PRESS RELEASES 2001



17.12.2001
HARJU ELEKTER
ANNOUNCEMENT

LICENSE AGREEMENT FOR RELEASE OF A NEW PRODUCT

On 11.12.2001 AS Harju Elekter and Schneider Electric Industry signed a license agreement for production of medium voltage primary distribution boards. The product will be used for control and protection of medium voltage substations. The new product is in accordance with the international standards.

First presentation of the product will take place at the International Energy Management fair Enerex 2002 on 28.02-02.03.2002 in Tallinn. First orders are expected in H2 2002, and the estimated net turnover of the new product line, targeted to Baltic market, is EEK 3-6 million.

Harju Elekter Group, and its subsidiaries and affiliated companies, is the largest producer of electrical equipment and materials in the Baltic countries, employing on the average of 682 people in 9m 2001. Nine-month turnover amounted to EEK 135.6 million and profit totaled EEK 17.7 million.

Andres Allikmäe
Management Board chairman
Tel +372 6747 400

Additional information:
Ülo Merisalu
Director of Electrical Equipment Factory, Management Board member
Tel +372 6747 449

Moonika Vetevool
PR manager
+372 6712 761

TOP


22.09.2001
HARJU ELEKTER
ANNOUNCEMENT

SUBSIDIARY TO START PRODUCTION OF FIBER OPTIC PRODUCTS

AS Eltek, 100% subsidiary of AS Harju Elekter, started production of fiber optic connection cables and equipment. A new department for 20 people was opened. The estimated output capacity for 2001 is EEK 2 million, for 2002 EEK 10 million, and annual growth rate of no less than 10% for the following years. The modern technology and skills new to the group, have a significant synergic impact on the production of wiring harnesses for car and electronic industry in the future. The production of fiber optic connection cables and equipment is a growing industry with great perspectives.

Harju Elekter made investments in total of EEK 1 million in construction of production spaces to meet the technological requirements. EEK 3.5 million was invested in high-technology equipment for production.

Fiber optic cables enable delivery of considerable amount of data. Fiber optic cables will replace copper cables for connection and data communication, thus significantly improving the speed of data communication delivery for an end consumer.

Harju Elekter Group, and its subsidiaries and affiliated companies, is the largest producer of electrical equipment and materials in the Baltic countries, employing almost 800 people. AS Eltek is a subsidiary of Harju Elekter since 1998. The company's core business is production of various products used in the field of telecommunications, i.e. production of data communication and telephone network distribution cabinets and UPS-cases etc. The company's turnover in 2000 amounted to EEK 42.9 million, of which the exports accounted for 70%.

Andres Allikmäe
Management Board chairman
+372 674 7400

Moonika Vetevool
PR manager
+372 671 2761

TOP


17.08.2001
TALLINN STOCK EXCHANGE
ANNOUNCEMENT

LINK TO THE Q2/2001 INTERIM REPORT OF AS HARJU ELEKTER

The Q2/2001 interim report of AS Harju Elekter is available on the Internet homepage of the Tallinn Stock Exchange at http://www.tse.ee/english/news/news.php?lk=annual.html%23helek ("News / Financial Reports").

TSE

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14.08.2001
HARJU ELEKTER
BALANCE SHEET

CONSOLIDATED BALANCE SHEET, AS AT 30.06.01

Consolidated, unaudited

in thousand EEK

Group

Parent

 

30.06.01

31.12.00

30.06.01

31.12.00

ASSETS

Cash, bank

8,860

8,142

8,598

8,119

Marketable securities

435

402

435

402

Total customer receivables

12,567

15,868

9,986

11,477

Other current receivables

2,374

2,484

4,729

7,129

Accrued income

0

34

0

34

Prepaid expenses

1,150

1,540

971

1,223

Total current receivables

16,091

19,926

15,686

19,863

Inventories

20,548

19,462

12,709

12,341

Goods

3,576

3,331

3,524

3,295

Prepayments to suppliers

9

8

0

0

Total inventories

24,133

22,801

16,233

15,635

TOTAL CURRENT ASSETS

49,518

51,272

40,952

44,019

Stock and shares in subsidiaries

0

0

9,160

7,629

Other receivables from subsidiaries

0

0

53

53

Stock and shares in associated companies

20,007

19,399

20,007

19,399

Other shares

3,959

3,997

3,959

3,997

Other long-term receivables

522

522

522

522

Total financial investments

24,489

23,918

33,701

31,600

Plant and equipment

73,995

72,906

73,851

72,799

Other equipment and fixtures

39,064

37,597

24,478

23,200

Other inventory

3,530

3,371

2,686

2,625

Accumulated depreciation

-28,009

-24,412

-24,546

-21,733

Fixed assets under construction

625

0

625

0

Prepayments for fixed assets

189

0

189

0

Total tangible assets

89,395

89,462

77,284

76,892

Licences

365

421

365

421

Goodwill

160

208

0

0

Total intangible assets

525

629

365

421

TOTAL NON-CURRENT ASSETS

114,408

114,010

111,350

108,913

TOTAL ASSETS

163,927

165,282

152,302

152,932

LIABILITIES AND OWNERS' EQUITY

Debt obligations

8,314

11,182

5,163

7,688

Customer prepayments

225

326

225

326

Supplier payables

11,183

11,793

9,885

10,124

Other short-term borrowings

586

381

635

621

Tax liabilities

4,931

5,731

4,512

5,315

Accrued expenses

3,001

6,317

2,481

5,592

TOTAL CURRENT LIABILITIES

28,241

35,730

22,901

29,665

TOTAL NON-CURRENT LIABILITIES

17,902

17,902

11,616

11,616

TOTAL LIABILITIES

46,142

53,631

34,518

41,281

Share capital

54,000

54,000

54,000

54,000

Restricted reserves

6,510

3,610

6,510

3,610

Retained earnings

44,162

24,864

44,162

24,864

Net profit for the year

13,113

29,176

13,113

29,176

TOTAL OWNERS' EQUITY

117,784

111,650

117,784

111,650

TOTAL LIABILITIES AND OWNERS' EQUITY

163,927

165,282

152,302

152,932

Karin Padjus
Chief Accountant
+372 67 47 403

Lembit Libe
Chief Economist
+372 67 47 412

TOP


14.08.2001
HARJU ELEKTER
INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT, 01.01.-30.06.01

Consolidated/unaudited

in thousand EEK

Group

Parent

 

H1 2001

H1 2000

H1 2001

H1 2000

NET SALES

88,897

90,437

76,917

75,562

Cost of goods sold

71,361

72,970

63,381

61,347

Gross profit

17,536

17,467

13,536

14,215

Operating expenses, incl.

11,556

10,912

8,838

8,471

Marketing expenses

4,025

4,180

2,849

2,943

Administrative expenses

7,531

6,732

5,989

5,529

Other revenue

204

108

188

52

Other expenses

431

335

395

322

Operating profit

5,753

6,329

4,491

5,474

Financial income, incl.

Financial income from subsidiaries

0

0

831

618

Financial income from associated companies

2,053

4,570

2,053

4,570

Financial income from other holdings

6,178

4,183

6,187

4,183

Other interest and financial income

167

383

262

414

Total financial income

8,399

9,139

9,332

9,785

Financial expenses, incl.

Financial expenses related with associated companies

0

322

0

322

Interest expense

987

979

679

807

Foreign exchange loss

37

51

17

15

Other financial expenses

15

64

15

64

Total financial expenses

1,039

1,417

711

1,209

Profit from normal operations

13,113

14,050

13,113

14,050

Net profit for the year

13,113

14,050

13,113

14,050

Basic and diluted earnings per share

2.43

2.60

2.43

2.60

Karin Padjus
Chief Accountant
+372 67 47 403

Lembit Libe
Chief Economist
+372 67 47 412

TOP


23.05.2001
TALLINN STOCK EXCHANGE
ANNOUNCEMENT

LINK TO THE Q1/2001 INTERIM REPORT OF AS HARJU ELEKTER

The Q1/2001 interim report of AS Harju Elekter is available on the Internet homepage of the Tallinn Stock Exchange at http://www.tse.ee/english/news/news.php?lk=annual.html%23helek

("News / Financial Reports").

TSE

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08.05.2001
TALLINN STOCK EXCHANGE
ANNOUNCEMENT

AS HARJU ELEKTER DIVIDEND

AS Harju Elekter will fix the list of shareholders for dividend payments on 14.05.2001 at 8.00 a.m.

Proceeding from the above, shares of AS Harju Elekter are traded cum-dividend for the last day today, on 08.05.2001. The shares will go ex-dividend for year 2000 from tomorrow, 09.05.2001.

AS Harju Elekter will pay dividends EEK 1.20 per share.

TSE

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30.04.2001
HARJU ELEKTER
ANNOUNCEMENT

RESOLUTIONS OF SHAREHOLDERS' ANNUAL GENERAL MEETING

The annual general meeting of AS Harju Elekter took place on 26.04.2001 in Keila. Altogether 84 shareholders and proxies attended the meeting, representing a total of 3,564,678 votes, or 66.01% of total votes.

Agenda of AGM:

1) Approval of 2000 annual report of AS Harju Elekter.
2) Profit allocation.
3) Amendments to the Articles of Association, approval of new redaction of company's Articles of Association.
4) Appointment of auditors for year 2001.

 

1) Approval of 2000 annual report of AS Harju Elekter.

AGM resolved:

1.1. to approve the 2000 annual report of Harju Elekter, as presented by the Management Board and approved by Supervisory Board, whereby the balance sheet size of AS Harju Elekter as of 31.12.2000 was EEK 152,931,769 and net profit for the year was EEK 29,176,371.

For: 3,564,078 votes, or 99,98% of votes represented at AGM.

 

2) Profit allocation.

AGM resolved:

2.1. to approve the profit allocation proposal, as presented by AS Harju Elekter Management Board and approved by Supervisory Board as follows:

Net profit

EEK 29,176,371

Mandatory reserve account

EEK 2,900,000

Balance of retained earnings

EEK 26,276,371

   

Beginning balance of retained earnings

EEK 24,863,966

Dividends paid to shareholders*

EEK 6,480,000

Balance of retained earnings

EEK 18,383,966

Retained earnings after the approval of the annual report of 2000 EEK 44,660,337

Dividends will be paid in money, in accordance with nominal value of shares held by a shareholder, in the amount of EEK 1.20 per share.

Dividend payments will be made within one month as of the date of AGM, with transfer to shareholder's bank account.

*list of shareholders will be closed for dividend payments on 14.05.2001, at 8:00 a.m.

For: 3,413,200 votes, or 95.75% of votes represented at AGM.

 

3) Amendments to the Articles of Association, approval of new redaction of company's Articles of Association.

AGM resolved:

3.1. to amend the Articles of Association of AS Harju Elekter and approve the new redaction annexed to the current minutes.

For: 3,562,602 votes, or 99.94% of votes represented at AGM.

 

4) Appointment of auditors for year 2001.

AGM resolved:

4.1. to appoint auditors of KPMG Estonia to audit the financial reports of Harju Elekter in year 2001 as follows:
Andris Jegers, personal code 37003180224, auditor license No. 171 and 
Indrek Alliksaar, personal code 37404020281, auditor license No. 446.

4.2. the auditors will be remunerated in accordance with the price list of KPMG Estonia and in accordance with the budget determined by AS Harju Elekter Supervisory Board.

For: 3,557,178 votes, or 99.78% of votes represented at AGM.

Andres Allikmäe
Management Board chairman
+372 67 47 400

Lembit Libe
Chief Economist
+372 67 47 412

TOP


26.04.2001
TALLINN STOCK EXCHANGE
ANNOUNCEMENT

RESUMPTION OF TRADE IN AS HARJU ELEKTER SHARES

Trade in AS Harju Elekter shares will be resumed today at 12:10.

Quotes can be entered into the system from 12:05.

TOP


26.04.2001
TALLINN STOCK EXCHANGE
ANNOUNCEMENT

SUSPENSION OF TRADE IN AS HARJU ELEKTER SHARES

 

Trade in AS Harju Elekter shares on Tallinn Stock Exchange is suspended from 10:00 a.m. due to Annual General Meeting of shareholders.

Trade in AS Harju Elekter shares will be resumed after the resolutions of the AGM are published via the Exchange's information system.

The Exchange will release announcement on resumption of trade.

TSE

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02.04.2001
TALLINN STOCK EXCHANGE
ANNOUNCEMENT

LINK TO THE YEAR 2000 ANNUAL REPORT OF AS HARJU ELEKTER

The year 2000 annual report of AS Harju Elekter is available on the Internet homepage of the Tallinn Stock Exchange at http://www.tse.ee/english/news/news.php?lk=annual.html%23helek ("News / Financial Reports").

TSE

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28.03.2001
HARJU ELEKTER
ANNOUNCEMENT

ANNUAL GENERAL MEETING OF SHAREHOLDERS

Annual general meeting of Harju Elekter shareholders will be held on 26.04.2001, beginning at 10:00 a.m., at venue of Keila Kultuurikeskus (address: Keskväljak 12, Keila).

According to the decision of the Supervisory Board of AS Harju Elekter, the agenda of the general meeting is as follows:

1. Approval of AS Harju Elekter 2000 annual report
2. Profit allocation
3. Amendments to the Articles of Association, approval of new redaction of company's Articles of Association.
4. Appointment of auditors for year 2001

The Management Board made a proposal to pay dividends for year 2000 in total amount of EEK 6.48 million (1999 - EEK 5.4 million), or EEK 1.20 per share (1999 - EEK 1.00). List of Harju Elekter shareholders will be fixed for payment of dividends on 14.05.2001, at 8.00 a.m.

The annual report of 2000 and amendments to the Articles of Association are available on Internet homepage of AS Harju Elekter (www.harjuelekter.ee) and at the company's head office (address: Keila, Paldiski mnt. 31, III floor).

Registration of participants to the general meeting will start at 9:00 a.m. All meeting attendants must present an identification document. Representatives also need to present a proxy or documents proving the representation right.

Lembit Libe
Chief Economist
+372 67 47 412

TOP


05.03.2001
HARJU ELEKTER
INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT, 2000

Consolidated/unaudited
in thousand EEK

 

Group

Parent

 

2000

1999

2000

1999

NET SALES

205,641

158,396

169,087

137,727

Cost of goods sold

166,743

126,735

137,709

109,982

Gross profit

38,898

31,660

31,378

27,745

Marketing expenses

7,777

6,684

6,327

5,477

Operating expenses

13,524

11,630

11,173

10,400

Other revenue

318

776

167

770

Other expenses

884

747

635

676

Operating profit

17,031

13,375

13,410

11,960

Financial income

Financial income from subsidiaries

0

2,587

2,884

4,162

Financial income from associated companies

8,291

2,744

8,291

2,744

Financial income from other holdings

5,494

4,493

5,528

4,565

Foreign exchange gain

4

104

1

99

Other interest and financial income

677

907

798

900

Total financial income

14,467

10,834

17,502

12,470

Financial expenses

Financial expenses related with associated companies

0

2,573

0

2,573

Interest expense

2,165

1,588

1,643

1,416

Other financial expenses

157

101

92

89

Total financial expenses

2,322

4,262

1,736

4,079

Profit from normal operations

29,176

19,947

29,176

20,351

Corporate income tax

0

-2,148

0

-1,744

Net profit for the year

29,176

22,095

29,176

22,095

Karin Padjus
Chief Accountant
+372 67 47 403

Lembit Libe
Chief Economist
+372 67 47 412

TOP


05.03.2001
HARJU ELEKTER
BALANCE SHEET

CONSOLIDATED BALANCE SHEET, AS AT 31.12.2000

Consolidated/unaudited
in thousand EEK

 

Group

Parent

 

31.12.00

31.12.99

31.12.00

31.12.99

ASSETS

Cash, bank

8,142

17,532

8,119

17,066

Marketable securities

402

450

402

450

Total customer receivables

15,868

11,068

11,477

8,895

Other current receivables

2,484

1,510

7,129

2,474

Accrued income

34

89

34

88

Prepaid expenses

1,540

1,797

1,223

1,475

Total current receivables

19,926

14,465

19,863

12,932

Inventories

19,462

13,487

12,341

11,022

Goods

3,331

3,458

3,295

3,303

Prepayments to suppliers

8

18

0

18

Total inventories

22,801

16,963

15,635

14,343

TOTAL CURRENT ASSETS

51,272

49,410

44,019

44,791

Stock and shares in subsidiaries

0

0

7,629

4,845

Other receivables from subsidiaries

0

0

53

256

Stock and shares in associated companies

19,399

17,422

19,399

17,422

Other shares

3,997

1,554

3,997

1,554

Other long-term receivables

522

429

522

429

Total financial investments

23,918

19,406

31,600

24,506

Plant and equipment

72,906

55,888

72,799

55,913

Other equipment and fixtures

37,597

27,168

23,200

21,214

Other inventory

3,371

2,505

2,625

2,191

Accumulated depreciation

-24,412

-18,677

-21,733

-17,215

Unrealized capital investments

0

54

0

54

Prepayments for fixed assets

0

905

0

758

Total tangible assets

89,462

67,843

76,892

62,914

Goodwill

421

533

421

533

Licences

208

304

0

0

Total intangible assets

629

838

421

533

TOTAL NON-CURRENT ASSETS

114,010

88,087

108,913

87,954

TOTAL ASSETS

165,282

137,497

152,932

132,745

 

LIABILITIES AND OWNERS' EQUITY

Debt obligations

11,182

8,960

7,688

8,047

Customer prepayments

326

23

326

23

Supplier payables

11,793

11,366

10,124

9,451

Other short-term borrowings

381

873

621

873

Tax liabilities

5,731

4,684

5,315

4,163

Accrued expenses

6,317

4,425

5,592

3,771

TOTAL CURRENT LIABILITIES

35,730

30,331

29,665

26,327

TOTAL NON-CURRENT LIABILITIES

17,902

19,292

11,616

18,544

TOTAL LIABILITIES

53,631

49,623

41,281

44,871

Share capital

54,000

18,000

54,000

18,000

Restricted reserves

3,610

3,610

3,610

3,610

Retained earnings

24,864

44,169

24,864

44,169

Net profit for the year

29,176

22,095

29,176

22,095

TOTAL OWNERS' EQUITY

111,650

87,874

111,650

87,874

TOTAL LIABILITIES AND OWNERS' EQUITY

165,282

137,497

152,932

132,745

Karin Padjus
Chief Accountant
+372 67 47 403

Lembit Libe
Chief Economist
+372 67 47 412

TOP


05.03.2001
HARJU ELEKTER
COMMENTARY TO FINANCIAL RESULTS

COMMENTARY TO FINANCIAL RESULTS, 2000

Turnover and export

In 2000 the net sales and revenues of the Group totalled 205.6 million kroons (in 1999 : 158.4) and increased by 29.8% as compared to 1999. The share of export in the consolidated turnover of the Group amounted to 50.9% (1999: 46.9%). During the financial year the subsidiary company AS Eltek almost tripled its export volume (+19.2 million kroons) which accounted for 68.7% of its total turnover (1999: 42.2%).

Turnover by types of market (million kroons):

 

2000

1999

INTERNAL

100.9

84.1

EXTERNAL

104.8

74.3

incl. Nordic countries

75.2

64.9

Denmark

12.6

1.6

CEEC

2.5

1.6

Baltic states

7.2

6.1

Ireland

4.4

0

USA

2.8

0

Nordic countries - Finland and Sweden
Baltic states - Latvia and Lithuania
CEEC - Czech Republic, Slovakia and Hungary.

 

Net sales by business areas and product groups

 

2000

1999

Products from core business

- electrical equipment

60.1

49.2

- wiring harnesses for automotive and telecommunications industry (subcontracting)

60.4

48.3

-cabinets/boxes for telecommunication installations

30.4

12.8

- sheet metal products and work

17.6

15.9

TOTAL CORE BUSINESS

168.6

126.3

Intermediary activities and other services

   

- commerce and intermediate sale

29.8

23.2

- leasing of capital assets

4.5

3.9

- other services

2.7

5.1

TOTAL OTHER ACTIVITIES

37.0

32.1

The business operations of the Group are divided into two groups:

"core business" -industrial production and marketing of its own products;
"other activities" - intermediate sale of electrical engineering and telecommunication products; provision of services that belong to its core business area and leasing of production capacities to companies that belong to the same business sector.

Profit

The Group's net profit for the financial year amounted to 29.2 million kroons (+32.1%), incl. operating income 17.0 million kroons (+26.9%) and financial income 12.1 million kroons (+39.1%). The growth of financial income was mostly due to the 2.3 million kroons increase of the related company AS Keila Kaabel's share in the consolidated profit (1999: 2.7 mill. kroons) and the one-off revenue of 3.2 million kroons from the sale of AS Glamox Harju Elekter shares (in 1999 revenue from the sale of AS Saajos Balti shares was 2.6 million kroons).

If in 1999 financial expenses included 2.6 million kroons of the consolidated loss of related companies, in 2000 this was not the case thanks to the sale of Glamox HE shares.

In the year 2000 operating income grew by 46.7% (2000: 29.2 mill.kroons; 1999: 19.9 mill.kroons). A slight decline in the operating profit margin was caused by additional costs incurred in connection with the introduction of new products for Scania trucks and training of the new labour force.

Investments and financing

Altogether 28.5 (1999: 22.2) million kroons were invested in fixed assets by the Group in the year 2000. AS Eltek's investments in capital goods and information technology totalled 8.5 (1999: 0.9) million kroons.

Major investment projects:

- AS Eltek fully automated metal conversion unit 8.2 million kroons
- Extention of Haapsalu plant of Cable Harnesses Factory 9.6 million kroons
- Reconstruction of AS Eltek production complex 4.1 million kroons
- Plant and equipment, IT and other fixed assets 2.6 million kroons

Investments were financed mostly from own funds. The subsidiary company AS Eltek got a long-term loan of 7.4 million kroons from Merita Bank for which the parent company Harju Elekter had to pledge the requested number of PKC Group OY shares as collateral. ROI period does not exceed 7 years.

Share and shareholders

As of 31.12 .2000 AS Harju Elekter had 443 shareholders. EPS was 5.40 (1999: 4.09) kroons.

The Management Board shall make a proposal to the general meeting of the shareholders to pay the total of 6.48 (1999: 5.4) million kroons in dividends to the shareholders for the year 2000, that is 1.20 (1999: 1.00) kroons per share.

Andres Allikmäe
CEO
+372 67 47 400

Lembit Libe
chief economist
+372 67 47 412

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