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 2011
Turku, 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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