2012-02-01 07:30:01 CET
2012-02-01 07:30:20 CET
REGULATED INFORMATION
Teleste - Financial Statement Release
TELESTE CORPORATION FINANCIAL STATEMENT RELEASE 1 JANUARY TO 31 DECEMBER 2011
Turku, Finland, 2012-02-01 07:30 CET (GLOBE NEWSWIRE) -- TELESTE CORPORATION
FINANCIAL STATEMENT RELEASE 01.02.2012 AT 08:30
TELESTE CORPORATION FINANCIAL STATEMENT RELEASE 1 JANUARY TO 31 DECEMBER 2011
Q4/2011
- Net sales increased 14.6% to EUR 53.4 (46.6) million
- Operating profit grew by 39.2% equaling EUR 4.1 (3.0) million
- Undiluted result per share stood at EUR 0.17 (EUR 0.12)
- Orders received increased by 5.2% and were EUR 53.5 (50.8) million
- Orders received by Video and Broadband Solution increased by 5.9% and totaled
EUR 28.7 (27.1) million
- Orders received by Network Services increased by 4.4% and totaled EUR 24.8
(23.8) million
- Net cash flow from operating activities stood at EUR 4.5 (0.9) million
- The Board of Directors proposes that a dividend of EUR 0.14 (0.12) per
outstanding share will be paid.
Outlook for 2012
Net sales and operating profit will grow over the 2011 level.
Comments by CEO Jukka Rinnevaara on Q4/2011
Net sales, operating profit and orders received increased in both business
areas in the last quarter of 2011. In the fourth quarter we achieved the
highest net sales in our history. Year-on-year improvement in the operating
profit and relative profitability of Video and Broadband Solutions was
particularly positive. This development is explained by the good level in
deliveries of optical devices and the Luminato headend. In addition, the
delivery for the Paris urban area video surveillance project succeeded as
planned.
Operating profit and relative profitability of Network Services improved
clearly over the comparative period. The development program for the German
services operations started to have a positive impact on the operating profit
in Q4, yet the desired result for the entire year was not achieved. This
development program will be continued determinedly with its aim set at clear
improvement in profitability.
Good news for Q4 also includes the Group's operating cash flow, which was
clearly positive and showed an improvement from the period of comparison.
Group Operations in Q4/2011
Net sales grew by 14.6% amounting to EUR 53.4 (46.6) million. Operating profit
increased 39.2% to EUR 4.1 (3.0) million, or 7.7% (6.4%) of net sales.
Undiluted result per share was EUR 0.17 (0.12). Operating cash flow stood at
EUR 4.5 (0.9) million.
Orders received improved by 5.2% standing at EUR 53.5 (50.8) million. Orders in
the comparative period included the Paris urban area video surveillance project
of EUR 6.9 million. The Group's order backlog totaled EUR 21.2 (17.0) million.
Group Operations in January-December 2011
- Net sales increased 9.4% to EUR 183.6 (167.8) million
- Operating profit grew by 26.2% equaling EUR 9.4 (7.4) million
- Undiluted result per share stood at EUR 0.36 (0.27)
- Year-on-year orders received increased by 12.5% amounting to EUR 188.1
(167.2) million
- Orders received by Video and Broadband Solutions increased by 7.8% and
amounted to EUR 93.3 (86.5) million
- Orders received by Network Services increased by 17.5% and totaled EUR 94.8
(80.7) million
- Net cash flow from operating activities was EUR 2.1 (5.4) million
- The Board of Directors proposes that a dividend of EUR 0.14 (0.12) per
outstanding share will be paid.
Video and Broadband Solutions in Q4
Net sales grew by 21.0% amounting to EUR 27.7 (22.9) million. Net sales
increased, especially in France and Russia. Operating profit increased 29.5% to
EUR 3.1 (2.4) million, or 11.1% (10.3%) of net sales. Orders received improved
by 5.9% standing at EUR 28.7 (27.1) million. Order backlog totaled EUR 20.3
(17.0) million.
Video and Broadband Solutions in January-December 2011
Year-on-year net sales grew by 9.4% amounting to EUR 89.7 (82.0) million. This
increase in net sales was mainly due to higher delivery volumes in video
surveillance and integration projects as well as optical product solutions.
Operating profit increased 29.6% to EUR 8.2 (6.3) million, or 9.2% (7.7%) of
net sales. This improvement in operating profit over the reference year was
brought about by growth in net sales and successful project deliveries. Orders
received increased by 7.8% and amounted to EUR 93.3 (86.5) million with the
order backlog of EUR 20.3 (17.0) million.
The R&D efforts by the business area focused on the IP-based video processing
system (the Luminato product range) and the video surveillance transmission
system based on H.264 standard. R&D efforts were continued on amplifier
technology (the Access product range), optical transmission system for HFC
network (the HDO product range) as well as video surveillance management system
(VMX).
Network Services in Q4
Net sales grew by 8.3% amounting to EUR 25.7 (23.8) million. Operating profit
increased 77.4% to EUR 1.1 (0.6) million, or 4.2% (2.5%) of net sales.
Development program of the services operations was continued in Germany.
Orders received increased by 4.4% standing at EUR 24.8 (23.8) million.
Deliveries by the business area are mainly based on framework agreements. At
the year-end, order backlog stood at EUR 0.9 million, and it involves the fiber
project received in June of EUR 3.7 million.
Network Services in January-December 2011
Net sales grew by 9.4% amounting to EUR 93.9 (85.8) million. Operating profit
equaled EUR 1.2 (1.1) million. Operating profit remained at par with the
comparative period, which was partly due to increased personnel resources for
fiber projects in Germany. Moreover, expenses were increased and operating
profit was reduced by limited sub-contracting resources and severe weather in
the beginning of the year. Orders received increased by 17.5% and totaled EUR
94.8 (80.7) million with the order backlog standing at EUR 0.9 (0.0) million.
The German development program fell short of the set goal.
Investments and Financing in January-December 2011
Net investments by the Group amounted to EUR 5.2 (3.8) million, or 2.9% (2.2%)
of net sales. The largest product development investments involved Luminato
video processing system (EUR 1.9 million) and video surveillance management
system (EUR 0.6 million). Investment for the Littoinen extension project
totaled EUR 1.1 million. Investments in tools and measuring equipment amounted
to EUR 1.3 million while those in information systems equaled EUR 0.5 million.
Investments of EUR 0.3 (0.1) million were carried out under financial lease
arrangements. In Finland, pieces of real estate were sold for EUR 0.7 million.
The Group's liquidity was good throughout the financial year. Operating cash
flow stood at EUR 2.1 (5.4) million. Accounts receivable did not result in
substantial credit losses. The need for working capital bound by growth was
financed by credit facilities of EUR 6 million in interest-bearing loan. At the
end of the period, the amount of unused binding stand-by credits amounted to
EUR 7.5 (13.5) million. The current binding stand-by credit facilities of EUR
40.0 million are valid till November 2013. The Group's equity ratio equaled
41.6% (43.6%) while net gearing was 32.2% (25.5%). On 31 December 2011, the
Group's interest-bearing debt stood at EUR 33.2 (28.0) million.
R&D expenditure for the financial period totaled EUR 11.6 (10.3) million making
6.3% (6.1%) of net sales. Teleste's product development expenses focused on
Video and Broadband Solutions, the R&D expenditure of which amounted to 12.9%
(12.6%) of net sales.
Personnel and Organization in January-December 2011
In 2011, the Group employed an average of 1,297 people (1,215/2010,
1,103/2009). At the year-end, the figure totaled 1,319 (1,231/2010, 1,260/2009)
of which 72% (70%/2010, 68%/2009) were stationed overseas. At the end of the
accounting period, rented workforce involved 26 people. This figure is not
included in the number of personnel. Employees stationed outside Europe
accounted for less than 5% of the Group's personnel.
Expenditure on employee benefits amounted to EUR 54.6 (50.8/2010, 44.6/2009)
million. The year-on-year growth in employee benefits was brought about by
re-establishment of full employment in the Finnish operations, and due to
increase in staffing levels of Network Services in Germany and the UK.
Key Risks faced by 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. The main
market is Europe and the main customers are the European cable operators as
well as 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 reasonable
risks. 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. Also the exchange rate development of the Chinese renminbi to
euro affects our material costs. The company hedges against short-term currency
risk by means of forward contracts. The tight financial market in Europe may
slow down the customers' investment plans. Natural phenomena, such as floods
and earthquakes, may reduce the availability of components. The right
technology choices and their timing are crucial to 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 the actual deliveries. Improvements in customer
satisfaction and productivity require efficient control of service process
management as well as innovative solutions in processes, products and logistics
to ensure the quality of services and cost effectiveness. Smooth operation of
cable networks necessitates efficient technical management of the networks and
functional solutions for devices in accordance with contractual obligations.
This, in turn, requires continuous and determined development of skill levels
in Teleste's own personnel as well as those of our subcontractors. Besides,
availability of subcontractor network capacity may restrict our ability to
deliver.
The business areas will have to keep an eye on market movements, such as
consolidations among the customers and competitors. 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 is an integral
part of the strategic and operational activities of the business areas. Risks
and their probability are reported to the Board in conjunction with regular
monthly reports.
The Company has covered the most significant operational hazard risks of the
Business areas by insurance. Insurance does not cover credit loss risks. In the
period under review, no such risks materialized, nor was there any pending
litigation or legal proceedings, which would have had any relevance to the
Group's operations.
Group Structure
Teleste Kaurakatu Oy was sold in October 2011. Cableway Nord GmbH was merged
with Cableway Mitte GmbH, whose name was changed to Cableway Nord GmbH.
Cableway Nord Mitte GmbH&KG and Cableway North West GmbH&KG were merged into
Teleste Services GmbH.
The parent company has branch offices in Australia, the Netherlands, China and
Denmark, with subsidiaries in 12 countries outside Finland.
Due to financial arrangements, Teleste Management Oy and Teleste Management II
Oy, owned by the members of the Management Group, have been merged with the
Teleste Corporation figures.
Decisions by the Annual General Meeting
The Annual General Meeting (AGM) of Teleste Corporation held on 8 April 2011
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 as proposed by the Board. The
dividend was paid out on 20 April 2011.
Marjo Miettinen, Pertti Ervi, Tero Laaksonen, Pertti Raatikainen, Kai Telanne
and Peter Walldén were elected members of the Board by the Annual General
Meeting. Marjo Miettinen was elected chairperson in the organizing meeting of
the Board held immediately after the AGM.
Authorized Public Accountants KPMG Oy Ab continue as the auditor until the next
AGM. 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. 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 31 December 2011, EM Group Oy was the largest single shareholder with the
holding of 21.08%.
In the period under review, the lowest Company share price was EUR 2.50 (3.64)
while the highest was EUR 4.82 (5.33). Closing price on 31 December 2011 stood
at EUR 3.00 (4.41). According to Euroclear Finland Ltd, the number of
shareholders at the end of the period under review was 5,054 (5,184). Foreign
ownership accounted for 7.76% (8.38%). From 1 January to 31 December 2011,
trading with Teleste share at NASDAQ OMX Helsinki amounted to EUR 6.2 (14.2)
million. In the period under review, 1.7 (3.2) million Teleste shares were
traded on the stock exchange.
In December 2011, the Board decided on a directed share issue of 542,000 shares
to Teleste Management II Oy, founded by the Management Group members of Teleste
Corporation. This directed share issue was authorized by the AGM on 8 April
2011.
On 31 December 2011, the Group held a total of 1,302,985 own shares (760,985),
of which the parent company Teleste Corporation had none (0) while other Group
companies or controlled companies had 1,302,985 shares. At the end of the
period, the Group's holding of the total amount of shares amounted to 6.96%
(4.18%). Based on the rights of options, the Company's holding of shares may
increase by 840,000 shares equaling to 4.29% of all shares and votes.
On 31 December 2011, Teleste's registered share capital stood at EUR
6,966,932.80 divided in 18,728,590 shares.
Teleste Corporation complies with the Corporate Governance Code, effective as
of 1 October 2010 and issued by the Securities Market Association for the
Finnish listed companies. Since 1 March 2000, Teleste complies with the insider
guidelines issued by the NASDAQ OMX Helsinki Oy in their valid form at any
given time.
Outlook for 2012
In our estimation, deliveries of equipment and solutions in 2012 for the
operator clientele by Video and Broadband Solutions will reach at least the
2011 level. European telecom operators have launched TV distribution
infrastructure investments, and in our view, Teleste's optical products and IP
network solutions are competitive in this new emerging market.
In our estimate, demand on the annual level for services by Network Services
continues relatively stable. We believe that in the main market area of Germany
the operating profit will improve from the 2011 level due to more efficient
resource management.
Net sales and operating profit will grow over the 2011 level.
The Board's proposal for the distribution of dividends
Parent company Teleste Corporation's distributable equity on the balance sheet
date is EUR 36,775,101.54.
The Board of Directors proposes to the Annual General Meeting to be held on 3
April 2012 that a dividend be paid for 2011 of EUR 0.14 (EUR 0.12) per share
for the outstanding shares.
31 January 2012
Teleste Corporation Jukka Rinnevaara
The Board of Directors CEO
Teleste's Annual Report for 2011, which includes the audited financial
statements, will be published no later than 23 March 2012. The Company will
issue a statement of its corporate governance as a separate report, which will
be published together with the Annual Report, and will be simultaneously
available on the Company's web site.
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 Group has adopted revised IFRS 3 Business
Combinations from 1.1.2010. The data stated in this report is audited.
STATEMENT OF COMPREHENSIVE INCOME, 1000 euros
10-12/2011 10-12/2010 Change %
Net sales 53,433 46,643 14.6 %
Other operating income 729 489 48.9 %
Raw material and consumables used -25,806 -22,074 16.9 %
Employee benefits expense -15,480 -14,140 9.5 %
Depreciations -1,426 -1,353 5.4 %
Other operating expenses -7,318 -6,598 10.9 %
Operating profit 4,132 2,968 39.2 %
Financial income 60 40 50.0 %
Financial expenses -202 -233 -13.3 %
Profit before taxes 3,990 2,775 43.8 %
Taxes -1,114 -671 66.0 %
Profit for the period 2,876 2,104 36.7 %
Attributable to:
Equity holders of the parent 2,876 2,104 36.7 %
Earnings per share for profit of the year
attributable to the equity holders of the
parent
Basic (expressed in euro per share) 0.17 0.12 33.0 %
Diluted (expressed in euro per share) 0.17 0.12 33.0 %
Total comprehensive income for the period,
1000 euros
Net profit 2,876 2,104 36.7 %
Translation differences 435 402 8.2 %
Fair value reserve -76 10 n/a
Total comprehensive income for the period 3,235 2,516 28.6 %
Attributable to:
Equity holders of the parent 3,235 2,516 28.6 %
.
STATEMENT OF COMPREHENSIVE INCOME, 1000 euros 1-12/2011 1-12/2010 Change %
Net sales 183,616 167,836 9.4 %
Other operating income 2,112 1,460 44.7 %
Raw material and consumables used -90,990 -82,054 10.9 %
Employee benefits expense -54,560 -50,824 7.4 %
Depreciation -5,372 -5,896 -8.9 %
Other operating expenses -25,426 -23,090 10.1 %
Operating profit 9,380 7,432 26.2 %
Financial income 189 84 125.0 %
Financial expenses -730 -773 -5.6 %
Profit before taxes 8,839 6,743 31.1 %
Taxes -2,540 -1,959 29.7 %
Profit for the period 6,299 4,784 31.7 %
Attributable to:
Equity holders of the parent 6,299 4,784 31.7 %
Earnings per share for profit of the year
attributable to the equity holders of the
parent
Basic (expressed in euro per share) 0.36 0.27 31.7 %
Diluted (expressed in euro per share) 0.36 0.27 31.7 %
Total comprehensive income for the period
(tEUR)
Net profit 6,299 4,784 31.7 %
Translation differences 149 277 -46.2 %
Fair value reserve 20 -70 n/a
Total comprehensive income for the period 6,468 4,991 29.6 %
Attributable to:
Equity holders of the parent 6,468 4,991 29.6 %
STATEMENT OF FINANCIAL POSITION, 1000 euros
Assets 1000 euros
31.12.2011 31.12.2010 Change %
Non-current assets
Property, plant and equipment 9,364 8,836 6.0 %
Goodwill 31,277 30,959 1.0 %
Other intangible assets 6,338 6,709 -5.5 %
Available-for-sale investments 713 713 0.0 %
Deferred tax asset 1,714 n/a
Total 49,406 47,217 4.6 %
Current assets
Inventories 24,075 21,000 14.6 %
Trade and other receivables 44,326 32,819 35.1 %
Cash 15,404 15,203 1.3 %
Total 83,805 69,022 21.4 %
Total assets 133,211 116,239 14.6 %
Equity and liabilities
Equity attributable to equity holders of the
parent
Share capital 6,967 6,967 0.0 %
Share premium 1,504 1,504 0.0 %
Translation differences 54 -95 -156.8 %
Invested non restricted equity 2,737 2,737 0.0 %
Other reserves -166 -186 -10.8 %
Retained profits 43,559 39,183 11.2 %
Non-controlling interest 623 292 113.4 %
Total 55,278 50,402 9.7 %
Non-current liabilities
Interest-bearing liabilities 11,940 11,847 0.8 %
Other liabilities 4,140 3,865 7.1 %
Deferred tax liabilities 1,946 511 280.8 %
Provisions 605 657 -7.8 %
Total 18,631 16,880 10.4 %
Current liabilities
Trade and other liabilities 35,223 30,161 16.8 %
Current tax payable 1,595 1,240 28.6 %
Provisions 1,211 1,313 -7.8 %
Interest-bearing liabilities 21,273 16,243 31.0 %
Total 59,302 48,957 21.1 %
Total liabilities 77,933 65,837 18.4 %
Equity and liabilities total 133,211 116,239 14.6 %
CONSOLIDATED CASH FLOW STATEMENT,1000 EUROS
1.1-31.12. 1.1-31.12. Change %
2011 2010
Cash flows from operating activities
Profit for the period 6,299 4,784 31.7 %
Adjustments for:
Non-cash transactions 5,552 6,143 -9.6 %
Interest and other financial expenses 730 773 -5.6 %
Interest income and other financial income -138 -72 91.7 %
Dividends -51 -12 325.0 %
Taxes 2,540 1,959 29.7 %
Change in working capital
Increase in trade and other receivables -11,407 -4,650 145.3 %
Increase in inventories -3,075 1,265 n/a
Increase in trade and other payables 4,809 -3,942 n/a
Decrease in provisions -154 431 n/a
Paid interests and other financial expenses -760 -565 34.5 %
Received interests and dividends 189 84 125.0 %
Paid taxes -2,471 -786 214.4 %
Cash flow from operating activities 2,063 5,412 -61.9 %
Cash flow from investing activities
Acquisition of subsidiary, net of cash 0 -3,643 -100.0 %
acquired
Purchases of property, plant and equipment -3,346 -1,022 227.4 %
(PPE)
Proceeds from sales of PPE 714 306 133.3 %
Purchases of intangible assets -2,822 -1,499 88.3 %
Proceeds from sales of shares 93 0 n/a
Net cash used in investing activities -5,361 -5,858 -8.5 %
Cash flow from financing activities
Proceeds from borrowings 6,000 5,520 8.7 %
Payments of borrowings -222 -966 -77.0 %
Payment of finance lease liabilities -655 -596 9.9 %
Dividends paid -2,091 -1,394 50.0 %
Proceeds from issuance of ordinary shares 319 289 10.4 %
Net cash used in financing activities 3,351 2,853 17.5 %
Change in cash
Cash and cash equivalents 1.1. 15,203 12,518 21.4 %
Effect of currency changes 149 277 -46.2 %
Cash and cash equivalents 31.12. 15,404 15,203 1.3 %
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY,1000 EUROS
Attri-bu Share Share Trans- Ret-ai Inves Other Total Share Total
table to capita premiu lation ned ted rese-r of non equity
equity l m differ ear-ni non- ves contro
holders -ences ngs rest-r -lling
of the icted inte-r
parent equity est
Equity 6,967 1,504 -95 39,183 2,737 -186 50,110 292 50,402
31.12.
2010
Total 0 0 149 6,299 0 20 6,468 0 6,468
compre-
hensive
income
for the
period
Share 0 319 319
issue
Divi-den 0 0 0 -2,137 0 0 -2,137 46 -2,091
ds
Changes 34 34 -34 0
in
subsi-d
iary
inte-re
st
Equity-s 0 0 0 180 0 0 180 0 180
ettled
share-b
ased
pay-men
ts
Equity 6,967 1,504 54 43,559 2,737 -166 54,631 623 55,278
31.12.
2011
BUSINESS SEGMENTS 2011, Video and Network Group
1000 EUROS Broadband Services
Solutios
External sales
Services 4,305 93,900 98,205
Goods 85,411 0 85,411
External sales total 89,716 93,900 183,616
Operating profit of segments 8,220 1,160 9,380
Financial items -541
Shares of associates 0
Profit for the period 8,839
Business segments 2010, 1000 euros Video and Network Group
Broadband Services
Solutions
External sales
Services 3,379 85,829 89,208
Goods 78,628 0 78,628
External sales total 82,007 85,829 167,836
Operating profit of the segments 6,345 1,087 7,432
Financial items -689
Share of associates 0
Profit before taxes 6,743
GEOGRAPHICAL DIVISION 2011, Nordic Other Finlan Others Group
1000 EUROS countries Europe d
Sales by origin 11,059 154,979 10,830 6,748 183,616
Assets 9,280 83,634 38,576 1,721 133,211
Capital expenditure for the 15 1,576 3,631 18 5,240
period
Geographical division 2010, Nordic Other Finlan Others Group
1000 euros countries Europe d
Sales by origin 17,932 129,512 11,272 9,120 167,836
Assets 7,922 77,272 29,877 1,168 116,239
Capital expenditure for the 25 1,511 2,190 25 3,751
period
Information per quarter, 10-12/1 7-9/11 4-6/11 1-3/11 10-12/1 1-12/201
1000 euros 1 0 1
Video and Broadband Solutions
Order intake 28,674 22,300 24,827 17,473 27,080 93,274
Net sales 27,698 23,947 19,517 18,554 22,882 89,716
EBIT 3,062 3,420 1,332 406 2,365 8,220
EBIT % 11.1 % 14.3 % 6.8 % 2.2 % 10.3 % 9.2 %
Network Services
Order intake 24,797 21,503 25,744 22,756 23,761 94,800
Net sales 25,735 23,013 22,396 22,756 23,761 93,900
EBIT 1,070 376 -422 136 603 1,160
EBIT % 4.2 % 1.6 % -1.9 % 0.6 % 2.5 % 1.2 %
Total
Order intake 53,471 43,803 50,571 40,229 50,841 188,074
Net sales 53,433 46,960 41,913 41,310 46,643 183,616
EBIT 4,132 3,796 910 542 2,968 9,380
EBIT % 7.7 % 8.1 % 2.2 % 1.3 % 6.4 % 5.1 %
Commitments and contingencies, 1000 euros 2011 2010 Change %
Other securities 0 640 -100.0 %
Rental liabilities 3,026 2,254 34.3 %
Lease liabilities 5,098 4,227 20.6 %
Value of underlying forward contracts 7,434 8,283 -10.2 %
Market value of forward contracts -99 -293 -66.2 %
Interest rate swap 11,500 11,500 0,0 %
Market value of interest swap -167 -256 -34.8 %
The number of employees broken down by following 2011 2010 Change %
categories 31.12.
Research and development 122 119 2.5 %
Production and material management 1,020 944 8.1 %
Sales and marketing 125 123 1.6 %
Finance,quality and IT 52 45 15.6 %
Total 1,319 1,231 7.1 %
KEY FIGURES IFRS IFRS IFRS IFRS IFRS
2011 2010 2009 2008 2007
Profit and loss
account, balance
sheet
Net sales, Meur 183.6 167.8 141.7 108.7 125.1
Change % 8.6 % 18.5 % 30.3 % -13.1 % 22.9 %
Sales outside 94.1 % 93.3 % 91.8 % 90.2 % 91.2 %
Finland, %
Operating profit, 9.4 7.4 2.5 5.6 13.2
Meur
% of net sales 5.1 % 4.4 % 1.8 % 5.2 % 10.5 %
Profit after 8.8 6.7 1.4 5.1 12.7
financial items,
Meur
% of net sales 4.8 % 4.0 % 1.0 % 4.7 % 10.1 %
Profit before taxes, 8.8 6.7 1.4 5.1 12.7
Meur
% of net sales 4.8 % 4.0 % 1.0 % 4.7 % 10.1 %
Profit for the 6.3 4.8 0.4 5.5 9.4
financial period,
Meur
% of net sales 3.4 % 2.9 % 0.3 % 5.1 % 7.5 %
R&D expenditure, 11.6 10.3 10.8 13.5 13.1
Meur
% of net sales 6.3 % 6.1 % 7.6 % 12.4 % 10.5 %
Gross investments, 5.2 3.8 25.2 3.9 12.3
Meur
% of net sales 2.9 % 2.2 % 17.8 % 3.6 % 9.8 %
Interest bearing 33.2 28.1 22.8 11.0 9.5
liabilities, Meur
Shareholder's 55.3 50.4 46.7 46.6 46.7
equity, Meur
Total assets, Meur 133.2 116.2 110.1 75.5 77.9
Personnel and orders
Average personnel 1,297 1,215 1,103 702 681
Order backlog at 21.2 17.0 33.1 24.0 21.5
year end, Meur
Orders received, 188.1 167.2 151.0 118.6 118.5
Meur
Key metrics
Return on equity, % 11.9 % 9.9 % 0.9 % 11.8 % 22.2 %
Return on capital 11.5 % 10.2 % 3.3 % 10.4 % 27.1 %
employed, %
Equity ratio, % 41.6 % 43.6 % 43.6 % 61.7 % 60.2 %
Net gearing, % 32.2 % 25.5 % 22.0 % 3.6 % 3.8 %
Earnings per share, 0.36 0.27 0.02 0.32 0.55
euro
Earnings per share 0.36 0.27 0.02 0.32 0.52
fully diluted, euro
Shareholders equity 3.17 2.90 2.68 2.74 2.69
per share, euro
Teleste share
Highest price, euro 4.82 5.33 4.30 7.49 12.34
Lowest price, euro 2.50 3.64 2.25 1.90 6.47
Closing price, euro 3.00 4.41 3.72 2.24 6.71
Average price, euro 3.64 4.49 3.62 4.52 10.10
Price per earnings 8.3 16.3 154.1 7.0 12.3
Market 56.2 80.2 66.2 39.9 118.6
capitalization,
Meur
Stock turnover, Meur 6.2 14.2 28.5 51.1 72.4
Turnover, number in 1.7 3.2 7.8 11.5 7.2
millions
Turnover, % of share 9.1 % 17.4 % 44.0 % 64.6 % 40.5 %
capital
Average number of 18,189,560 18,093,689 17,805,590 17,708,782 17,494,435
shares
Number of shares at 18,728,590 18,186,590 17,805,590 17,805,590 17,671,305
the year-end
Average number of 17,425,605 17,693,605 17,229,154 17,372,555 17,971,752
shares, diluted w/o
own shares
Number of shares at 17,425,605 17,693,605 17,425,605 17,039,399 17,972,785
the year-end,
diluted w/o own
shares
Paid dividend, Meur *2,4 2.1 1.4 2.0 4.2
Dividend per share, *0,14 0.12 0,08 0,12 0.24
euro
Dividend per net 38.9 % 43.7 % 331.3 % 37.4 % 43.9 %
result, %
Effective dividend 4.7 % 2.7 % 2.2 % 5.4 % 3.6 %
yield, %
* The Board's
proposal to the AGM
Treasury shares Number of % of % of votes
shares shares
Teleste companies 1,302,985 6.96% 6.96%
own shares
31.12.2011
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 31.12.2011 Shares %
EM Group Oy 3,948,513 21.08
Mandatum Life 1,679,200 8.97
Ilmarinen Mutual Pension Insurance Compan 936,776 5.00
Kaleva Mutual Pension Insurance Company 824,641 4.40
Op-Suomi Small Cap 550,000 2.94
Teleste Management II Oy 542,000 2.89
Varma Mutual Pension Insurance Company 521,150 2.78
State Pension Fund 500,000 2.67
Aktia Capital Mutual Fund 450,000 2.40
Skagen Vekst Verdipapierfond 429,000 2.29
Sector Dispersion 31.12.2011 Shareholders % Shares %
Corporations 289 5.71 6,492,490 34.66
Financial and insurance corporations 11 0.21 3,655,175 19.51
Public institutions 9 0.17 2,327,976 12.43
Non-profit institutions 35 0.69 369,811 1.97
Households 4,673 92.46 4,429,463 23.65
Foreign countries and nominee 37 0.73 1,453,675 7.76
registered
Total 5,054 100.00 18,728,590 100.00
Holding dispersion 31.12.2011 Shareholders % Shares %
0 - 100 1,124 22.23 77,692 0.41
101 - 1,000 2,946 58.29 1,230,317 6.56
1,001 - 10,000 887 17.55 2,519,791 13.45
10,001 - 100,000 77 1.52 1,913,233 10.21
100,001 - 1,000,000 18 0.35 7,359,844 39.29
1,000,001 - 2 0.03 5,627,713 30.04
Total 5,054 100.00 18,728,590 100.00
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
Main Media
www.teleste.com
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