Year 2015


Finnkumu Oy, part of the Harju Elekter Group, was the second company in its region to be awarded the Entrepreneur of the Year Title by the Entrepreneurs of South Ostrobothnia. Previously, in 2013, Finnkumu Oy was also named the Entrepreneur of the Year for Kurikka and has received a national acknowledgements for the growth in its sales revenues and its strong economic performance. Finnkumu Oy launched operations in 2004 and has been part of the Harju Elekter Group since 2014. Over the past 5 years, Finnkumu’s sales revenues have more than doubled.

In April AS Harju Elekter signed a contract to purchase all the shares of Rifas UAB, its Lithuanian subsidiary. Acquiring all the shares of Rifas UAB was a strategic decision of the Group, thereby ensuring its positions in Lithuania and the export markets. The company is going to proceed under its own name and brand as a 100% subsidiary of AS Harju Elekter.

At its 2 June 2015 sitting, the Supervisory Board of AS Harju Elekter decided to approve a strategic investment in Skeleton Technologies Group OÜ, a company developing and manufacturing ultracapacitors, by acquiring a 10% holding in the company. AS Harju Elekter sees the attractiveness of the investment in both an increase of its value as well as the possible participation of the company in the development, production and use of modular systems of ultracapacitors in management and switching systems.

In June the newly completed production building in Allika Industrial Park, owned by AS Harju Elekter, was delivered to the lessee (OÜ Eccua). Allika Industrial Park, with its attractive location at the intersection of the Paldiski highway and Tallinn ring road, has a total of 18 lots fitted with technological utilities. Currently there are two production companies operating in the industrial park.

There were 44 employees participating in the share option programme of 2012–2015 targeted at the members of the governing bodies of the group’s companies, its top specialists and engineers, as well as the members of the governing bodies of the affiliates of AS Harju Elekter, with a total of 339,880 shares being subscribed for between 16–30 June. This increase in the share capital of AS Harju Elekter was entered to the commercial register on 22 July 2015, after which the share capital of AS Harju Elekter amounting to 12.42 million euros was divided into 17,739,880 ordinary named shares. 

In 2015, the management systems of the subsidiaries in the Group underwent recertification to meet the ISO 9001:2008 and ISO 14001:2004 requirements, whereupon relevant certifications were issued for new terms of validity as follows: AS Harju Elekter Elektrotehnika, through 15 September 2018; Satmatic Oy through 19 July 2018; and Rifas UAB, through 15 September 2018. In addition, the Lithuanian subsidiary was also recertified to meet the OHSAS 18001:2007 standard and was issued with a new certificate valid for 3 years on 17 December 2015. Scheduled annual audits were conducted at AS Harju Elekter Teletehnika. 

In August, the electrical materials store of AS Harju Elekter Commerce Group opened its doors at its new modern commercial and storage facilities at Paldiski Rd 35, Keila. The good location and larger facilities create substantially better opportunities for customer service, make it possible to expand the product range and selection and the prompt release of batches of products. 

The Group's subsidiaries actively participated in exhibitions and fairs in Estonia, Finland, Germany and Sweden, including in the biggest electricity sector trade fair in the Nordic region – Elfack 2015. There was presented to the visitors a prototype of a LV converter device for a substation with power management capacity, developed in cooperation with the Tallinn University of Technology.