Börsiteade
AS Harju Elekter Group
LEI kood
5299009GM96I0NYKWS93
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Kinnisvaraalane tegevus
Sektor(id)
Reitinguagentuur
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Poolaastaaruanne
Teate ID
8959
Manused
Esitamise kuupäev ja aeg
28.07.2021 08:00:00
Teate sisu eesti keeles
Pealkiri
Harju Elekter kontserni konsolideeritud majandustulemused, 1-6/2021
Teade
Harju Elektri teist kvartalit iseloomustavad tulevikuvaatega investeeringud ja maailmas leviva tooraine defitsiidi võimendumine, mis avaldab mõju kontserni majandustulemustele ja kasumlikkusele. Alustatud on uute sõlmitud raamlepingute tellimuste täitmisega ning Eesti ja Rootsi müügimahud on kasvutrendis. Leedu üksuse tellimused ei ole veel tavapärasel tasemel, kuid suurenenud päringute arv annab lootust merendussektori peatsele taastumisele. Kontsern pani teises kvartalis aluse tulevikku vaatavale koostööle tehnoloogiaettevõttega IGL- Technologies Oy ja jätkas investeerimist Skeleton Technologies Group OÜ-sse. Samuti tehti ettevalmistusi uue tootmis- ja laoruumide kompleksi ehituseks ning päikeseelektrijaamade portfelli suurendamiseks. Müügitulu, kulud ja kasum Kontserni II kvartali müügitulu oli 36,3 miljonit eurot, mis on 2020. aasta II kvartaliga võrreldes 2,7 miljoni euro võrra tagasihoidlikum. Sarnaselt esimesele kvartalile mõjutasid teise kvartali müügitulu edasi lükkunud tellimused, tarneraskused ning materjali defitsiit. Kuue kuu kokkuvõttes oli müügitulu 67,0 (2020 6k: 74,0) miljonit eurot, mis jääb alla eelmise aasta rekordilisele tulemusele, kuid on võrreldav kahe aasta taguse kriisieelse tavapärase müügiga. Vaatamata majanduskeskkonnas valitsevale ebakindlusele on uute tellimuste maht ning koostöö oluliste raamlepinguliste klientidega säilinud. ---------------------------------------------------------------------------- EUR'000 II kv II kv +/- 6 kuud 6 kuud +/- 2021 2020 kv/kv 2021 2020 6k/6k ---------------------------------------------------------------------------- Müügitulu 36 310 39 014 -6,9% 67 028 74 012 -9,4% Brutokasum 4 306 5 468 -21,3% 8 151 10 391 -21,6% Ärikasum enne kulumit (EBITDA) 1 638 3 084 -46,9% 3 124 5 027 -37,9% Ärikasum (EBIT) 651 2 156 -69,8% 1 168 3 209 -63,6% Perioodi puhaskasum 488 1 971 -75,2% 785 2 674 -70,6% sh emaettevõtte omanike osa 485 1 979 -75,5% 795 2 708 -70,6% Puhaskasum aktsia kohta (eurot) 0,03 0,11 -75,5% 0,04 0,15 -70,6% ---------------------------------------------------------------------------- Aruandekvartali äritegevuse kulud olid kokku 35,8 (2020 II kv: 37,1) miljonit eurot. Müüdud toodete ja teenuste kulud vähenesid kvartalite võrdluses 1,5 miljoni euro võrra 32,0 miljoni euroni, moodustades äritegevuskuludest 89,5%. Tööjõukulud kvartalite ja poolaastate võrdluses kasvasid, olles vastavalt 7,6 (2020 II kv: 6,7) ja 14,9 (2020 6k: 13,4) miljonit eurot. Valdava osa tööjõukulude kasvust andis lisatööde suurenemine, pidev valmisolek tootmistsükli jätkamiseks ning Leedu puhul ka koroonaviiruse tõkestamise meetmena tootmises mitme töövahetuse pidamine. Tööjõukulude ja keskmise töötasu kasvu mõjutas Soome ja Rootsi töötajate osakaalu tõus kontsernis, sest Skandinaavia riikides on palgatase märgatavalt kõrgem kui Eestis ja Leedus. Aruandekvartali brutokasum oli 4 306 (2020 II kv: 5 468) tuhat eurot ja brutokasumi marginaaliks kujunes 11,9% (2020 II kv: 14,0%). Ärikasum (EBIT) oli 651 (2020 II kv: 2 156) tuhat eurot. Teise kvartali ärirentaabluseks kujunes 1,8% (2020 II kv: 5,5%). Aruandekvartali puhaskasum oli 488 (2020 II kv: 1 971) tuhat eurot, millest emaettevõtte omanike osa moodustas 485 (2020 II kv: 1 979) tuhat eurot. Puhaskasum aktsia kohta oli teises kvartalis 0,03 (2020 II kv: 0,11) eurot. Võrreldes eelmise aastaga mõjutas aruandeperioodi madalat kasumlikkust peamiselt planeeritust väiksem müügikäive, jätkuv ülemaailmne materjalide defitsiit ja tööjõukulude suurenemine. Tootmismaterjali kiire hinnatõus ning raske kättesaadavus tingisid ebaefektiivsuse töödes, kus tooteid ei saa valmistada planeeritud aja järgi. Põhitegevusala ja turud Kontserni põhitegevusala, tootmine, moodustas kontserni müügitulust kuue kuu arvestuses 88%. Uute raamlepingute tellimustega alustamise viibimine, planeeritud mahtude edasilükkumine ning limiteeritud tooraine kättesaadavus vähendasid tootmissegmendi müügitulu kvartalite võrdluses 1,5 miljoni euro võrra 31,6 miljoni euroni ning kuue kuu võrdluses 4,4 miljoni euro võrra 58,8 miljoni euroni. Müük Eesti turule kasvas kvartalite võrdluses 1,1 miljoni euro võrra 6,9 miljoni euroni ja kuue kuu võrdluses 2,6 miljoni euro võrra 12,0 miljoni euroni, moodustades kuue kuu müügitulust 18% (2020 6k: 13%). Aruandekvartalis jätkati 2020. aasta teises kvartalis alustatud Elektrilevi OÜ raamhanke tehasetooteliste komplektalajaamade tootmise ja tarnetega. Müük Soome turule on taastumas. Eelneva aasta teise kvartaliga võrreldes on müügitulu vähenenud vaid 0,6 miljoni euro võrra, olles 18,4 miljonit eurot. Poolaastate võrdluses on muutus suurem, müügitulu vähenes 5,5 miljoni euro võrra 33,0 miljonile eurole. Seda mõjutas enim tellimuste vähenemine seoses lumerohke ja külma talvega, uute pikaajaliste tellimustega alustamine, kuid ka tarneraskused ja materjali defitsiit. Kontserni suurimale turule, Soome, müüdi esimesel poolaastal 49% (2020 6k: 52%) kontserni toodetest ja teenustest. Rootsi turult teenitud müügitulu oli nii aruandekvartalite kui ka poolaastate võrdluses kasvutrendis, olles vastavalt 6,1 (2020 II kv: 5,9) ja 11,5 (2020 6k: 10,9) miljonit eurot. Rootsi moodustas esimese poolaasta müügitulust 17% (2020 6k: 15%), jäädes kontserni turgudest suuruselt kolmandaks turuks. Teises kvartalis müüdi Norra turule 2,0 (2020 II kv: 4,4) miljoni euro väärtuses kontserni tooteid ja teenuseid. Kuue kuuga teeniti Norra turult 3,9 miljonit eurot, mis on 60,5% ehk 5,9 miljoni euro võrra vähem kui eelneva aasta samal perioodil. Müügitulu vähenemine oli tingitud rekordiliselt suurtest tellimustest võrdlusperioodil ning ka laevandusektor tellimusmahtude taastumise aeglasest tempost. Norra turg moodustas kuue kuu müügitulust 6% (2020 6k: 13%), olles kontserni jaoks suuruselt neljas turg. Investeeringud Harju Elekter investeeris aruandeperioodil põhivarasse kokku 3,9 (2020 6k: 2,2) miljonit eurot, sealhulgas kinnisvarainvesteeringutesse 0,2 (2020 6k: 1,3) miljonit eurot, materiaalsesse põhivarasse 3,5 (2020 6k: 0,8) miljonit eurot ja immateriaalsesse põhivarasse 0,2 (2020 6k: 0,1) miljonit eurot. Valdav osa aruandeperioodi investeeringutest, 2,5 miljonit eurot, suunati Leedu tütarettevõtte tootmis- ja büroohoone neljanda etapi laiendusse. Investeeringu kogumaksumus oli 5,5 miljonit eurot. Lisaks alustati Allika Tööstuspargis tootmis- ja laoruumide kompleksi Laohotell III ehituse ettevalmistustega ning investeeriti tootmistehnoloogilisse põhivarasse. Aktsia Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq Tallinna börsil 8,18 euro tasemel. AS Harju Elektril oli 30.06.2021 seisuga 7983 aktsionäri. Aruandekvartali jooksul suurenes aktsionäride arv 596 võrra. KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE Auditeerimata ---------------------------------------------------------------------- EUR'000 30.06.2021 31.12.2020 VARAD Käibevarad Raha ja raha ekvivalendid 1 576 2 843 Nõuded ostjatele ja muud nõuded 27 215 27 226 Ettemaksed 1 366 820 Varud 24 623 18 856 ---------------------------------------------------------------------- Käibevara kokku 54 780 49 745 ---------------------------------------------------------------------- Põhivara Edasilükkunud tulumaksu vara 575 514 Pikaajalised finantsinvesteeringud 21 259 11 918 Kinnisvarainvesteeringud 23 328 23 605 Materiaalne põhivara 24 879 22 494 Immateriaalne põhivara 7 224 7 199 ---------------------------------------------------------------------- Põhivara kokku 77 265 65 730 ---------------------------------------------------------------------- VARAD KOKKU 132 045 115 475 ---------------------------------------------------------------------- ---------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL ---------------------------------------------------------------------- Kohustused Võlakohustused 15 292 12 056 Ostjate ettemaksed 1 919 4 182 Võlad tarnijatele ja muud võlad 22 208 15 837 Maksuvõlad 2 946 2 871 Lühiajalised eraldised 73 34 ---------------------------------------------------------------------- Lühiajalised kohustused kokku 42 438 34 980 ---------------------------------------------------------------------- Võlakohustused 9 469 7 032 Muud pikaajalised kohustused 65 66 ---------------------------------------------------------------------- Pikaajalised kohustused kokku 9 534 7 098 ---------------------------------------------------------------------- KOHUSTUSED KOKKU 51 972 42 078 ---------------------------------------------------------------------- Omakapital Aktsiakapital 11 176 11 176 Ülekurss 804 804 Reservid 15 173 6 709 Jaotamata kasum 53 080 54 858 Emaettevõtte omanikele kuuluv omakapital kokku 80 233 73 547 Mittekontrolliv osalus -160 -150 ---------------------------------------------------------------------- Omakapital kokku 80 073 73 397 ---------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL KOKKU 132 045 115 475 ---------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE Auditeerimata -------------------------------------------------------------------------- EUR'000 II kv II kv 6k 6k 2021 2020 2021 2020 -------------------------------------------------------------------------- Müügitulu 36 310 39 014 67 028 74 012 Müüdud toodete ja teenuste kulud -32 004 -33 546 -58 877 -63 621 Brutokasum 4 306 5 468 8 151 10 391 Turustuskulud -1 315 -1 180 -2 529 -2 488 Üldhalduskulud -2 437 -2 333 -4 654 -4 895 Muud äritulud 188 275 360 327 Muud ärikulud -91 -74 -160 -126 -------------------------------------------------------------------------- Ärikasum 651 2 156 1 168 3 209 -------------------------------------------------------------------------- Finantstulud 51 71 68 108 Finantskulud -60 -46 -158 -147 -------------------------------------------------------------------------- Kasum enne maksustamist 642 2 181 1 078 3 170 -------------------------------------------------------------------------- Tulumaks -154 -210 -293 -496 -------------------------------------------------------------------------- Perioodi puhaskasum 488 1 971 785 2 674 -------------------------------------------------------------------------- Puhaskasumi jaotus Emaettevõtte omanike osa puhaskasumist 485 1 979 795 2 708 Mitte-kontrolliv osa puhaskasumist 3 -8 -10 -34 Puhaskasum aktsia kohta Tavapuhaskasum aktsia kohta (EUR) 0,03 0,11 0,04 0,15 Lahustatud puhaskasum aktsia kohta (EUR) 0,03 0,11 0,04 0,15 -------------------------------------------------------------------------- Tiit Atso Juhatuse esimees Tel 674 7400
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Harju Elekter Group consolidated financial results, 1-6/2021
Teade
The second quarter of Harju Elekter can be characterised by forward-looking
investments and the intensification of the global raw material deficit, which
has an impact on the Group's financial results and profitability. Execution of
orders for new framework contracts has begun, and sales volumes in Estonia and
Sweden are on an upward trend. Orders for the Lithuanian unit have not yet
returned to pre-crisis levels, but the number of incoming inquiries has grown to
a record high, giving reason to hope for a recovery in the maritime industry in
the near future. In the second quarter, the Group established a forward-looking
cooperation with the technology company IGL-Technologies Oy and continued to
invest in Skeleton Technologies Group OÜ. Preparations were also made for the
construction of the new production and storage complex and for increasing the
portfolio of solar power plants.
Revenue, Expenses, and Profit
The revenue of the Group was 36.3 million euros in the second quarter, which was
2.7 million euros more modest compared to the second quarter of 2020. As in the
first quarter, revenue from the manufacturing and sales of electrical equipment
in the second quarter was affected by deferred orders, supply difficulties and
material shortages. In the first six months, the revenue was 67.0 (6M
2020: 74.0) million euros, which is below the record result of the previous year
but is comparable to the normal sales two years ago before the crisis. Despite
the uncertainty in the economic environment, the volume of new orders and
cooperation with important customers with framework agreements have persisted.
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EUR'000 Q2 Q2 +/- 6M 6M +/-
2021 2020 Q2/Q2 2021 2020 6M/6M
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Revenue 36,310 39,014 -6.9% 67,028 74,012 -9.4%
Gross profit 4,306 5,468 -21.3% 8,151 10,391 -21.6%
EBITDA 1,638 3,084 -46.9% 3,124 5,027 -37.9%
Operating profit (EBIT) 651 2,156 -69.8% 1,168 3,209 -63.6%
Profit for the period 488 1,971 -75.2% 785 2,674 -70.6%
Incl. attributable to owners of
the parent company 485 1,979 -75.5% 795 2,708 -70.6%
Earnings per share (euros) 0.03 0.11 -75.5% 0.04 0.15 -70.6%
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The total operating expenses for the reporting quarter were 35.8 (Q2
2020: 37.1) million euros. Costs of sales decreased by 1.5 million euros to
32.0 million euros year-on-year, accounting for 89.5% of the operating expenses.
Labour costs increased with quarterly and half-year comparison, amounting to
7.6 (Q2 2020: 6.7) and 14.9 (6M 2020: 13.4) million euros, respectively. The
majority of the increase in labour costs was due to the increase in additional
work, the constant readiness to continue the production cycle, and in terms of
Lithuania, working in several shifts in production as a measure to prevent the
spread of coronavirus. The increase in labour costs and average remuneration was
affected most by the increase of the proportion of Swedish and Finnish employees
in the Group, since wage levels are significantly higher in Scandinavian
countries than they are in Estonia and Lithuania.
The gross profit for the reporting quarter was 4,306 (Q2 2020: 5,468) thousand
euros and the gross profit margin was 11.9% (Q2 2020: 14.0%). Quarterly
operating profit (EBIT) amounted to 651 (Q2 2020: 2,156) thousand euros. The
operating margin for the second quarter was 1.8% (Q2 2020: 5.5%).
The net profit for the reporting quarter was 488 (Q2 2020: 1,971) thousand euros
of which the share of the owners of the parent company was 485 (Q2 2020: 1,979)
thousand euros. The earnings per share were 0.03 (Q2 2020: 0.11) euros. Compared
to the previous year, the low profitability of the reporting period was mainly
affected by lower-than-planned sales, the continuing global shortage of
materials, and the increase in labour costs. The rapid rise in the price of
production materials and the difficulty of accessing them caused inefficiencies
in operations where the products could not be manufactured according to the
planned time.
Core Business and Markets
The Group's core business, Production, accounted for 88% of the Group's six
months revenue. Delays in beginning with new framework contract orders, the
postponement of planned volumes and limited availability of raw materials
reduced the revenue of the production segment by 1.5 million euros to 31.6
million euros on a quarterly comparison and by 4.4 million euros to 58.8 million
euros on a six-month comparison.
Quarterly sales to the Estonian market increased by 1.1 million to 6.9 million
euros in a year-on-year comparison and by 2.6 million euros to 12.0 million
euros in six months comparison, accounting for 18% (6M 2020: 13%) of the six-
month revenue. During the reporting quarter the Group continued the production
and delivery of prefabricated substations that began in Q2 2020 under the
Elektrilevi OÜ framework procurement.
Sales to the Finnish market are recovering. Compared to the second quarter of
the previous year, the revenue decreased only by 0.6 million euros, amounting to
18.4 million euros. Compared to the first half of last year, the change is
larger, revenue decreased by 5.5 million euros to 33.0 million euros. This was
mostly 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 first half of the year, 49% (6M 2020: 52%) of the
Group's products and services were sold to the Group's largest market, Finland.
The revenue earned from the Swedish market showed an upward trend in the
reporting quarter and in the half year as compared to previous year, amounting
6.1 (Q2 2020: 5.9) and 11.5 (Q2 2020: 10.9) million euros, respectively. Sweden
accounted for 17% (6M 2020: 15%) of revenue in the first half of the year, being
the third largest market in the Group.
In the second quarter, the Group's products, and services worth 2.0 (Q2
2020: 4.4) million euros were sold to the Norwegian market. In the first six
months, 3.9 million euros were earned from the Norwegian market, which was
60.5% or 5.9 million euros less than in the same period of the previous year.
The decrease in Norwegian revenue was due to record high orders in the reference
period, as well as the slow pace of recovery in the maritime industry. The
Norwegian market accounted for 6% (6M 2020: 13%) of the six-month revenue.
Investments
During the reporting period, the Group invested a total of 3.9 (6M 2020: 2.2)
million euros in non-current assets, incl 0.2 (6M 2020: 1.3) million euros in
investment properties, 3.5 (6M 2020: 0.8) million euros in property, plant, and
equipment and 0.2 (6M 2020: 0.1) million euros in intangible assets. The
majority of the investments during the reporting period, i.e. 2.5 million euros,
was directed to the expansion of the fourth phase of the production and office
building of the Lithuanian subsidiary. The total cost of the investment was 5.5
million euros. In addition, preparations for the construction of the production
and storage complex in the Allika Industrial Park, Laohotell III, were launched
and investments were made in 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 8.18 euros. As at 30 June 2021, AS
Harju Elekter had 7,983 shareholders. The number of shareholders increased
during the reporting quarter by 596.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited
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30 June
EUR'000 2021 31 December 2020
ASSETS
Current assets
Cash and cash equivalents 1,576 2,843
Trade and ohter receivables 27,215 27,226
Prepayments 1,366 820
Inventories 24,623 18,856
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Total current assets 54,780 49,745
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Non-current assets
Deferred income tax assets 575 514
Non-current financial investments 21,259 11,918
Investment properties 23,328 23,605
Property. plant and equipment 24,879 22,494
Intangible assets 7,224 7,199
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Total non-current assets 77,265 65,730
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TOTAL ASSETS 132,045 115,475
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LIABILITIES AND EQUITY
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Liabilities
Borrowings 15,292 12,056
Prepayments from customers 1,919 4,182
Trade and other payables 22,208 15,837
Tax liabilities 2,946 2,871
Current provisions 73 34
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Total current liabilities 42,438 34,980
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Borrowings 9,469 7,032
Other non-current liabilities 65 66
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Total non-current liabilities 9,534 7,098
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TOTAL LIABILITIES 51,972 42,078
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Equity
Share capital 11,176 11,176
Share premium 804 804
Reserves 15,173 6,709
Retained earnings 53,080 54,858
Total equity attributable to the owners of the
parent company 80,233 73,547
Non-controlling interests -160 -150
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Total equity 80,073 73,397
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TOTAL LIABILITIES AND EQUITY 132,045 115,475
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CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Unaudited
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EUR'000 Q2 Q2 6m 6m
2021 2020 2021 2020
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Revenue 36,310 39,014 67,028 74,012
Cost of sales -32,004 -33,546 -58,877 -63,621
Gross profit 4,306 5,468 8,151 10,391
Distribution costs -1,315 -1,180 -2,529 -2,488
Administrative expenses -2,437 -2,333 -4,654 -4,895
Other income 188 275 360 327
Other expenses -91 -74 -160 -126
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Operating profit 651 2,156 1,168 3,209
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Finance income 51 71 68 108
Finance costs -60 -46 -158 -147
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Profit before tax 642 2,181 1,078 3,170
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Income tax -154 -210 -293 -496
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Profit for the period 488 1,971 785 2,674
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Profit attributable to:
Owners of the parent company 485 1,979 795 2,708
Non-controlling interests 3 -8 -10 -34
Earnings per share
Basic earnings per share (EUR) 0.03 0.11 0.04 0.15
Diluted earnings per share (EUR) 0.03 0.11 0.04 0.15
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Tiit Atso
Chairman of the Board
+372 674 7400