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
8597
Manused
Esitamise kuupäev ja aeg
23.02.2021 08:00:00
Teate sisu eesti keeles
Pealkiri
Harju Elekter kontserni majandustulemused, 1-12/2020
Teade
Müügitulu, kulud ja kasum
Harju Elekter kontserni jaoks kujunes nii IV kvartal kui ka 2020. aasta
tervikuna muutusterohkeks ja hoolimata keerulisest aastast edukaks. Kontserni
viimaste aastate suuremahulised investeeringud ja aktiivne müügitöö
suurendamaks turuosa nii Skandinaavias kui ka koduriigis on vilja kandnud.
Varasematest perioodidest üle kandunud ja aruandeaastal lisandunud
müügitellimused tõid kaasa rekordilise müügitulu ning kasumi nii
aruandekvartalis kui -aastal.
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EUR'000 IV kv IV kv +/- 12 kuud 12 kuud +/-
2020 2019 kv/kv 2020 2019 12k/12k
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Müügitulu 35 243 31 246 12,8% 146 614 143 397 2,2%
Brutokasum 5 585 3 995 39,8% 21 209 18 244 16,3%
Ärikasum enne kulumit 2 400 1 112 115,8% 10 340 6 791 52,3%
(EBITDA)
Ärikasum (EBIT) 1 335 210 535,7% 6 546 3 273 100,0%
Perioodi puhaskasum 1 159 55 2007,3% 5 528 2 367 133,5%
sh emaettevõtte omanike osa 1 165 77 1413,0% 5 563 2 460 126,1%
Puhaskasum aktsia kohta 0,07 0,00 1413,0% 0,31 0,14 126,1%
(eurot)
--------------------------------------------------------------------------------
Kontserni konsolideeritud auditeerimata müügitulu aruandekvartalis oli 35,2
(2019 IV kv: 31,2) miljonit eurot ja aruandeaastal kokku 146,6 (2019: 143,4)
miljonit eurot.
Aruandekvartali äritegevuse kulud kokku olid 34,0 (2019 IV kv: 31,1) miljonit
eurot. Valdava osa kulude kasvust moodustas müüdud toodete ja teenuste kulude
suurenemine: kvartalite võrdluses 2,4 miljonit eurot. Kontserni ettevõtted
otsisid aktiivselt uuteks perioodideks võimalusi ärimahtude suurendamiseks,
osaledes mitmetes hangetes, mistõttu turustuskulud on võrreldava kvartali
suhtes kasvanud 0,7 miljoni võrra 2,2 miljoni euroni. Tööjõukulud kvartalite ja
aastate võrdluses kasvasid, olles vastavalt 7,3 (2019 IV kv: 7,2) miljonit
eurot ja 27,3 (2019: 26,7) miljonit eurot. Tööjõukulude kasvu põhjuseks on
eelkõige Kontserni ettevõtete head 2020. aasta majandustulemused, lisaks
keerulisel aastal tehtud erakorralised tootmisvahetused, millega kaasnesid
tööaja suurenemine ja kõrgemad lisatasud.
Aruandekvartali konsolideeritud brutokasum oli 5 585 (2019 IV kv: 3 995) tuhat
eurot ning brutokasumi marginaaliks kujunes 15,8% (2019 IV kv: 12,8%).
Aruandeaasta konsolideeritud brutokasum oli 21 209 (2019: 18 244) tuhat eurot
ja brutokasumi marginaal oli 14,5% (2019: 12,7%). Konsolideeritud ärikasum
(EBIT) edestas kvartalite võrdluses kuuekordselt eelmise aasta sama perioodi
näitajat ja kahekordistus aastate võrdluses, olles vastavalt 1 335 (2019 IV kv:
210) ja 6 546 (2019: 3 273) tuhat eurot. Aruandekvartali ärirentaablus suurenes
3,1 protsendipunkti võrra 3,8%ni ja 12 kuuga 2,2 protsendipunkti võrra 4,5%ni.
Aruandekvartali konsolideeritud puhaskasum oli 1 159 (2019 IV kv: 55) tuhat
eurot ning puhaskasum aktsia kohta 0,07 (2019 IV kv: 0,00) eurot. 2020. aasta
puhaskasum kasvas võrreldava perioodi suhtes 133,5% jõudes 5 528 (2019: 2 367)
tuhande euroni. Aruandeaasta puhaskasum aktsia kohta oli 0,31 (2019: 0,14)
eurot.
Põhitegevusala ja turud
Kontserni põhitegevusala, tootmine moodustas Kontserni konsolideeritud
müügitulust 86%. Kontserni suurimad sihtturud on Eesti, Soome, Rootsi ja Norra.
Müük Eesti turule kasvas kvartalite võrdluses 2,9 miljoni euro võrra 6,5
miljoni euroni ning aastate võrdluses 6,7 miljonit 23,5 miljoni euroni. Suurem
osa 2019. aastal võidetud Elektrilevi OÜ raamhanke tehasetooteliste
komplektalajaamade tarneid lükkusid üksikute materjalide ja komponentide
tarneraskuste tõttu aruandeaasta teise poolde.
Müük Soome turule langes kvartalite võrdluses 1,0 miljoni euro võrra 13,8
miljoni euroni ning seda mõjutas enim tellimuste vähenemine tööstusautomaatika
sektoris alates teisest kvartalist. Kolmes kvartalis tekkinud tellimuste langus
mõjutas ka aruandeaasta tulemust, kus müügitulu Soome turule on aastate
võrdluses vähenenud 3,0 miljoni euro võrra 68,7 miljoni euroni. Valdav osa
müügimahust moodustas toodangu müük Soome elektrivõrguettevõtetele, kelle
tellimused olid seoses hankelepingute uuendamisele languses, kuid suures osas
uuetest väljakuulutatud hangetes osutus Harju Elekter edukaks.
Enim suurenes müük Rootsi turule. Aruandekvartalite võrdluses peaaegu
kahekordistunud Rootsi turult teenitud müügitulu oli 9,1 miljonit eurot.
Aastate võrdluses suurenes Rootsi müügitulu 7,0 miljoni euro võrra 26,5 miljoni
euroni, olles kokkuvõttes suuruselt teine turg. Kasvu tagas nii Eestis toodetud
alajaamade müügi suurenemine Rootsi turule kui ka üleüldine tellimuste kasv
Rootsis.
Kontserni turgudest neljandal kohal on Norra, moodustades Kontserni IV kvartali
müügitulust 7,8%, olles 2,8 miljonit eurot. Aruandeaastal teeniti Norra turult
16,7 miljonit eurot, mis on 4,9 miljoni euro võrra vähem kui 2019. aastal.
Norra müügitulu vähenemise on tinginud rekordiliselt suurtest tellimustest
eelneva aasta III ja IV kvartalis.
Investeeringud
Kontsern investeeris 2020. aastal põhivarasse kokku 8,1 (2019: 5,5) miljonit
eurot, sealhulgas kinnisvarainvesteeringutesse 3,1 (2019: 0,9) miljonit
eurot, materiaalsesse põhivarasse 4,6 (2019: 4,2) miljonit eurot ja
immateriaalsesse põhivarasse 0,3 (2019: 0,4) miljonit eurot. Aruandeaastal
alustati Leedus tootmis- ja büroohoone laienduse neljanda etapi ehitusega.
Lisaks investeeriti tootmistehnoloogilisse põhivarasse, infotehnoloogia
arendustesse, Allika Tööstuspargi tootmishoone ehitusse ning soetati
kinnistuid.
Aktsia
Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq
Tallinna börsil 5,18 euro tasemel. AS Harju Elektril on 31.12.2020 seisuga 5
084 aktsionäri. Aruandekvartali jooksul suurenes aktsionäride arv 253 võrra.
Ettepanek dividendideks
Kontserni dividendipoliitika järgi makstakse dividendideks vähemalt kolmandik
tavapärase majandustegevuse puhaskasumist. Juhatus võtab dividendi ettepanekut
tehes arvesse märgatavalt paranenud majandustulemusi, samas ka suurenenud
investeeringuid ja finantsseisu. Kooskõlastatult Nõukoguga teeb juhatus
ettepaneku maksta aktsionäridele dividendidena välja 0,16 eurot aktsia kohta,
kokku 2,8 miljonit eurot, mis moodustab 51% 2020. aasta puhaskasumist.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Auditeerimata
----------------------------------------------------------------------
----------------------------------------------------------------------
EUR'000 31.12.2020 31.12.2019
VARAD
Käibevarad
Raha ja raha ekvivalendid 2 843 4 878
Nõuded ostjatele ja muud nõuded 27 226 22 958
Ettemaksed 820 1 166
Varud 18 856 19 010
----------------------------------------------------------------------
Käibevara kokku 49 745 48 012
----------------------------------------------------------------------
Põhivara
Edasilükkunud tulumaksu vara 514 472
Pikaajalised finantsinvesteeringud 11 918 10 494
Kinnisvarainvesteeringud 23 605 21 259
Materiaalne põhivara 22 494 20 402
Immateriaalne põhivara 7 199 7 260
----------------------------------------------------------------------
Põhivara kokku 65 730 59 887
----------------------------------------------------------------------
VARAD KOKKU 115 475 107 899
----------------------------------------------------------------------
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
----------------------------------------------------------------------
Kohustused
Võlakohustused 12 056 11 305
Ostjate ettemaksed 4 182 2 212
Võlad tarnijatele ja muud võlad 15 837 16 448
Maksuvõlad 2 871 2 959
Lühiajalised eraldised 34 34
----------------------------------------------------------------------
Lühiajalised kohustused kokku 34 980 32 958
----------------------------------------------------------------------
Võlakohustused 7 032 7 901
Muud pikaajalised kohustused 66 64
----------------------------------------------------------------------
Pikaajalised kohustused kokku 7 098 7 965
----------------------------------------------------------------------
KOHUSTUSED KOKKU 42 078 40 923
----------------------------------------------------------------------
Omakapital
Aktsiakapital 11 176 11 176
Ülekurss 804 804
Reservid 6 709 3 412
Jaotamata kasum 54 858 51 699
Emaettevõtte omanikele kuuluv omakapital kokku 73 547 67 091
Mittekontrolliv osalus -150 -115
----------------------------------------------------------------------
Omakapital kokku 73 397 66 976
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 115 475 107 899
----------------------------------------------------------------------
KONSOLIDEERITUD KASUMIARUANNE
Auditeerimata
------------------------------------------------------------------------------
EUR'000 IV kv IV kv 12 k 12 k
2020 2019 2020 2019
------------------------------------------------------------------------------
Müügitulu 35 243 31 246 146 614 143 397
Müüdud toodete ja teenuste kulud -29 658 -27 251 -125 405 -125 153
Brutokasum 5 585 3 995 21 209 18 244
Turustuskulud -2 208 -1 508 -5 847 -5 706
Üldhalduskulud -2 140 -2 300 -9 259 -9 229
Muud äritulud 213 85 707 255
Muud ärikulud -115 -62 -264 -291
------------------------------------------------------------------------------
Ärikasum 1 335 210 6 546 3 273
------------------------------------------------------------------------------
Finantstulud 21 4 137 139
Finantskulud -110 -58 -379 -225
------------------------------------------------------------------------------
Kasum enne maksustamist 1 246 156 6 304 3 187
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Tulumaks -87 -101 -776 -820
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Perioodi puhaskasum 1 159 55 5 528 2 367
------------------------------------------------------------------------------
Puhaskasumi jaotus
Emaettevõtte omanike osa puhaskasumist 1 165 77 5 563 2 460
Mitte-kontrolliv osa puhaskasumist -6 -22 -35 -93
Puhaskasum aktsia kohta
Tavapuhaskasum aktsia kohta (EUR) 0,07 0 0,31 0,14
Lahustatud puhaskasum aktsia kohta (EUR) 0,07 0 0,31 0,14
------------------------------------------------------------------------------
Tiit Atso
Juhatuse esimees
Tel 674 7400
Teate sisu inglise keeles
Pealkiri
Harju Elekter Group financial results, 1-12/2020
Teade
Revenue, Expenses, and Profit
Despite the challenges provided over the past year, Q4 and the year 2020 both
were full of changes and successful for Harju Elekter. The Group’s large-scale
investments in recent years and active sales work to increase its market share
in the Scandinavian and in native market have come to bear fruits. Sales orders
carried over from previous periods and additional orders in the reporting year
resulted in record revenue and profit in the reporting quarter and in the
reporting year.
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EUR'000 Q4 Q4 +/- 12m 12m +/-
2020 2019 Q/Q 2020 2019 12m/12
m
--------------------------------------------------------------------------------
Revenue 35,243 31,246 12.8% 146,614 143,397 2.2%
Gross profit 5,585 3,995 39.8% 21,209 18,244 16.3%
EBITDA 2,400 1,112 115.8% 10,340 6,791 52.3%
Operating profit (EBIT) 1,335 210 535.7% 6,546 3,273 100.0%
Profit for the period 1,159 55 2007.3% 5,528 2,367 133.5%
Incl. attributable to owners 1,165 77 1413.0% 5,563 2,460 126.1%
of the parent
Earnings per share (EPS) 0.07 0.00 1413.0% 0.31 0.14 126.1%
(euros)
--------------------------------------------------------------------------------
The consolidated unaudited revenue of the Group was 35.2 (Q4 2019: 31.2)
million euros in the reporting quarter and a total of 146.6 (2019: 143.4)
million euros in the reporting year.
The total operating expenses for the reporting quarter were 34.0 (Q4 2019:
31.1) million euros. The majority of the increase in expenses was due to an
increase in the cost of sales: 2.4 million euros year-on-year. The Group’s
companies were actively seeking opportunities to increase business volumes for
upcoming periods by participating in several procurements, as a result of which
distribution costs have increased to 2.2 million euros, this being an 0.7
million increase from the comparable quarter. Compared to the comparable
quarter and year, labor costs increased, amounting to 7.3 (Q4 2019: 7.2) and
27.3 (2019: 26.7) million euros, respectively. The reason for the increase in
labour costs primarily lies in the good financial results of the Group’s
companies. In 2020 while extraordinary production shifts have also been made
during this difficult year, being accompanied by an increase in working hours
and higher bonuses.
The consolidated gross profit for the reporting quarter was 5,585 (Q4 2019:
3,995) thousand euros and the gross profit margin was 15.8% (Q4 2019: 12.8%).
The consolidated gross profit for the reporting year was 21,209 (2019: 18,244)
thousand euros and the gross profit margin was 14.5% (2019: 12.7%). Quarterly
consolidated operating profit (EBIT) was six times higher than in the same
period of last year and doubled on a yearly basis, amounting to 1,335 (Q4 2019:
210) and 6,546 (2019: 3,273) thousand euros, respectively. The operating margin
increased by 3.1 percentage points to 3.8% in the reporting quarter and by 2.2
percentage points to 4.5% in twelve months.
The consolidated net profit for the reporting quarter was 1,159 (Q4 2019: 55)
thousand euros, and earnings per share were 0.07 (Q4 2019: 0.00) euros. Net
profit for the year 2020 increased by 133.5% compared to the comparable period,
reaching 5,528 (2019: 2,367) thousand euros. Earnings per share for the
reporting year were 0.31 (2019: 0.14) euros.
Core Business and Markets
The Group's core business, Production, accounted for 86% of the Group's
consolidated revenue. The largest target markets of the Group are Estonia,
Finland, Sweden, and Norway. Quarterly sales to the Estonian market increased
by 2.9 million to 6.5 million euros in a year-on-year comparison and 6.7
million to 23.5 million euros within twelve-month comparison. Most of the
deliveries of the prefabricated substations for Elektrilevi OÜ, whose tender
was won in 2019, were postponed to the second half of the reporting year due to
difficulties in the availability of individual materials and components.
Sales to the Finnish market decreased by 1.0 million euros to 13.8 million
euros in a quarterly comparison, from Q2 onwards, mostly being affected by a
decrease in orders in the industrial automation sector. The decrease in orders
in the three quarters also affected the result of the financial year with the
revenue from the Finnish market decreasing by 3.0 million euros to 68.7 million
in a yearly comparison. The majority of the sales volume was generated by sales
to Finnish electricity network companies, whose orders were declining due to
the renewal of procurement contracts. Harju Elekter proved to be successful in
most of the new procurements.
Sales to the Swedish market increased the most. The revenue earned on the
Swedish market almost doubled in the comparison of the reporting quarters,
totalling 9.1 million euros. In a year comparison, Sweden's revenue increased
by 7.0 million euros to 26.5 million euros, being the second largest market
overall. The growth was supported by an increase in the sale of substations,
manufactured in Estonia, to the Swedish market as well as the overall growth in
orders in Sweden.
Norway ranks fourth in the Group's markets, accounting for 7.8% of the Group's
fourth quarter revenue, being 2.8 million euros. During the reporting year, the
Norwegian market earned 16.7 million euros, which is 4.9 million euros less
than in the previous year. The decrease in the revenue in Norway was caused by
record-high orders in Q3 and Q4 of the previous year.
Investments
During the year, the Group invested a total of 8.1 (2019: 5.5) million euros in
non-current assets, incl. 3.1 (2019: 0.9) million euros in investment
properties, 4.6 (2019: 4.2) million euros in property, plant, and equipment and
0.3 (2019: 0.4) million euros in intangible assets. This year, the construction
of the fourth stage of the expansion of the production and office building in
Lithuania began. In addition, investments were made in the production
technology, information technology developments, construction of the production
building in Allika Industrial Park and plots of land were purchased.
Share
The company's share price on the last trading day of the reporting quarter on
the Nasdaq Tallinn Stock Exchange closed at 5.18 euros. As of 31 December 2020,
AS Harju Elekter had 5,084 shareholders. The number of shareholders increased
during the reporting quarter by 253 persons.
Dividend Proposal
The Group’s dividend policy mandates that at least one third of the net profit
from ordinary economic activities is paid out as dividends. Proposing the
payment of dividends, the Management Board has considered the significantly
improved financial results, as well as the making of increased investments and
the betterment of the financial position. In coordination with the Supervisory
Board, the Group's Management Board will propose to pay dividends to the
shareholders 0.16 euros per share, totalling 2.8 million euros and representing
51% of consolidated net profit in 2020.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EUR'000 31 31
December 2020 December
2019
ASSETS
Current assets
Cash and cash equivalents 2,843 4,878
Trade and other receivables 27,226 22,958
Prepayments 820 1,166
Inventories 18,856 19,010
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Total current assets 49,745 48,012
--------------------------------------------------------------------------------
Non-current assets
Deferred income tax assets 514 472
Non-current financial investments 11,918 10,494
Investment properties 23,605 21,259
Property, plant, and equipment 22,494 20,402
Intangible assets 7,199 7,260
--------------------------------------------------------------------------------
Total non-current assets 65,730 59,887
--------------------------------------------------------------------------------
TOTAL ASSETS 115,475 107,899
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LIABILITIES AND EQUITY
--------------------------------------------------------------------------------
Liabilities
Borrowings 12,056 11,305
Prepayments from customers 4,182 2,212
Trade and other payables 15,837 16,448
Tax liabilities 2,871 2,959
Current provisions 34 34
--------------------------------------------------------------------------------
Total current liabilities 34,980 32,958
--------------------------------------------------------------------------------
Borrowings 7,032 7,901
Other non-current liabilities 66 64
--------------------------------------------------------------------------------
Total non-current liabilities 7,098 7,965
--------------------------------------------------------------------------------
TOTAL LIABILITIES 42,078 40,923
--------------------------------------------------------------------------------
Equity
Share capital 11,176 11,176
Share premium 804 804
Reserves 6,709 3,412
Retained earnings 54,858 51,699
Total equity attributable to the owners of the parent 73,547 67,091
company
Non-controlling interests -150 -115
--------------------------------------------------------------------------------
Total equity 73,397 66,976
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 115,475 107,899
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Unaudited
----------------------------------------------------------------------
EUR'000 Q4 Q4 12m 12m
2020 2019 2020 2019
----------------------------------------------------------------------
Revenue 35,243 31,246 146,614 143,397
Cost of sales -29,658 -27,251 -125,405 -125,153
Gross profit 5,585 3,995 21,209 18,244
Distribution costs -2,208 -1,508 -5,847 -5,706
Administrative expenses -2,140 -2,300 -9,259 -9,229
Other income 213 85 707 255
Other expenses -115 -62 -264 -291
----------------------------------------------------------------------
Operating profit 1,335 210 6,546 3,273
----------------------------------------------------------------------
Finance income 21 4 137 139
Finance costs -110 -58 -379 -225
----------------------------------------------------------------------
Profit before tax 1,246 156 6,304 3,187
----------------------------------------------------------------------
Income tax -87 -101 -776 -820
----------------------------------------------------------------------
Profit for the period 1,159 55 5,528 2,367
----------------------------------------------------------------------
Profit attributable to:
Owners of the parent company 1,165 77 5,563 2,460
Non-controlling interests -6 -22 -35 -93
Earnings per share
Basic earnings per share (EUR) 0.07 0 0.31 0.14
Diluted earnings per share (EUR) 0.07 0 0.31 0.14
----------------------------------------------------------------------
Tiit Atso
Chairman of the Management Board
+372 674 7400