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2011-10-26 07:30:00 CEST 2011-10-26 07:30:19 CEST REGULATED INFORMATION Teleste - Interim report (Q1 and Q3)TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 SEP 2011Turku, Finland, 2011-10-26 07:30 CEST (GLOBE NEWSWIRE) -- TELESTE CORPORATION INTERIM REPORT 26.10.2011 AT 08:30 TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 SEP 2011 Third quarter of 2011 - Net sales grew by 21.6% amounting to EUR 47.0 (38.6) million - Operating profit grew by 91.4% equaling EUR 3.8 (2.0) million - Undiluted result per share stood at EUR 0.15 (EUR 0.07) - Orders received improved by 9.8% standing at EUR 43.8 (39.9) million - Orders received by Video and Broadband Solutions increased by 5.3% over the period of comparison and amounted to EUR 22.3 (21.2) million - Orders received by Network Services increased by 14.9% over the period of comparison and stood at EUR 21.5 (18.7) million - Operating cash flow stood at EUR -0.5 (0.8) million Outlook for 2011 We keep the outlook for 2011 unchanged. We estimate net sales to increase slightly and the operating profit to improve somewhat over the 2010 level. Comments on Q3 by CEO Jukka Rinnevaara The operator clientele of Video and Broadband Solutions continued to increase the capacity of their networks and kept on investing in new services. Year-on-year orders received by the business area picked up slightly while net sales and operating profit increased significantly. In Q3, we enhanced our production capacity to match the increased demand. The level of profitability in Q3 was good. The first significant deliveries of the Luminato headend solution to Russia started in the third quarter. Similarly, deliveries involving optical equipment were on a sound level. Year-on-year orders received, net sales and operating profit of Network Services increased significantly. Deliveries involving German network services and UK network planning operations developed favorably. The development program for the German services operations proceeded according to plan, but the costs went up to some extent because of the limited availability of certain subcontractor resources. The Group's Business in the Third Quarter of 2011 Net sales grew by 21.6% amounting to EUR 47.0 (38.6) million. Operating profit stood at EUR 3.8 (2.0) million making 8.1% (5.1%) of the net sales. Undiluted result per share was EUR 0.15 (0.07). Orders received stood at EUR 43.8 (39.9) million, i.e. 9.8% above the period of comparison. Order backlog totaled EUR 21.4 (13.3) million. The increase in order backlog was mostly attributable to the German market. Operating cash flow stood at EUR -0.5 (0.8) million. Inventories and short-term receivables grew over the year of comparison. Increase in inventories over the period of comparison by EUR 5.5 million was mainly due to incompleteness of certain customer deliveries by Video and Broadband Solutions. Year-on-year short-term receivables grew by EUR 8.7 million. This growth was mainly due to a change in payment terms conducted in late 2010 by the German main client of our Network Services. Group Operations - January to September 2011 Net sales grew by 7.4% amounting to EUR 130.2 (121.2) million. Operating profit grew by 17.5% equaling EUR 5.2 (4.5) million. Undiluted result per share was EUR 0.20 (0.15). Year-on-year orders received improved by 15.7% standing at EUR 134.6 (116.4) million. Operating cash flow stood at EUR -2.4 (4.5) million. Video and Broadband Solutions in Q3 Net sales grew by 20.2% amounting to EUR 23.9 (19.9) million. Operating profit stood at EUR 3.4 (2.0) million making 14.3% (9.8%) of the net sales. Even relative profitability improved as a result of the increase in net sales. Orders received totaled EUR 22.3 (21.2) million. Order backlog totaled EUR 18.8 (13.3) million. R&D expenses for the business area amounted to EUR 2.8 (2.2) million making 11.7% (11.2%) of the area's net sales. Increase in R&D expenses was due to investments in the Luminato video processing system and the video surveillance transfer solution (standard H.264). Some 60% (60%) of product development expenses involved further development of product platforms currently in production, maintenance, and customer-specific product applications. Out of the R&D expenses EUR 0.7 (0.4) million were capitalized, which involved mainly the Luminato video processing system and the video surveillance transfer system in line with standard H.264. Depreciation on activated R&D expenses amounted to EUR 0.5 (0.6) million. Video and Broadband Solutions - January to September Net sales grew by 4.8% amounting to EUR 62.0 (59.2) million. Operating profit increased by 29.7% standing at EUR 5.2 (4.0) million making 8.3% (6.7%) of the net sales. Product development expenses equaled EUR 8.6 (7.7), in other words 13.9% (12.9%) of the net sales. Orders received improved by 8.7% standing at EUR 64.6 (59.5) million. Network Services in Q3 Net sales amounted to EUR 23.0 (18.7) million. Net sales grew in all target markets of the business area. Operating profit stood at EUR 0.4 (0.03) million making 1.6% (0.2%) of the net sales. The development program for the German services operations proceeded according to plan, but the costs went up to some extent because of the limited availability of certain subcontracting resources. Orders received in Q3 stood at EUR 21.5 (18.7) million. Order backlog totaled EUR 2.6 (0.0) million. Network Services - January to September Net sales grew by 9.9% amounting to EUR 68.2 (62.0) million. Operating profit fell over the comparative period standing at EUR 0.1 (0.5) million, which is 0.1% (0.8%) of the net sales. In H1 of the period under review, this decline in operating profit involved Germany, and was due to increased costs related to both construction work mainly carried out by means of subcontracting and those involving added resources in fiber-optic projects. Over the comparative period, clearly more working capital was committed to accounts receivable due to a change of a payment term in late 2010 by the German main client. Orders received improved by 23.0% standing at EUR 70.0 (56.9) million. Investment and Financing - January to September Investments by the Group for the period under review totaled EUR 5.2 (9.2) million accounting for 4.0% (7.6%) of the net sales. Investments made in the comparative period include two acquisitions. Out of these investments EUR 1.1 (0.4) million involved the extension of premises in Finland. Product development investments totaled EUR 2.1 (1.2) million. As to other investments, EUR 1.1 million was allocated in tools and equipment for Network Services, 0.4 million in machinery and equipment for Video and Broadband Solutions. Investments made in corporate reporting and computing totaled EUR 0.5 million. As to investments for the period, EUR 0.4 (0.1) million was carried out by means of financial leasing. Operating cash flow stood at EUR -2.4 (4.5) million. In the review period, working capital was committed, in particular, to the accounts receivable and inventories. At the end of the period under review, the amount of unused binding stand-by credits amounted to EUR 7.5 (18.5) million. The current binding stand-by credits of EUR 40.0 million run till November 2013. The Group's equity ratio equaled 41.4% (41.5%) and net gearing 44.1% (26.7%). Interest bearing debt on 30 September 2011 stood at EUR 33.4 (22.9) million. Personnel and Organization - January to September In January to September 2011, the Group employed an average of 1,290 people (1,221/2010, 1,090/2009). At the end of the review period, the number of Group's employees was 1,311 (1,231/2010, 1,230/2009), of whom 755 (664) worked for Network Services and 556 (567) for Video and Broadband Solutions. Employees stationed outside Europe accounted for less than 5% of the Group's personnel. At the end of the review period, the number of rented personnel involved in production in Finland was 24. Expenditure on employee benefits amounted to EUR 39.1 (36.7/January-September/2010, EUR 31.2/January-September/2009) million. Essential Operational Risks of the Business Areas Founded in 1954, Teleste is a technology and service provider consisting of two business areas: Video and Broadband Solutions and Network Services. With Europe as the main market area, our most significant clients include European cable operators and specified organizations in the public sector. Concerning Video and Broadband Solutions, 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. The still ongoing difficult market situation may delay the implementation of investment plans among the clientele. Network investments carried out by the clients vary based on their need for upgrading and their capital structure. Much of Teleste's competition comes from the USA so the exchange rate of euro up against the US dollar affects our competitiveness. Teleste hedges against short-term currency exposure by means of forward contracts. Correct technological choices and their timing are vital for our success. Net sales for Network Services comes, for the most part, from a small number of large European customers, so a change in the demand for services by any one of them is reflected in the actual deliveries. The services provided by this business area include planning, new construction and maintenance of cable and fiber networks. Implementation and scope of the relevant services vary by client ranging from stand-alone applications to integrated turnkey deliveries. Most deliveries are based on frame agreements. The services also include Teleste's own product solutions. Our know-how in services covers all the sectors related to the cable and fiber-optic network technology from installation and maintenance of headends to upgrading of house networks. Services will also be implemented through a network of subcontracting, so the sufficiency of our subcontractor network capacity may limit our ability to deliver. To ensure quality of services and cost-efficiency, along with an efficient service process management, customer satisfaction requires innovative solutions in terms of processes, products and logistics. As far as technical management of the networks and functional product solutions are concerned, ensuring smooth operation of the operators' networks requires constant focus on the development of qualifications of Teleste's own and its suppliers' personnel. It is equally important for our business areas to take into account any market developments such as consolidations taking place among the clientele and competition. Also the European financial market instability including the difficult economic situation of the public sector affects the demand for our products and services, either directly or indirectly. Weather conditions in our target markets affect the delivery conditions of products and services of our business areas. 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 and their probability are reported to the Board by regular monthly reports. The company has covered risks involving damage to operative functions of the business areas mainly through insurance policies. These insurances do not include credit loss risks. In the period under review, no such risks materialized, and no 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, China and Denmark with subsidiaries in 12 countries outside Finland. Teleste Management Oy, founded in March 2010, has been consolidated in the Teleste Group figures on account of financial arrangements. Decisions by the Annual General Meeting The Annual General Meeting (AGM) of Teleste Corporation on 08.04.11 confirmed the financial statements for 2010 and discharged the Board of Directors and the CEO from liability for the financial period. The AGM confirmed the dividend of EUR 0.12 per share proposed by the Board. The dividend was paid out on 20 April 2011. The AGM elected Marjo Miettinen, Pertti Ervi, Tero Laaksonen, Pertti Raatikainen, Kai Telanne and Petteri Walldén members of the Board. 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. Accountant authorized by the Central Chamber of Commerce of Finland Esa Kailiala was chosen auditor-in-charge. The AGM authorized the Board to acquire the maximum of 1,400,000 of the company's own shares and to convey the maximum of 1,779,985 company's own shares. The AGM also authorized the company Board to issue 5,000,000 new shares. Pursuant to the special rights provided by the company, the maximum number of significant shares is 2,500,000; these special rights are included in the authorization to issue 5,000,000 new shares. Shares and Changes in Share Capital On 30 September 2011, EM Group Oy was the largest single shareholder with a holding of 21.55%. In the period under review, the lowest company share price was EUR 2.61 (3.63) and the highest was EUR 4.82 (5.33). Closing price on 30 September 2011 stood at EUR 2.71 (4.91). According to Euroclear Finland Ltd the number of shareholders at the end of the period under review was 5,090 (5,306). Foreign ownership accounted for 8.0% (8.5%). From 1 January to 30 September 2011, trading with Teleste share at NASDAQ OMX Helsinki amounted to EUR 4.8 (11.6) million. In the period under review, 1.2 (2.6) million Teleste shares were traded on the stock exchange. At the end of September 2011, the number of own shares in the Group possession stood at 760,985 (760,985) out of which parent company Teleste Corporation had none (0) while other Group or controlled companies had 760,985 shares, respectively. At the end of the period, the Group's holding of the total amount of shares amounted to 4.18% (4.18%). On 30 September 2011, the registered share capital of Teleste stood at EUR 6,966,932.80 divided in 18,186,590 shares. Outlook In 2011, deliveries of equipment and solutions by Video and Broadband Solutions to its customer base of operators in our target markets will, in our estimation, at least achieve the level of 2010. European telecom operators have launched their investments into the TV distribution infrastructure, and we believe that our video headend and optical network products will be competitive in this new emerging market. Due to postponements in a number of medium-sized projects Teleste's deliveries related to security and traffic control will remain at the level of the comparative period. On the annual basis, demand by our current clientele for the services provided by Network Services will remain relatively active. We expect that in Germany, the main market, profitability for the current year will improve from the 2010 level with the increase in net sales and the gradual introduction of the streamlining measures. We keep the outlook for 2011 unchanged. We estimate net sales to increase slightly and the operating profit to improve somewhat over the 2010 level. 26 October 2011 Teleste Corporation Jukka Rinnevaara Board of Directors 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. The data stated in this report is unaudited. STATEMENT OF COMPREHENSIVE INCOME (tEUR) 7-9/2011 7-9/2010 Change % Net Sales 46,960 38,625 21.6 % Other operating income 461 363 27.2 % Materials and services -23,039 -18,650 23.5 % Personnel expenses -13,106 -11,624 12.7 % Other operating expenses -6,172 -5,080 21.5 % Depreciation -1,308 -1,650 -20.7 % Operating profit 3,796 1,984 91.4 % Financial income and expenses -98 -111 -11.7 % Profit after financial items 3,698 1,873 97.5 % Profit before taxes 3,698 1,873 97.5 % Taxes -1,103 -635 73.7 % Net profit 2,595 1,238 109.7 % Attributable to: Equity holders of the parent 2,595 1,238 109.7 % Earnings per share for result of the year attributable to the equity holders of the parent (expressed in € per share) Basic 0.15 0.07 109.7 % Diluted 0.15 0.07 112.9 % TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (tEUR) Net profit 2,595 1,238 109.7 % Translation differences -87 -67 29.9 % Fair value reserve 0 7 n/a Total comprehensive income for the period 2,508 1,178 113.0 % Attributable to: Equity holders of the parent 2,508 1,178 113.0 % STATEMENT OF COMPREHENSIVE INCOME (tEUR) 1-9/2011 1-9/2010 Change % 1-12/2010 Net Sales 130,183 121,193 7.4 % 167,836 Other operating income 1,383 971 42.5 % 1,460 Materials and services -65,184 -59,980 8.7 % -82,054 Personnel expenses -39,080 -36,684 6.5 % -50,824 Other operating expenses -18,108 -16,492 9.8 % -23,090 Depreciation -3,946 -4,543 -13.1 % -5,896 Operating profit 5,248 4,465 17.5 % 7,432 Financial income and expenses -398 -497 -19.9 % -689 Profit after financial items 4,850 3,968 22.2 % 6,743 Profit before taxes 4,850 3,968 22.2 % 6,743 Taxes -1,426 -1,288 10.7 % -1,959 Net profit 3,424 2,680 27.8 % 4,784 Attributable to: Equity holders of the parent 3,424 2,680 27.8 % 4,784 Earnings per share for result of the year attributable to the equity holders of the parent (expressed in € per share) Basic 0.20 0.15 27.8 % 0.27 Diluted 0.20 0.15 29.7 % 0.27 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (tEUR) Net profit 3,424 2,680 27.8 % 4,784 Translation differences -286 -125 128.8 % 277 Fair value reserve 96 -150 n/a -70 Total comprehensive income for the period 3,234 2,405 34.5 % 4,991 Attributable to: Equity holders of the parent 3,234 2,405 34.5 % 4,991 STATEMENT OF FINANCIAL POSITION (tEUR) 30.09.2011 30.09.2010 Change % 31.12.2010 Non-current assets Property,plant,equipment 10,445 9,020 15.8 % 8,836 Goodwill 30,959 36,914 -16.1 % 30,959 Intangible assets 6,314 7,021 -10.1 % 6,709 Investments 713 713 0.0 % 713 48,431 53,668 -9.8 % 47,217 Current assets Inventories 25,118 19,623 28.0 % 21,000 Other current assets 42,170 33,438 26.1 % 32,819 Liquid funds 10,600 10,063 5.3 % 15,203 77,888 63,124 23.4 % 69,022 Total assets 126,319 116,792 8.2 % 116,239 Shareholder's equity and liabilities Share capital 6,967 6,967 0.0 % 6,967 Other equity 44,402 40,902 8.6 % 43,143 Non-controlling interest 318 319 -0.3 % 292 51,687 48,188 7.3 % 50,402 Non-current liabilities Provisions 361 513 -29.6 % 511 Non interest bearing liabilities 4,499 10,720 -58.0 % 4,522 Interest bearing liabilities 10,937 11,676 -6.3 % 11,847 15,797 22,909 -31.0 % 16,880 Short-term liabilities Trade payables and other s-t liabilities 35,063 33,212 5.6 % 31,401 Provisions 1,313 1,227 7.0 % 1,313 S-t interest bearing liabilities 22,459 11,256 99.5 % 16,243 58,835 45,695 28.8 % 48,957 Total shareholder's equity and liabilities 126,319 116,792 8.2 % 116,239 CONSOLIDATED CASH FLOW STATEMENT (tEUR) 1-9/2011 1-9/2010 Change % 1-12/2010 Cash flows from operating activities Profit for the period 3,424 2,680 27.8 % 4,784 Adjustments 5,912 6,517 -9.3 % 6,143 Interest and other financial expenses and incomes -398 -497 -19.9 % -481 Paid Taxes -2,000 -378 429.1 % -786 Change in working capital -9,378 -3,805 146.5 % -4,248 Cash flow from operating activities -2,440 4,517 n/a 5,412 Cash flow from investing activities Acquisition of subsidiary, net of cash acquired 0 -3,120 n/a -3,643 Purchases of property, plant and equipment (PPE) -2,223 -620 258.5 % -716 Purchases of intangible assets -2,869 -1,006 185.2 % -1,499 Net cash used in investing activities -5,092 -4,746 7.3 % -5,858 Cash flow from financing activities Proceeds from borrowings 6,000 0 n/a 5,520 Payments of borrowings -694 -966 -28.2 % -1,562 Dividends paid -2,091 -1,394 50.0 % -1,394 Proceeds from issuance of ordinary shares 0 259 n/a 289 Net cash used in financing activities 3,215 -2,101 n/a 2,853 Change in cash Cash in the beginning 15,203 12,518 21.4 % 12,518 Change in cash during period -4,317 -2,330 85.3 % 2,408 Effect of currency changes -286 -125 128.8 % 277 Cash at the end 10,600 10,063 5.3 % 15,203 KEY FIGURES 1-9/2011 1-9/2010 Change % 1-12/2010 Earnings per share, EUR 0.20 0.15 27.8 % 0.27 Earnings per share fully diluted, EUR 0.20 0.15 29.7 % 0.27 Shareholders' equity per share, EUR 2.97 2.77 7.3 % 2.90 Return on equity 8.9 % 7.5 % 18.6 % 9.9 % Return on capital employed 8.8 % 8.6 % 1.8 % 10.2 % Equity ratio 41.4 % 41.5 % -0.4 % 43.6 % Gearing 44.1 % 26.7 % 65.1 % 25.5 % Investments, tEUR 5,195 9,232 -43.7 % 3,765 Investments % of net sales 4.0 % 7.6 % -47.6 % 2.2 % Order backlog, tEUR 21,420 13,271 61.4 % 17,000 Personnel, average 1,290 1,221 5.7 % 1,215 Number of shares (thousands) 18,094 18,062 0.2 % 18,094 including own shares Highest share price, EUR 4.82 5.33 -9.6 % 5.33 Lowest share price, EUR 2.61 3.63 -28.1 % 3.64 Average share price, EUR 3.89 4.44 -12.4 % 4.49 Turnover, in million shares 1.2 2.6 -53.2 % 3.2 Turnover, in MEUR 4.8 11.6 -59.0 % 14.2 Treasury shares Number % of % of of shares shares votes Teleste companies owns own shares 760,985 4.18 % 4.18 % Contingent liabilities and pledged assets (tEUR) For own debt Other securities 0 120 n/a 640 Leasing and rent liabilities 9,210 6,518 41.3 % 6,481 9,210 6,638 38.7 % 7,121 Derivative instruments (tEUR) Value of underlying forward contracts 6,181 5,285 17.0 % 8,283 Market value of forward contracts -10 -176 -94.3 % -293 Interest rate swap 11,500 11,500 0.0 % 11,500 Market value of interest swap -186 -266 -30.1 % -236 Taxes are computed on the basis of the tax on the profit for the period. OPERATING SEGMENTS (tEUR) 1-9/2011 1-9/2010 Change % 1-12/2010 Video and Broadband Solutions Order intake 64,600 59,450 8.7 % 86,530 Net sales 62,018 59,159 4.8 % 82,007 EBIT 5,158 3,976 29.7 % 6,345 EBIT% 8.3 % 6.7 % 23.8 % 7.7 % Network Services Order intake 70,003 56,914 23.0 % 80,675 Net sales 68,165 62,034 9.9 % 85,829 EBIT 90 489 -81.6 % 1,087 EBIT% 0.1 % 0.8 % -83.2 % 1.3 % Total Order intake 134,603 116,364 15.7 % 167,205 Net sales 130,183 121,193 7.4 % 167,836 EBIT 5,248 4,465 17.5 % 7,432 EBIT% 4.0 % 3.7 % 9.4 % 4.4 % Financial items -398 -497 -19.9 % -689 Operating segments net profit before taxes 4,850 3,968 22.2 % 6,743 Information per quarter (tEUR) 7-9/11 4-6/11 1-3/11 10-12/10 7-9/10 10/2010- 9/2011 Video and Broadband Solutions Order intake 22,300 24,827 17,473 27,080 21,170 91,680 Net sales 23,947 19,517 18,554 22,882 19,915 84,900 EBIT 3,420 1,332 406 2,365 1,955 7,523 EBIT % 14.3 % 6.8 % 2.2 % 10.3 % 9.8 % 8.9 % Network Services Order intake 21,503 25,744 22,756 23,761 18,710 93,764 Net sales 23,013 22,396 22,756 23,761 18,710 91,926 EBIT 376 -422 136 603 28 693 EBIT % 1.6 % -1.9 % 0.6 % 2.5 % 0.2 % 0.8 % Total Order intake 43,803 50,571 40,229 50,841 39,880 185,444 Net sales 46,960 41,913 41,310 46,643 38,625 176,826 EBIT 3,796 910 542 2,968 1,984 8,216 EBIT % 8.1 % 2.2 % 1.3 % 6.4 % 5.1 % 4.6 % Attributable to equity holders of the parent (tEUR) Share Share Trans Retained Invested Other Total Share of Total capital premium lation earnings free funds non-cont equity diffe capital -roll-ing rences Inte-rest Share-holder's 6,967 1,504 -95 39,183 2,737 -186 50,110 292 50,402 equity 1.1.2011 Total -286 3,424 96 3,234 0 3,234 compre- hensive income for the period Paid dividend -2,137 -2,137 46 -2,091 Equity-settled 142 0 0 142 0 142 share-based payments Changes in 20 20 -20 0 subsi-diary interest Share-holder's 6,967 1,504 -381 40,632 2,737 -90 51,369 318 51,687 equity 30.9.2011 Share-holder's 6,967 1,504 -372 35,949 2,737 -116 46,669 0 46,669 equity 1.1.2010 Profit of the -125 2,680 -150 2,405 0 2,405 period Share issue 0 289 289 Paid dividend -1,394 -1,394 30 -1,364 Equity-settled 189 0 0 189 0 189 share-based payments Share-holder's 6,967 1,504 -497 37,424 2,737 -266 47,869 319 48,188 equity 30.9.2010 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 SHAREHOLDERS 30.9.2011 Shares % EM Group Oy 3,918,513 21.55 Mandatum Life 1,679,200 9.23 Ilmarinen Mutual Pension Insurance Company 936,776 5.15 Kaleva Mutual Pension Insurance Company 824,641 4.53 Op-Suomi Small Cap 545,925 3.00 Varma Mutual Pension Insurance Company 521,150 2.87 State Pension Fund 500,000 2.75 Aktia Capital Mutual Fund 450,000 2.47 Skagen Vekst Verdipapierfond 437,000 2.40 Teleste Management Oy 381,000 2.09 SECTOR DISPERSION 30.9.2011 Shareholders % Shares % Corporations 290 5.69 5,914,717 32.52 Financial and insurance corporations 10 0.19 3,638,526 20.00 Public institutions 9 0.17 2,327,976 12.80 Non-profit institutions 35 0.68 369,811 2.03 Households 4,710 92.53 4,474,136 24.60 Foreign countries and nominee registered 36 0.70 1,461,424 8.03 Total 5,090 100 18.186,590 100 HOLDING DISPERSION 30.9.2011 Owners % Shares % 0 - 100 1,137 22.33 78,649 0.43 101 - 1 000 2,965 58.25 1,242,903 6.83 1 001 - 10 000 894 17.56 2,550,965 14.02 10 001 - 100 000 76 1.49 1,894,204 10.41 100 001 - 1 000 000 16 0.31 6,822,156 37.51 1 000 001 - 2 0.03 5,597,713 30.77 Total 5,090 100.00 18,186,590 100.00 Final calculation of recognised fair values on acquisition of Satlan 1 000 EUR Fair values used in consolidation Trade marks (inc. in intangible assets) 154 Customer relationship (inc. in intangible assets) 843 Inventories 1,314 Trade receivables 1,305 Book values used in consolidation Tangible assets 51 Other receivables 219 Liquid funds 333 Total assets 4,219 Book values used in consolidation Deferred tax liabilities 259 Other liabilities 2,363 Total liabilities 2,622 Net identifiable assets and liabilities 1,597 Total consideration 6,330 Goodwill on acquisition 4,733 Consideration paid in cash -2,780 Cash and cash equivalents in acquired subsidiary 333 Total net cash outflow on the acquisition -2,447 ADDITIONAL INFORMATION: CEO Jukka Rinnevaara, tel +358 2 2605 866 or +358 400 747 488 DISTRIBUTION: NASDAQ OMX Helsinki Media www.teleste.com |
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