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited ------------------------------------------------------------------------------ EUR '000 31.03.2024 31.12.2023 31.03.2023 ------------------------------------------------------------------------------ ASSETS Current assets Cash and cash equivalents 1,444 1,381 1,028 Trade and other receivables 49,050 38,837 37,627 Prepayments 1,400 1,071 1,945 Inventories 35,900 36,834 44,704 Total current assets 87,794 78,123 85,304 ------------------------------------------------------------------------------ Non-current assets Deferred income tax assets 868 731 1,002 Non-current financial investments 29,313 29,244 23,767 Investment properties 28,922 28,856 24,766 Property, plant, and equipment 33,549 34,067 35,042 Intangible assets 7,440 7,354 7,284 Total non-current assets 100,092 100,252 91,861 ------------------------------------------------------------------------------ TOTAL ASSETS 187,886 178,375 177,165 ------------------------------------------------------------------------------ LIABILITIES AND EQUITY Liabilities Borrowings 22,576 19,387 18,366 Prepayments from customers 20,946 18,870 21,310 Trade and other payables 27,432 23,159 31,888 Tax liabilities 2,978 3,308 3,033 Current provisions 150 140 1,950 Total current liabilities 74,082 64,864 76,547 ------------------------------------------------------------------------------ Borrowings 23,207 23,481 20,412 Other non-current liabilities 32 32 0 Total non-current liabilities 23,239 23,513 20,412 ------------------------------------------------------------------------------ TOTAL LIABILITIES 97,321 88,377 96,959 ------------------------------------------------------------------------------ Equity Share capital 11,655 11,655 11,523 Share premium 3,306 3,306 2,509 Reserves 23,261 23,055 17,815 Retained earnings 52,343 51,982 48,552 Total equity attributable to the owners of the parent company 90,565 89,998 80,399 Non-controlling interests 0 0 -193 Total equity 90,565 89,998 80,206 ------------------------------------------------------------------------------ TOTAL LIABILITIES AND EQUITY 187,886 178,375 177,165 ------------------------------------------------------------------------------ CONSOLIDATED STATEMENT OF PROFIT AND LOSS Unaudited ----------------------------------------------------------- EUR '000 3M 3M 2024 2023 ----------------------------------------------------------- Revenue 46,775 45,269 Cost of sales -41,939 -39,883 Gross profit 4,836 5,386 Distribution costs -1,195 -1,356 Administrative expenses -2,517 -2,580 Other income 19 18 Other expenses -167 -159 Operating profit 976 1,309 Finance income 92 75 Finance costs -590 -549 Profit before tax 478 835 Income tax -117 -86 Profit for the period 361 749 ----------------------------------------------------------- Profit attributable to: Owners of the parent company 361 781 Non-controlling interests 0 -32 ----------------------------------------------------------- Earnings per share Basic earnings per share (euros) 0.02 0.04 Diluted earnings per share (euros) 0.02 0.04 ----------------------------------------------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited --------------------------------------------------------------------- EUR '000 3M 3M 2024 2023 --------------------------------------------------------------------- Profit for the period 361 749 Other comprehensive income Items that may be reclassified to profit Impact of exchange rate changes of a foreign subsidiaries 106 -41 Items that will not be reclassified to profit Gain on sales of financial assets 0 0 Net gain on revaluation of financial assets 70 36 Total comprehensive income for the period 176 -5 Other comprehensive income 537 744 --------------------------------------------------------------------- Total comprehensive income attributable to: Owners of the Company 537 776 Non-controlling interests 0 -32 --------------------------------------------------------------------- Priit Treial CFO and Member of the Management Board +372 674 7400