2008-07-15 12:00:00 CEST
2008-07-15 12:00:01 CEST
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 30 JUNE 2008
TELESTE CORPORATION STOCK EXCHANGE RELEASE 15.7.2008 AT 13:00 TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 30 JUNE 2008 - Net sales stood at EUR 56.5 million being 8.6% below the period of comparison - Operating profit amounted to EUR 2.6 million, a fall of 52.7% over the previous year; undiluted result per share equalled EUR 0.10 (0.22) per share. - Orders received improved by 12.6% over the year of comparison standing at EUR 66.8 million - Orders received by Broadband Cable Networks amounted to EUR 58.9 million, up by 12.4% over the previous year - Orders received by Video Networks equalled EUR 7.9 million, up by 13.7% over the previous year Net sales fell short of year of comparison, profitability weakened Net sales fell 8.6% short of the corresponding period last year amounting to EUR 56.5 (61.8) million. Net sales for the period of comparison included deliveries on Ethernet to the Home (EttH) to South Korea for EUR 5.6 million. The lower net sales than that of the period of comparison was due to decisions taken by some customers to delay the placing of their orders. Compared to the same time period in the previous year operating profit fell by 52.7% standing at EUR 2.6 (5.5) million, which is 4.6% (8.9%) of net sales. This diminished operating profit was caused mainly by the lower net sales. Undiluted result per share equalled EUR 0.10 (EUR 0.22). Orders received stood at EUR 66.8 (59.3) million, i.e. 12.6% above the period of comparison. Order backlog grew over the previous year amounting to EUR 29.8 (25.7) million. Net sales in Q2 amounted to EUR 29.3 (30.3) million while operating profit equalled EUR 1.7 (2.7) million making 5.9% (8.9%) of net sales. Depreciation on intangible rights grew by EUR 0.4 million and employee benefits by 0.5 million over the previous year. Orders received in Q2 stood at EUR 37.4 (23.0) million. Changes in Group Structure In the beginning of February Teleste improved its standing as a supplier of IPTV solutions by acquiring the Finnish Ortikon Interactive Oy. The acquisition will not have an essential effect on Teleste's financial figures for 2008. Business Areas Broadband Cable Networks Net sales of Broadband Cable Networks fell by 11.6% from the year of comparison standing at EUR 48.0 (54.3) million. Net sales for the period of comparison included orders on Ethernet to the Home (EttH) to South Korea for EUR 5.6 million. Operating profit stood at EUR 2.7 (5.9) million making 5.7% (10.8%) of the net sales. This weakened operating profit was primarily due to diminished net sales. Orders received by BCN amounted to EUR 58.9 (52.4) million. Order backlog grew over the previous year amounting to EUR 28.6 (24.4) million. Order backlog includes the headend video centre of EUR 12 million bound for India. Ortikon Interactive Oy acquired in February 2008 strengthens the provision of IPTV solutions for the business area. Q2 net sales for the business totalled EUR 25.0 (26.3) million. Operating profit stood at EUR 1.8 (2.6) million making 7.3% (9.8%) of the net sales. Orders received in Q2 stood at EUR 32.9 (19.7) million. In June Broadband Cable Networks received a significant order from India involving an IP-based digital television platform worth EUR 12 million. In June a two-year frame agreement was signed with the Finnish DNA for deliveries on cable TV equipment and services amounting to EUR 2.6 million. Video Networks Net sales of Video Networks amounted to EUR 8.5 (7.5) million. Operating profit was EUR -0.1 (-0.4) million in the red. Orders received by Video Networks increased by 13.7% over the period of comparison to EUR 7.9 (6.9) million. Order backlog totalled EUR 1.2 (1.3) million. Q2 net sales for the business totalled EUR 4.3 (4.1) million. Operating profit was EUR -0.1 million in the red (0.1 million in the black). Orders received in Q2 stood at 4.5 (3.3) million. In June VN entered a frame agreement of EUR 2.0 million with the French National Railway Authority (SNCF) for delivery of a video surveillance solution covering 50 railway stations. In June the SNFC placed an order of EUR 1.0 million for a video surveillance solution for the Paris area. The deliveries provide a continuation for the video surveillance solution delivered in 2006 and 2007 encompassing 120 railway stations. Significant Short-Term Risks and Uncertainty Factors for the Business Areas Increased insecurity concerning the world economy and rise in the interest rates may undermine the demand for Teleste products. The significant strengthening of the euro against the US dollar continues to undermine Teleste's competitiveness. Ownership and operative rearrangements among our clientele may slow down the folding out of some 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 754 people at the end of June (2007: 2007, 2006: 721, 2006: 662), out of which 560 (530, 490) were stationed in Finland. The number of personnel includes 69 (70, 55) summer substitutes. At the end of June the number of temporary labour was 38 (75, 37). The stated figure for the Group does not include temporary employees. R&D and Investments The R&D expenditure for the review period totalled EUR 7.1 (6.6) million making 12.6% (10.7%) of net sales. Activated R&D expenses stood at EUR 1.3 (1.2) million. The increased R&D expenses compared to the previous year relate to the development efforts of the new IP headend and the software development for the video surveillance systems. Depreciation on previous R&D investments amounted to EUR 0.9 (0.6) million. At the end of June Teleste's R&D personnel included 164 (148, 128) persons. The growth in the R&D personnel was primarily caused by the acquisition of Ortikon. In June 2008 Tekes - the National Technology Agency of Finland - decided to continue its contribution to the development of broadband integrated services digital networks. In total terms the development support stands at EUR 2.8 million and the decision covers the period 1 July 2008 to 31 December 2009. Investments for the Group totalled EUR 2.1 (9.9) million. Investments in the period under review involved mainly product development (EUR 1.3 million) and additional contract prices (EUR 0.3 million) related to previous acquisitions. Acquisition of Ortikon Interactive Oy is included in the investments. Investments made in the given period included EUR 6.1 million related to the acquisition of DINH Telecom and EUR 1.4 million for the SMT line. Finance Operating cash flow for the period under review stood at EUR 5.6 (2.7) million. In the period under review short-term receivables grew by EUR 2.0 million while the inventories were reduced by EUR 3.4 million. Cash assets at the end of the review period stood at EUR 8.3 (10.7) million. At the end of June the Group's interest-bearing debt amounted to EUR 11.5 (20.6) million. In the period under review, interest-bearing debt increased by EUR 2.0 million. At the end of June, in addition to liquid funds the company's unused stand-by credits amounted to EUR 21.0 (12.0) million. The current stand-by credits will be due in November 2008. The company has negotiated total credit facilities of EUR 40 million with two financiers. These new facilities will stay effective for five years. The Group's gearing was 7.1% (25.0%) and the equity ratio was 57.3% (46.1%). Teleste hedges main exchange rate risks of forecasted currency flows for six months ahead. Shares and Shareholders In the past year the trading price of the share fluctuated between EUR 4.73 (9.99) and EUR 7.49 (12.34). The closing price at the end of June was EUR 5.00 (10.79). According to the Finnish Central Security Depository, the number of shareholders at the end of the period was 5,268 (5,277) while foreign ownership accounted for 16.4% (21.7%). The value of shares traded on OMX Nordic Exchange was EUR 31.7 (43.3) million while the number thereof equalled 5.0 (3.8) million. At the end of June the number of own shares in Teleste's possession was 384,321 equalling 2.17% of the entire capital stock. In the period under review, 7,761 own shares have been conveyed to the Management Team share bonus scheme. This equals 0.04% of the total number of shares. In May 2008 the Board of the company decided to launch a repurchase program of own shares based on authorisation granted by the AGM. Based on this decision by the Board the maximum number of own shares repurchased will be 500,000. In the period under review 39,600 own shares were procured for the average price of EUR 5.03 per share. The 2004B stock options distributed to the Teleste key personnel were listed on OMX Nordic Exchange on 1 April 2008. 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. 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 The growing and increasingly versatile provision of services to the operator clientele of the Broadband Cable Networks business area requires continued investments in greater transfer capacity and increased quality of the networks. We believe that there will be growing demand for the products and services offered by the business area in the medium term. In order to make full benefit of the future development potential we will continue our investment on HFC, video processing and the next generation broadband technologies as well as the development of the service business and channels. Investments by the operators may be delayed temporarily with the weakening of the purchasing power of households and the rise in interest rates. The price competition will continue strong particularly as a consequence of the strong euro. The market situation for the system deliveries involving IP technology of the Video Networks business area and the related services is promising. The current prospects list involving large-scale traffic control and safety surveillance solutions supports the growth possibilities for the whole year. Our product development focuses on video management systems and technical integration. Cost-efficiency will be secured by standardised system deliveries. Business predictability has become more difficult due to the continued uncertainty in the world economy. Nevertheless, 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 entire year, net sales will fall slightly short of last year's level due to partial postponement in the placing of customers' orders. Operating profit will fall short of last year's owing to the decreased net sales and Teleste's intensive focusing on the product development and the service business to ensure profitable growth in the future. Orders received will increase over the previous year. Teleste's interim report for the January to September period will be published on 21 October 2008. 15.7.2008 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) | 1-6/2008 | 1-6/2007 | Change % | 1-12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 56 452 | 61 757 | -8.6 % | 125 100 | -------------------------------------------------------------------------------- | | Change in inventories | -1 864 | 1 849 | n/a | -673 | | | of finished goods | | | | | -------------------------------------------------------------------------------- | | Other operating income | 885 | 866 | 2.2 % | 1 772 | -------------------------------------------------------------------------------- | | Materials and services | -24 998 | -32 653 | -23.4 % | -59 692 | -------------------------------------------------------------------------------- | | Personnel expenses | -16 567 | -15 361 | 7.9 % | -31 455 | -------------------------------------------------------------------------------- | | Other operating | -8 911 | -9 481 | -6.0 % | -18 324 | | | expenses | | | | | -------------------------------------------------------------------------------- | | Depreciation | -2 400 | -1 486 | 61.5 % | -3 552 | -------------------------------------------------------------------------------- | Operating profit | 2 597 | 5 490 | -52.7 % | 13 176 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Financial income and | -148 | -335 | -55.9 % | -504 | | | expenses | | | | | -------------------------------------------------------------------------------- | Profit after financial items | 2 449 | 5 155 | -52.5 % | 12 672 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 2 449 | 5 155 | -52.5 % | 12 672 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | Taxes | -658 | -1 329 | -50.5 % | -3 309 | -------------------------------------------------------------------------------- | Net profit | 1 791 | 3 826 | -53.2 % | 9 363 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | | Equity holders of the | 1 791 | 3 826 | -53.2 % | 9 363 | | | parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share for profit of the year attributable to the equity holders | | of the parent | -------------------------------------------------------------------------------- | | Basic (expressed in | 0.10 | 0.22 | -54.2 % | 0.55 | | | euro per share) | | | | | -------------------------------------------------------------------------------- | | Diluted (expressed in | 0.10 | 0.21 | -50.8 % | 0.52 | | | euro per share) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of | 4-6/2008 | 4-6/2007 | Change % | | | Income | | | | | -------------------------------------------------------------------------------- | | (tEUR) | | | | | -------------------------------------------------------------------------------- | Turnover | 29 260 | 30 342 | -3.6 % | | -------------------------------------------------------------------------------- | | Change in inventories | -924 | 2 465 | n/a | | | | of finished goods | | | | | -------------------------------------------------------------------------------- | | Other operating income | 478 | 824 | -42.0 % | | -------------------------------------------------------------------------------- | | Materials and services | -12 488 | -17 085 | -26.9 % | | -------------------------------------------------------------------------------- | | Personnel expenses | -8 547 | -8 098 | 5.5 % | | -------------------------------------------------------------------------------- | | Other operating | -4 851 | -4 979 | -2.6 % | | | | expenses | | | | | -------------------------------------------------------------------------------- | | Depreciation | -1 212 | -776 | 56.2 % | | -------------------------------------------------------------------------------- | Operating profit | 1 716 | 2 693 | -36.3 % | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Financial income and | 11 | -99 | n/a | | | | expenses | | | | | -------------------------------------------------------------------------------- | Profit after financial items | 1 727 | 2 593 | -33.4 % | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 1 727 | 2 593 | -33.4 % | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Taxes | -454 | -635 | -28.5 % | | -------------------------------------------------------------------------------- | Net profit | 1 273 | 1 959 | -35.0 % | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 1 273 | 1 959 | -35.0 % | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share for profit of the year attributable to the | | | equity holders of the parent | | -------------------------------------------------------------------------------- | Basic (expressed in euro per | 0.07 | 0.11 | -33.2 % | | | share) | | | | | -------------------------------------------------------------------------------- | Diluted (expressed in euro | 0.07 | 0.11 | -32.2 % | | | per share) | | | | | -------------------------------------------------------------------------------- | BALANCE SHEET (tEUR) | -------------------------------------------------------------------------------- | Non-current assets | 30.6.200 | 30.6.2007 | Change % | 31.12.2007 | | | 8 | | | | -------------------------------------------------------------------------------- | | Property,plant,equipme | 7 140 | 7 362 | -3.0 % | 7 757 | | | nt | | | | | -------------------------------------------------------------------------------- | | Goodwill | 13 591 | 12 731 | 6.8 % | 12 686 | -------------------------------------------------------------------------------- | | Intangible assets | 6 566 | 5 761 | 14.0 % | 6 629 | -------------------------------------------------------------------------------- | | Investments | 753 | 1 423 | -47.1 % | 723 | -------------------------------------------------------------------------------- | | | 28 050 | 27 277 | 2.8 % | 27 795 | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | | Inventories | 12 544 | 18 700 | -32.9 % | 15 936 | -------------------------------------------------------------------------------- | | Other current assets | 28 539 | 29 514 | -3.3 % | 26 455 | -------------------------------------------------------------------------------- | | Liquid funds | 8 285 | 10 745 | -22.9 % | 7 702 | -------------------------------------------------------------------------------- | | | 49 368 | 58 959 | -16.3 % | 50 093 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 77 418 | 86 236 | -10.2 % | 77 888 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholder's equity and | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | | Share capital | 6 967 | 6 967 | 0.0 % | 6 967 | -------------------------------------------------------------------------------- | | Other equity | 37 398 | 32 703 | 14.4 % | 39 702 | -------------------------------------------------------------------------------- | | | 44 365 | 39 670 | 11.8 % | 46 669 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | | Provisions | 425 | 425 | 0.0 % | 425 | -------------------------------------------------------------------------------- | | Non interest bearing | 1 205 | 832 | 44.9 % | 1 197 | | | liabilities | | | | | -------------------------------------------------------------------------------- | | Interest bearing | 1 493 | 1 930 | -22.6 % | 1 700 | | | liabilities | | | | | -------------------------------------------------------------------------------- | | | 3 123 | 3 187 | -2.0 % | 3 322 | -------------------------------------------------------------------------------- | Short-term liabilities | | | | | -------------------------------------------------------------------------------- | | Trade payables and other | 19 531 | 23 527 | -17.0 % | 19 596 | | | s-t liabilities | | | | | -------------------------------------------------------------------------------- | | Provisions | 440 | 1 135 | -61.2 % | 518 | -------------------------------------------------------------------------------- | | S-t interest bearing | 9 958 | 18 717 | -46.8 % | 7 783 | | | liabilities | | | | | -------------------------------------------------------------------------------- | | | 29 929 | 43 379 | -31.0 % | 27 897 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total shareholder's equity | 77 418 | 86 236 | -10.2 % | 77 888 | | and liabilities | | | | | -------------------------------------------------------------------------------- | CASH-FLOW | -------------------------------------------------------------------------------- | (tEUR) | 1-6/2008 | 1-6/2007 | Change % | 1-12/2007 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Cash-flow from operation | 5 604 | 2 746 | 104.1 % | 11 988 | -------------------------------------------------------------------------------- | | Cash in | 55 253 | 58 024 | -4.8 % | 125 663 | -------------------------------------------------------------------------------- | | Cash out | -49 649 | -55 278 | -10.2 % | -113 675 | -------------------------------------------------------------------------------- | Cash-flow from investments | -1 563 | -6 153 | -74.6 % | -8 468 | -------------------------------------------------------------------------------- | | Cash in | 220 | 377 | -41.6 % | 814 | -------------------------------------------------------------------------------- | | Cash out | -1 783 | -6 530 | -72.7 % | -9 282 | -------------------------------------------------------------------------------- | Cash-flow from finance | -3 479 | 7 381 | n/a | -2 490 | -------------------------------------------------------------------------------- | | Cash in | 6 019 | 11 325 | -46.9 % | 12 630 | -------------------------------------------------------------------------------- | | Cash out | -5 340 | -532 | 903.0 % | -11 707 | -------------------------------------------------------------------------------- | | Paid dividend | -4 158 | -3 412 | 21.9 % | -3 413 | -------------------------------------------------------------------------------- | Other items | 21 | -18 | -216.7 % | -118 | -------------------------------------------------------------------------------- | | Effect of currency | 21 | -18 | -216.7 % | -118 | | | rates | | | | | -------------------------------------------------------------------------------- | Change in liquid funds | 583 | 3 956 | -85.3 % | 912 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | 1-6/2008 | 1-6/2007 | Change % | 1-12/2007 | -------------------------------------------------------------------------------- | | Earnings per share, | 0.10 | 0.22 | -54.2 % | 0.55 | | | EUR | | | | | -------------------------------------------------------------------------------- | | Earnings per share | 0.10 | 0.21 | -50.8 % | 0.52 | | | fully diluted, EUR | | | | | -------------------------------------------------------------------------------- | | Shareholders' equity | 2.56 | 2.33 | 9.7 % | 2.69 | | | per share, EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Return on equity | 7.9 % | 19.8 % | -60.1 % | 22.2 % | -------------------------------------------------------------------------------- | | Return on capital | 9.9 % | 20.9 % | -52.6 % | 27.1 % | | | employed | | | | | -------------------------------------------------------------------------------- | | Equity ratio | 57.3 % | 46.1 % | 24.3 % | 60.2 % | -------------------------------------------------------------------------------- | | Gearing | 7.1 % | 25.0 % | -71.6 % | 3.8 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments, tEUR | 2 063 | 9 863 | -79.1 % | 12 284 | -------------------------------------------------------------------------------- | | Investments % of net | 3.7 % | 16.0 % | -77.1 % | 9.8 % | | | sales | | | | | -------------------------------------------------------------------------------- | | Order backlog, tEUR | 29 850 | 25 685 | 16.2 % | 21 523 | -------------------------------------------------------------------------------- | | Personnel, average | 702 | 666 | 5.4 % | 681 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Number of shares | 17 677 | 17 409 | 1.5 % | 17 494 | | | (thousands) | | | | | -------------------------------------------------------------------------------- | | including own shares | | | | | -------------------------------------------------------------------------------- | | Highest share price, | 7.49 | 12.34 | -39.3 % | 12.34 | | | EUR | | | | | -------------------------------------------------------------------------------- | | Lowest share price, | 4.73 | 9.99 | -52.7 % | 6.47 | | | EUR | | | | | -------------------------------------------------------------------------------- | | Average share price, | 6.34 | 11.31 | -43.9 % | 10.10 | | | EUR | | | | | -------------------------------------------------------------------------------- | | Turnover, in million | 5.0 | 3.8 | 30.9 % | 7.2 | | | shares | | | | | -------------------------------------------------------------------------------- | | Turnover, MEUR | 31.7 | 43.3 | -26.7 % | 72.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Treasury shares | | | | | -------------------------------------------------------------------------------- | | | Number | | % of | % of votes | | | | of | | shares | | | | | shares | | | | -------------------------------------------------------------------------------- | | Parent company owns | 384 321 | | 2.17 % | 2.17 % | | | own shares 30.6.2008 | | | | | -------------------------------------------------------------------------------- | Contingent liabilities and pledged assets (tEUR) | -------------------------------------------------------------------------------- | For own debt | -------------------------------------------------------------------------------- | | Guarantees | 293 | 414 | -29.2 % | 184 | -------------------------------------------------------------------------------- | | Other securities | 212 | 365 | -41.9 % | 365 | -------------------------------------------------------------------------------- | Leasing and rent liabilities | 2 656 | 2 550 | 4.2 % | 2 635 | -------------------------------------------------------------------------------- | | | 3 161 | 3 329 | -5.0 % | 3 184 | -------------------------------------------------------------------------------- | Derivative instruments (tEUR) | -------------------------------------------------------------------------------- | | Value of underlying | 6 948 | 9 013 | -22.9 % | 7 746 | | | forward contracts | | | | | -------------------------------------------------------------------------------- | | Market value of | -152 | -32 | 375.0 % | -152 | | | forward contracts | | | | | -------------------------------------------------------------------------------- | Taxes are computed on the basis of the tax on the profit for the period. | -------------------------------------------------------------------------------- | Primary segments information | 1-6/2008 | 1-6/2007 | Change % | 1-12/2007 | | (tEUR) | | | | | -------------------------------------------------------------------------------- | Broadband Cable Networks (tEUR) | -------------------------------------------------------------------------------- | | Order intake | 58 912 | 52 402 | 12.4 % | 101 450 | -------------------------------------------------------------------------------- | | Net sales | 47 967 | 54 287 | -11.6 % | 108 204 | -------------------------------------------------------------------------------- | | EBIT | 2 730 | 5 890 | -53.7 % | 12 837 | -------------------------------------------------------------------------------- | | EBIT% | 5.7 % | 10.8 % | -47.5 % | 11.9 % | -------------------------------------------------------------------------------- | Video Networks (tEUR) | -------------------------------------------------------------------------------- | | Order intake | 7 867 | 6 920 | 13.7 % | 17 080 | -------------------------------------------------------------------------------- | | Net sales | 8 485 | 7 470 | 13.6 % | 16 896 | -------------------------------------------------------------------------------- | | EBIT | -133 | -400 | n/a | 339 | -------------------------------------------------------------------------------- | | EBIT% | -1.6 % | -5.4 % | n/a | 2.0 % | -------------------------------------------------------------------------------- | Total (tEUR) | -------------------------------------------------------------------------------- | | Order intake | 66 779 | 59 322 | 12.6 % | 118 530 | -------------------------------------------------------------------------------- | | Net sales | 56 452 | 61 757 | -8.6 % | 125 100 | -------------------------------------------------------------------------------- | | EBIT | 2 597 | 5 490 | -52.7 % | 13 176 | -------------------------------------------------------------------------------- | | EBIT% | 4.6 % | 8.9 % | -48.3 % | 10.5 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Information per | 4-6/08 | 1-3/0 | 10-12/0 | 7-9/07 | 4-6/07 | 7/2007- | | quarter (tEUR) | | 8 | 7 | | | 6/2008 | -------------------------------------------------------------------------------- | Broadband Cable Networks | -------------------------------------------------------------------------------- | | Order intake | 32 872 | 26 | 25 250 | 23 798 | 19 659 | 107 960 | | | | | 040 | | | | | -------------------------------------------------------------------------------- | | Net sales | 24 995 | 22 | 25 530 | 28 387 | 26 279 | 101 884 | | | | | 972 | | | | | -------------------------------------------------------------------------------- | | EBIT | 1 829 | 901 | 2 371 | 4 576 | 2 585 | 9 677 | -------------------------------------------------------------------------------- | | EBIT % | 7.3 % | 3.9 % | 9.3 % | 16.1 % | 9.8 % | 9.5 % | -------------------------------------------------------------------------------- | Video Networks | -------------------------------------------------------------------------------- | | Order intake | 4 535 | 3 332 | 4 510 | 5 650 | 3 300 | 18 027 | -------------------------------------------------------------------------------- | | Net sales | 4 265 | 4 220 | 5 546 | 3 880 | 4 063 | 17 911 | -------------------------------------------------------------------------------- | | EBIT | -113 | -20 | 664 | 75 | 108 | 606 | -------------------------------------------------------------------------------- | | EBIT % | -2.6 % | -0.5 | 12.0 % | 1.9 % | 2.7 % | 3.4 % | | | | | % | | | | | -------------------------------------------------------------------------------- | Total | -------------------------------------------------------------------------------- | | Order intake | 37 407 | 29 | 29 760 | 29 448 | 22 959 | 125 987 | | | | | 372 | | | | | -------------------------------------------------------------------------------- | | Net sales | 29 260 | 27 | 31 076 | 32 267 | 30 342 | 119 795 | | | | | 192 | | | | | -------------------------------------------------------------------------------- | | EBIT | 1 716 | 881 | 3 035 | 4 651 | 2 693 | 10 283 | -------------------------------------------------------------------------------- | | EBIT % | 5.9 % | 3.2 % | 9.8 % | 14.4 % | 8.9 % | 8.6 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to equity holders of the parent (tEUR) | -------------------------------------------------------------------------------- | (tEUR) | Share | Share | Trans | Retained | Inves-t | Total | | | capita | premiu | latio | earnings | ed free | | | | l | m | n | | capital | | | | | | diffe | | | | | | | | rence | | | | | | | | s | | | | -------------------------------------------------------------------------------- | Shareholder's | 6 967 | 1 504 | -53 | 35 720 | 2 531 | 46 669 | | equity 1.1.2008 | | | | | | | -------------------------------------------------------------------------------- | | Translation | | | 21 | | | 21 | | | differences | | | | | | | -------------------------------------------------------------------------------- | | Profit of the | | | | 1 791 | | 1 791 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Equity-settled | | | | -4 000 | -143 | -4 143 | | | share-based | | | | | | | | | payments | | | | | | | -------------------------------------------------------------------------------- | | Used options | | | | | 27 | 27 | -------------------------------------------------------------------------------- | Shareholder's | 6 967 | 1 504 | -32 | 33 511 | 2 415 | 44 365 | | equity 30.6.2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholder's | 6 955 | 1 417 | 65 | 29 224 | 0 | 37 661 | | equity 1.1.2007 | | | | | | | -------------------------------------------------------------------------------- | | Translation | | | -18 | | | -18 | | | differences | | | | | | | -------------------------------------------------------------------------------- | | Profit of the | | | | 3 826 | | 3 826 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Equity-settled | | | | -3 087 | 1 189 | -1 898 | | | share-based | | | | | | | | | payments | | | | | | | -------------------------------------------------------------------------------- | | Used options | 12 | 87 | | | | 99 | -------------------------------------------------------------------------------- | Shareholder's | 6 967 | 1 504 | 47 | 29 963 | 1 189 | 39 670 | | equity 30.6.2007 | | | | | | | -------------------------------------------------------------------------------- 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 | | | | | -------------------------------------------------------------------------------- | Owners | Number of | % of | Number of | % of | | | shareholde | owners | shares | total | | | rs | | | shares | -------------------------------------------------------------------------------- | Corporations | 309 | 5.85 | 1 659 419 | 9.38 | -------------------------------------------------------------------------------- | Financial and insurance | 33 | 0.63 | 5 648 753 | 31.94 | | corporations | | | | | -------------------------------------------------------------------------------- | Public institutions | 13 | 0.25 | 2 778 623 | 15.71 | -------------------------------------------------------------------------------- | Non-profit organizations | 52 | 0.99 | 1 039 871 | 5.88 | -------------------------------------------------------------------------------- | Households | 4 821 | 91.34 | 3 653 294 | 20.66 | -------------------------------------------------------------------------------- | Foreign and nominee | 50 | 0.95 | 2 905 545 | 16.43 | | -registered | | | | | -------------------------------------------------------------------------------- | Total | 5 278 | 100 | 17 685 505 | 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | MAJOR SHAREHOLDERS | Shares | % | -------------------------------------------------------------------------------- | 1. | Sampo Life Insurance Company Ltd | 1 624 200 | 9.18% | -------------------------------------------------------------------------------- | 2. | Ilmarinen Mutual Pension Insurance | 894 776 | 5.06% | | | Company | | | -------------------------------------------------------------------------------- | 3. | Kaleva Mutual Insurance Company | 798 541 | 4.52% | -------------------------------------------------------------------------------- | 4. | Varma Mutual Pension Insurance | 521 150 | 2.95% | | | Company | | | -------------------------------------------------------------------------------- | 5. | State Pension Fund | 500 000 | 2.83% | -------------------------------------------------------------------------------- | 6. | Alfred Berg Finland Sijoitusrahasto | 495 828 | 2.80% | -------------------------------------------------------------------------------- | 7. | Aktia Capital Mutual Fund | 487 200 | 2.75% | -------------------------------------------------------------------------------- | 8. | Skagen Vekst Verdipapierfond | 437 000 | 2.47% | -------------------------------------------------------------------------------- | 9. | Op-Suomi Pienyhtiöt | 411 016 | 2.32% | -------------------------------------------------------------------------------- | 10. | FIM Fenno Mutual Fund | 401 342 | 2.27% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The range of products and services of Broadband Cable Networks was | | strengthened by acquisition of 100% of shares of Finish Ortikon Interactive | | Oy at 6 February 2008. The purchase price was 100 thousand EUR and it was | | paid in cash. The acquisition resulted in 202 thousands EUR of intangible | | assets, which was allocated to trade marks, customer relationships and | | technology. The goodwill, amounted 605 thousands EUR, is mainly due to | | synergy effects in the future. The impact of the acquisition on Teleste's | | turnover during the period was 260 teur and on net profit -80 teur. | -------------------------------------------------------------------------------- | Recognised fair values on acquisition | | 1 000 € | -------------------------------------------------------------------------------- | 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 | -------------------------------------------------------------------------------- | 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
© 2024 Nasdaq, Inc. All Rights Reserved |