2013-08-08 07:30:00 CEST
2013-08-08 07:30:05 CEST
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 JUNE 2013
Turku, Finland, 2013-08-08 07:30 CEST (GLOBE NEWSWIRE) -- TELESTE CORPORATION
INTERIM REPORT 8.8.2013 AT 08:30
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 JUNE 2013
YEAR-ON-YEAR OPERATING PROFIT FELL, PROFITABILITY OF OUR PRODUCT BUSINESS
IMPROVED
Q2 of 2013
- Net sales amounted to EUR 46.5 (49.7) million, a decrease of 6.4%
- Operating profit stood at EUR 1.7 (2.4) million, a decrease of 28.2%
- Undiluted result per share stood at EUR 0.07 (0.07)
- Orders received totaled EUR 44.2 (49.2) million, a decrease of 10.1%
- Operating cash flow was EUR 4.1 (5.5) million
Outlook for 2013
We expect net sales and operating profit for 2013 to reach the 2012 level.
Comments on Q2 of 2013 by CEO Jukka Rinnevaara:"Network investments of our Video and Broadband Solutions business were slowed
down by the operators' on-going significant consolidations as well as
comparisons between future network technologies. Net sales increased on account
of the Asheridge acquisition made at the beginning of April 2013. The
year-on-year operating profit improved mainly due to the good level of
deliveries in video surveillance.
The decline in Network Services' net sales and the operating profit being in
the red were caused by the lower demand of services in Germany. We expect the
current adjustment of cost structure in Germany to improve profitability as
early as in the third quarter of this year.”
Group Operations in April to June 2013
Key figures (EUR million) 4-6/2013 4-6/2012 Change %
Orders received 44.2 49.2 -10.1%
Net sales 46.5 49.7 -6.4%
EBIT 1.7 2.4 -28.2%
EBIT % 3.7% 4.9%
Profit for the period 1.3 1.2 5.1%
Other important key figures
Earnings per share, EUR 0.07 0.07 4.7%
Cash flow from operations, EUR million 4.1 5.5 -24.9%
Orders received by the Group in Q2 totaled EUR 44.2 (49.2) million, a decrease
of 10.1%. The year-on-year order backlog decreased by EUR 6.4 million to EUR
12.3 (18.7) million.
Net sales decreased by 6.4% to EUR 46.5 (49.7) million. Compared to the same
period in the previous year, operating profit decreased by 28.2% standing at
EUR 1.7 (2.4) million, which is 3.7% (4.9%) of net sales. Operating profit of
Video and Broadband Solutions increased, whereas that of Network Services was
in the red. Wages and salaries stood at EUR 14.5 (15.4) million. Undiluted
result per share was EUR 0.07 (0.07). Operating cash flow stood at EUR 4.1
(5.5) million.
Group Operations in January to June 2013
Key figures (EUR million) 1-6/2013 1-6/2012 Change % 1-12/2012
Orders received 87.6 98.3 -10.9% 189.7
Net sales 92.3 100.8 -8.5% 193.9
EBIT 4.3 5.4 -19.0% 10.9
EBIT % 4.7% 5.3% 5.6%
Profit for the period 3.1 3.2 -5.1% 6.7
Other important key figures
Earnings per share, EUR 0.18 0.18 -5.1% 0.38
Cash flow from operations, EUR million 4.3 10.4 -58.4% 15.3
Net gearing, % 21.8% 21.1% 3.2% 13.7%
Equity ratio, % 48.5% 46.2% 4.9% 50.5%
Personnel at period-end 1,325 1,348 -1.7% 1,325
Orders received by the Group decreased by 10.9% and stood at EUR 87.6 (98.3)
million. Net sales decreased by 8.5% to EUR 92.3 (100.8) million. Operating
profit decreased by 19.0% to EUR 4.3 (5.4) million. Wages and salaries stood at
EUR 28.9 (30.5) million. Financial items totaled EUR 0.2 (0.7) million.
Financial expenses for the reference period included a one-off write-down of
EUR 0.4 million. Taxes for the Group amounted to EUR 1.1 (1.4) million while
the Group's tax rate was 26.4% (29.9%). Undiluted result per share was EUR 0.18
(0.18). Operating cash flow stood at EUR 4.3 (10.4) million.
Video and Broadband Solutions in April to June 2013
Economic Development of Video and Broadband Solutions
4-6/2013 4-6/2012 Change %
Orders received 23,350 23,790 -1.8%
Net sales 25,625 24,278 5.5%
EBIT 2,308 1,548 49.1%
EBIT % 9.0% 6.4%
Orders received totaled EUR 23.4 (23.8) million, a decline of 1.8%. Order
backlog totaled EUR 12.3 (18.7) million. Net sales grew by 5.5% amounting to
EUR 25.6 (24.3) million. This increase in net sales was brought about by the
acquisition of Asheridge conducted in April 2013. Operating profit stood at EUR
2.3 (1.5) million making 9.0% (6.4%) of net sales. This increase in operating
profit was brought about by improved materials margin and decreased labor
costs.
R&D expenses for the business area amounted to EUR 2.7 (3.0) million making
10.5% (12.4%) of net sales. Projects focused on the next-generation innovative
broadband solution (Data Access HUB), access network solutions meeting the
requirements set by the future standard of the cable networks (Docsis 3.1),
video headend systems (Luminato) and customer projects. Activated R&D expenses
amounted to EUR 0.3 (0.0) million. Depreciation on R&D amounted to EUR 0.5
(0.5) million.
Video and Broadband Solutions in January to June 2013
1-6/2013 1-6/2012 Change % 1-12/2012
Orders received 44,769 50,180 -10.8% 97,730
Net sales 49,438 51,777 -4.5% 101,230
EBIT 4,744 4,072 16.5% 8,497
EBIT % 9.6% 7.9% 8.4%
Orders received totaled EUR 44.8 (50.2) million, a decrease of 10.8%. Net sales
decreased by 4.5% to EUR 49.4 (51.8) million. Operating profit grew by 16.5%
equaling EUR 4.7 (4.1) million. Product development expenses equaled EUR 5.1
(5.9) million, in other words 10.3% (11.4%) of the net sales.
Network Services in April to June 2013
Economic Development of Network Services
4-6/2013 4-6/2012 Change %
Orders received 20,870 25,409 -17.9%
Net sales 20,870 25,409 -17.9%
EBIT -570 872 n/a
EBIT % -2.7% 3.4%
Orders received in Q2 totaled EUR 20.9 (25.4) million, a decrease of 17.9%. Net
sales decreased by 17.9% to EUR 20.9 (25.4) million. This decrease in net sales
was due to a drop in demand for services in Germany. Due to this low net sales
in Germany, operating profit was in the red equaling EUR -0.6 (0.9) million,
representing -2.7% (3.4%) of net sales. Adjustment of cost structure is in
progress in Germany, and profitability will improve gradually as early as in
the third quarter of this year.
Network Services in January to June 2013
1-6/2013 1-6/2012 Change % 1-12/2012
Orders received 42,816 48,140 -11.1% 91,931
Net sales 42,816 49,040 -12.7% 92,645
EBIT -404 1,285 n/a 2,439
EBIT % -0.9% 2.6% 2.6%
Year-on-year orders received decreased by 11.1% standing at EUR 42.8 (48.1)
million. Net sales decreased by 12.7% to EUR 42.8 (49.0) million. Operating
profit stood at EUR -0.4 (1.3), which was caused by the low net sales.
Personnel and Organization in January to June 2013
In the period under review, the Group had an annual average of 1,336 people
(1,326/2012, 1,279/2011), of whom 554 (565) were employed by Video and
Broadband Solutions, and 782 (761) by Network Services. At the end of the
review period, the Group had 1,325 (1,348/2012, 1,314/2011) people, of whom 74%
(70%/2012, 72%/2011) were working outside Finland. Employees stationed outside
Europe accounted for less than 5% of the Group's personnel.
In the fourth quarter of 2012, the parent company Teleste Corporation launched
codetermination procedures together with the personnel. Adjustments in the
number of employees in Finland were initiated in December 2012 by introducing a
rotating temporary layoff. In the second quarter of the year there was no
rotating layoff in Finland. This rotating temporary layoff agreed in the
codetermination procedures can be extended until March 2014. Wages and salaries
stood at EUR 28.9 (30.5/2012, 26.0/2011) million.
Investments and Product Development in January to June 2013
Investments by the Group for the period under review totaled EUR 4.6 (1.7)
million accounting for 5.0% (1.7%) of the net sales. EUR 3.5 million of these
investments involved the acquisition of Asheridge. Product development
investments amounted to EUR 0.6 (0.3) million while other investments equaled
EUR 0.5 million. Investments of EUR 0.4 (0.6) million were made under financial
lease arrangements.
Financing and Capital Structure in January to June 2013
Operating cash flow stood at EUR 4.3 (10.4) million. This decrease in cash flow
from operations from the comparative period was mainly due to reduction in
non-interest bearing short-term debt, as well as slowing down in the cycle time
of accounts receivable. At the end of the period under review, the amount of
unused binding stand-by credits amounted to EUR 14.0 (16.0) million. The credit
limits are valid until August 2015.
The Group's equity ratio equaled 48.5% (46.2%) and net gearing 21.8% (21.1%).
Interest bearing debt on 30 June 2013 stood at EUR 27.7 (25.1) million.
Key Risks Faced by the Business Areas
Founded in 1954, Teleste is a technology and services company consisting of two
business areas: Video and Broadband Solutions and Network Services. With Europe
as the main market area, our clients include European cable operators and
specified organizations in the public sector.
As to Video and Broadband Solutions, client-specific and integrated deliveries
of solutions create favorable conditions for growth, even if the involved
resource allocation and technical implementation pose a challenge involving,
therefore, also reasonable risks. Our customers' network investments vary based
on the relevant need for upgrading and their financial structure. Significant
part of Teleste's competition comes from the USA so the exchange rate of euro
up against the US dollar affects our competitiveness. The exchange rate
development of the Chinese renminbi to euro affects our material costs.
The company hedges against short-term currency exposure by means of forward
contracts. The tight financial market in Europe may slow down our customers'
investment plans. Furthermore, a weakening in the consumer purchasing power in
Europe could slow down the network investments by the cable operators.
Availability of components is subject to natural phenomena, such as floods and
earthquakes. Severe weather conditions have an impact on the business areas'
ability to deliver their products and services. Correct technological choices
and their timing are vital for our success.
Net sales of Network Services comes, for the most part, from a small number of
large European customers, so a significant change in the demand for our
services by any one of them is reflected in the actual deliveries. To ensure
quality of services and cost-efficiency along with efficient service process
management, customer satisfaction and improvements in productivity require
innovative solutions in terms of processes, products and logistics. Smooth
operation of cable networks requires effective technical management and
functional hardware solutions in accordance with contractual obligations. This,
in turn, demands continuous and determined development of skill levels in
Teleste's own personnel as well as those of our subcontractors. In addition,
our ability to deliver and compete may be constrained by the adequacy of our
sub-contractor network capacity. Tender calculation and management of larger
projects with overall responsibility are complex and risky.
It is important for our business areas to take into account any market
developments such as consolidations taking place among the clientele and
competition. The threats to information systems must be minimized to ensure
business continuity. The Board of Directors annually reviews any essential
risks related to the company operation and their management. Risk management is
an integral part of the strategic and operational activities of the business
areas. Risks and their probability are reported to the Board in conjunction
with regular monthly reports.
The company has covered any major risks of loss involving the business areas
through insurance policies. Insurance will also cover credit loss risks related
to sales receivables. In the period under review, no such legal proceedings or
judicial procedures were pending that would have had any essential significance
for the Group operation.
Group Structure
Parent company Teleste has branch offices in Australia, the Netherlands, and
Denmark with subsidiaries in 13 countries outside Finland. In April 2013
Teleste Management Oy became a Group company through exchange of shares.
Teleste Management II Oy, founded in December 2011, has been consolidated in
the Teleste Group figures on account of financial arrangements. Suomen
Turvakamera Oy has been merged with Teleste Corporation on 30 April 2013.
Asheridge Group has been consolidated with the Group figures as of 7 April
2013.
Shares and Changes in Share Capital
On 30 June 2013, EM Group Oy was the largest single shareholder with a holding
of 23.44%.
In the period under review, the lowest company share price was EUR 3.78 (3.04)
and the highest was EUR 4.47 (4.44). Closing price on 30 June 2013 stood at EUR
4.09 (3.90). According to Euroclear Finland Ltd the number of shareholders at
the end of the period under review was 5,086 (5,060). Foreign ownership
accounted for 5.83% (7.83%). From 1 January to 30 June 2013, trading with
Teleste share at NASDAQ OMX Helsinki amounted to EUR 5.6 (4.2) million. In the
period under review, 1.3 (1.1) million Teleste shares were traded on the stock
exchange.
At the end of June 2013, the Group held 1,189,654 of its own shares, of which
the parent company Teleste Corporation had 266,654 shares while the Group and
controlled companies had 923,000 shares, respectively. At the end of the
period, the Group's holding of the total amount of shares amounted to 6.35%
(6.96%).
On 30 June 2013, the registered share capital of Teleste stood at EUR
6,966,932.80 divided in 18,728,590 shares.
The period for subscription of Teleste 2007B options expired on 30 April 2013.
No Teleste Corporation shares were subscribed by the specified options in the
subscription period. Teleste 2007C options allow for subscription of 280,000
Teleste Corporation shares. The period for subscription of Teleste 2007C
options is valid until 30 April 2014. Teleste 2007C options have been listed on
NASDAQ OMX Helsinki Oy since 2 April 2012.
Decisions by the Annual General Meeting
The Annual General Meeting (AGM) of Teleste Corporation on 12 April 2013
confirmed the financial statements for 2012 and discharged the Board of
Directors and the CEO from liability for the financial period. The AGM
confirmed the dividend of EUR 0.17 per share proposed by the Board. The
dividend was paid out on 24 April 2013.
Ms. Marjo Miettinen, Mr. Pertti Ervi, Mr. Esa Harju, Mr. Kai Telanne and Mr.
Petteri Walldén continue in Teleste's Board of Directors. Jannica Fagerholm was
elected new member of the Board of Directors. Pertti Raatikainen's membership
of the Board of Directors ended. Ms. Marjo Miettinen was elected Chair of the
Board in the organizational meeting held immediately after the AGM.
Authorized Public Accountants KPMG Oy Ab continue as the auditor until the next
AGM. Mr. Esa Kailiala, accountant authorized by the Central Chamber of Commerce
of Finland, was chosen auditor-in-charge.
Valid authorizations granted by the AGM:
- Authorization to purchase own shares: 1,400,000
- Disposal of own shares: 1,779,985, valid until the 2014 Annual General Meeting
- Issue of new shares: 5,000,000, valid until the 2014 Annual General Meeting
- Pursuant to the special rights granted by the company, the maximum number of
shares is 2,500,000; these special rights are included in the authorization to
issue 5,000,000 new shares.
In the period under review, 113,331 treasury shares were conveyed in the
exchange of shares related to Teleste Management Oy.
Outlook for 2013
Network capacity will continue to increase driven by the new video services
provided by the operators. However, comparisons made by the operators
concerning the future access network technologies could delay the launch of
investments. We estimate profitability of Video and Broadband Solutions to
improve over the comparative period.
We estimate profitability of Network Services to remain below the comparative
period.
We expect net sales and operating profit for 2013 to reach the 2012 level.
7 August 2013
Teleste Corporation Jukka Rinnevaara
Board of Directors President and CEO
This interim report has been compiled in compliance with IAS 34, as it is
accepted within EU, using the recognition and valuation principles with those
used in the Annual Report. Teleste has prepared this interim report applying
the same accounting principles as those described in detail in its 2012
consolidated financial statements. The data stated in this report is unaudited.
STATEMENT OF COMPREHENSIVE INCOME (tEUR) 4-6/ 4-6/ Change 1-12/
2013 2012 % 2012
Net Sales 46,495 49,687 -6.4 % 193,875
Other operating income 0 456 n/a 1,150
Materials and services -21,997 -24,544 -10.4 % -94,747
Personnel expenses -14,455 -15,417 -6.2 % -58,511
Other operating expenses -7,144 -6,608 8.1 % -25,753
Depreciation -1,161 -1,154 0.6 % -5,078
Operating profit 1,738 2,420 -28.2 % 10,936
Financial income and expenses -103 -624 -83.5 % -821
Profit after financial items 1,635 1,796 -9.0 % 10,115
Profit before taxes 1,635 1,796 -9.0 % 10,115
Taxes -364 -587 -38.0 % -3,412
Net profit 1,271 1,209 5.1 % 6,703
Attributable to:
Equity holders of the parent 1,271 1,209 5.1 % 6,703
Earnings per share for result of the year attributable to the
equity holders of the parent
(expressed in € per share)
Basic 0.07 0.07 4.7 % 0.38
Diluted 0.07 0.07 4.6 % 0.38
Total comprehensive income for the period
(tEUR)
Net profit 1,271 1,209 5.1 % 6,703
Possible items with future net profit effect
Translation differences -516 88 n/a 631
Fair value reserve 27 70 -61.4 % 144
Total comprehensive income for the period 782 1,367 -42.8 % 7,478
Attributable to:
Equity holders of the parent 782 1,367 -42.8 % 7,478
STATEMENT OF COMPREHENSIVE INCOME 1-6/ 1-6/ Change % 1-12/
(tEUR) 2013 2012 2012
Net Sales 92,254 100,817 -8.5 % 193,875
Other operating income 458 788 -41.9 % 1,150
Materials and services -43,601 -50,398 -13.5 % -94,747
Personnel expenses -28,890 -30,501 -5.3 % -58,511
Other operating expenses -13,369 -12,818 4.3 % -25,753
Depreciation -2,512 -2,531 -0.8 % -5,078
Operating profit 4,340 5,357 -19.0 % 10,936
Financial income and expenses -185 -761 -75.7 % -821
Profit after financial items 4,155 4,596 -9.6 % 10,115
Profit before taxes 4,155 4,596 -9.6 % 10,115
Taxes -1,097 -1,374 -20.2 % -3,412
Net profit 3,058 3,222 -5.1 % 6,703
Attributable to:
Equity holders of the parent 3,058 3,222 -5.1 % 6,703
Earnings per share for result of the year attributable to the equity holders of
the parent (expressed in € per share)
Basic 0.18 0.18 -5.1 % 0.38
Diluted 0.17 0.18 -5.1 % 0.38
Total comprehensive income for the
period (tEUR)
Net profit 3,058 3,222 -5.1 % 6,703
Possible items with future net profit
effect
Translation differences -471 357 -231.9 % 631
Fair value reserve 51 84 -39.3 % 144
Total comprehensive income for the 2,638 3,663 -28.0 % 7,478
period
Attributable to:
Equity holders of the parent 2,638 3,663 -28.0 % 7,478
STATEMENT OF FINANCIAL POSITION 30.06.2013 30.06.2012 Change 31.12.2012
(tEUR) %
Non-current assets
Property,plant,equipment 10,637 10,111 5.2 % 10,127
Goodwill 33,301 31,174 6.8 % 31,350
Other intangible assets 4,567 5,079 -10.1 % 4,174
Deferred tax assets 2,079 1,725 20.5 % 2,086
Available-for-sale investments 286 287 -0.3 % 294
50,870 48,376 5.2 % 48,031
Current assets
Inventories 20,295 21,615 -6.1 % 19,495
Trade and other receivables 38,546 39,364 -2.1 % 38,811
Cash and cash equivalents 14,570 13,169 10.6 % 13,880
73,411 74,148 -1.0 % 72,186
Total assets 124,280 122,523 1.4 % 120,217
Shareholder's equity and liabilities
Share capital 6,967 6,967 0.0 % 6,967
Other equity 52,840 48,873 8.1 % 52,912
Non-controlling interest 425 715 -40.6 % 678
60,232 56,555 6.5 % 60,557
Non-current liabilities
Provisions 968 605 60.0 % 503
Deferred tax liabilities 1,794 1,850 -3.0 % 1,297
Non interest bearing liabilities 2,342 3,394 -31.0 % 22
Interest-bearing liabilities 1,102 12,315 -91.1 % 788
6,206 18,164 -65.8 % 2,610
Current liabilities
Trade payables and other 30,142 33,011 -8.7 % 32,612
liabilities
Current tax payable 245 785 -68.8 % 2,075
Provisions 848 1,211 -30.0 % 1,004
Interest-bearing liabilities 26,607 12,797 107.9 % 21,360
57,842 47,804 21.0 % 57,051
Total shareholder's equity and 124,280 122,523 1.4 % 120,217
liabilities
CONSOLIDATED CASH FLOW STATEMENT (tEUR) 1-6/ 1-6/ Change 1-12/
2013 2012 % 2012
Cash flows from operating activities
Profit for the period 3,058 3,222 -5.1 % 6,703
Adjustments 3,794 4,720 -19.6 % 9,110
Interest and other financial expenses and -185 -338 -45.3 % -397
incomes
Paid Taxes -2,927 -1,587 84.4 % -4,290
Change in working capital 588 4,398 -86.6 % 4,171
Cash flow from operating activities 4,328 10,415 -58.4 % 15,297
Cash flow from investing activities
Acquisition of subsidiary, net of cash -3,541 -580 510.6 % -828
acquired
Purchases of property, plant and equipment -400 -961 -58.4 % -1,110
(PPE)
Purchases of intangible assets -586 -280 109.3 % -844
Net cash used in investing activities -4,527 -1,821 148.6 % -2,782
Cash flow from financing activities
Proceeds from borrowings 5,000 0 n/a 0
Payments of borrowings -821 -8,746 -90.6 % -11,821
Dividends paid -2,962 -2,440 21.4 % -2,440
Net cash used in financing activities 1,217 -11,186 n/a -14,261
Change in cash
Cash in the beginning 13,880 15,404 -9.9 % 15,404
Change in cash during period 1,018 -2,592 n/a -1,746
Effect of currency changes -328 357 n/a 221
Cash at the end 14,570 13,169 10.6 % 13,880
KEY FIGURES 1-6/ 1-6/ Change % 1-12/2
2013 2012 012
Earnings per share, EUR 0.18 0.18 -5.1 % 0.38
Earnings per share fully diluted, EUR 0.17 0.18 -5.1 % 0.38
Shareholders' equity per share, EUR 3.43 3.24 6.0 % 3.48
Return on equity 10.1 % 11.5 % -12.1 % 11.6 %
Return on capital employed 10.4 % 12.5 % -17.1 % 13.0 %Equity ratio 48.5 % 46.2 % 4.9 % 50.5 %
Gearing 21.8 % 21.1 % 3.2 % 13.7 %
Investments, tEUR 4,637 1,739 166.6 % 3,325
Investments % of net sales 5.0 % 1.7 % 1.7 %
Order backlog, tEUR 12,331 18,703 -34.1 % 17,000
Personnel, average 1,336 1,326 0.8 % 1,326
Number of shares (thousands) 18,729 18,729 0.0 % 18,729
including own shares
Highest share price, EUR 4.47 4.44 0.7 % 4.44
Lowest share price, EUR 3.78 3.04 24.3 % 3.04
Average share price, EUR 4.14 3.98 3.9 % 3.98
Turnover, in million shares 1.3 1.1 26.5 % 2.7
Turnover, in MEUR 5.6 4.2 33.5 % 10.8
Treasury shares
Number % of % of
of shares shares votes
Teleste companies own shares 30.6.2013 1,189,654 6.35 % 6.35 %
Contingent liabilities and pledged assets
(tEUR)
Leasing and rent liabilities 7,194 8,929 -19.4 % 8,528
Derivative instruments (tEUR)
Value of underlying forward contracts 8,288 5,391 53.7 % 5,936
Market value of forward contracts 158 -72 n/a -109
Interest rate swap 11,000 11,500 -4.3 % 9,000
Market value of interest swap 29 -82 n/a -22
Taxes are computed on the basis of the tax on the profit for the period.
OPERATING SEGMENTS (tEUR) 1-6/2013 1-6/2012 Change % 1-12/2012
Video and Broadband Solutions
Orders received 44,769 50,180 -10.8 % 97,730
Net sales 49,438 51,777 -4.5 % 101,230
EBIT 4,744 4,072 16.5 % 8,497
EBIT% 9.6 % 7.9 % 8.4 %
Network Services
Orders received 42,816 48,140 -11.1 % 91,931
Net sales 42,816 49,040 -12.7 % 92,645
EBIT -404 1,285 n/a 2,439
EBIT% -0.9 % 2.6 % 2.6 %
Total
Orders received 87,585 98,320 -10.9 % 189,661
Net sales 92,254 100,817 -8.5 % 193,875
EBIT 4,340 5,357 -19.0 % 10,936
EBIT% 4.7 % 5.3 % 5.6 %
Financial items -185 -761 -75.7 % -821
Operating segments net profit before 4,155 4,596 -9.6 % 10,115
taxes
Information per quarter 4-6/13 1-3/13 10-12/12 7-9/12 4-6/12 7/2012-
(tEUR) 6/2013
Video and Broadband Solutions
Orders received 23,350 21,419 27,830 19,720 23,790 92,319
Net sales 25,625 23,813 24,659 24,794 24,278 98,891
EBIT 2,308 2,436 2,002 2,423 1,548 9,169
EBIT % 9.0 % 10.2 % 8.1 % 9.8 % 6.4 % 9.3 %
Network Services
Orders received 20,870 21,946 22,995 20,796 25,409 86,607
Net sales 20,870 21,946 22,809 20,796 25,409 86,421
EBIT -570 166 706 448 872 750
EBIT % -2.7 % 0.8 % 3.1 % 2.2 % 3.4 % 0.9 %
Total
Orders received 44,220 43,365 50,825 40,516 49,199 178,926
Net sales 46,495 45,759 47,468 45,590 49,687 185,312
EBIT 1,738 2,602 2,708 2,871 2,420 9,919
EBIT % 3.7 % 5.7 % 5.7 % 6.3 % 4.9 % 5.4 %
Attributable to equity holders of the parent (tEUR)
A Share capital
B Share premium
C Translation differences
D Retained earnings
E Invested free capital
F Other funds
G Total
H Share of non-controlling interest
I Total equity
A B C D E F G H I
Shareholder's 6,967 1,504 685 48,007 2,737 -22 59,878 678 60,557
equity 1.1.2013
Total -471 3,058 51 2,638 2,638
comprehens
ive income
for the
period
Share issue 0 0
Paid -3,119 -3,119 157 -2,962
dividend
Interest, 34 34 -34 0
non
controll
party
Equity-sett 376 376 -376 0
led
share-base
d payments
Shareholder's 6,967 1,504 214 47,980 3,113 29 59,807 425 60,232
equity 30.6.2013
Shareholder's 6,967 1,504 54 43,559 2,737 -166 54,655 623 55,278
equity 1.1.2012
Total 357 3,222 84 3,663 0 3,663
comprehens
ive income
for the
period
Share issue 0 0 0 0
Paid -2,569 -2,569 129 -2,440
dividend
Interest, 37 37 -37 0
non
controll
party
Equity-sett 54 54 0 54
led
share-base
d payments
Shareholder's 6,967 1,504 411 44,303 2,737 -82 55,840 715 56,555
equity 30.6.2012
CALCULATION OF KEY FIGURES
Return on Profit/loss for the financial period
equity: ------------------------------ * 100
Shareholders' equity (average)
Return on Profit/loss for the period after financial items + financing
capital charges
employed: ------------------------------ * 100
Total assets - non-interest-bearing
liabilities (average)
Equity ratio: Shareholders' equity
----------------------------- * 100
Total assets - advances received
Gearing: Interest bearing liabilities - cash in hand and in bank -
interest bearing assets
----------------------------- * 100
Shareholders' equity
Earnings per Profit for the period attributable to equity holder of the
share: parent
----------------------------------------------
Weighted average number of ordinary shares outstanding during
the period
Earnings per Profit for the period attributable to equity holder of the
share, parent (diluted)
diluted: ----------------------------------------------- Average number
of shares - own shares + number of options at the period-end
Shareholders 30.6.2013 Shares %
EM Group Oy 4,389,712 23.44
Mandatum Life 1,679,200 8.97
Ilmarinen Mutual Pension Insurance Company 953,854 5.09
Kaleva Mutual Insurance Company 824,641 4.40
Op-Suomi Small Cap 630,712 3.37
Teleste Management II Oy 542,000 2.89
Varma Mutual Pension Insurance Company 521,150 2.78
State Pension Fund 500,000 2.67
Teleste Management Oy 381,000 2.03
Fim Fenno Mutual Fund 271,342 1.45
Sector Dispersion 30.6.2013 Shareholders % Shares %
Corporations 288 5.66 7,240,394 38.65
Financial and insurance corporations 9 0.17 3,416,817 18.24
Public institutions 6 0.11 2,015,104 10.75
Non-profit institutions 36 0.70 383,374 2.04
Households 4,699 92.39 4,580,739 24.45
Foreign countries and nominee 48 0.94 1,092,162 5.83
registered
Total 5,086 100.00 18,728,590 100.00
Amount of shares 30.6.2013 Shareholders % Shares %
0 - 100 1,145 22.51 78,038 0.41
101 - 1,000 2,965 58.29 1,244,753 6.64
1,001 - 10,000 880 17.30 2,394,287 12.78
10,001 - 100,000 73 1.43 1,681,485 8.97
100,001 - 1,000,000 21 0.41 7,261,115 38.77
1,000,001 - 2 0.03 6,068,912 32.40
Total 5,086 100.00 18,728,590 100.00
The following assets and liabilities were preliminary recognised in the
acquisition of Asheridge:
1 000 € Recognised fair values on
acquisition
Fair values used in consolidation
Trade marks (inc. in intangible assets) 0
Customer relationship (inc. in intangible 730
assets)
Technology (inc. in intangible assets) 533
Inventories 727
Trade receivables 1 126
Book values used in consolidation
Tangible asstes 731
Other receivables 81
Cash and cash equivalents 219
Total assets 4 147
Book values used in consolidation
Interest-bearing liabilities 1 209
Trade payables 1 084
Deferred tax liabilites 315
Other liabilities 242
Total liabilities 2 850
Net identifiable assets and liabilities 1 297
Total consideration 3 553
Goodwill on acquisition 2 257
Consideration paid in cash -1 184
Cash and cash equivalents in acquired 219
subsidiary
Total net cash outflow on the acquisition -965
ADDITIONAL INFORMATION:
CEO Jukka Rinnevaara, phone +358 2 2605 866 or +358 400 747 488
DISTRIBUTION:
NASDAQ OMX Helsinki
Main Media
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