2016-04-28 07:30:02 CEST
2016-04-28 07:30:02 CEST
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 31 MAR 2016
NET SALES AND ORDERS RECEIVED INCREASED, OPERATING PROFIT SAME AS LAST YEAR
Turku, Finland, 2016-04-28 07:30 CEST (GLOBE NEWSWIRE) -- TELESTE CORPORATION
INTERIM REPORT 28 APR 2016 AT 08:30
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 31 MAR 2016
NET SALES AND ORDERS RECEIVED INCREASED, OPERATING PROFIT SAME AS LAST YEAR
First quarter of 2016
- Net sales amounted to EUR 60.6 (53.4) million, an increase of 13.4%
- Operating profit stood at EUR 2.6 (2.6) million, an increase of 0.2%
- Undiluted result per share equalled EUR 0.09 (0.12), a decrease of 25.6%
- Orders received totalled EUR 59.3 (56.9) million, an increase of 4.2%
- Cash flow from operations stood at EUR 1.6 (-1.2) million.
Outlook for 2016
We estimate that net sales and operating profit for 2016 will exceed the 2015
level.
Comments on the first quarter of 2016 by CEO Jukka Rinnevaara:
"The demand for Teleste's products and services continued at a good level in
the first quarter of 2016. Net sales grew from the comparative period due to
the successful product offering by Video and Broadband Solutions. Operating
profit reached the level of the comparative period. Earnings per share were
decreased by financial items, which were weakened by changes in exchange rates.
Orders received by Video and Broadband Solutions increased in video security
and passenger information solutions, particularly in Switzerland, Poland, and
the USA. The orders for access network products fell short of the comparative
period. The net sales and operating profit of the business area increased on
account of access network products. Deliveries grew most in Belgium,
Switzerland, and the UK.
Net sales of Network Services remained at par with the comparative period,
whereas the year-on-year operating profit fell. The result was weakened by
expenses related to ramp-up of services for main client in a new geographical
area in southern Germany and by sales-mix based to lower-margin services
compared to reference period. As for the expansion of our business in the UK,
profitability improved from the comparative period being, however, slightly at
a loss."
Group Operations in January to March 2016
Key figures 1-3/2016 1-3/2015 Change % 1-12/2015
----------------------------------------------------------------------
Orders received, M€ 59.3 56.9 +4.2% 251.3
----------------------------------------------------------------------
Net sales, M€ 60.6 53.4 +13.4% 247.8
----------------------------------------------------------------------
Operating profit, M€ 2.6 2.6 +0.2% 14.3
----------------------------------------------------------------------
Operating profit, % 4.3% 4.9% 5.8%
----------------------------------------------------------------------
Profit for the period, M€ 1.7 2.2 -24.6% 11.0
----------------------------------------------------------------------
----------------------------------------------------------------------
Earnings per share, € 0.09 0.12 -25.6% 0.61
----------------------------------------------------------------------
Cash flow from operations, M€ 1.6 -1.2 4.9
----------------------------------------------------------------------
Net gearing, % 25.5% 21.9% 26.3%
----------------------------------------------------------------------
Equity ratio, % 50.6% 49.0% 48.3%
----------------------------------------------------------------------
Personnel at period-end 1,496 1,462 +2.3% 1,506
----------------------------------------------------------------------
In the first quarter, orders received by the Group totalled EUR 59.3 (56.9)
million, which is 4.2% above the reference period. Order backlog decreased by
4.8% to EUR 40.3 (42.3) million. Net sales were EUR 60.6 (53.4) million, up
13.4% from the comparative period.
Expenses for material and production services increased amounting to 52.2%
(47.8%) of the net sales. Personnel expenses amounted to EUR 17.6 (17.0)
million. Personnel expenses rose as a result of increased number of employees
in Video and Broadband Solutions. Depreciation, amortisation, and other
operating expenses increased by 3.1% to EUR 9.1 (8.8) million. Operating profit
was at par with the reference period standing at EUR 2.6 (2.6) million, or 4.3%
(4.9%) of the net sales.
Financial expenses equalled EUR 0.4 million. In the comparative period,
financial items improved the result by EUR 0.3 million due to exchange rate
gains. Taxes amounted to EUR 0.5 (0.7) million while the implicit tax rate was
24.1% (24.0 %). Undiluted result per share equalled EUR 0.09 (0.12), i.e. a
decrease of 25.6%.
Cash flow from operations stood at EUR 1.6 (-1.2) million. Operating cash flow
improved over the comparative period. Working capital was disengaged from
accounts receivable and inventories.
Video and Broadband Solutions in January to March 2016
1,000 euros 1-3/2016 1-3/2015 Change 1-12/2015
------------------------------------------------------
Orders received 36,392 33,990 +7.1% 157,951
------------------------------------------------------
Net sales 37,693 30,532 +23.5% 154,396
------------------------------------------------------
EBIT 2,449 2,003 +22.2% 12,781
------------------------------------------------------
EBIT % 6.5% 6.6% 8.3%
------------------------------------------------------
Year-on-year orders received improved by 7.1% standing at EUR 36.4 (34.0)
million. Order backlog decreased by 4.8% to EUR 40.3 (42.3) million. Net sales
grew by 23.5% amounting to EUR 37.7 (30.5) million. Net sales were improved by
increased sales volumes both in access network products and in passives and
indoor network products. Operating profit increased by 22.2% to EUR 2.4 (2.0)
million, representing 6.5% (6.6%) of the net sales.
R&D expenses amounted to EUR 2.7 (2.9) million, i.e. 7.3% (9.4%) of the
business area's net sales. Capitalized R&D expenses amounted to EUR 0.5 (0.4)
million. Product development projects focused on network products complying
with the DOCSIS 3.1 standard, video security and information solutions, as well
as customer-specific projects. Depreciation on capitalised R&D expenses
equalled EUR 0.3 (0.3) million.
Network Services in January to March 2016
1,000 euros 1-3/2016 1-3/2015 Change 1-12/2015
------------------------------------------------------
Orders received 22,923 22,911 +0.1% 93,362
------------------------------------------------------
Net sales 22,923 22,911 +0.1% 93,362
------------------------------------------------------
EBIT 154 595 -74.2% 1,520
------------------------------------------------------
EBIT % 0.7% 2.6% 1.6%
------------------------------------------------------
Orders received and net sales for the first quarter were at par with the
previous year, i.e. EUR 22.9 (22.9) million, an increase of 0.1%. Operating
profit of Network Services stood at EUR 0.2 (0.6) million, down 74.2% from the
comparative period. Operating profit was 0.7% (2.6%) of net sales. The result
was weakened by expenses related to ramp-up of services for main client in a
new geographical area in southern Germany and by sales-mix based to
lower-margin services compared to reference period. As for the expansion of our
business in the UK, profitability improved from the comparative period being,
however, slightly at a loss."
Personnel and Organisation in January to March 2016
In the period under review, the Group had an annual average of 1,499 people
(1,466/2015, 1,262/2014), of whom 726 (665) were employed by Video and
Broadband Solutions, and 773 (801) by Network Services. At the end of the
review period, the figure totalled 1,496 (1,462/2015, 1,260/2014) of whom 67%
(68%/2015, 71%/2014) were stationed overseas. About 3% of the Group's employees
were working outside Europe.
Personnel expenses increased over the previous year amounting to EUR 17.6
(17.0/2015, 14.0/2014) million. Personnel expenses rose as a result of
increased number of employees in Video and Broadband Solutions.
Investments and Product Development in January to March 2016
In the period under review, investments by the Group totalled EUR 1.2 (12.4)
million accounting for 1.9% (23.3%) of net sales. As for the year-on-year
investments, EUR 11.5 million involved an acquisition. Investments in product
development equalled EUR 0.5 (0.3) million. Investments of EUR 0.1 (0.1)
million were carried out under financial lease arrangements.
Product development projects focused on network products complying with the
DOCSIS 3.1 standard, video security and information solutions, as well as
customer-specific projects.
Financing and Capital Structure in January to March 2016
Cash flow from operations stood at EUR 1.6 (-1.2) million. Operating cash flow
improved over the comparative period. Working capital was disengaged from
accounts receivable and inventories. The Group's net sales increased
proportionally more than the net working capital.
The parent company has at its disposal the financial and credit facilities
amounting to a total of EUR 45.0 million. These binding contracts are valid
until the end of March 2018. At the end of the period under review, the amount
of unused binding stand-by credits amounted to EUR 15.4 (17.0) million.
The Group's equity ratio equalled 50.6% (49.0%) while net gearing was 25.5%
(21.9%). On 31 March 2016, the Group's interest-bearing debt stood at EUR 34.4
(30.5) million.
Key Risks Faced by the Business Areas
Founded in 1954, Teleste is a technology and services company consisting of two
business areas – Video and Broadband Solutions and Network Services. With
Europe as the main market area, our clients include European cable operators
and specified organisations in the public sector.
As to Video and Broadband Solutions, client-specific and integrated deliveries
of solutions create favourable conditions for growth, even if the concerned
resource allocation and technical implementation pose a challenge involving,
therefore, also reasonable risks. In particular, deliveries of integrated
security and information solutions for the passenger transport may be large in
size, setting high demands for the project quotation calculation and management
and, consequently, there are risks involved. Our customers' network investments
vary based on the relevant need for upgrading and their financial structure.
A significant part of Teleste's competition comes from the USA so the exchange
rate of euro up against the US dollar affects our competitiveness. The exchange
rate development of the US dollar and the Chinese renminbi to the euro affects
our product costs. The company hedges against short-term currency exposure by
means of forward exchange contracts. The modest development in economic growth
and the financial challenges faced by the European public sector may slow down
the implementation of our customers' investment plans. Furthermore, a weakening
in the consumer purchasing power in Europe could slow down the network
investments by the cable operators. Competition increased by the new service
providers (OTT) may undermine the cable operators' ability to invest.
Consequences of natural phenomena or accidents such as fire, may reduce the
availability of components in the order-delivery chain of electronics industry
or suspend our own manufacturing operations. Correct technological choices and
their timing are vital to our success. A variety of technologies are used in
products and solutions, and the intellectual property rights associated with
the application of these technologies can be interpreted in different ways by
different parties. Such divergences can lead to costly investigations or
litigation. Regardless of careful planning and quality assurance, complex
products may fail in the customer's network and lead to expensive repair
obligations.
Net sales of Network Services comes, for the most part, from a small number of
large European customers, so a significant change in the demand for our
services by any one of them is reflected in the actual deliveries and
profitability. Improvements in customer satisfaction and productivity require
efficient control of service process management as well as innovative solutions
in processes, products, and logistics to ensure the quality of services and
cost effectiveness. Smooth operation of cable networks necessitates efficient
technical management of the networks and functional solutions for devices in
accordance with contractual obligations. This, in turn, demands continuous and
determined development of skills and competencies in Teleste's own personnel as
well as those of our subcontractors. In addition, adequacy and utilisation
rates of our own personnel and subcontractor network capacity affect the
Company's delivery capacity and profitability. Tender calculation and
management of larger projects with overall responsibility are complex and
risky. Severe weather conditions may affect the supply conditions of our
products and services.
Teleste’s strategy involves risks and uncertainties: new business opportunities
may fail to be identified or they cannot be acted upon successfully. Our
business areas will have to keep an eye on market movements, such as
consolidations among the customers and competitors. Intensifying competition
may decrease the prices of products and solutions faster than we manage to
reduce the manufacturing and delivery costs of our products. Various
information systems are critical to the development, manufacturing and supply
of products to our customers. Maintenance of information systems and deployment
of new systems involve risks that may affect our ability to deliver products
and services. Information systems may also be subject to external threats, from
which we aim to protect ourselves. Acquisition of skilled personnel and
maintenance of their competence require encouragement, development and
recruitment, which can fail.
The Board of Directors annually reviews any essential risks related to the
company operation and the management thereof. Risk management constitutes an
integral part of the strategic and operative practices of our business areas.
Risks are reported to the Board on a regular basis.
The company has covered any major risks of loss related to the business areas
through insurance policies. Insurance will also cover credit loss risks related
to sales receivables. In the period under review, no such legal proceedings or
judicial procedures were pending that would have had any essential significance
for the Group operation.
Group Structure
Parent company Teleste has branch offices in Australia, the Netherlands, and
Denmark with subsidiaries in 14 countries outside Finland.
Shares and Changes in Share Capital
On 31 March 2016, EM Group Oy was the largest single shareholder with a holding
of 23.2%.
In the period under review, the lowest company share price was EUR 7.29 (5.32)
while the highest was EUR 9.89 (7.38). Closing price on 31 March 2016 stood at
EUR 8.69 (6.94). According to Euroclear Finland Ltd, the number of shareholders
at the end of the period under review was 5,586 (5,151). Holdings of foreign
and nominee-registered owners accounted for 6.7% (5.0%) of the shares. The
share exchange in the period 1 January to 31 March 2016 was 1.0 (1.1) million.
The value of this exchange amounted to EUR 8.2 (7.5) million.
At the end of March 2016, the Group held 863,953 (1,059,086) of its own shares,
of which the parent company Teleste Corporation had 321,953 (517,086) shares
and the controlled companies had 542,000 (542,000) shares, respectively. At the
end of the period, the Group's holding of the total amount of shares amounted
to 4.6% (5.6%).
On 31 March 2016, the registered share capital of Teleste stood at EUR
6,966,932.80 divided into 18,985,588 shares.
Valid authorisations at the end of the review period:
- Purchases of own shares: maximum 1,200,000 of the Company's own shares, valid
until 8 October 2016.
- Issue of new shares: maximum 4,000,000 shares, valid until 31 March 2017.
- Disposal of own shares in possession: maximum 1,800,000 shares, valid until
31 March 2017.
- Based on the special rights granted by the Company, the number of shares to
subscribe may not exceed 2,500,000 shares; these special rights are included in
the maximum warrants concerning new shares and the Group's own shares mentioned
above. This authorisation is valid until 31 March 2017.
Events after the End of the Review Period
The Annual General Meeting (AGM) of Teleste Corporation on 7 April 2016
confirmed the financial statements for 2015 and discharged the Board of
Directors and the CEO from liability for the financial period. The AGM
confirmed the dividend of EUR 0.23 per share as proposed by the Board. The
dividend was paid to non-treasury shares on 18 April 2016.
The AGM decided that the Board of Directors consists of six members. Mr. Pertti
Ervi, Ms. Jannica Fagerholm, Mr. Esa Harju and Mr. Kai Telanne were re-elected
as members of Teleste Corporation's Board of Directors. New Members of the
Board were elected Messrs. Timo Luukkainen and Timo Miettinen. Mr. Timo
Miettinen was elected Chair of the Board in the organising meeting held
immediately after the AGM.
The Annual General Meeting decided that the number of auditors of Teleste
Corporation shall be one. KPMG Oy Ab, Authorised Public Accountants, was
elected as the auditor of the Company and KPMG Oy Ab has appointed Mr. Petri
Kettunen, APA, as the principally responsible auditor.
The Annual General Meeting decided to authorise the Board of Directors to
decide on repurchasing the Company's own shares. Based on this authorisation,
the Board of Directors may repurchase a maximum of 1,200,000 own shares of the
Company otherwise than in proportion to the holdings of the shareholders by
using the non-restricted equity through the regulated market on Nasdaq Helsinki
Ltd at the market price prevailing at the time of acquisition. The
authorisation to repurchase own shares is valid for 18 months from the
resolution of the Annual General Meeting.
Outlook for 2016
The business objective of Video and Broadband Solutions is to maintain its
strong market position in Europe and to strengthen this market position in
selected new markets outside Europe. Network capacity will continue to increase
driven by the new broadband and video services provided by the operators. Our
new products in line with the DOCSIS 3.1 communication standard allow the cable
operators to increase their network capacity competitively. Price erosion in
the market continues. Changes in the value of the euro, particularly against
the US dollar and the Chinese renminbi, affect Teleste’s competitiveness, on
the one hand, and product manufacturing costs, on the other. The positive trend
in the markets for video security and passenger information solutions will
continue whereas the public sector decisions concerning the initiation of
projects may be delayed by the current economic situation. The security
solution for public areas introduced in Paris provides new opportunities for
other major cities of the world. Train manufacturers and public transport
operators benefit from Teleste's video security and passenger information
solutions.
As to Network Services, our business objective is to further develop the
operational efficiency and increase the share of those services that provide
our customers with higher value. In the UK, our aim is to improve the
profitability of the provided services. We estimate the demand for
all-inclusive network services in our key target markets to continue at least
at the previous year level.
We estimate that net sales and operating profit for 2016 will exceed the 2015
level.
27 April 2016
Teleste Corporation Jukka Rinnevaara
Board of DirectorsPresident and CEO
This interim report has been compiled in compliance with IAS 34, as it is
accepted within EU, using the recognition and valuation principles with those
used in the Annual Report. Teleste has prepared this interim report applying
the same accounting principles as those described in detail in its the
consolidated financial statements. The data stated in this report is unaudited.
The changes in IAS1, IFRS13 and IAS19 have been applied in this interim report
and they do not have any material impact on the financial reporting.
STATEMENT OF COMPREHENSIVE INCOME 1-3/ 1-3/ Change % 1-12/
(tEUR) 2016 2015 2015
Net Sales 60,616 53,443 13.4 % 247,758
Other operating income 316 446 -29.1 % 2,854
Materials and services -31,637 -25,537 23.9 % -128,300
Personnel expenses -17,639 -16,976 3.9 % -70,532
Depreciation -1,197 -1,209 -0.9 % -4,874
Other operating expenses -7,857 -7,570 3.8 % -32,604
Operating profit 2,602 2,598 0.2 % 14,302
Financial income and expenses -409 306 n/a -363
Profit after financial items 2,194 2,904 -24.5 % 13,939
Profit before taxes 2,194 2,904 -24.5 % 13,939
Taxes -530 -698 -24.1 % -2,928
Net profit 1,664 2,206 -24.6 % 11,011
Attributable to:
Equity holders of the parent 1,664 2,206 -24.6 % 11,011
Earnings per share for result of the year attributable to the equity holders of
the parent
(expressed in € per share)
Basic 0.09 0.12 -25.6 % 0.61
Diluted 0.09 0.12 -25.6 % 0.61
Total comprehensive income for the period (tEUR)
Net profit 1,664 2,206 -24.6 % 11,011
Possible items with future net profit effect
Translation differences -4 398 n/a 240
Fair value reserve -149 4 n/a 31
Total comprehensive income for the 1,511 2,608 -42.1 % 11,282
period
Attributable to:
Equity holders of the parent 1,511 2,608 -42.1 % 11,282
STATEMENT OF FINANCIAL POSITION (tEUR) 31/03/ 31/03/ Change % 31/12/
2016 2015 2015
Non-current assets
Property,plant,equipment 11,459 10,473 9.4 % 11,648
Goodwill 37,653 38,425 -2.0 % 37,849
Other intangible assets 6,676 6,934 -3.7 % 6,653
Deferred tax assets 1,677 1,885 -11.0 % 1,843
Available-for-sale Investments 707 713 -1.0 % 704
58,171 58,430 -0.4 % 58,698
Current assets
Inventories 32,076 29,566 8.5 % 32,661
Trade and other receivables 54,243 51,803 4.7 % 60,422
Cash and cash equivalents 14,214 14,373 -1.1 % 12,677
100,533 95,742 5.0 % 105,760
Total assets 158,704 154,173 2.9 % 164,458
Shareholder's equity and liabilities
Share capital 6,967 6,967 0.0 % 6,967
Other equity 72,126 66,414 8.6 % 70,578
Non-controlling interest 0 477 n/a 0
79,093 73,858 7.1 % 77,545
Non-current liabilities
Provisions 1,027 1,294 -20.6 % 1,026
Deferred tax liabilities 1,581 1,922 -17.7 % 1,662
Non interest bearing liabilities 2,183 3,527 -38.1 % 2,730
Interest bearing liabilities 33,101 29,744 11.3 % 30,723
37,892 36,487 3.9 % 36,141
Current liabilities
Trade payables and other liabilities 38,742 41,777 -7.3 % 46,505
Current tax payable 977 615 58.9 % 1,062
Provisions 689 650 5.9 % 889
Interest bearing liabilities 1,311 786 66.9 % 2,315
41,719 43,828 -4.8 % 50,772
Total shareholder's equity and liabilities 158,704 154,173 2.9 % 164,458
CONSOLIDATED CASH FLOW STATEMENT (tEUR) 1-3/ 1-3/ Change % 1-12/
2016 2015 2015
Cash flows from operating activities
Profit for the period 1,664 2,206 -24.6 % 11,011
Adjustments 2,195 1,601 37.1 % 7,056
Interest and other financial expenses and -409 306 n/a -363
incomes
Paid Taxes -618 -269 129.6 % -2,400
Change in working capital -1,261 -5,023 -74.9 % -10,384
Cash flow from operating activities 1,571 -1,179 n/a 4,920
Cash flow from investing activities
A conditional supplementary contract price -485 0 n/a -1,147
for prior subsidiary acquisition
Purchases of property, plant and equipment -290 -260 11.5 % -1,258
(PPE)
Proceeds from sales of PPE 7 17 -58.8 % 17
Purchases of intangible assets -538 -338 59.2 % -1,644
Acquisition of subsidiaries, net of cash 0 -6,826 n/a -6,826
acquired
Net cash used in investing activities -1,306 -7,407 -82.4 % -10,858
Cash flow from financing activities
Proceeds from borrowings 4,000 5,000 -20.0 % 44,300
Payments of borrowings -2,724 -111 2354.1 % -38,521
Dividends paid 0 0 n/a -3,694
Proceeds from issuance of ordinary shares 0 0 n/a -1,382
Net cash used in financing activities 1,276 4,889 -73.9 % 703
Change in cash
Cash in the beginning 12,677 17,672 -28.3 % 17,672
Effect of currency changes -4 398 n/a 240
Change 1,541 -3,697 n/a -5,235
Cash at the end 14,214 14,373 -1.1 % 12,677
KEY FIGURES 1-3/ 1-3/ Change % 1-12/
2016 2015 2015
Earnings per share, EUR 0.09 0.12 -25.6 % 0.61
Earnings per share fully diluted, EUR 0.09 0.12 -25.6 % 0.61
Shareholders' equity per share, EUR 4.36 4.09 6.6 % 4.28
Return on equity 8.5 % 12.2 % -30.3 % 14.9 %
Return on capital employed 9.4 % 12.4 % -24.6 % 14.2 %
Equity ratio 50.6 % 49.0 % 3.3 % 48.3 %
Gearing 25.5 % 21.9 % 16.4 % 26.3 %
Investments, tEUR 1,158 12,426 -90.7 % 16,948
Investments % of net sales 1.9 % 23.3 % -91.8 % 6.8 %
Order backlog, tEUR 40,304 42,342 -4.8 % 42,150
Personnel, average 1,499 1,466 2.3 % 1,485
Number of shares (thousands) 18,986 18,986 0.0 % 18,986
including own shares
Highest share price, EUR 9.89 7.38 34.0 % 9.88
Lowest share price, EUR 7.29 5.32 37.0 % 5.32
Average share price, EUR 8.49 6.52 30.2 % 7.42
Turnover, in million shares 1.0 1.1 -16.1 % 3.3
Turnover, in MEUR 8.2 7.5 9.2 % 24.6
Treasury shares
Number % of % of
of shares shares votes
Possession of company's own shares 863,953 4.55% 4.55%
31.3.2016
Contingent liabilities and pledged assets (tEUR)
Leasing and rent liabilities 8,786 5,756 52.6 % 7,858
Derivative instruments (tEUR)
Value of underlying forward contracts 20,014 20,031 -0.1 % 24,599
Market value of forward contracts 18 117 -84.6 % -27
Interest rate swap 10,000 11,000 -9.1 % 10,000
Market value of interest swap -149 -27 451.9 % 0
Taxes are computed on the basis of the tax on the profit for the period.
OPERATING SEGMENTS (tEUR) 1-3/ 1-3/ Change % 1-12/
2016 2015 2015
Video and Broadband Solutions
Orders received 36,392 33,990 7.1 % 157,951
Net sales 37,693 30,532 23.5 % 154,396
EBIT 2,449 2,003 22.2 % 12,781
EBIT% 6.5 % 6.6 % 8.3 %
Network Services
Orders received 22,923 22,911 0.1 % 93,362
Net sales 22,923 22,911 0.1 % 93,362
EBIT 154 595 -74.2 % 1,520
EBIT% 0.7 % 2.6 % 1.6 %
Total
Orders received 59,315 56,901 4.2 % 251,313
Net sales 60,616 53,443 13.4 % 247,758
EBIT 2,602 2,598 0.2 % 14,302
EBIT% 4.3 % 4.9 % 5.8 %
Financial items -409 306 n/a -363
Operating segments net profit before taxes 2,194 2,904 -24.5 % 13,939
Information per 1-3/16 10-12/15 7-9/15 4-6/15 1-3/15 4/2015- 3/2016
quarter (tEUR)
Video and Broadband Solutions
Orders received 36,392 43,419 39,616 40,926 33,990 160,353
Net sales 37,693 43,584 43,760 36,519 30,532 161,556
EBIT 2,449 2,666 5,113 2,999 2,003 13,227
EBIT % 6.5 % 6.1 % 11.7 % 8.2 % 6.6 % 8.2 %
Network Services
Orders received 22,923 24,809 22,432 23,211 22,911 93,374
Net sales 22,923 24,809 22,432 23,211 22,911 93,374
EBIT 154 607 811 -492 595 1,079
EBIT % 0.7 % 2.4 % 3.6 % -2.1 % 2.6 % 1.2 %
Total
Orders received 59,315 68,228 62,048 64,137 56,901 253,727
Net sales 60,616 68,393 66,192 59,730 53,443 254,930
EBIT 2,602 3,273 5,924 2,507 2,598 14,306
EBIT % 4.3 % 4.8 % 8.9 % 4.2 % 4.9 % 5.6 %
Attributable to equity holders of the parent (tEUR)
A Share capital
B Share premium
C Translation differences
D Retained earnings
E Invested free capital
F Other funds
G Total
H Share of non-controlling interest
I Total equity
(tEUR) A B C D E F G H I
Shareholder's 6,967 1,504 -99 66,034 3,140 0 77,545 0 77,545
equity 1.1.2016
Total -4 1,664 -149 1,511 0 1,511
comprehensive
income for the
period
Equity-settled 37 37 0 37
share-based
payments
Shareholder's 6,967 1,504 -103 67,735 3,140 -149 79,093 0 79,093
equity 31.3.2016
Shareholder's 6,967 1,504 -339 58,139 3,954 -31 70,194 487 70,682
equity 1.1.2015
Total 398 2,206 4 2,608 0 2,608
comprehensive
income for the
period
Used options 568 568 0 568
Interest, 10 10 -10 0
non-control party
Shareholder's 6,967 1,504 59 60,355 4,522 -27 73,380 477 73,858
equity 31.3.2015
CALCULATION OF KEY FIGURES
Return on equity: Profit/loss for the financial period
------------------------------ * 100
Shareholders’ equity (average)
Return on capital Profit/loss for the period after financial items +
employed: financing charges
------------------------------ * 100
Total assets - non-interest-bearing
liabilities (average)
Equity ratio: Shareholders' equity
----------------------------- * 100
Total assets - advances received
Gearing: Interest bearing liabilities - cash in hand and in bank -
interest bearing assets
----------------------------- * 100
Shareholders' equity
Earnings per share: Profit for the period attributable to equity holder of
the parent
----------------------------------------------
Weighted average number of ordinary shares outstanding
during the period
Earnings per share, Profit for the period attributable to equity holder of
diluted: the parent (diluted)
-----------------------------------------------
Average number of shares - own shares + number of options
at the period-end
Major shareholders 31.3.2016 Number of shares % of share capital
EM Group Oy 4,409,712 23.23
Mandatum Life Insurance Company Limited 1,679,200 8.84
Ilmarinen Mutual Pension Insurance Company 1,008,860 5.31
Kaleva Mutual Insurance Company 824,641 4.34
Teleste Management II Oy 542,000 2.85
Varma Mutual Pension Insurance Company 521,150 2.74
The State Pension Fund 500,000 2.63
Teleste Oyj 321,953 1.70
Danske Invest Finnish Small Cap Fund 290,000 1.53
Julius Tallberg Corp. 255,350 1.34
Shareholders by sector Number of % of Number of Number of
31.3.2016 shareholders Owners shares shares
Households 5,241 93.82 4,837,150 25.5
Public sector 3 0.05 2,030,010 10.7
institutions
Financial and insurance 20 0.36 3,492,015 18.4
institutions
Corporations 256 4.58 7,158,128 37.7
Non-profit institutions 30 0.54 194,748 1.0
Foreign and nominee 36 0.64 1,273,537 6.7
registered owners
Total 5,586 100.00 18,985,588 100.0
Number of shares Number of % of Number of % of
31.3.2016 shareholders shareholders shares shares
1 - 100 1,369 24.5 87,055 0.5
101 - 500 2,455 43.9 666,322 3.5
501 – 1 000 792 14.2 644,428 3.4
1 001 – 5 000 784 14.0 1,708,900 9.0
5 001 – 10 000 83 1.5 582,160 3.1
10 001 – 50 000 70 1.3 1,444,986 7.6
50 001 – 100 000 10 0.2 722,292 3.8
100 001 – 500 000 16 0.3 3,513,850 18.5
500 001 - 7 0.1 9,615,595 50.6
Total 5,586 100.0 18,985,588 100.0
of which nominee 8 0.1 1,091,887 5.8
registered
ADDITIONAL INFORMATION:
CEO Jukka Rinnevaara, phone +358 2 2605 611 or +358 400 747 488
DISTRIBUTION:
Nasdaq Helsinki
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