Quarterly Report • Apr 28, 2010
Quarterly Report
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January 1– March 31, 2010 Interim Report Q1
Due to increased net sales and adaptation of costs we estimate the operating profit to improve clearly over 2009.
Although the market situation was still relatively difficult, the first quarter of 2010 was significantly better than that of the previous year. The cold winter in Europe slowed down deliveries to clients in both of our business areas more than the usual seasonal variation. Furthermore, in the first quarter, reorganisation of the German services business caused one-off expenses. As to our Video and Broadband Solutions business, the market situation showed some tentative signs of a slight pick-up. Nevertheless, ordering decisions involving some important video surveillance projects have been delayed. The operating profit in Q1 was, on the whole, in the black due to increased net sales in Video and Broadband Solutions business and the adaption of costs.
We will press on determinedly with the implementation of our growth strategy, which consists of R&D solutions ensuring profitable growth in the future, strengthening of our distribution channels and expansion of our services offering. In the prevailing market situation careful cost management and adaptation measures must be continued. The on-going re-organisation of our services operations in Germany and, consequently, the enhanced utilization of synergies will improve the unit's profitability in the second half of the year while paving the way for expanding our business to near-by areas of Germany. Moreover, our Luminato headend solution has been well received by our clients and we expect its sales to develop favourably also later on in this year. The actual performance in Q1 confirms our estimation concerning the profitable growth in 2010.
We expect the ownership arrangements among the cable operators to continue the whole of the current year, and these may have an impact on the timing of network investments.
In Q1, the year-on-year orders received increased by 44.3% standing at EUR 37.5 (26.0) million. The increase of orders received by EUR 11.5 million over the period of comparison was mainly caused by acquisitions in our Network Services business area in the second half of 2009.
Net sales for Q1/2010 amounted to EUR 39.1 (25.6) million. The growth in net sales over the period of comparison was mainly caused by acquisitions in our Network Services business area carried out in the second half of 2009.
The Group's order backlog totalled EUR 31.2 (24.1) million. The order backlog includes the order for video headend (Luminato) of EUR 12.0 million received from India. So far deliveries related to this order have been delayed by more than a year from the original schedule. Nevertheless, we continue to estimate that the deliveries will begin in 2010 although the delivery involves significant uncertainties.
Operating profit improved over the period of comparison standing at EUR 0.8 (-1.2) million, which is 2.1% (-4.7%) of net sales. This positive development was caused by growth in the net sales of Video and Broadband Solutions, on one hand, and by decrease in the material expenses and cost adaptation, on the other. Operating profit for the period of comparison included EUR 1.1 million of other operating income, whereas in the period under review these amounted to EUR 0.4 million. Undiluted result per share for Q1 was EUR 0.03 (-0.07).
Operating cash flow stood at EUR 2.4 (1.0) million. At the end of the period under review, the amount of unused binding stand-by credits amounted to EUR 19.5 (26.0) million. The current binding stand-by credits of EUR 40.0 million run till November 2013. The Group's equity ratio equalled 44.5% (51.8%) and net gearing 18.6% (18.6%). Interest bearing debt on 31 March 2010 was EUR 23.2 (15.7) million.
This business area focuses on product and management solutions of broadband subscriber networks, video services platforms and CCTV applications. Major clientele of the business area consists of cable operators but includes also resellers and public sector organizations. The main market of the business area is Europe.
Net sales in Q1 equalled EUR 19.1 (16.9) million. The year-on-year operating profit grew by EUR 2.0 million standing at EUR 0.6 (-1.5) million, which accounts for 2.9% (-8.7%) of net sales. This improvement in operating profit was due to increased net sales, better material margin and cost adaptation.
Orders received totalled EUR 18.6 (17.3) million. Order backlog totalled EUR 28.3 (24.1) million. The order backlog includes the order of EUR 12.0 million received in June 2008 from India.
R&D expenses for the business area amounted to EUR 2.6 (3.2) million making 13.6% (18.9%) of the area's net sales. Some 60% (70%) of the R&D expenses involved continued development of product platforms currently in production and their maintenance as well as customer-specific product applications. Out of the R&D expenses, EUR 0.3 (0.5) million were activated for the Luminato video processing system. Depreciation on activated R&D expenses amounted to EUR 0.6 (0.6) million. The relevant R&D efforts involved, in particular, the IP-based Luminato headend system and the video surveillance transfer system based on video encoding protocol H.264. Our R&D efforts continued involving the new generation amplifier technology (the Access product range), the optical transfer system for HFC networks (the HDO product range) and the video surveillance management system (VMX).
Clientele of our Network Services business consists mainly of large European cable operators. The services provided by this business area include planning, new construction, upgrading and maintenance of cable networks. Implementation and scope of the relevant services vary by client ranging from standalone applications to integrated turnkey deliveries. Some of our projects also include Teleste's own product solutions. Our know-how on services covers all the sectors related to the cable network technology from installation and maintenance of headends to upgrading of house networks. Parts of the projects are carried out by our subcontractor network.
Network Services in Q1
Net sales of the business area amounted to EUR 20.0 (8.7) million. The year-on-year increase of EUR 11.3 million in net sales was due to acquisitions carried out in the second half of 2009.
Operating profit stood at EUR 0.3 (0.3) million making 1.3% (3.0%) of net sales. Relative profitability was weakened by an increased number of unfinished projects, delays in deliveries caused by the weather conditions and the deliveries consisting of certain low-margin services. Operations in Germany are being reorganised, which has caused a number of one-off expenses in the period under review. The German companies will be formed into three regional units operating under the business name of Cableway. At the same time, the number of own personnel will be reduced to some degree.
Orders received in Q1 stood at EUR 18.9 (8.7) million. Network Services received from Germany two frame agreements, which are contract extensions from current clients (NetCologne, delivery span 12 months and TeleColumbus, delivery span 6 years). The value of these contracts equals approximately EUR 8 million. Order backlog totalled EUR 2.9 (0.0) million.
Investments by the Group for the period under review totalled EUR 0.8 (10.8) million accounting for 1.9% (42.3%) of net sales; EUR 0.3 million involved an extension investment for the business premises in Finland and EUR 0.3 (0.5) million was allocated to product development. As to investments for the period, EUR 0.1 (0.1) million was carried out by means of financial leasing.
In the period under review, the Group employed on average 1,221 persons (1,001/2009, 681/2008), out of which 563 worked for Video and Broadband Solutions and 658 for Network Services. At the end of the period, the figure totalled 1,223 (1,001/2009, 686/2008) of which 68% (55%/2009, 33%/2008) were stationed overseas. Employees stationed outside Europe accounted for less than 5% of the Group's personnel. Expenditure on employee benefits amounted to EUR 12.3 (10.0/January-March 2009, 8.0/January-March 2008) million.
As part of the cost-structure adaptation measures required by the general market situation, the Finnish personnel have continued on a rotating layoff. Measures agreed on in the co-determination procedures will be sustained until the end of 2010 as required by the market situation. The co-determination procedure was concluded on 22 January 2010. Streamlining of German operations of Network Services is in progress.
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.
Concerning Video and Broadband Solutions, 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. The present difficult market situation may delay 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 significant change in the demand for services by any one of them is reflected in the actual deliveries. To ensure quality of services and cost-efficiency, along with an efficient service process management, customer satisfaction requires innovative solutions in terms of processes, products and logistics. Being committed to the technical management of the cable operators' networks and the development of well-designed product solutions, Teleste ensures efficient operation of the networks by providing its own and suppliers' personnel with continuous further training.
It is equally important for our business areas to take into account any developments in the market such as consolidations taking place among the clientele and competition.
The Board of Directors annually reviews any essential risks related to the company operation 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.
Parent company Teleste has branch offices in Australia, Spain, the Netherlands, China and Denmark with subsidiaries in 12 countries outside Finland. Teleste Management Oy, which was founded in March 2010, is included in the Teleste Group figures because, owing to financial arrangements, Teleste Corporation has control over the company.
The Annual General Meeting (AGM) held on 9 April 2010 confirmed the financial statements for 2009 and discharged the Board and the CEO from liability for the financial period. The AGM confirmed the Board's proposed dividend of EUR 0.08 per share. The dividend was paid out on 21 April 2010.
The AGM decided that the Board of Directors shall consist of six members. Marjo Miettinen was reappointed Chairman of the Board of Directors while the reappointed Board Members include Pertti Ervi, Tero Laaksonen, Pertti Raatikainen, Kai Telanne and Petteri Walldén.
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 10,000,000 new shares. Pursuant to the special rights provided by the company, the maximum number of significant shares is 5,000,000; these special rights are included in the authorisation to issue 10,000,000 new shares.
The authorizations are valid until the Annual General Meeting of Shareholders for year 2011.
On 31 March 2010, EM Group Oy was the largest single shareholder with a holding of 20.05%.
In the period under review, the lowest company share price was EUR 3.63 (2.25) and the highest was EUR 4.90 (4.18). On 31 March 2010, the closing price stood at EUR 4.75 (3.18). According to Euroclear Finland Ltd the number of shareholders at the end of the period under review was 5,441 (5,415). Foreign ownership accounted for 9.3% (7.9%). From 1 January to 31 March 2010, trading with Teleste share at NASDAQ OMX Helsinki amounted to EUR 4.7 (21.1) million. In the period under review, 1.2 (5.9) million Teleste shares were traded on the stock exchange.
In March 2010, Teleste Board of Directors decided on a directed share issue of 381,000 shares to Teleste Management Oy established by the management of Teleste Corporation. This directed share issue was authorized by the AGM on 7 April 2009.
At the end of March 2010, the number of own shares in the Group possession stood at 760,985 (844,721) 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% (4.74%).
On 31 March 2010, the registered share capital of Teleste stood at EUR 6,966,932.80 divided in 18,186,590 shares.
On 14 April 2010, Teleste acquired the Swiss Freycom S.A. specialising in maintenance and upgrading of networks with its primary business area in upgrade and maintenance services of house networks. For Teleste, this acquisition marks an entry into services business in a market where the company has long been an established and significant supplier of products. In 2009, the net sales of the acquired company stood at approximately EUR 2.7 million. The impact of this acquisition to Teleste's net sales for 2010 is estimated to be approximately EUR 2 million. The transaction has no essential effect on Teleste's operating profit. The acquisition increases Teleste's number of personnel by approximately 20.
Cautious approach to network investments is likely to continue among the operator clientele of Video and Broadband Solutions. Nevertheless, we believe the deliveries will continue at least on the level of 2009.
We estimate the demand from the current clientele of Network Services to continue steady. The realized acquisitions ensure that the net sales will improve considerably from last year.
Due to increased net sales and adaptation of costs we estimate the operating profit to improve clearly over 2009.
27 April 2010
Teleste Corporation Jukka Rinnevaara The 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. The data stated in this report is unaudited.
| STATEMENT OF COMPREHENSIVE INCOME (TEUR) |
1-3/2010 | 1-3/2009 | Change % | 1-12/2009 |
|---|---|---|---|---|
| Net Sales Other operating income |
39 094 357 |
25 604 1 113 |
52.7 % -67.9 % |
141 651 3 124 |
| Materials and services | -19 412 | -11 903 | 63.1 % | -69 962 |
| Personnel expenses | -12 279 | -10 018 | 22.6 % | -44 584 |
| Other operating expenses | -5 419 | -4 662 | 16.2 % | -21 323 |
| Depreciation | -1 515 | -1 339 | 13.1 % | -5 582 |
| Impairment loss | 0 | 0 | n/a | -800 |
| Operating profit | 826 | -1 205 | n/a | 2 524 |
| Financial income and expenses | -148 | -239 | -38.1 % | -605 |
| Share of profit of associates | 0 | -100 | n/a | -544 |
| Profit after financial items | 678 | -1 544 | n/a | 1 375 |
| Profit before taxes | 678 | -1 544 | n/a | 1 375 |
| Taxes | -183 | 336 | n/a | -959 |
| Net profit | 495 | -1 208 | n/a | 416 |
| Attributable to: | ||||
| Equity holders of the parent | 495 | -1 208 | n/a | 416 |
| Earnings per share for result of the year attributable to the equity holders of the parent (expressed in euro per share) |
||||
| Basic | 0.03 | -0.07 | n/a | 0.02 |
| Diluted | 0.03 | -0.07 | n/a | 0.02 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (TEUR) |
||||
| Net profit | 495 | -1 208 | n/a | 416 |
| Translation differences | 180 | 43 | 318.6 % | 189 |
| Fair value reserve | -92 | 0 | n/a | -116 |
| Total comprehensive income for | ||||
| the period | 583 | -1 165 | n/a | 489 |
| Attributable to: | ||||
| Equity holders of the parent | 583 | -1 165 | n/a | 489 |
| STATEMENT OF FINANCIAL | ||||
|---|---|---|---|---|
| POSITION (tEUR) | 31.3.2010 | 31.3.2009 | Change % | 31.12.2009 |
| Non-current assets | ||||
| Property,plant,equipment | 9 770 | 6 725 | 45.3 % | 9 960 |
| Goodwill | 31 657 | 20 092 | 57.6 % | 31 657 |
| Intangible assets | 6 898 | 9 113 | -24.3 % | 7 664 |
| Available-for-sale investments | 894 49 219 |
1 128 37 058 |
-20.7 % 32.8 % |
713 49 994 |
| Current assets | ||||
| Inventories | 21 420 | 18 670 | 14.7 % | 20 682 |
| Other current assets | 24 853 | 27 639 | -10.1 % | 26 884 |
| Liquid funds | 14 376 | 7 311 | 96.6 % | 12 518 |
| 60 649 | 53 620 | 13.1 % | 60 084 | |
| Total assets | 109 868 | 90 678 | 21.2 % | 110 078 |
| Shareholder's equity and liabilities | ||||
| Share capital | 6 967 | 6 967 | 0.0 % | 6 967 |
| Other equity | 40 398 | 38 297 | 5.5 % | 39 702 |
| Non-controlling interest | 289 | 0 | n/a | 0 |
| 47 654 | 45 264 | 5.3 % | 46 669 | |
| Non-current liabilities | ||||
| Provisions | 513 | 314 | 63.4 % | 513 |
| Non interest bearing liabilities | 7 073 | 1 523 | 364.4 % | 6 726 |
| Interest bearing liabilities | 12 237 | 10 175 | 20.3 % | 12 237 |
| 19 823 | 12 012 | 65.0 % | 19 476 | |
| Short-term liabilities | ||||
| Trade payables and other s-t | ||||
| liabilities | 30 359 | 26 160 | 16.1 % | 32 372 |
| Provisions | 1 042 | 1 673 | -37.7 % | 1 026 |
| S-t interest bearing liabilities | 10 990 | 5 569 | 97.3 % | 10 535 |
| 42 391 | 33 402 | 26.9 % | 43 933 | |
| Total shareholder's equity and | ||||
| liabilities | 109 868 | 90 678 | 21.2 % | 110 078 |
| CONSOLIDATED CASH FLOW STATEMENT,1000 EURO |
1-3/2010 | 1-3/2009 | Change % | 1-12/2009 |
| Cash flows from operating | ||||
| activities | ||||
| Profit for the period | 495 | -1 208 | n/a | 416 |
| Adjustments | 1 959 | 1 290 | 51.9 % | 8 230 |
| Interest and other financial | ||||
| expenses and incomes | -148 | -239 | -38.1 % | -937 |
| Paid Taxes | 0 | 0 | n/a | -1 708 |
| Change in working capital | 140 | 1 192 | -88.3 % | 3 830 |
| Cash flow from operating activities | 2 446 | 1 035 | 136.3 % | 9 831 |
| Cash flow from investing activities Acquisition of subsidiary, net of |
||||
| cash acquired | 0 | -6 793 | n/a | -10 281 |
| Purchases of property, plant | ||||
| and equipment (PPE) | -673 | -123 | 447.2 % | -2 772 |
| Purchases of intangible assets | -145 | -555 | -73.9 % | -1 327 |
| Investments in shares | 0 | 0 | n/a | -10 |
| Net cash used in investing | ||||
| activities | -818 | -7 471 | -89.1 % | -14 390 |
| Cash flow from financing activities | ||||
|---|---|---|---|---|
| Proceeds from borrowings | 0 | 9 000 | n/a | 20 542 |
| Payments of borrowings | -239 | -4 300 | -94.4 % | -10 623 |
| Dividends paid | 0 | 0 | n/a | -2 035 |
| Own shares Proceeds from issuance of |
0 | -264 | n/a | -264 |
| ordinary shares | 289 | 0 | n/a | 0 |
| Net cash used in financing activities |
50 | 4 436 | -98.9 % | 7 620 |
| Change in cash | ||||
| Cash in the beginning | 12 518 | 9 268 | 35.1 % | 9 268 |
| Effect of currency changes | 180 | 43 | 318.6 % | 189 |
| Cash at the end | 14 376 | 7 311 | 96.6 % | 12 518 |
| KEY FIGURES | 1-3/2010 | 1-3/2009 | Change % | 1-12/2009 |
| Earnings per share, EUR | 0.03 | -0.07 | n/a | 0.02 |
| Earnings per share fully diluted, | ||||
| EUR Shareholders' equity per share, |
0.03 | -0.07 | n/a | 0.02 |
| EUR | 2.73 | 2.67 | 2.3 % | 2.68 |
| Return on equity | 4.2 % | -10.5 % | n/a | 0.9 % |
| Return on capital employed | 4.9 % | -9.4 % | n/a | 3.3 % |
| Equity ratio | 44.5 % | 51.8 % | -14.1 % | 43.6 % |
| Gearing | 18.6 % | 18.6 % | -0.2 % | 22.0 % |
| Investments, tEUR | 756 | 10 825 | -93.0 % | 25 241 |
| Investments % of net sales | 1.9 % | 42.3 % | -95.4 % | 17.8 % |
| Order backlog, tEUR | 31 210 | 24 096 | 29.5 % | 33 100 |
| Personnel, average | 1 221 | 1 011 | 20.8 % | 1 103 |
| Number of shares (thousands) including own shares |
17 810 | 17 806 | 0.0 % | 17 806 |
| Highest share price, EUR | 4.90 | 4.18 | 17.2 % | 4.30 |
| Lowest share price, EUR | 3.63 | 2.25 | 61.3 % | 2.25 |
| Average share price, EUR | 4.02 | 3.50 | 14.9 % | 3.62 |
| Turnover, in million shares | 1.2 | 5.9 | -80.2 % | 7.8 |
| Turnover, in MEUR | 4.7 | 21.1 | -78.0 % | 28.5 |
| Treasury shares | ||||
| Number | % of | % of | ||
| of shares | shares | votes | ||
| Teleste companies own shares | ||||
| 31.3.2010 | 760 985 | 4.18 % | 4.18 % | |
| Contingent liabilities and pledged assets (tEUR) |
||||
| For own debt | ||||
| Other securities | 120 | 259 | -53.7 % | 120 |
| Leasing and rent liabilities | 5 839 | 5 899 | -1.0 % | 6 016 |
| 5 959 | 6 158 | -3.2 % | 6 136 |
| Derivative instruments (tEUR) | ||||
|---|---|---|---|---|
| Value of underlying forward | ||||
| contracts | 7 152 | 7 387 | -3.2 % | 8 043 |
| Market value of forward | ||||
| contracts | -356 | -81 | 339.5 % | -228 |
| Interest rate swap | 11 500 | 0 | n/a | 11 500 |
| Market value of interest swap | -282 | 0 | n/a | -157 |
Taxes are computed on the basis of the tax on the profit for the period.
| OPERATING SEGMENTS (TEUR) | 1-3/2010 | 1-3/2009 | Change % | 1-12/2009 |
|---|---|---|---|---|
| Video and Broadband Solutions | ||||
| Order intake | 18 578 | 17 290 | 7.4 % | 81 612 |
| Net sales | 19 062 | 16 908 | 12.7 % | 76 280 |
| EBIT | 562 | -1 464 | n/a | -692 |
| EBIT% | 2.9 % | -8.7 % | n/a | -0.9 % |
| Network Services | ||||
| Order intake | 18 926 | 8 696 | 117.6 % | 69 408 |
| Net sales | 20 032 | 8 696 | 130.4 % | 65 371 |
| EBIT | 264 | 259 | 1.9 % | 3 216 |
| EBIT% | 1.3 % | 3.0 % | -55.9 % | 4.9 % |
| Total | ||||
| Order intake | 37 504 | 25 986 | 44.3 % | 151 020 |
| Net sales | 39 094 | 25 604 | 52.7 % | 141 651 |
| EBIT | 826 | -1 205 | n/a | 2 524 |
| EBIT% | 2.1 % | -4.7 % | n/a | 1.8 % |
| Financial items | -148 | -239 | -38.1 % | -605 |
| Share of profit of associates Operating segments net profit |
0 | -100 | n/a | -544 |
| before taxes | 678 | -1 544 | n/a | 1 375 |
Segment assets include items directly attributable as well as those that can be allocated on a reasonable basis.
| 31.3.2010 | 31.3.2009 | Change % | 31.12.2009 | |||
|---|---|---|---|---|---|---|
| Video and Broadband | ||||||
| Solutions | 55 000 | 62 540 | -12.1 % | 56 120 | ||
| Network Services | 41 520 | 20 827 | 99.4 % | 41 440 | ||
| Segment assets total | 96 520 | 83 367 | 15.8 % | 97 560 | ||
| Unallocated assets | 14 376 | 7 311 | 96.6 % | 12 518 | ||
| Assets total | 110 896 | 90 678 | 22.3 % | 110 078 | ||
| Information per | 4/2009- | |||||
| quarter (tEUR) | 1-3/10 | 10-12/09 | 7-9/09 | 4-6/09 | 1-3/09 | 3/2010 |
| Video and Broadband Solutions | ||||||
| Order intake | 18 578 | 22 705 | 22 508 | 19 109 | 17 290 | 82 900 |
| Net sales | 19 062 | 21 015 | 18 262 | 20 095 | 16 908 | 78 434 |
| EBIT | 562 | -457 | 1 524 | -295 | -1 464 | 1 334 |
| EBIT % | 2.9 % | -2.2 % | 8.3 % | -1.5 % | -8.7 % | 1.7 % |
| Network Services | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Order intake | 18 926 | 24 119 | 26 136 | 10 457 | 8 696 | 79 638 | |||
| Net sales | 20 032 | 22 769 | 23 449 | 10 457 | 8 696 | 76 707 | |||
| EBIT | 264 | 2 175 | 84 | 698 | 259 | 3 221 | |||
| EBIT % | 1.3 % | 9.6 % | 0.4 % | 6.7 % | 3.0 % | 4.2 % | |||
| Total | |||||||||
| Order intake | 37 504 | 46 824 | 48 644 | 29 566 | 25 986 | 162 538 | |||
| Net sales | 39 094 | 43 784 | 41 711 | 30 552 | 25 604 | 155 141 | |||
| EBIT | 826 | 1 718 | 1 608 | 403 | -1 205 | 4 555 | |||
| EBIT % | 2.1 % | 3.9 % | 3.9 % | 1.3 % | -4.7 % | 2.9 % | |||
| Share of |
|||||||||
| Attri | non | ||||||||
| butable to | cont | ||||||||
| equity | Trans | Retai | rol | ||||||
| holders of | lation | ned | Inve-sted | ling | |||||
| the parent (tEUR) |
Share capital |
Share premium |
Differ rences |
Earn ings |
free capital |
Other funds |
Total | Inte rest |
Total equity |
| Share | |||||||||
| holder's | |||||||||
| equity | |||||||||
| 1.1.2010 Total |
6 967 | 1 504 | -372 | 35 949 | 2 737 | -116 | 46 669 | 0 | 46 669 |
| compre | |||||||||
| hensive | |||||||||
| income for | |||||||||
| the period | 180 | 495 | -92 | 583 | 0 | 583 | |||
| Share issue | 0 | 0 | 289 | 289 | |||||
| Equity | |||||||||
| settled | |||||||||
| share | |||||||||
| based payments |
113 | 0 | 0 | 113 | 0 | 113 | |||
| Share | |||||||||
| holder's | |||||||||
| equity | |||||||||
| 31.3.2010 | 6 967 | 1 504 | -192 | 36 557 | 2 737 | -208 | 47 365 | 289 | 47 654 |
| Share | |||||||||
| holder's | |||||||||
| equity | |||||||||
| 1.1.2009 | 6 967 | 1 504 | -561 | 37 284 | 1 451 | 0 | 46 645 | 0 | 46 645 |
| Profit of the period |
43 | -1 208 | 0 | -1 165 | 0 | -1 165 | |||
| Equity | |||||||||
| settled | |||||||||
| share | |||||||||
| based | |||||||||
| payments | 48 | -264 | 0 | -216 | 0 | -216 | |||
| Share | |||||||||
| holder's equity |
|||||||||
| 31.3.2009 | 6 967 | 1 504 | -518 | 36 124 | 1 187 | 0 | 45 264 | 0 | 45 264 |
| Return on equity: | Profit/loss for the financial period | |||
|---|---|---|---|---|
| ------------------------------ * 100 Shareholders' equity (average) |
||||
| Return on capital employed: | Profit/loss for the period after financial items + financing charges | |||
| ------------------------------ * 100 Total assets - non-interest-bearing liabilities (average) |
||||
| Equity ratio: | Shareholders' equity | |||
| ----------------------------- * 100 Total assets - advances received |
||||
| Gearing: | Interest bearing liabilities - cash in hand and in bank - interest bearing assets ----------------------------- * 100 |
|||
| Shareholders' equity | ||||
| Earnings per share: | Profit for the period attributable to equity holder of the parent | |||
| ---------------------------------------------- Weighted average number of ordinary shares outstanding during the period |
||||
| Earnings per share, diluted: | Profit for the period attributable to equity holder of the parent (diluted) |
|||
| ----------------------------------------------- Average number of shares - own shares + number of options at the period-end |
| MAJOR SHAREHOLDERS 31.3.2010 | Shares | % |
|---|---|---|
| EM Group Oy | 3 647 248 | 20.05 |
| Mandatum Life | 1 679 200 | 9.23 |
| Ilmarinen Mutual Pension Insurance Company | 894 776 | 4.92 |
| Kaleva Mutual Pension Insurance Company | 824 641 | 4.53 |
| Varma Mutual Pension Insurance Company | 521 150 | 2.87 |
| The State Pension Fund | 500 000 | 2.75 |
| Aktia Capital Mutual Fund | 450 000 | 2.47 |
| Skagen Vekst Verdipapierfond | 437 000 | 2.40 |
| Fim Fenno Mutual Fund | 401 342 | 2.21 |
| Teleste Management Oy | 381 000 | 2.09 |
| SECTOR DISPERSION 31.3.2010 | Shareholders | % | Shares | % |
|---|---|---|---|---|
| Corporations | 323 | 5.93 | 5 813 632 | 31.96 |
| Financial and insurance corporations | 17 | 0.31 | 3 441 784 | 18.92 |
| Public institutions | 7 | 0.12 | 2 172 976 | 11.94 |
| Non-profit institutions | 40 | 0.73 | 563 716 | 3.09 |
| Households | 5 011 | 92.09 | 4 506 191 | 24.77 |
| Foreign countries and nominee registered | 43 | 0.79 | 1 688 291 | 9.28 |
| Total | 5 441 | 100.00 | 18 186 590 | 100.00 |
P.O.Box 323, FI-20101 Turku, Finland Seponkatu 1, FI-20660 Littoinen, Finland Phone +358 2 2605 611 (switchboard) [email protected] Business ID 1102267-8 www.teleste.com
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