Börsiteade
AS Harju Elekter Group
LEI kood
5299009GM96I0NYKWS93
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Kinnisvaraalane tegevus
Sektor(id)
Reitinguagentuur
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Muu oluline informatsioon
Teate ID
8333
Manused
Esitamise kuupäev ja aeg
28.10.2020 08:10:00
Teate sisu eesti keeles
Pealkiri
Harju Elekter kontserni majandustulemused, 1-9/2020
Teade
Müügitulu, kulud ja kasum
Harju Elekter kontsernile olid nii kolmas kvartal kui ka üheksa kuud
maailmamajanduses valitsevast surutisest hoolimata edukad ja jätkati
eesmärgipäraselt kasumlikkuse parandamisega. Kasutusele võetud meetmed aitasid
hoida inimesed terved ning säilitada tootmise tavapärase taseme kõikides
tehastes.
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EUR'000 III kv III kv +/- 9 kuud 9 kuud +/-
2020 2019 kv/kv 2020 2019 9k/9k
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Müügitulu 37 360 42 262 -11,6% 111 372 112 150 -0,7%
Brutokasum 5 234 5 375 -2,6% 15 625 14 249 9,7%
Ärikasum enne kulumit (EBITDA) 2 913 2 446 19,1% 7 939 5 679 39,8%
Ärikasum (EBIT) 2 002 1 561 28,3% 5 211 3 064 70,1%
Perioodi puhaskasum 1 694 1 319 28,4% 4 369 2 313 88,9%
sh emaettevõtte omanike osa 1 691 1 359 24,4% 4 398 2 384 84,5%
Puhaskasum aktsia kohta (eurot) 0,10 0,08 24,4% 0,25 0,13 84,5%
--------------------------------------------------------------------------------
Kontserni 2020. aasta III kvartali konsolideeritud müügitulu jäi mõnevõrra alla
võrreldava kvartali rekordilisele müügikäibele, olles samas läbi aegade hea
tulemus. Aruandekvartali konsolideeritud auditeerimata müügitulu oli 37,4 (2019
III kv: 42,3) miljonit eurot ja üheksa kuu konsolideeritud müügitulu 111,4
(2019 9k: 112,2) miljonit eurot.
Aruandekvartali äritegevuse kulud vähenesid kõikides kulugruppides - kokku 5,2
miljonit eurot. Eelmise aasta sama kvartaliga võrreldes vähenesid 24,1%
ulatuses turustuskulud, 0,4 miljoni võrra 1,2 miljoni euroni, sest maailmas
leviva koroonaviiruse (COVID-19) tõttu tehti enamus müügitööd virtuaalselt.
Suurim muutus võrreldes möödunud aasta III kvartaliga oli müüdud toodete ja
teenuste kulude vähenemine 4,8 miljoni euro võrra. Üldhaldus¬kulud vähenesid
eelmise aasta III kvartaliga võrreldes 3,1%, 2,2 miljoni euroni. Tööjõukulud
jäid kvartalite võrdluses samale tasemele, olles 6,6 miljoni eurot.
Aruandekvartali ja üheksa kuu konsolideeritud brutokasum oli vastavalt 5 234
(2019 III kv: 5 375) ja 15 625 (2019 9k: 14 249) tuhat eurot ning brutokasumi
marginaaliks kujunes mõlema perioodi puhul 14,0% (2019 III kv ja 9k: 12,7%).
Konsolideeritud ärikasumit (EBIT) teeniti kolmandas kvartalis 2 002 (2019 III
kv: 1 561) tuhat eurot ja üheksa kuuga 5 211 (2019 9k: 3 064) tuhat eurot.
Aruandekvartali ärirentaablus suurenes 1,7 protsendipunkti võrra 5,4%ni ja
üheksa kuuga 2,0 protsendipunkti võrra 4,7%ni.
Aruandekvartali konsoli¬deeritud puhaskasum oli 1 694 (2019 III kv: 1 319)
tuhat eurot, ning puhaskasum aktsia kohta 0,10 (2019 III kv: 0,08) eurot.
Üheksa kuu puhaskasum kasvas võrreldava perioodi suhtes 88,9% jõudes 4 369
(2019 9k: 2 313) tuhande euroni. Üheksa kuu puhaskasum aktsia kohta oli 0,25
(2019 9k: 0,13) eurot.
Põhitegevusala ja turud
Harju Elektri põhitegevusala, tootmine, moodustas Kontserni konsolideeritud
müügitulust nii aruandekvartalis kui ka üheksa kuuga 86%. Kontserni kolm kõige
suuremat sihtturgu on Eesti, Soome ja Rootsi. Müük Eesti turule kasvas
kvartalite võrdluses 3,0 miljoni euro võrra 7,7 miljoni euroni ning üheksa kuu
võrdluses 3,8 miljonit eurot 17,0 miljoni euroni. Müügikasvu põhjuseks oli
Elektrilevi OÜ raamhange, mille tarned jäid valdavalt III kvartalisse.
Müük Soome turule langes kolmandate kvartalite võrdluses 2,2 miljoni euro võrra
16,5 miljoni euroni ning seda mõjutas enim tellimuste vähenemine. Viimases
kvartalis tekkinud tellimuste langus mõjutas ka 9 kuu tulemust, kus müügitulu
Soome turule vähenes 2,1 miljoni euro võrra 54,9 miljoni euroni.
Müük Rootsi turule suurenes kolmandate kvartalite võrdluses 1,2 miljoni euro
võrra 6,6 miljoni euroni. Üheksa kuu võrdluses suurenes Rootsi müügitulu 2,7
miljoni euro võrra 17,5 miljoni euroni, olles kokkuvõttes suuruselt teine turg.
Rootsi turul tagas kasvu nii Eestis toodetud alajaamade müügi suurenemine
Rootsi turule kui ka üleüldine tellimuste kasv.
Investeeringud
Kontsern investeeris aruandeperioodil põhivarasse kokku 4,1 (2019 9k: 4,4)
miljonit eurot, sealhulgas kinnisvara¬investeeringu¬tesse 2,1 (2019 9k: 0,7)
miljonit eurot, materiaalsesse põhivarasse 1,8 (2019 9k: 3,4) miljonit eurot ja
immateriaalsesse põhivarasse 0,2 (2019 9k: 0,3) miljonit eurot. III kvartali
suurimaks arendusprojektiks oli Leedus tootmis- ja büroohoone laienduse
neljanda etapi ehitusega alustamine. Tehase laiendusse suunatud investeeringud
võimaldavad Harju Elekter UAB-l kahekordistada tehase tulusid. Lisaks
investeeriti Allika Tööstuspargi tootmis¬hoone ehitusse ning soetati
kinnistuid.
Aktsia
Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq
Tallinna börsil 4,44 euro tasemel. AS Harju Elektril on 30.09.2020 seisuga 4
831 aktsionäri. Aruandekvartali jooksul on aktsionäride arv suurenenud 261
võrra.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Auditeerimata
----------------------------------------------------------------------
----------------------------------------------------------------------
EUR'000 30.09.2020 31.12.2019
VARAD
Käibevarad
Raha ja raha ekvivalendid 3 367 4 878
Nõuded ostjatele ja muud nõuded 26 464 22 958
Ettemaksed 1 048 1 166
Varud 21 213 19 010
----------------------------------------------------------------------
Käibevara kokku 52 092 48 012
----------------------------------------------------------------------
Põhivara
Edasilükkunud tulumaksu vara 513 472
Pikaajalised finantsinvesteeringud 8 146 10 494
Kinnisvarainvesteeringud 22 758 21 259
Materiaalne põhivara 20 330 20 402
Immateriaalne põhivara 7 200 7 260
----------------------------------------------------------------------
Põhivara kokku 58 947 59 887
----------------------------------------------------------------------
VARAD KOKKU 111 039 107 899
----------------------------------------------------------------------
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
----------------------------------------------------------------------
Kohustused
Võlakohustused 8 871 11 305
Ostjate ettemaksed 3 947 2 212
Võlad tarnijatele ja muud võlad 19 264 16 448
Maksuvõlad 2 555 2 959
Lühiajalised eraldised 35 34
----------------------------------------------------------------------
Lühiajalised kohustused kokku 34 672 32 958
----------------------------------------------------------------------
Võlakohustused 7 901 7 901
Muud pikaajalised kohustused 95 64
----------------------------------------------------------------------
Pikaajalised kohustused kokku 7 996 7 965
----------------------------------------------------------------------
KOHUSTUSED KOKKU 42 668 40 923
----------------------------------------------------------------------
Omakapital
Aktsiakapital 11 176 11 176
Ülekurss 804 804
Reservid 2 842 3 412
Jaotamata kasum 53 693 51 699
Emaettevõtte omanikele kuuluv omakapital kokku 68 515 67 091
Mittekontrolliv osalus -144 -115
----------------------------------------------------------------------
Omakapital kokku 68 371 66 976
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 111 039 107 899
----------------------------------------------------------------------
KONSOLIDEERITUD KASUMIARUANNE
Auditeerimata
----------------------------------------------------------------------------
EUR'000 III kv III kv 9k 9k
2020 2019 2020 2019
----------------------------------------------------------------------------
Müügitulu 37 360 42 262 111 372 112 150
Müüdud toodete ja teenuste kulud -32 126 -36 887 -95 747 -97 901
Brutokasum 5 234 5 375 15 625 14 249
Turustuskulud -1 150 -1 516 -3 639 -4 198
Üldhalduskulud -2 225 -2 296 -7 119 -6 929
Muud äritulud 167 39 494 171
Muud ärikulud -24 -41 -150 -229
----------------------------------------------------------------------------
Ärikasum 2 002 1 561 5 211 3 064
----------------------------------------------------------------------------
Finantstulud 8 25 116 147
Finantskulud -122 -77 -269 -179
----------------------------------------------------------------------------
Kasum enne maksustamist 1 888 1 509 5 058 3 032
----------------------------------------------------------------------------
Tulumaks -194 -190 -689 -719
----------------------------------------------------------------------------
Perioodi puhaskasum 1 694 1 319 4 369 2 313
----------------------------------------------------------------------------
Puhaskasumi jaotus
Emaettevõtte omanike osa puhaskasumist 1 691 1 359 4 398 2 384
Mitte-kontrolliv osa puhaskasumist 3 -40 -29 -71
Puhaskasum aktsia kohta
Tavapuhaskasum aktsia kohta (EUR) 0,10 0,08 0,25 0,13
Lahustatud puhaskasum aktsia kohta (EUR) 0,10 0,08 0,25 0,13
----------------------------------------------------------------------------
Tiit Atso
Juhatuse esimees
Tel 674 7400
Teate sisu inglise keeles
Pealkiri
Harju Elekter Group financial results, 1-9/2020
Teade
Revenue, Expenses, and Profit
Q3 and the nine-month period were still successful for Harju Elekter Group
despite the prevailing global recession – the Group continued with the targeted
improvement of its profitability. The measures taken helped to keep people
healthy and maintain the normal level of production in all factories.
--------------------------------------------------------------------------------
EUR'000 Q3 Q3 +/- 9m 9m +/-
2020 2019 Q/Q 2020 2019 9m/9m
--------------------------------------------------------------------------------
Revenue 37,360 42,262 -11.6% 111,372 112,150 -0.7%
Gross profit 5,234 5,375 -2.6% 15,625 14,249 9.7%
EBITDA 2,913 2,446 19.1% 7,939 5,679 39.8%
Operating profit (EBIT) 2,002 1,561 28.3% 5,211 3,064 70.1%
Profit for the period 1,694 1,319 28.4% 4,369 2,313 88.9%
Incl. attributable to owners of 1,691 1,359 24.4% 4,398 2,384 84.5%
the parent company
Earnings per share (EPS) 0.10 0.08 24.4% 0.25 0.13 84.5%
(euros)
--------------------------------------------------------------------------------
The consolidated revenue of the Group in Q3 of 2020 remained somewhat lower
compared to the record volumes of the year before, while over the years still
being a good result. The consolidated unaudited revenue for the reporting
quarter was 37.4 (Q3 2019: 42.3) million euros and the consolidated revenue for
the nine months was 111.4 (9m 2019: 112.2) million euros.
Operating expenses for the reporting quarter have decreased in all expense
groups - a total of 5.2 million euros. Compared to Q3 2019, distribution costs
decreased by 24.1%, by 0.4 million to 1.2 million euros, because the
coronavirus (COVID-19) is spreading around the world, most sales work was done
virtually. The largest change compared to Q3 of 2019 was in cost of sales – a
decrease of 4.8 million euros. Administrative expenses decreased by 3.1% to 2.2
million euros, compared to Q3 of 2019. Labour costs remained at the same level,
being 6.6 million euros in year-on-year comparison.
The consolidated gross profit for the reporting quarter and for the nine months
was 5,234 (Q3 2019: 5,375) and 15,625 (9m 2019: 14,249) thousand euros,
respectively, and the gross margin for both periods was 14.0% (Q3 and 9m 2019:
12.7%). Consolidated operating profit (EBIT) was 2,002 (Q3 2019: 1,561)
thousand euros and in the nine months 5,211 (9m 2019: 3,064) thousand euros.
The operating margin increased by 1.7 percentage points to 5.4% in the
reporting quarter and by 2.0 percentage points to 4.7% in nine months.
The consolidated net profit for the reporting quarter was 1,694 (Q3 2019:
1,319) thousand euros, and earnings per share were 0.10 (Q3 2019: 0.08) euros.
Net profit for the nine months increased by 88.9% compared to the comparable
period, reaching 4,369 (9m 2019: 2,313) thousand euros. Nine-month earnings per
share were 0.25 (9m 2019: 0.13) euros.
Core Business and Markets
Harju Elekter's core business, production, accounted for 86% of the Group's
consolidated revenue both in the reporting quarter and in nine months. The
Group's three largest target markets are Estonia, Finland, and Sweden.
Quarterly sales to the Estonian market increased by 3.0 million euros to 7.7
million euros in a year-on-year comparison and by 3.8 million euros to 17.0
million euros in a nine-month comparison. The main reason behind the sales
growth was that deliveries under the framework procurement of Elektrilevi OÜ
mostly remained in the third quarter.
Quarterly sales to the Finnish market decreased by 2.2 million euros to 16.5
million euros in a year-on-year comparison and it was mostly affected by the
decrease in orders. The decline in orders in the last quarter also affected the
9-month result, where revenue to the Finnish market decreased by 2.1 million
euros to 54.9 million euros.
Quarterly sales to the Swedish market increased by 1.2 million euros to 6.6
million euros in the year-on-year comparison. The Swedish market's revenue
increased by 2.7 million euros to 17.5 million euros in a nine-month
comparison, being the second largest market overall. The growth in the Swedish
market was secured by an increase in the sale of substations, manufactured in
Estonia, to the Swedish market as well as the general increase in orders.
Investments
In the reporting period, the Group invested a total of 4.1 (9m 2019: 4.4)
million euros in non-current assets, incl. 2.1 (9m 2019: 0.7) million euros in
investment properties, 1.8 (9m 2019: 3.4) million euros in property, plant and
equipment and 0.2 (9m 2019: 0.3) million euros in intangible assets.
The largest development project in Q3 was the start of the construction of the
fourth stage of the expansion of the production and office building in
Lithuania. Investments aimed at the expansion of the plant will enable Harju
Elekter UAB to double the plant's revenues. In addition, investments were made
in the construction of a production facility in the Allika Industrial Park, and
plots of land were purchased.
Share
The company’s shares closed at 4.44 euros on the last trading day of the
reporting quarter on the Nasdaq Tallinn stock exchange. As at 30 September
2020, AS Harju Elekter has 4,831 shareholders. The number of shareholders has
increased by 261 over the reporting quarter.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EUR'000 30 31
September December
2020 2019
ASSETS
Currents assets
Cash and cash equivalents 3,367 4,878
Trade and other receivables 26,464 22,958
Prepayments 1,048 1,166
Inventories 21,213 19,010
--------------------------------------------------------------------------------
Total current assets 52,092 48,012
--------------------------------------------------------------------------------
Non-current assets
Deferred income tax assets 513 472
Non-current financial investments 8,146 10,494
Investment properties 22,758 21,259
Property, plant, and equipment 20,330 20,402
Intangible assets 7,200 7,260
--------------------------------------------------------------------------------
Total non-current assets 58,947 59,887
--------------------------------------------------------------------------------
TOTAL ASSETS 111,039 107,899
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LIABILITIES AND EQUITY
--------------------------------------------------------------------------------
Liabilities
Borrowings 8,871 11,305
Prepayments from customers 3,947 2,212
Trade and other payables 19,264 16,448
Tax liabilities 2,555 2,959
Current provisions 35 34
--------------------------------------------------------------------------------
Total current liabilities 34,672 32,958
--------------------------------------------------------------------------------
Borrowings 7,901 7,901
Other non-current liabilities 95 64
--------------------------------------------------------------------------------
Total non-current liabilities 7,996 7,965
--------------------------------------------------------------------------------
TOTAL LIABILITIES 42,668 40,923
--------------------------------------------------------------------------------
Equity
Share capital 11,176 11,176
Share premium 804 804
Reserves 2,842 3,412
Retained earnings 53,693 51,699
Total equity attributable to the owners of the parent 68,515 67,091
company
Non-controlling interests -144 -115
--------------------------------------------------------------------------------
Total equity 68,371 66,976
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 111,039 107,899
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Unaudited
-----------------------------------------------------------------------------
EUR'000 Q3 Q3 9m 9m
2020 2019 2020 2019
-----------------------------------------------------------------------------
Revenue 37,360 42,262 111,372 112,150
Cost of sales -32,126 -36,887 -95,747 -97,901
Gross profit 5,234 5,375 15,625 14,249
Distribution costs -1,150 -1,516 -3,639 -4,198
Administrative expenses -2,225 -2,296 -7,119 -6,929
Other income 167 39 494 171
Other expenses -24 -41 -150 -229
-----------------------------------------------------------------------------
Operating profit 2,002 1,561 5,211 3,064
-----------------------------------------------------------------------------
Finance income 8 25 116 147
Finance costs -122 -77 -269 -179
-----------------------------------------------------------------------------
Profit before tax 1,888 1,509 5,058 3,032
-----------------------------------------------------------------------------
Income tax -194 -190 -689 -719
-----------------------------------------------------------------------------
Profit for the period 1,694 1,319 4,369 2,313
-----------------------------------------------------------------------------
Profit attributable to:
Owners of the parent company 1,691 1,359 4,398 2,384
Non-controlling interests 3 -40 -29 -71
Earnings per share
Basic earnings per share (EUR) 0.10 0.08 0.25 0.13
Diluted earnings per share (EUR) 0.10 0.08 0.25 0.13
-----------------------------------------------------------------------------
Tiit Atso
Chairman of the Management Board
+372 674 7400