2012-08-01 07:30:01 CEST
2012-08-01 07:30:12 CEST
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 AUGUST 2012 AT 08:30
Turku, Finland, 2012-08-01 07:30 CEST (GLOBE NEWSWIRE) -- TELESTE CORPORATION
INTERIM REPORT 1 AUGUST 2012 AT 08:30
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 JUNE 2012
PROFITABLE GROWTH CONTINUED, EXCELLENT CASH FLOW FROM OPERATIONS
Q2 of 2012
- Orders received totaled EUR 49.2 (50.6) million, i.e. 2.7% below the
comparable period
- Net sales equaled EUR 49.7 (41.9) million, an increase of 18.5%
- Operating profit stood at EUR 2.4 (0.9) million, an increase of 165.9%
- Undiluted result per share stood at EUR 0.07 (0.03)
- Operating cash flow amounted to EUR 5.5 (-0.9) million
Key figures (€ million)
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4-6/2012 4-6/2011 Change %
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Orders received 49.2 50.6 -2.7%
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Net sales 49.7 41.9 18.5%
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Operating profit 2.4 0.9 165.9%
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Operating Profit, % 4.9% 2.2%
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Net profit 1.2 0.6 119.8%
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Other important key figures
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Earnings per share, EUR 0.07 0.03 119.6%
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Cash flow from operations, € million 5.5 -0.9 n/a
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Outlook 2012
We estimate the 2012 net sales and operating profit to increase from the level
of 2011.
Comments on Q2 of 2012 by CEO Jukka Rinnevaara"In Video and Broadband Solutions we strengthened our market position in Europe
by winning new customers. Network upgrades were slowed down to some degree by
major sporting events. In the review period, a major frame agreement was signed
concerning deliveries of Teleste's next-generation optical fiber node solutions
to Liberty Global's European unit. The signed frame agreement is valid until
2017. Deliveries of Luminato headend to Russia increased towards the end of the
reporting period.
Deliveries by Network Services increased in all target markets, and operating
profit improved clearly over the comparative period. The development program
for the German services operations was making good progress, but the fiber
projects were still weakened by cost overruns related to sub-contracting."
Group Operations in April to June 2012
Orders received by the Group in second quarter totaled EUR 49.2 (50.6) million,
which is 2.7% below the reference period. In the comparative period, project
orders of EUR 8.5 million were received from Germany. Order backlog stood at
EUR 18.7 (23.7) million, which is 21.3% below the reference period.
Net sales grew by 18.5 % amounting to EUR 49.7 (41.9) million. Year-on-year
operating profit was up by 165.9% standing at EUR 2.4 (0.9) million, which is
4.9% (2.2%) of net sales. Materials margin was almost at par with the
comparative period. Year-on-year wages and salaries grew by 14.3% standing at
EUR 15.4 (13.5) million. This rise in wages and salaries was contributed by
growth in the number of personnel, accruals of payments by results, and
union-contract increases. Financial expenses totaled EUR 0.6 (0.1) million.
Financial expenses include a write-down of EUR 0.4 million. Taxes amounted to
EUR 0.6 (0.2) million with the Group's tax rate standing at 32.7 % (28.1 %).
Undiluted result per share was EUR 0.07 (0.03).
Group Operations in January to June 2012
Key figures (€ million)
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1-6/2012 1-6/2011 Change % 1-12/2011
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Orders received 98.3 90.8 8.3% 188.1
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Net sales 100.8 83.2 21.1% 183.6
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Operating profit 5.4 1.5 268.9% 9.4
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Operating Profit, % 5.3% 1.7% 5.1%
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Net profit 3.2 0.8 288.7% 6.3
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Other important key figures
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Earnings per share, EUR 0.18 0.05 288.5% 0.36
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Cash flow from operations, € million 10.4 -1.9 n/a 2.1
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Net gearing, % 21.1% 41.9% -49.6% 32.2%
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Equity ratio, % 46.2% 41.4% 11.6% 41.6%
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Personnel at period-end 1,348 1,314 2.6% 1,310
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In the first quarter, due to the good order intake, orders received increased
by 8.3% from the comparative period and totaled EUR 98.3 (90.8) million. Net
sales grew by 21.1 % amounting to EUR 100.8 (83.2) million. Operating profit
grew by 268.9% equaling EUR 5.4 (1.5) million.
Financial expenses totaled EUR 0.7 (0.3) million. Taxes amounted to EUR 1.4
(0.3) million with the Group's tax rate standing at 29.9% (28.0%). Undiluted
result per share was EUR 0.18 (0.05). Operating cash flow was EUR 10.4 (-1.9)
million.
Video and Broadband Solutions in April to June 2012
Economic Development of Video and Broadband Solutions
4-6/2012 4-6/2011 Change %
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Orders received 23,790 24,827 -4.2%
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Net sales 24,278 19,517 24.4%
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Operating profit 1,548 1,332 16.2%
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Operating Profit, % 6.4% 6.8%
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Orders received decreased by 4.2% and stood at EUR 23.8 (24.8) million. In the
comparative period, project orders of EUR 5.0 million were received from
Germany. Order backlog totaled EUR 18.7 (20.0) million.
Net sales grew by 24.4 % amounting to EUR 24.3 (19.5) million. Net sales from
optical network equipment and house network amplifiers increased over the
comparative period. Deliveries of Luminato headend to Russia increased towards
the end of the second quarter.
Operating profit stood at EUR 1.5 (1.3) million making 6.4 % (6.8 %) of net
sales. Accruals of payments by results as well as union-contract increases
pushed up wages and salaries from the comparative period.
Research and development expenses equaled EUR 3.0 (3.0) million, i.e. 12.4%
(15.4%) of the business area's net sales. In the second quarter, no R&D
expenses were activated due to a temporary shift in projects' focus on
short-term client applications. In the reference period, activated R&D expenses
amounted to EUR 1.0 million. Depreciation on R&D expenses stood at EUR 0.5
(0.5) million.
Video and Broadband Solutions in January to June 2012
1-6/2012 1-6/2011 Change % 1-12/2011
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Orders received 50,180 42,300 18.6% 93,274
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Net sales 51,777 38,071 36.0% 89,716
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Operating profit 4,072 1,738 134.3% 8,220
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Operating Profit, % 7.9% 4.6% 9.2%
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Orders received stood at EUR 50.2 (42.3) million, i.e. 18.6% above the period
of comparison. New video services such as video-on-demand and Internet TV have
increased the need for cable network capacity.
Net sales grew by 36.0% amounting to EUR 51.8 (38.1) million. Operating profit
increased 134.3% to EUR 4.1 (1.7) million, or 7.9% (4.6%) of net sales. This
growth in operating profit was due to increase in net sales. R&D expenses
amounted to EUR 5.9 (5.8) million, or 11.4% (15.4%), out of which EUR 0.3 (1.5)
million were activated.
Network Services in April to June 2012
Economic Development of Network Services
4-6/2012 4-6/2011 Change %
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Orders received 25,409 25,744 -1.3%
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Net sales 25,409 22,396 13.5%
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Operating profit 872 -422 n/a
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Operating Profit, % 3.4% -1.9%
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Orders received in Q2 stood at EUR 25.4 (25.7) million. Net sales grew by 13.5
% amounting to EUR 25.4 (22.4) million. Operating profit stood at EUR 0.9
(-0.4) million making 3.4% (-1.9%) of net sales. This favorable development in
operating profit was mainly brought about by increase in net sales and the
turnaround profitability program. Instead, profitability of the fiber projects
was further aggravated by cost overruns related to sub-contracting.
Network Services in January to June 2012
1-6/2012 1-6/2011 Change % 1-12/2011
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Orders received 48,140 48,500 -0.7% 94,800
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Net sales 49,040 45,152 8.6% 93,900
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Operating profit 1,285 -286 n/a 1.160
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Operating Profit, % 2.6% -0.6% 1.2%
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Orders received totaled EUR 48.1 (48.5) million. Net sales grew by 8.6%
amounting to EUR 49.0 (45.2) million. Net sales increased in all target
markets. Operating profit equaled EUR 1.3 (-0.3) million, and improved
significantly over the comparative period mainly due to increase in net sales
and progress made in the turnaround profitability program.
Personnel and Organization in January to June 2012
The Group had an annual average 1,326 people (1,279/2011 1,221/2010), of whom
565 (561) were employed by Video and Broadband Solutions and 761 (718) by
Network Services. At the end of the review period, the figure totaled 1,348
(1,314/2011, 1,203/2010) of whom 70% (72%/2011, 68%/2010) were stationed
overseas. Employees stationed outside Europe accounted for less than 5% of the
Group's personnel.
The year-on-year employee benefits expenses increased by 17.4% and totaled EUR
30.5 (26.0/January to June/2011, 25.1/January to June/2010) million. The
increase in costs involving wages and salaries was attributable to factors such
as growth in the number of personnel in Network Services, accruals in payments
by results, as well as union-contract increases.
The number of rented workforce in Finnish production averaged 26 (0) people. At
the end of the review period, rented workforce amounted to 20 (0). Costs
involving rented workforce are included in the material costs and services.
Investments in January to June 2012
Investments by the Group for the period under review totaled EUR 1.7 (3.4)
million accounting for 3.5% (4.1%) of net sales. Product development
investments totaled EUR 0.3 (1.5) million. Other investments involved
information systems, production machinery and equipment. As to investments, EUR
0.6 (0.1) million was implemented by means of financial leasing. Investments in
the comparative period included the premises expansion investment of EUR 1.0
million.
Financing and capital structure in January to June 2012
Operating cash flow was EUR 10.4 (-1.9) million, primarily due to improved
turnover of receivables and reduction of inventories. At the end of the period
under review, the amount of unused binding stand-by credits amounted to EUR
16.0 (10.5) million. The current binding stand-by credits of EUR 40.0 million
run till November 2013. Teleste is engaged in ongoing financial negotiations
for renewal of the loans until the end of 2016.
The Group's equity ratio equaled 46.2% (41.4%) while net gearing amounted to
21.1% (41.9%). Interest bearing debt on 30 June 2012 stood at EUR 25.1 (30.4)
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 most significant clients include European cable
operators and selected 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. Customers' investments in networks vary by
the need for upgrading and customers' 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. Also 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 weak economy and strained financial market in Europe may slow
down the implementation of our customers' investment plans. Availability of
components is subject to natural phenomena, such as floods and earthquakes.
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 significant change in the demand for 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
competitiveness and ability to deliver may be constrained by the availability
of sub-contractor network capacity. Tender calculation and management of larger
overall projects is 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. Severe weather conditions have an impact on the business
areas' ability to deliver products and services.
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 any major risks of loss related to the business areas
through insurance policies. Insurance also covers credit loss risks related to
accounts receivables. In the period under review, no such risks materialized,
and 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, China
and Denmark with subsidiaries in 12 countries outside Finland. On account of
financial arrangements, Teleste Management Oy, established in March 2010, and
Teleste Management II Oy, established in December 2011, have been consolidated
into Teleste Corporation's figures. Teleste Incentive Oy has been merged with
Teleste Corporation.
Decisions by the Annual General Meeting
The Annual General Meeting (AGM) of Teleste Corporation held on 3 April 2012
confirmed the financial statements for 2011 and discharged the Board of
Directors and the CEO from liability for the financial period. The AGM
confirmed the dividend of EUR 0.14 per share proposed by the Board. The
dividend was paid out on 17 April 2012.
Ms. Marjo Miettinen, Mr. Pertti Ervi, Mr. Pertti Raatikainen, Mr. Kai Telanne
and Mr. Petteri Walldén continue in Teleste's Board of Directors. Mr. Esa Harju
was elected a new member while the membership of Mr. Tero Laaksonen 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.
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. On 8 April 2011, the AGM authorized the Board of Directors to issue
five million new shares; this authorization will be valid until the Annual
General Meeting of 2014. 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 June 2012, EM Group Oy was the largest single shareholder with a holding
of 21.08%.
In the period under review, the lowest company share price was EUR 3.04 (3.49)
and the highest was EUR 4.44 (4.82). Closing price on 30 June 2012 stood at EUR
3.90 (3.80). According to Euroclear Finland Ltd, the number of shareholders at
the end of the period under review was 5,060 (5,152). Foreign ownership
accounted for 7.83% (8.0%). From 1 January to 30 June 2012, trading with
Teleste share at NASDAQ OMX Helsinki amounted to EUR 4.2 (3.7) million. In the
period under review, 1.1 (0.9) million Teleste shares were traded on the stock
exchange.
At the end of June 2012, the number of own shares in the Group possession stood
at 1,302,985 (760,985) out of which parent company Teleste Corporation had
379,985 while other Group or 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 6.96% (4.18%).
On 30 June 2012, the registered share capital of Teleste stood at EUR
6,966,932.80 divided in 18,728,590 shares.
Trading with stock options 2007B and 2007C on the NASDAQ OMX Helsinki Ltd began
on 2 April 2012. These options allow subscription of a maximum of 560,000
Teleste shares.
Outlook for 2012
We estimate that deliveries of equipment and solutions for the operator
clientele of Video and Broadband Solutions will increase from the 2011 level.
European telecom operators are about to launch 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. Also, the
network capacity will continue to increase driven by the new video services
provided by the operators. Major sports events held in summer 2012 bring down
the upgrading of networks also in the third quarter. Due to the strong fourth
quarter of the reference period, achieving equal profitability in the remainder
of the year will be a challenge.
On the annual basis, demand by our current clientele for the services provided
by Network Services will remain relatively stable. In the main market area of
Germany, we expect profitability to improve from the 2011 level with the
gradual introduction of the efficiency measures.
We estimate the 2012 net sales and operating profit to increase from the level
of 2011.
31 July 2012
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. The data stated in this report is unaudited.
STATEMENT OF COMPREHENSIVE INCOME 4-6/2012 4-6/2011 Change % 1-12/2011
(tEUR)
Net Sales 49,687 41,913 18.5 % 183,616
Other operating income 456 510 -10.6 % 2,112
Materials and services -24,544 -20,354 20.6 % -90,990
Personnel expenses -15,417 -13,488 14.3 % -54,560
Other operating expenses -6,608 -6,381 3.6 % -25,426
Depreciation -1,154 -1,290 -10.5 % -5,372
Operating profit 2,420 910 165.9 % 9,380
Financial income and expenses -624 -145 330.3 % -541
Profit after financial items 1,796 765 134.8 % 8,839
Profit before taxes 1,796 765 134.8 % 8,839
Taxes -587 -215 173.0 % -2,540
Net profit 1,209 550 119.8 % 6,299
Attributable to:
Equity holders of the parent 1,209 550 119.8 % 6,299
Earnings per share for result of the year attributable to the equity holders of
the parent
(expressed in € per share)
Basic 0.07 0.03 119.6 % 0.36
Diluted 0.07 0.03 119.7 % 0.36
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (TEUR)
Net profit 1,209 550 119.8 % 6,299
Translation differences 88 -115 n/a 149
Fair value reserve 70 -12 n/a 20
Total comprehensive income for the 1,367 423 223.2 % 6,468
period
Attributable to:
Equity holders of the parent 1,367 423 223.2 % 6,468
STATEMENT OF COMPREHENSIVE INCOME 1-6/2012 1-6/2011 Change % 1-12/2011
(tEUR)
Net Sales 100,817 83,223 21.1 % 183,616
Other operating income 788 922 -14.5 % 2,112
Materials and services -50,398 -42,145 19.6 % -90,990
Personnel expenses -30,501 -25,974 17.4 % -54,560
Other operating expenses -12,818 -11,936 7.4 % -25,426
Depreciation -2,531 -2,638 -4.1 % -5,372
Operating profit 5,357 1,452 268.9 % 9,380
Financial income and expenses -761 -300 153.7 % -541
Profit after financial items 4,596 1,152 299.0 % 8,839
Profit before taxes 4,596 1,152 299.0 % 8,839
Taxes -1,374 -323 325.4 % -2,540
Net profit 3,222 829 288.7 % 6,299
Attributable to:
Equity holders of the parent 3,222 829 288.7 % 6,299
Earnings per share for result of the year attributable to the equity holders of
the parent
(expressed in € per share)
Basic 0.18 0.05 288.5 % 0.36
Diluted 0.18 0.05 288.6 % 0.36
Total comprehensive income for the
period (tEUR)
Net profit 3,222 829 288.7 % 6,299
Translation differences 357 -199 n/a 149
Fair value reserve 84 96 -12.5 % 20
Total comprehensive income for the 3,663 726 404.5 % 6,468
period
Attributable to:
Equity holders of the parent 3,663 726 404.5 % 6,468
STATEMENT OF FINANCIAL POSITION 30.6.2012 30.6.2011 Change 31.12.2011
(tEUR) %
Non-current assets
Property,plant,equipment 10,111 9,180 10.1 % 9,364
Goodwill 31,174 30,959 0.7 % 31,277
Intangible assets 5,079 6,529 -22.2 % 6,338
Deferred tax assets 1,725 n/a n/a 1,714
Investments 287 713 -59.7 % 713
48,376 47,381 2.1 % 49,406
Current assets
Inventories 21,615 21,881 -1.2 % 24,075
Other current assets 39,364 39,955 -1.5 % 44,326
Liquid funds 13,169 9,831 34.0 % 15,404
74,148 71,667 3.5 % 83,805
Total assets 122,523 119,048 2.9 % 133,211
Shareholder's equity and liabilities
Share capital 6,967 6,967 0.0 % 6,967
Other equity 48,873 41,844 16.8 % 47,688
Non-controlling interest 715 324 120.7 % 623
56,555 49,135 15.1 % 55,278
Non-current liabilities
Provisions 605 511 18.4 % 605
Deferred tax liabilities 1,850 776 138.4 % 1,946
Non interest bearing liabilities 3,394 3,746 -9.4 % 4,140
Interest bearing liabilities 12,315 11,847 4.0 % 11,940
18,164 16,880 7.6 % 18,631
Short-term liabilities
Trade payables and other s-t 33,796 33,166 1.9 % 36,818
liabilities
Provisions 1,211 1,313 -7.8 % 1,211
S-t interest bearing liabilities 12,797 18,554 -31.0 % 21,273
47,804 53,033 -9.9 % 59,302
Total shareholder's equity and 122,523 119,048 2.9 % 133,211
liabilities
CONSOLIDATED CASH FLOW STATEMENT (tEUR) 1-6/ 1-6/ Change % 1-12/
2012 2011 2011
Cash flows from operating activities
Profit for the period 3,222 829 288.5 % 6,299
Adjustments 4,720 3,369 40.1 % 8,633
Interest and other financial expenses and -338 -300 12.7 % -541
incomes
Paid Taxes -1,587 -1,400 13.4 % -2,471
Change in working capital 4,398 -4,433 n/a -9,857
Cash flow from operating activities 10,415 -1,935 n/a 2,063
Cash flow from investing activities
Acquisition of subsidiary, net of cash -580 0 n/a 0
acquired
Purchases of property, plant and equipment -961 -1,792 -46.4 % -2,632
(PPE)
Purchases of intangible assets -280 -1,666 -83.2 % -2,729
Net cash used in investing activities -1,821 -3,458 -47.3 % -5,361
Cash flow from financing activities
Proceeds from borrowings 0 3,000 n/a 6,000
Payments of borrowings -8,746 -689 1169.4 % -877
Dividends paid -2,440 -2,091 16.7 % -2,091
Proceeds from issuance of ordinary shares 0 0 n/a 319
Net cash used in financing activities -11,186 220 n/a 3,351
Change in cash
Cash in the beginning 15,404 15,203 1.3 % 15,203
Change in cash during period -2,592 -5,173 -49.9 % 52
Effect of currency changes 357 -199 n/a 149
Cash at the end 13,169 9,831 34.0 % 15,404
KEY FIGURES 1-6/2012 1-6/2011 Change % 1-12/2011
Earnings per share, EUR 0.18 0.05 288.5 % 0.36
Earnings per share fully diluted, 0.18 0.05 288.6 % 0.36
EUR
Shareholders' equity per share, EUR 3.24 2.82 14.8 % 3.17
Return on equity 11.5 % 3.3 % 245.9 % 11.9 %
Return on capital employed 12.5 % 4.0 % 211.8 % 11.5 %
Equity ratio 46.2 % 41.4 % 11.6 % 41.6 %
Gearing 21.1 % 41.9 % -49.6 % 32.2 %
Investments, tEUR 1,739 3,384 -48.6 % 5,240
Investments % of net sales 3.5 % 4.1 % -13.9 % 2.9 %
Order backlog, tEUR 18,703 23,777 -21.3 % 21,200
Personnel, average 1,326 1,279 3.7 % 1,297
Number of shares (thousands) 18,729 18,187 3.0 % 18,190
including own shares
Highest share price, EUR 4.44 4.82 -7.9 % 4.82
Lowest share price, EUR 3.04 3.49 -12.9 % 2.50
Average share price, EUR 3.98 4.22 -5.7 % 3.00
Turnover, in million shares 1.1 0.9 19.6 % 1.7
Turnover, in MEUR 4.2 3.7 12.5 % 6.2
Treasury shares
Number % of % of
of shares shares votes
Teleste companies own shares 1,302,985 6.96 % 6.96 %
30.6.2012
Contingent liabilities and pledged assets (tEUR)
For own debt
Other securities 0 640 n/a 0
Leasing and rent liabilities 8,929 8,842 1.0 % 8,124
8,929 9,482 -5.8 % 8,124
Derivative instruments (tEUR)
Value of underlying forward 5,391 3,434 57.0 % 7,434
contracts
Market value of forward contracts -72 -85 -15.3 % -99
Interest rate swap 11,500 11,500 0.0 % 11,500
Market value of interest swap -82 -120 -31.7 % -167
Taxes are computed on the basis of the tax on the profit for the period.
OPERATING SEGMENTS (tEUR) 1-6/2012 1-6/2011 Change % 1-12/2011
Video and Broadband Solutions
Order intake 50,180 42,300 18.6 % 93,274
Net sales 51,777 38,071 36.0 % 89,716
EBIT 4,072 1,738 134.3 % 8,220
EBIT% 7.9 % 4.6 % 9.2 %
Network Services
Order intake 48,140 48,500 -0.7 % 94,800
Net sales 49,040 45,152 8.6 % 93,900
EBIT 1,285 -286 n/a 1,160
EBIT% 2.6 % -0.6 % 1.2 %
Total
Order intake 98,320 90,800 8.3 % 188,074
Net sales 100,817 83,223 21.1 % 183,616
EBIT 5,357 1,452 268.9 % 9,380
EBIT% 5.3 % 1.7 % 5.1 %
Financial items -761 -300 153.7 % -541
Operating segments net profit before 4,596 1,152 299.0 % 8,839
taxes
Information per quarter 4-6/12 1-3/12 10-12/11 7-9/11 4-6/11 7/2011-
(tEUR) 6/2012
Video and Broadband Solutions
Order intake 23,790 26,390 28,674 22,300 24,827 101,154
Net sales 24,278 27,499 27,698 23,947 19,517 103,422
EBIT 1,548 2,524 3,062 3,420 1,332 10,554
EBIT % 6.4 % 9.2 % 11.1 % 14.3 % 6.8 % 10.2 %
Network Services
Order intake 25,409 22,731 24,797 21,503 25,744 94,440
Net sales 25,409 23,631 25,735 23,013 22,396 97,788
EBIT 872 413 1,070 376 -422 2,731
EBIT % 3.4 % 1.7 % 4.2 % 1.6 % -1.9 % 2.8 %
Total
Order intake 49,199 49,121 53,471 43,803 50,571 195,594
Net sales 49,687 51,130 53,433 46,960 41,913 201,210
EBIT 2,420 2,937 4,132 3,796 910 13,285
EBIT % 4.9 % 5.7 % 7.7 % 8.1 % 2.2 % 6.6 %
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
A B C D E F G H I
Shareholder's 6,967 1,504 54 43,559 2,737 -166 54,655 623 55,278
equity
1.1.2012
Total 357 3,222 84 3,663 3,663
comprehensive
income for
the period
Paid dividend -2,569 -2,569 129 -2,440
Change in 37 37 -37
controlling
interest
Equity-settled 54 54 54
share-based
payments
Shareholder's 6,967 1,504 411 44,303 2,737 -82 55,840 715 56,555
equity
30.6.2012
Shareholder's 6,967 1,504 -95 39,183 2,737 -186 50,110 292 50,402
equity
1.1.2011
Profit of the -199 829 96 726 726
period
Paid dividend -2,137 -2,137 46 -2,091
Change in 13 13 -13
controlling
interest
Equity-settled 98 98 98
share-based
payments
Shareholder's 6,967 1,504 -294 37,986 2,737 -90 48,810 324 49,135
equity
30.6.2011
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 30.6.2012 Shares %
EM Group Oy 3,948,513 21.08
Mandatum Life 1,679,200 8.97
Ilmarinen Mutual Pension Insurance Company 936,776 5.00
Kaleva Mutual Pension Insurance Company 824,641 4.40
Teleste Management II Oy 542,000 2.89
Op-Suomi Small Cap 530,000 2.83
Varma Mutual Pension Insurance Company 521,150 2.78
State Pension Fund 500,000 2.67
Aktia Capital Mutual Fund 450,000 2.40
Teleste Management Oy 381,000 2.03
SECTOR DISPERSION 30.6.2012 Shareholders % Shares %
Corporations 277 5.47 6,475,260 34.57
Financial and insurance corporations 10 0.19 3,591,067 19.17
Public institutions 8 0.15 2,328,026 12.43
Non-profit institutions 36 0.71 371,884 1.98
Households 4,680 92.49 4,494,235 23.99
Foreign countries and nominee 49 0.96 1,468,118 7.83
registered
Total 5,060 100.00 18 728 590 100.00
AMOUNT 30.6.2012 Shareholders % Shares %
0 - 100 1,117 22.07 76,672 0.40
101 - 1,000 2,947 58.24 1,230,109 6.56
1,001 - 10,000 898 17.74 2,526,843 13.49
10,001 - 100,000 78 1.54 2,028,289 10.82
100,001 - 1,000,000 18 0.35 7,238,964 38.65
1,000,001 - 2 0.03 5,627,713 30.04
Total 5,060 100.00 18,728,590 100.00
ADDITIONAL INFORMATION:
CEO Jukka Rinnevaara, phone +358 2 2605 866 or +358 400 747 488
DISTRIBUTION:
NASDAQ OMX Helsinki
Main Media
www.teleste.com
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