2012-10-31 07:30:01 CET
2012-10-31 07:30:12 CET
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 SEPTEMBER 2012
Turku, Finland, 2012-10-31 07:30 CET (GLOBE NEWSWIRE) -- TELESTE CORPORATION
INTERIM REPORT 31 OCTOBER 2012 AT 08:30
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 SEPTEMBER 2012
THIRD QUARTER FELL SHORT OF THE COMPARATIVE PERIOD, OUTLOOK FOR THE ENTIRE YEAR
UNCHANGED
Third quarter of 2012
- Orders received totaled EUR 40.5 (43.8) million, i.e. 7.5% below the
reference period
- Net sales amounted to EUR 45.6 (47.0) million, a decrease of 2.9%
- Operating profit stood at EUR 2.9 (3.8) million, a decrease of 24.4%
- Undiluted result per share equaled EUR 0.11 (EUR 0.15)
- Operating cash flow was EUR -0.2 (-0.5) million
Key figures (€ million) 7-9/2012 7-9/2011 Change % 1-12/2011
Orders received 40.5 43.8 -7.5% 188.1
Net sales 45.6 47.0 -2.9% 183.6
Operating profit 2.9 3.8 -24.4% 9.4
Operating profit, % 6.3% 8.1% 5.1%
Net profit 1.9 2.6 -28.3% 6.3
Other important key figures
Earnings per share, EUR 0.11 0.15 -28.8% 0.36
Cash flow from operations, € million -0.2 -0.5 n/a 2.1
Outlook 2012
We estimate that the 2012 net sales and operating profit will increase from the
level of 2011.
Comments on Q3 of 2012 by CEO Jukka Rinnevaara:
“Teleste's orders received, net sales and operating profit fell short of the
reference period. Investments in increased network capacity made by the
customers of Video and Broadband Solutions leveled off. In our assessment, this
slowdown in the investments was contributed by the active investment period
preceding the big sporting events and the uncertainty in the European economic
situation. In order to maintain its cost-effectiveness in an uncertain
environment, Teleste has decided to initiate adaptation measures in compliance
with the Act on Co-operation within Undertakings. We pursue to carry out these
adaptation measures without compromising any future growth prospects.
Cable operators' business in Europe has developed favorably and the demand for
increased cable network capacity is still there in the long term.
Network Services' year-on-year net sales decreased. This decrease in net sales
was due to a reduction in the deliveries of fiber-optic projects.
Operating cash flow was decreased by a few fairly large outstanding sales
receivables.”
Group Operations in July to September 2012
Orders received by the Group in the third quarter totaled EUR 40.5 (43.8)
million, which is 7.2% below the reference period. The order backlog was EUR
13.6 (21.4) million, i.e. 36.4% below the reference period.
Net sales decreased by 2.9% to EUR 45.6 (47.0) million. Year-on-year operating
profit fell by 24.4% standing at EUR 2.9 (3.8) million, which is 6.3% (8.1%) of
net sales. The year-on-year materials margin was slightly better. Wages and
salaries amounted to EUR 13.3 (13.1) million while taxes stood at EUR 1.1 (1.1)
million. Tax rate rose to 36.2% due to the growth in the Parent Company's tax
accrual. Undiluted result per share was EUR 0.11 (0.15). Operating cash flow
stood at EUR -0.2 (-0.5) million. Cash flow was weakened by a few fairly large
outstanding sales receivables.
Group Operations in January to September 2012
Key figures (€ million) 1-9/2012 1-9/2011 Change % 1-12/2011
Orders received 138.8 134.6 3.1% 188.1
Net sales 146.4 130.2 12.5% 183.6
Operating profit 8.2 5.2 56.8% 9.4
Operating profit, % 5.6% 4.0% 5.1%
Net profit 5.1 3.4 48.4% 6.3
Other important key figures
Earnings per share, EUR 0.29 0.20 48.4% 0.36
Cash flow from operations, € million 10.2 -2.4 n/a 2.1
Net gearing, % 21.7% 44.1% -50.7% 32.2%
Equity ratio, % 47.5% 41.4% 14.8% 41.6%
Personnel at period-end 1,308 1,311 -0.2% 1,319
Due to the favorable order intake in the first quarter, orders received
increased by 3.1% from the comparative period and totaled EUR 138.8 (134.6)
million. Net sales grew by 12.5% amounting to EUR 146.4 (130.2) million.
Operating profit grew by 56.8% equaling EUR 8.2 (5.2) million.
Financial items amounted to EUR 0.7 (0.4) million. Taxes paid amounted to EUR
2.4 (1.4) million and the Group's tax rate was 32.3% (29.4%). Undiluted result
per share was EUR 0.29 (0.20). Operating cash flow stood at EUR 10.2 (-2.4)
million.
Events after the end of the review period
Teleste initiated codetermination negotiations on 9 October 2012. These
negotiations involve personnel of the parent company Teleste Corporation in
Finland. In addition, adaptation measures are being prepared in certain
overseas business units of Video and Broadband Solutions.
Video and Broadband Solutions in July to September 2012
Economic Development of Video and Broadband Solutions:
7-9/2012 7-9/2011 Change %
Orders received 19,720 22,300 -11.6%
Net sales 24,794 23,947 3.5%
Operating profit 2,423 3,420 -29.1%
Operating profit, % 9.8% 14.3%
Year-on-year orders received decreased by 11.6% standing at EUR 19.7 (22.3)
million. Order backlog totaled EUR 13.6 (18.8) million. Net sales grew by 3.5%
amounting to EUR 24.8 (23.9) million.
Operating profit stood at EUR 2.4 (3.4) million making 9.8% (14.3%) of the net
sales. This decline in the operating profit was mainly due to weakening in the
materials margin as the deliveries were increasingly focused on low-margin
supplies.
R&D expenses were 2.4 (2.8) million, or 9.8% (11.7%) of the business area's net
sales. Activated R&D expenses stood at EUR 0.2 (0.7) million. Projects focused
mainly on research of future platforms and on short-term customer-specific
development projects. Depreciation on R&D expenses amounted to EUR 0.5 (0.5)
million.
Video and Broadband Solutions in January to September 2012
1-9/2012 1-9/2011 Change % 1-12/2011
Orders received 69,900 64,600 8.2% 93,274
Net sales 76,571 62,018 23.5% 89,716
Operating profit 6,495 5,158 25.9% 8,220
Operating profit, % 8.5% 8.3% 9.2%
Orders received improved by 8.2% standing at EUR 69.9 (64.6) million.
Net sales grew by 23.5% amounting to EUR 76.6 (62.0) million. Operating profit
increased 25.9% to EUR 6.5 (5.2) million, or 8.5% (8.3%) of net sales. This
positive development was due to increased net sales.
R&D expenses equaled EUR 8.3 (8.6), in other words 10.9% (13.9%) of net sales.
Activated R&D expenses stood at EUR 0.6 (2.1) million while depreciation on
product development expenses equaled EUR 1.5 (2.1) million.
Network Services in July to September 2012
Economic Development of Network Services:
7-9/2012 7-9/2011 Change %
Orders received 20,796 21,503 -3.3%
Net sales 20,796 23,013 -9.6%
Operating profit 448 376 19.1%
Operating profit, % 2.2% 1.6%
Orders received in Q3 stood at EUR 20.8 (21.5) million. Year-on-year net sales
decreased by 9.6% and totaled EUR 20.8 (23.0) million. Net sales decreased in
German fiber projects and UK network design services. Operating profit stood at
EUR 0.4 (0.4) million making 2.2% (1.6%) of the net sales.
Network Services in January to September 2012
1-9/2012 1-9/2011 Change % 1-12/2011
Orders received 68,936 70,003 -1.5% 94,800
Net sales 69,836 68,165 2.5% 93,900
Operating profit 1,733 90 1825.6% 1,160
Operating profit, % 2.5% 0.1% 1.2%
Orders received totaled EUR 68.9 (70.0) million. Net sales grew by 2.5%
amounting to EUR 69.8 (68.2) million. Operating profit equaled EUR 1.7 (0.1)
million. This growth in the operating profit was due to increased net sales and
a better partner network management.
Personnel and Organization in January to September 2012
In the period under review, the Group had an annual average of 1,326 people
(1,290/2011 1,221/2010), of whom 568 (562) were employed by Video and Broadband
Solutions, and 758 (728) by Network Services, respectively. At the end of the
review period, the figure totaled 1,308 (1,311/2011, 1,231/2010) of whom 73%
(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 wages and salaries increased by 12.0% and totaled EUR 43.8
(39.1/January to September/2011, 36.7/January to September/2010) million. This
increase in wages and salaries was mainly attributable to the growth in
personnel in Network Services, accruals of remuneration schemes and
union-specific pay increases based on collective agreements.
At the end of the review period, rented workforce in Finland was 15 (24).
Temporary labor costs are included in the cost of materials and services.
Investments in January to September 2012
Investments by the Group for the period under review totaled EUR 2.5 (5.2)
million accounting for 1.7% (4.0%) of net sales. Investments in product
development equaled EUR 0.6 (2.1) million. R&D investments decreased, mainly
because the projects focused on research of future product platforms, further
development of product platforms and short-term customer projects. Other
investments involved information systems, as well as machinery and equipment
for production and services. As to these investments, EUR 0.8 (0.4) million
were carried out under financial lease arrangements. Investments in the
comparative period included the extension investment of the company business
premises of EUR 1.0 million.
Financing and Capital Structure in January to September 2012
Operating cash flow stood at EUR 10.2 (-2.4) million. This improvement in the
operating cash flow over the comparative period was mainly due to higher
EBITDA, as well as a decrease in inventories. Moreover, the impact created by
the change in payment terms of our German main customer was weakened. At the
end of the period under review, the amount of unused binding stand-by credits
amounted to EUR 16.0 (7.5) million. These stand-by credits have been revised
and the current binding stand-by credit facilities of EUR 40.0 million are
valid until August 2015.
The Group's equity ratio equaled 47.5% (41.4%) while net gearing stood at 21.7%
(44.1%). Interest bearing debt on 30 September 2012 stood at EUR 25.1 (33.4)
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. Our customers' network investments vary based
on their given 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. 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 tight financial market in Europe may slow down 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 of 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 our 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
involving overall responsibility 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 supply products and services.
The Board of Directors annually reviews any essential risks related to the
company operation and their management. 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 covers 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 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. 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 September 2012, EM Group Oy was the largest single shareholder with their
holding of 22.48%.
In the period under review, the lowest company share price was EUR 3.04 (2.61)
and the highest was EUR 4.44 (4.82). Closing price on 30 September 2012 stood
at EUR 4.38 (2.71). According to Euroclear Finland Ltd, the number of
shareholders at the end of the period under review was 5,187 (5,090). Foreign
ownership accounted for 5.96% (8.0%). From 1 January to 30 September 2012,
trading with Teleste share at NASDAQ OMX Helsinki amounted to EUR 8.2 (4.8)
million. In the period under review, 2.1 (1.2) million Teleste shares were
traded on the stock exchange.
At the end of September 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 September 2012, the registered share capital of Teleste stood at EUR
6,966,932.80 divided in 18,728,590 shares.
2007B and 2007C stock options began trading on the NASDAQ OMX Helsinki Ltd on 2
April 2012. These options allow subscription for a maximum of 560,000 shares in
the company.
Outlook for 2012
In terms of the whole year, we estimate that deliveries of equipment and
solutions for the operator clientele of Video and Broadband Solutions will
increase from the 2011 level.
On the annual basis, demand by the current clientele of Network Services will
remain stable. Profitability in our main market of Germany will improve
markedly for the entire year over the 2011 level.
Net sales and profitability for Teleste's fourth quarter of 2012 will fall
short of the comparative period due to leveling off in demand.
We estimate that the 2012 net sales and operating profit will increase from the
level of 2011.
30 October 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. Teleste has prepared this interim report applying
the same accounting principles as those described in detail in its 2011
consolidated financial statements. The data stated in this report is unaudited.
STATEMENT OF COMPREHENSIVE INCOME (tEUR) 7-9/201 7-9/201 Change % 1-12/201
2 1 1
Net Sales 45,590 46,960 -2.9 % 183,616
Other operating income 0 461 -100.0 % 2,112
Materials and services -21,867 -23,039 -5.1 % -90,990
Personnel expenses -13,258 -13,106 1.2 % -54,560
Other operating expenses -6,256 -6,172 1.4 % -25,426
Depreciation -1,338 -1,308 2.3 % -5,372
Operating profit 2,871 3,796 -24.4 % 9,380
Financial income and expenses 43 -98 n/a -541
Profit after financial items 2,914 3,698 -21.2 % 8,839
Profit before taxes 2,914 3,698 -21.2 % 8,839
Taxes -1,054 -1,103 -4.4 % -2,540
Net profit 1,860 2,595 -28.3 % 6,299
Attributable to:
Equity holders of the parent 1,860 2,595 -28.3 % 6,299
Earnings per share for result of the year attributable to
the equity holders of the parent
(expressed in € per share)
Basic 0.11 0.15 -28.8 % 0.36
Diluted 0.11 0.15 -29.9 % 0.36
Total comprehensive income for the
period (tEUR)
Net profit 1,860 2,595 -28.3 % 6,299
Translation differences 322 -87 n/a 149
Fair value reserve 36 0 n/a 20
Total comprehensive income for the period 2,218 2,508 -11.6 % 6,468
Attributable to:
Equity holders of the parent 2,218 2,508 -11.6 % 6,468
STATEMENT OF COMPREHENSIVE INCOME (tEUR) 1-9/201 1-9/2011 Change 1-12/201
2 % 1
Net Sales 146,407 130,183 12.5 % 183,616
Other operating income 788 1,383 -43.0 % 2,112
Materials and services -72,265 -65,184 10.9 % -90,990
Personnel expenses -43,759 -39,080 12.0 % -54,560
Other operating expenses -19,074 -18,108 5.3 % -25,426
Depreciation -3,869 -3,946 -2.0 % -5,372
Operating profit 8,228 5,248 56.8 % 9,380
Financial income and expenses -718 -398 80.4 % -541
Profit after financial items 7,510 4,850 54.8 % 8,839
Profit before taxes 7,510 4,850 54.8 % 8,839
Taxes -2,428 -1,426 70.3 % -2,540
Net profit 5,082 3,424 48.4 % 6,299
Attributable to:
Equity holders of the parent 5,082 3,424 48.4 % 6,299
Earnings per share for result of the year attributable to the equity holders of
the parent
(expressed in € per share)
Basic 0.29 0.20 48.4 % 0.36
Diluted 0.29 0.20 46.2 % 0.36
Total comprehensive income for the
period (tEUR)
Net profit 5,082 3,424 48.4 % 6,299
Translation differences 679 -286 n/a 149
Fair value reserve 120 96 25.0 % 20
Total comprehensive income for the period 5,881 3,234 81.8 % 6,468
Attributable to:
Equity holders of the parent 5,881 3,234 81.8 % 6,468
STATEMENT OF FINANCIAL POSITION 30.9.2012 30.9.2011 Change 31.12.2011
(tEUR) %
Non-current assets
Property,plant,equipment 10,032 10,445 -4.0 % 9,364
Goodwill 31,400 30,959 1.4 % 31,277
Intangible assets 4,644 6,314 -26.4 % 6,338
Deferred tax assets 1,833 n/a n/a 1,714
Investments 287 713 -59.7 % 713
48,196 48,431 -0.5 % 49,406
Current assets
Inventories 21,131 25,118 -15.9 % 24,075
Other current assets 42,315 42,170 0.3 % 44,326
Liquid funds 12,311 10,600 16.1 % 15,404
75,757 77,888 -2.7 % 83,805
Total assets 123,952 126,319 -1.9 % 133,211
Shareholder's equity and liabilities
Share capital 6,967 6,967 0.0 % 6,967
Other equity 51,111 44,402 15.1 % 47,688
Non-controlling interest 695 318 118.6 % 623
58,773 51,687 13.7 % 55,278
Non-current liabilities
Provisions 605 361 67.6 % 605
Deferred tax liabilities 2,182 776 181.2 % 1,946
Non interest bearing liabilities 3,394 3,723 -8.8 % 4,140
Interest bearing liabilities 665 10,937 -93.9 % 11,940
6,846 15,797 -56.7 % 18,631
Short-term liabilities
Trade payables and other s-t 32,700 35,063 -6.7 % 36,818
liabilities
Provisions 1,211 1,313 -7.8 % 1,211
S-t interest bearing liabilities 24,422 22,459 8.7 % 21,273
58,333 58,835 -0.9 % 59,302
Total shareholder's equity and 123,952 126,319 -1.9 % 133,211
liabilities
CONSOLIDATED CASH FLOW STATEMENT (tEUR) 1-9/201 1-9/201 Change % 1-12/201
2 1 1
Cash flows from operating activities
Profit for the period 5,082 3,424 48.4 % 6,299
Adjustments 7,069 5,912 19.6 % 8,633
Interest and other financial expenses -295 -398 -25.9 % -541
and incomes
Paid Taxes -2,087 -2,000 4.4 % -2,471
Change in working capital 450 -9,378 n/a -9,857
Cash flow from operating activities 10,219 -2,440 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 -1,242 -2,223 -44.1 % -2,632
equipment (PPE)
Purchases of intangible assets -480 -2,869 -83.3 % -2,729
Net cash used in investing activities -2,302 -5,092 -54.8 % -5,361
Cash flow from financing activities
Proceeds from borrowings 0 6,000 n/a 6,000
Payments of borrowings -9,249 -694 1232.7 % -877
Dividends paid -2,440 -2,091 16.7 % -2,091
Proceeds from issuance of ordinary 0 0 n/a 319
shares
Net cash used in financing activities -11,689 3,215 n/a 3,351
Change in cash
Cash in the beginning 15,404 15,203 1.3 % 15,203
Change in cash during period -3,772 -4,317 -12.6 % 52
Effect of currency changes 679 -286 n/a 149
Cash at the end 12,311 10,600 16.1 % 15,404
KEY FIGURES 1-9/2012 1-9/2011 Change % 1-12/2011
Earnings per share, EUR 0.29 0.20 48.4 % 0.36
Earnings per share fully diluted, 0.29 0.20 46.2 % 0.36
EUR
Shareholders' equity per share, EUR 3.37 2.97 13.7 % 3.17
Return on equity 11.9 % 8.9 % 32.9 % 11.9 %
Return on capital employed 13.0 % 8.8 % 48.4 % 11.5 %
Equity ratio 47.5 % 41.4 % 14.8 % 41.6 %
Gearing 21.7 % 44.1 % -50.7 % 32.2 %
Investments, tEUR 2,522 5,195 -51.5 % 5,240
Investments % of net sales 1.7 % 4.0 % -56.8 % 2.9 %
Order backlog, tEUR 13,629 21,420 -36.4 % 21,200
Personnel, average 1,326 1,290 2.8 % 1,297
Number of shares (thousands) 18,729 18,094 3.5 % 18,190
including own shares
Highest share price, EUR 4.44 4.82 -7.9 % 4.82
Lowest share price, EUR 3.04 2.61 16.5 % 2.50
Average share price, EUR 3.97 3.89 2.1 % 3.00
Turnover, in million shares 2.1 1.2 69.6 % 1.7
Turnover, in MEUR 8.2 4.8 72.1 % 6.2
Treasury shares
Number % of % of
of shares shares votes
Teleste companies own shares 1,302,985 6.96% 6.96%
30.9.2012
Contingent liabilities and pledged assets (tEUR)
Leasing and rent liabilities 9,026 9,210 -2.0 % 8,124
Derivative instruments (tEUR)
Value of underlying forward 1,913 6,181 -69.1 % 7,434
contracts
Market value of forward contracts -50 -10 400.0 % -99
Interest rate swap 2,500 11,500 -78.3 % 11,500
Market value of interest swap -46 -186 -75.3 % -167
Taxes are computed on the basis of the tax on the profit for the period.
OPERATING SEGMENTS (tEUR) 1-9/2012 1-9/2011 Change % 1-12/2011
Video and Broadband Solutions
Order intake 69,900 64,600 8.2 % 93,274
Net sales 76,571 62,018 23.5 % 89,716
EBIT 6,495 5,158 25.9 % 8,220
EBIT% 8.5 % 8.3 % 9.2 %
Network Services
Order intake 68,936 70,003 -1.5 % 94,800
Net sales 69,836 68,165 2.5 % 93,900
EBIT 1,733 90 1825.6 % 1,160
EBIT% 2.5 % 0.1 % 1.2 %
Total
Order intake 138,836 134,603 3.1 % 188,074
Net sales 146,407 130,183 12.5 % 183,616
EBIT 8,228 5,248 56.8 % 9,380
EBIT% 5.6 % 4.0 % 5.1 %
Financial items -718 -398 80.4 % -541
Operating segments net profit before 7,510 4,850 54.8 % 8,839
taxes
Information per quarter 7-9/12 4-6/12 1-3/12 10-12/11 7-9/11 10/2011-
(tEUR) 9/2012
Video and Broadband Solutions
Order intake 19,720 23,790 26,390 28,674 22,300 98,574
Net sales 24,794 24,278 27,499 27,698 23,947 104,269
EBIT 2,423 1,548 2,524 3,062 3,420 9,557
EBIT % 9.8 % 6.4 % 9.2 % 11.1 % 14.3 % 9.2 %
Network Services
Order intake 20,796 25,409 22,731 24,797 21,503 93,733
Net sales 20,796 25,409 23,631 25,735 23,013 95,571
EBIT 448 872 413 1,070 376 2,803
EBIT % 2.2 % 3.4 % 1.7 % 4.2 % 1.6 % 2.9 %
Total
Order intake 40,516 49,199 49,121 53,471 43,803 192,307
Net sales 45,590 49,687 51,130 53,433 46,960 199,840
EBIT 2,871 2,420 2,937 4,132 3,796 12,360
EBIT % 6.3 % 4.9 % 5.7 % 7.7 % 8.1 % 6.2 %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
Attributable to
equity holders of
the parent (tEUR)
Shareholder's 6,967 1,504 54 43,559 2,737 -166 54,655 623 55,278
equity 1.1.2012
Total 679 5,082 120 5,881 5,881
comprehensive
income for the
period
Paid dividend -2,569 -2,569 129 -2,440
Non-controlling
parties accrued
cost of interest
for the loan 57 57 -57 0
provided by
mother company
Equity-settled 54 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
Shareholder's 6,967 1,504 -95 39,183 2,737 -186 50,110 292 50,402
equity 1.1.2011
Profit of the -286 3,424 96 3,234 0 3,234
period
Paid dividend -2,137 -2,137 46 -2,091
Non-controlling
parties accrued
cost of interest
for the loan 20 20 -20 0
provided by
mother company
Equity-settled 142 142 0 142
share-based
payments
Shareholder's 6,967 1,504 -381 40,632 2,737 -90 51,369 318 51,687
equity 30.9.2011
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 30.9.2012 Shares %
EM Group Oy 4,209,816 22.48
Mandatum Life 1,679,200 8.97
Ilmarinen Mutual Insurance Company 936,776 5.00
Kaleva Mutual Insurance Company 824,641 4.40
Teleste Management II Oy 542,000 2.89
Varma Mutual Insurance Company 521,150 2.78
State Pension Fund 500,000 2.67
Op-Suomi Small Cap 480,000 2.56
Aktia Capital Mutual Fund 450,000 2.40
SECTOR DISPERSION 30.9.2012 Shareholders % Shares %
Corporations 291 5.61 7,009,926 37.42
Financial and insurance corporations 11 0.21 3,510,655 18.74
Public institutions 7 0.13 2,108,026 11.25
Non-profit institutions 36 0.69 354,904 1.89
Households 4,795 92.44 4,627,856 24.71
Foreign countries and nominee 47 0.90 1,117,223 5.96
registered
Total 5,187 100.00 18,728,590 100.00
AMOUNT 30.9.2012 Shareholders % Shares %
0 - 100 1,141 21.99 78,309 0.41
101 - 1,000 3,029 58.39 1,277,430 6.82
1,001 - 10,000 919 17.71 2,539,018 13.55
10,001 - 100,000 77 1.48 1,897,942 10.13
100,001 - 1,000,000 19 0.36 7,046,875 37.62
1,000,001 - 2 0.03 5,889,016 31.44
Total 5,187 100.00 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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