Group’s Finnish subsidiary purchases Finnkumu Oy

On 17 June 2014, Satmatic Oy, a subsidiary of AS Harju Elekter in Finland, signed a contract for the purchase of all shares in Finnkumu Oy, Finland’s largest 
pre-fabricated substation producer. After the transaction, Finnkumu Oy will continue to operate under its own name and brand as a wholly-owned subsidiary of 
Satmatic Oy. By purchasing Finnkumu Oy, the Group will increase our market share in Finland as well as elsewhere in Scandinavia and increases the product range.
 

Simo Puustelli, Managing Director of Satmatic Oy, was appointed Chairman and Endel Palla, Andres Allikmäe, Ülo Merisalu (Managing Director of AS Harju Elekter Elektrotehnika) and Matti Ollila was appointed Member of the Management Board of Finnkumu Oy. Matti Ollila will also continue as a Managing Director of Finnkumu Oy.

The transaction took effect on 17 June 2014, which is also when accounts were settled. For the purchase transaction, EUR 6,575 thousand was paid. Pursuant to the contract, after the audited annual report is approved, in 2015 an additional 50% of the company’s operating profit in 2014, and in 2016 an additional 40% of the company’s operating profit in 2015 shall be paid to the sellers. The purchase transaction was funded out of the own funds of AS Harju Elekter.

Finnkumu Oy, financial summary 2011–2013 

     

1000 euros

2013

2012

2011

 

Cash and cash equivalents

820

413

512

 

Securities

374

174

155

 

Trade receivables

811

935

389

 

Inventories

1 504

925

532

 

Non-current assets

43

32

31

 

Total assets

3 552

2 479

1 619

 

Current liabilities

804

834

327

 

Equity

2 748

1 645

1 292

 

   incl. share capital

24

24

254

 

Revenue

10 391

6 634

4 126

 

EBIT

1 626

884

419

 

Net profit

1 250

664

273

 

Basic earnings per share (EUR)

511

271

108

 

Number of shares

2 448

2 448

2 540

 

Dividend per share

88

60

45

 

               
Since the end of the previous financial year there are no significant changes in the Finnkumu’s business activities. We confirm that there are no valid contracts between 
Group’s enterprises and Finnkumu Oy, and Finnkumu Oy has no loans or any court or arbitration proceedings involving the commercial undertaking.
 
Satmatic Oy is the leading producer of automated industrial equipment and the importer and distributor of the Group’s products in Finland. The company’s headquarter 
located in Ulvila and plants in Ulvila and in Kerava. In 2013, the enterprise’s turnover amounted to EUR 19.7 (2012: 21.3) million, and there are 76 employees working in 
the enterprise.
 
Harju Elekter is the leading MV/LV electrical and engineering devices producer in the Baltic States as well as well-known and respected in Scandinavia. Harju Elekter Group 
includes manufacturers of electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%) and Rifas UAB (63%), as 
well as the telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia. In addition, AS Harju Elekter has a holding in the affiliated company 
AS Draka Keila Cables (34%) and financial investments in the Latvian electrical equipment sales company SIA Energokomplekss (14%) and in the Finnish publicly listed 
company PKC Group Oyj (5%).
 

The transaction does not constitute a transaction between related parties within the meaning of NASDAQ OMX Tallinn’s Rules and Regulations. The management board and the supervisory board members of AS Harju Elekter are not personally interested in this transaction in any other way.  

Andres Allikmäe
Managing Director/CEO
+372 674 7400

Additional information: Andres Allikmäe, Managing Director of AS Harju Elekter; Endel Palla, Chairman of the Supervisory Board (+372 674 7400).

Prepared by:
Moonika Vetevool
Corporate communication and investor relations manager
+372 671 2761