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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
9489
Manused
Esitamise kuupäev ja aeg
27.04.2022 08:00:00
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Pealkiri
Harju Elekter kontserni konsolideeritud majandustulemused, 1-3/2022
Teade
Harju Elektri aasta algas ootusrikkalt rekordilise tellimusraamatu, materjali hindade stabiliseerumise võimaluse ning raamlepingute hinnaläbirääkimistega. Sellele vaatamata kujunes kvartal Harju Elektri jaoks keeruliseks ning tulemusele sai saatuslikuks üksteise järel tekkinud ülemaailmsed väljakutsed. Sõjategevusel ei ole otsest mõju Harju Elektri tegevusele, kuna meie sihtturud on alati olnud Põhjamaad ja Lääne-Euroopa. Samas näeme kaudseid mõjusid. Suurenenud energia hind, jätkuv materjali ja põhikomponentide hinnatõus, tarneahelate tõrked ning maalimas järjepidevate kriiside mõjul hoogustunud inflatsioon on tegurid, mis tahes-tahtmata mõjutavad ettevõtte kasumlikkust. Tugevast müügitulu kasvust hoolimata lõppes kvartal kahjumis: tellimusi ei õnnestunud piisava efektiivsusega täita ega materjali hinnatõusu täielikult tellijatele edasi kanda. Selleks, et hoida tootmisüksused stabiilselt töös, tõsta esimese kvartali oodatust madalamat tarnekindlust ja valmistuda aasta tellimuste täitmiseks, on kontsern võtnud suuna järgnevatel perioodidel hoida kõrgemaid materjali varusid ja sõlmida tarnijatega suuremamahulisi kokkuleppeid. Müügitulu, kulud ja kasum 2022. aasta I kvartali konsolideeritud müügitulu oli 37,3 (2021 I kv: 30,7) miljonit eurot, mis kasvas võrreldava perioodi suhtes 21,5%. Seejuures suurenes müügitulu kõigil kontserni suurimatel sihtturgudel: Eestis, Soomes, Rootsis ja Norras. Kasvu tagasid eelmise aasta alguses sõlmitud pikaajalised ja suuremahulised lepingud. ---------------------------------------------------------------------------- EUR'000 3 kuud 3 kuud muutus 2022 2021 ---------------------------------------------------------------------------- Müügitulu 37 321 30 717 21,5% Brutokasum 2 986 3 844 -22,3% Ärikasum (-kahjum) enne kulumit (EBITDA) -68 1 485 -104,6% Ärikasum (-kahjum) (EBIT) -1 125 516 -318,0% Perioodi puhaskasum (-kahjum) -1 294 297 -535,7% sh emaettevõtte omanike osa -1 308 310 -521,9% Puhaskasum (-kahjum) aktsia kohta (eurot) -0,07 0,02 -450,0% ---------------------------------------------------------------------------- Aruandekvartali äritegevuse kulud olid kokku 38,4 (2021 I kv: 30,3) miljonit eurot. Valdava osa äritegevuskulude 26,6%-sest tõusust andis müüdud toodete ja teenuste kulude kasv: kvartalite võrdluses 7,5 miljonit eurot. Müüdud toodete ja teenuste kulude kasv ületas müügitulude kasvutempot 6,3 protsendipunkti võrra. Kontserni turustuskulud kasvasid 0,1 miljoni euro võrra 1,4 miljoni euroni, moodustades kontserni äritegevusekuludest 3,5% ja müügitulust 3,6%. Üldhalduskulud kasvasid 0,4 miljoni euro võrra 2,7 miljoni euroni, moodustades kontserni aruandekvartali äritegevusekuludest 7,0% ja müügitulust 7,1%. Turustus- ja üldhalduskulude kasv jäi siiski alla käibe kasvule. Tööjõukulud kvartalite võrdluses kasvasid, olles 8,7 (2021 I kv: 7,3) miljonit eurot. Valdava osa tööjõukulude ja keskmise töötasu kasvust andis personali märkimisväärne juurdekasv ning kõikidel turgudel tööjõupuudusest tingitud palgasurve. Aruandekvartali konsolideeritud brutokasum oli 2986 (2021 I kv: 3844) tuhat eurot ja brutokasumi marginaaliks kujunes 8,0% (2021 I kv: 12,5%). Konsolideeritud ärikahjum (EBIT) oli -1 125 (2021 I kv: ärikasum 516) tuhat eurot. Esimese kvartali ärirentaabluseks kujunes -3,0% (2021 I kv: 1,7%). Aruandekvartali konsolideeritud puhaskahjum oli -1 294 (2021 I kv: puhaskasum 297) tuhat eurot, millest emaettevõtte omanike osa moodustas -1 308 (2021 I kv: 310) tuhat eurot. Puhaskahjum aktsia kohta oli esimeses kvartalis -0,07 eurot. Põhitegevusala ja turud Kontserni põhitegevusala, tootmine, moodustas kontserni konsolideeritud müügitulust 87,7%. Elektriseadmeid tootvate ettevõtete müügimahtude kasvu toel suurenes tootmissegmendi müügimaht aruandekvartalis 20,3% 32,7 miljoni euroni. Müük Eesti turule kasvas kvartalite võrdluses 36,1% võrra 6,9 (2021 I kv: 5,1) miljoni euroni. Kasv tuli peamiselt hermeetiliste jaotustrafode ning jaotuskappide müügimahu suurenemisest. Eesti turg moodustas aruandekvartali konsolideeritud müügitulust 18,5% (2021 I kv: 16,5%). Kontserni müügitulu Soomes oli aruandekvartalis 16,7 (2021 I kv: 14,6) miljonit eurot. Valdav osa aruandekvartali müügimahust moodustas alajaamade müük Soome elektrivõrguettevõtetele. Planeeritud aruandekvartali müügimaht projektimüügi osas ei täitunud seoses mõningate komponentide defitsiidi ning haiguskolletest tingitud tootmiskatkestustega. Kontserni suurimale turule müüdi aruandekvartalis 44,7% (2021 I kv: 47,5%) Harju Elektri toodetest ja teenustest. Müük Rootsi turule kasvas aruandekvartalite võrdluses 9%, olles 5,8 (2021 I kv: 5,3) miljonit eurot. Tegevusmahud on stabiliseerunud, jätkus sihipärane töö. Rootsi moodustas aruandekvartali konsolideeritud müügitulust 15,6% (2021 I kv: 17,4%), jäädes seekord suuruselt kolmandaks turuks. Aruandekvartalis müüdi Norra turule 4,5 (2021 I kv: 1,9) miljoni euro väärtuses kontserni tooteid ja teenuseid, mis oli 141,2% rohkem kui eelneva aasta samal perioodil. Müügitulu muutus on tingitud madalast tellimusmahust võrdlusperioodil. Pikemat perioodi jälgides saab tõdeda, et laevandussektori tellimusmahud on taastunud keskmisele tasemele. Norra turg moodustas kvartali müügitulust 12,1% (2021 I kv: 6,1%). Investeeringud Harju Elekter investeeris esimese kvartali jooksul põhivarasse kokku 1,5 (2021 I kv: 2,1) miljonit eurot, sealhulgas kinnisvarainvesteeringutesse 1,0 miljonit eurot, materiaalsesse põhivarasse 0,4 (2021 I kv: 2,0) miljonit eurot ja immateriaalsesse põhivarasse 0,1 (2021 I kv: 0,1) miljonit eurot. Valdav osa aruandeperioodi investeeringutest suunati Allika Tööstuspargi tootmis- ja laoruumide kompleksi Laohotell III ehitusse ning tootmistehnoloogilisse põhivarasse. Pikaajalised finantsinvesteeringud vähenesid aruandeperioodil kokku 0,8 miljoni euro võrra 24,4 miljoni euroni. Peamiseks muutuseks oli osaline väärtpaberite müük ning õiglase väärtuse 0,5 miljoni eurone väärtuse langus esimeses kvartalis. Noteeritud väärtpaberite osalisest müügist laekus aruandekvartalis kokku 665 tuhat eurot, millest realiseerunud kasum oli 0,2 miljonit eurot. Võrreldaval perioodil laekus noteeritud väärtpaberite müügist 0,2 miljonit eurot, millest realiseerunud kasum oli 43 tuhat eurot. Aruandekvartalis suurendas Harju Elekter Oy 0,2 miljoni euro võrra osalust tehnoloogiaettevõttes IGL-Technologies Oy 5,5%-lt 10%-ni. Aktsia Ettevõtte aktsia sulgus aruandekvartali viimasel kauplemispäeval Nasdaq Tallinna börsil 6,92 euro tasemel. AS Harju Elektril oli 31.03.2022 seisuga 9745 aktsionäri. Aruandekvartali jooksul suurenes aktsionäride arv 358 võrra. KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE Auditeerimata ---------------------------------------------------------------------- EUR'000 31.03.2022 31.12.2021 ---------------------------------------------------------------------- VARAD Käibevarad Raha ja raha ekvivalendid 286 574 Nõuded ostjatele ja muud nõuded 35 663 33 689 Ettemaksed 3 119 1 844 Varud 37 692 27 437 Käibevara kokku 76 760 63 544 ---------------------------------------------------------------------- Põhivara Edasilükkunud tulumaksu vara 776 690 Pikaajalised finantsinvesteeringud 24 410 25 222 Kinnisvarainvesteeringud 24 603 23 903 Materiaalne põhivara 26 303 26 654 Immateriaalne põhivara 7 659 7 544 Põhivara kokku 83 751 84 013 ---------------------------------------------------------------------- VARAD KOKKU 160 511 147 557 ---------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL Kohustused Võlakohustused 21 354 16 912 Ostjate ettemaksed 6 681 4 659 Võlad tarnijatele ja muud võlad 31 063 24 490 Maksuvõlad 3 663 3 156 Lühiajalised eraldised 51 35 Lühiajalised kohustused kokku 62 812 49 252 ---------------------------------------------------------------------- Võlakohustused 12 401 11 426 Muud pikaajalised kohustused 33 33 Pikaajalised kohustused kokku 12 434 11 459 ---------------------------------------------------------------------- KOHUSTUSED KOKKU 75 246 60 711 ---------------------------------------------------------------------- Omakapital Aktsiakapital 11 352 11 352 Ülekurss 1 601 1601 Reservid 18 278 18 716 Jaotamata kasum 54 158 55 315 Emaettevõtte omanikele kuuluv omakapital kokku 85 389 86 984 Mittekontrolliv osalus -124 -138 Omakapital kokku 85 265 86 846 ---------------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL KOKKU 160 511 147 557 ---------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE Auditeerimata ---------------------------------------------------------------- EUR'000 3 kuud 3 kuud 2022 2021 ---------------------------------------------------------------- Müügitulu 37 321 30 717 Müüdud toodete ja teenuste kulud -34 335 -26 873 Brutokasum 2 986 3 844 Turustuskulud -1 350 -1 214 Üldhalduskulud -2 665 -2 217 Muud äritulud 56 172 Muud ärikulud -152 -69 Ärikasum (-kahjum) -1 125 516 Finantstulud 39 17 Finantskulud -119 -98 Kasum (-kahjum) enne maksustamist -1 205 435 Tulumaks -89 -138 Perioodi puhaskasum (-kahjum) -1 294 297 ---------------------------------------------------------------- Puhaskasumi (-kahjum) jaotus Emaettevõtte omanike osa puhaskasumist -1 308 310 Mitte-kontrolliv osa puhaskasumist 14 -13 ---------------------------------------------------------------- Puhaskasum (-kahjum) aktsia kohta Tavapuhaskasum aktsia kohta (EUR) -0,07 0,02 Lahustatud puhaskasum aktsia kohta (EUR) -0,07 0,02 ---------------------------------------------------------------- KONSOLIDEERITUD KOONDKASUMIARUANNE Auditeerimata ------------------------------------------------------------------------- EUR'000 3 kuud 3 kuud 2022 2021 ------------------------------------------------------------------------- Perioodi puhaskasum (-kahjum) -1 294 297 Muu koondkasum (-kahjum) Kirjed, mis hiljem võib klassifitseerida kasumiaruandesse Valuutakursi vahed välisettevõtte ümberarvestusel 20 -23 Kirjed, mida hiljem ei klassifitseerita kasumiaruandesse Realiseerunud kasum finantsvara müügist 151 43 Finantsvara ümberhindluse netokasum/netokahjum (-) -521 365 Perioodi muu koondkasum (-kahjum) kokku -350 385 Perioodi koondkasum (-kahjum) kokku -1 644 682 ------------------------------------------------------------------------- Koondkasumi (-kahjum) jaotus: Emaettevõtte omanike osa koondkasumist -1 658 695 Mitte-kontrolliv osa koondkasumist 14 -13 ------------------------------------------------------------------------- Tiit Atso Juhatuse esimees Tel 674 7400
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Harju Elekter Group financial results, 1-3/2022
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The year began for Harju Elekter on an optimistic note with a record order book, the possible stabilisation of material prices, and price negotiations for framework agreements. Nevertheless, the quarter was a difficult one and successive global challenges caused an adverse effect on the first-quarter results of Harju Elekter. The war does not have a direct impact on the operations of Harju Elekter, as our target markets have always been the Nordic and the Western European countries. At the same time, we can see indirect effects. Rising energy prices, continuing increases in material and key component prices, supply chain disruptions and rising inflation as a result of the ongoing crises in the world, are all factors that are inevitably having an impact on the company's profitability. Despite strong sales growth, the quarter ended with a loss. We could not fill orders with enough efficiency nor pass the increase in material prices fully to the customers. In order to keep the production units running steadily, to increase the lower-than-expected security of supply in the first quarter and to prepare for the fulfilment of record orders for the full year, the Group is committed to maintaining higher material stocks and entering into larger-scale agreements with suppliers in the coming periods. Revenue, Expenses, and Profit The consolidated revenue for the first quarter of 2022 was 37.3 (Q1 2021: 30.7) million euros, which increased by 21.5% compared to the comparable period. At the same time, revenue increased in all of the Group's largest target markets: Estonia, Finland, Sweden and Norway. The growth was ensured by long-term and large-scale contracts concluded at the beginning of last year. ------------------------------------------------------------------------------- EUR'000 3 months 3 months +/- 2022 2021 ------------------------------------------------------------------------------- Revenue 37,321 30,717 21.5% Gross profit 2,986 3,844 -22.3% EBITDA -68 1,485 -104.6% Operating profit/loss (-) (EBIT) -1,125 516 -318.0% Profit/loss (-) for the period -1,294 297 -535.7% Incl. attributable to owners of the parent company -1,308 310 -521.9% Earnings per share (EPS) (euros) -0.07 0.02 -450.0% ------------------------------------------------------------------------------- The total operating expenses for the reporting quarter were 38.4 (Q1 2021: 30.3) million euros. The majority of the 26.6% increase in operating expenses was due to an increase in the cost of sales: 7.5 million euros year on year. The increased costs of goods and services sold exceeded the growth rate of revenue by 6.3 percentage points. The Group's distribution costs increased by 0.1 million euros to 1.4 million euros, accounting for 3.5% of the Group's operating expenses and 3.6% of revenue. Administrative expenses increased by 0.4 million to 2.7 million euros, accounting for 7.0% of the Group's operating expenses and 7.1% of revenue for the reporting quarter. However, the increase in distribution and administrative expenses was lower than the increase in revenue. Labour costs increased with quarterly comparison, amounting to 8.7 (Q1 2021: 7.3). A majority of the growth in labour costs and average wages was attributed to the significant increase in staff and wage pressure due to labour shortages in all markets. The gross profit for the Q1 was 2,986 (Q1 2021: 3,844) thousand euros and the gross profit margin was 8.0% (Q1 2021: 12.5%). The consolidated operating loss (EBIT) was -1,125 (Q1 2021: operating profit 516) thousand euros. The operating margin for the first quarter was -3.0% (Q1 2021: 1.7%). The net loss for the Q1 was -1294 (Q1 2021: net profit 297) thousand euros of which the share of the owners of the parent company was -1308 (Q1 2021: 310) thousand euros. The earnings per share were -0.07 euros in the first quarter. Core Business and Markets The Group's core business, production, accounted for 87.7% of the Group's consolidated revenue. Thanks to the growth in sales volumes of companies manufacturing electrical equipment, the sales volume of the production segment increased by 20.3% to 32.7 million euros in the reporting quarter. Sales to the Estonian market increased by 36.1% to 6.9 (Q1 2021: 5.1) million euros year-on-year. The increase was mainly due to the increase in sales of hermetic distribution transformers and distribution cabinets. The Estonian market accounted for 18.5% (Q1 2021: 16.5%) of the consolidated revenue in the reporting quarter. The Finnish market generated revenue of 16.7 (Q1 2021: 14.6) million euros. The majority of the sales volume in the reporting quarter consisted of the sale of substations to Finnish electricity network companies. The planned sales volume of project sales in the reporting quarter was not achieved due to some component shortages and production stoppages caused by illness. During the reporting year, 44.7% (Q1 2021: 47,5%) of the Group's products and services were sold to the Group's largest market, Finland. Sales to the Swedish market increased by 9% compared to the reporting quarters, amounting to 5.8 (Q1 2021: 5.3) million euros. Operating volumes have stabilised; targeted work continued. Sweden accounted for 15.6% (Q1 2021: 17.4%) of consolidated revenue in the reporting quarter, this time remaining the third largest market. During the quarter, the Group's products and services worth 4.5 (Q1 2021: 1.9) million euros were sold to the Norwegian market, which was 141.2% more than in the same period of the previous year. The change in revenue is due to the low order volume in the comparison period. Looking at the longer term, it can be stated that the order volumes of the shipping sector have returned to the average level. The Norwegian market accounted for 12.1% (Q1 2021: 6.1%) of quarterly sales. Investments During the first quarter, the Group invested a total of 1.5 (Q1 2021: 2.1) million euros in non-current assets, incl 1.0 million euros in investment properties, 0.4 (Q1 2021: 2.0) million euros in property, plant, and equipment and 0.1 (Q1 2021: 0.1) million euros in intangible assets. Most of the investments during the reporting period were directed to the construction of the Laohotell III production and warehouse complex, in the Allika Industrial Park, and to production technology equipment. Non-current financial investments increased by 0.8 million euros to 24.4 million euros during the reporting period. The main changes were the partial sale of securities and the decrease in the fair value of 0.5 million euros in the first quarter. A total of 665 thousand euros was received from the partial sale of listed securities in the reporting quarter, of which the realized profit was 0.2 million euros. In the comparable period, 0.2 million euros were received from the sale of listed securities, of which the realized profit was 43 thousand euros. In the reporting quarter, Harju Elekter Oy increased its holding in technology company IGL-Technologies Oy from 5,5% to 10%. Share The company's share price on the last trading day of the reporting quarter on the Nasdaq Tallinn Stock Exchange closed at 6.92 euros. As of 31 March 2021, AS Harju Elekter had 9,745 shareholders. The number of shareholders increased during the reporting quarter by 358. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited ---------------------------------------------------------------------------- EUR'000 31 March 2022 31 December 2021 ---------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents 286 574 Trade and other receivables 35,663 33,689 Prepayments 3,119 1,844 Inventories 37,692 27,437 Total current assets 76,760 63,544 ---------------------------------------------------------------------------- Non-current assets Deferred income tax assets 776 690 Non-current financial investments 24,410 25,222 Investment properties 24,603 23,903 Property, plant and equipment 26,303 26,654 Intangible assets 7,659 7,544 Total non-current assets 83,751 84,013 ---------------------------------------------------------------------------- TOTAL ASSETS 160,511 147,557 ---------------------------------------------------------------------------- LIABILITIES AND EQUITY Liabilities Borrowings 21,354 16,912 Prepayments from customers 6,681 4,659 Trade and other payables 31,063 24,490 Tax liabilities 3,663 3,156 Current provisions 51 35 Total current liabilities 62,812 49,252 ---------------------------------------------------------------------------- Borrowings 12,401 11,426 Other non-current liabilities 33 33 Total non-current liabilities 12,434 11,459 ---------------------------------------------------------------------------- TOTAL LIABILITIES 75,246 60,711 ---------------------------------------------------------------------------- Equity Share capital 11,352 11,352 Share premium 1,601 1,601 Reserves 18,278 18,716 Retained earnings 54 158 55 315 Total equity attributable to the owners of the parent company 85,389 86,984 Non-controlling interests -124 -138 Total equity 85,265 86,846 ---------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 160,511 147,557 ---------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF PROFIT AND LOSS Unaudited ------------------------------------------------------------------- EUR'000 3 months 3 months 2022 2021 ------------------------------------------------------------------- Revenue 37,321 30,717 Cost of sales -34,335 -26,873 Gross profit 2,986 3,844 Distribution costs -1,350 -1,214 Administrative expenses -2,665 -2,217 Other income 56 172 Other expenses -152 -69 Operating profit/loss (-) -1,125 516 Finance income 39 17 Finance costs -119 -98 Profit/loss (-) before tax -1,205 435 Income tax -89 -138 Profit/loss (-) for the period -1,294 297 ------------------------------------------------------------------- Profit/loss (-) attributable to: Owners of the parent company -1,308 310 Non-controlling interests 14 -13 ------------------------------------------------------------------- Earnings per share Basic earnings per share (EUR) -0.07 0.02 Diluted earnings per share (EUR) -0.07 0.02 ------------------------------------------------------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited -------------------------------------------------------------------------- EUR'000 3 kuud 3 kuud 2022 2021 -------------------------------------------------------------------------- Profit/loss (-) for the period -1,294 297 Other comprehensive income Items that may be reclassified to profit or loss Impact of exchange rate changes of a foreign subsidiaries 20 -23 Items that will not be reclassified to profit or loss Gain on sales of financial assets 151 43 Net gain/loss (-) on revaluation of financial assets -521 365 Total comprehensive income for the period -350 385 Other comprehensive income -1,644 682 -------------------------------------------------------------------------- Total comprehensive income attributable to: Owners of the Company -1,658 695 Non-controlling interests 14 -13 -------------------------------------------------------------------------- Tiit Atso Chairman of the Board +372 674 7400