Andmed seisuga: 21.07.2024 09:12 (GMT+3)
Harju Elekter FINANCIAL RESULTS 05/07/2004
FINANCIAL RESULTS, Q1 2004
The consolidated net sales of Harju Elekter Group for Q1 2004 amounted to 85,7
MEEK or 5,5 MEUR (Q1 2003: 70,8 MEEK or 4,53 MEUR). The net profit of the
Group was 54,6 MEEK or 3,5 MEUR (Q1 2003: 7,6 MEEK or 489 TEUR) and EPS 10,12
EEK or 0,65 EUR (Q1 2003: 1,42 EEK or 0,09 EUR).
The Chairman of the Management Board Andres Allikmäe admits that focus on the
principal activity of the group — the production of electrical equipment and
materials — has brought success. The results of the parent company are
delightful. Although the results of the subsidiaries and affiliated companies
were influenced by price increases of raw materials in the world markets, to
some extent also by seasonality and the US dollar exchange rate, the
increasingly active cooperation, balanced production resources and integrated
product development among the companies of the group allow us to look into the
future optimistically.
Revenues, expenses and profit
The sales revenue of the consolidation group AS Harju Elekter comprised MEEK
85,7 (MEUR 5,5) in the Q1 2004, increasing by 21% in comparison with the same
period of the previous year. Of the sales revenue, 76% accounted for the sales
of industrial products and 24% for intermediate sales and sales of services.
At the same time, the sales of products in the first quarter increased by 19%
in comparison with the same period in 2003, and the sales of services and
intermediate sales altogether increased by 30%, including trade and
intermediate sales by 27%.
Of the sales revenue of the consolidation group AS Harju Elekter, 54% is
ascribed to the sales to Estonia and 46% to the sales to foreign markets. The
sales to the Estonian market went up by 29%, mainly on account of the
increased sales of the parent company AS Harju Elekter. The sales of products
to foreign markets went up by 13%. Attention should be paid to the fact that
the data of the first quarter of 2004 include also the consolidated sales
revenues of the Lithuanian subsidiary Rifas, which explains the boosted sales
volume in the Lithuanian market. The Republic of Finland, with its share of
34% in turnover, continued to be the largest target country of export.
In the parent company, the turnover grew by 27%, the total profit by 31% and
the operating profit by 65%. The turnover of the subsidiaries remained lower
than expected in the first quarter. This was caused by a smaller number of
orders than predicted for the products of industrial sector and automated
equipment in Finland and by lower turnover due to seasonality of sales from
the Lithuanian subsidiaries.
The total profit of the consolidation group AS Harju Elekter was MEEK 14,1
(MEUR 0,9), being 2,6% higher than in the previous year. The financial results
of the group were influenced by an almost double increase in the prices of
copper and aluminum and by a moderate increase in the prices of sheet steel in
the world market. The US dollar exchange rate (USD 1 ‹ EEK 13 during the
entire first quarter) influenced above all the results of the
telecommunications sector.
The general administrative expenses were MEEK 6.9 (EUR 438 000) and the
marketing expenses MEEK 4,4 (EUR 281 000), growing by 27% and 18%,
respectively. The rapid growth of expenses in comparison with the first
quarter of the previous year was caused by the fact that the indicators of
2004 also include the expenses of the Lithuanian subsidiary Rifas. If the
effect of marketing and general administrative costs of Rifas were eliminated,
the expenses would remain at the level of the previous year.
Depreciation of the fixed assets of the consolidation group in the Q1 2004 was
MEEK 2,9 (EUR 187 000) or 34% more than in the same period of the previous
year. Depreciation grew by 16% on account of the depreciation of fixed assets
calculated by UAB Rifas. The rapid growth in depreciation was triggered by the
investments made in 2003 in expanding the rental and production premises and
enhancing the capacities.
Financial operations yielded a total profit of MEEK 51,2 (MEUR 3,5), which is
seven times more than in the same period of the previous year. The major
source of financial income was the share of PKC Group Oyj. The recalculation
of the value of shares as a fair value generated financial income of MEEK 31,6
or MEUR 2,0. PKC Group Oyj paid dividends in the amount of MEEK 19,4 or MEUR
1,2 for 2003, which was over four times more than in the previous year.
The net profit of the consolidation group was MEEK 54,6 or MEUR 3,5 in the Q1
2004, increasing by 7,8 times in comparison with the Q1 of the previous year.
Investments and capital employed
During the investment period, the Group invested in tangible assets a total of
15,3 MEEK or 0,98 MEUR (Q1 2003: 8,6 MEEK or 0,55 MEUR), of which in
technology was 9,3 MEEK or 0,59 MEUR (Q1 2003: 2,0 MEEK or 127 TEUR) and
construction and renovation work of buildings and plant was 4,2 MEEK or 0,27
MEUR (Q1 2003: 6,4 MEEK or 409 TEUR).
Andres Allikmäe
Chairman or the management board
+372 6 747 400
More information: Karin Padjus, member of the board (tel +372 6 747 403).
BALANCE SHEETS
BALANCE SHEET OF THE GROUP, 31.03.04
Consolidated, unaudited
in thousand EEK EUR
ASSETS 31.03.04 31.12.03 31.03.04 31.12.03
Cash, bank 28 192 26 449 1 802 1 690
Total customer receivables 40 112 31 784 2 564 2 030
Other current receivables 2 679 6 106 171 390
Accrued income 11 67 1 4
Prepaid expenses 3 066 1 251 196 80
Total current receivables 45 868 39 208 2 931 2 505
Raw materials and inventories 44 972 37 721 2 874 2 411
Goods 8 346 6 344 533 405
Prepayments to suppliers 420 57 27 4
Total inventories 53 738 44 123 3 435 2 820
TOTAL CURRENT ASSETS 127 798 109 780 8 168 7 016
Stock and shares in ass.companies 25 815 26 476 1 650 1 692
Other shares 237 673 201 128 15 190 12 854
Other long-term receivables 26 19 2 1
Total financial investments 263 514 227 623 16 842 14 548
Investment properties 86 173 86 896 5 507 5 554
Plant and equipment 28 308 28 308 1 809 1 809
Other equipment and fixtures 60 959 58 144 3 896 3 716
Other inventory 5 275 4 996 337 319
Accumulated depreciation -40 790 -38 892 -2 607 -2 486
Construction-in-progress 7 738 2 363 495 151
Prepayments for fixed assets 8 582 2 068 549 132
Total tangible assets 70 073 56 987 4 478 3 642
Licences 1 769 1 752 113 112
Prepayments for intangible assets 0 39 0 2
Goodwill 53 0 3 0
Total intangible assets 1 822 1 790 116 114
TOTAL NON-CURRENT ASSETS 421 582 373 297 26 944 23 858
TOTAL ASSETS 549 380 483 077 35 112 30 874
LIABILITIES AND OWNERS' EQUITY
Debt obligations 16 275 14 366 1 040 918
Customer prepayments 3 271 1 065 209 68
Supplier payables 37 222 26 756 2 379 1 710
Other short-term borrowings 1 120 1 218 72 78
Tax liabilities 4 390 6 838 281 437
Accrued expenses 8 864 9 600 566 614
TOTAL CURRENT LIABILITIES 71 142 59 843 4 547 3 825
TOTAL NON-CURRENT LIABILITIES 21 836 20 800 1 396 1 329
TOTAL LIABILITIES 92 979 80 643 5 942 5 154
Minority interest 12 553 13 222 802 845
Share capital 54 000 54 000 3 451 3 451
Restricted reserves 8 600 8 600 550 550
Retained earnings 326 612 151 151 20 875 9 660
Net profit for the year 54 636 175 461 3 492 11 214
TOTAL OWNERS' EQUITY 443 848 389 212 28 367 24 875
TOT.LIABILITIES AND OWNERS' EQUITY 549 380 483 077 35 112 30 874
BALANCE SHEET OF THE PARENT COMPANY, 31.03.04
Consolidated, unaudited
in thousand EEK EUR
ASSETS 31.03.04.31.12.03.31.03.04.31.12.03.
Cash, bank 23 696 15 105 1 514 965
Total customer receivables 17 399 13 003 1 112 831
Other current receivables 6 040 11 611 386 742
Accrued income 0 20 0 1
Prepaid expenses 1 167 682 75 44
Total current receivables 24 607 25 316 1 573 1 618
Raw materials and inventories 22 558 17 900 1 442 1 144
Goods 6 583 5 869 421 375
Prepayments to suppliers 193 39 12 2
Total inventories 29 334 23 808 1 875 1 522
TOTAL CURRENT ASSETS 77 636 64 229 4 962 4 105
Stock and shares in subsidiaries 26 547 24 973 1 697 1 596
Other long-term receiv. from subs. 186 1 734 12 111
Stock and shares in ass.companies 25 815 26 476 1 650 1 692
Other shares 237 673 201 128 15 190 12 854
Other long-term receivables 26 19 2 1
Total financial investments 290 247 254 330 18 550 16 255
Investment properties 90 898 91 667 5 809 5 859
Plant and equipment 15 642 15 642 1 000 1 000
Other equipment and fixtures 31 472 30 843 2 011 1 971
Other inventory 2 043 1 900 131 121
Accumulated depreciation -23 191 -22 242 -1 482 -1 422
Construction-in-progress 2 838 1 351 181 86
Prepayments for fixed assets 8 367 868 535 55
Total tangible assets 37 171 28 362 2 376 1 813
Licences 478 490 31 31
Total intangible assets 478 490 31 31
TOTAL NON-CURRENT ASSETS 418 794 374 849 26 766 23 957
TOTAL ASSETS 496 431 439 078 31 728 28 062
LIABILITIES AND OWNERS' EQUITY
Debt obligations 5 188 4 612 332 295
Customer prepayments 427 559 27 36
Supplier payables 20 738 16 463 1 325 1 052
Other short-term borrowings 1 326 1 456 85 93
Tax liabilities 2 318 3 366 148 215
Accrued expenses 3 690 4 514 236 289
TOTAL CURRENT LIABILITIES 33 688 30 971 2 153 1 979
TOTAL NON-CURRENT LIABILITIES 18 895 18 895 1 208 1 208
TOTAL LIABILITIES 52 583 49 866 3 361 3 187
Share capital 54 000 54 000 3 451 3 451
Restricted reserves 8 600 8 600 550 550
Retained earnings 326 612 151 151 20 874 9 660
Net profit for the year 54 636 175 461 3 492 11 214
TOTAL OWNERS' EQUITY 443 848 389 212 28 367 24 875
TOT.LIABILITIES AND OWNERS' EQUITY 496 431 439 078 31 728 28 062
INCOME STATEMENTS
INCOME STATEMENT OF THE GROUP, 2004 Q1
Consolidated,unaudited
in thousand EEK EUR
Q1 2004 Q1 2003 Q1 2004 Q1 2003
NET SALES 85 733 70 843 5 479 4 528
Cost of goods sold -71 670 -57 140 -4 580 -3 652
Gross profit 14 063 13 703 899 876
Operating expenses, incl. -11 244 -9 097 -719 -581
Marketing expenses -4 392 -3 713 -281 -236
Administrative expenses -6 852 -5 384 -438 -344
Other revenue 185 5 12 0
Other expenses -108 -183 -7 -12
Operating profit 2 896 4 428 185 283
Financial income and expenses, incl.
- from associated companies -661 74 -42 5
- from other holdings 20 500 4 558 1 310 291
- from revaluat.of fin.investm. 31 581 -1 072
- interest expense -225 -212 -14 -14
- profit/loss from for.exchange -6 -16 0 -1
- other fin.income/expenses 23 58 1 4
Tot.fin.income and expenses 51 213 3 390 3 273 217
Profit from normal operations 54 109 7 818 3 458 500
External income -16 -173 -1 -11
Profit after faxes 54 093 7 645 3 457 489
Corporate Income tax 543 0 35 0
Net profit for the year 54 636 7 645 3 492 489
Basic earnings per share 10,12 1,42 0,65 0,09
Diluted earnings per share 9,87 1,40 0,63 0,09
INCOME STATEMENT OF THE PARENT COMPANY, 2004 Q1
Unaudited
in thousand EEK EUR
Q1 2004 Q4 2003 Q1 2004 Q4 2003
NET SALES 51 086 40 283 3 265 2 575
Cost of goods sold -40 098 -31 913 -2 563 -2 040
Gross profit 10 988 8 370 702 535
Operating expenses, incl. -6 284 -5 323 -403 -340
Marketing expenses -2 676 -2 089 -171 -134
Administrative expenses -3 608 -3 234 -231 -207
Other revenue 184 10 12 1
Other expenses -99 -150 -6 -10
Operating profit 4 789 2 907 306 186
Financial income and expenses, incl.
- from subsidiaries -1 554 1 042 -99 68
- from associated companies -661 74 -42 5
- from other holdings 20 500 4 558 1 310 291
- from revaluat.of fin.investm. 31 581 -1 072
- interest expense -93 -62 -6 -4
- profit/loss from for.exchange 0 0 0 0
- other financ.income/expenses 75 198 5 13
Tot.financ.income and expenses 49 847 4 738 3 187 303
Profit from normal operations 54 636 7 645 3 492 489
0 0
Net profit for the year 54 636 7 645 3 492 489
Basic earnings per share 10,12 1,42 0,65 0,09
Diluted earnings per share 9,87 1,40 0,63 0,09
Karin Padjus
Chief accountant
+372 6 747 403
Moonika Vetevool
PR manager
+372 6 712 761
Sisukaart