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HAE: Financial results, 1-6/2012

Spekuliantai.lt | 2012-08-01 | NASDAQ OMX biržų naujienos | perskaitė: 547
Raktiniai žodžiai: Harju Elekter, HAE
HAE: Financial results, 1-6/2012

Harju Elekter Half Year financial report 01.08.2012

Financial results, 1-6/2012

Estonia, 2012-08-01 10:57 CEST (GLOBE NEWSWIRE) --
As a result of strong sales work, the Group’s financial performance during the
reporting quarter and six months improved significantly compared to the
reference period. In the second quarter, revenue increased by 26.7%, operating
profit by 16.6% and net profit by 38.8%; and during the six months by 25.4%,
43.5% and 64.8%, respectively.

Key figures (EUR’000) Q2 2012 Q2 2011 H1 2012 H1 2011 2011
Sales revenue 14,079 11,112 25,75 20,539 46,674
EBITDA 992 898 1,727 1,397 3,378
Operating profit 630 540 1,005 700 2,025
Net profit for the current period 1,513 1,164 2,105 1,329 2,948
Incl. equity holders of the parent 1,493 1,077 2,073 1,258 2,773
EPS (EUR) 0.09 0.06 0.12 0.07 0.17

In the second quarter, the Group’s consolidated revenue increased by 3 million
euros up to 14 million euros and the revenue for six months increased by more
than 5 million euros, to nearly 26 million euros. The increase in revenue
derived mainly from the principal activity, i.e. production, where the sales
increased by over 3 million euros or 30.6% up to 13.0 million euros in the
second quarter and by over 5 million euros or 28.3% up to 23.4 million euros
within half a year. Production contributed the largest share of revenue –
90.7%. In the last year, the share of the production segment remained below 90%
of consolidated revenue.

92,0% of the production segment first half-year sales volume and 83.5% of the
half-year consolidated sales revenue (H1 2011: 79.7%) was obtained from the
sale of electrical equipment. Sales volume of this product group increased in
the second quarter by 30.6% to 12.0 million euros and in six months by 31.4% to
21.5 million euros.

Of the revenue of the Group, 35% was received from the Estonian market and 65%
from the foreign markets. Nearly 84% of the Group’s products and services were
sold in the Finnish and Estonian markets. Although the entry into the Swedish
market has taken longer than expected, the sales to this market increased by
0.6 million euros in six months. Germany is also a developing and continuously
growing market for the Group. Supplies to France, Portugal, Russia and Belarus
have also increased. This year, Ukraine was introduced as a new market.

In Q2 2012, the average 450 people worked in the Group − on the average by 29
persons more than in the reference period. During the first 6 months, the
average number of employees increasing by 23 persons up to 442 employees. In
the second quarter, employee wages and salaries totalled 2,339 (Q2 2011: 1,925)
thousand euros and during the first 6 months 4,619 (H1 2011: 3,768) thousand
euros. The average wages per employee per month amounted 1,740 (H1 2011: 1,498)
euros. As at the balance day on 30 June, there were 484 people working in the
Group, which were 27 employees more than a year before and 7 employees more
than in the beginning of the year.

Operating profit of Q2 2012 was 630 (Q2 2011: 540) thousand euros and EBITDA
1.0 (Q2 2011: 0.9) million euros. Return of sales for the accounting quarter
was 4.5% (Q2 2011: 4.9%) and return of sales before depreciation 7.0% (Q2 2011:
8.1%). In H1 2012, EBITDA increased by 23.6% to 1.7 million euros and operating
profit by 43.5% to 1.0 million euros. Return of sales for the first half of the
year was 6.7% (H1 2011: 6.8%) and return of sales before depreciation 3.9% (H1
2011: 3.4%).

In the reporting quarter the Group received dividend in the about 831 (Q2 2011:
795) thousand euros. Net financial expenses have increased to 994,000 euros
within six months, representing growth of 219,000 euros from the reference
period. In Q2 2012, the Group consolidated from the associated company a profit
of 374,000 (Q2 2011: 79,000) euros and during the first six months 453 (H1
2012: 109) thousand euros.

Overall, the consolidated net profit of the Q2 2012 was 1.51 (Q2 2011: 1.16)
million euros, of which the share of the owners of the parent company was 1.49
(Q2 2011: 1.08) million euros. EPS in the Q2 was 0.09 (Q2 2011: 0.06) euros.
The consolidated net profit of H1 2012 was 2.1 million euros increasing by
58.4% compared to the reference period. EPS in the H1 was 0.12 (H1 2011: 0.07)
euros.

During the first 6 months the Group investments totalling 0.33 (H1 2011: 1.42)
million euros. The Group paid dividends in the amount of 1.2 (H1 2011: 1.1)
million euros.

During the first six months, cash and cash equivalents increased by 0.37
million euros to 1.2 million euros; within the comparable period cash and cash
equivalents decreased by 1.9 million euros to 0.5 million euros.

In accordance with the resolution of the AGM, was issued share options to 51
employees, with regard to the subscription rights for 454,960 shares. The
subscription price for the 2012-2015 share option was the average price of the
trading period from 1.-15. June 2012, this was 2.36 euros.

Andres Allikmäe

Member of the Board

For more information: Internal report 1-6/2012; Mrs Karin Padjus, FO, phone
+372 674 7403



AS HARJU ELEKTER
BALANCE SHEET, 30.06.2012
Consolidated, unaudited


Group
in thousands EUR
ASSETS 30.06.12 31.12.11
Cash and cash equivalents 1 188 815
Trade receivables and other receivables 7 999 7 848
Prepayments 349 104
Prepaid income tax 32 20
Inventories 9 062 6 658
TOTAL CURRENT ASSETS 18 630 15 445
Deferred income tax asset 35 35
Investments in associates 1 630 1 177
Other long-term financial investments 16 817 16 023
Investment property 10 639 10 833
Property, plant and equipment 8 752 8 985
Intangible assets 453 422
Total non-current assets 38 326 37 475
TOTAL ASSETS 56 956 52 920
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 1 284 2 245
Trade payables and other payables 8 125 6 268
Tax liabilities 1 419 758
Income tax liabilities 61 29
Short-term provision 17 17
TOTAL CURRENT LIABILITIES 10 906 9 317
NON-CURRENT LIABILITIES 1 625 1 569
TOTAL LIABILITIES 12 531 10 886
Share capital 11 760 11 760
Unregistered share capital 420 0
Paid-in capital over/under par 240 0
Restricted reserves 16 685 15 881
Retained earnings 13 617 12 672
TOTAL OWNERS' EQUITY 42 722 40 313
Non-controlling 1 703 1 721
TOTAL EQUITY 44 425 42 034
TOT.LIABILIT.AND OWNERS' EQUITY 56 956 52 920


INCOME STATEMENT, 1-6/2012
Consolidated,unaudited

EUR’000
GROUP Q2 2012 Q2 2011 H1 2012 H1 2011
NET SALES 14 079 11 112 25 750 20 539
Cost of goods sold -11 716 -9 183 -21 491 -17 208
Gross profit 2 363 1 929 4 259 3 331
Marketing expenses -718 -542 -1 355 -1 035
Administrative expenses -1 043 -819 -1 918 -1 561
Other revenue 38 4 40 5
Other expenses -10 -32 -21 -40
Operating profit 630 540 1 005 700
Net financial incomes/expenses 821 781 994 775
Income from subsidiaries 374 79 453 109
Profit from normal operations 1 825 1 400 2 452 1 584
Corporate Income tax -312 -236 -347 -255
Profit after taxes, incl 1 513 1 164 2 105 1 329
Net profit for the year 1 493 1 077 2 073 1 258
Non-controlling interest 20 87 32 71
Basic earnings per share 0,09 0,06 0,12 0,07
Diluted earnings per share 0,09 0,06 0,12 0,07

Karin Padjus
Financial manager


1. HE_H12012_eng.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=399604)

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