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HAE: Financial results, 1-12/2010

Spekuliantai.lt | 2011-02-28 | NASDAQ OMX biržų naujienos | perskaitė: 1048
Raktiniai žodžiai: Harju Elekter, HAE
HAE: Financial results, 1-12/2010

Harju Elekter Quarterly report 28.02.2011

Financial results, 1-12/2010

Q4 and 12 months results of AS Harju Elekter. Consolidated, unaudited

Estonia, 2011-02-28 11:51 CET (GLOBE NEWSWIRE) -- The recovery of the economy
in Estonia, as well as neighbouring markets, has positively influenced the
sales volumes of the Group in the second half-year of this year. The
consolidated sales revenue of the Group in the fourth quarter was 201.5 million
kroons (12.9 million euros), which was 27% more than the result of the
comparable period. The sales revenue of 2010 increased in comparison with the
reference period by 1.1% to 639.7 million kroons (40.9 million euros).



Key figures million EEK million EUR
Q4 12 months Q4 12 months
2010 2009 2010 2009 2010 2009 2010 2009
Sales revenue 201.5 158.4 639.7 632.7 12.9 10.1 40.9 40.4
EBITDA 10.9 11.2 45.3 48.3 0.7 0.7 2.9 3.1
EBIT 5.5 6.1 23.8 28.3 0.4 0.4 1.5 1.8
Net profit for the period 4.4 4.5 35.9 21.7 0.3 0.3 2.3 1.4
incl equity holders of the 2.7 3.8 34.0 19.2 0.2 0.2 2.2 1.2
Parent
EPS (EEK/EUR) 0.16 0.23 2.02 1.14 0.01 0.01 0.13 0.07
The core business of the Group is the production and sales of electrical
distribution systems and control panels as well as other supportive
side-activities, which was traditionally the largest share of sales revenues,
almost 90%. The sales revenue on production received from customers outside of
the Group increased by 30% to 181.5 million kroons (11.6 million euros) in
fourth quarter and by 1% to 567.9 million kroons (36.3 million euros) in 2010.

Of the markets, the domestic markets (Estonia, Lithuania and Finland) of the
Group's companies prevailed, where 85% (90%) of the Group's products and
services were sold. 65% (63%) of Group products were sold outside of Estonia.
The reporting quarter demonstrated a boom in the Finnish as well as in
Lithuanian economy. Sales to the Finnish market increased by 44% and to the
Lithuanian market by 32% compared to Q4 2009. In the reporting quarter, sales
to the Estonian market increased by 3.2%. The sale volume of the Group to other
European Union countries almost doubled and increased by 30% to the other
markets in the reporting period compared to Q4 2009. Within the 12 month
period, sales to the domestic markets of the Group remained below the sales
volume of the reference period. At the same time, the Group has been working on
finding new markets. It has increased the share of other markets in the sales
revenue of the Group from 10% in 2009 to 15% in 2010. In the current year, sale
to other EU countries has almost doubled and a sale outside the EU has grown by
more than one-fourth. Portugal, France, Czech Republic and Malaysia - during
2010 the Group has sold its products to those markets totally in amount 50.2
million kroons (3.2 million euros). The Group has also sold its products to
Sweden, Latvia and Poland and outside of the EU to the markets of Belarus,
Ukraine, Russia and Norway.

In the fourth quarter, there was an average of 420 (445) people working in the
Group, included 268 (286) employees in Estonia, 67 (78) employees in Lithuania
and 85 (81) employees in Finland. In 2010, the average number of employees was
424 (452). As at the balance day on 31 December, there were 440 people working
in the Group, which are 24 employees less than on the beginning of the year.
During the fourth quarter, labour costs increased by 9.2% compared to the
comparable period, reaching 30.8 million kroons (2.64 million euros). In 2010
the employees were paid 109.9 million kroons (7.02 million euros) in salaries,
bonuses and compensation, which was 3.9% lower than during the comparable
period. The average wage per employee was 21,597 kroons (1,380 euros) and
21,070 kroons (1,346 euros) in the compared period.

The reporting period was characterized by strengthened competition and pressure
on the sales prices, leading to a drop in Group's profit margins. Operating
profit of Q4 2010 was 5.5 million kroons (350,000 euros), which was 9% less
compared to the Q4 2009. Return of sales for the period was 2.7% (3.8%). In Q4
2010 EBITDA was 10.9 million kroons or 0.70 million euros, which is 0.3 million
kroons (20,000 euros) less than in comparable quarter; return of sales before
depreciation was 5.4% (7.1%). In 2010 EBIT was 23.8 million kroons (1.52
million euros) and EBITDA was 45.3 million kroons (2.90 million euros); 28.3
million kroons (1.81 million euros) and 48.3 million kroons (3.08 million
euros) respectively compared to the same periods last year. Return of sales of
2010 was 3.7% (4.5%) and return of sales before depreciation 7.1% (7.6%).

Overall, the consolidated net profit of the Q4 2010 was 4.4 million kroons or
0.28 million euros (Q4 2009: 4.5 million kroons or 0.29 million euros), of
which the share of the owners of the parent company was 2.7 million kroons or
0.17 million euros (Q4 2009: 3.8 million kroons or 0.25 million euros). EPS of
the Q4 was 0.16 kroons or 0.01 euros (Q4 2009: 0.23 kroons or 0.01 euros). The
consolidated net profit of 2010 was 35.9 million kroons (2.30 million euros),
which is 65.6% more than in compared period. The share of the owners of the
parent company was 34.0 million kroons (2.17 million euros), increasing by
76.9% comparing to year 2009. EPS of the reporting period was 2.02 kroons or
0.13 euros (2009: 1.14 kroons or 0.07 euros).

In 2010 the Group invested in real estate, tangible fixed assets and intangible
fixed assets, totally 43.2 million kroons (2.76 million euros), of which the
cost of assets acquired by way of financial lease formed 29.8 million kroons
(1.9 million euros). During the compared period the Group invested 9.2 million
kroons (0.59 million euros) in real estate, 16.3 million kroons (1.04 million
euros) in tangible fixed assets and 3.8 million kroons (0.25 million euros) in
intangible fixed assets, totally 29.3 million kroons (1.88 million euros).

As at December 31 2010 the total current assets constituted 26% (30%) and the
total non-current assets 74% (70%); and the other side external finance 17%
(18%) and equity 83% (82%) of the balance sheet total.

Andres Allikmäe

Chairman of the Board



For more information:

Internal report 1-12/2010 of Harju Elekter

Mrs. Karin Padjus, Member of the Board (phone +372 674 7403).



AS HARJU ELEKTER
BALANCE SHEET, 31.12.2010
Consolidated, unaudited


Group
in thousands EEK EUR
ASSETS 31.12.10 31.12.09 31.12.10 31.12.09
Cash and cash equivalents 37 556 35 640 2 400 2 278
Trade receivables and other receivables 101 376 70 238 6 479 4 489
Prepayments 1 917 2 499 123 160
Inventories 84 659 79 352 5 411 5 071
TOTAL CURRENT ASSETS 225 508 187 729 14 413 11 998
Investments in associates 10 642 9 681 680 619
Other long-term financial investments 337 020 153 172 21 539 9 789
Investment property 136 298 137 176 8 711 8 768
Property, plant and equipment 146 287 124 575 9 350 7 962
Intangible assets 6 592 5 815 421 371
Total non-current assets 636 839 430 419 40 701 27 509
TOTAL ASSETS 862 347 618 148 55 114 39 507
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 21 093 18 166 1 348 1 161
Trade payables and other payables 81 003 75 890 5 178 4 850
Tax liabilities 14 619 10 367 934 663
Inclusive income tax 296 620 19 39
Short-term provision 1 396 1 157 89 74
Deferred income 0 1 564 0 100
TOTAL CURRENT LIABILITIES 118 111 107 144 7 549 6 848
NON-CURRENT LIABILITIES 31 588 7 016 2 019 448
TOTAL LIABILITIES 149 699 114 160 9 568 7 296
Share capital 168 000 168 000 10 737 10 737
Paid-in capital over/under par 6 000 6 000 384 384
Restricted reserves 334 781 149 760 21 396 9 571
Retained earnings 178 997 156 770 11 440 10 020
TOTAL OWNERS' EQUITY 687 778 480 530 43 957 30 712
Non-controlling interests 24 870 23 458 1 589 1 499
TOTAL EQUITY 712 648 503 988 45 546 32 211
TOT.LIABILIT.AND OWNERS' EQUITY 862 347 618 148 55 114 39 507


INCOME STATEMENT, 1-12/2010
Consolidated,unaudited

EEK'000
GROUP Q4 2010 Q4 2009 2010 2009

NET SALES 201 467 158 400 639 708 632 675
Cost of goods sold -172 855 -130 369 -542 896 -528 071

Gross profit 28 612 28 031 96 812 104 604

Marketing expenses -9 659 -8 478 -29 501 -30 731
Administrative expenses -13 204 -13 395 -43 334 -46 047
Other revenue 0 39 455 1 077
Other expenses -235 -129 -668 -590

Operating profit 5 514 6 068 23 764 28 313

Net financial incomes/expenses -218 -35 16 298 7 956
Income/loss(--) from subsidiaries 83 -105 961 -8 226

Profit from normal operations 5 379 5 928 41 023 28 043

Corporate Income tax -978 -1 404 -5 111 -6 356
Profit after taxes, incl 4 401 4 524 35 912 21 687
Attributable to:
Equity holders of the parent 2 704 3 830 34 008 19 226
Non-controlling interests 1 697 694 1 904 2 461

Basic earnings per share (EEK) 0,16 0,23 2,02 1,14
Diluted earnings per share (EEK) 0,16 0,23 2,00 1,14

EUR'000
GROUP Q4 2010 Q4 2009 2010 2009

NET SALES 12 876 10 124 40 885 40 435
Cost of goods sold -11 047 -8 332 -34 697 -33 750

Gross profit 1 829 1 792 6 188 6 685

Marketing expenses -618 -542 -1 885 -1 964
Administrative expenses -844 -856 -2 770 -2 943
Other revenue 0 2 29 69
Other expenses -15 -8 -43 -38

Operating profit 352 388 1 519 1 809

Net financial incomes/expenses -14 -2 1 042 508
Income/loss(--) from subsidiaries 5 -7 61 -525

Profit from normal operations 343 379 2 622 1 792

Corporate Income tax -62 -90 -327 -406
Profit after taxes, incl 281 289 2 295 1 386
Attributable to:
Equity holders of the parent 173 245 2 173 1 229
Non-controlling interests 108 44 122 157

Basic earnings per share (EUR) 0,01 0,01 0,13 0,07
Diluted earnings per share (EUR) 0,01 0,01 0,13 0,07

Karin Padjus
Financial manager, ph +372 674 7403


1. HE_12kuud2010_eng_fo.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=337742)

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