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Electronics Production | August 11, 2009

Harju Elekter increase sales outside Lithuanian

The management assessed the economic results of Harju Elekter in the second quarter and first half-year to be good and regardless of reduction in sales volume the commercial activity of the Group was making profit.
EBIT of the second quarter was 5.7% that was only 0.3 per cent points lower than the same from previous year and EBITDA was even by 0.6 per cent points better,´thus 8.6%.

The consolidated sales revenue of the Group in the second quarter was 11.0 million euros, which was 27.2% less than the result of the comparable quarter. The consolidated sales revenue of the H1 2009 was 22.6 million euros, which was 20% less than the result of the comparable period.

Last year 95% of the return on sales of the group came from internal markets. This year the situation has changed. In the accounting quarter, already 15% of the Group's products were sold in other markets where the amount of sales
has increased 2.4 times to 1.7 million euros. Deepest decline has taken place in Lithuania where the volume of sales in the accounting quarter reduced by a half and by 36% by six months.

At the same time positive notes can be found in the fact that sales volume of Lithuanian segment decreased by only 14% in the quarter and by more than a tenth in six months. Decline of the Lithuanian market has been compensated by other markets, such as Norway and Denmark.

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