2008-04-22 13:00:00 CEST
2008-04-22 13:00:09 CEST
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 31 MARCH 2008
TELESTE CORPORATION INTERIM REPORT 22.4.2008 AT 14:00 TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 31 MARCH 2008 - Net sales amounted to EUR 27.2 (31.4) million, a fall of 13.4% over the year of comparison. - Operating profit stood at EUR 0.9 (2.8) million, a fall of 68.5% over the previous year; undiluted result per share equalled EUR 0.03 (0.11) per share. - Orders received amounted to EUR 29.4 (36.4) million, a fall of 19.2% over the year of comparison. - Orders received by Broadband Cable Networks stood at EUR 26.0 (32.7) million, a fall of 20.5% over the year of comparison. Operating profit weakened. - Orders received by Video Networks stood at EUR 3.3 (3.6) million, a fall of 8.0% over the year of comparison. Operating profit improved. Decline in Net Sales and Profit Net sales fell as expected and ended up at EUR 27.2 (31.4) million. Net sales stood at 13.4% below the period of comparison, which included an EttH delivery of approximately EUR 5 million to South Korea. Year-on-year operating profit fell standing at EUR 0.9 (2.8) million, which is 3.2% (8.9%) of net sales. Weakening in the operating profit was mainly caused by diminished net sales. Undiluted result per share equalled EUR 0.03 (EUR 0.11). Orders received diminished over the previous year standing at EUR 29.4 (36.4) million. Order backlog totalled EUR 23.7 (33.3) million. No essential delays in deliveries related to the production capacity or availability of materials occurred at the end of the period under review. Changes in Group Structure Teleste improved its standing as a supplier of IPTV solutions by acquiring the Finnish Ortikon Interactive Oy in the beginning of February. The acquisition will not have an essential effect on Teleste's financial figures for 2008. Business Areas Net sales of Broadband Cable Networks stood at EUR 23.0 (28.0) million remaining 18.0% below the previous year. Net sales for the year of comparison included deliveries of Ethernet to the Home (EttH) to South Korea for approximately EUR 5 million. Volumes delivered to France based on frame agreements were as expected. Operating profit stood at EUR 0.9 (3.3) million making 3.9% (11.8%) of the net sales. Weakened profitability was the result of diminished net sales. Orders received by the Broadband Cable Networks decreased over the year of comparison amounting to EUR 26.0 (32.7) million. Orders received for the year of comparison include delivery of amplifiers to Germany of EUR 5 million. Order backlog totalled EUR 22.2 (31.5) million. Ortikon Interactive Oy acquired in February 2008 strengthens the provision of IPTV solutions for the business area. Net sales of Video Networks grew by 23.9% over the year of comparison standing at EUR 4.2 (3.4) million. Operating profit was EUR -0.02 (-0.5) million in the red. Orders received by Video Networks fell by 8.0% amounting to EUR 3.3 (3.6) million. New orders failed to accumulate as expected due to slow decision-making in the public sector. Prospect list of fairly sizeable project deliveries remains on a sound level. Order backlog totalled EUR 1.5 (1.9) million. Significant Short-Term Risks and Uncertainty Factors for the Business Areas Increased insecurity concerning the world economy may undermine the demand for Teleste products. Significant strengthening of the euro against the US dollar may erode Teleste's competitiveness. Ownership rearrangements among our clientele may slow down the folding out of network investments in the business of Broadband Cable Networks. Strengthening of order backlog for Video Networks is dependent on timing of public sector decisions. Introduction to the market of new competing technologies is a characteristic risk factor for both of our business areas. Personnel The Group employed 686 people at the end of March (2007:639, 2006: 569), out of which 461 (448 and 405) were stationed in Finland. The stated number does not include temporary labour of 37 (78 and 25) at the end of March. R&D and Investments The number of persons working in R&D related assignments was 158 (145 and 124). The R&D expenditure for the review period totalled EUR 3.2 (2.9) million making 11.8% (9.5%) of net sales. Activated R&D expenses stood at EUR 0.8 (0.5) million and depreciation on previous activation items equalled EUR 0.4 (0.3) million. Investments for the Group totalled EUR 1.0 (2.5) million and involved mainly product development. Acquisition of Ortikon Interactive Oy is included in the investments. Finance Operating cash flow stood at EUR 0.6 (1.0) million. In the period under review inventories were reduced by EUR 1.4 million. EUR 2.0 million of new interest-bearing loan was taken so that the total interest-bearing debt at the end of March amounted to EUR 11.7 (12.3) million. At the end of the period under review the company liquid funds stood at EUR 8.8 (8.9) million. At the end of the review period the amount of unused stand-by credits amounted to EUR 21.0 (20.0) million. These stand-by credits will be due in November 2008. The company has started negotiations on a new financing solution. The Group's gearing was 6.2% (8.4%) and the equity ratio was 60.0% (50.5%). Teleste hedges main exchange rate risks of forecasted currency flows for six months ahead. Shares and Shareholders In the period under review the trading price of shares fluctuated between EUR 5.90 (9.99) and EUR 7.49 (12.34). The closing price at the end of March was EUR 6.78 (11.50). According to the Finnish Central Security Depository the number of shareholders at the end of the period was 5,193 (5,401). Foreign ownership accounted for 18.7% (20.5%). The value of shares traded on OMX Nordic Exchange was EUR 23.4 (24.7) million while the number thereof equalled 3.5 (2.2) million. At the end of March Teleste held 344,721 of the company's own shares. In the period under review 7,761 own shares were conveyed to the Management Team share bonus scheme. Decisions by the Annual General Meeting The Annual General Meeting (AGM) on 1 April 2008 confirmed the financial statements for 2007 and discharged the Board and the CEO from liability for the financial period. The AGM confirmed the Board's proposed dividend of EUR 0.24 per share. The dividend was paid out on 15 April 2008. The AGM decided that the Board of Directors shall consist of six members. Mr. Tapio Hintikka was re-elected as Chairman of the Board whilst Mr. Tero Laaksonen, Mr. Pertti Raatikainen, Mr. Timo Toivila and Mr. Pekka Vennamo continue as members on the Board of Directors. Mr. Kai Telanne was elected new member of the Board. Authorised Public Accountants KPMG Oy Ab continue as the auditor until the next AGM. The AGM authorised the Board to acquire the maximum of 1,400,000 of the company's own shares and to convey the maximum of 1,744,721 company's own shares. Based on authorisations of 2001 and 2002 the company is in the possession of 344,721 of its own shares. The AGM also authorised the company to issue 5,000,000 new shares. The maximum number of shares that may be subscribed with the special rights granted by the Company is 2,000,000 shares. These authorisations will be valid until the AGM due to be held in 2009. Outlook In our view the business area of Broadband Cable Networks will grow towards the end of the current year. Growth prospects for the year are supported by the on-going solid deliveries based on frame agreements, growth in the demand for next generation broadband solutions (EttH/Fttx), deliveries of IP headend products and the increasing demand for services provided by the business area. Price competition in the markets of the business area will increase further still, driven particularly by the weak US dollar. In our perspective, due to the strong prospect list involving large-scale traffic control and security surveillance solutions, growth of the Video Networks business area will continue for the entire year. Business predictability has become more difficult due to the increased uncertainty in the world economy. We believe the market situation for our lines of business to remain active and that Teleste will continue on its path of profitable growth in the medium term perspective. As to the current year we estimate the orders received to pick up, but due to the dip in the beginning of the year, net sales and profitability may remain level with the last year. In spite of the short-term risks to profitability caused by the uncertainty factors in the world economy, affecting also Teleste, the company will continue its efforts in the chosen priority areas of products (such as EttH and IP headend) and services that ensure profitable growth in the future. Teleste's interim report for the January - June period will be published on 15 July 2008. 22.4.2008 Teleste Corporation Jukka Rinnevaara Board of Directors CEO This Interim Report has been compiled in compliance with IFRS 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. CONSOLIDATED STATEMENT OF INCOME -------------------------------------------------------------------------------- | (tEUR) | 1-3/2008 | 1-3/2007 | Change % | 1-12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 27 192 | 31 415 | -13.4 % | 125 100 | -------------------------------------------------------------------------------- | | Change in inventories of | -940 | -616 | 52.6 % | -673 | | | finished goods | | | | | -------------------------------------------------------------------------------- | | Other operating income | 407 | 42 | 869.0 % | 1 772 | -------------------------------------------------------------------------------- | | Materials and services | -12 510 | -15 568 | -19.6 % | -59 692 | -------------------------------------------------------------------------------- | | Personnel expenses | -8 020 | -7 263 | 10.4 % | -31 455 | -------------------------------------------------------------------------------- | | Other operating expenses | -4 060 | -4 502 | -9.8 % | -18 324 | -------------------------------------------------------------------------------- | | Depreciation | -1 188 | -710 | 67.3 % | -3 552 | -------------------------------------------------------------------------------- | Operating profit | 881 | 2 797 | -68.5 % | 13 176 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | Financial income and | -159 | -236 | -32.6 % | -504 | | | expenses | | | | | -------------------------------------------------------------------------------- | Profit after financial items | 722 | 2 561 | -71.8 % | 12 672 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 722 | 2 561 | -71.8 % | 12 672 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | Taxes | -204 | -694 | -70.6 % | -3 309 | -------------------------------------------------------------------------------- | Net profit | 518 | 1 867 | -72.3 % | 9 363 | -------------------------------------------------------------------------------- | | -------------------------------------------------------------------------------- | Attributable to: | -------------------------------------------------------------------------------- | | Equity holders of the | 518 | 1 867 | -72.3 % | 9 363 | | | parent | | | | | -------------------------------------------------------------------------------- | Earnings per share for profit of the year attributable to the equity holders | | of the parent (expressed in euro per share) | -------------------------------------------------------------------------------- | | Basic | 0.03 | 0.11 | -72.8 % | 0.55 | -------------------------------------------------------------------------------- | | Diluted | 0.03 | 0.10 | -71.2 % | 0.52 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET (teur) | | | -------------------------------------------------------------------------------- | Non-current assets | 31.3.200 | 31.3.2007 | Change % | 31.12.200 | | | 8 | | | 7 | -------------------------------------------------------------------------------- | | Property,plant,equipment | 7 448 | 7 224 | 3.1 % | 7 757 | -------------------------------------------------------------------------------- | | Goodwill | 13 291 | 12 271 | 8.3 % | 12 686 | -------------------------------------------------------------------------------- | | Intangible assets | 6 823 | 3 628 | 88.1 % | 6 629 | -------------------------------------------------------------------------------- | | Investments | 775 | 1 116 | -30.6 % | 723 | -------------------------------------------------------------------------------- | | | 28 337 | 24 239 | 16.9 % | 27 795 | -------------------------------------------------------------------------------- | Current assets | -------------------------------------------------------------------------------- | | Inventories | 14 536 | 18 206 | -20.2 % | 15 936 | -------------------------------------------------------------------------------- | | Trade and other | 27 219 | 27 778 | -2.0 % | 26 455 | | | receivables | | | | | -------------------------------------------------------------------------------- | | Cash | 8 766 | 8 913 | -1.6 % | 7 702 | -------------------------------------------------------------------------------- | | | 50 521 | 54 897 | -8.0 % | 50 093 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 78 858 | 79 136 | -0.4 % | 77 888 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | -------------------------------------------------------------------------------- | | Share capital | 6 967 | 6 967 | 0.0 % | 6 967 | -------------------------------------------------------------------------------- | | Other equity | 40 343 | 32 866 | 22.7 % | 39 702 | -------------------------------------------------------------------------------- | | | 47 310 | 39 833 | 18.8 % | 46 669 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | | Provisions | 425 | 425 | 0.0 % | 425 | -------------------------------------------------------------------------------- | | Non interest bearing | 1 219 | 368 | 231.3 % | 1 197 | | | liabilities | | | | | -------------------------------------------------------------------------------- | | Interest bearing | 1 702 | 1 743 | -2.4 % | 1 700 | | | liabilities | | | | | -------------------------------------------------------------------------------- | | | 3 346 | 2 536 | 31.9 % | 3 322 | -------------------------------------------------------------------------------- | Short-term liabilities | | | | | -------------------------------------------------------------------------------- | | Trade payables and other | 17 694 | 25 150 | -29.6 % | 19 596 | | | s-t liabilities | | | | | -------------------------------------------------------------------------------- | | Provisions | 518 | 1 106 | -53.2 % | 518 | -------------------------------------------------------------------------------- | | S-t interest bearing | 9 990 | 10 511 | -5.0 % | 7 783 | | | liabilities | | | | | -------------------------------------------------------------------------------- | | | 28 202 | 36 767 | -23.3 % | 27 897 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total shareholder's equity | 78 858 | 79 136 | -0.4 % | 77 888 | | and liabilities | | | | | -------------------------------------------------------------------------------- | CASH-FLOW | -------------------------------------------------------------------------------- | (tEUR) | 1-3/2008 | 1-3/2007 | Change % | 1-12/2007 | -------------------------------------------------------------------------------- | Cash-flow from operation | 630 | 951 | -33.8 % | 11 988 | -------------------------------------------------------------------------------- | | Cash in | 26 755 | 26 088 | 2.6 % | 125 663 | -------------------------------------------------------------------------------- | | Cash out | -26 125 | -25 136 | 3.9 % | -113 675 | -------------------------------------------------------------------------------- | Cash-flow from investments | -744 | -1 794 | -58.5 % | -8 468 | -------------------------------------------------------------------------------- | | Cash in | 0 | 0 | n/a | 814 | -------------------------------------------------------------------------------- | | Cash out | -744 | -1 794 | -58.5 % | -9 282 | -------------------------------------------------------------------------------- | Cash-flow from finance | 1 227 | 3 024 | -59.4 % | -2 490 | -------------------------------------------------------------------------------- | | Cash in | 2 000 | 3 099 | -35.5 % | 12 630 | -------------------------------------------------------------------------------- | | Cash out | -773 | -75 | 930.7 % | -11 707 | -------------------------------------------------------------------------------- | | Paid dividend | 0 | 0 | n/a | -3 413 | -------------------------------------------------------------------------------- | Other Items | -49 | -57 | -14.0 % | -118 | -------------------------------------------------------------------------------- | | Effect of currency rates | -49 | -57 | -14.0 % | -118 | -------------------------------------------------------------------------------- | Change in liquid funds | 1 064 | 2 124 | -49.9 % | 912 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | 1-3/2008 | 1-3/2007 | Change % | 1-12/2007 | -------------------------------------------------------------------------------- | | Earnings per share, EUR | 0.03 | 0.11 | -72.8 % | 0.55 | -------------------------------------------------------------------------------- | | Earnings per share fully | 0.03 | 0.10 | -71.2 % | 0.52 | | | diluted, EUR | | | | | -------------------------------------------------------------------------------- | | Shareholders' equity per | 2.73 | 2.35 | 16.2 % | 2.69 | | | share, EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Return on equity | 4.4 % | 19.3 % | -77.2 % | 22.2 % | -------------------------------------------------------------------------------- | | Return on capital | 6.5 % | 22.9 % | -71.4 % | 27.1 % | | | employed | | | | | -------------------------------------------------------------------------------- | | Equity ratio | 60.0 % | 50.5 % | 18.8 % | 60.2 % | -------------------------------------------------------------------------------- | | Gearing | 6.2 % | 8.4 % | -26.2 % | 3.8 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments, tEUR | 1 020 | 2 526 | -59.6 % | 12 284 | -------------------------------------------------------------------------------- | | Investments % of net | 3.8 % | 8.0 % | -53.3 % | 9.8 % | | | sales | | | | | -------------------------------------------------------------------------------- | | Order backlog, tEUR | 23 703 | 33 345 | -28.9 % | 21 523 | -------------------------------------------------------------------------------- | | Personnel, average | 681 | 633 | 7.6 % | 681 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Number of shares | 17 672 | 17 394 | 1.6 % | 17 494 | | | (thousands) including | | | | | | | own shares | | | | | -------------------------------------------------------------------------------- | | Highest share price, EUR | 7.49 | 12.34 | -39.3 % | 12.34 | -------------------------------------------------------------------------------- | | Lowest share price, EUR | 5.90 | 9.99 | -40.9 % | 6.47 | -------------------------------------------------------------------------------- | | Average share price, EUR | 6.62 | 11.43 | -42.1 % | 10.10 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Turnover, in million | 3.5 | 2.2 | 60.0 % | 7.2 | | | shares | | | | | -------------------------------------------------------------------------------- | | Turnover, in MEUR | 23.4 | 24.7 | -5.4 % | 72.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Own shares | -------------------------------------------------------------------------------- | | Number | | Percentag | Percentag | | | of | | e of | e of | | | shares | | share | votes | | | | | capital | | -------------------------------------------------------------------------------- | | Teleste Oyj owns own | 344 721 | | 1.95 % | 1.95 % | | | shares 31.3.2008 | | | | | -------------------------------------------------------------------------------- | Contingent liabilities and pledged assets (tEUR) | -------------------------------------------------------------------------------- | For own debt | -------------------------------------------------------------------------------- | | Guarantees | 293 | 432 | -32.2 % | 184 | -------------------------------------------------------------------------------- | | Other securities | 506 | 440 | 15.0 % | 365 | -------------------------------------------------------------------------------- | | Leasing and rent | 2 401 | 2 672 | -10.1 % | 2 635 | | | liabilities | | | | | -------------------------------------------------------------------------------- | | | 3 200 | 3 544 | -9.7 % | 3 184 | -------------------------------------------------------------------------------- | | -------------------------------------------------------------------------------- | Derivative instruments (tEUR) | -------------------------------------------------------------------------------- | | Value of underlying | 8 634 | 12 590 | -31.4 % | 7 746 | | | forward contracts | | | | | -------------------------------------------------------------------------------- | | Market value of forward | -242 | -213 | 13.6 % | -152 | | | contracts | | | | | -------------------------------------------------------------------------------- | Taxes are computed on the basis of the tax on the profit for the period. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Primary segments information | 1-3/2008 | 1-3/2007 | Change % | 1-12/2007 | | (tEUR) | | | | | -------------------------------------------------------------------------------- | Broadband Cable Networks (tEUR) | -------------------------------------------------------------------------------- | | Order intake | 26 040 | 32 743 | -20.5 % | 101 450 | -------------------------------------------------------------------------------- | | Net sales | 22 972 | 28 008 | -18.0 % | 108 204 | -------------------------------------------------------------------------------- | | EBIT | 901 | 3 305 | -72.7 % | 12 837 | -------------------------------------------------------------------------------- | | EBIT% | 3.9 % | 11.8 % | -66.8 % | 11.9 % | -------------------------------------------------------------------------------- | Video Networks (tEUR) | -------------------------------------------------------------------------------- | | Order intake | 3 332 | 3 620 | -8.0 % | 17 080 | -------------------------------------------------------------------------------- | | Net sales | 4 220 | 3 407 | 23.9 % | 16 896 | -------------------------------------------------------------------------------- | | EBIT | -20 | -508 | n/a | 339 | -------------------------------------------------------------------------------- | | EBIT% | -0.5 % | -14.9 % | n/a | 2.0 % | -------------------------------------------------------------------------------- | Total (tEUR) | -------------------------------------------------------------------------------- | | Order intake | 29 372 | 36 363 | -19.2 % | 118 530 | -------------------------------------------------------------------------------- | | Net sales | 27 192 | 31 415 | -13.4 % | 125 100 | -------------------------------------------------------------------------------- | | EBIT | 881 | 2 797 | -68.5 % | 13 176 | -------------------------------------------------------------------------------- | | EBIT% | 3.2 % | 8.9 % | -63.6 % | 10.5 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Information per | 1-3/08 | 10-12/ | 7-9/07 | 4-6/07 | 1-3/07 | 4/2007 | | quarter (tEUR) | | 07 | | | | - | | | | | | | | 3/2008 | -------------------------------------------------------------------------------- | Broadband Cable Networks | -------------------------------------------------------------------------------- | | Order intake | 26 040 | 25 250 | 23 798 | 19 659 | 32 743 | 94 747 | -------------------------------------------------------------------------------- | | Net sales | 22 972 | 25 530 | 28 387 | 26 279 | 28 008 | 103 | | | | | | | | | 168 | -------------------------------------------------------------------------------- | | EBIT | 901 | 2 371 | 4 576 | 2 585 | 3 305 | 10 433 | -------------------------------------------------------------------------------- | | EBIT % | 3.9 % | 9.3 % | 16.1 % | 9.8 % | 11.8 % | 10.1 % | -------------------------------------------------------------------------------- | Video Networks | -------------------------------------------------------------------------------- | | Order intake | 3 332 | 4 510 | 5 650 | 3 300 | 3 620 | 16 792 | -------------------------------------------------------------------------------- | | Net sales | 4 220 | 5 546 | 3 880 | 4 063 | 3 407 | 17 709 | -------------------------------------------------------------------------------- | | EBIT | -20 | 664 | 75 | 108 | -508 | 827 | -------------------------------------------------------------------------------- | | EBIT % | -0.5 % | 12.0 % | 1.9 % | 2.7 % | -14.9 % | 4.7 % | -------------------------------------------------------------------------------- | Total | -------------------------------------------------------------------------------- | | Order intake | 29 372 | 29 760 | 29 448 | 22 959 | 36 363 | 111 | | | | | | | | | 539 | -------------------------------------------------------------------------------- | | Net sales | 27 192 | 31 076 | 32 267 | 30 342 | 31 415 | 120 | | | | | | | | | 877 | -------------------------------------------------------------------------------- | | EBIT | 881 | 3 035 | 4 651 | 2 693 | 2 797 | 11 260 | -------------------------------------------------------------------------------- | | EBIT % | 3.2 % | 9.8 % | 14.4 % | 8.9 % | 8.9 % | 9.3 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to equity holders of the parent | -------------------------------------------------------------------------------- | (tEUR) | Share | Share | Trans-lat | Retai- | Inves | Total | | | capi | Pre | ion | ned | ted | | | | tal | mium | diffe-ren | Ear-ni | nonres | | | | | | ces | ngs | -trict | | | | | | | | ed | | | | | | | | equity | | | | | | | | fund | | -------------------------------------------------------------------------------- | Equity 1.1.2008 | 6 967 | 1 504 | -53 | 35 720 | 2 531 | 46 669 | -------------------------------------------------------------------------------- | | Exchange | | | -49 | | | -49 | | | differences | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | 518 | | 518 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Equity-settled | | | | 108 | 56 | 164 | | | share-based | | | | | | | | | payments | | | | | | | -------------------------------------------------------------------------------- | | Used share | | | | | 8 | 8 | | | options | | | | | | | -------------------------------------------------------------------------------- | Equity 31.3.2008 | 6 967 | 1 504 | -102 | 36 346 | 2 595 | 47 310 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity 1.1.2007 | 6 955 | 1 417 | 65 | 29 224 | 0 | 37 661 | -------------------------------------------------------------------------------- | | Exchange | | | -57 | | | -57 | | | differences | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | 1 867 | | 1 867 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Equity-settled | | | | 263 | | 263 | | | share-based | | | | | | | | | payments | | | | | | | -------------------------------------------------------------------------------- | | Used share | 12 | 87 | | | | 99 | | | options | | | | | | | -------------------------------------------------------------------------------- | Equity 31.3.2007 | 6 967 | 1 504 | 8 | 31 354 | 0 | 39 833 | -------------------------------------------------------------------------------- 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 | | employed: | items + 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 | | diluted: | holder of the parent (diluted) | | | ----------------------------------------------- | | | Average number of shares - own shares + number | | | of options at the period-end | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sector Dispersion of Shareholders | -------------------------------------------------------------------------------- | Owners | Number of | Number of | % of shares | | | shareholders | shares | | -------------------------------------------------------------------------------- | Corporations | 311 | 1 649 652 | 9.33 | -------------------------------------------------------------------------------- | Financial and insurance | 32 | 5 634 369 | 31.88 | | corporations | | | | -------------------------------------------------------------------------------- | Public institutions | 12 | 2 686 656 | 15.20 | -------------------------------------------------------------------------------- | Non-profit organizations | 55 | 998 980 | 5.65 | -------------------------------------------------------------------------------- | Households | 4 733 | 3 394 538 | 19.21 | -------------------------------------------------------------------------------- | Foreign and nominee -registered | 50 | 3 311 010 | 18.73 | -------------------------------------------------------------------------------- | Total | 5 193 | 17 675 205 | 100.00 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Major Shareholders | Number of | % of shares | | | shares | | -------------------------------------------------------------------------------- | 1. | Hs/Sampo Private Ss | 1 624 200 | 9.19% | -------------------------------------------------------------------------------- | 2. | Ilmarinen Mutual Pension Insurance Company | 894 776 | 5.06% | -------------------------------------------------------------------------------- | 3. | Kaleva Mutual Insurance Company | 798 541 | 4.52% | -------------------------------------------------------------------------------- | 4. | Varma Mutual Pension Insurance Company | 521 150 | 2.95% | -------------------------------------------------------------------------------- | 5. | State Pension Fund | 500 000 | 2.83% | -------------------------------------------------------------------------------- | 6. | Abn Amro Finland Sijoitusrahasto | 495 453 | 2.80% | -------------------------------------------------------------------------------- | 7. | Aktia Capital Mutual Fund | 487 200 | 2.76% | -------------------------------------------------------------------------------- | 8. | Skagen Vekst Verdipapierfond | 437 000 | 2.47% | -------------------------------------------------------------------------------- | 9. | Op-Suomi Pienyhtiöt | 411 016 | 2.33% | -------------------------------------------------------------------------------- | 10. | FIM Fenno Mutual Fund | 403 868 | 2.28% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Preliminary calculation | -------------------------------------------------------------------------------- | The following assets are liabilities were recognised in the acquisition | | Ortikon Oy: | -------------------------------------------------------------------------------- | (tEUR) | -------------------------------------------------------------------------------- | Fair values used in consolidation | -------------------------------------------------------------------------------- | Trade marks (inc. in intangible assets) | 46 | -------------------------------------------------------------------------------- | Customer relationship (inc. in intangible assets) | 108 | -------------------------------------------------------------------------------- | Technology (inc. in intangible assets) | 48 | -------------------------------------------------------------------------------- | Book values used in consolidation | | -------------------------------------------------------------------------------- | Tangible assets | 13 | -------------------------------------------------------------------------------- | Trade receivables | 19 | -------------------------------------------------------------------------------- | Other receivables | 126 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 0 | -------------------------------------------------------------------------------- | Total assets | 360 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book values used in consolidation | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 556 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 53 | -------------------------------------------------------------------------------- | Other liabilities | 256 | -------------------------------------------------------------------------------- | Total liabilities | 865 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net identifiable assets and liabilities | -505 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total consideration | 100 | -------------------------------------------------------------------------------- | Goodwill on acquisition | 605 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consideration paid in cash | -100 | -------------------------------------------------------------------------------- | Cash and cash equivalents in acquired subsidiary | 0 | -------------------------------------------------------------------------------- | Total net cash outflow on the acquisition | -100 | -------------------------------------------------------------------------------- ADDITIONAL INFORMATION: Mr Jukka Rinnevaara President and CEO, tel +358 2 2605 866 or +358 400 747 488 DISTRIBUTION: OMX Nordic Exchange Helsinki Media www.teleste.com
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