2011-08-03 07:30:00 CEST
2011-08-03 07:30:17 CEST
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 30 JUNE 2011
Turku, Finland, 2011-08-03 07:30 CEST (GLOBE NEWSWIRE) -- TELESTE CORPORATION
INTERIM REPORT 03.08.2011 AT 08:30
TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 30 JUNE 2011
Second Quarter of 2011
- Net sales amounted to EUR 41.9 (43.5) million, a decrease of 3.6% over the
period of comparison
- Operating profit fell by 45.0% equaling EUR 0.9 (1.7) million
- Undiluted result per share equaled EUR 0.03 (0.05)
- Orders received improved by 29.7% standing at EUR 50.6 (39.0) million
- Orders received by Video and Broadband Solutions increased by 26.0% over the
period of comparison (Q2/2010) and stood at EUR 24.8 (19.7) million
- Orders received by Network Services increased by 33.5% over the period of
comparison and amounted to EUR 25.7 (19.3) million
- Operating cash flow stood at EUR -0.9 (1.3) million.
Outlook for 2011
We keep the outlook for year 2011 unchanged. We estimate net sales to increase
slightly and the operating profit to improve somewhat over the 2010 level.
Improvement in the operating profit depends on the scheduled execution of the
development program for the German services operations in the latter part of
the year.
Comments on Q2 by CEO Jukka Rinnevaara:
Video and Broadband Solutions business area's orders received increased
significantly, whereas net sales were slightly below the comparative period.
The main reason for the reduced net sales was the lower level of network
upgrades of certain operators over the period of comparison as well as the
decreased demand by video surveillance retail customers. The business area's
operating profit fell EUR 0.1 million from the comparative period due to
reduced net sales. The order backlog strengthened significantly over the
comparative period, so we expect net sales to grow in the second half of the
year.
Orders received by Network Services business area increased significantly over
the comparative period. Net sales, however, fell below the comparative period
due to deliveries in the German fiber-optic projects being scheduled for the
second half of the year. Operating loss of EUR 0.4 million was affected by the
decline in net sales and the increase in personnel costs required for the
implementation of the fiber-optic projects in Germany. In addition, the
availability of subcontractor resources continued to be challenging in the
second quarter. The development program of the German services operations fell
behind its schedule in parts involving resource management. In the latter part
of the year, net sales in the fiber-optic projects will increase significantly.
Along with the growing net sales we expect the ongoing development programs to
improve the business area's profitability during the second half.
The Group's Business in the Second Quarter of 2011
Orders received stood at EUR 50.6 (39.0) million, i.e. 29.7% above the period
of comparison. Most of the growth in orders came from Germany and Poland.
Net sales in Q2 of 2011 equaled EUR 41.9 (43.5) million, which is 3.6% below
the figure for the comparative period. Net sales for both of our business areas
declined slightly.
Order backlog strengthened amounting to EUR 23.7 (14.7) million.
Operating profit for Q2 stood at EUR 0.9 (1.7) million making 2.2% (3.8%) of
net sales. Undiluted result per share was EUR 0.03 (0.05).
Cash flow from operations was EUR -0.9 (1.3) million, a decline of EUR 2.2
million from the comparative period. This decline in cash flow was mainly due
to a change in payment terms conducted in late 2010 by the main client of our
Network Services.
Group Operations January to June
Year-on-year orders received improved by 18.7% standing at EUR 90.8 (76.5)
million. Net sales amounted to EUR 83.2 (82.6) million while operating profit
stood at EUR 1.5 (2.5) million. This decline in operating profit of Video and
Broadband Solutions was caused by slightly lower net sales and material margin.
Profitability of Network Services in the comparative period was weakened by the
meager German subcontractor capacity and differences in the scheduling of
fiber-optic project deliveries. In addition, there was an increase in the
German personnel expensesin preparation for end-of-the-year fiber-optic project
deliveries. The German development program was delayed, in part, from the
target schedule. Undiluted result per share was EUR 0.05 (0.08).
Video and Broadband Solutions in Q2
Net sales fell slightly from the comparative period and stood at EUR 19.5
(20.1) million.
Operating profit stood at EUR 1.3 (1.5) million making 6.8% (7.3%) of the net
sales. This decline in operating profit was caused by decreased net sales.
Orders received totaled EUR 24.8 (19.7) million. Order backlog totaled EUR 20.0
(14.7) million. Growth in the order backlog came mainly from the German market
area.
R&D expenses for the business area amounted to EUR 3.0 (2.9) million making
15.4% (14.4%) of the area's net sales. Some 60% (60%) of product development
expenses involved further development and maintenance of product platforms
currently in production as well as customer-specific product applications.
Capitalized development expenses amounted to EUR 1.0 (0.5) million, involving
Luminato video processing system, video surveillance transfer system compliant
with H.264 standard as well as network devices enabling cost-effective
segmentation of HFC networks. Depreciation on activated R&D expenses amounted
to EUR 0.5 (0.6) million.
Video and Broadband Solutions January to June
Orders received stood at EUR 42.3 (38.3) million, i.e. 10.5% above the period
of comparison. Net sales amounted to EUR 38.1 (39.2) million, a decrease of
2.9% over the period of comparison. Operating profit stood at EUR 1.7 (2.0)
million making 4.6% (5.2%) of the net sales. This drop in operating profit over
the comparative period was due to a small decline in net sales and a little
lower material margin.
Network Services in Q2
Net sales amounted to EUR 22.4 (23.3) million. The decrease in net sales over
the comparative period was due to the lower volume in net sales in the German
fiber-optic projects.
Operating profit stood at EUR -0.4 (0.2) million making -1.9% (0.8%) of net
sales. Decrease in operating profit was caused by lower net sales, increased
input into growing fiber-optic projects as well as scarce subcontractor
capacity. In addition, the development program of the German services
operations fell behind its target schedule for parts involving resource
management.Implementation of the program will be intensified in the latter part
of this year. With our German main customer we have started a pilot project,
which among other things aims at securing adequate construction capacity.
Orders received in Q2 stood at EUR 25.7 (19.3) million. The business area's
deliveries are mainly based on framework agreements, but the fiber-optic
project of EUR 3.7 million received on 7 June 2011 is included in orders
received. The project will be delivered in the second half of the year.
Network Services January to June
Net sales amounted to EUR 45.2 (43.4) million, an increase of 4.1% over the
reference period. Operating profit fell over the comparative period standing at
EUR -0.3 (0.5) million, which is -0.6% (1.1%) of net sales. The decreased
operating profit involved Germany and was caused by the significantly lower net
sales in fiber-optic projects. In Germany, the cost went up because we started
preparing for the growing deliveries of the fiber-optic projects in the latter
part of the year. The development program of the German services program has
lagged behind the schedule for the part of the resource management. Over the
comparative period, clearly more working capital was committed to accounts
receivable due to a change of a payment term in late 2010 by the German main
client.
Orders received stood at EUR 48.5 (38.2) million, i.e. 27.0% above the period
of comparison. Order backlog totaled EUR 3.7 (0.0) million.
Investment and Financing in January to June
Investments by the Group for the period under review totaled EUR 3.4 (2.4)
million accounting for 4.1% (2.9%) of net sales. Out of these investments EUR
1.0 (0.3) million was attributable to the extension of premises in Finland.
Product development investments totaled EUR 1.5 (0.8) million. As to other
investments, EUR 0.5 million was allocated in tools and equipment for Network
Services, 0.2 million in equipment for Video and Broadband Solutions and EUR
0.1 million in corporate reporting. As to investments for the period, EUR 0.1
(0.1) million was carried out by means of financial leasing.
Operating cash flow stood at EUR -1.9 (3.7) million. In the review period,
working capital was committed, in particular, to the accounts receivable. At
the end of the period under review, the amount of unused binding stand-by
credits amounted to EUR 10.5 (18.5) million. The current binding stand-by
credits of EUR 40.0 million run till November 2013. The Group's equity ratio
equaled 41.4% (44.4%) and net gearing 41.9% (21.7%). Interest bearing debt on
30 June 2011 stood at EUR 30.4 (22.8) million.
Personnel and Organization January to June
In January to June 2011, the Group employed an average of 1,279 people
(1,221/2010, 1,001/2009). At the end of the review period, the number of
Group's employees was 1,314 (1,203/2010, 1,009/2009), of whom 742 (653) worked
for Network Services and 572 (550) for Video and Broadband Solutions. 72% of
the personnel (68%/2010, 55%/2009) worked outside Finland. Employees stationed
outside Europe accounted for less than 5% of the Group's personnel. Expenditure
on employee benefits amounted to EUR 26.0 (25.1/1-6/2010, 20.3/1-6/2009)
million.
Essential Operational Risks of the Business Areas
Founded in 1954, Teleste is a technology and service provider consisting of two
business areas: Video and Broadband Solutions and Network Services. With Europe
as the main market area, our most significant clients include European cable
operators and specified organizations in the public sector.
Concerning Video and Broadband Solutions, 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. The still ongoing difficult market situation may delay
the implementation of investment plans among our clientele. Network investments
carried out by the clients vary based on their need for upgrading and their
capital structure. Much of Teleste's competition comes from the USA so the
exchange rate of euro up against the US dollar affects our competitiveness.
Teleste hedges against short-term currency exposure by means of forward
contracts. Correct technological choices and their timing are vital for our
success.
Net sales for Network Services comes, for the most part, from a small number of
large European customers, so a change in the demand for services by any one of
them is reflected in the actual deliveries. The services provided by this
business area include planning, new construction and maintenance of cable
networks. Implementation and scope of the relevant services vary by client
ranging from standalone applications to integrated turnkey deliveries. Most
deliveries are based on frame agreements. The services also include Teleste's
own product solutions. Our know-how in services covers all the sectors related
to the cable and fiber-optic network technology from installation and
maintenance of headends to upgrading of house networks. Services will also be
implemented through a network of subcontracting, so the sufficiency of our
subcontractor network capacity may limit our ability to deliver. To ensure
quality of services and cost-efficiency, along with an efficient services
process management, customer satisfaction requires innovative solutions in
terms of processes, products and logistics. As far as technical management of
the networks and functional product solutions are concerned, ensuring smooth
operation of the operators' networks requires constant focus on the development
of qualifications of Teleste's own and its suppliers' personnel.
For our business areas it is equally important to take into account any
developments in the market such as consolidations taking place among the
clientele and competition. Weather conditions in our target markets affect the
delivery conditions of products and services of our business areas.
The Board of Directors annually reviews any essential risks related to
Teleste's operations and the management thereof. Risk management has been
integrated into the strategic and operative practices of our business areas.
Risks and their probability are reported to the Board with regular monthly
reports. The company has covered risks involving damage to operative functions
of the business areas mainly by means of insurance policies. These insurances
do not include credit loss risks. In the period under review, no such risks
materialized, and no 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, China
and Denmark with subsidiaries in 12 countries outside Finland. Teleste
Management Oy, founded in March 2010, has been consolidated in the Teleste
Group figures on account of financial arrangements.
Decisions by the Annual General Meeting
The Annual General Meeting (AGM) of Teleste Corporation on 8 April 2011
confirmed the financial statements for 2010 and discharged the Board of
Directors and the CEO from liability for the financial period.
The AGM confirmed the Board's proposed dividend of EUR 0.12 per share. The
dividend was paid out on 20 April 2011.
The AGM elected Marjo Miettinen, Pertti Ervi, Tero Laaksonen, Pertti
Raatikainen, Kai Telanne and Petteri Walldén members of the Board. Marjo
Miettinen was elected Chair of the Board in the organizational meeting held
immediately after the AGM.
Authorised Public Accountants KPMG Oy Ab continue as the auditor until the next
AGM. Accountant authorised by the Central Chamber of Commerce of Finland Esa
Kailiala was chosen auditor-in-charge.
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 1,779,985 company's own
shares. The AGM also authorised the company Board to issue 5,000,000 new
shares. Pursuant to the special rights provided by the company, the maximum
number of significant shares is 2,500,000; these special rights are included in
the authorisation to issue 5,000,000 new shares.
Shares and Changes in Share Capital
On 30 June 2011, EM Group Oy was the largest single shareholder with a holding
of 21.55%.
In the period under review, the lowest company share price was EUR 3.49 (3.63)
and the highest was EUR 4.82 (5.28). On 30 June 2011, the closing price stood
at EUR 3.80 (4.45). According to the Finnish Central Security Depository, the
number of shareholders at the end of the period under review was 5,152 (5,347).
Foreign ownership accounted for 8.0% (8.6%). From 1 January to 30 June 2011,
trading with Teleste share at NASDAQ OMX Helsinki amounted to EUR 3.7 (9.5)
million. In the period under review, 0.9 (2.2) million Teleste shares were
traded on the stock exchange.
At the end of June 2011, the number of own shares in the Group possession stood
at 760,985 (760,985) out of which parent company Teleste Corporation had none
(0) while other Group or controlled companies had 760,985 shares, respectively.
At the end of the period, the Group's holding of the total amount of shares
amounted to 4.18% (4.18%).
On 30 June 2011, the registered share capital of Teleste stood at EUR
6,966,932.80 divided in 18,186,590 shares.
Outlook
In 2011, deliveries of equipment and solutions by Video and Broadband Solutions
to its customer base of operators in our target markets will, in our
estimation, at least achieve the level of 2010. European telecom operators are
about to launch their investments into the TV distribution infrastructure, and
we believe that our video headend and optical network products will be
competitive in this new emerging market. Deliveries related to security and
traffic control may remain at the comparative period's level due to
postponements in a number of medium-sized projects.
On the annual basis, demand by our current clientele for the services provided
by Network Services will remain relatively active. We expect that in Germany,
the main market, profitability for the current year will improve from the 2010
level with the increase in net sales and the gradual introduction of the
streamlining measures.
We keep the outlook for year 2011 unchanged. We estimate net sales to increase
slightly and the operating profit to improve somewhat over the 2010 level.
Improvement in the operating profit depends on the scheduled execution of the
development program for the German services operations in the latter part of
the year.
2 August 2011
Teleste Corporation Jukka Rinnevaara
Board of Directors 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. The data stated in this report is unaudited.
STATEMENT OF COMPREHENSIVE INCOME (tEUR)
4-6/2011 4-6/2010 Change %
Net Sales 41,913 43,474 -3.6 %
Other operating income 510 251 103.2 %
Materials and services -20,354 -21,918 -7.1 %
Personnel expenses -13,488 -12,781 5.5 %
Other operating expenses -6,381 -5,993 6.5 %
Depreciation -1,290 -1,378 -6.4 %
Operating profit 910 1,655 -45.0 %
Financial income and expenses -145 -238 -39.1 %
Profit after financial items 765 1,417 -46.0 %
Profit before taxes 765 1,417 -46.0 %
Taxes -215 -470 -54.3 %
Net profit 550 947 -41.9 %
Attributable to:
Equity holders of the parent 550 947 -41.9 %
Earnings per share for result of the year attributable to the equity holders
of the parent
(expressed in euro per share)
Basic 0.03 0.05 -41.9 %
Diluted 0.03 0.05 -41.9 %
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (tEUR)
Net profit 550 947 -41.9 %
Translation differences -115 -239 -51.9 %
Fair value reserve -12 -113 -89.4 %
Total comprehensive income for the 423 595 -28.8 %
period
Attributable to:
Equity holders of the parent 423 595 -28.8 %
STATEMENT OF COMPREHENSIVE INCOME 1-6/2011 1-6/2010 Change % 1-12/2010
(tEUR)
Net Sales 83,223 82,568 0.8 % 167,836
Other operating income 922 608 51.6 % 1,460
Materials and services -42,145 -41,330 2.0 % -82,054
Personnel expenses -25,974 -25,060 3.6 % -50,824
Other operating expenses -11,936 -11,412 4.6 % -23,090
Depreciation -2,638 -2,893 -8.8 % -5,896
Operating profit 1,452 2,481 -41.5 % 7,432
Financial income and expenses -300 -386 -22.3 % -689
Profit after financial items 1,152 2,095 -45.0 % 6,743
Profit before taxes 1,152 2,095 -45.0 % 6,743
Taxes -323 -653 -50.6 % -1,959
Net profit 829 1,442 -42.5 % 4,784
Attributable to:
Equity holders of the parent 829 1,442 -42.5 % 4,784
Earnings per share for result of the year attributable to the equity
holders of the parent
(expressed in euro per share)
Basic 0.05 0.08 -42.5 % 0.27
Diluted 0.05 0.08 -42.5 % 0.27
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (tEUR)
Net profit 829 1,442 -42.5 % 4,784
Translation differences -199 -58 243.1 % 277
Fair value reserve 96 -157 n/a -70
Total comprehensive income for the 727 1,227 -40.8 % 4,991
period
Attributable to:
Equity holders of the parent 727 1,227 -40.8 % 4,991
STATEMENT OF FINANCIAL POSITION 30.06.2011 30.06.2010 Change % 31.12.2010
(tEUR)
Non-current assets
Property,plant,equipment 9,180 9,542 -3.8 % 8,836
Goodwill 30,959 32,257 -4.0 % 30,959
Intangible assets 6,529 6,755 -3.3 % 6,709
Investments 713 713 0.0 % 713
47,381 49,267 -3.8 % 47,217
Current assets
Inventories 21,881 16,419 33.3 % 21,000
Other current assets 39,955 27,780 43.8 % 32,819
Liquid funds 9,831 12,605 -22.0 % 15,203
71,667 56,804 26.2 % 69,022
Total assets 119,048 106,071 12.2 % 116,239
Shareholder's equity and
liabilities
Share capital 6,967 6,967 0.0 % 6,967
Other equity 41,830 39,668 5.5 % 43,143
Non-controlling interest 338 319 5.9 % 292
49,135 46,954 4.6 % 50,402
Non-current liabilities
Provisions 511 513 -0.4 % 511
Non interest bearing 4,522 7,036 -35.7 % 4,522
liabilities
Interest bearing liabilities 11,847 12,237 -3.2 % 11,847
16,880 19,786 -14.7 % 16,880
Short-term liabilities
Trade payables and other s-t 33,166 27,663 19.9 % 31,401
liabilities
Provisions 1,313 1,112 18.1 % 1,313
S-t interest bearing 18,554 10,556 75.8 % 16,243
liabilities
53,033 39,331 34.8 % 48,957
Total shareholder's equity and 119,048 106,071 12.2 % 116,239
liabilities
CONSOLIDATED CASH FLOW STATEMENT (tEUR)
1-6/2011 1-6/2010 Change % 1-12/2010
Cash flows from operating
activities
Profit for the period 829 1,442 -42.5 % 4,784
Adjustments 3,369 4,065 -17.1 % 6,143
Interest and other financial -300 -386 -22.3 % -481
expenses and incomes
Paid taxes -1,400 -150 833.3 % -786
Change in working capital -4,433 -1,244 262.9 % -4,248
Cash flow from operating -1,935 3,727 n/a 5,412
activities
Cash flow from investing
activities
Acquisition of subsidiary, net 0 -374 n/a -3,643
of cash acquired
Purchases of property, plant -1,792 -873 105.3 % -716
and equipment (PPE)
Purchases of intangible assets -1,666 -694 140.1 % -1,499
Net cash used in investing -3,458 -1,941 78.2 % -5,858
activities
Cash flow from financing
activities
Proceeds from borrowings 3,000 0 n/a 5,520
Payments of borrowings -689 -566 21.7 % -1,562
Dividends paid -2,091 -1,364 53.3 % -1,394
Proceeds from issuance of 0 289 n/a 289
ordinary shares
Net cash used in financing 220 -1,641 -112.9 % 2,853
activities
Change in cash
Cash in the beginning 15,203 12,518 21.4 % 12,518
Change in cash during period -5,173 145 n/a 2,408
Effect of currency changes -199 -58 n/a 277
Cash at the end 9,831 12,605 -22.0 % 15,203
KEY FIGURES 1-6/2011 1-6/2010 Change % 1-12/2010
Earnings per share, EUR 0.05 0.08 -42.5 % 0.27
Earnings per share fully 0.05 0.08 -42.5 % 0.27
diluted, EUR
Shareholders' equity per share, 2.82 2.69 4.8 % 2.90
EUR
Return on equity 3.3 % 6.2 % n/a 9.9 %
Return on capital employed 4.0 % 7.1 % n/a 10.2 %
Equity ratio 41.4 % 44.4 % -6.7 % 43.6 %
Gearing 41.9 % 21.7 % 92.9 % 25.5 %
Investments, tEUR 3,384 2,387 41.8 % 3,765
Investments % of net sales 4.1 % 2.9 % 40.7 % 2.2 %
Order backlog, tEUR 23,777 14,716 61.6 % 17,000
Personnel, average 1,279 1,221 4.9 % 1,215
Number of shares (thousands) 18,187 18,187 0.0 % 18,094
including own shares
Highest share price, EUR 4.82 5.28 -8.7 % 5.33
Lowest share price, EUR 3.49 3.63 -3.9 % 3.64
Average share price, EUR 4.22 4.39 -4.0 % 4.49
Turnover, in million shares 0.9 2.2 -59.2 % 3.2
Turnover, in MEUR 3.7 9.5 -60.8 % 14.2
Treasury shares
Number % of % of
of shares shares votes
Teleste companies own shares 760,985 4.18 % 4.18 %
30.6.2011
Contingent liabilities and pledged assets (tEUR)
For own debt
Other securities 640 120 433.3 % 640
Leasing and rent liabilities 8,842 6,159 43.6 % 6,481
9,482 6,279 51.0 % 7,121
Derivative instruments (tEUR)
Value of underlying forward 3,434 3,554 -3.4 % 8,283
contracts
Market value of forward -85 -59 44.1 % -293
contracts
Interest rate swap 11,500 11,500 0.0 % 11,500
Market value of interest swap -120 -273 -56.0 % -256
Taxes are computed on the basis of the tax on the profit for the period.
OPERATING SEGMENTS (tEUR) 1-6/2011 1-6/2010 Change % 1-12/2010
Video and Broadband Solutions
Order intake 42,300 38,280 10.5 % 86,530
Net sales 38,071 39,210 -2.9 % 82,007
EBIT 1,738 2,025 -14.2 % 6,345
EBIT% 4.6 % 5.2 % -11.6 % 7.7 %
Network Services
Order intake 48,500 38,204 27.0 % 80,675
Net sales 45,152 43,358 4.1 % 85,829
EBIT -286 456 -162.7 % 1,087
EBIT% -0.6 % 1.1 % -160.2 % 1.3 %
Total
Order intake 90,800 76,484 18.7 % 167,205
Net sales 83,223 82,568 0.8 % 167,836
EBIT 1,452 2,481 -41.5 % 7,432
EBIT% 1.7 % 3.0 % -41.9 % 4.4 %
Financial items -300 -386 -22.3 % -689
Operating segments net profit 1,152 2,095 -45.0 % 6,743
before taxes
Information per quarter 4-6/11 1-3/11 10-12/10 7-9/10 4-6/10 7/2010-
(tEUR) 6/2011
Video and Broadband Solutions
Order intake 24,827 17,473 27,080 21,170 19,702 90,550
Net sales 19,517 18,554 22,882 19,915 20,148 80,868
EBIT 1,332 406 2,365 1,955 1,463 6,058
EBIT % 6.8 % 2.2 % 10.3 % 9.8 % 7.3 % 7.5 %
Network Services
Order intake 25,744 22,756 23,761 18,710 19,278 90,971
Net sales 22,396 22,756 23,761 18,710 23,326 87,623
EBIT -422 136 603 28 192 345
EBIT % -1.9 % 0.6 % 2.5 % 0.2 % 0.8 % 0.4 %
Total
Order intake 50,571 40,229 50,841 39,880 38,980 181,521
Net sales 41,913 41,310 46,643 38,625 43,474 168,491
EBIT 910 542 2,968 1,984 1,655 6,404
EBIT % 2.2 % 1.3 % 6.4 % 5.1 % 3.8 % 3.8 %
Attributable to equity holders of the parent (tEUR)
Share Share Trans- Retain Inve-s Other Total Share Total
capita premium lation ed ted funds of equity
l diff-e earnin free non-co
rences gs capita ntr-ol
l ling
intere
st
Share-h 6,967 1,504 -95 39,183 2,737 -186 50,110 292 50,402
older's
equity
1.1.20
11
Total -199 829 96 727 727
compre
-hensiv
e
income
for
the
period
Share 0
issue
Paid -2,137 -2,137 46 -2,091
divide
nd
Changes 13 13 -13 0
in
subsi-
diary
intere
st
Equity- 98 98 98
settled
share-
based
paymen
ts
Share-h 6,967 1,504 -294 37,986 2,737 -90 48,811 325 49,135
older's
equity
30.6.2
011
Share-h 6,967 1,504 -372 35,949 2,737 -116 46,669 0 46,669
older's
equity
1.1.20
10
Total -58 1,442 -157 1,227 1,227
compre
-hensiv
e
income
for
the
period
Share 289 289
issue
Paid -1,394 -1,394 30 -1,364
divide
nd
Equity- 133 0 0 133 133
settled
share-
based
paymen
ts
Share-h 6,967 1,504 -430 36,130 2,737 -273 46,635 319 46,954
older's
equity
30.6.2
010
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 items +
employed: 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 holder of
diluted: the parent (diluted)
-----------------------------------------------
Average number of shares - own shares + number of options
at the period-end
MAJOR SHAREHOLDERS 30.6.2011 Shares %
EM Group Oy 3,918,513 21.55
Mandatum Life 1,679,200 9.23
Ilmarinen Mutual Pension Insurance Company 936,776 5.15
Kaleva Mutual Pension Insurance Company 824,641 4.53
Op-Suomi Small Cap 545,925 3.00
Varma Mutual Pension Insurance Company 521,150 2.87
State Pension Fund 500,000 2.75
Aktia Capital Mutual Fund 450,000 2.47
Skagen Vekst Verdipapierfond 437,000 2.40
Teleste Management Oy 381,000 2.09
SECTOR DISPERSION 30.6.2011 Shares %
Corporations 5,935,218 32.63
Financial and insurance corporations 3,657,528 20.11
Public institutions 2,327,976 12.80
Non-profit institutions 369,811 2.03
Households 4,432,356 24.37
Foreign countries and nominee registered 1,463,701 8.04
Total 18,186,590 100.00
HOLDING DISPERSION 30.6.2011
Number of shares Shareholders % Shares %
0 - 100 1,142 22.16 79,216 0.43
101 - 1,000 3,019 58.59 1,264,306 6.95
1.001 - 10,000 895 17.37 2,535,754 13.94
10,001 - 100,000 78 1.51 1,886,768 10.37
100,001 - 1,000.000 16 0.31 6,822,833 37.51
1,000.001 - 2 0.03 5,597,713 30.77
Total 5,152 100.00 18,186,590 100.00
ADDITIONAL INFORMATION:
Mr Jukka Rinnevaara, tel. +358 2 2605 866 or +358 400 747 488
Distribution:
NASDAQ OMX Helsinki Ltd
Main Media
www.teleste.com
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