. million EEK million EUR
Key figures 1-3/2008 1-3/2007 1-3/2008 1-3/2007
Sales revenue 203.9 151.6 13.0 9.7
Operating profit 11.3 9.0 0.7 0.6
Net profit for the period 9.7 8.7 0.6 0.6
incl equity holders of the Parent9.7 8.1 0.6 0.5
EPS 0.58 EEK 0.48 EEK 0.04 EUR 0.03 EUR
At the end of the period
Total assets 694.8 691.8 44.4 44.2
Owners' equity 520.3 552.4 33.3 35.3
(equity holders of the Parent)
Performance indicators
EBIT 5.6% 6.0%
Net profit margin 5.2% 5.3%
Equity ratio 72.2% 77.1%
Average number of employees on the current period 471 416
Number of employees at the end of the period 507 439
The sales revenue of the Group in the first quarter of 2008 was 203.9 million
kroons (13.0 million euros), growing 34.5% compared to the same period during
the previous year, operating profit 25.6% up to 11.3 million kroons (0.7
million euros) and net profit 12.0% up to 9.7 million kroons (0.6 million
euros).
The fastest growth paces were in the Finnish and Estonian segments (54.2% and
25.9%, respectively). The rapid increase that started last financial year in
orders in the enterprises in Finland and Estonia which produce electronic
equipment has also continued at the beginning of 2008.
The biggest contribution to the increase in sales revenue has been made by
the Finnish segment, the sales volume of which to non-Group customers has
increased by 30.8 million kroons (2.0 million euros) to 87.5 million kroons
(5.6 million euros), constituting 42.9 % (37.4 %) of consolidated sales
revenue. The vast majority of the sales revenue (80%) was derived from the
sale of products directed to the industrial sector (manufacturers of metal
and production equipment). Ship building has become a significant sector.
The sales volume of the of Estonian segment to non-Group customers increased
by 20.1 million kroons (1.2 million euros) over the first three months,
constituting 48.0 % or 97.8 million kroons (6.2 million euros) of the Group's
sales revenue. Additionally, the Estonian segment sold goods and services
valued 13.5 million kroons (0.9 million euros) to other segments, which
exceeded the sales of the period being compared by 10.1 million kroons (0.7
million euros) and which also had a direct impact on the increase in the
sales revenue of the other segments. The main source of growth for the
Estonian segment was the increase in the volumes of the sales of
prefabricated outdoor substations and distribution substations to the energy
sector. During the first three months, the sales to the Estonian market and
the sales to the Finnish market exceeded that of the period being compared by
16 and 27 products respectively, constituting the growth in the sales revenue
of 19.2 million kroons (1.2 million euros).
In the conditions of the increasing competition, the Lithuanian segment
managed to increase their sales volumes by 8.2% from external markets. The
sales on external markets increased by 1.6 million kroons (0.1 million
euros). Supplies to Finland and Byelorussia were added and supplies to Latvia
have increased. Supplies to Norway also continued. Denmark and Poland are
also on the “horizon”.
Of the markets, the domestic markets of the Group's companies prevailed,
where 95.4% (98.2%) of the Group's products and services were sold. The
percentage of other EU and other markets is starting to gradually increase.
This year the sales of goods and services to these countries have exceeded
that of a year ago by 6.5 million kroons (0.4 million euros). The Group has
sold its products to the markets of Latvia, Sweden and Poland, as well as
Byelorussia, Russia and Norway.
In the first quarter, the average number of employees in the Group was 471
(Q1 2007: 416), the salary costs were 32.4 million kroons (2.1 million euros)
and in the comparable period 25.7 million kroons (1.6 million euros). The
average salary in the Group have increased by 2,300 kroons (150 euros)
compared to the same period during the previous year. The costs on labour
force have increased by 24.7% up to 40.4 million kroons (2.6 million euros)
in the first quarter of 2008, compared to the same period of 2007. As of 31
March 2008 there were 507 (439) people working in the Group.
To sum up, the consolidated post-tax profit was 9.7 million kroons or 0.6
million euros (Q1 2007: 8.7 million kroons or 0.6 million euros), of which
the share of the owners of the parent company comprised 9.7 million kroons
(0.6 million euros). Net profit per share in the first quarter was 0.58
kroons or 0.04 euros (Q1 2007: 0.48 kroons or 0.03 euros).
The Group invested a total of 3.8 million kroons (0.2 million euros) in
tangible and intangible fixed assets and real estate in Q1 2008, 5.9 million
kroons (0.4 million euros) in the period of comparison.
Andres Allikmäe
Chairman of the Board
+372 674 7400
For more information: Internal report 1-3/2008 of Harju Elekter and Mrs Karin
Padjus, Member of the Board (phone +372 674 7403).
AS HARJU ELEKTER
BALANCE SHEET, 31.03.2008
Consolidated, unaudited
Group
in thousands EEK EUR
ASSETS 31.03.0831.12.0731.03.08 31.12.07
Cash and cash equivalents 25 946 26 257 1658 1678
Trade receivables and other receivabl 92 279 84 601 5 898 5 407
Prepayments 1870 1548 119 99
Inclusive income tax 853 717 55 46
Inventories 137 691 128 639 8 800 8 222
TOTAL CURRENT ASSETS 257 786 241 045 16 475 15 406
Investments in associates 21 782 21 975 1 392 1 404
Other long-term financial investments 174 198 215 236 11 133 13 756
Investment property 132 746 133 839 8 484 8 554
Property, plant and equipment 105 216 104 948 6 725 6 707
Intangible assets 3 061 3 269 196 209
Total non-current assets 437 003 479 267 27 930 30 630
TOTAL ASSETS 694 789 720 312 44 405 46 036
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 22 428 27 942 1 433 1 786
Trade payables and other payables 110 407 106 495 7 056 6 806
Tax liabilities 18 574 12 008 1187 767
Inclusive income tax 1 079 672 69 43
Short-term provision 415 1421 27 91
TOTAL CURRENT LIABILITIES 151 824 147 866 9 703 9 450
NON-CURRENT LIABILITIES 22 664 20 851 1 449 1 332
TOTAL LIABILITIES 174 488 168 717 11 152 10 782
Share capital 168 000 168 000 10 737 10 737
Paid-in capital over/under par 6 000 6 000 384 384
Restricted reserves 166 221 207 259 10 623 13 246
Retained earnings 161 629 151 894 10 330 9 708
TOTAL OWNERS' EQUITY 501 850 533 153 32 074 34 075
Minority interests 18 451 18 442 1 179 1 179
TOTAL EQUITY 520 301 551 595 33 253 35 254
TOT.LIABILIT.AND OWNERS' EQUITY 694 789 720 312 44 405 46 036
INCOME STATEMENT, 1-3/2008
Consolidated,unaudited
'000 EEK EUR
GROUP Q1 2008 Q1 2007 Q1 2008 Q1 2007
NET SALES 203 883 151 611 13 030 9 690
Cost of goods sold -174 143-125 909 -11 130 -8 047
Gross profit 29 740 25 702 1 900 1 643
Marketing expenses -8 101 -6 667 -518 -426
Administrative expenses -10 209 -9 819 -652 -628
Other revenue 37 94 2 6
Other expenses -128 -281 -8 -18
Operating profit 11 339 9 029 724 577
Net financial incomes/expenses -613 -313 -39 -20
Income from subsidiaries -193 352 -12 22
Profit from normal operations 10 533 9 068 673 579
Corporate Income tax -789 -365 -50 -23
Profit after taxes, incl
97448 703 623 556
Minority interest
Net profit for the year 9 735 8087 623 517
9 616 0 39
Basic and diluted
earnings per share 0,58 0,48 0,04 0,03
Karin Padjus
Financial manager
+372 674 7403