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 | ||||
