2017-05-04 07:31:12 CEST
2017-05-04 07:31:12 CEST
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
Teleste Interim Report: Operating profit decreased as expected, orders received increased
Turku, Finland, 2017-05-04 07:30 CEST (GLOBE NEWSWIRE) -- TELESTE CORPORATION
INTERIM REPORT 4 MAY 2017 AT 08:30
TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 31 MARCH 2017
OPERATING PROFIT DECREASED AS EXPECTED, ORDERS RECEIVED INCREASED
First quarter of 2017
– Net sales amounted to EUR 60.9 (60.6) million, an increase of 0.5%
– Operating profit stood at EUR 0.2 (2.6) million, a decrease of 91.9%
– Undiluted result per share was EUR 0.00 (0.09) per share, a decrease of 95.7%
- Orders received totalled EUR 73.6 (59.3) million, an increase of 24.2%
– Cash flow from operations was EUR 0.2 (1.6) million, a decrease of 84.5%
Outlook for 2017
We estimate that net sales and operating profit for 2017 will remain below the
2016 level, due to the low order backlog in the beginning of the financial
period, the adaptation measures in services business in Germany and the
investments in growth in new market areas.
Comments by CEO Jukka Rinnevaara:
‘The first quarter was difficult for Teleste, as expected. The order backlog
was low at the beginning of the year, and the profitability improvement
programme of the services business in Germany required investments. Towards the
end of the quarter, the number of orders received increased and the order
intake improved year-on-year. Net sales were at par with the comparison period,
but operating profit dropped significantly in both business areas.
Nevertheless, we achieved a slightly positive result in the first quarter, even
though our operating profit was burdened by investments in business development
in both business areas.
Orders received by Video and Broadband Solutions increased, particularly in
video security and information systems. The deliveries of these orders are
mainly scheduled for 2018 and later. Orders received for access network
products increased as well. The most significant growth was achieved in France,
Italy and Denmark. The year-on-year net sales decreased particularly in video
security and information systems because of the low order backlog early in the
financial period. Operating profit decreased mainly as a result of the
decreased net sales in video security and information systems. In addition,
operating profit was depressed by investments in the launching of business in
new market areas. The objective of the investments is to increase the sales in
the coming years.
Net sales of Network Services improved year-on-year, but operating profit was
predictably negative. The losses were incurred in Germany, where deliveries of
services that included subcontracted excavation work showed a loss and the
profitability of other services did not reach the target level. The development
programme launched in the autumn involved preparing to reorganise and adapt our
services business in Germany in accordance with our customers’ changing needs.
We expect the development programme to improve productivity in the second half
of the year. Investment in the development programme burdened the result of the
first quarter. Business and operating profit developed favourably in the UK,
Switzerland and Finland.’
Group Operations in January–March 2017
Key figures 1–3/2017 1–3/2016 Change % 1–12/2016
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Orders received, EUR million 73.6 59.3 24.2% 244.3
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Net sales, EUR million 60.9 60.6 +0.5% 259.5
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EBIT, EUR million 0.2 2.6 -91.9% 15.6
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EBIT % 0.3% 4.3% 6.0%
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Profit for the period, EUR million 0.1 1.7 -95.7% 11.8
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Earnings per share, EUR 0.00 0.09 -95.7% 0.65
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Cash flow from operations, EUR million 0.2 1.6 -84.5% 8.8
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Net gearing, % 25.6% 25.5% 25.0%
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Equity ratio, % 52.7% 50.6% 52.5%
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Personnel at period-end 1,489 1,496 -0.5% 1,511
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Orders received by the Group in the first quarter totalled EUR 73.6 (59.3)
million, an increase of 24.2% year-on-year. Compared with the end of the
comparative period, order backlog decreased by 1.6% to EUR 39.6 (40.3) million.
Net sales amounted to EUR 60.9 (60.6) million, an increase of 0.5%
year-on-year.
Expenses for material and production services were EUR 33.9 (31.6) million, an
increase of 7.3%. The increase of expenses is mainly attributable to Network
Services, in which subcontracting increased in services business year-on-year.
Personnel expenses were at par with the comparative period, amounting to EUR
17.6 (17.6) million. Depreciation, amortisation and other operating expenses
increased by 5.8% to EUR 9.6 (9.1) million. Operating profit decreased by 91.9%
to EUR 0.2 (2.6) million, representing 0.3% (4.3%) of net sales. The decrease
in operating profit resulted from decreased net sales in Video and Broadband
Solutions, investments in launching business in new market areas and the
development programme to adapt our services business in Germany in accordance
with our customers’ changing needs.
Financial expenses amounted to EUR 0.1 (0.4) million. Taxes stood at EUR 0.0
(0.5) million and the effective tax rate was 25.3% (24.1%). Undiluted result
per share was EUR 0.00 (0.09) per share, a decrease of 95.7%.
Cash flow from operations was EUR 0.2 (1.6) million. The decrease in the cash
flow from operations was mainly due to the decreased operating profit.
Video and Broadband Solutions January–March 2017
EUR 1,000 1–3/2017 1–3/2016 Change 1–12/2016
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Orders received 48,116 36,392 32.2% 149,011
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Net sales 35,403 37,693 -6.1% 164,231
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EBIT 817 2,449 -66.6% 16,482
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EBIT % 2.3% 6.5% 10.0%
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Orders received increased by 32.2% year-on-year, being EUR 48.1 (36.4) million.
Compared with the end of the comparative period, order backlog decreased by
1.6% to EUR 39.6 (40.3) million. Net sales decreased by 6.1% to EUR 35.4 (37.7)
million. Net sales decreased in video security and information systems, which
had a lower than normal order backlog at the beginning of the year. Operating
profit decreased by 66.6% to EUR 0.8 (2.4) million, representing 2.3% (6.5%) of
net sales. The most significant decrease in operating profit was seen in video
security and information systems, as the level of deliveries was lower than in
the comparative period. In addition to lower net sales, operating profit was
depressed by investments in the launching of business in new market areas.
R&D expenses amounted to EUR 2.9 (2.7) million, representing 8.0% (7.3%) of the
business area's net sales. Product development projects focused on distributed
access architecture, network products complying with the DOCSIS 3.1 standard,
video security and information solutions, and customer-specific projects.
Capitalised R&D expenses amounted to EUR 0.8 (0.5) million. Depreciation on R&D
expenses was EUR 0.4 (0.3) million.
Network Services January–March 2017
EUR 1,000 1–3/2017 1–3/2016 Change 1–12/2016
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Orders received 25,531 22,923 +11.4% 95,297
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Net sales 25,531 22,923 +11.4% 95,297
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EBIT -606 154 -494.6% -847
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EBIT % -2.4% 0.7% -0.9%
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In the first quarter, orders received and net sales increased by 11.4% to EUR
25.5 (22.9) million. Net sales increased in all markets except Belgium.
Operating profit dropped significantly year-on-year and was negative, EUR -0.6
(+0.2) million. Operating profit represented -2.4% (0.7%) of net sales. The
operating losses were incurred in Germany, resulting from a lower operational
productivity year-on-year and loss-making deliveries of services that included
subcontracted excavation work. The corrective measures initiated in the autumn
did not yet significantly improve performance.
Personnel and organisation in January–March 2017
In the period under review, the average number of people employed by the Group
was 1,507 (1,499/2016, 1,466/2015); of these, 751 (726) were employed by Video
and Broadband Solutions and 756 (773) by Network Services. At the end of the
review period, the Group employed 1,489 people (1,496/2016, 1,462/2015), of
whom 65% (67%/2016, 68%/2015) were stationed abroad. Approximately 2% of the
Group's employees were working outside Europe.
Personnel expenses decreased by 0.1% year-on-year to EUR 17.6 (17.6/2016,
17.0/2015) million.
Investments and product development in January–March 2017
Investments by the Group totalled EUR 1.4 (1.2) million, equalling 2.2% (1.9%)
of net sales. Investments in product development amounted to EUR 0.8 (0.5)
million. Of the investments, EUR 0.2 (0.1) million were carried out under
financial lease arrangements.
Product development projects focused on distributed access architecture,
network products complying with the DOCSIS 3.1 standard, video security and
information solutions, and customer-specific projects.
Financing and Capital Structure in January–March 2017
Cash flow from operations was EUR 0.2 (1.6) million. The decrease in the cash
flow from operations was mainly due to the decreased operating profit.
The parent company has at its disposal financial and credit facilities
amounting to a total of EUR 45.0 million. These binding credit limits are valid
until the end of March 2018. At the end of the period under review, the amount
of unused binding credit facilities was EUR 19.0 (15.4) million.
The Group's equity ratio was 52.7% (50.6%) and net gearing 25.6% (25.5%). On 31
March 2017, the Group's interest-bearing debt stood at EUR 30.6 (34.4) 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 customers include cable operators, public
transport operators, train manufacturers and specified organisations in the
public sector.
In Video and Broadband Solutions, customer-specific and integrated deliveries
of solutions create favourable conditions for growth. On the other hand, the
allocation of resources to the deliveries and the technical implementation are
demanding tasks, which is why there are also risks involved. In particular,
deliveries of integrated safety and information systems for passenger transport
may be large in size, setting high demands for the project quotation
calculation and management and, consequently, involving risks. Our customers'
network investments vary depending on their need to upgrade and their financial
structure.
Many competitors in the business area come from the USA, which is why the
exchange rate of the euro against the US dollar has an effect on our
competitiveness. The development of the exchange rates of the US dollar and the
Chinese renminbi against the euro influences our product costs. The company
hedges against short-term currency exposure by means of forward exchange
contracts. The modest economic growth and the challenges faced by the European
public sector may slow down the implementation of customers’ investment plans.
Furthermore, a reduction in consumer purchasing power in Europe may slow down
the cable operators’ network investments. Increased competition created by the
new service providers (OTT) may undermine the cable operators' ability to
invest. Consequences of natural phenomena or accidents, such as fire, may
reduce the availability of components in the order-delivery chain of
electronics industry or suspend our own manufacturing operations. Correct
technological choices and their timing are vital to our success. Various
technologies are used in our products and solutions, and the intellectual
property rights associated with the application of these technologies can be
interpreted in different ways by different parties. Such difficulties of
interpretation may lead to costly investigations or court proceedings.
Regardless of careful planning and quality assurance, complex products may fail
in the customer's network and lead to expensive repair obligations.
Net sales of Network Services come mainly from a small number of large European
customers. Therefore, a significant change in the demand for our services by
any one of them is reflected in the actual deliveries and profitability.
Improvement of customer satisfaction and productivity requires efficient
service process management, as well as innovative process, product and
logistics solutions to ensure the quality and cost-efficiency of services.
Smooth functioning of cable networks requires efficient technical management of
the networks and suitable equipment solutions in accordance with contractual
obligations. This, in turn, requires continuous and goal-directed development
of the skills and knowledge of our personnel and subcontractors. In addition,
the sufficiency and usage rates of our personnel and subcontractor network
influence the Company’s delivery capacity and profitability. In larger projects
with overall responsibility, tender calculation and project management are
complex tasks that involve risks. Severe weather conditions may affect our
ability to deliver products and services.
Teleste’s strategy involves risks and uncertainties: new business opportunities
may fail to be identified or successfully exploited. The business areas must
take into account market movements, such as consolidations among our customers
and competitors. Intensified competition may decrease the prices of products
and solutions faster than we are able to reduce our products’ manufacturing and
delivery costs. Various information systems are critical to the development,
manufacturing and supply of products to our customers. The maintenance of
information systems and deployment of new systems involve risks that may affect
our ability to deliver products and services. Information systems may also be
exposed to external threats and we need to protect them. Recruiting and
maintaining skilled personnel requires encouragement, development and
recruitment efforts, which can fail.
The Board of Directors annually reviews essential business risks and their
management. Risk management constitutes an integral part of the strategic and
operational activities of the business areas. Risks are reported to the Board
on a regular basis.
On 23 December 2016, a competitor of Teleste filed two complaints against
Teleste Limited, demanding damages from the company for the infringement of two
patents. Teleste denies patent infringement in both cases. According to the
assessment by Teleste’s management, the results of said litigations are not
expected to have material effect on Teleste’s financial position.
Group Structure
The parent company has branch offices in Australia an the Netherlands and
subsidiaries in 14 countries outside Finland.
Shares and Changes in Share Capital
On 31 March 2017, Tianta Oy was the largest single shareholder with a holding
of 23.2%.
In the period under review, the lowest company share price was EUR 8.25 (7.29)
and the highest was EUR 9.62 (9.89). Closing price on 31 March 2017 stood at
EUR 8.71 (8.69). According to Euroclear Finland Ltd, the number of shareholders
at the end of the period under review was 5,851 (5,586). Foreign and
nominee-registered holdings accounted for 5.4% (6.7%) of the shares. From 1
January to 31 March 2017, a total of 0.6 (1.0) million Teleste shares were
traded on the Nasdaq Helsinki, and the value of shares traded was EUR 5.3 (8.2)
million.
At the end of March 2017, the Group held 863,953 (863,953) of its own shares,
of which the parent company Teleste Corporation had 863,953 (321,953) shares
and the controlled companies had 0 (542,000) shares. At the end of the period,
the Group's holding of the total number of shares amounted to 4.6% (4.6%).
On 31 March 2017, the company’s registered share capital stood at EUR
6,966,932.80, divided into 18,985,588 shares.
Valid authorisations at the end of the review period:
– Purchases of own shares: up to a maximum of 1,200,000 of the company’s own
shares, valid until 6 October 2017.
– Issue of new shares: up to a maximum of 4,000,000 shares, valid until 31
March 2017.
– Transfer of own shares held by the company: up to a maximum of 1,800,000
shares, valid until 31 March 2017.
– The maximum number of shares that may be subscribed by virtue of the special
rights granted by the company is 2,500,000; the special rights are included in
the above maximum warrants concerning new shares and own shares held by the
Group. The authorisation is valid until 31 March 2017.
Events after the end of the review period
The Annual General Meeting (AGM) of Teleste Corporation held on 6 April 2017
adopted the financial statements for 2016 and discharged the Board of Directors
and the CEO from liability for the financial period 2016. The AGM confirmed the
dividend of EUR 0.25 per share as proposed by the Board. Dividend was paid on
19 April 2017 on shares other than own shares held by the Company.
The AGM decided that the Board of Directors shall consist of five members.
Pertti Ervi, Jannica Fagerholm, Timo Miettinen, Timo Luukkainen and Kai Telanne
were re-elected as members of Teleste Corporation’s Board of Directors. Timo
Miettinen was elected Chair of the Board in the organising meeting held after
the AGM.
The AGM decided to elect one auditor for Teleste Corporation. Authorised public
accountant firm KPMG Oy Ab was elected the Company’s auditor. The auditor has
appointed Petri Kettunen, APA, as the auditor in charge.
The Annual General Meeting decided to authorise the Board to decide on the
purchase of the company’s own shares. According to the authorisation, the Board
of Directors may acquire 1,200,000 own shares of the company otherwise than in
proportion to the holdings of the shareholders with unrestricted equity through
trading on regulated market organised by Nasdaq Helsinki Ltd at the market
price of the time of the purchase. This authorisation is valid for 18 months
from the date of the AGM’s decision. The authorisation overrides any previous
authorisations to purchase the company’s own shares.
The Annual General Meeting decided to authorise the Board of Directors to
decide on issuing new shares and/or transferring the Company’s own shares held
by the Company and/or granting special rights referred to in Chapter 10,
section 1 of the Limited Liability Companies Act in accordance with the Board’s
proposal. Under the authorisation, the Board of Directors has the right to
decide on issuing new shares and/or transferring the Company’s own shares held
by the Company, so that the maximum total number of shares issued and/or
transferred is 2,000,000. The total number of new shares to subscribe under the
special rights granted by the Company and own shares held by the Company to be
transferred may not exceed 1,000,000 shares, which number is included in the
above maximum number concerning new shares and the Group's own shares held by
the Company.
The authorisations are valid for 18 months from the date of the AGM’s decision.
Outlook for 2017
The business objective of Video and Broadband Solutions is to maintain its
strong market position in Europe and to strengthen this market position in
selected new markets outside Europe. Due to the low order backlog, the weight
of net sales and operating profit of Video and Broadband Solutions will be on
the second half of the year.
Network capacity will continue to grow, with operators responding to consumers’
new and expanding broadband and video service needs. We estimate the demand for
access network products in Europe to continue on a par with 2016. Teleste’s
entire access network product portfolio has been renewed in accordance with the
DOCSIS 3.1 standard, and our offering allows the cable operators to increase
their network capacity competitively. Our clientele is becoming consolidated
and our competitors are introducing their own DOCSIS 3.1 products in the
market, resulting in pressure on the pricing of products. The American markets
in particular are growing strongly, providing significant growth opportunities
for Teleste’s access network products. In 2017, we will start investing in
access network products that are suitable for new markets. The objective of the
investments is the long-term increase in sales.
Demand for video security solutions for public spaces continues worldwide, but
some investment decisions may be delayed by the economic situation. Teleste’s
video security solution for public space introduced in Paris provides new
opportunities for other major cities of the world. The added value in the
ecosystem has increasingly shifted to software and intelligence, and price
erosion in the traditional video security equipment market continues. New
innovations and solutions are also changing the rail industry passenger
information solution business. It is necessary to improve the productivity and
cost-efficiency of traditional business. The improvement of competitiveness
requires R&D investments in new intelligent solutions.
As to Network Services, our business objective is to further develop the
operational efficiency and increase the share of those services that provide
our customers with higher added value. Our aim is to improve the profitability
of the provided services particularly in Germany. We are preparing to
reorganise and adapt our services in Germany in accordance with our customers’
changing needs. We estimate the demand for all-inclusive network services in
our key target markets to continue at least at the level of the previous year.
We estimate that net sales and operating profit for 2017 will remain below the
2016 level, due to the low order backlog in the beginning of the financial
period, the adaptation measures in services business in Germany and the
investments in growth in new market areas.
3 May 2017
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 the
consolidated financial statements. The data stated in this report is unaudited.
The changes in IAS1, IFRS13 and IAS19 have been applied in this interim report
and they do not have any material impact on the financial reporting.
STATEMENT OF COMPREHENSIVE INCOME 1-3/ 1-3/ Change % 1-12/
(tEUR) 2017 2016 2016
Net Sales 60,934 60,616 0.5 % 259,528
Other operating income 433 316 36.8 % 3,372
Materials and services -33,948 -31,637 7.3 % -137,078
Personnel expenses -17,628 -17,639 -0.1 % -72,566
Depreciation -1,323 -1,197 10.5 % -4,934
Other operating expenses -8,257 -7,857 5.1 % -32,687
Operating profit 211 2,602 -91.9 % 15,635
Financial income and expenses -116 -409 -71.6 % -814
Profit after financial items 95 2,194 -95.7 % 14,821
Profit before taxes 95 2,194 -95.7 % 14,821
Taxes -24 -530 -95.5 % -3,001
Net profit 71 1,664 -95.7 % 11,820
Attributable to:
Equity holders of the parent 71 1,664 -95.7 % 11,820
Earnings per share for result of the year attributable to the equity holders
of the parent
(expressed in euro per share)
Basic 0.00 0.09 -95.7 % 0.65
Diluted 0.00 0.09 -95.8 % 0.65
Total comprehensive income for the period (tEUR)
Net profit 71 1,664 -95.7 % 11,820
Possible items with future net profit
effect
Translation differences 361 -4 n/a -879
Fair value reserve 35 -149 n/a -135
Total comprehensive income for the 467 1,511 -69.1 % 10,806
period
Attributable to:
Equity holders of the parent 467 1,511 -69.1 % 10,806
STATEMENT OF FINANCIAL POSITION (tEUR) 31/03/ 31/03/ Change % 31/12/
2017 2016 2016
Non-current assets
Property,plant,equipment 11,204 11,459 -2.2 % 11,325
Goodwill 37,415 37,653 -0.6 % 37,374
Other intangible assets 7,374 6,676 10.5 % 7,171
Deferred tax assets 2,122 1,677 26.5 % 1,833
Available-for-sale Investments 693 707 -1.9 % 693
58,809 58,171 1.1 % 58,396
Current assets
Inventories 32,821 32,076 2.3 % 33,544
Trade and other receivables 61,369 54,243 13.1 % 60,676
Cash and cash equivalents 8,857 14,214 -37.7 % 9,496
103,048 100,533 2.5 % 103,716
Total assets 161,857 158,704 2.0 % 162,112
Shareholder's equity and liabilities
Share capital 6,967 6,967 0.0 % 6,967
Other equity 77,949 72,126 8.1 % 77,455
84,917 79,093 7.4 % 84,422
Non-current liabilities
Provisions 1,076 1,027 4.8 % 1,081
Deferred tax liabilities 1,314 1,581 -16.9 % 1,630
Non interest bearing liabilities 100 2,183 -95.4 % 135
Interest bearing liabilities 28,982 33,101 -12.4 % 28,036
31,472 37,892 -16.9 % 30,882
Current liabilities
Trade payables and other liabilities 41,265 38,742 6.5 % 41,900
Current tax payable 1,671 977 71.0 % 1,477
Provisions 881 689 27.9 % 858
Interest bearing liabilities 1,651 1,311 25.9 % 2,573
45,468 41,719 9.0 % 46,808
Total shareholder's equity and liabilities 161,857 158,704 2.0 % 162,112
CONSOLIDATED CASH FLOW STATEMENT (tEUR) 1-3/ 1-3/ Change % 1-12/
2017 2016 2016
Cash flows from operating activities
Profit for the period 71 1,664 -95.7 % 11,820
Adjustments 1,468 2,195 -33.1 % 6,737
Interest and other financial expenses and -116 -409 -71.6 % -814
incomes
Paid Taxes -932 -618 50.8 % -3,151
Change in working capital -247 -1,261 -80.4 % -5,827
Cash flow from operating activities 244 1,571 -84.5% 8,765
Cash flow from investing activities
A conditional supplementary contract price 0 -485 n/a -485
for prior subsidiary acquisition
Purchases of property, plant and equipment -335 -290 15.5 % -1,410
(PPE)
Proceeds from sales of PPE 7 7 0.0 % 43
Purchases of intangible assets -766 -538 42.4 % -2,507
Net cash used in investing activities -1,094 -1,306 -16.2 % -4,359
Cash flow from financing activities
Proceeds from borrowings 0 4,000 -100.0 % 4,170
Payments of borrowings -150 -2,724 -94.5 % -6,710
Dividends paid 0 0 n/a -4,168
Net cash used in financing activities -150 1,276 -111.8 % -6,708
Change in cash
Cash in the beginning 9,496 12,677 -25.1 % 12,677
Effect of currency changes 361 -4 n/a -879
Change -1,000 1,541 n/a -2,302
Cash at the end 8,857 14,214 -37.7 % 9,496
KEY FIGURES 1-3/ 1-3/ Change % 1-12/
2017 2016 2016
Earnings per share, EUR 0.00 0.09 -95.7 % 0.65
Earnings per share fully diluted, EUR 0.00 0.09 -95.8 % 0.65
Shareholders' equity per share, EUR 4.69 4.36 7.4 % 4.66
Return on equity 0.3 % 8.5 % -96.1 % 14.6 %
Return on capital employed 1.1 % 9.4 % -87.8 % 14.8 %
Equity ratio 52.7 % 50.6 % 4.1 % 52.5 %
Gearing 25.6 % 25.5 % 0.4 % 25.0 %
Investments, tEUR 1,357 1,158 17.2 % 5,488
Investments % of net sales 2.2 % 1.9 % 16.6 % 2.1 %
Order backlog, tEUR 39,643 40,304 -1.6 % 26,930
Personnel, average 1,507 1,499 0.5 % 1,514
Number of shares (thousands) 18,986 18,986 0.0 % 18,986
including own shares
Highest share price, EUR 9.62 9.89 -2.7 % 10.24
Lowest share price, EUR 8.25 7.29 13.2 % 7.29
Average share price, EUR 8.83 8.49 4.0 % 8.69
Turnover, in million shares 0.6 1.0 -37.2 % 3.5
Turnover, in MEUR 5.3 8.2 -34.7 % 30.6
Treasury shares
Number % of % of
of shares shares votes
Possession of company's own shares 863,953 4.55% 4.55%
31.3.2017
Contingent liabilities and pledged assets (tEUR)
Leasing and rent liabilities 9,368 8,786 6.6 % 9,144
Derivative instruments (tEUR)
Value of underlying forward contracts 24,545 20,014 22.6 % 22,550
Market value of forward contracts 76 18 322.2 % 334
Interest rate swap 10,000 10,000 0.0 % 10,000
Market value of interest swap -100 -149 -32.9 % -135
Taxes are computed on the basis of the tax on the profit for the period.
OPERATING SEGMENTS (tEUR) 1-3/ 1-3/ Change % 1-12/
2017 2016 2016
Video and Broadband Solutions
Orders received 48,116 36,392 32.2 % 149,011
Net sales 35,403 37,693 -6.1 % 164,231
EBIT 817 2,449 -66.6 % 16,482
EBIT% 2.3 % 6.5 % 10.0 %
Network Services
Orders received 25,531 22,923 11.4 % 95,297
Net sales 25,531 22,923 11.4 % 95,297
EBIT -606 154 -494.6 % -847
EBIT% -2.4 % 0.7 % -0.9 %
Total
Orders received 73,647 59,315 24.2 % 244,308
Net sales 60,934 60,616 0.5 % 259,528
EBIT 211 2,602 -91.9 % 15,635
EBIT% 0.3 % 4.3 % 6.0 %
Financial items -116 -409 n/a -814
Operating segments net profit before taxes 95 2,194 -95.7 % 14,821
Information per quarter 1-3/17 10-12/16 7-9/16 4-6/16 1-3/16 4/2016-
(tEUR) 3/2017
Video and Broadband Solutions
Orders received 48,116 39,548 30,601 42,470 36,392 160,735
Net sales 35,403 43,496 40,273 42,769 37,693 161,940
EBIT 817 5,309 5,545 3,180 2,449 14,850
EBIT % 2.3 % 12.2 % 13.8 % 7.4 % 6.5 % 9.2 %
Network Services
Orders received 25,531 25,066 22,589 24,719 22,923 97,905
Net sales 25,531 25,066 22,589 24,719 22,923 97,905
EBIT -606 -975 -717 691 154 -1,607
EBIT % -2.4 % -3.9 % -3.2 % 2.8 % 0.7 % -1.6 %
Total
Orders received 73,647 64,614 53,190 67,189 59,315 258,640
Net sales 60,934 68,562 62,862 67,488 60,616 259,845
EBIT 211 4,334 4,828 3,871 2,603 13,244
EBIT % 0.3 % 6.3 % 7.7 % 5.7 % 4.3 % 5.1 %
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 equity
A B C D E F G
Shareholder's equity 1.1.2017 6,967 1,504 -978 73,922 3,140 -135 84,420
Total comprehensive income 361 71 35 467
for the period
Equity-settled share-based 30 30
payments
Shareholder's equity 31.3.2017 6,967 1,504 -617 74,023 3,140 -100 84,917
Shareholder's equity 1.1.2016 6,967 1,504 -99 66,034 3,140 0 77,545
Total comprehensive income -4 1,664 -149 1,511
for the period
Equity-settled share-based 37 37
payments
Shareholder's equity 31.3.2016 6,967 1,504 -103 67,735 3,140 -149 79,093
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
Major shareholders by number of shares March 31, Number of shares % of shares
2017
Tianta Oy 4,409,712 23.23
Mandatum Life Insurance Company Limited 1,679,200 8.84
Ilmarinen Mutual Pension Insurance Company 1,084,475 5.71
Teleste Oyj 863,953 4.55
Kaleva Mutual Insurance Company 824,641 4.34
Varma Mutual Pension Insurance Company 521,150 2.74
The State Pension Fund 500,000 2.63
Julius Tallberg Corp. 260,368 1.37
Nieminen Jorma Juhani 250,000 1.32
Danske Invest Finnish Small Cap Fund 242,800 1.28
Shareholders by sector Number of % Number of % of
March 31, 2017 shareholders of shares shares
Owners
Households 5,494 93.90 4,834,547 25.46
Public sector institutions 4 0.07 2,115,725 11.14
Financial and insurance 20 0.34 4,265,656 22.47
institutions
Corporations 266 4.55 7,557,703 39.81
Non-profit institutions 24 0.41 59,885 0.32
Foreign 43 0.73 152,072 0.80
Total 5,851 100.00 18,985,588 100.00
Of which nominee registered 9 0.15 902,852 4.76
Major shareholders by Number of % of Number of % of
distribution of shares March shareholders shareholde shares shares
31, 2017 rs
1-100 1,511 25.82 93,639 0.49
101-500 2,542 43.45 686,829 3.62
501-1,000 820 14.01 659,877 3.48
1,001-5,000 790 13.50 1,721,177 9.07
5,001-10,000 82 1.40 588,651 3.10
10,001-50,000 79 1.35 1,595,082 8.40
50,001-100,000 6 0.10 412,020 2.17
100,001-500,000 15 0.26 3,845,182 20.25
500,001- 6 0.10 9,383,131 49.42
Total 5,851 100.00 18,985,588 100.00
of which nominee registered 9 0.15 902,852 4.76
ADDITIONAL INFORMATION:
CEO Jukka Rinnevaara, phone +358 2 2605 611 or +358 400 747 488
DISTRIBUTION:
Nasdaq Helsinki
Main Media
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