2015-04-30 07:30:00 CEST
2015-04-30 07:30:04 CEST
BIRTINGARSKYLDAR UPPLÝSNINGAR
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 31 MARCH 2015: SIGNIFICANT INCREASE IN NET SALES, PROFIT AND ORDERS RECEIVED
Turku, Finland, 2015-04-30 07:30 CEST (GLOBE NEWSWIRE) --
TELESTE CORPORATION INTERIM REPORT 30.04.15 AT 08:30
TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 31 MARCH 2015
SIGNIFICANT INCREASE IN NET SALES, PROFIT AND ORDERS RECEIVED
First quarter of 2015
- Net sales amounted to EUR 53.4 (43.5) million, an increase of 22.8%
- Operating profit amounted to EUR 2.6 (1.3) million, an increase of 101.3%
- Undiluted result per share stood at EUR 0.12 (0.05) per share, an increase of
136.5%
- Orders received totalled EUR 56.9 (46.9) million, an increase of 21.2%
- Operating cash flow was EUR -1.2 (1.5) million
Outlook for 2015
We estimate that net sales and operating profit for 2015 will exceed the 2014
level.
Comments on the first quarter of 2015 by CEO Jukka Rinnevaara:"Demand for Teleste's products and services in the first quarter of 2015 in our
key markets has been good. Orders received in the quarter reached Teleste's
all-time high of EUR 56.9 million. The orders received were at a record level
even without the Mitron acquisition. Also net sales and operating profit
clearly exceeded the comparative period. In particular, orders received and net
sales were increased by products in line with the new Docsis 3.1 standard. The
improvement in our operating profit was achieved through organic growth.
Orders received by Video and Broadband Solutions grew strongly. The greatest
growth in demand was registered in optical network products. Along with the
acquisition of Mitron, our net sales was boosted by the sales of access network
products and video security solutions. Orders received by the business area
increased the most in France, Belgium and Israel. The most significant growth
in deliveries was recorded in France, the UK and Belgium. Our good delivery
capability was instrumental in helping us meet the increased demand, and thus
improving the business area's profitability significantly. Early in this year
we carried out the acquisition of Mitron Group Oy Ltd's entire share capital,
which was transferred to the ownership of Teleste. Mitron is a Finnish provider
of public transportation information systems and modern display solutions.
Mitron is ideal for Teleste's strategy and strengthens our presence as a
comprehensive supplier of rail video security and information solutions.
As for Network Services, we were able to improve our operating profit over the
comparative period, although the result was burdened by investments in the
expansion of business in the UK. In Germany, we reached good qualitative
results measured by our customer's standards while achieving the planned
profitability. The volume of our services business has developed positively in
Switzerland, where we increased our net sales significantly from the last
year.”
Group Operations in January to March 2015
Key figures 1-3/2015 1-3/2014 Change % 1-12/2014
Orders received, M€ 56.9 46.9 +21.2 % 199.3
Net sales, M€ 53.4 43.5 +22.8 % 197.2
Operating profit, M€ 2.6 1.3 +101.3 % 11.1
Operating profit, % 4.9% 3.0% 5.6%
Net profit, M€ 2.2 0.9 +139.7% 8.5
Earnings per share, € 0.12 0.05 +136.5% 0.48
Cash flow from operations, M€ -1.2 1.5 9.2
Net gearing, % 21.9% 12.3% 9.5%
Equity ratio, % 49.0% 53.7% 53.4%
Personnel at period-end 1,462 1,260 +16.0% 1,343
In the first quarter, orders received by the Group totalled EUR 56.9 (46.9)
million, which is 21.2% above the reference period. The Group's order backlog
amounted to EUR 42.3 (16.5)million.
Net sales were EUR 53.4 (43.5) million, up 22.8% from the comparative period.
Compared to the same period in the previous year, operating profit increased by
101% standing at EUR 2.6 (1.3) million, which is 4.9% (3.0%) of the net sales.
Personnel expenses amounted to EUR 17.0 (14.0) million. Together with the
Mitron acquisition our personnel expenses were increased by recruitment of
additional employees in Network Services. Undiluted result per share stood at
EUR 0.12 (0.05) per share, an increase of 137%.
Operating cash flow stood at EUR -1.2 (1.5) million. Operating cash flow was
decreased by growth in net working capital, which resulted from increased
inventories and reduced accounts payable, including changes in the working
capital of Mitron.
Operations received through the Mitron acquisition are reported under the
figures for Video and Broadband Solutions. The Mitron impact on the reported
figures for the first quarter were as follows: orders received +2.1, net sales
+5.6, operating profit including group level intangible asset depreciations
+0.0 millions of euros. The order backlog transferred in the acquisition stood
at EUR 23.7 million.
Video and Broadband Solutions in January to March 2015
Key figures 1-3/2015 1-3/2014 Change % 1-12/2014
Orders received, T€ 33,990 24,896 36.5% 109,007
Net sales, T€ 30,532 21,485 +42.1% 106,901
Operating profit, T€ 2,003 801 +150.1% 9,673
Operating profit, % 6.6% 3.7% 9.0%
Year-on-year orders received improved by 36.5% standing at EUR 34.0 (24.9)
million. Order backlog strengthened to EUR 42.3 (16.5) million. Net sales grew
by 42.1% amounting to EUR 30.5 (21.5) million. Along with the acquisition of
Mitron, our net sales were increased by the sales of access network products,
passive and house network products as well as video security solutions.
Operating profit increased by 150% to EUR 2.0 (0.8) million, representing 6.6%
(3.7%) of net sales. The year-on-year operating profit percentage was improved
by increased sales volumes.
R&D expenses amounted to EUR 2.9 (2.6) million, i.e. 9.4% (12.1%) of the
business area's net sales. Capitalized R&D expenses amounted to EUR 0.4 (0.3)
million. Product development projects focused on network products complying
with the Docsis 3.1 standard and on customer-specific projects. Depreciation on
capitalized R&D expenses equalled EUR 0.3 (0.3) million.
Network Services in January to March 2015
Key figures 1-3/2015 1-3/2014 Change % 1-12/2014
Orders received, T€ 22,911 22,048 +3.9% 90,275
Net sales, T€ 22,911 22,048 +3.9% 90,275
Operating profit, T€ 595 490 +21.4% 1,463
Operating profit, % 2.6% 2.2% 1.6%
The first-quarter orders received and net sales amounted to EUR 22.9 (22.0)
million, which was 3.9% higher than in the comparison period. Net sales
increased particularly in Switzerland. Operating profit stood at EUR 0.6 (0.5)
million, up 21.4% from the comparative period. Operating profit was 2.6% (2.2%)
of net sales. The year-on-year operating profit was improved by the reduced
loss in the UK, where investments in the expansion of the services business
continued. A good operational result was achieved in Germany.
Personnel and Organization in January to March 2015
In the period under review, the Group had an annual average of 1,466 people
(1,262/2014 1,335/2013), of whom 665 (554) were employed by Video and Broadband
Solutions, and 801 (708) by Network Services. At the end of the review period,
the number of people working for the Group was 1,462 (1,260/2014, 1,342/2013),
of whom 68% (71%/2014, 73%/2013) were working outside Finland. Approximately 3%
of the Group's employees were working outside Europe.
Wages, salaries and social expenses increased over the previous year and
amounted to EUR 17.0 (14.0/2014, 14.4/2013) million. This increase in personnel
expenses was due to the acquisition of Mitron and growth in the number of
personnel working for Network Services.
Investments and Product Development in January to March 2015
Investments by the Group in the period under review totalled EUR 12.4 (0.9)
million accounting for 23.3% (2.1%) of net sales. EUR 11.5 million of these
investments involved the acquisition of Mitron. Investments in product
development equalled EUR 0.3 (0.3) million. Investments of EUR 0.1 (0.1)
million were made under financial lease arrangements.
Product development projects focused on network products complying with the
Docsis 3.1 standard, network management system, distributed access architecture
and customer-specific projects.
Financing and Capital Structure in January to March 2015
Operating cash flow stood at EUR -1.2 (1.5) million. Operating cash flow was
decreased by growth in net working capital, which resulted from increased
inventories and reduced accounts payable, including changes in the working
capital of Mitron.
In January, Teleste Corporation signed new overdraft and revolving credit
facilities with a total value of EUR 45.0 million. These agreements replaced
the previous ones. The new binding agreements are valid until the end of March
2018. At the end of the period under review, the amount of unused binding
credit facilities amounted to EUR 17.0 (17.0) million.
The Group's equity ratio equalled 49.0% (53.7%) and net gearing 21.9% (12.3%).
On 31 March 2015, the Group's interest-bearing debt stood at EUR 30.5 (24.2)
million.
Key Risks by the 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 clients include European cable operators
and specified organisations in the public sector.
As to Video and Broadband Solutions, client-specific and integrated deliveries
of solutions create favourable 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 the relevant 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. The exchange rate
development of the US dollar and the Chinese renminbi to the euro affects our
product costs.
The company hedges against short-term currency exposure by means of forward
exchange contracts. The situation in the European financial markets may slow
down our customers' investment plans. Furthermore, a weakening in the consumer
purchasing power in Europe could slow down the network investments by the cable
operators. Competition increased by the new service providers (OTT) may
undermine the cable operators' ability to invest. Availability of components is
subject to natural phenomena, such as floods and earthquakes. Correct
technological choices and their timing are vital for our success. Regardless of
careful planning and quality assurance, complex products may fail in the
customer's network and lead to expensive repair obligations.
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 our
services by any one of them is reflected in the actual deliveries and
profitability. 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
skills and competencies in Teleste's own personnel as well as those of our
subcontractors. In addition, Teleste's ability to deliver and compete may be
constrained by the adequacy of our own personnel and our sub-contractor network
capacity. Tender calculation and management of larger projects with overall
responsibility are complex and include risks. Severe weather conditions may
affect the supply conditions of our products and services.
Teleste's strategy involves risks and uncertainties - new business
opportunities may fail to be identified or they cannot be acted upon
successfully. It is important for our business areas to take into account any
market developments such as consolidations taking place among the clientele and
competition. Intensifying competition may decrease the prices of products and
solutions faster than we manage to reduce our products' manufacturing and
delivery costs. Various information systems are critical to the development,
manufacturing and supply of products to our customers. Maintenance of
information systems and deployment of new systems involve risks that may affect
our ability to deliver products and services. Information systems may also be
subject to external threats, from which we aim to protect ourselves.
Acquisition of skilled personnel and maintenance of their competence require
encouragement, development and recruitment, which can fail.
The Board of Directors annually reviews any essential risks related to the
company operation and their management. Risk management is an integral part of
the strategic and operational activities of the business areas. Risks are
reported to the Board on a regular basis.
The company has covered 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 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, and
Denmark with subsidiaries in 14 countries outside Finland. Teleste Management
II Oy, founded in December 2011, has been consolidated in the Teleste Group
figures on account of financial arrangements.
Shares and Changes in Share Capital
On 31 March 2015, EM Group Oy was the largest single shareholder with a holding
of 23.2%.
In the period under review, the lowest company share price was EUR 5.32 (4.25)
and the highest was EUR 7.38 (4.86). Closing price on 31 March 2015 stood at
EUR 6.94 (4.53). According to Euroclear Finland Ltd the number of shareholders
at the end of the period under review was 5,151 (5,073) while foreign ownership
accounted for 5.0% (4.8%). The share exchange in the period 1 January to 31
March 2015 was 1.1 (0.8) million. The value of this exchange amounted to EUR
7.5 (3.6) million.
In January, the Company transferred 56,924 shares as part of the purchase price
in the context of the acquisition of the entire share capital of Mitron Group
Oy Ltd by Teleste Corporation. In February, the Company transferred 73,644
shares in a directed free share issue constituting part of Teleste
Corporation's 2012 long-term incentive plan.
At the end of March 2015, the Group held 1,059,086 of its own shares, of which
the parent company Teleste Corporation had 517,086 shares and the controlled
companies had 542,000 shares, respectively. At the end of the period, the
Group's holding of the total amount of shares amounted to 5.6% (6.3%).
On 31 March 2015, the registered share capital of Teleste stood at EUR
6,966,932.80 divided in 18,985,588 shares.
Valid authorizations at the end of the review period:
- Purchases of own shares: maximum 1,200,000 of the Company's own shares, valid
until 30 September 2015.
- Issue of new shares: maximum 4,000,000 shares, valid until 31 March 2017.
- Disposal of own shares in possession: maximum 1,800,000 shares, valid until
31 March 2017.
- Based on the special rights granted by the Company, the number of shares to
subscribe may not exceed 2,500,000 shares; these special rights are included in
the maximum warrants concerning new shares and the Group's own shares mentioned
above. This authorization is valid until 31 March 2017.
Events after the end of the review period
The Annual General Meeting (AGM) of Teleste Corporation held on 9 April 2015
confirmed the financial statements for 2014 and discharged the Board of
Directors and the CEO from liability for the financial period. The AGM
confirmed the dividend of EUR 0.20 per share proposed by the Board. The
dividend was paid out on 20 April 2015.
The AGM decided that the Board of Directors consists of six members. Mr. Pertti
Ervi, Ms. Jannica Fagerholm, Mr. Esa Harju, Ms. Marjo Miettinen, Mr. Kai
Telanne and Mr. Petteri Walldén were re-elected as members of Teleste
Corporation's Board of Directors. Ms. Marjo Miettinen was elected Chair of the
Board in the organisational meeting held immediately after the AGM.
Authorized Public Accountants KPMG Oy Ab continues 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 Annual General Meeting decided to authorize the Board of Directors to
decide on repurchasing the Company's own shares as proposed by the Board. Based
on this authorization, the Board of Directors may repurchase a maximum of
1,200,000 own shares of the Company otherwise than in proportion to the
holdings of the shareholders by using the non-restricted equity through
regulated market on NASDAQ OMX Helsinki Ltd at the market price prevailing at
the time of acquisition. This authorization of purchasing is valid for 18
months from the date of the decision.
Outlook for 2015
The business objective of Video and Broadband Solutions is to maintain its
strong market position in Europe and to strengthen this market position in
selected new markets outside Europe. Network capacity will continue to
increase, driven by the new broadband and video services provided by the
operators. Our new products in line with the Docsis 3.1 communication standard
allow the cable operators to increase their network capacity competitively.
Price erosion in the market continues. Changes in the value of the euro,
particularly against the US dollar and the Chinese renminbi, affect Teleste's
competitiveness, on the one hand, and product manufacturing costs, on the
other. The positive trend in the video security and rail information markets
continue, but the public sector decisions concerning initiation of projects may
be delayed by the current economic situation. In addition to organic growth, we
estimate the Mitron acquisition to increase our net sales by more than EUR 22
million and its impact on our operating profit to be positive.
As to Network Services, our business objective is to further develop the
operational efficiency and increase the share of those services that provide
our customers with higher value. In line with this objective, we will continue
to expand the new services business in the UK. We estimate the demand for
all-inclusive network services in our key target markets to continue at least
at the previous year's level.
We estimate that net sales and operating profit for 2015 will exceed the 2014
level.
29 April 2015
Teleste Corporation Jukka Rinnevaara
The 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 the consolidated
financial statements. The data stated in this report is unaudited. The changes
in IAS1, IFRS13 and IAS19 have been applied in this interim report and they do
not have any material impact on the financial reporting.
STATEMENT OF COMPREHENSIVE INCOME 1-3/ 1-3/ Change % 1-12/
(tEUR) 2015 2014 2014
Net Sales 53,443 43,533 22.8 % 197,176
Other operating income 446 185 140.6 % 2,536
Materials and services -25,537 -21,001 21.6 % -97,561
Personnel expenses -16,976 -13,985 21.4 % -59,497
Other operating expenses -7,570 -6,417 18.0 % -27,309
Depreciation -1,209 -1,024 18.1 % -4,211
Operating profit 2,598 1,291 101.3 % 11,135
Financial income and expenses 306 -93 n/a -301
Profit after financial items 2,904 1,198 142.5 % 10,835
Profit before taxes 2,904 1,198 142.5 % 10,835
Taxes -698 -278 151.4 % -2,353
Net profit 2,206 920 139.7 % 8,482
Attributable to:
Equity holders of the parent 2,206 920 139.7 % 8,482
Earnings per share for result of the year attributable to the equity holders of
the parent
(expressed in € per share)
Basic 0.12 0.05 136.5 % 0.48
Diluted 0.12 0.05 139.6 % 0.48
Total comprehensive income for the period (tEUR)
Net profit 2,206 920 139.7 % 8,482
Possible items with future net
profit effect
Translation differences 398 92 332.6 % -465
Fair value reserve 4 -7 n/a -25
Total comprehensive income for the 2,608 1,005 159.5 % 7,992
period
Attributable to:
Equity holders of the parent 2,608 1,005 159.5 % 7,992
STATEMENT OF FINANCIAL POSITION 31/03/2015 31/03/2014 Change % 31/12/2014
(tEUR)
Non-current assets
Property,plant,equipment 10,473 10,485 -0.1 % 9,627
Goodwill 38,425 33,289 15.4 % 33,121
Other intangible assets 6,934 4,331 60.1 % 3,891
Deferred tax assets 1,885 1,828 3.1 % 1,698
Available-for-sale Investments 713 294 142.5 % 701
58,430 50,227 16.3 % 49,037
Current assets
Inventories 29,566 20,866 41.7 % 20,483
Trade and other receivables 51,803 37,214 39.2 % 45,276
Cash and cash equivalents 14,373 16,008 -10.2 % 17,672
95,742 74,088 29.2 % 83,431
Total assets 154,173 124,315 24.0 % 132,467
Shareholder's equity and
liabilities
Share capital 6,967 6,967 0.0 % 6,967
Other equity 66,414 59,381 11.8 % 63,227
Non-controlling interest 477 386 23.6 % 487 73,858 66,734 10.7 % 70,682
Non-current liabilities
Provisions 1,294 598 116.3 % 1,238
Deferred tax liabilities 1,922 1,203 59.8 % 1,327
Non interest bearing 3,527 2,436 44.8 % 31
liabilities
Interest bearing liabilities 29,744 434 6748.8 % 595
36,487 4,671 681.1 % 3,192
Current liabilities
Trade payables and other 41,777 28,031 49.0 % 33,536
liabilities
Current tax payable 615 210 192.6 % 793
Provisions 650 893 -27.1 % 480
Interest bearing liabilities 786 23,776 -96.7 % 23,784
43,828 52,909 -17.2 % 58,593
Total shareholder's equity and 154,173 124,315 24.0 % 132,467
liabilities
CONSOLIDATED CASH FLOW STATEMENT (tEUR) 1-3/ 1-3/ Change % 1-12/
2015 2014 2014
Cash flows from operating activities
Profit for the period 2,206 920 139.7 % 8,482
Adjustments 1,601 1,306 22.5 % 4,211
Interest and other financial expenses and 306 -93 n/a -301
incomes
Paid Taxes -269 -1,155 -76.7 % -2,717
Change in working capital -5,023 482 n/a -448
Cash flow from operating activities -1,179 1,461 -180.7% 9,227
Cash flow from investing activities
Acquisition of subsidiaries, net of cash -6,826 0 n/a 0
acquired
Purchases of property, plant and equipment -260 -426 -39.0 % -1,782
(PPE)
Proceeds from sales of PPE 17 0 n/a 64
Purchases of intangible assets -338 -372 -9.1 % -1,077
Proceeds from available-for-sale 0 0 n/a -407
investments
Net cash used in investing activities -7,407 -798 828.2 % -3,202
Cash flow from financing activities
Proceeds from borrowings 5,000 0 n/a 1,000
Payments of borrowings -111 -152 -27.0 % -1,255
Dividends paid 0 0 n/a -3,360
Proceeds from issuance of ordinary shares 0 176 n/a 497
Net cash used in financing activities 4,889 24 n/a -3,118
Change in cash
Cash in the beginning 17,672 15,229 16.0 % 15,229
Effect of currency changes 398 92 332.6 % -465
Change -3,697 687 n/a 2,907
Cash at the end 14,373 16,008 -10.2 % 17,672
KEY FIGURES 1-3/ 1-3/ Change % 1-12/
2015 2014 2014
Earnings per share, EUR 0.12 0.05 136.5 % 0.48
Earnings per share fully diluted, EUR 0.12 0.05 139.6 % 0.48
Shareholders' equity per share, EUR 4.09 3.75 9.1 % 3.94
Return on equity 12.2 % 5.6 % 117.9 % 12.5 %
Return on capital employed 12.4 % 5.9 % 110.2 % 12.2 %
Equity ratio 49.0 % 53.7 % -8.8 % 53.4 %
Gearing 21.9 % 12.3 % 78.0 % 9.5 %
Investments, tEUR 12,426 912 1262.5 % 3,676
Investments % of net sales 23.3 % 2.1 % 1009.8 % 1.9 %
Order backlog, tEUR 42,342 16,511 156.4 % 15,206
Personnel, average 1,466 1,262 16.2 % 1,302
Number of shares (thousands) 18,986 18,874 0.6 % 18,918
including own shares
Highest share price, EUR 7.38 4.86 51.9 % 5.29
Lowest share price, EUR 5.32 4.25 25.2 % 4.25
Average share price, EUR 6.52 4.48 45.6 % 4.67
Turnover, in million shares 1.1 0.8 43.5 % 2.3
Turnover, in MEUR 7.5 3.6 108.0 % 10.9
Treasury shares
Number % of % of
of shares shares votes
Possession of company's own shares 1,059,086 5.58% 5.58%
31.3.2015
Contingent liabilities and pledged assets (tEUR)
Leasing and rent liabilities 5,756 6,133 -6.1 % 5,559
Derivative instruments (tEUR)
Value of underlying forward contracts 20,031 6,518 207.3 % 13,141
Market value of forward contracts 117 -139 n/a 65
Interest rate swap 11,000 11,000 0.0 % 11,000
Market value of interest swap -27 -13 115.1 % -31
Taxes are computed on the basis of the tax on the profit for the period.
OPERATING SEGMENTS (tEUR) 1-3/ 1-3/ Change % 1-12/
2015 2014 2014
Video and Broadband Solutions
Orders received 33,990 24,896 36.5 % 109,007
Net sales 30,532 21,485 42.1 % 106,901
EBIT 2,003 801 150.1 % 9,673
EBIT% 6.6 % 3.7 % 9.0 %
Network Services
Orders received 22,911 22,048 3.9 % 90,275
Net sales 22,911 22,048 3.9 % 90,275
EBIT 595 490 21.4 % 1,463
EBIT% 2.6 % 2.2 % 1.6 %
Total
Orders received 56,901 46,944 21.2 % 199,282
Net sales 53,443 43,533 22.8 % 197,176
EBIT 2,598 1,291 101.3 % 11,135
EBIT% 4.9 % 3.0 % 5.6 %
Financial items 306 -93 n/a -301
Operating segments net profit before taxes 2,904 1,198 142.5 % 10,835
Information per quarter 1-3/15 10-12/14 7-9/14 4-6/14 1-3/14 4/2014-
(tEUR) 3/2015
Video and Broadband Solutions
Orders received 33,990 28,642 27,571 27,898 24,896 118,101
Net sales 30,532 29,500 28,909 27,007 21,485 115,948
EBIT 2,003 2,616 4,421 1,835 801 10,875
EBIT % 6.6 % 8.9 % 15.3 % 6.8 % 3.7 % 9.4 %
Network Services
Orders received 22,911 24,367 21,455 22,405 22,048 91,138
Net sales 22,911 24,367 21,455 22,405 22,048 91,138
EBIT 595 909 516 -452 490 1,568
EBIT % 2.6 % 3.7 % 2.4 % -2.0 % 2.2 % 1.7 %
Total
Orders received 56,901 53,009 49,026 50,303 46,944 209,239
Net sales 53,443 53,867 50,365 49,412 43,533 207,087
EBIT 2,598 3,525 4,937 1,383 1,291 12,442
EBIT % 4.9 % 6.5 % 9.8 % 2.8 % 3.0 % 6.0 %
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
Share-holder's 6,967 1,504 -339 58,139 3,954 -31 70,194 487 70,682
equity 1.1.2015
Total 398 2,206 4 2,608 0 2,608
compre-hensive
income for the
period
Disposal of own 568 568 0 568
shares
Interest, non 10 10 -10 0
controll party
Share-holder's 6,967 1,504 59 60,355 4,522 -27 73,380 477 73,858
equity 31.3.2015
Share-holder's 6,967 1,504 126 53,079 3,457 -6 65,127 425 65,553
equity 1.1.2014
Total 92 920 -7 1,005 0 1,005
compre-hensive
income for the
period
Used options 176 176 0 176
Interest, con 39 39 -39 0
controll party
Share-holder's 6,967 1,504 218 54,038 3,633 -13 66,347 386 66,734
equity 31.3.2014
CALCULATION OF KEY FIGURES
Return on Profit/loss for the financial period
equity: ------------------------------ * 100
Shareholders' equity (average)
Return on Profit/loss for the period after financial items + financing
capital charges
employed: ------------------------------ * 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 Profit for the period attributable to equity holder of the
share: parent
----------------------------------------------
Weighted average number of ordinary shares outstanding during
the period
Earnings per Profit for the period attributable to equity holder of the
share, parent (diluted)
diluted: ----------------------------------------------- Average number
of shares - own shares + number of options at the period-end
Major shareholders 31.3.2015 Number of shares % of share capital
EM Group Oy 4,409,712 23.23
Mandatum Life Insurance Company Limited 1,679,200 8.84
Ilmarinen Mutual Pension Insurance Company 963,860 5.08
Kaleva Mutual Insurance Company 824,641 4.34
Teleste Management II Oy 542,000 2.85
Varma Mutual Pension Insurance Company 521,150 2.74
Teleste Oyj 517,086 2.72
OP-Finland Small Firms Fund 500,712 2.64
The State Pension Fund 500,000 2.63
FIM Fenno Equity fund 324,279 1.71
Shareholders by sector Number of % of Number of Number of
31.3.2015 shareholders Owners shares shares
Households 4,815 93.48 4,691,350 24.7
Public sector 4 0.08 2,001,510 10.5
institutions
Financial and insurance 18 0.35 3,799,797 20.0
institutions
Corporations 252 4.89 7,127,336 37.5
Non-profit institutions 28 0.54 408,222 2.2
Foreign and nominee 34 0.66 957,373 5.0
registered owners
Total 5,151 100.00 18,985,588 100.0
Number of shares Number of % of Number of % of
31.3.2015 shareholders shareholders shares shares
1 - 100 1,162 22.6 77,496 0.4
101 - 500 2,250 43.7 610,762 3.2
501 - 1000 790 15.3 650,723 3.4
1001 - 5000 757 14.7 1,670,404 8.8
5001 - 10000 92 1.8 653,179 3.4
10001 - 50000 73 1.4 1,458,243 7.7
50001 - 100000 2 0.0 155,104 0.8
100001 - 500000 17 0.3 3,751,316 19.8
500001 - 8 0.2 9,958,361 52.5
Total 5,151 100.0 18,985,588 100.0
of which nominee 722,650 3.8
registered
The following assets are liabilities were preliminary recognised in the
acquisition Mitron:
1 000 € Recognised fair values on
acquisition
Fair values used in consolidation
Trade marks (inc. in intangible assets) 746
Customer relationship (inc. in intangible 585
assets)
Technology (inc. in intangible assets) 1,362
Inventories 4,983
Trade receivables 8,514
Book values used in consolidation
Tangible assets 944
Intangible assets 537
Shares and immaterial rights 29
Accrued income 1,315
Other receivables 425
Cash and cash equivalents 874
Total assets 20,314
Book values used in consolidation
Interest-bearing liabilities 1,174
Trade payables 5,672
Deferred tax liabilities 539
Advances received 2,984
Other liabilities 3,300
Total liabilities 13,669
Net identifiable assets and liabilities 6,645
Total consideration 11,500
Goodwill on acquisition 4,855
Consideration paid in cash -7,700
Cash and cash equivalents in acquired 874
subsidiary
Total net cash outflow on the acquisition -6,826
ADDITIONAL INFORMATION:
CEO Jukka Rinnevaara, phone +358 2 2605 866 or +358 400 747 488
DISTRIBUTION:
NASDAQ OMX Helsinki
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