Börsiteade
AS Harju Elekter Group
LEI kood
5299009GM96I0NYKWS93
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Kinnisvaraalane tegevus
Sektor(id)
Reitinguagentuur
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
8749
Manused
Esitamise kuupäev ja aeg
28.04.2021 08:05:00
Teate sisu eesti keeles
Pealkiri
Harju Elekter kontserni majandustulemused, 1-3/2021
Teade
I kvartal oli Harju Elekter kontserni jaoks aastat ettevalmistav: alustati arendusi uute raamlepingute täitmiseks Soomes ja Rootsis, jõuti Leedu tehase laienduse ehitusega lõppfaasi ja käivitati tööstusroboti täiskoormusel töö. Kuigi müügitulu kasvas nii Eestis kui ka Rootsis, mõjutasid müügitulu vähenemist tellijate paigaldustööde edasilükkumine kontserni suurimal turul, Soomes. Hoolimata tervise- ja toorainekriisist, ei pidanud kontsern tootmist ühekski päevaks täielikult seiskama. Kliendipäringute ja tellimuste suurenemine kõigis tegevussegmentides annab alust arvata, et kriisi taandudes terendab väljakutseid pakkuv, kuid põnev majandustsükkel.
Müügitulu, kulud ja kasum
Kontserni konsolideeritud auditeerimata müügitulu I kvartalis oli 30,7 (2020 I
kv: 35,0) miljonit eurot, mis on võrreldava perioodi suhtes 12,2%
tagasihoidlikum. Lisaks tavapärasele sesoonsusele avaldasid aruandekvartali
müügitulule mõju lumerohkete talvekuude tõttu edasi lükkunud tellijate
paigaldustööd, mis võrreldaval perioodil sarnast mõju ei avaldanud. Olukorda
võimendasid materjali defitsiidist tingitud tarneraskused.
-------------------------------------------------------
EUR'000 I kv I kv +/-
2021 2020 kv/kv
-------------------------------------------------------
Müügitulu 30 717 34 998 -12,2%
Brutokasum 3 844 4 923 -21,9%
Ärikasum enne kulumit (EBITDA) 1 485 1 943 -23,5%
Ärikasum (EBIT) 516 1 053 -51,0%
Perioodi puhaskasum 297 703 -57,8%
sh emaettevõtte omanike osa 310 728 -57,4%
Puhaskasum aktsia kohta (eurot) 0,02 0,04 -57,4%
-------------------------------------------------------
Aruandekvartali äritegevuse kulud olid kokku 30,3 (2020 I kv: 33,9) miljonit
eurot. Valdava osa äritegevuskulude 10,7%-sest langusest andis müüdud toodete
ja teenuste kulude vähenemine: kvartalite võrdluses 3,2 miljonit eurot.
Tööjõukulud kvartalite võrdluses kasvasid, olles 7,3 (2020 I kv: 6,6) miljonit
eurot. Tööjõukulude ja keskmise töötasu kasvu mõjutas enim Rootsi töötajate
osakaalu tõus kontsernis, sest Skandinaavia riikides on palgatase märgatavalt
kõrgem kui Eesti ja Leedu ettevõtetes.
I kvartali konsolideeritud brutokasum oli 3844 (2020 I kv: 4923) tuhat eurot ja
brutokasumi marginaaliks kujunes 12,5% (2020 I kv: 14,1%). Konsolideeritud
ärikasum (EBIT) oli 516 (2020 I kv: 1053) tuhat eurot. Esimese kvartali
ärirentaabluseks kujunes 1,7% (2020 I kv: 3,0%).
Aruandekvartali konsolideeritud puhaskasum oli 297 (2020 I kv: 703) tuhat
eurot, millest emaettevõtte omanike osa moodustas 310 (2020 I kv: 728) tuhat
eurot. Puhaskasum aktsia kohta oli esimeses kvartalis 0,02 (2020 I kv: 0,04)
eurot. Madalat kasumlikkust mõjutasid tööjõukulude suurenemine, väiksem käive
ning järsk tooraine hinna kasv.
Põhitegevusala ja turud
Kontserni põhitegevusala, tootmine, moodustas kontserni konsolideeritud
müügitulust 89%. Uute tellimustega alustamine, tavapärane sesoonsus ja tooraine
kättesaadavus vähendasid tootmissegmendi müügitulu kvartalite võrdluses 4,1
miljoni euro võrra 27,2 miljoni euroni.
Kontserni suurimad sihtturud on Eesti, Soome, Rootsi ja Norra, mistõttu nendel
turgudel toimuv mõjutab tugevalt kontserni müügimahtusid. Müük Eesti turule
kasvas kvartalite võrdluses 1,5 miljoni euro võrra 5,1 miljoni euroni.
Aruandekvartalis jätkati 2020. aasta teisest kvartalist alustatud Elektrilevi
OÜ raamhanke tehasetooteliste komplektalajaamade tootmise ja tarnetega.
Müük Soome turule langes kvartalite võrdluses 4,9 miljoni euro võrra 14,6
miljoni euroni ja seda mõjutas enim tellimuste vähenemine seoses lumerohke ja
külma talvega, uute pikaajaliste tellimustega alustamine, kuid ka mõningased
tarneraskused ja materjali defitsiit. Kontserni suurimale turule, Soome müüdi
aruandekvartalis 47,5% (2020 I kv: 55,6%) kontserni toodetest ja teenustest.
Aruandekvartalite võrdluses on Rootsi turult teenitud müügitulu kasvanud 0,4
miljoni euro võrra 5,3 miljoni euroni. Rootsi moodustas aruandekvartali
konsolideeritud müügitulust 17,4% (2020 I kv: 14,3%) , olles suuruselt teine
turg.
Kontserni turgudest neljandal kohal on Norra, moodustades kontserni I kvartali
müügitulust 6,1%. Esimeses kvartalis müüdi Norra turule 1,9 miljoni euro
väärtuses kontserni tooteid ja teenuseid, mis on 3,6 miljonit vähem kui eelneva
aasta samal perioodil. Norra müügitulu vähenemine oli tingitud rekordiliselt
suurtest tellimustest võrdlusperioodil.
Investeeringud
Harju Elekter investeeris I kvartali jooksul põhivarasse kokku 2,1 (2020 I kv:
1,1) miljonit eurot, sealhulgas materiaalsesse põhivarasse 2,0 (2020 I kv: 0,4)
miljonit eurot ja immateriaalsesse põhivarasse 0,07 (2020 I kv: 0,03) miljonit
eurot. Aruandekvartalis jätkati Leedus tootmis- ja büroohoone laienduse
neljanda etapi ehitusega, mis valmis aprilli keskpaigas. Lisaks investeeriti
tootmistehnoloogilisse põhivarasse.
Aktsia
Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq
Tallinna börsil 8,3 euro tasemel. AS Harju Elektril on 31.03.2021 seisuga 7387
aktsionäri. Aruandekvartali jooksul suurenes aktsionäride arv 2303 võrra.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Auditeerimata
----------------------------------------------------------------------
----------------------------------------------------------------------
EUR'000 31.03.2021 31.12.2020
VARAD
Käibevarad
Raha ja raha ekvivalendid 2 614 2 843
Nõuded ostjatele ja muud nõuded 26 663 27 226
Ettemaksed 1 454 820
Varud 21 104 18 856
----------------------------------------------------------------------
Käibevara kokku 51 835 49 745
----------------------------------------------------------------------
Põhivara
Edasilükkunud tulumaksu vara 569 514
Pikaajalised finantsinvesteeringud 12 373 11 918
Kinnisvarainvesteeringud 23 375 23 605
Materiaalne põhivara 24 068 22 494
Immateriaalne põhivara 7 186 7 199
----------------------------------------------------------------------
Põhivara kokku 65 571 65 730
----------------------------------------------------------------------
VARAD KOKKU 119 406 115 475
----------------------------------------------------------------------
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
----------------------------------------------------------------------
Kohustused
Võlakohustused 11 317 12 056
Ostjate ettemaksed 2 760 4 182
Võlad tarnijatele ja muud võlad 20 703 15 837
Maksuvõlad 2 454 2 871
Lühiajalised eraldised 35 34
----------------------------------------------------------------------
Lühiajalised kohustused kokku 37 269 34 980
----------------------------------------------------------------------
Võlakohustused 7 921 7 032
Muud pikaajalised kohustused 65 66
----------------------------------------------------------------------
Pikaajalised kohustused kokku 7 986 7 098
----------------------------------------------------------------------
KOHUSTUSED KOKKU 45 255 42 078
----------------------------------------------------------------------
Omakapital
Aktsiakapital 11 176 11 176
Ülekurss 804 804
Reservid 7 123 6 709
Jaotamata kasum 55 211 54 858
Emaettevõtte omanikele kuuluv omakapital kokku 74 314 73 547
Mittekontrolliv osalus -163 -150
----------------------------------------------------------------------
Omakapital kokku 74 151 73 397
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 119 406 115 475
----------------------------------------------------------------------
KONSOLIDEERITUD KASUMIARUANNE
Auditeerimata
----------------------------------------------------------
EUR'000 I kv I kv
2021 2020
----------------------------------------------------------
Müügitulu 30 717 34 998
Müüdud toodete ja teenuste kulud -26 873 -30 075
Brutokasum 3 844 4 923
Turustuskulud -1 214 -1 308
Üldhalduskulud -2 217 -2 561
Muud äritulud 172 52
Muud ärikulud -69 -53
----------------------------------------------------------
Ärikasum 516 1 053
----------------------------------------------------------
Finantstulud 17 37
Finantskulud -98 -102
----------------------------------------------------------
Kasum enne maksustamist 435 988
----------------------------------------------------------
Tulumaks -138 -285
----------------------------------------------------------
Perioodi puhaskasum 297 703
----------------------------------------------------------
Puhaskasumi jaotus
Emaettevõtte omanike osa puhaskasumist 310 728
Mitte-kontrolliv osa puhaskasumist -13 -25
Puhaskasum aktsia kohta
Tavapuhaskasum aktsia kohta (EUR) 0,02 0,04
Lahustatud puhaskasum aktsia kohta (EUR) 0,02 0,04
----------------------------------------------------------
Tiit Atso
Juhatuse esimees
Tel 674 7400
Teate sisu inglise keeles
Pealkiri
Harju Elekter Group financial results, 1-3/2021
Teade
The first quarter at Harju Elekter was a period of preparations for the year: developments were started to fulfil the new framework contracts in Finland and Sweden, the construction of the Lithuanian plant extension reached its final stages, and the full-time operation of the industrial robot was launched. Although revenue increased both in Estonia and Sweden, the decrease in revenue was affected by the postponements of the installation works in the Group’s largest market, Finland. Despite the health and raw materials crisis, the Group did not have to stop production for a single day. The increase in client queries and orders in all operating segments gives reason to believe that a challenging yet fascinating economic cycle awaits after the retreat of the crisis.
Revenue, Expenses, and Profit
The consolidated unaudited revenue for the first quarter of 2021 was 30.7 (Q1
2020: 35.0) million euros, which was 12.2% more modest than in the reference
period. In addition to the usual seasonality, the profitability of the quarter
was also affected by the postponed instalment works of our customers due to the
snowy winter months, which did not have a similar effect in the reference
period. The situation was amplified by supply difficulties caused by a shortage
of materials.
--------------------------------------------------------------------------
EUR'000 Q1 Q1 +/-
2021 2020
--------------------------------------------------------------------------
Revenue 30,717 34,998 -12.2%
Gross profit 3,844 4,923 -21.9%
EBITDA 1,485 1,943 -23.5%
Operating profit (EBIT) 516 1,053 -51.0%
Profit for the period 297 703 -57.8%
Incl. attributable to owners of the parent company 310 728 -57.4%
Earnings per share (EPS) (euros) 0.02 0.04 -57.4%
--------------------------------------------------------------------------
The total operating expenses for the reporting quarter were 30.3 (Q1 2020:
33.9) million euros. The majority of the 10.7% decrease in expenses was due to
a decrease in the cost of sales: 3.2 million euros year-on-year. Labour costs
increased year-on-year, amounting to 7.3 (Q1 2020: 6.6) million euros. The
increase in labour costs and average remuneration was affected most by the
increase of the proportion of Swedish employees in the Group, since wage levels
are significantly higher in Scandinavian countries than they are in Estonian
and Lithuanian companies.
The consolidated gross profit for the reporting quarter was 3,844 (Q1 2020:
4,923) thousand euros and the gross profit margin was 12.5% (Q1 2020: 14.1%).
Quarterly consolidated operating profit (EBIT) amounted to 516 (Q1 2020: 1,053)
thousand euros. The operating margin for the first quarter was 1.7% (Q1 2020:
3.0%).
The consolidated net profit for the reporting quarter was 297 (Q1 2020: 703)
thousand euros of which the share of the owners of the parent company was 310
(Q1 2020: 728) thousand euros. The earnings per share were 0.02 (Q1 2020: 0.04)
euros. The lower profitability was a result of increased labour costs, setback
on revenue and a sharp increase in the price of raw materials.
Core Business and Markets
The Group's core business, Production, accounted for 89% of the Group's
consolidated revenue. Beginning with new orders, the usual seasonality and the
low availability of raw materials decreased the revenue of the production
segment by 4.1 million to 27.2 million euros on a year-on year.
The largest target markets of the Group are Estonia, Finland, Sweden, and
Norway, which is why the sales volumes of the Group are strongly affected by
the events happening in these markets. Quarterly sales to the Estonian market
increased by 1.5 million to 5.1 million euros in a year-on-year comparison.
During the reporting quarter the Group continued the production and delivery of
prefabricated substations that began in Q2 2020 in the Elektrilevi OÜ framework
procurement.
Sales to the Finnish market decreased by 4.9 million to 14.6 million euros in a
quarterly comparison and were most affected by the decrease in orders caused by
the snowy and cold winter, commencing with new long-term orders, but also some
supply difficulties and shortage in materials. In the reporting quarter, 47.5%
(Q1 2020: 55.6%) of the Group's products and services were sold to the Group's
largest market, Finland.
In comparison with the reporting quarters, the revenue earned from the Swedish
market increased by 0.4 million to 5.3 million euros. Sweden accounted for
17.4% (Q1 2020: 14.3%) of consolidated revenue in the reporting quarter, being
the second largest market.
Norway ranks fourth in the Group's markets, accounting for 6.1% of the Group's
first quarter revenue. In the first quarter, the Group's products, and services
worth 1.9 million euros were sold to the Norwegian market, which is 3.6 million
less than in the same period of the previous year. The decrease in Norwegian
revenue was caused by record high orders in the reference period.
Investments
During the first quarter, the Group invested a total of 2.1 (Q1 2020: 1.1)
million euros in non-current assets, incl 2.0 (Q1 2020: 0.4) million euros in
property, plant, and equipment and 0.07 (Q1 2020: 0.03) million euros in
intangible assets. In the reporting quarter, the construction of the fourth
stage of the expansion of the production and office building in Lithuania
continued. The extension was completed in mid-April. In addition, investments
were made in the production technology.
Share
The company's share price on the last trading day of the reporting quarter on
the Nasdaq Tallinn Stock Exchange closed at 8.3 euros. As of 31 March 2021, AS
Harju Elekter had 7,387 shareholders. The number of shareholders increased
during the reporting quarter by 2,303.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EUR'000 31 March 31 December
2021 2020
ASSETS
Current assets
Cash and cash equivalents 2,614 2,843
Trade and other receivables 26,663 27,226
Prepayments 1,454 820
Inventories 21,104 18,856
--------------------------------------------------------------------------------
Total current assets 51,835 49,745
--------------------------------------------------------------------------------
Non-current assets
Deferred income tax assets 569 514
Non-current financial investments 12,373 11,918
Investment properties 23,375 23,605
Property. plant and equipment 24,068 22,494
Intangible assets 7,186 7,199
--------------------------------------------------------------------------------
Total non-current assets 65,571 65,730
--------------------------------------------------------------------------------
TOTAL ASSETS 119,406 115,475
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LIABILITIES AND EQUITY
--------------------------------------------------------------------------------
Liabilities
Borrowings 11,317 12,056
Prepayments from customers 2,760 4,182
Trade and other payables 20,703 15,837
Tax liabilities 2,454 2,871
Current provisions 35 34
--------------------------------------------------------------------------------
Total current liabilities 37,269 34,980
--------------------------------------------------------------------------------
Borrowings 7,921 7,032
Other non-current liabilities 65 66
--------------------------------------------------------------------------------
Total non-current liabilities 7,986 7,098
--------------------------------------------------------------------------------
TOTAL LIABILITIES 45,255 42,078
--------------------------------------------------------------------------------
Equity
Share capital 11,176 11,176
Share premium 804 804
Reserves 7,123 6,709
Retained earnings 55,211 54,858
Total equity attributable to the owners of the 74,314 73,547
parent company
Non-controlling interests -163 -150
--------------------------------------------------------------------------------
Total equity 74,151 73,397
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 119,406 115,475
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Unaudited
--------------------------------------------------
EUR'000 Q1 Q1
2021 2020
--------------------------------------------------
Revenue 30,717 34,998
Cost of sales -26,873 -30,075
Gross profit 3,844 4,923
Distribution costs -1,214 -1,308
Administrative expenses -2,217 -2,561
Other income 172 52
Other expenses -69 -53
--------------------------------------------------
Operating profit 516 1 053
--------------------------------------------------
Finance income 17 37
Finance costs -98 -102
--------------------------------------------------
Profit before tax 435 988
--------------------------------------------------
Income tax -138 -285
--------------------------------------------------
Profit for the period 297 703
--------------------------------------------------
Profit attributable to:
Owners of the parent company 310 728
Non-controlling interests -13 -25
Earnings per share
Basic earnings per share (EUR) 0.02 0.04
Diluted earnings per share (EUR) 0.02 0.04
--------------------------------------------------
Tiit Atso
Chairman of the Board
+372 674 7400