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HAE: Financial results, 1-3/2010

Spekuliantai.lt | 2010-05-05 | NASDAQ OMX biržų naujienos | perskaitė: 1484
Raktiniai žodžiai: Harju Elekter, HAE
HAE: Financial results, 1-3/2010

Harju Elekter Quarterly report 05.05.2010

Financial results, 1-3/2010

. million EEK million EUR
Key figures 1-3/2010 1-3/2009 1-3/2010 1-3/2009

Sales revenue 134.1 181.8 8.6 11.6
EBITDA 6.6 11.3 0.4 0.7
EBIT 1.1 6.4 0.1 0.4
Net profit for the period 8.2 2.7 0.5 0.2

incl equity holders of the Parent 9.0 2.6 0.6 0.2
EPS (EEK) 0.53 0.16 0.03 0.01

At the end of the period
Total assets 722.7 556.3 46.2 35.6
Owners' equity 570.3 389.5 36.5 24.9


Average number of employees on the current period 432 461
Number of employees at the end of the period 452 492

Regardless of the present economic situation the financial results of the
Group were reasonable and the Group was profitable. Long and snowy winter
season had also some negative affect for the sales orders of energy
distribution sector products, which probably made some influences to the
results.

The consolidated sales revenue of the Group was 134.1 million kroons (8.6
million euros), which was 26.2% less than the result of the comparable
quarter. 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, 87.8%
(89.9%) of sales revenues. The sales revenue on production received from
customers outside of the Group decreased by 28% to 117.7 million kroons (7.5
million euros).

Of the markets, the domestic markets (Estonia, Lithuania and Finland) of the
Group's companies prevailed, where 78.3% (93.7%) of the Group's products and
services were sold. 66% (69%) of Group products were sold outside of Estonia.
The sales revenue of the Q1 decreased the most in Finland as the economic
recession reached Finland slightly later than Baltic States. When the sales
volume of the Finnish segment in the Q1 remained at the Q1 2008 level, in Q2,
a decline in sales volume began due to a decrease in the volumes of metal and
engineering industry exports, which even deepened further on the ending of
last and beginning of this year due to a decline in domestic demand in the
Finnish market. The decrease in sales revenue was lower on the Estonian
market.

The sales to other states of the European Union have increased more than 19
million kroons (1.2 million euros). That includes sales to the market of
Sweden which exceeded 21 million kroons (1.3 million euros). France and the
Czech Republic have been added as new markets. The Group has also sold its
products to Latvia, Portugal and Poland and outside of the European Union to
the markets of Belarus, Ukraine, Russia and Norway.

The expenses regarding sold products and services decreased at the same pace
as the sales revenue - 26.2% during the first three months of 2010, which
accounted for 86.5% of turnover (Q1 2009: 86.4%). Distribution costs and
administration expenses shrank by 1.4 million kroons (86,000 euros) which is
more than 7% lower in respect to the compared period. The administration
expenses have been affected the most by the increase in expenditures on the
new software AX2009. The software was taken into use on 1 October 2009. In
conclusion, business expenses have decreased by 24.2% compared to the same
period of the previous year.

In the first quarter, there was an average of 432 people working in the Group
(Q1 2009:461), included 280 (301) employees in Estonia, 71 (77) employees in
Lithuania and 81 (83) employees in Finland. As at the balance day on 31
March, there were 452 people working in the Group, whish is 12 employees less
than on the beginning of the year and 40 employees less than a year before.
Expenses on staff in Q1 2010 were 35.9 million kroons (2.3 million euros)
which is 11% less than during the compared period. The Group has stock-based
compensation plans which may be settled by way of own equity instruments upon
recognition of which in consolidated financial reports IFRS 2 principles have
been applied. The value of services (labour input) in the amount of 0.4
million kroons (26,000 euros) received for stock is recognised as labour
costs in Q1 2010. At the same time, the wage costs were decreased by a fifth
in the accounting quarter and the average wage per employee was decreased by
15% to 20,509 kroons (1,311 euros).

The gross profit of the Group was 18.2 million kroons or 1.2 million euros
(Q1 2009: 24.8 million kroons or 1.6 million euros). Due to decrease in
demand, production and sales volumes, the Group has reduced and optimised
fixed and operational costs which caused the costs of sold products to
decrease at the same pace as the sales revenue. The gross profit margin of
the accounting quarter remained practically at the same level as during the
compared period - 13.6% (Q1 2009: 13.6%). Consolidated operating profit in Q1
2010 was 1.1 million kroons or 72 thousand euros (Q1 2009: 6.4 million kroons
or 408 thousand euros). Operating profit margin for the period was 0.8%
(3.5%). EBITDA was 6.6 million kroons or 0.4 million euros (Q1 2009: 11.3
million kroons or 0.7 million euros) and EBIT was 4.9% (6.2%). The
consolidated net profit of the firs quarter was 8.2 million kroons or 532
thousand euros (Q1 2009: 2.7 million kroons or 172 thousand euros), of which
the share of the owners of the parent was 9.0 million kroons or 572 thousand
euros. EPS of the reporting period was 0.53 kroons or 0.03 euros (Q1 2009:
0.16 kroons or 0.01 euros).

In Q1 2010 the Group invested 3.1 million kroons (0.2 million euros) in real
estate, 31.5 million kroons (2.0 million euros) in tangible fixed assets and
227 thousand kroons (15 thousand euros) in intangible fixed assets, totally
34.9 million kroons (2.2 million euros). During the compared period 2.5
million kroons (160,000 euros) was invested, and only in tangible assets. At
the end of 2009, the addition of a production building for the Finnish
affiliated company was completed. Satmatic Oy rented the former
administrative and production spaces from the Town of Ulvila. The Group
decided to buy the complex of buildings on the basis of financial lease. The
contract value of the buildings was 1.9 million euros (29.8 million kroons).
The leasing payments are paid on a monthly basis in equal shares as of
January 2010. The contract expires in January 2020. The interest rate in
respect to the addition is 1.6%, which shall be adjusted once a year. In
respect to the older part of the building (300,000 euros or 4.7 million
kroons) the annual interest remains fixed at 2%.

During Q1 short-term liabilities were decreased by 1.8 million kroons or
116,000 euros (Q1 2009: 24.1 million kroons or 1.54 million euros). Within
the first three months, 2.6 million kroons or 163,000 euros (Q1 2009: 8.7
million kroons or 555,000 euros) worth of a long-term loan and 1.2 million
kroons or 75,000 euros (Q1 2009: 0.5 million kroons or 34,000 euros) worth of
principal amounts of the financial lease were repaid. In total, interest-
bearing debt obligations in the statement of financial position increased by
24.3 million kroons (1.55 million euros).

In Q1 2010 cash and cash equivalents decreased by 8.6 million kroons (0.6
million euros) up to 27.1 million kroons (1.7 million euros) and increased by
4.8 million kroons (310,000 euros) during the comparable period.

Andres Allikmäe
Chairman of the Board
+372 674 7400

For more information: Internal report 1-3/2010 of Harju Elekter and Mrs.
Karin Padjus, Member of the Board (phone +372 674 7403).


BALANCE SHEET, 31.03.10
Consolidated, unaudited

Group
in thousands EEK EUR
ASSETS 31.03.1031.12.0931.03.10 31.12.09
Cash and cash equivalents 27 086 35 640 1 731 2 278
Trade receivables and other receivables 84 328 70 238 5 390 4 489
Prepayments 2 161 2 499 138 160
Inclusive income tax 307 0 20 0
Inventories 70 660 79 352 4 516 5 071
TOTAL CURRENT ASSETS 184 235 187 729 11 775 11 998
Investments in associates 8 977 9 681 574 619
Other long-term financial investments 232 532 153 172 14 861 9 789
Investment property 138 968 137 176 8 883 8 768
Property, plant and equipment 152 278 124 575 9 731 7 962
Intangible assets 5 722 5 815 365 371
Total non-current assets 538 477 430 419 34 414 27 509
TOTAL ASSETS 722 712 618 148 46 189 39 507
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 13 582 18 166 868 1 161
Trade payables and other payables 69 755 75 890 4 458 4 850
Tax liabilities 8 166 10 367 522 663
Inclusive income tax 724 620 46 39
Short-term provision 1 157 1 157 74 74
Deferred income 1 156 1 564 74 100
TOTAL CURRENT LIABILITIES 93 816 107 144 5 996 6 848
NON-CURRENT LIABILITIES 35 868 7 016 2 292 448
TOTAL LIABILITIES 129 684 114 160 8 288 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 230 194 149 760 14 712 9 571
Retained earnings 166 141 156 770 10 618 10 020
TOTAL OWNERS' EQUITY 570 335 480 530 36 451 30 712
Minority interests 22 693 23 458 1 450 1 499
TOTAL EQUITY 593 028 503 988 37 901 32 211
TOT.LIABILIT.AND OWNERS' EQUITY 722 712 618 148 46 189 39 507


INCOME STATEMENT, 1-3/2010
Consolidated,unaudited

'000 EEK EUR
GROUP Q1 2010 Q1 2009 Q1 2010 Q1 2009

NET SALES 134 112 181 769 8 571 11 617
Cost of goods sold -115 937-156 999 -7 409 -10 034

Gross profit 18 175 24 770 1 162 1 583

Marketing expenses -6 329 -7 644 -405 -489
Administrative expenses -10 846 -10 925 -693 -698
Other revenue 298 316 19 20
Other expenses -172 -132 -11 -8

Operating profit 1 126 6 385 72 408

Net financial incomes/expenses 8 091 4 454 517 285
Income from subsidiaries -704 -7 545 -45 -482

Profit from normal operations 8 513 3 294 544 211

Corporate Income tax -322 -607 -21 -39
Profit after taxes, incl 8 191 2 687 523 172

Minority interest 8 956 2 636 572 169
Net profit for the year -765 51 -49 3

Basic and diluted
earnings per share 0,53 0,16 0,03 0,01

Karin Padjus
Financial manager
+372 674 7403



1. he_ikvartal2010_eng.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=305854)

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