Stock releases 2005



09.12.2005
AS HARJU ELEKTER
NOTICE

Harju Elekter entered into a licence agreement with Siemens

 

AS Harju Elekter entered into a licence agreement with Siemens AG and Siemens AS for the manufacturing of Sivacon-type low-voltage distribution board in the Group’s Estonian and Finnish plants.

 

The use of Sivacon technology significantly expands the product range of the Harju Elekter Group, enabling it to offer its clients low-voltage switchgear solutions, up to the rated current of 7400 A. The technical solutions of Sivacon have all of the required certificates of conformity both in the European Union and Russia. Sivacon also holds the certificates of conformity required in shipbuilding. According to the agreement, the Harju Elekter Group will be the first company to obtain the right to manufacture these products in Finland and the Baltic States. In addition, the purchasing of the licence allows for economising on the expenditures made by the Group on product development and certification.

 

Harju Elekter also has valid licence agreements with Schneider Electric for the manufacturing of sheet metal substation unit LR61 and medium voltage electrical equipment HENEX and SM6.

 

The principal activity of the Harju Elekter Group is the manufacturing of electrical equipment and materials, supported by manufacturing of sheet metal products and a commercial unit specialising in the sale of electrical equipment. The Harju Elekter Group is comprised of the following subsidiaries manufacturing electrical equipment: AS Harju Elekter Elektrotehnika, Satmatic Oy and UAB Rifas as well as AS Eltek which manufactures sheet metal products. In addition, Harju Elekter has shareholdings in the associated companies Keila Kaabel (34%) and Saajos Inexa (33.3%) and a long-term financial investment in the publicly traded Finnish company PKC Group Oyj (>10%).

 

Andres Allikmäe

Chairman of Management Board

+372 6 747 400

 

Additional information: Ülo Merisalu, Manager, AS Harju Elekter Elektrotehnika, tel. +372 6747 449.

TOP


02.11.2005
AS HARJU ELEKTER
FINANCIAL REPORT

FINANCICAL RESULTS, 1-9/2005

 

The economic results of the Harju Elekter group for the 9 months of 2005 are good and in line with the estimates. The Estonian companies of the group have again grown rapidly; the progress of the subsidiaries outside Estonia has been more stable. The group as a whole achieved a remarkable growth of both sales income (+13,9%) and EBIT (+19,2%). The rapid economic growth and market demand favor the group’s further development. The share price of PKC Group on the Helsinki Stock Exchange rose in Q3, having grown by nearly one-fifth since the beginning of the year.

 

Key indicators (MEUR)                                                 1-9/2005       1-9/2004

Net sales                                                                     22,9                  20,1

Operating profit                                                             1,8                     1,5

Profit from ordinary activities                                           5,5                     6,2

Net profit for the current period                                        5,2                     6,0

 

At the end of the period

Total current assets                                                                 9,8                   10,4

Total fixed assets                                                         36,2                 28,1

Total assets                                                                 45,9                 38,5

Total liabilities                                                               8,0                     7,5

Minority interests                                                          1,0                     1,0

Total owners’ equity                                                                 37,0                   30,1

 

Performance indicators

Return of sales (operating profit/net sales *100)    8,0%               7,6%

Net profit margin (net profit /net sales *100)                    22,9%              30,1%

Owners’ equity margin                                                  80,4%              78,0%

(equity /balance sheet total *100)

 

Number of employees on 30.09.2005                              418                  383

EPS (EUR)                                                                  0,31                 0,36                                                                                       

The consolidated sales income for the 9 months of 2005 increased by 14% compared to the same period of the previous year, to MEEK 358,9 (MEUR 22,9). Of this, 66% was attributable to the sales of electrical equipment, having increased by 16% compared to the same period of the previous year, to MEEK 236,8 (MEUR 15,13); the sales of sheet metal products and services increased by 8% to MEEK 21,4 (MEUR 1,37) and the sales of telecommunication products increased by 9% to MEEK 16,1 (MEUR 1,03). In summary, the sales of industrial products accounted for 76% while intermediate commercial transactions and services formed 24% of the consolidated sales income.

 

Sales to the Estonian market accounted for 53%, increasing by 28% to MEEK 190,7 (MEUR 12,2). The biggest export markets were still Finland Republic (turnover MEEK 124,3 or MEUR 7,9) and Lithuania (turnover MEEK 34,9 or MEUR 2,2).65% of the sales revenue of the group was contributed by Estonian enterprises (an increase in turnover growth by 15% year-on-year), 25% by Finland (turnover growth 5%), and 10% Lithuania (turnover growth 3%).

 

The group’s consolidated net sales for Q3 were MEEK 129,7 or MEUR 8,3 (Q3 2004: MEEK 126,0 or MEUR 8,1). The quarter’s results are largely influenced by the period in which a large-scale order or project is finalised.

 

The consolidated operating expenses for 9M totaled MEEK 43,1 (MEUR 2,8), having increased by MEEK 7,6 (MEUR 0,5), and the Q3 operating expenses were MEEK 14,7 (MEUR 0,9), having increased by MEEK 2,6 (MEUR 0,2), that is 22%.  The increase in operating expenses is due to the price rise of outsourced services, on the one hand. On the other hand, the group’s development and gradual increase in the volume of sales orders over the years has caused a need for new jobs and boosted product development expenses. The number of employees in the group increased by 35, of them 14 was hired to the sales and development departments.

 

The total operating profit of the consolidation group AS Harju Elekter was MEEK 28,6 or MEUR 1,9  , increasing by 19% compared to the same period last year and  EBIT to net sales 8% (9M 2004: 7,6%).

 

The group’s EBIT to net sales for Q3 was 9,8%, which was 1,8 percentage points higher than the average for nine months, although as a result of the more rapid growth of operating expenses than sales income, EBIT for Q3 decreased by MEEK 1,3 (TEUR 86) to MEEK 12,7 (TEUR 814).

 

The group’s consolidated net income for Q3 was MEEK 61,4 or MEUR 3,9 (Q3 2004: MEEK 14,9 or MEUR 1,0). Net income was substantially influenced by the change in the market price of the share of PKC Group Oyj, which is included in the balance sheet. Its share price rose by EUR 1,70 (EEK 26,60) in Q3 and financial income from revaluation of the shares amounted to MEEK 48,7 or MEUR 3,1 (the loss for Q3 2004 was MEEK -2,1 or MEUR -0,14). The total financial income from share price fluctuations for 9M was MEEK 52,2 or MEUR 3,3 (9M 2004: MEEK 48,8 or MEUR 3,1). PKC Group paid an extraordinarily large dividend (MEEK 24,3; MEUR 1,5), while in 2005, they paid in a total of MEEK 5,8, i.e. MEUR 0,37 only. The income tax expenditure totaled MEEK 3,2, i.e. TEUR 202 as reported for the 9M 2005 report in the income statement (9M 2004: TEEK 49, i.e. TEUR 3).

 

The consolidated net profit for 9M was MEEK 82,2 or MEUR 5,3 (9M 2004: MEEK 94,8 or MEUR 6,1).EPS was EEK 4,89 or EUR 0,31 (9M 2004: EEK 5,64 or EUR 0,36) and net profit margin 22,9% (9M 2004: 30,1%).

 

During the accounting period, the Group invested in tangible and intangible assets a total of MEEK 31,2 or MEUR 2,0 (9M 2004: MEEK 24,5 or MEUR 1,6). A total of MEEK 22,4 (MEUR 1,4) were invested in real estate in the 9M 2005; MEEK 3,9 (MEUR 0,25) was invested in plant and equipment, and MEEK 2,6 (MEUR 0,17) in the acquisition of land.

The company purchased, on the conditions of a financial lease, a sheet metal center with an acquisition cost of MEEK 1,29 (TEUR 83). The debt is repayable within four years.

 

In the first 9 months the group repaid long-term bank loans in the total amount of MEEK 5,7 (MEUR 0,36) and made capital lease payments in the total amount of MEEK 1,7 (MEUR 0,11).

 

Andres Allikmäe

Chairman of the Board

+372 6 747 400

 

For more information: Interim report 1-9/2005 of Harju Elekter or Mrs. Karin Padjus, Member of the Board (tel +372 6 747 403).

 

 

CONSOLIDATED BALANCE SHEET, 30.09.2005
unaudited

 

in thousand

EEK

EUR

ASSETS

30.09.2005

31.12.2004

30.09.2005

31.12.2004

Cash, bank                                    

16 172

18 786

1 034

1 201

Total customer receivables              

57 954

49 824

3 704

3 184

Other current receivables                

2 931

4 156

187

266

Accrued income                          

0

221

0

14

Prepaid expenses                       

2 068

1 136

132

73

Total current receivables               

62 953

55 337

4 023

3 537

Inventories                      

74 254

67 950

4 746

4 342

TOTAL CURRENT ASSETS                   

153 379

142 073

9 803

9 080

Long-term financial investments            

370 007

323 138

23 648

20 652

Investment properties

121 899

86 880

7 791

5 553

Tangible assets                   

72 423

86 551

4 629

5 531

Intangible assets                 

1 457

1 951

93

125

TOTAL NON-CURRENT ASSETS                

565 786

498 520

36 161

31 861

TOTAL ASSETS                            

719 165

640 593

45 964

40 941

LIABILITIES AND OWNERS' EQUITY           

 

 

 

 

Debt obligations                       

15 601

14 380

997

919

Customer prepayments                    

4 010

2 666

256

170

Supplier payables                       

42 038

45 535

2 687

2 910

Other short-term borrowings             

2 351

1 750

150

112

Tax liabilities                         

8 965

7 560

573

483

Accrued expenses                        

9 577

12 044

612

770

Short-term provision

230

300

15

19

Other prepaid revenue

1 822

3 643

117

233

TOTAL CURRENT LIABILITIES                

84 594

87 878

5 407

5 616

TOTAL NON-CURRENT LIABILITIES           

41 081

17 357

2 626

1 109

TOTAL LIABILITIES                       

125 675

105 235

8 033

6 725

Minority interests

14 975

14 381

957

919

Share capital                            

168 000

56 000

10 737

3 579

Paid-in capital over/under par

6 000

6 000

384

384

Restricted reserves                     

8 600

8 600

550

550

Retained earnings                       

395 915

450 377

25 303

28 784

TOTAL OWNERS' EQUITY                      

578 515

520 977

36 974

33 297

TOT.LIABILIT.AND OWNERS' EQUITY    

719 165

640 593

45 964

40 941

 

CONSOLIDATED INCOME STATEMENT,  01.01.-30.09.2005
unaudited

In thousand kroons (EEK)

 

 

GROUP

Q3 2005

Q3 2004 

M9 2005

M9 2004 

NET SALES

129 718

126 022

358 922

315 223

Cost of goods sold

-102 461

-99 826

-287 482

-255 958

Gross profit

27 257

26 196

71 440

59 265

Operating expenses, incl.

-14 685

-12 155

-43 053

-35 421

Marketing expenses

-5 955

-5 155

-16 500

-14 354

Administrative expenses

-8 730

-7 000

-26 553

-21 067

Other revenue

325

94

832

483

Other expenses

-167

-62

-589

-302

Operating profit

12 730

14 073

28 630

24 025

Net financial incomes/expenses

48 386

2 319

56 943

73 248

Income from subsidiaries

911

488

860

-192

Profit from normal operations

62 027

16 880

86 433

97 081

Corporate Income tax

-133

-16

-3 166

-49

Profit after taxes

61 894

16 864

83 267

97 032

Minority interest

-1 056

-1 927

-1 089

-2 212

Net profit for the year

60 838

14 937

82 178

94 820

Basic and diluted earing per share

3,62

0,91

4,89

5,83

 

TOP


03.10.2005
AS HARJU ELEKTER
NOTICE

The price of PKC Oyj shares in Helsinki Stock

 

On the last trading day, September 30, 2005, PKC Oyj share was closed at the level of EUR 12,07. Harju Elekter has 1.83 million PKC shares in its ownership. Due to the EUR 1,7 increase in the share price during the Q3 of 2005, the company gained financial income in the amount of EEK 48.7 million or EUR 3.1 million.

 

According to the rules of IAS, the change in the PKC share price on the Helsinki Stock influences the state of the company’s assets in the balance sheet, the change in which will be reflected in the income statement as financial income/expenditure. Harju Elekter will publish the financial results of 9 months on the week 44 and PKC Group on 21.10.2005.

 

Andres Allikmäe

Chairman of the Board

+372 6747 400

 

For more information: Karin Padjus (chef accountant, member of the Board) tel +372 6747 403.

TOP


 

02.08.2005
AS HARJU ELEKTER
FINANCIAL RESULTS

FINANCIAL RESULTS, 1-6/2005

 

The economic results of the group of Harju Elekter for the first half of 2005 are good. We have increased our sales revenue as well as our operating profit and expanded our commercial operations in Estonia, Finland and Lithuania. A favorable economic climate and demand in the markets have added security that the growth will continue. We have also successfully launched our new subsidiary AS Harju Elekter Elektrotehnika. The price of PKC shares on the Helsinki Stock Exchange has remained stable.

 

Key indicators (MEUR)                                                 1-6/2005       1-6/2004

Net sales                                                                     14,6                    12,1

Operating profit                                                             1,0                     0,6

Profit from ordinary activities                                           1,6                      5,1

Net profit for the current period                                        1,3                     5,1

 

At the end of the period

Total current assets                                                                   8,8                    7,7

Total fixed assets                                                         33,3                 28,2

Total assets                                                                 42,1                 35,9

Total liabilities                                                                8,1                    6,5

Minority interests                                                          0,9                    0,8

Total owners’ equity                                                                 33,0                 28,6

 

Performance indicators

Net sales growth                                                          21,1%              26,5%

Operating profit growth                                                              59,8%              26,3%

Return of sales (operating profit/net sales *100)    6,9%               5,3%

Net profit margin (net profit /net sales *100)                    10,6%              42,2%

Owners’ equity margin                                                  78,4%              79,6%

(equity /balance sheet total *100)

 

Number of employees on 30.06.2005                             398                  369

EPS (EUR)                                                                  0,08                 0,32

                                                                                             

The sales revenue of the consolidation group AS Harju Elekter comprised MEEK 229,2 (MEUR 8,8) in the H1 2005, increasing by 21% in comparison with the same period of the previous year. Manufacturing contributed 80% of the consolidated sales revenue (turnover growth 22%), services contributed 10% (turnover growth 23%) and trade accounted for 10% (turnover growth 10%). Of the turnover, 76% was generated by revenue from the sales of industrial production and 24% by the mediation and sale of services. At the same time the sale of industrial output went up by 23% in the first half year-on-year to EEK 174,0 million (EUR 11,1 million) and the intermediate sale of services and goods increased by 16% to EEK 55,3 million (EUR 3,5 million).

 

Sales to the Estonian market accounted for 54%, increasing by 37% to EEK 123,5 million (EUR 7,9 million). Export sales formed 46% and increased by 7% to EEK 105,7 million (EUR 6,8 million). Finland remained the largest export market with a share of 34% in the turnover. 66% of the sales revenue of the group was contributed by Estonia (an increase in turnover growth by 24% year-on-year), 24% by Finland (turnover growth 15%), and 10% Lithuania (turnover growth 18%).

 

The total operating profit of the consolidation group AS Harju Elekter was MEEK 15,9 or MEUR 1,1, being 1,6 times higher than in the previous year.

 

The net profit of the group was MEEK 20,8, i.e. MEUR 1,3 (first half of 2004: MEEK 79,9, i.e. MEUR 5,1). The main cause of the fall in the net profit was the fact that the changes in the prices of PKC shares included in the balance sheet as assets are recorded pursuant to the accounting principles as profit for the period, regardless of the fact that no operations were conducted with them. During the first half of 2005, the market price of the share of PKC group Oyj recorded in the balance sheet was stable, increasing by EUR 0,12, and additional income from the revaluation of the shares was MEEK 3,5 (MEUR 0,22). In the first half of 2004, the share price rose by EUR 1,75 and the additional financial income from revaluation was MEEK 51,0 (MEUR 3,26). Pursuant to the Finnish Income Tax Act, amended as of 1 January 2005, PKC Group paid an extraordinarily large dividend (MEEK 19,4; MEUR 1,2), while in 2005, they paid only EUR 0,20 per share in a total of MEEK 5,8, i.e. MEUR 0.37. Pursuant to the amended Finnish Income Tax Act, in 2005, an income tax of 15% was withheld on the paid dividends, amounting to MEEK 0,9 (TEUR 56). The payment of dividends in 2005 also entailed for Harju Elekter an income tax liability of MEEK 2,0 (MEUR 0,13), while in 2004, the payment of dividends had been exempt from tax. The income tax expenditure totaled MEEK 3,0, i.e. TEUR 194 as reported for the first half of 2005 in the income statement (first half of 2004: TEEK 33, i.e. TEUR 2).

 

The group’s operating margin was 6,9% which is 1,6 percentage points higher than in the first half of 2004. The net margin was 10,6% (42,2% in H1 of 2004).

EPS was 1,24 kroons or 0,08 euros (H1 2004: 4,93 kroons or 0,32 euros).

During the accounting period, the Group invested in tangible and intangible assets a total of MEEK 27,9 or MEUR 1,78(H1 2004: MEEK 21,3 or MEUR 1,4). In the second quarter, newly completed production buildings were rented to PKC Eesti and HE Elektrotehnika. A total of MEEK 20,2 (MEUR 1,3) were invested in real estate in the first half of the year; MEEK 3,9 (MEUR 0,25) was invested in plant and equipment, and MEEK 2,6 million (MEUR 0,17) in the acquisition of land.

 

Andres Allikmäe

Chairman of the Board

+372 6 747 400

 

For more information: Interim report 1-6/2005 of Harju Elekter or Mrs. Karin Padjus, Member of the Board (tel +372 6 747 403).

 

 

CONSOLIDATED BALANCE SHEET, 30.06.2005
unaudited

 

in thousand

EEK

EUR

ASSETS                                                 

30.06.2005

31.12.2004

30.06.2005

31.12.2004

Cash, bank                                    

17 553

18 786

1 122

1 201

Total customer receivables              

45 215

49 824

2 890

3 184

Other current receivables               

4 745

4 156

303

266

Accrued income                          

48

221

3

14

Prepaid expenses                       

3 921

1 136

251

73

Total current receivables               

53 929

55 337

3 447

3 537

Inventories                      

66 327

67 950

4 239

4 342

TOTAL CURRENT ASSETS                   

137 809

142 073

8 808

9 080

Long-term financial investments            

325 288

323 138

20 790

20 652

Investment properties

120 677

86 880

7 713

5 553

Tangible assets                   

73 931

86 551

4 725

5 531

Intangible assets                 

1 636

1 951

105

125

TOTAL NON-CURRENT ASSETS                

521 532

498 520

33 333

31 861

TOTAL ASSETS                            

659 341

640 593

42 141

40 941

LIABILITIES AND OWNERS' EQUITY          

 

 

 

 

Debt obligations                       

19 870

14 380

1 270

919

Customer prepayments                    

756

2 666

48

170

Supplier payables                       

39 423

45 535

2 520

2 910

Other short-term borrowings             

1 732

1 750

111

112

Tax liabilities                         

10 902

7 560

697

483

Accrued expenses                        

10 550

12 044

674

770

Short-term provision

157

300

10

19

Other prepaid revenue

3 643

3 643

233

233

TOTAL CURRENT LIABILITIES               

87 033

87 878

5 563

5 616

TOTAL NON-CURRENT LIABILITIES           

40 713

17 357

2 602

1 109

TOTAL LIABILITIES                        

127 746

105 235

8 165

6 725

Minority interests

14 502

14 381

927

919

Share capital                           

168 000

56 000

10 737

3 579

Paid-in capital over/under par

6 000

6 000

384

384

Restricted reserves                     

8 600

8 600

550

550

Retained earnings                       

334 493

450 377

21 378

28 784

TOTAL OWNERS' EQUITY                     

517 093

520 977

33 049

33 297

TOT.LIABILIT.AND OWNERS' EQUITY    

659 341

640 593

42 141

40 941

 

CONSOLIDATED INCOME STATEMENT, 01.01.-30.06.2005
unaudited

in thousand kroons (EEK)

 

 

GROUP

Q2 2005

Q2 2004 

H1 2005

H1 2004 

NET SALES

117 196

103 468

229 205

189 201

Cost of goods sold

-93 013

-84 462

-185 022

-156 132

Gross profit

24 183

19 006

44 183

33 069

Operating expenses, incl.

-15 225

-12 022

-973

-768

Marketing expenses

-5 445

-4 807

-10 546

-9 199

Administrative expenses

-9 780

-7 215

-17 823

-14 067

Other revenue

386

204

507

389

Other expenses

-266

-132

-422

-240

Operating profit

9 078

7 056

15 899

9 952

Net financial incomes/expenses

4 456

19 056

8 557

70 929

Income from subsidiaries

-159

-19

-51

-680

Profit from normal operations

13 375

26 093

24 405

80 201

Corporate Income tax

-2 907

-17

-3 033

-33

Profit after taxes

10 468

26 076

21 372

80 168

Minority interest

-239

-828

-616

-285

Net profit for the year

10 229

25 248

20 756

79 883

Basic earnings per share

0,61

1,56

1,24

4,93

Diluted earnings per share

0,61

1,52

1,24

4,81

TOP


01.07.2005
AS HARJU ELEKTER
NOTICE

The price of PKC Oyj shares in Helsinki Stock

 

On the last trading day, June 30, 2005, PKC Oyj share was closed at the level of EUR 10,37. Harju Elekter has 1.86 million PKC shares in its ownership. Due to the EUR 0,03 decrease in the share price during the Q2 of 2005, the company gained financial expenses in the amount of EEK 873 thousand or EUR 56 thousand.

 

PKC Group paid dividends for 2004 0,2 euros (3,1 kroons) per share and dividends in the total amount of EEK 4.95 million or EUR 0.3 million – transferred to the shareholders bank accounts on 5 April, 2005. In 2004 Harju Elekter received PKC dividends in the total amount of EEK 19.4 million (EUR 1.2 million) already in the first quarter.

 

The price of the PKC Group Oyj share has absolutely no impact on the business activity, commercial profit or the financial status of AS Harju Elekter. According to the rules of IAS, the change in the PKC share price on the Helsinki Stock only influences the state of the company’s assets in the balance sheet, the change in which will be reflected in the income statement as financial income/expenditure. Harju Elekter will publish the financial results of its 1st half-year on the week 31 and PKC Group on 15 July 2005.

 

Andres Allikmäe

Chairman of the Board

+372 6747 400

 

For more information: Karin Padjus (chef accountant, member of the Board) tel +372 6747 403.

 

TOP


17.06.2005
AS HARJU ELEKTER
NOTICE

COMMENT ON ARTICLES OF 17 JUNE IN ÄRIPÄEV

 

In order to clarify the articles and comments published in Äripäev on 17 June and to reassure the small shareholders of AS Harju Elekter, the management board of AS Harju Elekter reports the following:

 

AS Harju Elekter will publish the financial results of its 1st half-year of 2005 on the 31st week.  According to the initial estimates, the business activity of the Harju Elekter group has developed well in 2005; we have profitably increased the turnover and expanded our business activities in Estonia, Finland and Lithuania. The favourable economic climate and demand on the markets has provided assurance that the growth will also continue in the 2nd half-year and in the future.

 

The price of the PKC Group Oyj share has absolutely no impact on the business activity, commercial profit or the financial status of AS Harju Elekter. According to the rules of IAS, the change in the price of the PKC share on the Helsinki Stock Exchange only influences the state of the company’s assets in the balance sheet, the change in which will be reflected in the income statement as financial income/expenditure. 

 

PKC Group Oyj will announce the financial results of its 1st half-year to the Helsinki Stock Exchange on 15 July 2005.

 

The management board of AS Harju Elekter sees no technical or economic reason for changes in the Harju Elekter share (HAE1T) of 15 and 16 June. In our opinion, the decrease in the prices of HAE1T and the sale of shares on the levels of the closing price are speculative by nature. According to the information at our disposal, neither the main investors nor long-term small investors have sold shares and do not intend to do so.

 

Andres Allikmäe

Chairman of the Management Board

+372 6 747 400

 

Further information: Annual report of Harju Elekter for 2004, the interim report for the Q1 2005 (http://market.ee.omxgroup.com).

TOP


10.05.2005
AS HARJU ELEKTER
FINANCIAL RESULTS

FINANCIAL RESULTS, 1-3/2005

                                                                                  1-3/2005   1-3/2004

Key indicators (MEUR)           

Net sales                                                                       7,2                 5,5

Operating profit                                                              0,4                 0,2

Net profit for the current period                                         0,7                 3,5

 

At the end of the period

Total current assets                                                                   9,9                 8,2

Total fixed assets                                                         33,1                 26,9

Total assets                                                                 43,0                 35,1

Total liabilities                                                               8,1                  5,9

Total owners’ equity                                                                 34,0                 28,4

 

Performance indicators (%)

Net sales growth                                                          30,6                 21,0

Operating profit growth                                                              135,5                -34,6

Net profit growth                                                            -79,8               614,7

Return of sales (operating profit/net sales *100)    6,1                  3,4

Net profit margin (net profit /net sales *100)                     9,4                  63,7

Owners’ equity margin                                                  79,0                 80,8

(equity /balance sheet total *100)

 

Number of employees on 31.03.2005                             406                  361

EPS (EUR)                                                                  0,12                 0,65

                                                                                             

The sales revenue of the consolidation group AS Harju Elekter comprised MEEK 112,0 (MEUR 7,2) in the Q1 2005, increasing by 31% in comparison with the same period of the previous year. Manufacturing contributed 81% of the consolidated sales revenue (turnover growth 34%), services contributed 10% (turnover growth 33%) and trade accounted for 9% (turnover growth 6%). Of the turnover, 77% was generated by revenue from the sales of industrial production and 23% by the mediation and sale of services. At the same time the sale of industrial output went up by 34% in the first quarter year-on-year to EEK 86,3 million (EUR 5,5 million) and the intermediate sale of services and goods increased by 19% to EEK 25,7 million (EUR 1,7 million).

 

68% of the sales revenue of the group was contributed by Estonia (an increase in turnover growth by 26% year-on-year), 22% by Finland (turnover growth 36%), and 10% Lithuania (turnover growth 54%). Sales to the Estonian market accounted for 57%, increasing by 59% to EEK 63,5 million (EUR 4,1 million). Export sales formed 43% and increased by 6% to EEK 48,5 million (EUR 3,1 million). Finland remained the largest export market with a share of 31% in the turnover.

The total operating profit of the consolidation group AS Harju Elekter was MEEK 6,8 or MEUR 0,4, being 2,4 times higher than in the previous year.

 

The net profit of the group was 10,5 million kroons 10,5 million kroons which equals to 0,67 million euros (2004 I quarter: 54,1 million kroons or 3,5 million euros). The reason was that in I quarter of 2005 the market price of PKC Group Oy share changed only by 0,15 euros and the re-evaluation of the shares gave 4,4 million kroons (0,28 million euros) financial income, in I quarter of 2004 the Change was 1,10 euros and additional financial income from the re-evaluation was 31,6 million kroons (2,02 million euros). Due to the amendment of the Finnish income tax law in 2005, PKC Group paid exceptionally big dividend (19,4 million kroons or 1,2 million euros), which was received in March 2004. In 2005 the receipt of dividends (5,8 million kroons or 0,37 million euros) took place in II quarter.

 

The group’s operating margin was 6,1% which is 2,7 percentage points higher than in the first quarter of 2004. The net margin was 9,4% (63,7% in Q1 of 2004).

 

EPS was 1,88 kroons or 0,12 euros (Q1 2004: 10,12 kroons or 0,65 euros).

 

During the accounting period, the Group invested in tangible and intangible assets a total of MEEK 18,2 or MEUR 1,16 (Q1 2004: MEEK 15,3 or MEUR 0,98). The construction of the substation plant and the new production premises of PKC continued. The construction costs and costs of the ventilation systems in three months totalled EEK 14,4 million (EUR 0,92 million). The plan is to launch the production premises in the second quarter of 2005. The group invested EEK 2,4 million (EUR 0,15 million) in machinery and equipment as well as EEK 1,3 million (EUR 0,08 million) in acquisition of land.

 

Andres Allikmäe

Chairman of the Board

+372 6 747 400

 

For more information: Interim report 1-3/2005 of Harju Elekter or Karin Padjus, Member of the Board (tel +372 6 747 400).

 

CONSOLIDATED BALANCE SHEET, 31.03.2005
unaudited

 

in thousand

EEK

EUR

ASSETS                                                 

30.06.2005

31.12.2004

30.06.2005

31.12.2004

Cash, bank                                    

37 280

18 786

2 383

1 201

Total customer receivables               

48 203

49 824

3 081

3 183

Other current receivables               

2 989

4 156

191

266

Accrued income                          

707

221

45

14

Prepaid expenses                       

1 181

1 136

75

73

Total current receivables               

53 080

55 337

3 392

3 536

Inventories                      

64 402

67 950

4 116

4 343

TOTAL CURRENT ASSETS                   

154 762

142 073

9 891

9 080

Long-term financ.investments            

327 612

323 138

20 938

20 652

investment properties

86 086

86 880

5 502

5 553

Tangible assets                   

102 226

86 551

6 533

5 532

Intangible assets                 

1 800

1 951

115

125

TOTAL NON-CURRENT ASSETS                

517 724

498 520

33 089

31 861

TOTAL ASSETS                            

672 486

640 593

42 980

40 941

LIABILITIES AND OWNERS' EQUITY          

 

 

 

 

Debt obligations                       

20 249

14 380

1 294

919

Customer prepayments                    

1 466

2 666

94

170

Supplier payables                       

39 762

45 535

2 541

2 910

Other short-term borrowings             

1 177

1 750

75

112

Tax liabilities                         

5 993

7 560

383

483

Accrued expenses                        

12 587

12 044

804

770

short-term provision

207

300

13

19

Other prepaid revenue

4 566

3 643

292

233

TOTAL CURRENT LIABILITIES               

86 007

87 878

5 497

5 616

TOT.NON-CURRENT LIABILITIES           

40 712

17 357

2 602

1 109

TOTAL LIABILITIES                       

126 719

105 235

8 099

6 726

minority interests

14 263

14 381

912

919

Share capital                           

56 000

56 000

3 579

3 579

Issue premium

6 000

6 000

383

383

Reserve requirement

8 600

8 600

550

550

Retained profit                      

460 904

450 377

29 458

28 784

TOTAL OWNERS' EQUITY                     

531 504

520 977

33 969

33 296

TOT.LIABIL.AND OWNERS'EQUITY    

672 486

640 593

42 980

40 941

 

CONSOLIDATED INCOME STATEMENT, 01.01.-31.03.2005
unaudited

in thousand

kroons (EEK)

euros (EUR)

NET SALES

Q1 2005

Q1 2004 

Q1 2005

Q1 2004 

Cost of goods sold

112 009

85 733

7 159

5 479

Gross profit

-92 009

-71 670

-5 880

-4 581

Operating expenses, incl.

20 000

14 063

1 278

899

Marketing expenses

-13 144

-11 244

-840

-719

Administrative expenses

-5 101

-4 392

-326

-281

Other revenue

-8 043

-6 852

-514

-438

Other expenses

121

185

8

12

Operating profit

-156

-108

-10

-7

Net financ.incomes/expenses

6 821

2 896

436

185

Income from subsidiaries

4 101

51 874

262

3 315

Profit from normal operations

108

-661

7

-42

Corporate Income tax

11 030

54 109

705

3 458

Profit after taxes

-126

-16

-8

-1

Minority interest

10 904

54 093

697

3 457

Net profit for the year

-377

543

-24

35

Basic earnings per share

10 527

54 636

673

3 492

Diluted earnings per share

1,88

10,12

0,12

0,65

NET SALES

1,88

9,87

0,12

0,63

TOP


22.04.2005
AS HARJU ELEKTER
NOTICE

RESOLUTIONS OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

 

Today, on 22nd of April 2005 starting at 10 a.m., the annual general meeting of the shareholders of AS Harju Elekter was held at Keskväljak 12, Keila. The AGM was attended by 108 shareholders and their authorised representatives who represented the total of 3,145,846 votes accounting for 56.18 % of the total votes.

 

The agenda of the general meeting was as follows:

1. approval of the annual report of AS Harju Elekter of 2004;

2. approval of the distribution of profits;

3. the fund issue

 

1. Approve to AS Harju Elekter annual report of the year 2004.

 

The general meeting resolved:

To approve the annual report of AS Harju Elekter of 2004, prepared by the management board and approved by the supervisory board, according to which the consolidated balance sheet total of AS Harju Elekter was 640,593 thousand kroons as of 31.12.2004, incl. the balance sheet total of 592,567 thousand kroons of the parent undertaking, while the net profit of the financial year was 145,365 thousand kroons.

 

The number of the votes given in favour of the resolution was 3,103,775 which accounted for 98.66 % of the registered participants.

 

2. Approval of the distribution of profits

 

The general meeting resolved:

To approve the profit distribution proposal of AS Harju Elekter of 2004 as presented by the management board and as approved by the supervisory board as follows:

 

retained profit from previous periods on 31.12.2004          305 012 208 kroons

net profit of the financial year                                         145 365 219 kroons

total retained profit                                                        450 377 427 kroons

to be distributed as dividends 4,40 kroons per share*         24 640 000 kroons 

balance of the retained profits after the

distribution of profit                                                       425 737 427 kroons

 

The dividends will be paid to the shareholders on 23 May 2005 by a transfer to the bank account of the shareholder. * the shareholders registered in the shareholders’ registry on 9 May 2005 at 8 am shall be entitled to dividend.

 

The number of the votes given in favour of the resolution was 3,108,965 which accounted for 98.83 % of the registered participants.

 

3. The fund issue

 

The general meeting resolved:

On the basis of Harju Elekter’s audited annual accounts of 2004 balance sheet as of 31.12.2004 to increase the Company’s share capital by means of fund issue on owners’ equity as following:

 

3.1 to increase the Company’s share capital in the amount of 112 million kroons from present 56 million kroons to 168 million kroons, by issuing 2 new ordinary shares, totally 11,200 thousand new shares with a nominal value of 10 kroons and every share gives one voice. After increase the share capital the total number of Harju Elekter shares is 16,800 thousand and the share capital is 168 million kroons.

 

3.2 the shareholders registered in the shareholders’ registry on 9 May 2005 at 8 am shall be entitled to fund issue.

 

3.3 the newly issued shares will be moved to the shareholders accounts during the same day, on 09.05.2005.

 

3.4 The new shares shall carry applicable shareholder rights as of the financial year which begins on 01 January 2005

 

The number of the votes given in favour of the resolution was 3,107,582 which accounted for 98.78 % of the registered participants.

 

Andres Allikmäe

Chairman of the Board

+372 6747 400

                                            
 
TOP


05.04.2005
AS HARJU ELEKTER
NOTICE

Financial income from PKC Oyj shares

 

On the last trading day, March 31, 2005, PKC Oyj share was closed at the level of EUR 10,40. Harju Elekter has 1.86 million PKC shares in its ownership. Due to the EUR 0,15 increase in the share price during the Q1 of 2005, the company gained additional financial income in the amount of EEK 4.4 million or EUR 0.28 million (Q1 2004: EEK 31.6 million or EUR 2.0 million).

 

PKC Group paid dividends for 2004 0,2 euros (3,1 kroons) per share and dividends in the total amount of EEK 4.95 million or EUR 0.3 million – will transfer to the shareholders bank accounts on 5 April, 2005. In Q1 2004 Harju Elekter received PKC dividends for 2003 in the total amount of EEK 19.4 million (EUR 1.2 million).

 

Andres Allikmäe

Chairman of the Board

+372 6747 400

 

For more information: Karin Padjus (chef accountant, member of the Board) tel +372 6747 403.

TOP


15.03.2005
AS HARJU ELEKTER
NOTICE

ENTRY INTO LOAN AGREEMENTS

 

AS Harju Elekter entered into two loan agreements: with Sampo Pank Finland for MEUR 1.8 (MEEK 28.2) and with Nordea Pank Estonia for MEUR 1.0 (MEEK 15.6). The loans, which were received on favourable terms, were used to refinance earlier loans of MEUR 1.2 (MEEK 18.8). The loan interest is composed of 3 months’ Euribor and margins of 0.5% and 0.48%, respectively. The loans will be repaid during 5 years. The borrowed money will be used to finance real estate investments.

 

AS Harju Elekter currently owns 47,570 m2 of production and related areas in Keila and Haapsalu, a considerable part of which is leased to subsidiaries and related companies.

 

The equity capital of the parent company of AS Harju Elekter was 88% of its balance sheet total as of 31.12.2004, having decreased by 4 percentage points after the new loans were taken.

 

Andres Allikmäe

Chairman of Management Board

6 747 400

 

For more information: Endel Palla, Chairman of the Council (tel +372 6747 400)

TOP


07.03.2005
AS HARJU ELEKTER
NOTICE

AGENDA AND PROPOSALS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS

 

Annual general meeting of Harju Elekter shareholders will be held on 22 April 2005, beginning at 10:00 a.m., at venue of Keila Kultuurikeskus (address: Keskväljak 12, Keila).

 

The Supervisory Board of the Joint Stock Company Harju Elekter determined the following agenda of the general meeting:

 

1. Approval to AS Harju Elekter annual report of the year 2004.

 

To approve AS Harju Elekter annual report of 2004.

 

2. Approval to profit distribution.

 

The Management Board shall propose at the shareholders general meeting to pay net dividends to the shareholders for 2004 financial year in the amount of 24.6 (2003: 21.6) million kroons or 4.40(2003: 4.00) kroons per share. The shareholders registered in the shareholders’ registry on 9 May 2005 at 8 am shall be entitled to dividend. The dividends will be paid to the shareholders on 23 May 2005 by a transfer to the bank account of the shareholder.

 

3. The fund issue

 

3.1 On the basis of Harju Elekter’s audited annual accounts of 2004 the Supervisory Boards shall propose to increase the Company’s share capital in the amount of 112 million kroons by means of fund issue on owners’ equity, by issuing 2 new ordinary shares for every share with a nominal value of 10 kroons which is totally 11,2 million shares with the nominal value 10 kroons.

3.2 The shareholders registered in the shareholders’ registry on 9 May 2005 at 8 am shall be entitled to fund issue. The newly issued shares will be moved to the shareholders accounts during the same day.

3.3 The new shares shall carry applicable shareholder rights as of the financial year which begins on 01 January 2005

 

The annual report of the year 2004 is available for preliminary examination at the company’s secretary on the third floor of Harju Elekter office building in Keila, 31 Paldiski Road and in the Internet, company’s home page www.harjuelekter.ee since 30 March 2005.

 

Registration of the participants starts on 22 April 2005 at 9 a.m. For the registration we ask you to take with you an identification document. A representative of shareholder is requested to take with him/her a document certifying their right of representation or a valid copy of the commercial register card.

 

Andres Allikmäe

Chairman of the Management Board

+372 6747 400

TOP


04.03.2005
AS HARJU ELEKTER
NOTICE

ESTABLISHMENT OF SUBSIDIARY

 

For the purpose of streamlining the management structure of the group, specifying the rights and liability as well as better organisation of accounting and analysis, at its meeting of 3 March 2005, the supervisory board of the company decided to establish a 100% subsidiary of Harju Elekter on the basis of the Electrical Equipment Plant of Harju Elekter. The business name of the company will be AS Harju Elekter Elektrotehnika and it will commence independent economic activities from 1 April. The financial year of the company will last from 1 January to 31 December.

 

The share capital of AS Harju Elekter Elektrotehnika will be MEEK 16, divided into 1.6 million shares with a nominal value of EEK 10. Shares will be paid for by monetary contributions into the bank account of the company to be established. The supervisory board of the company will consist of four members — chairman Endel Palla and members Andres Allikmäe, Karin Padjus and Lembit Libe. The management board of the company has one member. The former director of the Electrical Equipment Plant Ülo Merisalu was appointed as the manager; he will be removed from the management board of the parent company of Harju Elekter in relation to his transfer to the position of the manager of AS Harju Elekter Elektrotehnika since 1 April 2005. All the present employees of the Electrical Equipment Plant will be transferred to the established subsidiary under the currently valid employment contracts. At the moment, the Electrical Equipment Plant employs 149 people.

 

AS Harju Elekter Elektrotehnika will continue in its present area of activity which is design, manufacturing and marketing of electrical equipment for energy distribution, industrial and construction sector. At the same time, the company will remain liable for the manufacturing of electrical equipment and product development in the entire group, including in Finland and Lithuania.

 

The parent company of AS Harju Elekter will focus on the further strategic development of the group, provision of management, financial and support services to subsidiary and affiliated undertakings, property management and commerce.

 

After the foundation of the new subsidiary, the Harju Elekter Group will comprise the following manufacturers of electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%), UAB Rifas (51%). The group also comprises AS Eltek (100%, Estonia), AS Keila Kaabel (34%, Estonia) and AS Saajos Balti (33.3%, Estonia) as well as a holding in the Finnish publicly traded company PKC Group Oy (10.6%).

 

Andres Allikmäe

Chairman of management board

TOP


28.02.2005
AS HARJU ELEKTER
FINANCIAL RESULTS

FINANCIAL RESULTS, 2004

We are satisfied with the group’s results for 2004. Both the sales revenue and operating profit increased; financial income met the expectations. The excellent results were due to focusing on the principal area of activity — design, manufacturing and sale of electrical products, contributing both to development and staff. The cooperation of the group in Estonia, Finland and Lithuania has also been successful; it is based on investments in technology and real estate and increasingly promotes development, promising to look into the future with optimism.

 

Key indicators (MEUR)                                     2004       2003

Net sales                                                         29,0             21,9

Operating profit                                                  2,0        1,3

Profit before financial expenses (EBIT)                 9,5        11,3

Net profit for the current period                            9,3        11,2

 

At the end of the period

Total current assets                                                       9,1        7,0

Total fixed assets                                             31,9       23,9

Total assets                                                     40,9       30,9

Total liabilities                                                   6,7        5,2

Minority interests                                               0,9        0,8

Total owners’ equity                                                      33,3       24,9

 

Performance indicators (%)

Net sales growth                                              32,5       26,2

Operating profit growth                                                  56,8       27,7

Net profit growth                                               -17,2    229,5

Return of sales (operating profit/net sales *100)     6,9        5,8

Net profit margin (net profit /net sales *100)       32,0       51,3

Owners’ equity margin                                      81,3       80,6

(Equity /balance sheet total *100)

 

Number of employees on 31.12.2004                405        353

EPS (EUR)                                                      1,70      2,07

                                                                                             

The sales revenue of the consolidation group AS Harju Elekter comprised MEEK 453,8 (MEUR 29,0) in the 2004, increasing by 32,6% in comparison with the same period of the previous year. Of the sales revenue, 75,9% (2003: 76,7%) accounted for the sales of industrial products and 14,6% (2003: 14,4%) for intermediate sales and 9,5% (2003: 8,9%) other incomes from sales of services. The fourth quarter was successful for all the companies of the group, exceeding the indicator for a comparable period in 2003 by 29,5%. The excellent results were supported by the expansion of sales results both in the power distribution and industrial sectors as well as by the launch of the sales of new products (HENEX).

Of the sales revenue of the consolidation group AS Harju Elekter, 49,3% (2003: 52,8%) is ascribed to the sales to Estonia and 50,7% to the sales to foreign markets, incl.37,2% (2003: 39,2%) to Finland and 10,6% (2003: 3,7%) to Lithuania. The sales to the Estonian market went up by 23,7% and to foreign markets by 42,4%. The data of the 2003 includes only the Q4 of the consolidated sales revenues of the Lithuanian subsidiary Rifas.

The total operating profit of the consolidation group AS Harju Elekter was MEEK 31,2 (MEUR 2,0), being 56,8% higher than in the previous year. As the growth rate of sales significantly exceeded that of fixed costs, the profit margin of the group for 2004 was higher than that of 2003 by 1,1 percentage points, reaching 6,9% (2003: 5,8%). The Q4 operating profit was 7,2 million kroons (0,5 million euros), exceeding the indicator for a comparable period in 2003 by 25,2%.

Financial operations yielded a total profit of MEEK 116,3 or MEUR 7,4 (2003: MEEK 155,8 or MEUR 10,0). The market price of a PKC Group Oyj share increased in the Q4 by 1,49 euros (EEK 23,31) up to 10,25 euros (EEK 160,38). From the revaluation of the shares described the financial profit in the amount MEEK 43,4 or MEUR 2,8 (Q4 2003: MEEK 56,5 or MEUR 3,6). A total of MEEK 92,2 or MEUR 5,9 (2003: MEEK 137,9 or MEUR 8,8) of financial income was received from the revaluation of shares in the 2004. PKC Group Oyj paid dividends for 2003 in the total amount of MEEK 24,3 or MEUR 1,5 (2003: MEEK 4,6 or MEUR 0,26), which is exceeds the relevant figure for last year by more than five times.

The net profit of the consolidation group in the year of 2004 was MEEK 145,4 or MEUR 9,3 (2003: MEEK 175,5 or MEUR 11,2). EPS was 26,59 kroons or 1,70 euros (2003: 32,49 kroons or 2,08 euros).

During the accounting period, the Group invested in tangible and intangible assets a total of MEEK 42,4 or MEUR 2,7 (2003: MEEK 50,8 or MEUR 3,25), of which in technology was MEEK 12,3 or MEUR 0,8 (2003: MEEK 6,0 or MEUR 0,38) and construction and renovation work of buildings and plant was MEEK 28,3 or MEUR 1,8 (2003: MEEK 39,9 or MEUR 2,6)

 

Andres Allikmäe

Chairman of the Board

+372 6 747 400

 

For more information: Interim report for 2004 of Harju Elekter or Karin Padjus, Member of the Board (tel +372 6 747 400).

 

CONSOLIDATED BALANCE SHEET, 31.12.2004
unaudited

 

in thousand

EEK

EUR

ASSETS                                                 

31.12.2004

31.12.2003

31.12.2004

31.12.2003

Cash, bank                                    

18 786

26 449

1 201

1 690

Total customer receivables              

49 824

31 784

3 184

2 030

Other current receivables               

4 156

6 106

266

390

Accrued income                           

221

67

14

4

Prepaid expenses                       

1 136

1 251

73

80

Total current receivables               

55 337

39 208

3 537

2 505

Inventories                      

67 950

44 123

4 343

2 820

TOTAL CURRENT ASSETS                   

142 073

109 780

9 080

7 016

Long-term financial investments            

323 138

227 623

20 652

14 548

Investment properties

86 880

86 896

5 553

5 554

Tangible assets                   

86 551

56 987

5 532

3 642

Intangible assets                 

1 951

1 790

125

114

TOTAL NON-CURRENT ASSETS                

498 520

373 297

31 861

23 858

TOTAL ASSETS                            

640 593

483 077

40 941

30 874

LIABILITIES AND OWNERS' EQUITY          

 

 

 

 

Debt obligations                       

14 380

14 366

919

918

Customer prepayments                    

2 666

1 065

170

68

Supplier payables                       

45 535

26 756

2 910

1 710

Other short-term borrowings             

1 750

1 218

112

78

Tax liabilities                         

7 560

6 838

483

437

Accrued expenses                        

12 044

9 600

770

614

Short-term provision

300

 

 

 

Other prepaid revenue

3 643

0

233

0

TOTAL CURRENT LIABILITIES               

87 878

59 843

5 616

3 825

TOTAL NON-CURRENT LIABILITIES           

17 357

20 800

1 109

1 329

TOTAL LIABILITIES                       

105 235

80 643

6 726

5 154

Minority interest

14 381

13 222

919

845

Share capital                           

56 000

54 000

3 579

3 451

Paid-in capital over/under par

6 000

0

383

0

Restricted reserves                     

8 600

8 600

550

550

Retained earnings                       

305 012

151 151

19 495

9 660

Net profit for the year                 

145 365

175 461

9 291

11 214

TOTAL OWNERS' EQUITY                     

520 977

389 212

33 296

24 875

TOT.LIABILIT.AND OWNERS' EQUITY    

640 593

483 077

40 941

30 874

 

CONSOLIDATED INCOME STATEMENT 01.01.-31.12.2004
unaudited

in thousand kroons (EEK)

 

 

GROUP

Q4 2004

Q4 2003 

2004

2003 

NET SALES

138 557

106 966

453 780

342 348

Cost of goods sold

-114 958

-87 462

-370 916

-278 973

Gross profit

23 599

19 504

82 864

63 375

Operating expenses, incl.

-16 112

-13 730

-51 534

-43 168

Marketing expenses

-6 692

-5 757

-21 046

-17 740

Administrative expenses

-9 420

-7 973

-30 488

-25 428

Other revenue

40

227

523

396

Other expenses

-322

-247

-624

-692

Operating profit

7 205

5 754

31 229

19 911

Financial income and expenses, incl.

 

 

 

 

 - from associated companies

311

852

119

11 691

 - from other holdings

1

2 156

25 356

7 557

 - from revaluat.of fin.investm.

43 363

56 546

92 212

137 876

 - interest expense

-438

-546

-1 449

-1 464

 - profit/loss from foreign exchange

-19

-24

-58

-62

 - other financial income/expenses

59

46

155

186

Total financial income and  expenses

43 277

59 030

116 334

155 784

Profit from normal operations

50 482

64 784

147 563

175 695

External income

-546

-283

-595

-97

Profit after faxes

49 936

64 501

146 968

175 598

Corporate Income tax

610

-38

-1 603

-137

Net profit for the year

50 546

64 463

145 365

175 461

Basic earnings per share

9,03

11,94

26,59

32,49

Diluted earnings per share

9,03

11,70

26,59

31,91

 

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