Harju Elekter post results as expected
The consolidated sales revenue of the Harju Elekter Group in the fourth quarter was 10.1 million euros, which was 22.6% less than the result of the comparable quarter.
During the reporting period the Group sold its products and services 27.4% less, totally 40.4 million euros. The core business of the Group is the production and sales of electrical distribution systems and control panels as well as other supportive side-activities, which was traditionally the largest share of sales revenues -approx. 90%. Real estate and income from other commercial activities together formed 10% of the consolidated sales revenue.
Of the Group's products and services, 36.8% (37.2%) were sold on the Estonian, 42.7% (44.8%) on the Finnish and 10.5% (11.3%) on the Lithuanian markets; to the other European markets - Latvia, Germany, Denmark and
Portugal - a total of 3.7% (5.4%) were sold, which is approximately 1.5 million euro less than in the year before. In 2008, an order in the amount of 1.1 million euros to Poland was executed. In 2009, sales to the Polish market accounted to 75,000 euros.
The drop in demand on domestic markets has forced a search for new markets. Outside the European Union - in Russia, Belarus and Norway - a total of 6.3% (1.3%) of products were sold. Sales by the Group outside the
European Union increased by 1.8 million euros, compensating for the drop in the volumes of sales into other European Union countries.
Primarily due to a decline on both the Estonian and Finnish markets the sales volume of the Estonian segment this year has declined by 23.9% and in Q4 the decline was smaller - 18.4%. The companies in the Lithuanian segment produced a strong Q4, in which the sales volume increased by as much as 11.7% compared to the comparable quarter. The sale of products and services to the Lithuanian market in Q4 was also 8.3% higher than in the same period of the previous year. A sale by Lithuanian companies to clients outside of the Group in 2009 was 106.5 million kroons (6.8 million euros), which was 16.8% less than in 2008. At the same time, during the accounting year the sales volume to the Lithuanian market declined by one-third, which is compensated by the increasing of sales volumes to foreign markets. Recession reached Finland somewhat later than the Baltic States. The sales volume of the Finnish
segment in the Q1 remained at the Q1 2008 level; however, in Q2, a decline in sales volume began to decrease, which deepened further in Q4 due to a decline in domestic demand in the Finnish market. Sale to the Finnish market fell by
40% in the accounting quarter and by 31% over 12 months.
Of the Group's products and services, 36.8% (37.2%) were sold on the Estonian, 42.7% (44.8%) on the Finnish and 10.5% (11.3%) on the Lithuanian markets; to the other European markets - Latvia, Germany, Denmark and
Portugal - a total of 3.7% (5.4%) were sold, which is approximately 1.5 million euro less than in the year before. In 2008, an order in the amount of 1.1 million euros to Poland was executed. In 2009, sales to the Polish market accounted to 75,000 euros.
The drop in demand on domestic markets has forced a search for new markets. Outside the European Union - in Russia, Belarus and Norway - a total of 6.3% (1.3%) of products were sold. Sales by the Group outside the
European Union increased by 1.8 million euros, compensating for the drop in the volumes of sales into other European Union countries.
Primarily due to a decline on both the Estonian and Finnish markets the sales volume of the Estonian segment this year has declined by 23.9% and in Q4 the decline was smaller - 18.4%. The companies in the Lithuanian segment produced a strong Q4, in which the sales volume increased by as much as 11.7% compared to the comparable quarter. The sale of products and services to the Lithuanian market in Q4 was also 8.3% higher than in the same period of the previous year. A sale by Lithuanian companies to clients outside of the Group in 2009 was 106.5 million kroons (6.8 million euros), which was 16.8% less than in 2008. At the same time, during the accounting year the sales volume to the Lithuanian market declined by one-third, which is compensated by the increasing of sales volumes to foreign markets. Recession reached Finland somewhat later than the Baltic States. The sales volume of the Finnish
segment in the Q1 remained at the Q1 2008 level; however, in Q2, a decline in sales volume began to decrease, which deepened further in Q4 due to a decline in domestic demand in the Finnish market. Sale to the Finnish market fell by
40% in the accounting quarter and by 31% over 12 months.
Sales stagnate at Schweizer Electronic
Despite a seasonally weaker fourth quarter Schweizer Electronic AG was able to keep their annual sales stable at 105.4 million Euro compared to the previous year and within expectations.
Ad
Exclusive Interview
'Europe is still a growth opportunity'
What is Europe to an independent distributor like America II? A growth opportunity of course.
Endicott partners with Eltek in Israel
Endicott Interconnect Technologies, Inc. has appointed Eltek as its sales partner for Israel.
More News
- Goepel enters into partnership with nanoX
- Nokia Update: Hungary takes heavy hit
- Nokia to shift device assembly to Asia - cut 4,000 jobs
- Cliff Electronics wins US counterfeit case
- Fabrinet Q2 net income drops 310% YOY
- TRaC expands test facilities
- Cms electronics uses Assembléon’s equipment
- Korean defense manufacturers fined for cartel
- The end for Nokia's Salo factory?
- Indian joint venture aims at hi-tech cluster
- Es-system to light Aarhus Harbour
- Incap signs solar deal
- GPV moves into medical electronics
- Balda shareholder Octavian suffers loss at court
- Teardown: Samsung cuts LTE cost in half
- Teleplan to provide After-Market Service solution for Lenovo
- Matti Paasila resigns from Cencorp's Board of Directors
- Is 2012 a recession year?
- Fineline distributes FTG
- Carcinogens found at Samsung factory
- CT Production invests in AOI technology
- Printca is bankrupt
- Mitsubishi Motors ends vehicle production in Western Europe
- RiverSide Electronics purchases new SMT equipment
- Micron CEO dies in plane crash
- Torsten Pelzer heads Viscom Sales
- Huawei opens unit in Hungary
- Rohde & Schwarz and Hameg Instruments consolidate cooperation
- Inside the Asus AMD 7970 graphics card
- AU Optronics & Idemitsu Kosan collaborate
- Kimball complete Welsh & Californian closures in 2Q
- Bosch plans new Romanian factory
- Dynamic EMS invests in test equipment
- Thales Australia axes 50 jobs
- Sales down for Benchmark in 4Q
- Viscom sells Desktop AOI to Mosca Elektronik
- De'Longhi & Bosch add staff in Romania
- Xenterio close down in Offenburg
- Mikron acquires IMA Automation Berlin
- EMS: M&A activity down in 2011





Comments
Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.