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2011-02-11 07:00:00 CET 2011-02-11 07:00:47 CET REGULATED INFORMATION Elisa - Financial Statement ReleaseELISA'S FINANCIAL STATEMENTS 2010ELISA STOCK EXCHANGE RELEASE 11 FEBRUARY 2011 AT 8:00am Year 2010 * Revenue increased to EUR 1,463 million (1,430) * EBITDA was EUR 485 million (484), EBIT was EUR 268 million (267) * Profit before tax excluding non-recurring items amounted to EUR 237 million (235) * Earnings per share was EUR 0.96 (1.13) * Cash flow after investments was EUR 172 million (252) * The Board of Directors proposes a dividend of EUR 0.90 per share and request an authorisation from the AGM for an additional dividend of EUR 0.40 Fourth quarter 2010 * Revenue grew to EUR 383 million (365) * EBITDA was EUR 123 million (121), EBIT EUR 69 million (64) * Cash flow after investments was EUR 28 million (74) * Mobile ARPU was EUR 20.7 (21.2 in the third quarter) * Churn decreased to 15.0 per cent (18.1 in the third quarter) * The number of Elisa's mobile subscriptions increased by 144,400 during the quarter, due in particular to the new 3G and 2G customers, as well as mobile broadband customers * The number of fixed broadband subscriptions increased by 3,400 on the previous quarter Key indicators: EUR million 10-12/2010 10-12/2009 1-12/2010 1-12/2009 -------------------------------------------------------------------------------- Revenue 383 365 1,463 1,430 EBITDA 123 121 485 484 EBIT 69 64 268 267 Profit before tax 66 56 197 235 Profit before tax excl.non-recurring 61 56 237 235 item1) Earnings per share, EUR 0.33 0.26 0.96 1.13 EPS excl. non-recurring items, EUR1) 0.31 0.26 1.15 1.13 Capital expenditures 56 61 184 171 -------------------------------------------------------------------------------- 1) Non-recurring item: CDO guarantee settlement (see page 6) Financial position and cash flow: EUR million 31.12.2010 31.12.2009 ------------------------------------------ Net debt 776 719 Net debt / EBITDA 1) 1.6 1.5 Gearing ratio, % 93.2 79.8 Equity ratio, % 42.5 46.1 ------------------------------------------ EUR million 10-12/2010 10-12/2009 1-12/2010 1-12/2009 --------------------------------------------------------- Cash flow after investments 2) 28 74 172 252 --------------------------------------------------------- 1) (interest-bearing debt - financial assets) / (4 previous quarters' EBITDA exclusive of non-recurring items) 2) Excluding the non-recurring CDO guarantee settlement of EUR 68m in 10-12/2010 and EUR 212m in 1-12/2010 The Board of Directors proposes to the Annual General Meeting a dividend of EUR 0.90 per share. The Board of Directors also proposes an authorisation of additional dividend of EUR 0.40 per share to be distributed at a later date. Furthermore, The Board of Directors decided to propose to the General Meeting an authorisation to acquire maximum 5 million treasury shares, which corresponds to 3 per cent of the entire share capital. Additional information regarding the Key Performance Indicators is available on www.elisa.com/investors Elisa Quarterly Data.xls. CEO Veli-Matti Mattila:"Growth from new services; smartphones increasingly popular In 2010, Elisa's revenue and EBITDA were at the previous year's level, in line with our guidance. Revenues from the mobile business and new services increased. Improved productivity ensured good profitability. The general uncertainty in the economy was still reflected in the corporate customer business, although it began to pick up towards the end of the year. The competitive situation remained challenging in 2010, particularly in the mobile broadband market. However, Elisa managed to strengthen both its market position and competitiveness. The mobile subscription base grew by almost half a million subscriptions during the year. During the last quarter, it grew by more than 140,000 subscriptions, while the number of fixed network broadband subscriptions increased by over 3,000. The Consumer Customer business revenue developed well with the growth of mobile revenues and new services. The popularity of smartphones, tablets and the use of applications increased mobile revenue. Elisa launched several new smartphone models at different price categories. Elisa Viihde IPTV service was the first in the world to introduce exclusive and extensive NHL coverage. The use of Elisa Viihde was also extended by an Android smartphone application, making the recording and marking of program favorites even easier. The Corporate Customer business developed well with the growth of ICT services. Elisa continued to strengthen its ICT services portfolio for improving the customer productivity and flexibility by acquiring video conference operator Videra and Appelsiini, a company providing IT outsourcing services. Another world first for Elisa was the introduction of corporate-standard video conferences to smartphones and tablets. This application allows multi-point conferences anywhere, anytime. In 2010, we carried out major extensions to the capacity and speed of our 3G network. An independent survey showed yet again that Elisa's 3G network has the best coverage of all Finnish operators' networks. The investments to the network are a response to the rapidly increasing data requirements of smartphones. Elisa was the first operator in Finland to open a 4G network for corporate users. Elisa donated EUR 650,000 to Finnish universities in support of science, research and education. The largest donation, EUR 500,000, was received by Aalto University. The other recipients were the universities of Jyväskylä, Turku and Helsinki. The general economic situation has continued its positive trend. Competition in the Finnish telecommunications market remains challenging. We are determined to continue improving customer satisfaction and productivity. The broadening service offering enabling positive user experiences and productivity improvements, as well as our strong investment capabilities provide a good basis for the future." Outlook for 2011 Positive trends in the general economy have continued. Risks are related to nervousness caused by the budget deficits in several European countries and its possible impacts on the general economic development. Competition in the Finnish telecommunications market remains challenging. Full year revenue is estimated to increase slightly from the previous year. The use of mobile communications, especially mobile broadband services, and equipment sales are continuing to rise. In addition, ICT and new online services' revenue will grow. Full year EBITDA, excluding non-recurring items, is expected to improve slightly from the last year. Full-year capital expenditure is expected to be maximum 12 per cent of revenue. In addition to its strong position as a network service provider, Elisa is transforming itself to be able to provide its customers with exciting and relevant new services. Among the factors contributing to long-term growth and profitability improvement is 3G market growth, as well as new online and ICT services. Elisa continues determinedly to employ its efficiency measures. Elisa's financial position and liquidity are good. New disclosure procedure Elisa is now adopting the new disclosure procedure enabled by the Standard 5.2b published by the Finnish Financial Supervision Authority. This is a summary of Elisa's Financial Statements Review for 2010 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, Director, IR and Financial Communications, tel. +358 10 262 3036 Distribution: NASDAQ OMX Helsinki Principal media www.elisa.com [HUG#1487959] |
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