2014-02-07 07:30:01 CET
2014-02-07 07:30:03 CET
REGULATED INFORMATION
Elisa - Financial Statement Release
Elisa’s Financial Statements 2013
ELISA FINANCIAL STATEMENTS RELEASE 7 FEBRUARY 2014 AT 8:30 AM
Fourth quarter 2013
-- Revenue amounted to EUR 401 million (396)
-- EBITDA was EUR 122 million (124), and excluding non-recurring items EUR 134
million
-- EBIT was EUR 69 million (74), and excluding non-recurring items EUR 81
million
-- Profit before tax was EUR 60 million (64), and excluding non-recurring
items EUR 72 million
-- Earnings per share was EUR 0.32 (0.32), excluding non-recurring items EUR
0.37 (0.34)
-- Mobile ARPU was EUR 16.0 (16.1 in previous quarter)
-- Churn was 17.6 per cent (18.0 in previous quarter)
-- The number of Elisa's mobile subscriptions increased by 38,000 during the
quarter
-- The number of fixed broadband subscriptions was at the previous quarter's
level
-- Net debt/EBITDA was 2.0 (1.7) and gearing 113 (99) per cent
Year 2013
-- Revenue was EUR 1,547 million (1,553)
-- EBITDA was EUR 491 million (501), and excluding non-recurring items EUR 508
million
-- EBIT was EUR 281 million (299), and excluding non-recurring items EUR 298
million
-- Profit before tax was EUR 255 million (269), and excl. non-recurring items
EUR 272 million
-- Cash flow after investments was EUR 84 million (155), excluding
acquisitions EUR 177 million
-- The Board of Directors proposes a dividend of EUR 1.30 per share
Key indicators
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4th Quarter Full year
EUR million 2013 2012 2013 2012
---------------------------------------------------------------
---------------------------------------------------------------
Revenue 401 396 1,547 1,553
EBITDA 122 124 491 501
EBITDA excluding non-recurring items 134 124 508 501
EBIT1) 69 74 281 299
Profit before tax1) 60 64 255 269
Earnings per share, EUR1) 0.32 0.32 1.25 1.33
Capital expenditure 90 50 240 193
CAPEX excluding license fees 57 50 202 193
---------------------------------------------------------------
1) Excluding non-recurring items: Q4 EBIT EUR 81m, Profit before tax EUR 72m
and EPS EUR 0.37, Full year EBIT EUR 298m, Profit before tax EUR 272m and EPS
EUR 1.33
Financial position and cash flow
EUR million End 2013 End 2012
----------------------------------------
----------------------------------------
Net debt 971 839
Net debt / EBITDA 1) 2.0 1.7
Gearing ratio, % 112.6 99.3
Equity ratio, % 37.3 42.3
----------------------------------------
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4th Quarter Full year
EUR million 2013 2012 2013 2012
-------------------------------------------------------
Cash flow after investments 2) 26 34 84 155
-------------------------------------------------------
1) (interest-bearing debt - financial assets) / (4 previous quarters' EBITDA
exclusive of non-recurring items)
2) Full-year cash flow after investments excluding investments in PPO and
Sulake shares EUR 177m (155)
The Board of Directors proposes to the Annual General Meeting a dividend of EUR
1.30 (1.30) per share. The Board of Directors decided also to propose to the
General Meeting an authorisation to acquire maximum 5 million treasury shares,
which corresponds to 3 per cent of the total shares.
Key Performance Indicators are available on www.elisa.com/investors › Elisa
Quarterly Data.xls
CEO Veli-Matti Mattila:
“Elisa's earnings grew in 2013
Elisa's pre-tax profit excluding non-recurring items grew compared to the
previous year. Revenue remained at the previous year's level. Revenue was
increased by the purchase of PPO's operations and the mobile service product
upgrade, while a decrease in interconnection fees and the intense mobile
services campaigns carried out early in the year affected the figures
negatively. Smartphones, USB modems and routers are an increasingly important
part of the lives of consumers and business clients/organizations. Developments
in mobile devices and applications and the increase in data transfer rates
enabled by 4G technology have strongly accelerated the use of mobile data
services.
Our mobile subscription base grew by 89,000 during the year under review. The
number of fixed-network broadband subscriptions also grew by nearly 60,000
subscriptions, mainly due to the PPO acquisition. In the last quarter of the
year, the number of mobile subscriptions increased by 38,000, while the number
of fixed-network broadband subscriptions remained at the same level even though
a portion of subscriptions in Eastern Finland were sold according to the
Competition Authority's condition for the PPO deal.
In the Consumer Customer business, sales of the Elisa Kirja e-book service
achieved the milestone of one million e-books downloaded. The Elisa Kirja
e-book service now also offers anyone the opportunity to publish their own
book. The Elisa Wallet service now lets you send payments to any mobile phone
number, making it easy to move back small sums of money. The demand for the
Omaguru help service, which offers guidance in the use of domestic technical
equipment, continued to grow with excellent customer satisfaction.
The demand for ICT services grew among our corporate customers as they improved
their competitiveness and productivity. The use of video connections for
purposes such as loan negotiations with banks increased. Appelsiini, an Elisa
subsidiary, launched the Povari cloud based information distribution service,
offering a new safe and easy way of transferring and distributing information.
The data remains safe in Elisa's data centres in Finland.
In 2013, we continued our strong investments in our fast, extensive mobile
network. At the end of the year, we won the auctions for the 800 MHz
frequencies that we wanted. The new frequencies allow the cost-efficient
construction of a high-speed 4G LTE network even in less densely populated
areas, as well as improved indoor coverage in urban areas.
During the year under review, we began to use electricity with a guarantee of
origin in our production operations, which makes us able to offer low-emissions
services to our customers.
We carried out several measures to improve profitability, including streamlined
product portfolio and IT systems and operations, more efficient customer
service and sales, and lower administrative costs; these projects continued
with good results throughout the year.
We will continue our determined work to improve customer satisfaction and the
productivity of our operations. Development of new services and our strong
investment capacity also create a solid foundation for competitive operations
in the future.”
Outlook and guidance for 2014
The macroeconomic environment in Finland is still expected to be weak in 2014.
Competition in the Finnish telecommunications market also remains challenging.
Full year revenue is estimated to be at the same level or slightly higher than
in 2013. Mobile data, ICT and new online services as well as completed
acquisitions are expected to increase revenue. Full-year EBITDA, excluding
non-recurring items, is anticipated to be at the same level as in 2013 or
slightly higher. Full-year capital expenditure is expected to be maximum 12 per
cent of revenue. Elisa's financial position and liquidity are good.
Elisa is continuing its cost efficiency measures, in the areas of streamlining
product portfolio and IT systems and operations, increasing customer service
and sales efficiency, as well as reducing general administration costs.
Elisa's transformation into a provider of new, exciting and relevant services
for its customers is continuing. Long-term growth and profitability improvement
will derive from mobile data market growth, as well as new online and ICT
services.
Profit distribution
According to Elisa's distribution policy profit distribution is 80-100 per cent
of the previous fiscal year's net profit. In addition, any possible excess
capital can be distributed to shareholders. When making the distribution
proposal or decision, the Board of Directors will take into consideration the
company's financial position, future financial needs and financial targets.
Profit distribution includes dividend payment, capital repayment and purchase
of treasury shares.
The Board of Directors proposes to the Annual General Meeting a dividend of EUR
1.30 per share. The dividend payment corresponds to 104 per cent of the
financial period's net profit.
Shareholders who are listed in the company's register of shareholders
maintained by Euroclear Finland Ltd on 7 April 2014 are entitled to funds
distributed by the General Meeting. The Board of Directors proposes that the
payment date be 15 April 2014. The profit for the period shall be added to
retained earnings.
The Board of Directors decided also to propose to the General Meeting that the
Board of Directors be authorised to acquire a maximum of 5 million treasury
shares, which corresponds to 3 per cent of the total shares.
Disclosure procedure
Elisa is adopting the disclosure procedure enabled by the Standard 5.2b
published by the Finnish Financial Supervision Authority. This is a summary of
Elisa's Financial Statements 2013 and the complete report is attached as a
pdf-file to this release and is also available on our website at
www.elisa.com/investors.
ELISA CORPORATION
Additional information:
Mr. Veli-Matti Mattila, CEO, tel. +358 10 262 2635
Mr. Jari Kinnunen, CFO, tel. +358 10 262 9510
Mr. Vesa Sahivirta, IR Director, tel. +358 10 262 3036
Distribution:
NASDAQ OMX Helsinki
Principal media
www.elisa.com
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