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AS Harju Elekter Group
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5299009GM96I0NYKWS93
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Majandustegevusalad
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7130
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27.02.2019 09:30:40
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Harju Elekter kontserni finantstulemused, 1-12/2018
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ASi Harju Elekter 2018. aasta neljanda kvartali müügitulu oli 31,7 miljonit eurot, kasvades võrreldava perioodi suhtes 10,9%. Aruandeaasta konsolideeritud müügitulu suurenes aastaga 18% 120,8 miljoni euroni. Kontserni 2018. aasta neljanda kvartali konsolideeritud puhaskasum oli 736 tuhat eurot ja aruandeaastal 1 514 tuhat eurot. Kooskõlastatult nõukoguga teeb Kontserni juhatus ettepaneku maksta aktsionäridele dividendidena välja 0,18 eurot aktsia kohta, kokku 3,2 miljonit eurot. AS Harju Elekter on viimastel aastatel teinud suuremahulisi investeeringuid ja aktiivset müügitööd, et suurendada oma turuosa Skandinaavias. 2018. aasta algusest liideti Kontserniga kaks Rootsi firmat. Kõige selle tulemusena on Kontserni müügitulu viimase kahe aastaga kahekordistunud, kuid uute tütarettevõtete integreerimine Kontserni on pikaajalisem protsess ning soovitud kasumlikkuseni jõudmine nõuab lisaaega ja -kulutusi. Aruandeaasta kasumlikkust mõjutas oluliselt aruandeaasta teisel poolel arvesse võetud laevaehituse elektritöödega seotud võimalik kahjum 1,9 miljoni euro ulatuses. Kahjumi tegelik suurus selgub läbirääkimiste ja juriidiliste vaidluste lõppemisel. muutus jaanuar-detsember muutus oktoober-detsember (tuhat eurot) % 2018 2017 % 2018 2017 Müügitulu 18,0 120 804 102 402 10,9 31 669 28 552 Brutokasum 4,0 15 976 15 359 13,1 4 867 4 304 Ärikasum enne kulumit -34,1 5 001 7 587 -27,5 1 701 1 404 Perioodi puhaskasum -94,8 1 514 29 132 -22,2 736 946 sh emaettevõtte omanike-94,7 1 546 29 129 -24,7 735 976 Perioodi puhaskasum ilma erakorralise tuluta -64,7 1 514 4 293 -22,2 736 946 Aruandekvartalis teeniti 84,2% (2017 IV kv: 75,9%) müügituludest Tootmise segmendist ning Kinnisvara ja Muud tegevusalad andsid müügimahust kokku 15,8% (2017 IV kv: 24,1%). Kinnisvara segmendi müügitulu kasvas aruandekvartalis 0,3 miljonit eurot 0,8 miljoni euroni ja aastate võrdluses 0,6 miljonit eurot 2,6 miljoni euroni ning seda peamiselt tänu renditulude suurenemisele seoses uute tootmis- ja laohoonete valmimise ja rendile andmisega Allika tööstuspargis. Aasta kokkuvõttes teeniti 82,6% (2017: 83,2%) Kontserni müügituludest Tootmise segmendist. Kontserni väljapoolt Eestit teenitud müügitulu moodustas aruandekvartalis konsolideeritud müügitulust 84,9% (2017 IV kv: 85,7%), kasvades 2,4 miljoni euro võrra 26,9 miljoni euroni ja 12 kuuga 87,2% (2017: 84,0%), kasvades 19,4 miljoni euro võrra 105,4 miljoni euroni. Kontserni suurim turg oli Soome, kuhu müüdi aruandekvartalis 51,2% ja 12 kuuga 62,5% Kontserni toodetest ja teenustest (2017. aastal vastavalt 75,4% ja 73,0%). Kvartalite võrdluses kahanes müük Soome turule 5,3 miljonit eurot 16,2 miljoni euroni, peamiseks põhjuseks oli elektrivõrkude tellimuste ajutine vähenemine. Kokkuvõttes jäi Soome müük eelneva aastaga võrreldes peaaegu samale tasemele ehk 75,5 (2017: 74,7) miljoni euro tasemele. Enim suurenes müük Rootsi, kasvades neljandas kvartalis võrreldava perioodi suhtes ligi 10 korda 5,1 miljoni euroni ning viiekordistus aastate võrdluses 13,5 miljoni euroni. Rootsi turu osakaal konsolideeritud müügitulust moodustas aruandekvartalis 16,2% (2017 IV kv: 1,8%) ning aruandeaastal 11,2% (2017: 2,7%). Kasvu tagasid nii Rootsi tütarettevõtete soetamine kui ka Kontserni teiste ettevõtete eesmärgipärane müügitöö, mille tulemusena alustati lepingulisi tarneid Rootsi suurimale jaotusvõrguettevõttele E.ON Energidistribution AB. Olulisematest turgudest kasvas müük veel Norra turule, jõudes aruandekvartalis 3,0 miljoni euroni ja aasta kokkuvõttes 8,7 miljoni euroni ning andes aruandekvartali konsolideeritud müügitulust 9,6% (2017 IV kv: 8,2%) ja aastas 7,2% (2017: 5,7%). Et Leedu tütarettevõte teenis 98,2% (2017: 87,7%) aruandeaasta müügituludest väljapoolt koduturgu, jäi Leedu turu osakaal Kontserni müügituludes minimaalseks, olles 0,1% aruandekvartalis ning -aastal 0,3%. Kuigi müük Eesti turule neljandas kvartalis kasvas 16,4% 4,8 miljoni euroni, moodustades aruandekvartali konsolideeritud müügitulust 15,1% (2017 IV kv: 14,3%), langes see aruandeaasta kokkuvõttes 5,8% 15,4 miljoni euroni. Languse peamiseks põhjuseks oli energiajaotussektori jätkuvalt madal investeeringutase ning tihe konkurents. Kontserni muudest turgudest oli suurim Holland, kust teeniti aruandekvartalis 1,3 miljonit eurot ning aruandeaastal 3,0 miljonit eurot müügitulu. Austria ja Taani turult teeniti aastaga müügitulu vastavalt 1,7 miljonit ja 0,9 miljonit eurot. 2018. aasta neljandas kvartalis töötas Kontsernis keskmiselt 727 inimest, mis oli keskmiselt 107 töötajat enam kui võrreldaval perioodil. 12 kuu arvestuses kasvas Kontserni keskmine töötajate arv 146 inimese võrra ja oli 713. Aruandeperioodi lõpu seisuga töötas Kontsernis 736 inimest, mis oli 106 töötajat enam kui aasta tagasi. Rootsi tütarettevõtete soetamisega lisandus Kontserni 45 töötajat. Aruandekvartalis maksti töötajatele palkade ja tasudena välja 4 493 (2017 IV kv: 4 127) tuhat eurot ja 12 kuuga 18 539 (2017: 14 073) tuhat eurot. Aruandeaastal oli keskmine töötasu kuus ühe Kontserni töötaja kohta 2 166 eurot, kasvades keskmiselt 5%. Neljanda kvartali konsolideeritud ärikasum oli 1 007 (2017 IV kv: 1 404) tuhat eurot ja ärikasum enne kulumit 1 701 (2017 IV kv: 2 345) tuhat eurot. Aruandekvartali ärirentaabluseks kujunes 3,2% (2017 IV kv: 4,9%) ja ärirentaabluseks enne kulumit 5,4% (2017 IV kv 8,2%). Kontserni 2018. aasta ärikasum oli 2 413 (2017: 5 442) tuhat eurot ja ärikasum enne kulumit 5 001 (2017: 7 587) tuhat eurot. Aruandeaasta ärirentaabluseks kujunes 2,0% (2017: 5,3%) ja ärirentaabluseks enne kulumit 4,1% (2017: 7,4%). Uute soetatud tütarettevõtete integreerimine ja võidetud hangete ettevalmistamine on suurendanud kontserni arenduskulusid, turustuskulusid ning uute erialaspetsialistide palkamisest tingitult tööjõukulusid. Rentaablust mõjutasid ka ühekordsed kulud seoses AS Harju Elekter Teletehnika kolimisega renoveeritud pindadele ning tütarettevõtete kvaliteedi- ja keskkonnajuhtimise süsteemide resertifitseerimised. Aruandekvartali puhaskasum enne maksustamist oli 996 (2017 IV kv: 1 234) tuhat eurot. Kolme viimase kuu arvestuslik tulumaksukulu oli 260 (2017 IV kv: 288) tuhat eurot. 12 kuu konsolideeritud kasum enne maksustamist oli 2 507 (2017: 30 215) tuhat eurot ning arvestuslik tulumaks 993 (2017: 1 083) tuhat eurot. Aruandekvartali konsolideeritud puhaskasum oli 736 (2017 IV kv: 946) tuhat eurot, millest Emaettevõtte omanike osa moodustas 735 (2017 IV kv: 976) tuhat eurot. Kokkuvõttes oli aruandeaasta konsolideeritud puhaskasum 1 514 (2017: 29 132) tuhat eurot. Emaettevõtte omanikele kuuluv osa moodustas 1 546 (2017: 29 129) tuhat eurot ja 12 kuu puhaskasum aktsia kohta oli 0,09 (2017: 1,64) eurot. 2017. aastal saadi PKC Group Oyj aktsiate müügist ühekordset tulu 24 839 tuhat eurot. Võrreldava perioodi konsolideeritud puhaskasum erakorralise tuluta oli 4 293 tuhat eurot ning võrreldav puhaskasum aktsia kohta 0,24 eurot. Kontsern investeeris aruandeaastas põhivarasse kokku 10,6 (2017: 9,1) miljonit eurot. Käimasolevatesse arendustesse Allika Tööstuspargis ning Haapsalu päikesejaama ehituseks investeeriti aruandeaastal 2,5 miljonit eurot. Ettevõtte aktsia hind Nasdaq Tallinna börsil 2018. aasta viimsel kauplemispäeval oli 4,12 eurot. Andres Allikmäe Juhatuse esimees Tel 674 7400 Lisainformatsioon: Tiit Atso, Kontserni finantsjuht, tel 674 7400 ning ASi Harju Elekter IV kvartali ja 12 kuu vahearuanne KONSOLIDEERITUD BILANSS 31.12.2018 Auditeerimata Kontsern EUR'000 VARAD 31.12.18 31.12.17 Raha, pangakontod 3 142 10 992 Lühiajalised finantsinvesteeringud 0 9 935 Nõuded ostjatele ja muud nõuded 22 218 13 575 Ettemaksed 1 173 1 174 Varud 17 468 13 037 KÄIBEVARA KOKKU 44 001 48 713 Edasilükkunud tulumaksu vara 98 56 Muud pikaajalised finantsinvesteeringud 9 587 4 684 Kinnisvarainvesteeringud 19 804 17 881 Materiaalne põhivara 17 403 11 983 Immateriaalne põhivara 7 260 6 660 PÕHIVARA KOKKU 54 152 41 264 VARAD KOKKU 98 153 89 977 KOHUSTUSED JA OMAKAPITAL Võlakohustused 6 470 625 Ostjate ettemaksed 1 740 1 088 Võlad tarnijatele ja muud võlad 14 911 12 802 Maksuvõlad 2 409 2 376 Lühiajalised eraldised 14 245 LÜHIAJALISED KOHUSTUSED KOKKU 25 544 17 136 Võlakohustused 5 635 2 910 Muud pikaajalised kohustused 35 0 PIKAAJALISED KOHUSTUSED 5 670 2 910 KOHUSTUSED KOKKU 31 214 20 046 Aktsiakapital 11 176 11 176 Ülekurss 804 804 Reservid 2 568 2 844 Jaotamata kasum 52 412 55 048 Emaettevõtte omanikele kuuluv omakapital kokku 66 960 69 872 Mitte-kontrolliv osalus -21 59 OMAKAPITAL KOKKU 66 939 69 931 KOHUSTUSED JA OMAKAPITAL KOKKU 98 153 89 977 KONSOLIDEERITUD KASUMIARUANNE 01.01.-31.12 Auditeerimata EUR’000 Kontsern KV4 2018 KV4 2017 12K 2018 12K 2017 Müügitulud 31 669 28 552 120 804 102 402 Müüdud toodete kulud -26 802 -24 248 -104 828 -87 043 Brutokasum 4 867 4 304 15 976 15 359 Turustuskulud -1 623 -1 059 -5 267 -3 866 Üldhalduskulud -2 224 -1 820 -8 223 -5 981 Muud äritulud 64 10 124 50 Muud ärikulud -77 -31 -197 -120 Ärikasum 1 007 1 404 2 413 5 442 Kasum finantsvara müügist 0 0 0 24 839 Finantstulud 16 20 157 30 Finantskulud -27 -190 -63 -96 Kasum enne maksustamist 996 1 234 2 507 30 215 Tulumaks -260 -288 -993 -1 083 Perioodi puhaskasum, sh 736 946 1 514 29 132 emaettevõtte omanike osa 735 976 1 546 29 129 mitte-kontrolliv osa 1 -30 -32 3 Tavapuhaskasum aktsia kohta (EUR) 0,04 0,06 0,09 1,64 Lahustatud puhaskasum aktsia kohta (EUR) 0,04 0,06 0,09 1,64 Tiit Atso Kontserni finantsjuht 674 7400
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Harju Elekter Group financial results, 1-12/2018
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The sales revenue of AS Harju Elekter for the fourth quarter of 2018 was 31.7 million euros, growing by 10.9% in comparison with the reference period. The consolidated sales revenue for the financial year increased by 18% to 120.8 million euros over the year. In Q4 2018, the Group's consolidated net profit was 736 thousand euros and for 12 months 1,514 thousand euros. In coordination with the Supervisory Board, the Group's Management Board proposes to distribute 0.18 euros per share to shareholders in the form of dividends, totalling 3.2 million euros, which is almost twice the net profit for the financial year. In recent years, AS Harju Elekter has made large-scale investments and active sales work to increase its market share in Scandinavia. From the beginning of 2018, two Swedish companies were merged with the Group. As a result, the Group's sales have doubled in the last two years but integrating new subsidiaries into the Group is a long-term process and reaching the desired profitability requires extra time and expenses. The profitability of the financial year was significantly affected by the potential loss of 1.9 million euros related to the shipbuilding electrical work taken into account in the second half of the financial year. The actual amount of the loss will be determined at the end of the negotiations and legal disputes. Change January - December Change October-December (thousand euros) % 2018 2017 % 2018 2017 Sales revenue 18.0 120,804 102,402 10.9 31,669 28,552 Gross profit 4.0 15,976 15,359 13.1 4,867 4,304 EBITDA -34.1 5,001 7,587 -27.5 1,701 2,345 EBIT -55.7 2,413 5,442 -28.3 1,007 1,404 Profit for the period -94.8 1,514 29,132 -22.2 736 946 incl attributed to Owners of the Company -94.7 1,546 29,129 -24.7 735 976 Net profit for the period without extraordinary income-64.7 1,514 4,293 -22,2 736 946 During the reporting quarter 84.2% (Q4 2017: 75.9%) of the Group’s sales revenue was earned from the Manufacturing segment, Real Estate and Unallocated activities contributed 15.8% (Q4 2017: 24.1%) of the consolidated sales revenue. The sales revenue of the Real Estate segment increased by 0.3 million euros to 0.8 million euros in the reporting quarter, and by 0.6 million euros to 2.6 million euros in the comparison of years, mainly due to the increase in rental income as the result of the completion and lease of new production and warehouse facilities in Allika Industrial Park. In total, 82.6% (2017: 83.2%) of the Group's yearly sales revenue was generated from the Manufacturing segment. The Group’s sales revenue earned outside Estonia accounted for 84.9% in Q4 (Q4 2017: 85.7%), increasing by 2.4 million to 26.9 million euros and in 12 months 87.2% (2017: 84.0%), increasing by 19.4 million to 105.4 million euros. The Group's largest market was Finland, where 51.2% in Q4 and 62.5% in 12-months period of the Group's products and services were sold (75.4% and 73.0%, respectively in 2017). In the quarterly comparison, sale to the Finnish market has decreased by 5.3 million euros to 16.2 million, which was caused of the decline in the orders of Finnish grid companies. Compared to the previous year, Finnish sales remained almost at the same level, i.e. 75.5 (2017: 74.7) million euros. Sales to Sweden increased the most, with a nearly 10-fold rise to 5.1 million euros in the fourth quarter in comparison with the reference period, and a 5-fold increase to 13.5 million euros in the comparison of years. The Swedish market accounted for 16.2% of the Group's total sales revenue in the reporting quarter (Q4 2017: 1.8%) and 11.2% in the financial year (2017: 2.7%). Growth was driven by the acquisition of Swedish subsidiaries as well as targeted sales by other companies in the Group, which resulted in contractual deliveries to Sweden's largest grid company E. ON Energidistribution AB. Of the most important markets, sales to the Norwegian market also continued to grow, reaching 3.0 million euros in the reporting quarter and 8.7 million euros during the year, forming 9.6% (Q4 2017: 8.2%) of the consolidated sales revenue for the reporting quarter and 7.2% of the consolidated sales revenue for the year (2017: 5.7%). As the Lithuanian subsidiary earned 98.2% (2017: 87.7%) of the sales revenue of the financial year outside the home market, the share of the Lithuanian market in the Group's sales revenue was minimal, being 0.1% in the reporting quarter and 0.3% in the year. Although sales to the Estonian market in the fourth quarter increased by 16.4% to 4.8 million euros, accounting for 15.1% (Q4 2017: 14.3%) of the consolidated sales revenue for the reporting quarter, it fell by 5.8% to 15.4 million euros over the year. The main reason for the decline was the continued low level of investment in the energy distribution sector, as well as intense competition. The largest of the Group's other markets was the Netherlands, which generated 1.3 million euros of sales revenue in the reporting quarter and 3.0 million euros of sales revenue in the accounting year. The Austrian and Danish markets earned an annual revenue of 1.7 million euros and 0.9 million euros respectively. In Q4 2018, an average of 727 employees worked in the Group, which was 107 people more than in the comparable period. In the 12-months period, an average of 713 employees worked in the Group, which was 146 people more than in the reference period. At the end of the reporting period, there were 736 people working in the Group, which was 106 persons more than a year earlier. With the acquisition of Swedish subsidiaries, 45 employees were added to the Group. In the reporting quarter, 4,493 (Q4 2017: 4,127) thousand euros and 18,539 (2017: 14,073) thousand euros during the year were paid to the employees as salaries and fees. In 2018, the average monthly salary per employee of the Group was 2,166 euros, an average increase by 5% compared to the reference period. In Q4, the Group’s operating profit was 1,007 (Q4 2017: 1,404) thousand euros and EBITDA 1,701 (Q4 2017: 2,345) thousand euros. Return of sales for the reporting quarter was 3.2% (Q4 2017: 4.9%) and return of sales before depreciation 5.4% (Q4 2017: 8.2%). In 2018, the Group’s operating profit was 2,413 (2017: 5,442) thousand euros and EBITDA 5,001 (2017: 7,587) thousand euros. Return of sales for the reporting year was 2.0% (2017: 5.3%) and return of sales before depreciation 4.1% (2017: 7.4%). Integrating newly acquired businesses and preparations for new and already won procurements continue, leading to higher development and distribution costs, and due to hiring new specialists, increase labour costs. The profitability was also affected by one-off expenses due to the move of AS Harju Elekter Teletehnika into new premises and re-certification of subsidiaries' quality and environmental management systems. The net profit before taxes for the reporting quarter was 996 (Q4 2017: 1,234) thousand euros. The calculated income tax expense for the last three months was 260 (Q4 2017: 288) thousand euros. The 12-month consolidated profit before tax was 2,507 (2017: 30,215) thousand euros and the calculated income tax was 993 (2017: 1,083) thousand euros. In Q4, the consolidated net profit was 736 (Q4 2017: 946) thousand euros, of which the share of the owners of the Company was 735 (Q4 2017:976) thousand euros. All in all, the consolidated net profit in the reporting year was 1,514 (2017: 29,132) thousand euros, of which the share of the owners of the Company was 1,546 (2017: 29,129) thousand euros. In 2018, EPS was 0.09 euros (2017: 1.64 euros). In 2017, a one-time gain of 24,839 thousand euros was received from the sale of PKC Group Oyj shares. The consolidated net profit for the comparable period without extraordinary income was 4,293 thousand euros and EPS was 0.24 euros. In 2018, the Group has made a total of 10.6 (2017: 9.1) million euros worth of investments to fixed assets. The ongoing developments in Allika Industrial Park and in the construction of the Haapsalu solar plant in amount of 2.5 million euros. In the end of the year, the share of Harju Elekter in Nasdaq Tallinn 4.12 euros. Andres Allikmäe Chairman of the Management Board +372 674 7400 For more information: Tiit Atso, CFO, +372 674 7400 or Interim report 1-12/2018 AS HARJU ELEKTER CONSOLIDATED BALANCE SHEET,31.12.2018 Unaudited EUR'000 ASSETS 31.12.18 31.12.17 Cash and cash equivalents 3,142 10,992 Short-term financial investments 0 9,935 Trade receivables and other receivables 22,218 13,575 Prepayments 1,173 1,174 Inventories 17,468 13,037 TOTAL CURRENT ASSETS 44,001 48,713 Deferred income tax asset 98 56 Other long-term financial investments 9,587 4,684 Investment property 19,804 17,881 Property, plant and equipment 17,403 11,983 Intangible assets 7,260 6,660 TOTAL NON-CURRENT ASSETS 54,152 41,264 TOTAL ASSETS 98,153 89,977 LIABILITIES AND OWNERS' EQUITY Interest-bearing loans and borrowings 6,470 625 Advances from customers 1,740 1,088 Trade payables and other payables 14,911 12,802 Tax liabilities 2,409 2,376 Short-term provision 14 245 TOTAL CURRENT LIABILITIES 25,544 17,136 Interest-bearing loans and borrowings 5,635 2,910 Other long-term liabilities 35 0 NON-CURRENT LIABILITIES 5,670 2,910 TOTAL LIABILITIES 31,214 20,046 Share capital 11,176 11,176 Share premium 804 804 Reserves 2,568 2,844 Retained earnings 52,412 55,048 TOTAL OWNERS' EQUITY 66,960 69,872 Non-controlling interests -21 59 TOTAL EQUITY 66,939 69,931 TOTAL LIABILITIES AND OWNERS' EQUITY 98,153 89,977 CONSOLIDATED INCOME STATEMENT, 1-12/2018 Unaudited EUR’000 Q4 2018 Q4 2017 12m 2018 12m 2017 Revenue 31,669 28,552 120,804 102,402 Cost of sales -26,802 -24,248 -104,828 -87,043 Gross profit 4,867 4,304 15,976 15,359 Distribution costs -1,623 -1,059 -5,267 -3,866 Administrative expenses -2,224 -1,820 -8,223 -5,981 Other income 64 10 124 50 Other expenses -77 -31 -197 -120 Operating profit 1,007 1,404 2,413 5,442 Gain on sale of financial assets 0 0 0 24,839 Finance income 16 20 157 30 Finance costs -27 -190 -63 -96 Profit before tax 996 1,234 2,507 30,215 Income tax expense -260 -288 -993 -1,083 Profit for the period, attributable to 736 946 1,514 29,132 owners of the Company 735 976 1,546 29,129 non-controlling interests 1 -30 -32 3 Basic earnings per share (EUR) 0.04 0.06 0.09 1.64 Diluted earnings per share (EUR)0.04 0.06 0.09 1.64 Tiit Atso CFO +372 674 7400