2013-10-31 07:30:00 CET
2013-10-31 07:30:07 CET
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 SEP 2013
Turku, Finland, 2013-10-31 07:30 CET (GLOBE NEWSWIRE) --
TELESTE CORPORATION INTERIM REPORT 31 OCTOBER 2013 AT 08:30
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 SEP 2013
IMPROVED THIRD QUARTER IN YEAR-ON-YEAR COMPARISON, FULL-YEAR OUTLOOK UNCHANGED
Third quarter of 2013
- Orders received totaled EUR 51.1 (40.5) million, an increase of 26.2%
- Net sales amounted to EUR 46.5 (45.6) million, an increase of 1.9%
- Operating profit amounted to EUR 3.2 (2.9) million, an increase of 10.9%
- Undiluted result per share stood at EUR 0.12 (EUR 0.11)
- Operating cash flow was EUR 3.0 (-0.2) million
Outlook for 2013
We expect net sales and operating profit for 2013 to reach the 2012 level.
Comments on Q3/2013 by CEO Jukka Rinnevaara:"The positive market development of the third quarter was brought about by
growth in the demand for both broadband access capacity and video surveillance,
especially in the European market. We also managed to win significant orders on
account of which our order backlog increased clearly over the comparative
period.
Moreover, significant consolidations took place in our main clientele like
those between Vodafone and Kabel Deutschland in Germany, and Liberty Global and
Virgin Media in the U.K. The impact of such consolidations on network
investments is difficult to assess.
Orders received by Video and Broadband Solutions were significantly higher than
in the comparative period. Particularly strong markets included the Nordic
countries, the Netherlands, Poland and France. Preparations continued for the
future network technology solutions with our customers. Net sales and operating
profit were at par with the comparative period.
The successful adjustment of the cost structure of Network Services business in
Germany and the growth in demand for broadband connections allowed for a clear
improvement in the year-on-year profitability."
Group Operations July to September 2013
Key figures (EUR million)
7-9/2013 7-9/2012 Change %
Orders received 51.1 40.5 26.2%
Net sales 46.5 45.6 1.9%
EBIT 3.2 2.9 10.9%
EBIT % 6.9% 6.3%
Profit for the period 2.0 1.9 9.4%
Other important key figures
Earnings per share, € 0.12 0.11 8.6%
Cash flow from operations, M€ 3.0 -0.2 n/a
The third-quarter orders received by Teleste Group increased by 26.2% and stood
at EUR 51.1 (40.5) million. Order backlog increased totaling EUR 17.4 (13.6)
million. Net sales amounted to EUR 46.5 (45.6) million. Operating profit
improved and stood at EUR 3.2 (2.9) million making 6.9% (6.3%) of the net
sales. Proportional material margin was slightly lower than in the period of
comparison because the deliveries by the product business involved more
lower-margin products.
Wages and salaries decreased and stood at EUR 12.8 (EUR 13.3) million. This
decrease in payroll expenses was contributed by reduction in the number of
personnel in the services business. Undiluted result per share was EUR 0.12
(0.11). Operating cash flow stood at EUR 3.0 (-0.2) million.
Group Operations January to September 2013
Key figures (EUR million) 1-9/2013 1-9/2012 Change % 1-12/2012
Orders received 138.7 138.8 -0.1% 189.7
Net sales 138.7 146.4 -5.2% 193.9
EBIT 7.5 8.2 -8.5% 10.9
EBIT % 5.4% 5.6% 5.6%
Profit for the period 5.1 5.1 0.2% 6.7
Other important key figures
Earnings per share, € 0.29 0.29 -0.2% 0.38
Cash flow from operations, EUR million 7.3 10.2 -28.6% 15.3
Net gearing, % 17.4% 21.7% -19.7% 13.7%
Equity ratio, % 50.4% 47.5% 6.2% 50.5%
Personnel at period-end 1,283 1,308 -1.9% 1,325
On account of the good order intake in Q3 and changes in Group structure
(acquisition of Asheridge in April 2013), orders received were at par with the
comparative period. Net sales amounted to EUR 138.7 (146.4) million. Operating
profit stood at EUR 7.5 (8.2) million making 5.4% (5.6%) of the net sales.
Financial items totaled EUR 0.4 (0.7) million. Taxes paid amounted to EUR 2.0
(2.4) million and the Group's tax rate was 28.3% (32.3%). Undiluted result per
share was EUR 0.29 (0.29). Operating cash flow stood at EUR 7.3 (10.2) million.
Video and Broadband Solutions July to September 2013
Economic Development of Video and Broadband Solutions:
7-9/2013 7-9/2012 Change %
Orders received 28,919 19,720 46.6%
Net sales 24,258 24,794 -2.2%
EBIT 2,362 2,423 -2.5%
EBIT % 9.7% 9.8%
Year-on-year orders received improved significantly by 46.6% standing at EUR
28.9 (19.7) million. Order backlog strengthened totaling EUR 17.4 (13.6)
million. Net sales standing at EUR 24.3 (24.8) million was at par with the
comparative period. Operating profit stood at EUR 2.4 (2.4) million making 9.7%
(9.8%) of the net sales.
R&D expenses were 2.0 (2.4) million, i.e. 8.4% (9.8%) of the business area's
net sales. Activated R&D expenses amounted to EUR 0.3 (0.2) million. The R&D
efforts focused on the next generation innovative broadband solution (Data
Access HUB), the future access network solutions (Docsis 3.1), video headend
systems (Luminato), as well as video surveillance software development.
Depreciation on R&D expenses amounted to EUR 0.3 (0.5) million.
Video and Broadband Solutions January to September 2013
1-9/2013 1-9/2012 Change % 1-12/2012
Orders received 73,688 69,900 5.4% 97,730
Net sales 73,696 76,571 -3.8% 101,230
EBIT 7,106 6,495 9.4% 8,497
EBIT % 9.6% 8.5% 8.4%
Orders received improved by 5.4% standing at EUR 73.7 (69.9) million. Net sales
decreased by 3.8% to EUR 73.7 (76.6) million. Operating profit increased by
9.4% standing at EUR 7.1 (6.5) million making 9.6% (8.5%) of the net sales.
This improvement in the operating profit was mainly due to the good level of
video surveillance deliveries, especially in the first half of the year.
Product development expenses equaled EUR 7.1 (8.3) million, in other words 9.6%
(10.9%) of the net sales. Activated R&D expenses stood at EUR 0.9 (0.6) million
while depreciation on product development expenses equaled EUR 1.5 (1.5)
million.
Network Services July to September 2013
Economic Development of Network Services:
7-9/2013 7-9/2012 Change %
Orders received 22,220 20,796 6.8%
Net sales 22,220 20,796 6.8%
EBIT 823 448 83.8%
EBIT % 3.7% 2.2%
In the third quarter, both orders received and net sales increased by 6.8% and
stood at EUR 22.2 (20.8) million. Compared to the same period in the previous
year, operating profit improved clearly totaling EUR 0.8 (0.4) million, which
is 3.7% (2.2%) of the net sales. This improvement in the operating profit was
brought about by the successful adjustment of cost structure in Germany and the
increase in demand for broadband connections.
Network Services January to September 2013
1-9/2013 1-9/2012 Change % 1-12/2012
Orders received 65,036 68,936 -5.7% 91,931
Net sales 65,036 69,836 -6.9% 92,645
EBIT 419 1,733 -75.8% 2,439
EBIT % 0.6% 2.5% 2.6%
Orders received totaled EUR 65.0 (68.9) million. Net sales decreased by 6.9% to
EUR 65.0 (69.8) million. Operating profit equaled EUR 0.4 (1.7) million. This
decline in operating profit over the comparative period was due to the low net
sales and the relatively high cost structure in the first half of the year.
Personnel and Organization January to September 2013
In the period under review, the Group had an annual average of 1,324 people
(1,326/2012, 1,290/2011), of whom 562 (568) were employed by Video and
Broadband Solutions, and 762 (758) by Network Services. At the end of the
reporting period, the Group employed 1,283 (1,308/2012, 1,311/2011) people, of
whom Video and Broadband Solutions accounted for 564 and Network Services for
719. At the end of the reporting period, 72% (73%/2012, 72%/2011) worked
abroad. Employees stationed outside Europe accounted for less than 5% of the
Group's personnel.
Year-on-year wages and salaries decreased by 4.7% and amounted to EUR 41.7
(43.8/Jan to Sep/2012, 39.1/Jan to Sep/2011) million. This reduction in wages
and salaries was contributed by performance-based bonuses, growth in the
activation of R&D wages and salaries and payroll adjustments in the first
quarter. In Finland, adjustments agreed in the cooperation procedures can be
extended until March 2014, if required.
M.Sc. (Econ) Juha Hyytiäinen (46) has been appointed new Chief Financial
Officer and member of the Management Team of Teleste Corporation. Mr.
Hyytiäinen's employment will begin on 18 November 2013. Teleste's current CFO,
Erja Saarikoski, will leave the company in early 2014.
Investments in January to September 2013
Investments by the Group for the period under review totaled EUR 5.3 (2.5)
million accounting for 3.8% (1.7%) of the net sales. EUR 3.5 million of these
investments involved the acquisition of Asheridge. Investments in product
development equaled EUR 0.9 (0.6) million. R&D investments involved the
distributed access network solution and video surveillance software. Other
investments were made in machinery and equipment for production and services as
well as for modifications made in the production facilities in Finland.
Investments of EUR 0.1 (0.8) million were made under financial lease
arrangements.
Financing and Capital Structure in January to September 2013
Operating cash flow stood at EUR 7.3 (10.2) million. This decrease in cash flow
from operations was primarily due to diminished EBITDA and taxes paid. At the
end of the period under review, the amount of unused binding stand-by credits
amounted to EUR 15.0 (16.0) million. The current binding stand-by credits of
EUR 40.0 million run till August 2015.
The Group's equity ratio equaled 50.4% (47.5%) and net gearing was 17.4%
(21.7%). Interest bearing debt on 30 September 2013 stood at EUR 26.3 (25.1)
million.
Essential Operational Risks of 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 organizations in the public sector.
As to Video and Broadband Solutions, client-specific and integrated deliveries
of solutions create favorable conditions for growth, even if the involved
resource allocation and technical implementation pose a challenge involving,
therefore, also reasonable risks. Our customers' network investments vary based
on the relevant need for upgrading and their financial structure. 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 Chinese renminbi to euro affects our material costs.
The company hedges against short-term currency exposure by means of forward
contracts. The tight financial market in Europe may slow down our customers'
investment plans. Furthermore, a weakening in the consumer purchasing power in
Europe could slow down the network investments by the cable operators.
Availability of components is subject to natural phenomena, such as floods and
earthquakes. Severe weather conditions have an impact on the business areas'
ability to deliver their products and services. Correct technological choices
and their timing are vital for our success.
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. To ensure
quality of services and cost-efficiency along with efficient service process
management, customer satisfaction and improvements in productivity require
innovative solutions in terms of processes, products and logistics. Smooth
operation of cable networks requires effective technical management and
functional hardware solutions in accordance with contractual obligations. This,
in turn, demands continuous and determined development of skill levels in
Teleste's own personnel as well as those of our subcontractors. In addition,
our ability to deliver and compete may be constrained by the adequacy of our
sub-contractor network capacity. Tender calculation and management of larger
projects with overall responsibility are complex and risky.
It is important for our business areas to take into account any market
developments such as consolidations taking place among the clientele and
competition. The threats to information systems must be minimized to ensure
business continuity. The Board of Directors annually reviews any essential
risks related to the company operation and their management. Risk management is
an integral part of the strategic and operational activities of the business
areas. Risks and their probability are reported to the Board in conjunction
with regular monthly reports.
The company has covered any major risks of loss involving 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 13 countries outside Finland. In April 2013
Teleste Management Oy became a Group company through exchange of shares.
Teleste Management II Oy, founded in December 2011, has been consolidated in
the Teleste Group figures on account of financial arrangements. Suomen
Turvakamera Oy has been merged with Teleste Corporation on 30 April 2013. In
Germany, the Group Structure has been streamlined. Asheridge Group has been
consolidated with the Group figures as of 7 April 2013.
Shares and Changes in Share Capital
On 30 September 2013, EM Group Oy was the largest single shareholder with a
holding of 23.50%.
In the period under review, the lowest company share price was EUR 3.81 (3.04)
and the highest was EUR 4.42 (4.44). Closing price on 30 September 2013 stood
at EUR 4.12 (4.38). According to Euroclear Finland Ltd the number of
shareholders at the end of the period under review was 5106 (5187). Foreign
ownership accounted for 5.62% (5.96%). From 1 January to 30 September 2013,
trading with Teleste share at NASDAQ OMX Helsinki amounted to EUR 7.0 (8.2)
million. In the period under review, 1.7 (2.1) million Teleste shares were
traded on the stock exchange.
At the end of September 2013, the Group held 1,189,654 (1,302,985) of its own
shares, of which the parent company Teleste Corporation had 266,654 shares
while the Group and controlled companies had 923,000 shares, respectively. At
the end of the period, the Group's holding of the total amount of shares
amounted to 6.34% (6.96%).
On 30 September 2013, Teleste's registered share capital stood at EUR
6,966,932.80 divided in 18,762,320 shares.
The period for subscription of Teleste 2007B options expired on 30 April 2013.
No Teleste Corporation shares were subscribed by the specified options in the
subscription period. On 21 August 2013, 33,730 shares were subscribed by means
of 2007C options. Up until 30 April 2014, 2007C options allow for subscription
of maximum 280,000 Teleste Corporation shares. Teleste 2007C options have been
listed on NASDAQ OMX Helsinki Oy since 2 April 2012.
Decisions by the Annual General Meeting
The Annual General Meeting (AGM) of Teleste Corporation on 12 April 2013
confirmed the financial statements for 2012 and discharged the Board of
Directors and the CEO from liability for the financial period. The AGM
confirmed the dividend of EUR 0.17 per share proposed by the Board. The
dividend was paid out on 24 April 2013.
Ms. Marjo Miettinen, Mr. Pertti Ervi, Mr. Esa Harju, Mr. Kai Telanne and Mr.
Petteri Walldén continue in Teleste's Board of Directors. Ms. Jannica Fagerholm
was elected new member of the Board of Directors. Mr. Pertti Raatikainen's
membership of the Board of Directors ended. Ms. Marjo Miettinen was elected
Chair of the Board in the organizational meeting held immediately after the
AGM.
Authorized Public Accountants KPMG Oy Ab continue as the auditor until the next
AGM. Mr. Esa Kailiala, accountant authorized by the Central Chamber of Commerce
of Finland, was chosen auditor-in-charge.
Valid authorizations granted by the AGM:
- Authorization to purchase own shares: 1,400,000
- Disposal of own shares: 1,779,985, valid until the 2014 Annual General Meeting
- Issue of new shares: 5,000,000, valid until the 2014 Annual General Meeting
- Pursuant to the special rights granted by the company, the maximum number of
shares is 2,500,000; these special rights are included in the authorization to
issue 5,000,000 new shares.
In the period under review, 113,331 treasury shares were conveyed. This
conveyance was related to the acquisition of the share capital of the
management holding company Teleste Management Oy, which was carried out through
a share exchange.
Outlook for 2013
Network capacity will continue to increase driven by the new video services
provided by the operators. However, comparisons made by the operators
concerning the future access network technologies could delay the launch of
investments. We estimate profitability of Video and Broadband Solutions to
improve over the comparative period.
We estimate profitability of Network Services to remain below the comparative
period.
We expect net sales and operating profit for 2013 to reach the 2012 level.
30 October 2013
Teleste Corporation Jukka Rinnevaara
Board of Directors President 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 2012
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 7-9/2013 7-9/2012 Change % 1-12/2012
(tEUR) Net Sales 46,478 45,590 1.9 % 193,875
Other operating income 347 0 n/a 1,150
Materials and services -23,350 -21,867 6.8 % -94,747
Personnel expenses -12,815 -13,258 -3.3 % -58,511
Other operating expenses -6,390 -6,256 2.1 % -25,753
Depreciation -1,085 -1,338 -18.9 % -5,078
Operating profit 3,185 2,871 10.9 % 10,936
Financial income and expenses -239 43 n/a -822
Profit after financial items 2,946 2,914 1.1 % 10,115
Profit before taxes 2,946 2,914 1.1 % 10,115
Taxes -911 -1,054 -13.6 % -3,412
Net profit 2,035 1,860 9.4 % 6,703
Attributable to:
Equity holders of the parent 2,035 1,860 9.4 % 6,703
Earnings per share for result of the year attributable to the equity holders of
the parent
(expressed in € per share)
Basic 0.12 0.11 8.6 % 0.38
Diluted 0.11 0.11 8.5 % 0.38
Total comprehensive income for the period (tEUR)
Net profit 2,035 1,860 9.4 % 6,703
Possible items with future net profit effect
Translation differences 44 322 -86.3 % 631
Fair value reserve -19 36 n/a 144
Total comprehensive income for the 2,060 2,218 -7.1 % 7,478
period
Attributable to:
Equity holders of the parent 2,060 2,218 -7.1 % 7,478
STATEMENT OF COMPREHENSIVE INCOME 1-9/2013 1-9/2012 Change % 1-12/2012
(tEUR)
Net Sales 138,732 146,407 -5.2 % 193,875
Other operating income 805 788 2.2 % 1,150
Materials and services -66,951 -72,265 -7.4 % -94,747
Personnel expenses -41,705 -43,759 -4.7 % -58,511
Other operating expenses -19,759 -19,074 3.6 % -25,753
Depreciation -3,597 -3,869 -7.0 % -5,078
Operating profit 7,525 8,228 -8.5 % 10,936
Financial income and expenses -424 -718 -40.9 % -822
Profit after financial items 7,101 7,510 -5.4 % 10,115
Profit before taxes 7,101 7,510 -5.4 % 10,115
Taxes -2,008 -2,428 -17.3 % -3,412
Net profit 5,093 5,082 0.2 % 6,703
Attributable to:
Equity holders of the parent 5,093 5,082 0.2 % 6,703
Earnings per share for result of the year attributable to the equity holders of
the parent (expressed in € per share)
Basic 0.29 0.29 -0.2 % 0.38
Diluted 0.29 0.29 -0.3 % 0.38
Total comprehensive income for the period (tEUR)
Net profit 5,093 5,082 0.2 % 6,703
Possible items with future net
profit effect
Translation differences -427 679 n/a 631
Fair value reserve 32 120 -73.3 % 144
Total comprehensive income for the 4,698 5,881 -20.1 % 7,478
period
Attributable to:
Equity holders of the parent 4,698 5,881 -20.1 % 7,478
STATEMENT OF FINANCIAL POSITION 30.9.2013 30.9.2012 Change % 31.12.2012
(tEUR)
Non-current assets
Property,plant,equipment 10,578 10,032 5.4 % 10,127
Goodwill 33,376 31,400 6.3 % 31,350
Other intangible assets 4,352 4,644 -6.3 % 4,174
Deferred tax assets 2,206 1,833 20.3 % 2,086
Available-for-sale investments 286 287 -0.3 % 294
50,798 48,196 5.4 % 48,031
Current assets
Inventories 21,307 21,131 0.8 % 19,495
Trade and other receivables 36,237 42,315 -14.4 % 38,811
Cash and cash equivalents 15,450 12,311 25.5 % 13,880
72,994 75,757 -3.6 % 72,186
Total assets 123,791 123,952 -0.1 % 120,217
Shareholder's equity and liabilities
Share capital 6,967 6,967 0.0 % 6,967
Other equity 55,003 51,111 7.6 % 52,912
Non-controlling interest 425 695 -38.9 % 678
62,396 58,773 6.2 % 60,557
Non-current liabilities
Provisions 783 605 29.4 % 503
Deferred tax liabilities 1,902 2,182 -12.8 % 1,297
Non interest bearing liabilities 2,400 3,394 -29.3 % 22
Interest-bearing liabilities 814 665 22.4 % 788
5,899 6,846 -13.8 % 2,610
Current liabilities
Trade payables and other 28,858 31,660 -8.9 % 32,612
liabilities
Current tax payable 267 1,040 -74.3 % 2,075
Provisions 850 1,211 -29.8 % 1,004
Interest-bearing liabilities 25,521 24,422 4.5 % 21,360
55,496 58,333 -4.9 % 57,050
Total shareholder's equity and 123,791 123,952 -0.1 % 120,217
liabilities
CONSOLIDATED CASH FLOW STATEMENT (tEUR) 1-9/ 1-9/ Change 1-12/
2013 2012 % 2012
Cash flows from operating activities
Profit for the period 5,093 5,082 0.2 % 6,703
Adjustments 6,029 7,069 -14.7 % 9,110
Interest and other financial expenses and -424 -295 43.7 % -397
incomes
Paid Taxes -3,816 -2,087 82.8 % -4,290
Change in working capital 418 450 -7.1 % 4,171
Cash flow from operating activities 7,300 10,219 -28.6 % 15,297
Cash flow from investing activities
Acquisition of subsidiary, net of cash -3,541 -580 510.6 % -828
acquired
Purchases of property, plant and equipment -977 -1,242 -21.3 % -1,110
(PPE)
Purchases of intangible assets -897 -480 86.9 % -844
Net cash used in investing activities -5,415 -2,302 135.3 % -2,782
Cash flow from financing activities
Proceeds from borrowings 5,000 0 n/a 0
Payments of borrowings -2,029 -9,249 -78.1 % -11,821
Dividends paid -2,962 -2,440 21.4 % -2,440
Proceeds from issuance of ordinary shares 103 0 n/a 0
Net cash used in financing activities 112 -11,689 n/a -14,261
Change in cash
Cash in the beginning 13,880 15,404 -9.9 % 15,404
Change in cash during period 1,997 -3,772 n/a -1,746
Effect of currency changes -427 679 n/a 221
Cash at the end 15,450 12,311 25.5 % 13,880
KEY FIGURES 1-9/ 1-9/ Change 1-12/
2013 2012 % 2012
Earnings per share, EUR 0.29 0.29 -0.2 % 0.38
Earnings per share fully diluted, EUR 0.29 0.29 -0.3 % 0.38
Shareholders' equity per share, EUR 3.55 3.37 5.3 % 3.48
Return on equity 11.0 % 11.9 % -7.0 % 11.6 %
Return on capital employed 11.5 % 13.0 % -11.9 % 13.0 %
Equity ratio 50.4 % 47.5 % 6.2 % 50.5 %
Gearing 17.4 % 21.7 % -19.7 % 13.7 %
Investments, tEUR 5,273 2,522 109.1 % 3,325
Investments % of net sales 3.8 % 1.7 % 120.6 % 1.7 %
Order backlog, tEUR 17,392 13,629 27.6 % 17,000
Personnel, average 1,324 1,326 -0.2 % 1,326
Number of shares, average (thousands) 18,734 18,729 0.0 % 18,729
including own shares
Highest share price, EUR 4.42 4.44 -0.5 % 4.44
Lowest share price, EUR 3.81 3.04 25.3 % 3.04
Average share price, EUR 4.12 3.97 3.8 % 3.98
Turnover, in million shares 1.7 2.1 -17.8 % 2.7
Turnover, in MEUR 7.0 8.2 -14.4 % 10.8
Treasury shares
Number % of % of
of shares shares votes
Teleste companies possession of own 1,189,654 6.34 % 6.34 %
shares 30.9.2013
Contingent liabilities and pledged assets (tEUR)
Leasing and rent liabilities 6,907 9,026 -23.5 % 8,528
Derivative instruments (tEUR)
Value of underlying forward contracts 7,830 1,913 309.3 % 5,936
Market value of forward contracts -257 -50 414.0 % -109
Value of underlying interest swap 11,000 2,500 340.0 % 9,000
contracts
Market value of interest swap contracts 10 -46 n/a -22
According to IFRS 7 the currency exchange contracts and interest swap contracts
are in level 2. According to IFRS 7 the available for sales assets are in
level 3. Taxes are computed on the basis of the tax on the profit for the
period.
OPERATING SEGMENTS (tEUR) 1-9/2013 1-9/2012 Change % 1-12/2012
Video and Broadband Solutions
Orders received 73,688 69,900 5.4 % 97,730
Net sales 73,696 76,571 -3.8 % 101,230
EBIT 7,106 6,495 9.4 % 8,497
EBIT% 9.6 % 8.5 % 8.4 %
Network Services
Orders received 65,036 68,936 -5.7 % 91,931
Net sales 65,036 69,836 -6.9 % 92,645
EBIT 419 1,733 -75.8 % 2,439
EBIT% 0.6 % 2.5 % 2.6 %
Total
Orders received 138,724 138,836 -0.1 % 189,661
Net sales 138,732 146,407 -5.2 % 193,875
EBIT 7,525 8,228 -8.5 % 10,936
EBIT% 5.4 % 5.6 % 5.6 %
Financial items -424 -718 -40.9 % -821
Operating segments net profit before 7,101 7,510 -5.4 % 10,115
taxes
Information per quarter 7-9/13 4-6/13 1-3/13 10-12/12 7-9/12 10/2012-
(tEUR) 9/2013
Video and Broadband Solutions
Orders received 28,919 23,350 21,419 27,830 19,720 101,518
Net sales 24,258 25,625 23,813 24,659 24,794 98,355
EBIT 2,362 2,308 2,436 2,002 2,423 9,108
EBIT % 9.7 % 9.0 % 10.2 % 8.1 % 9.8 % 9.3 %
Network Services
Orders received 22,220 20,870 21,946 22,995 20,796 88,031
Net sales 22,220 20,870 21,946 22,809 20,796 87,845
EBIT 823 -570 166 706 448 1,125
EBIT % 3.7 % -2.7 % 0.8 % 3.1 % 2.2 % 1.3 %
Total
Orders received 51,139 44,220 43,365 50,825 40,516 189,549
Net sales 46,478 46,495 45,759 47,468 45,590 186,200
EBIT 3,185 1,738 2,602 2,708 2,871 10,233
EBIT % 6.9 % 3.7 % 5.7 % 5.7 % 6.3 % 5.5 %
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
A B C D E F G H I
Shareholder's 6,967 1,504 685 48,007 2,737 -22 59,878 678 60,557
equity 1.1.2013
Total -427 5,093 0 32 4,698 0 4,698
comprehensive
income for the
period
Paid dividend -3,119 0 0 -3,119 157 -2,962
Interest, non 43 0 0 43 -43 0
controll party
Used share 103 0 103 0 103
options
Equity-settled 0 367 0 367 -367 0
share-based
payments
Shareholder's 6,967 1,504 258 50,024 3,207 10 61,970 425 62,396
equity 30.9.2013
Shareholder's 6,967 1,504 54 43,559 2,737 -166 54,655 623 55,278
equity 1.1.2012
Total 0 0 679 5,082 0 120 5,881 0 5,881
comprehensive
income for the
period
Paid dividend 0 0 0 -2,569 0 0 -2,569 129 -2,440
Interest, non 0 0 0 57 0 0 57 -57 0
controll party
Equity-settled 0 0 0 54 0 0 54 0 54
share-based
payments
Shareholder's 6,967 1,504 733 46,183 2,737 -46 58,078 695 58,773
equity 30.9.2012
CALCULATION OF KEY FIGURES
Return on Profit/loss for the financial period
equity: ------------------------------ * 100
Shareholders' equity (average)
Return on Profit/loss for the period after financial items + financing
capital charges
employed: ------------------------------ * 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 Profit for the period attributable to equity holder of the
share: parent
----------------------------------------------
Weighted average number of ordinary shares outstanding during
the period
Earnings per Profit for the period attributable to equity holder of the
share, parent (diluted)
diluted: ----------------------------------------------- Average number
of shares - own shares + number of options at the period-end
Shareholders 30.9.2013 Shares %
EM Group Oy 4,409,712 23.50
Mandatum Life Insurance Company Limited 1,679,200 8.95
Ilmarinen Mutual Pension Insurance Company 953,854 5.08
Kaleva Mutual Insurance Company 824,641 4.40
OP-Finland Small Firms Fund 630,712 3.36
Teleste Management II Oy 542,000 2.89
Varma Mutual Pension Insurance Company 521,150 2.78
The State Pension Fund 500,000 2.66
Teleste Management Oy 381,000 2.03
FIM Fenno Equity fund 271,242 1.45
Sector Dispersion 30.9.2013 Shareholders % Shares %
Households 4,725 92.5 4,633,923 24.7
Public sector institutions 6 0.1 2,009,004 10.7
Financial and insurance institutions 14 0.3 3,419,917 18.2
Corporations 285 5.6 7,261,069 38.7
Non-profit institutions 35 0.7 384,067 2.0
Foreign and nominee registered owners 41 0.8 1,054,340 5.6
Total 5,106 100.0 18,762,320 100.0
Amount of shares 30.9.2013 Shareholders % Shares %
1 - 100 1,129 22.1 77,324 0.4
101 - 500 2,192 42.9 601,516 3.2
501 - 1,000 793 15.5 653,444 3.5
1001 - 5,000 804 15.7 1,768,092 9.4
5,001 - 10,000 93 1.8 670,603 3.6
10,001 - 50,000 68 1.3 1,299,461 6.9
50,001 - 100,000 4 0.1 341,055 1.8
100,001 - 500,000 16 0.3 3,789,556 20.2
500,001 - 7 0.1 9,561,269 51.0
Total 5,106 100.0 18,762,320 100.0
of which nominee registered 837,775 4.5
The following assets and liabilities were preliminary recognised in the
acquisition of Asheridge:
1 000 € Recognised fair values on
acquisition
Fair values used in consolidation
Trade marks (inc. in intangible assets) 0
Customer relationship (inc. in intangible 730
assets)
Technology (inc. in intangible assets) 533
Inventories 727
Trade receivables 1 126
Book values used in consolidation
Tangible asstes 731
Other receivables 81
Cash and cash equivalents 219
Total assets 4 147
Book values used in consolidation
Interest-bearing liabilities 1 209
Trade payables 1 084
Deferred tax liabilites 315
Other liabilities 242
Total liabilities 2 850
Net identifiable assets and liabilities 1 297
Total consideration 3 553
Goodwill on acquisition 2 257
Consideration paid in cash -1 184
Cash and cash equivalents in acquired 219
subsidiary
Total net cash outflow on the acquisition -965
ADDITIONAL INFORMATION:
CEO Jukka Rinnevaara, phone +358 2 2605 866 or +358 400 747 488
DISTRIBUTION:
NASDAQ OMX Helsinki
Main Media
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