Estonia, 2012-05-02 11:14 CEST (GLOBE NEWSWIRE) -- The financial indicators of the Group in the accounting year demonstrated significant improvements. Sales revenue increased by 23.8%, gross profit by 35.3% and operating profit 2.3 times.
| Key figures (EUR’000) | Growth (%) | Q1 2012 | Q1 2011 | 2011 |
| Sales revenue | 23.8 | 11,671 | 9,426 | 46,674 |
| EBITDA | 47.3 | 735 | 499 | 3,378 |
| Operating profit | 134.6 | 375 | 160 | 2,025 |
| Net profit for the current period | 261.2 | 592 | 164 | 2,948 |
| Incl. equity holders of the parent | 219.0 | 580 | 182 | 2,773 |
| EPS (EUR) | 200.0 | 0.03 | 0.01 | 0.17 |
In Q1 2012, the sales revenue of the Group increased by 23.8% up to 11.67 million euros, of which 47.7% (Q1 2011: 44.4%) accounted from the Finnish market, 36.2% (Q1 2011: 35.6%) Estonian, 10.7 % (Q1 2011: 9.3 %) Other EU countries and 5.4% (Q1 2011: 10.7%) sales outside EU. 63.8% (Q1 2011: 64.4%) of the Group’s products and services sold outside Estonia.
In the first quarter, expenses of the operating activities increased by 21.9% to 11.29 million euros, which was by 1.9 percentage points lower than the growth rate of sales revenue; at the same time, cost of sales increased by 21.8%, distribution costs by 29.3% and admin costs by 18%.
In the first quarter, there was an average of 435 (Q1 2011:418) people working in the Group, of which 275 (265) in Estonia, 69 (68) in Lithuania, 89 (84) in Finland and 2 (1) in Sweden. As at the balance day on 31 March, there were 464 people working in the Group, which were 7 employees more than on the beginning of the year and 27 employees more than a year before. Expenses on staff in Q1 2012 were 2,904 (Q1 2011: 2,353) thousand euros and employee wages and salaries totalled 2,280 (Q1 2011: 1,843) thousand euros in the reporting quarter. The average wages per employee per month was 1,746 (Q1 2011: 1,472) euros.
The depreciation of fixed assets accounted for a total of 360,000 (Q1 2011: 339,000) euros in operational expenditures.
Operating profit of Q1 2012 was 375,000 (Q1 2011:160,000) euros and EBITDA was 735,000 (Q1 2011: 499,000) euros. Return of sales for the period was 3.2%, which was 1.5 per cent point better compared to the same period last year and return of sales before depreciation was 6.3%, improving by 1 per cent point comparing to the Q1 2011.
In Q1 2012 the Group consolidated from the related company a profit of 79,000 (Q1 2011: 30,000) euros. At the same time, 15.4 thousand shares of PKC Group Oyj were sold in the reporting quarter and financial income from selling the shares was 175,000 euros. During the comparable period, there was no income earned from the other financial investments.
Overall, the consolidated net profit of the Q1 2012 was 592 (Q1 2011: 164) thousand euros, of which the share of the owners of the parent company was 580 (Q1 2011: 182) thousand euros. In Q1 EPS were 0.03 (Q1 2011: 0.01) euros.
The amount of the consolidated balance sheet as of 31 March 2012 was 61.24 million euros, increasing by 8.32 million euros during the reporting quarter. The main reason for the increase in assets was the rise in the market price of PKC Group Oyj shares. The price of the share increased in three months by 5.76 euros to 17.19 euros. The cost of investment in assets and reserves in equity capital increased by the profit of 7.98 million euros received from stock revaluation. During the accounting quarter the Group investments to real estate, tangible fixed assets and intangible fixed assets totalling 140 (Q1 2011: 440) thousand euros.
During the first quarter, short-term liabilities were reduced by 1.33 (Q1 2011: 0.13) million euros to 0.71 million euros and 82,000 (Q1 2011: 70,000) euros worth of principal amounts of the financial lease were repaid. As at 31.03.2012, the Group had a total of interest-bearing debt obligations of 2.5 million (31.03.2011: 3.15 million) euros.
During the first three months, cash and cash equivalents increased by 0.41 million euros to 1.22 million euros; within the comparable period cash and its equivalents decreased by 0.23 million euros to 2.17 million euros.
Andres Allikmäe
Managing Director/CEO
For more information: Interim report 1-3/2012; Mrs Karin Padjus, FO, phone +372 674 7403
AS HARJU ELEKTER
BALANCE SHEET, 31.03.2012
Consolidated, unaudited
Group
EUR'000
ASSETS 31.03.12 31.12.11
Cash and cash equivalents 1 224 815
Trade receivables and other receivables 6 740 7 848
Prepayments 133 104
Prepaid income tax 27 20
Inventories 7 985 6 658
TOTAL CURRENT ASSETS 16 109 15 445
Deferred income tax asset 35 32
Investments in associates 1 256 1 177
Other long-term financial investments 23 823 16 023
Investment property 10 727 10 833
Property, plant and equipment 8 859 8 985
Intangible assets 429 422
Total non-current assets 45 129 37 475
TOTAL ASSETS 61 238 52 920
LIABILITIES AND OWNERS' EQUITY
Interest-bearing loans and borrowings 911 2 245
Trade payables and other payables 7 316 6 268
Tax liabilities 907 758
Income tax liabilities 44 29
Short-term provision 15 17
TOTAL CURRENT LIABILITIES 9 193 9 317
NON-CURRENT LIABILITIES 1 585 1 569
TOTAL LIABILITIES 10 778 10 886
Share capital 11 760 11 760
Restricted reserves 23 689 15 881
Retained earnings 13 278 12 672
TOTAL OWNERS' EQUITY 48 727 40 313
Non-controlling interests 1 733 1 721
TOTAL EQUITY 50 460 42 034
TOT.LIABILIT.AND OWNERS' EQUITY 61 238 52 920
INCOME STATEMENT, 1-3/2012
Consolidated,unaudited
EUR’000
GROUP Q1 2012 Q1 2011
NET SALES 11 671 9 426
Cost of goods sold -9 775 -8 025
Gross profit 1 896 1 401
Marketing expenses -637 -493
Administrative expenses -875 -741
Other revenue 2 1
Other expenses -11 -8
Operating profit 375 160
Net financial incomes/expenses 173 -7
Income from subsidiaries 79 30
Profit from normal operations 627 183
Corporate Income tax -35 -19
Profit after taxes, incl 592 164
Net profit for the year 580 182
Non-controlling interest 12 -18
Basic earnings per share 0,03 0,01
Diluted earnings per share 0,03 0,01
Karin Padjus
Financial manager
+372 674 7403
