2014-04-24 07:30:00 CEST
2014-04-24 07:30:06 CEST
REGULATED INFORMATION
Teleste - Interim report (Q1 and Q3)
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 31 MAR 2014
Turku, Finland, 2014-04-24 07:30 CEST (GLOBE NEWSWIRE) -- TELESTE CORPORATION
INTERIM REPORT 24.4.2014 AT 08:30
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 31 MAR 2014
ORDERS RECEIVED INCREASED. NET SALES AND OPERATING PROFIT EXPECTEDLY BELOW THE
COMPARABLE PERIOD, OUTLOOK UNCHANGED.
First quarter of 2014
- Net sales amounted to EUR 43.5 (45.8) million, a decrease of 4.9%
- Operating profit stood at EUR 1.3 (2.6) million, a decrease of 50.4%
- Undiluted earnings per share were EUR 0.05 (0.10) per share, a decrease of
49.1%
- Orders received totalled EUR 46.9 (43.4) million, an increase of 8.3%
- Cash flow from operations was EUR 1.5 (0.2) million, an increase of 627%
Outlook for 2014
We estimate net sales and operating profit for the first half of 2014 to fall
clearly from the comparative period. Due to this, we estimate that net sales
and operating profit for the full year of 2014 will not reach the 2013 level.
Comments on the first quarter of 2014 by CEO Jukka Rinnevaara:"Net sales and operating profit for the first quarter fell from the comparative
period, as expected.
Demand for products by Video and Broadband Solutions increased after very quiet
January. Orders received developed well towards the end of the first quarter
and rose above the level of the comparative period. Orders for the optical
access network products developed particularly well in the European market.
However, this favourable development in net sales towards the end of the
quarter was not enough to compensate for the quiet start of the year and,
therefore, we fell expectedly from the net sales and operating profit of the
reference period.
As for Network Services, we were able to improve the operating profit over the
comparative period, even if the result was burdened by investments to expand
the business in the UK. Improvement on the operating profit was particularly
successful in Germany on account of good resource management and successful
project deliveries."
Teleste Group in January-March 2014
Key figures (EUR million) 1-3/2014 1-3/2013 Change % 1-12/2013
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Orders received 46.9 43.4 +8.3% 188.9
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Net sales 43.5 45.8 -4.9% 192.8
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EBIT 1.3 2.6 -50.4% 11.0
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EBIT % 3.0% 5.7% 5.7%
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Profit for the period 0.9 1.8 -48.5% 8.1
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Other important key figures
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Earnings per share, EUR 0.05 0.10 -49.1% 0.47
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Cash flow from operations 1.5 0.2 +626.9% 10.0
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Net gearing, % 12.3% 17.8% 13.8%
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Equity ratio, % 53.7% 52.2% 52.7%
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Personnel at period-end 1,260 1,342 -6.1% 1,261
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The Group's first-quarter orders received totalled EUR 46.9 (43.4) million, up
8.3% from the comparable period last year. Order backlog grew by 13% to EUR
16.5 (14.6) million.
Net sales amounted to EUR 43.5 (45.8) million, which is 4.9% below the
comparable period. Compared to the same period in the previous year, operating
profit decreased by 50.4% standing at EUR 1.3 (2.6) million, which is 3.0%
(5.7%) of net sales. Personnel expenses amounted to EUR 14.0 (14.4) million.
Undiluted earnings per share was EUR 0.05 (0.10). Operating cash flow stood at
EUR 1.5 (0.2) million. The decrease in trade receivables improved operating
cash flow from the comparable period in last year.
Video and Broadband Solutions in January-March 2014
Key figures (EUR 1,000) 1-3/2014 1-3/2013 Change % 1-12/2013
----------------------------------------------------------------
----------------------------------------------------------------
Orders received 24,896 21,419 +16.2% 97,815
----------------------------------------------------------------
Net sales 21,485 23,813 -9.8% 101,716
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EBIT 801 2,436 -67.1% 9,460
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EBIT % 3.7% 10.2% 9.3 %
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Net sales decreased by 9.8% to EUR 21.5 (23.8) million. This decrease in net
sales was brought about by the exceptionally low level of demand in January and
the particularly good project sales in video surveillance solutions in the
comparable period. The demand for products returned to normal in the second
half of the quarter. In spite of the exceptionally quiet January, orders
received in the quarter increased by 16.2% over the previous year and amounted
to EUR 24.9 (21.4) million. Order backlog strengthened to EUR 16.5 (14.6)
million. Operating profit stood at EUR 0.8 (2.4) million making 3.7% (10.2%) of
net sales. This weakening of the operating profit percentage was mainly due to
the decline in sales of the video surveillance solutions and the lower margin
of access network products in comparison with the same period in the previous
year.
R&D expenses were 2.6 (2.4) million, i.e. 12.1% (10.1%) of the business area's
net sales. Capitalized R&D expenses amounted to EUR 0.3 (0.3) million. The most
significant R&D investments included further development of product families in
production and customer-specific projects. Depreciation on capitalized R&D
expenses amounted to EUR 0.3 (0.7) million.
Network Services in January-March 2014
Key figures (EUR 1,000) 1-3/2014 1-3/2013 Change % 1-12/2013
----------------------------------------------------------------
----------------------------------------------------------------
Orders received 22,048 21,946 +0.5% 91,060
----------------------------------------------------------------
Net sales 22,048 21,946 +0.5% 91,060
----------------------------------------------------------------
EBIT 490 166 +195.9% 1,587
----------------------------------------------------------------
EBIT % 2.2% 0.8% 1.7%
----------------------------------------------------------------
Net sales for the first quarter totalled EUR 22.0 (21.9) million, which was
0.5% higher than in the period of comparison. Operating profit stood at EUR 0.5
(0.2) million, a year-on-year increase of 196% (-60%). Operating profit
equalled 2.2% (0.8%) of net sales. This growth in the operating profit was
particularly affected by higher profitability in Germany over the comparative
period. The most significant improvement was achieved in installation services
of broadband connections and in successful project deliveries. The operating
profit was weakened by preparations made for the expansion of services business
in the UK. New business premises and personnel recruitment will allow for an
expansion in operations in the second half of the year.
Personnel and Organization in January-March 2014
In the period under review, the Group had an average of 1,262 people
(1,335/2013, 1,316/2012), of whom 554 (536) were employed by Video and
Broadband Solutions, and 708 (799) by Network Services. At the end of the
review period, the Group had 1,260 (1,342/2013, 1,321/2012) people, of whom 71%
(73%/2013, 72%/2012) were working outside Finland. Approximately 3% of the
Group's employees were working outside Europe.
In January, temporary layoffs were initiated involving the Operations unit
personnel in Finland. Average length of these layoffs was three weeks, and they
were implemented before the end of the first quarter. These temporary layoffs
were launched within the framework of the adjustment program agreed earlier in
the co-determination negotiations. As a result of the recovery in demand for
the products, the third layoff week could be cancelled.
Wages, salaries and social expenses decreased by 3.1% over the previous year
and amounted to EUR 14.0 (14.4/2013, 15.1/2012) million. This reduction in
personnel costs was achieved by adjustment measures in both Video and Broadband
Solutions and Network Services.
Investments and Product Development in January-March 2014
Investments by the Group for the period under review totalled EUR 0.9 (0.6)
million accounting for 2.1% (1.3%) of net sales. Investments in product
development equalled EUR 0.3 (0.3) million. Investments of EUR 0.1 (0.1)
million were made under financial lease arrangements.
Financing and Capital Structure in January-March 2014
Operating cash flow stood at EUR 1.5 (0.2) million. The decrease in trade
receivables improved operating cash flow from the comparable period in last
year. At the end of the period under review, the amount of unused binding
stand-by credits amounted to EUR 17.0 (19.0) million. Credit limits are valid
until August 2015.
The Group's equity ratio equalled 53.7% (52.2%) and net gearing 12.3% (17.8%).
Interest bearing debt on 31 March 2014 stood at EUR 24.2 (22.0) 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 favourable 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 situation in the European financial markets 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. Competition increased by the new service providers (OTT) may
undermine the cable operators' ability to invest. 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 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 and
profitability. 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
skills and competences 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 include risks.
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 are reported to the Board on a regular basis.
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 14 countries outside Finland. Teleste Management
Oy was merged with the parent company on 28 February 2014. Teleste Management
II Oy, founded in December 2011, has been consolidated in the Teleste Group
figures on account of financial arrangements.
Shares and Changes in Share Capital
On 31 March 2014, EM Group Oy was the largest single shareholder with a holding
of 23.4%.
In the period under review, the lowest company share price was EUR 4.25 (3.88)
and the highest was EUR 4.86 (4.47). Closing price on 31 March 2014 stood at
EUR 4.53 (3.92). According to Euroclear Finland Ltd the number of shareholders
at the end of the period under review was 5,073 (5,245). Foreign ownership
accounted for 4.8% (5.9%). From 1 January to 31 March 2014, trading with
Teleste share at NASDAQ OMX Helsinki amounted to EUR 3.6 (3.5) million. In the
period under review, 0.8 (0.8) million Teleste shares were traded on the stock
exchange.
At the end of March 2014, the Group held 1,189,654 of its own shares, of which
the parent company Teleste Corporation had 647,654 shares and the controlled
companies had 542,000 shares, respectively. At the end of the period, the
Group's holding of the total amount of shares amounted to 6.30% (6.96%).
On 31 March 2014, the registered share capital of Teleste stood at EUR
6,966,932.80 divided in 18,873,742 shares.
Trading with stock options 2007C began on the NASDAQ OMX Helsinki Ltd on 2
April 2012. These options allow subscription for a maximum of 560,000 shares in
the company.
Valid authorizations at the end of the review period:
- Authorization to purchase treasury 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.
Events after the End of the Period
The Annual General Meeting (AGM) of Teleste Corporation held on 1 April 2014
confirmed the financial statements for 2013 and discharged the Board of
Directors and the CEO from liability for the financial period. The AGM
confirmed the dividend of EUR 0.19 per share proposed by the Board. The
dividend was paid out on 11 April 2014.
Ms. Marjo Miettinen, Mr. Pertti Ervi, Ms. Jannica Fagerholm, Mr. Esa Harju, Mr.
Kai Telanne and Mr. Petteri Walldén continue in Teleste's Board of Directors.
Ms. Marjo Miettinen was elected Chair of the Board in the organizational
meeting held immediately after the AGM.
Authorized Public Accountants KPMG Oy Ab continues 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.
On 1 April 2014, the Annual General Meeting decided on the following
authorizations of the Board of Directors:
- Purchases of own shares: maximum of 1,200,000 shares. This authorization is
valid for 18 months from the date of the decision.
- Issue of new shares: a maximum of 4,000,000 shares, valid for three years
from the date of the decision.
- Disposal of own shares held: a maximum of 1,800,000 shares, valid for three
years from the date of the decision.
- By virtue of the special rights granted by the Company, the number of shares
to be subscribed may not exceed 2,500,000 shares; the special rights are
included in the above orders concerning the maximum number new shares and own
shares held by the Group. This authorization is valid for three years from the
date of the decision.
Outlook for 2014
Video and Broadband Solutions aim at maintaining a strong market position in
Europe and expand into selected new markets. Network capacity will continue to
increase driven by the new broadband and video services provided by the
operators. Limited product offering of the new Docsis 3.1 communications
standard may delay the network investments in the beginning of the year. Price
erosion in the market continues. The positive trend in the video surveillance
market will continue, but the public sector decisions to start projects may be
delayed in the current economic climate. We estimate the market conditions of
Video and Broadband Solutions to fluctuate greatly during the year.
The business objective of Network Services is to develop the operational
efficiency and give up any unprofitable services activities during the year.
These measures will be taken to create conditions for better business
profitability over the reference year, but these will have a slight reducing
effect on net sales. We estimate the demand for comprehensive network services
in our key target markets to continue at par with the comparative year.
We estimate net sales and operating profit for the first half of 2014 to fall
clearly from the comparative period. Due to this, we estimate that net sales
and operating profit for the full year of 2014 will not reach the 2013 level.
23 April 2014
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.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.
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 1-3/2014 1-3/2013 Change % 1-12/2013
(tEUR)
Net Sales 43,533 45,759 -4.9 % 192,775
Other operating income 185 458 -59.5 % 840
Materials and services -21,001 -21,604 -2.8 % -94,456
Personnel expenses -13,985 -14,435 -3.1 % -56,949
Other operating expenses -6,417 -6,225 3.1 % -4,628
Depreciation -1,024 -1,351 -24.2 % -26,536
Operating profit 1,291 2,602 -50.4 % 11,047
Financial income and expenses -93 -82 13.3 % -386
Profit after financial items 1,198 2,520 -52.5 % 10,660
Profit before taxes 1,198 2,520 -52.5 % 10,660
Taxes -278 -733 -62.2 % -2,513
Net profit 920 1,787 -48.5 % 8,147
Attributable to:
Equity holders of the parent 920 1,787 -48.5 % 8,147
Earnings per share for result of the year attributable to the equity holders of
the parent
(expressed in € per share)
Basic 0.05 0.10 -49.1 % 0.47
Diluted 0.05 0.10 -48.9 % 0.46
Total comprehensive income for the
period (tEUR)
Net profit 920 1,787 -48.5 % 8,147
Possible items with future net profit effect
Translation differences 92 45 104.4 % -559
Fair value reserve -7 24 n/a 16
Total comprehensive income for the 1,005 1,856 -45.8 % 7,604
period
Attributable to:
Equity holders of the parent 1,005 1,856 -45.8 % 7,604
STATEMENT OF FINANCIAL POSITION 31.03.2014 31.03.2013 Change % 31.12.2013
(tEUR)
Non-current assets
Property,plant,equipment 10,485 10,283 2.0 % 10,499
Goodwill 33,289 31,421 5.9 % 33,252
Other intangible assets 4,331 3,623 19.6 % 4,448
Deferred tax assets 1,828 2,126 -14.0 % 294
Available-for-sale Investments 294 294 0.0 % 2,002
50,227 47,747 5.2 % 50,494
Current assets
Inventories 20,866 18,337 13.8 % 19,762
Trade and other receivables 37,214 42,697 -12.8 % 38,844
Cash and cash equivalents 16,008 10,862 47.4 % 15,229
74,088 71,896 3.0 % 73,835
Total assets 124,315 119,643 3.9 % 124,329
Shareholder's equity and
liabilities
Share capital 6,967 6,967 0.0 % 6,967
Other equity 59,381 54,785 8.4 % 58,160
Non-controlling interest 386 661 -41.6 % 425
66,734 62,413 6.9 % 65,552
Non-current liabilities
Provisions 598 503 18.9 % 634
Deferred tax liabilities 1,203 1,297 -7.2 % 1,293
Non interest bearing 2,436 0 n/a 2,414
liabilities
Interest bearing liabilities 434 683 -36.4 % 470
4,671 2,483 88.1 % 4,810
Current liabilities
Trade payables and other 28,031 30,632 -8.5 % 28,130
liabilities
Current tax payable 210 1,928 -89.1 % 1,206
Provisions 893 909 -1.8 % 832
Interest bearing liabilities 23,776 21,278 11.7 % 23,799
52,909 54,747 -3.4 % 53,967
Total shareholder's equity and 124,315 119,643 3.9 % 124,329
liabilities
CONSOLIDATED CASH FLOW STATEMENT (tEUR) 1-3/ 1-3/ Change 1-12/
2014 2013 % 2013
Cash flows from operating activities
Profit for the period 920 1,787 -48.5 % 8,147
Adjustments 1,306 2,166 -39.7 % 4,711
Interest and other financial expenses and -93 -82 13.3 % 384
incomes
Paid Taxes -1,155 -880 31.2 % -3,402
Change in working capital 482 -2,790 n/a 121
Cash flow from operating activities 1,461 201 626.9 % 9,961
Cash flow from investing activities
A conditional supplementary contract price 0 -2,586 n/a -2,585
for prior subsidiary acquisition
Purchases of property, plant and equipment -426 -189 125.4 % -1,180
(PPE)
Purchases of intangible assets -372 -293 27.0 % -1,442
Acquisition of subsidiary, net of cash 0 0 n/a -965
acquired
Net cash used in investing activities -798 -3,068 -74.0 % -6,172
Cash flow from financing activities
Proceeds from borrowings 0 0 n/a 5,000
Payments of borrowings -152 -197 -22.8 % -4,178
Dividends paid 0 0 n/a -2,962
Proceeds from issuance of ordinary shares 176 0 n/a 270
Net cash used in financing activities 24 -197 n/a -1,870
Change in cash
Cash in the beginning 15,229 13,880 9.7 % 13,880
Effect of currency changes 92 46 100.0 % -571
Change 687 -3,064 n/a 1,919
Cash at the end 16,008 10,862 47.4 % 15,229
KEY FIGURES 1-3/ 1-3/ Change % 1-12/
2014 2013 2013
Earnings per share, EUR 0.05 0.10 -48.5 % 0.47
Earnings per share fully diluted, EUR 0.05 0.10 -50.4 % 0.46
Shareholders' equity per share, EUR 3.75 3.58 4.7 % 3.73
Return on equity 5.6 % 11.6 % -51.8 % 12.9 %
Return on capital employed 5.9 % 12.6 % -53.2 % 13.0 %
Equity ratio 53.7 % 52.2 % 2.8 % 52.7 %
Gearing 12.3 % 17.8 % -30.8 % 13.8 %
Investments, tEUR 912 579 57.5 % 6,313
Investments % of net sales 2.1 % 1.3 % 65.6 % 3.3 %
Order backlog, tEUR 16,511 14,606 13.0 % 13,100
Personnel, average 1,262 1,335 -5.5 % 1,306
Number of shares (thousands) 18,874 18,729 0.8 % 18,744
including own shares
Highest share price, EUR 4.86 4.47 8.7 % 4.47
Lowest share price, EUR 4.25 3.88 9.5 % 3.78
Average share price, EUR 4.48 4.21 6.4 % 4.17
Turnover, in million shares 0.8 0.8 -4.8 % 2.2
Turnover, in MEUR 3.6 3.5 1.7 % 9.2
Treasury shares
Number % of % of
of shares shares votes
Possession of company's own shares 1,189,654 6.30 % 6.30 %
31.3.2014
Contingent liabilities and pledged assets
(tEUR)
Leasing and rent liabilities 6,133 7,782 -21.2 % 6,748
Derivative instruments (tEUR)
Value of underlying forward contracts 6,518 8,107 -19.6 % 7,633
Market value of forward contracts -139 296 n/a -209
Interest rate swap 11,000 11,000 0.0 % 11,000
Market value of interest swap -13 2 n/a -6
Taxes are computed on the basis of the tax on the profit for the period.
OPERATING SEGMENTS (tEUR) 1-3/2014 1-3/2013 Change % 1-12/2013
Video and Broadband Solutions
Orders received 24,896 21,419 16.2 % 97,815
Net sales 21,485 23,813 -9.8 % 101,716
EBIT 801 2,436 -67.1 % 9,460
EBIT% 3.7 % 10.2 % 9.3 %
Network Services
Orders received 22,048 21,946 0.5 % 91,060
Net sales 22,048 21,946 0.5 % 91,060
EBIT 490 166 195.9 % 1,587
EBIT% 2.2 % 0.8 % 1.7 %
Total
Orders received 46,944 43,365 8.3 % 188,875
Net sales 43,533 45,759 -4.9 % 192,775
EBIT 1,291 2,602 -50.4 % 11,047
EBIT% 3.0 % 5.7 % 5.7 %
Financial items -93 -82 13.3 % -386
Operating segments net profit before 1,198 2,520 -52.5 % 10,660
taxes
Information per quarter 1-3/14 10-12/13 7-9/13 4-6/13 1-3/13 4/2013-
(tEUR) 3/2014
Video and Broadband Solutions
Orders received 24,896 24,127 28,919 23,350 21,419 101,292
Net sales 21,485 28,020 24,258 25,625 23,813 99,388
EBIT 801 2,354 2,362 2,308 2,436 7,825
EBIT % 3.7 % 8.4 % 9.7 % 9.0 % 10.2 % 7.9 %
Network Services
Orders received 22,048 26,024 22,220 20,870 21,946 91,162
Net sales 22,048 26,024 22,220 20,870 21,946 91,162
EBIT 490 1,168 823 -570 166 1,911
EBIT % 2.2 % 4.5 % 3.7 % -2.7 % 0.8 % 2.1 %
Total
Orders received 46,944 50,151 51,139 44,220 43,365 192,454
Net sales 43,533 54,043 46,478 46,495 45,759 190,549
EBIT 1,291 3,521 3,185 1,738 2,602 9,735
EBIT % 3.0 % 6.5 % 6.9 % 3.7 % 5.7 % 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
H Share of non-controlling interest
I Total equity
A B C D E F G H I
Shareholder's equity 6,967 1,504 126 53,079 3,457 -6 65,127 425 65,553
1.1.2014
Total comprehensive 92 920 -7 1,005 0 1,005
income for the
period
Used options 176 176 0 176
Interest, non 39 39 -39 0
controll party
Equity-settled 0 0 0 0
share-based
payments
Shareholder's equity 6,967 1,504 218 54,038 3,633 -13 66,347 386 66,734
31.3.2014
'
Shareholder's equity 6,967 1,504 685 48,007 2,737 -22 59,878 678 60,557
1.1.2013
Total comprehensive 45 1,787 24 1,856 0 1,856
income for the
period
Interest, non 17 17 -17 0
controll party
Shareholder's equity 6,967 1,504 730 49,811 2,737 2 61,751 661 62,413
31.3.2013
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 31.3.2014 Number of shares % of share capital
EM Group Oy 4,409,712 23.36
Mandatum Life Insurance Company Limited 1,679,200 8.90
Ilmarinen Mutual Pension Insurance Company 953,854 5.05
Kaleva Mutual Insurance Company 824,641 4.37
Teleste Oyj 647,654 3.43
OP-Finland Small Firms Fund 630,712 3.34
Teleste Management II Oy 542,000 2.87
Varma Mutual Pension Insurance Company 521,150 2.76
The State Pension Fund 500,000 2.65
FIM Fenno Equity fund 271,288 1.44
Shareholders by sector Number of % of Number of Number of
31.3.2014 shareholders Owners shares shares %
Households 4,722 93.08 4,595,577 24.3
Public sector 4 0.08 1,990,004 10.5
institutions
Financial and insurance 16 0.32 3,690,710 19.6
institutions
Corporations 262 5.16 7,311,250 38.7
Non-profit institutions 32 0.63 376,113 2.0
Foreign and nominee 37 0.73 910,088 4.8
registered owners
Total 5,073 100.00 18,873,742 100.0
Number of shares Number of % of Number of % of
31.3.2014 shareholders shareholders shares shares
1 - 100 1,120 22.1 76,185 0.4
101 - 500 2,197 43.3 598,629 3.2
501 - 1,000 800 15.8 660,990 3.5
1,001 - 5,000 771 15.2 1,709,445 9.1
5,001 - 10,000 87 1.7 624,035 3.3
10,001 - 50,000 70 1.4 1,368,778 7.3
50,001 - 100,000 5 0.1 411,663 2.2
100,001 - 500,000 15 0.3 3,215,094 17.0
500,001 - 8 0.2 10,208,923 54.1
Total 5,073 100.0 18,873,742 100.0
of which nominee 771,879 4.1
registered
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