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Elisa Oyj — Interim / Quarterly Report 2021
Jul 16, 2021
3216_rns_2021-07-16_6e4723d5-c436-4435-8f7a-3ebb8578ef32.pdf
Interim / Quarterly Report
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Half-Year Report
2021
16 July 2021
elisa
ELISA'S HALF-YEAR REPORT JANUARY–JUNE 2021
Second quarter 2021 financial highlights
- Revenue increased by EUR 24m to EUR 484m, mainly due to the camLine acquisition, Elisa Viihde Viaplay cooperation and growth in mobile revenue.
- Mobile service revenue increased by 4.2 per cent to EUR 213m.
- Comparable EBITDA grew by EUR 4m to EUR 172m.
- Comparable EBIT increased by EUR 4m to EUR 105m.
- Comparable cash flow increased by EUR 16m to EUR 101m, mainly due to a positive change in net working capital.
- In Finland mobile post-paid ARPU increased to EUR 19.9 (19.5 in the previous quarter), and mobile post-paid churn was at the previous quarters level, 18.3 per cent (18.3).
- During the quarter, the number of post-paid mobile subscriptions increased by 36,700, of which 30,800 were M2M and IoT subscription.
- Prepaid subscriptions increased by 6,000 during the quarter.
- The number of fixed broadband subscriptions decreased by 5,100 during the quarter.
- The guidance for 2021 is unchanged.
Key indicators
| EUR million | 2Q21 | 2Q20 | Δ % | 1H/21 | 1H/20 | Δ % |
|---|---|---|---|---|---|---|
| Revenue | 484 | 461 | 5.1 % | 966 | 929 | 4.0 % |
| EBITDA | 166 | 168 | -1.2 % | 336 | 334 | 0.6 % |
| Comparable EBITDA 1) | 172 | 168 | 2.2 % | 342 | 334 | 2.3 % |
| EBIT | 100 | 101 | -1.3 % | 202 | 200 | 0.9 % |
| Comparable EBIT 1) | 105 | 101 | 4.4 % | 207 | 200 | 3.8 % |
| Profit before tax | 96 | 97 | -0.1 % | 196 | 192 | 2.2 % |
| Comparable profit before tax 1) | 102 | 97 | 5.9 % | 202 | 192 | 5.2 % |
| EPS, EUR | 0.49 | 0.49 | 0.1 % | 1.00 | 0.98 | 2.4 % |
| Comparable EPS, EUR | 0.52 | 0.49 | 5.9 % | 1.03 | 0.98 | 5.3 % |
| Capital expenditure | 67 | 75 | -10.3 % | 120 | 126 | -4.5 % |
| Net debt | 1,379 | 1,332 | 3.5 % | 1,379 | 1,332 | 3.5 % |
| Net debt / EBITDA 2) | 2.0 | 2.0 | 2.0 | 2.0 | ||
| Gearing ratio, % | 133.8 % | 132.6 % | 133.8 % | 132.6 % | ||
| Equity ratio, % | 35.8 % | 35.9 % | 35.8 % | 35.9 % | ||
| Cash flow | 101 | 83 | 21.0 % | 151 | 156 | -3.2 % |
| Comparable cash flow 3) | 101 | 85 | 18.2 % | 161 | 158 | 1.6 % |
1) Excluding EUR 6m in restructuring costs. 2) (Interest-bearing debt – financial assets) / (four previous quarters’ comparable EBITDA). 3) 1H/21 excluding EUR 10m in share investments, 2Q20 excluding EUR 2m and 1H/20 excluding EUR 3m in share investments.
Additional key performance indicators are available at elisa.com/investors (Elisa Operational Data.xlsx).
Elisa | HALF-YEAR REPORT 2021
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CEO’s review:
A solid quarter in an unchanged environment
Elisa continued its solid development. Revenue increased by 5 per cent from the previous year, to EUR 484 million. Comparable EBITDA improved by 2 per cent, to EUR 172 million, and comparable earnings per share by 6 per cent, to EUR 0.52.
Elisa's continued its leadership in 5G, with the most extensive network in Finland. Elisa offers 5G in over 110 towns and cities, with nationwide population coverage of over 50 per cent, and up to 90 per cent in the largest cities. Customer demand for 5G continued to be good, with an increase of more than EUR 3 in monthly billing for new 5G customers. The majority of mobile phones sold are now 5G devices.
Elisa was the first mobile operator in the Nordics to pilot a standalone 5G network in a commercial network. Elisa has delivered private 5G networks for e.g. the ports of Pori and HaminaKotka. Companies utilising private networks can benefit from more advanced applications for the needs of industry and logistics, among other things.
According to a recent study by Elisa, viewing of streaming video has increased steadily over the past three years, and it has increased by over 40 per cent during the COVID-19 pandemic. Demand from corporate customers for cloud-based IT services has continued to grow. Both trends have contributed positively to revenue from entertaining video and IT services.
We continued to implement our mission: a sustainable future through digitalisation. Elisa is in line to be one of the first Finnish companies to reduce its emissions to meet the target for limiting global warming to 1.5 °C by 2025. Elisa was one of the first 100 organisations to sign the global Climate Pledge and is in the top ten of the Financial Times list of Europe's Climate Leaders 2021. Elisa also joined the Inklusiiv initiative to drive diversity and inclusion, which are becoming increasingly important as already 23 per cent of Elisa personnel work in over 16 countries outside Finland.
We will continue to focus strongly on continuous improvement of the customer experience and quality. Increasing productivity, expanding our digital services internationally and creating value with data, as well as our strong investment capability, continue to lay a solid foundation for competitively creating value in the future.
Veli-Matti Mattila
CEO
Elisa | HALF-YEAR REPORT 2021
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HALF-YEAR REPORT JANUARY–JUNE 2021
This interim report has been prepared in accordance with the IAS 34 standard. The information presented in this interim report is unaudited.
Market situation
The competitive environment has been active, especially in 4G subscriptions. During the quarter, the COVID-19 crisis continued to impact the market situation to some extent. Travel is still very limited, and in the corporate business, uncertainty still prevails. On the other hand, the usage of mobile voice and data continued to evolve favourably. Another factor contributing to domestic mobile market growth has been the increased network capacity and demand for higher 4G and 5G speeds. Competition in the fixed broadband market has continued to be intense in multi-dwelling units, and the number and usage of traditional fixed network subscriptions is decreasing.
The markets for IT and IPTV entertainment services have continued to develop favourably, while demand for other digital services is also growing.
Revenue, earnings and financial position
| EUR million | 2Q21 | 2Q20 | Δ % | 1H/21 | 1H/20 | Δ % |
|---|---|---|---|---|---|---|
| Revenue | 484 | 461 | 5.1 % | 966 | 929 | 4.0 % |
| EBITDA | 166 | 168 | -1.2 % | 336 | 334 | 0.6 % |
| EBITDA-% | 34.3 % | 36.5 % | 34.8 % | 36.0 % | ||
| Comparable EBITDA 1) | 172 | 168 | 2.2 % | 342 | 334 | 2.3 % |
| Comparable EBITDA-% | 35.5 % | 36.5 % | 35.4 % | 36.0 % | ||
| EBIT | 100 | 101 | -1.3 % | 202 | 200 | 0.9 % |
| EBIT-% | 20.6 % | 21.9 % | 20.9 % | 21.5 % | ||
| Comparable EBIT 1) | 105 | 101 | 4.4 % | 207 | 200 | 3.8 % |
| Comparable EBIT-% | 21.8 % | 21.9 % | 21.5 % | 21.5 % | ||
| Return on equity, % | 29.1 % | 28.9 % | 29.1 % | 28.9 % |
1) Excluding EUR 6m in restructuring costs
Second quarter 2021
Revenue increased by 5 per cent, mostly due to the camLine acquisition and Elisa Viihde Viaplay cooperation, as well as growth in mobile services, domestic digital services and equipment sales. A decrease in usage and subscriptions of traditional fixed (PSTN) telecom services, as well as other fixed services, affected revenue negatively. EBITDA includes EUR 6 million in one-off restructuring costs relating to personnel reductions. Comparable EBITDA increased by 2 per cent, as efficiency improvements and revenue growth impacted EBITDA positively. Comparable EBIT grew by 4 per cent.
Net financial income and expenses decreased to EUR -3 million (-5) due to refinancing in January 2021. Income taxes in the income statement amounted to EUR -17 million (-17). Net profit was EUR 79 million (79), and earnings per share were EUR 0.49 (0.49). Comparable earnings per share were EUR 0.52 (0.49).
January–June 2021
Revenue increased by 4 per cent on the previous year, mainly due to the camLine acquisition and Elisa Viihde Viaplay cooperation, as well as growth in mobile services, domestic digital services and equipment sales. A decrease in usage and subscriptions of traditional fixed telecom services, other fixed services as well as interconnection and roaming affected revenue negatively.
Elisa | HALF-YEAR REPORT 2021
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EBITDA includes EUR 6 million in one-off restructuring costs relating to personnel reductions. Comparable EBITDA increased by 2 per cent and comparable EBIT by 4 per cent, mainly due to revenue growth and efficiency improvement measures.
Net financial income and expenses decreased to EUR -6 million (-9) due to the refinancing in January. Income taxes in the income statement were EUR -35 million (-35). Net profit was EUR 161 million (157) and earnings per share were EUR 1.00 (0.98). Comparable earnings per share were EUR 1.03 (0.98).
Financial position
| EUR million | 2Q21 | 2Q20 | Δ % | 1H/21 | 1H/20 | Δ % |
|---|---|---|---|---|---|---|
| Net debt | 1,379 | 1,332 | 3.5 % | 1,379 | 1,332 | 3.5 % |
| Net debt / EBITDA^{1)} | 2.0 | 2.0 | 2.0 | 2.0 | ||
| Gearing ratio, % | 133.8 % | 132.6 % | 133.8 % | 132.6 % | ||
| Equity ratio, % | 35.8 % | 35.9 % | 35.8 % | 35.9 % | ||
| Cash flow | 101 | 83 | 21.0 % | 151 | 156 | -3.2 % |
| Comparable cash flow^{2)} | 101 | 85 | 18.2 % | 161 | 158 | 1.6 % |
1) (Interest-bearing debt – financial assets) / (four previous quarters' comparable EBITDA). 2) 1H21 excluding EUR 10m in share investments, 2Q20 excluding EUR 2m and 1H20 excluding EUR 3m in share investments.
Second quarter 2021
Net debt increased by EUR 47 million to EUR 1,379 million, mainly due to acquisitions and higher dividend payments. Comparable cash flow increased by 18 per cent to EUR 101 million (85), mainly due to a positive change in net working capital.
The financial position and liquidity are strong. Cash and undrawn committed credit lines totalled EUR 384 million at the end of the quarter.
January–June 2021
Comparable cash flow after investments increased by 2 per cent to EUR 161 million (158). Higher EBITDA, the positive change in net working capital and lower net financial expenses affected cash flow positively, while higher taxes paid had a negative effect.
Changes in corporate structure
There were no significant changes in the corporate structure during the reporting period.
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Consumer Customers business
| EUR million | 2Q21 | 2Q20 | Δ % | 1H/21 | 1H/20 | Δ % |
|---|---|---|---|---|---|---|
| Revenue | 301 | 285 | 5.7 % | 600 | 572 | 5.0 % |
| EBITDA | 115 | 112 | 2.8 % | 232 | 221 | 5.1 % |
| EBITDA-% | 38.3 % | 39.4 % | 38.7 % | 38.7 % | ||
| Comparable EBITDA 1) | 117 | 112 | 4.5 % | 234 | 221 | 5.9 % |
| Comparable EBITDA-% | 38.9 % | 39.4 % | 39.0 % | 38.7 % | ||
| EBIT | 75 | 71 | 5.7 % | 151 | 138 | 9.2 % |
| EBIT-% | 24.8 % | 24.8 % | 25.2 % | 24.2 % | ||
| Comparable EBIT 1) | 77 | 71 | 8.4 % | 153 | 138 | 10.6 % |
| Comparable EBIT-% | 25.5 % | 24.8 % | 25.5 % | 24.2 % | ||
| CAPEX | 42 | 49 | -14.2 % | 74 | 81 | -8.4 % |
1) Excluding EUR 2m in restructuring costs.
Second quarter 2021
Revenue increased by 6 per cent. Revenue was positively affected by growth in mobile services and the Elisa Viihde Viaplay cooperation, as well as growth in entertainment services and equipment sales. A decrease in usage and subscriptions of traditional fixed telecom services affected revenue negatively. EBITDA includes EUR 2 million in one-off restructuring costs relating to personnel reductions. Comparable EBITDA increased by 5 per cent, mainly due to revenue growth and efficiency improvements.
January-June 2021
Revenue increased by 5 per cent. Mobile services, equipment sales, the Elisa Viihde Viaplay cooperation and entertainment services all affected revenue positively, while it was negatively affected by interconnection and roaming, as well as the decrease in traditional fixed telecom services. EBITDA includes EUR 2 million in one-off restructuring costs relating to personnel reductions. Comparable EBITDA increased by 6 per cent, mainly due to revenue growth and efficiency improvement measures.
Corporate Customers business
| EUR million | 2Q21 | 2Q20 | Δ % | 1H/21 | 1H/20 | Δ % |
|---|---|---|---|---|---|---|
| Revenue | 183 | 176 | 4.2 % | 366 | 357 | 2.3 % |
| EBITDA | 51 | 56 | -9.3 % | 103 | 113 | -8.3 % |
| EBITDA-% | 27.7 % | 31.9 % | 28.3 % | 31.6 % | ||
| Comparable EBITDA 1) | 55 | 56 | -2.4 % | 107 | 113 | -4.9 % |
| Comparable EBITDA-% | 29.9 % | 31.9 % | 29.4 % | 31.6 % | ||
| EBIT | 25 | 30 | -17.9 % | 50 | 61 | -17.9 % |
| EBIT-% | 13.5 % | 17.1 % | 13.8 % | 17.2 % | ||
| Comparable EBIT 1) | 29 | 30 | -5.0 % | 54 | 61 | -11.6 % |
| Comparable EBIT-% | 15.6 % | 17.1 % | 14.8 % | 17.2 % | ||
| CAPEX | 25 | 26 | -3.0 % | 46 | 44 | 2.7 % |
1) Excluding EUR 4m in restructuring costs.
Second quarter 2021
Revenue grew by 4 per cent. Revenue was positively affected by the camLine acquisition, domestic digital services and equipment sales, while the decrease in traditional and other fixed services affected
Elisa | HALF-YEAR REPORT 2021
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revenue negatively. EBITDA includes EUR 4 million in one-off restructuring costs relating to personnel reductions. Comparable EBITDA decreased by 2 per cent.
January–June 2021
Revenue increased by 2 per cent. Revenue was positively affected by the camLine acquisition, equipment sales and domestic digital services, whereas the decrease in mobile and fixed services had a negative effect. EBITDA includes EUR 4 million in one-off restructuring costs relating to personnel reductions. Comparable EBITDA decreased by 5 per cent.
Personnel
In January–June, the average number of personnel at Elisa was 5,396 (5,016) and employee expenses totalled EUR 193 million (169). In the second quarter, employee expenses were EUR 99 million (82). Personnel by segment at the end of the period:
| 30 June 21 | 30 June 20 | 31 Dec 20 | |
|---|---|---|---|
| Consumer Customers | 2,961 | 2,966 | 2,914 |
| Corporate Customers | 2,517 | 2,208 | 2,257 |
| Total | 5,478 | 5,174 | 5,171 |
The growth in personnel was mainly due to the camLine acquisition.
Investments
| EUR million | 2Q21 | 2Q20 | 1H/21 | 1H/20 |
|---|---|---|---|---|
| Capital expenditure^{1),} of which | 67 | 75 | 120 | 126 |
| Consumer Customers | 42 | 49 | 74 | 81 |
| Corporate Customers | 25 | 26 | 46 | 44 |
| Shares | 0 | 2 | 10 | 3 |
| Total | 67 | 77 | 130 | 128 |
| Capital expenditure excl. shares and leasing | 64 | 72 | 112 | 120 |
1) 2Q20 and 1H20 include EUR 7m for the 26 GHz frequency licence investment.
The main capital expenditures related to the capacity and coverage increases in the 5G and 4G networks, as well as to other network and IT investments. Capital expenditure in 2Q21 includes EUR 3 million of leased assets, and EUR 8 million in 1H/21.
Financing arrangements and ratings
| EUR million | Maximum amount | In use on 30 Jun 2021 |
|---|---|---|
| Committed credit limits | 300 | 0 |
| Commercial paper programme (not committed) | 350 | 130 |
| EMTN programme (not committed) | 1 500 | 900 |
| Long-term credit ratings | Rating | Outlook |
| Credit rating agency | ||
| Moody's Investor Services | Baa2 | Stable |
| S&P Global Ratings | BBB+ | Stable |
Elisa | HALF-YEAR REPORT 2021
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Share
Share trading volumes are based on trades made on the Nasdaq Helsinki and alternative marketplaces. Closing prices are based on the Nasdaq Helsinki.
| Trading of shares | 2Q21 | 2Q20 | 2020 |
|---|---|---|---|
| Nasdaq Helsinki, millions | 24,1 | 34,4 | 122,5 |
| Other marketplaces, millions^{1)} | 50,4 | 83,0 | 264,3 |
| Total volume, millions | 74,5 | 117,4 | 386,8 |
| Value, EUR million | 3 652,1 | 6 389,6 | 19 803,8 |
| % of shares | 44,5 % | 70,2 % | 231,2 % |
| Shares and market values | 30 Jun 2021 | 30 Jun 2020 | 2020 |
| --- | --- | --- | --- |
| Total number of shares | 167 335 073 | 167 335 073 | 167 335 073 |
| Treasury shares | 7 147 772 | 7 252 165 | 7 252 165 |
| Outstanding shares | 160 187 301 | 160 082 908 | 160 082 908 |
| Closing price, EUR | 50,32 | 54,14 | 44,87 |
| Market capitalisation, EUR million | 8 420 | 9 060 | 7 508 |
| Treasury shares, % | 4,27 % | 4,33 % | 4,33 % |
| Number of shares | Total | Treasury | Outstanding |
| --- | --- | --- | --- |
| Shares on 31 Dec 2020 | 167 335 073 | 7 252 165 | 160 082 908 |
| Performance share plan, 2 Feb 2021^{2)} | -95 241 | 95 241 | |
| Restricted share plan, 18 Jun 2021^{3)} | -9 152 | 9 152 | |
| Shares on 30 June 2021 | 167 335 073 | 7 147 772 | 160 187 301 |
1) Other marketplaces: Based on Bloomberg. 2) Stock exchange bulletin, 2 February 2021. 3) Stock exchange bulletin, 18 June 2021.
On 2 February 2021, Elisa transferred 95,241 treasury shares to people involved in the performance share plan for the period 2018–2020. On 18 June 2021, Elisa transferred 9,152 treasury shares to people involved in the restricted share plan.
Significant legal and regulatory issues
The European Commission’s delegated act based on the European Electronic Communications Code directive, which sets out single, maximum, EU-wide mobile and fixed voice termination rates, came into force on 1 July 2021. The mobile voice termination rate will decrease to 0.2 cents per minute (previously it was 0.82 in Finland and 0.7 in Estonia) on a glide path until 2024. The fixed voice termination rate will decrease to 0.07 cents per minute (previously 2.8 in Finland and 0.089 in Estonia) on a glide path until 2022. These changes will not have any material impact on Elisa’s profits.
Substantial risks and uncertainties associated with Elisa’s operations
Risk management is part of Elisa’s internal control system. It aims to ensure that risks affecting the company’s business are identified, influenced and monitored. The company classifies risks into strategic, operational, hazard and financial risks.
Strategic and operational risks:
Elisa | HALF-YEAR REPORT 2021
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The telecommunications industry is under intense competition in Elisa's main market areas, which may have an impact on Elisa's business. The telecommunications industry is subject to heavy regulation. Elisa and its businesses are monitored and regulated by several public authorities. This regulation also affects the price level of some products and services offered by Elisa and may also require investments that have long payback times.
Elisa processes different kinds of data, including personal and traffic data. Therefore, the applicable data protection legislation, especially the General Data Protection Regulation, has a significant impact on Elisa and its businesses.
The rapid developments in telecommunications technology may have a significant impact on Elisa's business.
Changes in governmental relationships may increase the risk that there will be restrictions on network providers' equipment that is also used in Elisa's network. This might have financial or operational impacts on Elisa's business.
Elisa's main market is Finland, where the number of mobile phones per inhabitant is among the highest in the world and growth in subscriptions is therefore limited. Furthermore, the volume of phone traffic on the fixed network has decreased during recent years. These factors may limit opportunities for growth. New international business expansion and possible future acquisitions abroad may increase risks.
Elisa is liable to pay direct and indirect taxes and withholding taxes in the countries in which it operates. The tax authorities have taken a slightly more intense approach to tax inspection of late. Tax payments may be challenged by local tax authorities, and this may have a negative financial impact on Elisa.
Hazard risks:
The company's core operations are covered by insurance against damage and interruptions caused by accidents and disasters. Accident risks also include litigation and claims.
The direct and indirect effects of the coronavirus (COVID-19) pandemic are uncertain. If the pandemic continues for a prolonged period, this may significantly contribute to a slowdown in economic growth, which may have negative effects on Elisa through customer demand, suppliers' security of supply and employee health. Elisa has adapted its operations and taken many proactive measures due to the COVID-19 pandemic, e.g. more intensive follow-up of customer demand for existing services, as well as emerging demand for new business opportunities. Also, the company has moved to remote working in the duties where it is possible.
Financial risks:
In order to manage the interest rate risk, the Group's loans and investments are diversified into fixed- and variable-rate instruments. Interest rate swaps can be used to manage the interest rate risk.
As most of Elisa's operations and cash flow are denominated in euros, the exchange rate risk is minor. Currency derivatives can be used to manage the currency risk.
The objective of liquidity risk management is to ensure the Group's financing in all circumstances. Elisa has cash reserves, committed credit facilities and a sustainable cash flow to cover its foreseeable financing needs.
Liquid assets are invested within confirmed limits in financially solid banks, domestic companies and institutions. Credit risk concentrations in accounts receivable are minor, as the customer base is broad.
Elisa | HALF-YEAR REPORT 2021
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COVID-19 has increased volatility in the financial markets. This might have an effect on Elisa's ability to raise funds and increase financing costs.
A detailed description of financial risk management can be found in Note 7.1 to the Annual Report 2020.
COVID-19 situation and impacts
The impact of COVID-19 on Elisa's business has been limited. Operations have continued as planned, and all supply chains have operated normally. Elisa has continued its way of working mainly as remote working. The financial effects have been seen mainly in lower roaming revenue due to the reduced amount of travel. Elisa's financial position and cash flow have remained strong. Elisa has prepared for various scenarios to secure its financial position.
Events after the reporting period
There have been no substantial events after the reporting period.
Outlook and guidance for 2021
The outlook of macroeconomic environment has improved in Finland, although there are still some uncertainties. Competition in the Finnish telecommunications market remains keen.
Full-year revenue is estimated to be slightly higher than in 2020. Mobile data and digital services are expected to increase revenue. Full-year comparable EBITDA is anticipated to be at the same level or slightly higher than in 2020. Capital expenditure is expected to be a maximum of 12 per cent of revenue.
Elisa is continuing its productivity improvement development, for example by increasing automation and data analytics in different processes, such as customer interactions, network operations and delivery. Additionally, Elisa's continuous quality improvement measures will increase customer satisfaction and efficiency, and reduce costs.
Elisa's transformation into a provider of exciting, new and relevant services for its customers is continuing. Long-term revenue growth and profitability improvement will derive from growth in the mobile data market, as well as digital online and ICT services.
BOARD OF DIRECTORS
Elisa | HALF-YEAR REPORT 2021
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Unaudited
Consolidated income statement
| EUR million | Note | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 |
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2020 | ||
| Revenue | 1 | 484.3 | 460.8 | 965.9 | 929.0 | 1,894.6 |
| Other operating income | 3.0 | 0.6 | 5.6 | 1.3 | 4.1 | |
| Materials and services | -181.0 | -166.8 | -363.0 | -338.4 | -713.7 | |
| Employee expenses | -98.7 | -81.8 | -193.0 | -168.9 | -325.7 | |
| Other operating expenses | -41.4 | -44.6 | -79.6 | -88.9 | -174.2 | |
| EBITDA | 1 | 166.2 | 168.3 | 335.9 | 334.0 | 685.2 |
| Depreciation, amortisation and impairment | 1 | -66.6 | -67.4 | -134.3 | -134.2 | -276.2 |
| EBIT | 1 | 99.5 | 100.9 | 201.6 | 199.8 | 409.0 |
| Financial income | 1.0 | -0.2 | 2.3 | 1.2 | 8.7 | |
| Financial expenses | -3.8 | -4.7 | -8.0 | -10.4 | -21.2 | |
| Share of associated companies' profit | -0.2 | 0.7 | -0.2 | 0.9 | 1.9 | |
| Profit before tax | 96.5 | 96.6 | 195.7 | 191.5 | 398.3 | |
| Income taxes | -17.3 | -17.5 | -34.9 | -34.5 | -70.2 | |
| Profit for the period | 79.2 | 79.1 | 160.8 | 157.0 | 328.1 | |
| Attributable to | ||||||
| Equity holders of the parent | 79.3 | 79.2 | 160.8 | 157.0 | 328.0 | |
| Non-controlling interests | -0.1 | 0.0 | 0.0 | 0.0 | 0.1 | |
| 79.2 | 79.1 | 160.8 | 157.0 | 328.1 | ||
| Earnings per share (EUR) | ||||||
| Basic | 0.49 | 0.49 | 1.00 | 0.98 | 2.05 | |
| Diluted | 0.49 | 0.49 | 1.00 | 0.98 | 2.05 | |
| Average number of outstanding shares (1000 shares) | ||||||
| Basic | 160,179 | 160,083 | 160,161 | 160,048 | 160,066 | |
| Diluted | 160,179 | 160,083 | 160,161 | 160,048 | 160,066 | |
| Consolidated statement of comprehensive income | ||||||
| Profit for the period | 79.2 | 79.1 | 160.8 | 157.0 | 328.1 | |
| Other comprehensive income, net of tax | ||||||
| Items, which may be reclassified subsequently to profit or loss | ||||||
| Cash flow hedge | 0.1 | 0.3 | -0.1 | 0.1 | 0.4 | |
| Translation differences | 0.7 | 4.0 | -0.8 | -0.2 | 3.1 | |
| 0.8 | 4.3 | -1.0 | -0.1 | 3.5 | ||
| Items that are not reclassified subsequently to profit or loss | ||||||
| Remeasurements of the net defined benefit liability | 4.5 | |||||
| Total comprehensive income | 80.0 | 83.4 | 159.9 | 156.9 | 336.1 | |
| Total comprehensive income attributable to | ||||||
| Equity holders of the parent | 80.1 | 83.5 | 159.8 | 156.9 | 336.1 | |
| Non-controlling interest | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |
| 80.0 | 83.4 | 159.9 | 156.9 | 336.1 |
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Consolidated statement of financial position
| EUR million | Note | 30 Jun 2021 | 31 Dec 2020 |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipment | 3 | 731.9 | 735.1 |
| Right-of-use assets | 3 | 91.5 | 94.6 |
| Goodwill | 3 | 1,129.3 | 1,131.4 |
| Intangible assets | 3 | 202.9 | 210.1 |
| Investments in associated companies | 12 | 11.0 | 1.4 |
| Other financial assets | 4 | 16.4 | 15.6 |
| Trade and other receivables | 4 | 92.1 | 94.9 |
| Deferred tax assets | 13.2 | 11.9 | |
| 2,288.2 | 2,295.1 | ||
| Current assets | |||
| Inventories | 73.4 | 67.9 | |
| Trade and other receivables | 445.7 | 457.8 | |
| Tax receivables | 0.7 | 0.5 | |
| Cash and cash equivalents | 84.4 | 220.1 | |
| 604.3 | 746.3 | ||
| Total assets | 2,892.5 | 3,041.4 | |
| Equity attributable to equity holders of the parent | 6 | 1,029.3 | 1,182.7 |
| Non-controlling interests | 1.4 | 1.5 | |
| Total shareholders' equity | 1,030.8 | 1,184.2 | |
| Non-current liabilities | |||
| Deferred tax liabilities | 22.9 | 26.2 | |
| Interest-bearing financial liabilities | 4, 7 | 1,139.7 | 1,136.8 |
| Lease liabilities, interest-bearing | 4 | 76.2 | 78.8 |
| Trade payables and other liabilities | 4, 5 | 26.6 | 32.2 |
| Pension obligations | 10.8 | 11.0 | |
| Provisions | 8 | 2.8 | 2.9 |
| 1,279.0 | 1,288.0 | ||
| Current liabilities | |||
| Interest-bearing financial liabilities | 4, 7 | 230.0 | 193.5 |
| Lease liabilities, interest-bearing | 4 | 17.4 | 17.7 |
| Trade and other payables | 4, 5 | 326.9 | 356.3 |
| Tax liabilities | 3.7 | 1.2 | |
| Provisions | 8 | 4.6 | 0.5 |
| 582.7 | 569.2 | ||
| Total equity and liabilities | 2,892.5 | 3,041.4 |
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Condensed consolidated cash flow statement
| EUR million | 1-6
2021 | 1-6
2020 | 1-12
2020 |
| --- | --- | --- | --- |
| Cash flow from operating activities | | | |
| Profit before tax | 195.7 | 191.5 | 398.3 |
| Adjustments | | | |
| Depreciation, amortisation and impairment | 134.3 | 134.2 | 276.2 |
| Other adjustments | -2.1 | -4.0 | -4.9 |
| | 132.2 | 130.2 | 271.3 |
| Change in working capital | | | |
| Increase (-) / decrease (+) in trade and other receivables | 28.0 | 31.2 | 11.2 |
| Increase (-) / decrease (+) in inventories | -6.3 | -8.1 | -1.2 |
| Increase (+) / decrease (-) in trade and other payables | -17.4 | -19.9 | 2.6 |
| | 4.3 | 3.2 | 12.7 |
| Financial items, net | -11.5 | -12.7 | -14.7 |
| Taxes paid | -37.1 | -30.3 | -67.6 |
| Net cash flow from operating activities | 283.5 | 281.8 | 600.0 |
| Cash flow from investing activities | | | |
| Capital expenditure | -123.2 | -124.4 | -249.2 |
| Investments in shares and business combinations | -9.7 | -2.5 | -56.5 |
| Loans granted | -0.5 | | |
| Proceeds from disposal of assets | 0.8 | 1.1 | 5.7 |
| Net cash used in investing activities | -132.6 | -125.9 | -300.0 |
| Cash flow before financing activities | 150.9 | 155.9 | 300.0 |
| Cash flow from financing activities | | | |
| Proceeds from long-term borrowings | 100.4 | | 297.8 |
| Repayments of long-term borrowings | -174.0 | | |
| Increase (+) / decrease (-) in short-term borrowings | 110.5 | 173.5 | -113.5 |
| Repayment of lease liabilities | -10.5 | -10.9 | -20.8 |
| Acquisition of non-controlling interests | | | -0.1 |
| Dividends paid | -312.6 | -296.2 | -295.7 |
| Net cash used in financing activities | -286.3 | -133.6 | -132.4 |
| Change in cash and cash equivalents | -135.4 | 22.4 | 167.6 |
| Translation differences | -0.3 | -0.1 | 0.6 |
| Cash and cash equivalents at beginning of period | 220.1 | 52.0 | 52.0 |
| Cash and cash equivalents at end of period | 84.4 | 74.2 | 220.1 |
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Consolidated statement of changes in equity
| EUR million | Reserve for invested non- | ||||||
|---|---|---|---|---|---|---|---|
| Share capital | Treasury shares | restricted equity | Other reserves | Retained earnings | Non-controlling interests | Total equity | |
| Balance at 1 January 2020 | 83.0 | -132.2 | 90.9 | 370.8 | 737.0 | 0.7 | 1,150.3 |
| Profit for the period | 157.0 | 0.0 | 157.0 | ||||
| Translation differences | -0.2 | -0.2 | |||||
| Cash flow hedge | 0.1 | 0.1 | |||||
| Total comprehensive income | 0.1 | 156.8 | 0.0 | 156.9 | |||
| Dividend distribution | -296.2 | -0.1 | -296.2 | ||||
| Share-based compensation | 3.8 | 3.8 | |||||
| Acquisition of non-controlling interests | 0.0 | -0.1 | -0.1 | ||||
| Other changes | -10.6 | -10.6 | |||||
| Balance at 30 June 2020 | 83.0 | -128.4 | 90.9 | 371.0 | 587.1 | 0.5 | 1,004.0 |
| EUR million | |||||||
| Balance at 1 January 2021 | 83.0 | -128.4 | 90.9 | 375.7 | 761.5 | 1.5 | 1,184.2 |
| Profit for the period | 160.8 | 0.0 | 160.8 | ||||
| Translation differences | -0.9 | 0.0 | -0.8 | ||||
| Cash flow hedge | -0.1 | -0.1 | |||||
| Total comprehensive income | -0.1 | 160.0 | 0.0 | 159.9 | |||
| Dividend distribution | -312.3 | 0.0 | -312.4 | ||||
| Share-based compensation | 2.3 | 2.3 | |||||
| Other changes | -3.2 | -3.2 | |||||
| Balance at 30 June 2021 | 83.0 | -126.1 | 90.9 | 375.6 | 605.9 | 1.4 | 1,030.8 |
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Notes
ACCOUNTING PRINCIPLES
This interim report has been prepared in compliance with IAS 34 Interim Financial Reporting. The information has been prepared in accordance with the International Financial Reporting Standards (IFRS) effective at the time of preparation and adopted for use by the European Union. Apart from the changes in accounting principles stated below, the accounting principles applied in the interim report are the same as in the financial statements on 31 December 2020.
Changes in the accounting principles
Amendments to IFRS standards adopted as of 1 January 2021 do not have a material impact on the Company's consolidated financial statements.
In April 2021, the IFRS Interpretations Committee finalised its agenda decision on Configuration or Customisation Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets). In this agenda decision, the IFRS IC considered when an intangible asset in relation to configuration or customisation of the application software can be recognised. IFRIC agenda decisions have no effective date, so they are expected to be applied as soon as possible. As the Group has cloud computing arrangements in place, it has started to analyse whether this agenda decision has an impact on the accounting policies applied to implementation costs in cloud computing arrangements.
1. Segment information
| 4-6/2021
EUR million | Consumer
Customers | Corporate
Customers | Unallocated
items | Group
total |
| --- | --- | --- | --- | --- |
| Revenue | 301.3 | 183.0 | | 484.3 |
| EBITDA | 115.4 | 50.8 | | 166.2 |
| Depreciation, amortisation and impairment | -40.6 | -26.1 | | -66.6 |
| EBIT | 74.9 | 24.7 | | 99.5 |
| Financial income | | | 1.0 | 1.0 |
| Financial expenses | | | -3.8 | -3.8 |
| Share of associated companies' profit | | | -0.2 | -0.2 |
| Profit before tax | | | | 96.5 |
| Investments | 42.0 | 25.2 | | 67.2 |
| 4-6/2020
EUR million | Consumer
Customers | Corporate
Customers | Unallocated
items | Group
total |
| Revenue | 285.2 | 175.6 | | 460.8 |
| EBITDA | 112.3 | 56.0 | | 168.3 |
| Depreciation, amortisation and impairment | -41.4 | -26.0 | | -67.4 |
| EBIT | 70.8 | 30.0 | | 100.9 |
| Financial income | | | -0.2 | -0.2 |
| Financial expenses | | | -4.7 | -4.7 |
| Share of associated companies' profit | | | 0.7 | 0.7 |
| Profit before tax | | | | 96.6 |
| Investments | 48.9 | 26.0 | | 74.9 |
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| 1-6/2021
EUR million | Consumer
Customers | Corporate
Customers | Unallocated
items | Group
total |
| --- | --- | --- | --- | --- |
| Revenue | 600.2 | 365.7 | | 965.9 |
| EBITDA | 232.4 | 103.4 | | 335.9 |
| Depreciation, amortisation and impairment | -81.2 | -53.1 | | -134.3 |
| EBIT | 151.2 | 50.3 | | 201.6 |
| Financial income | | | 2.3 | 2.3 |
| Financial expenses | | | -8.0 | -8.0 |
| Share of associated companies' profit | | | -0.2 | -0.2 |
| Profit before tax | | | | 195.7 |
| Investments | 74.3 | 45.7 | | 120.0 |
| 1-6/2020
EUR million | Consumer
Customers | Corporate
Customers | Unallocated
items | Group
total |
| Revenue | 571.6 | 357.3 | | 929.0 |
| EBITDA | 221.2 | 112.8 | | 334.0 |
| Depreciation, amortisation and impairment | -82.7 | -51.5 | | -134.2 |
| EBIT | 138.5 | 61.4 | | 199.8 |
| Financial income | | | 1.2 | 1.2 |
| Financial expenses | | | -10.4 | -10.4 |
| Share of associated companies' profit | | | 0.9 | 0.9 |
| Profit before tax | | | | 191.5 |
| Investments | 81.2 | 44.4 | | 125.6 |
| 1-12/2020
EUR million | Consumer
Customers | Corporate
Customers | Unallocated
items | Group
total |
| Revenue | 1,183.4 | 711.2 | | 1,894.6 |
| EBITDA | 460.8 | 224.4 | | 685.2 |
| Depreciation, amortisation and impairment | -169.9 | -106.3 | | -276.2 |
| EBIT | 290.8 | 118.1 | | 409.0 |
| Financial income | | | 8.7 | 8.7 |
| Financial expenses | | | -21.2 | -21.2 |
| Share of associated companies' profit | | | 1.9 | 1.9 |
| Profit before tax | | | | 398.3 |
| Investments | 170.1 | 96.1 | | 266.2 |
| Total assets | 1,802.5 | 989.4 | 249.5 | 3,041.4 |
2. Acquisitions and disposals
There were no significant acquisitions or disposals during the reporting period.
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- Property, plant and equipment and intangible assets
| 30 Jun 2021
EUR million | Property plant and equipment | Goodwill | Other intangible assets |
| --- | --- | --- | --- |
| Acquisition cost at 1 January 2021 | 4,415.8 | 1,152.5 | 938.9 |
| Business acquisitions | 2.0 | -1.8 | 0.7 |
| Additions | 89.1 | | 23.4 |
| Additions, right-of-use assets | 7.5 | | |
| Disposals | -3.9 | | |
| Reclassifications | -2.4 | | -3.1 |
| Translation differences | 0.1 | -0.2 | 0.0 |
| Acquisition cost at 30 June 2021 | 4,508.2 | 1,150.5 | 959.8 |
| Accumulated depreciation, amortisation and impairment at 1 January 2021 | 3,586.1 | 21.1 | 728.8 |
| Depreciation, amortisation and impairment | 104.2 | | 30.1 |
| Accumulated depreciation and amortisation on business acquisitions | 1.1 | | 0.7 |
| Accumulated depreciation and amortisation on disposals and reclassifications | -6.7 | | -2.7 |
| Translation differences | 0.1 | 0.1 | 0.0 |
| Accumulated depreciation, amortisation and impairment at 30 June 2021 | 3,684.8 | 21.2 | 756.9 |
| Book value at 1 January 2021 | 829.7 | 1,131.4 | 210.1 |
| Book value at 30 June 2021 | 823.3 | 1,129.3 | 202.9 |
| 30 Jun 2020
EUR million | Property plant and equipment | Goodwill | Other intangible assets |
| Acquisition cost at 1 January 2020 | 4,216.7 | 1,101.2 | 890.1 |
| Business acquisitions | | 0.1 | 2.3 |
| Additions | 89.6 | | 30.8 (1) |
| Additions, right-of-use assets | 5.3 | | |
| Disposals | -3.0 | | |
| Reclassifications | -3.4 | | -16.0 |
| Translation differences | -0.2 | -0.4 | 0.0 |
| Acquisition cost at 30 June 2020 | 4,305.1 | 1,100.8 | 907.1 |
| Accumulated depreciation, amortisation and impairment at 1 January 2020 | 3,390.0 | 15.0 | 687.6 |
| Depreciation, amortisation and impairment | 106.4 | | 27.7 |
| Accumulated depreciation and amortisation on business acquisitions | | | 1.0 |
| Accumulated depreciation and amortisation on disposals and reclassifications | -6.6 | | -15.7 |
| Translation differences | -0.1 | | 0.0 |
| Accumulated depreciation, amortisation and impairment at 30 June 2020 | 3,489.7 | 15.0 | 700.6 |
| Book value at 1 January 2020 | 826.8 | 1,086.1 | 202.5 |
| Book value at 30 June 2020 | 815.3 | 1,085.7 | 206.5 |
(1) Includes Finnish 26 GHz spectrum licence in a carrying amount of EUR 7.0m.
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Commitments to purchase property, plant and equipment and intangible assets amounted to EUR 52.0 (48.0) million on 30 June 2021.
The lease commitments for rental agreements commencing in the future, in accordance with IFRS 16, were EUR 0.5 (16.1) million on 30 June 2021.
4. Carrying amounts of financial assets and liabilities by category
| 30 Jun 2021
EUR million | Financial liabilities measured at fair value through profit or loss | Financial asset/liabilities measured at fair value through other comprehensive income | Financial assets/liabilities measured at amortised cost | Book values | Fair values |
| --- | --- | --- | --- | --- | --- |
| Non-current financial assets | | | | | |
| Other financial assets (1) | | | 16.4 | 16.4 | 16.4 |
| Trade and other receivables | | 0.3 | 91.8 | 92.1 | 92.1 |
| Current financial assets | | | | | |
| Trade and other receivables | | | 445.7 | 445.7 | 445.7 |
| | | 0.3 | 553.9 | 554.2 | 554.2 |
| Non-current financial liabilities | | | | | |
| Financial liabilities | | | 1,215.9 | 1,215.9 | 1,252.6 |
| Trade and other payables (2) | 6.9 | | 15.1 | 22.1 | 22.1 |
| Current financial liabilities | | | | | |
| Financial liabilities | | | 247.4 | 247.4 | 247.4 |
| Trade and other payables (2) | | | 319.4 | 319.4 | 319.4 |
| | 6.9 | | 1,797.9 | 1,804.8 | 1,841.5 |
| 31 Dec 2020
EUR million | Financial liabilities measured at fair value through profit or loss | Financial asset/liabilities measured at fair value through other comprehensive income | Financial assets/liabilities measured at amortised cost | Book values | Fair values |
| Non-current financial assets | | | | | |
| Other financial assets (1) | | | 15.6 | 15.6 | 15.6 |
| Trade and other receivables | | 0.4 | 94.5 | 94.9 | 94.9 |
| Current financial assets | | | | | |
| Trade and other receivables | | | 457.8 | 457.8 | 457.8 |
| | | 0.4 | 567.9 | 568.3 | 568.3 |
| Non-current financial liabilities | | | | | |
| Financial liabilities | | | 1,215.7 | 1,215.7 | 1,258.7 |
| Trade and other payables (2) | 6.9 | | 20.4 | 27.3 | 27.3 |
| Current financial liabilities | | | | | |
| Financial liabilities | | | 211.2 | 211.2 | 211.5 |
| Trade and other payables (2) | | | 348.1 | 348.1 | 348.1 |
| | 6.9 | | 1,795.4 | 1,802.3 | 1,845.6 |
1) Other investments includes the Group's unlisted equity investments
2) Excluding advances received
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The Group's financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts whose cash flow includes payments of principal and interest on the principal outstanding. Financial assets and liabilities measured at fair value through other comprehensive income include those financial items that are expected both to collect contractual cash flows and to sell financial assets. Financial assets and liabilities measured at fair value through profit or loss include items that do not meet the criteria of the other groups.
The Group categorises electricity derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in the business combinations are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost.
5. Financial assets and liabilities recognised at fair value
| EUR million | 30 Jun 2021 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Financial assets/liabilities measured at fair value through other comprehensive income | ||||
| Electricity derivatives | 0.3 | 0.3 | ||
| Currency derivatives | 0.0 | 0.0 | ||
| Financial assets/liabilities measured at fair value through profit or loss | ||||
| Contingent considerations relating to business combinations | -6.9 | -6.9 | ||
| -6.7 | 0.3 | -6.9 | ||
| EUR million | 31 Dec 2020 | Level 1 | Level 2 | Level 3 |
| --- | --- | --- | --- | --- |
| Financial assets/liabilities recognised at fair value through other comprehensive income | ||||
| Electricity derivatives | 0.4 | 0.4 | ||
| Currency derivatives | 0.1 | 0.1 | ||
| Financial assets/liabilities measured at fair value through profit or loss | ||||
| Contingent considerations relating to business combinations | -6.9 | -6.9 | ||
| -6.4 | 0.4 | -6.9 |
Level 1 includes instruments with quoted prices in active markets. Level 2 includes instruments with observable prices based on market data. Level 3 includes instruments with prices that are not based on verifiable market data, but instead on the company's internal information, for example.
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6. Equity
| Number of shares pcs | Treasury shares pcs | Holding, % of shares and votes | |
|---|---|---|---|
| Shares at 31 December 2020 | 167,335,073 | 7,252,165 | 4.33 % |
| Disposal of treasury shares | -104,393 | ||
| Shares at 30 June 2021 | 167,335,073 | 7,147,772 | 4.27 % |
Dividend
On 8 April 2021, Elisa's Annual General Meeting decided on a dividend of EUR 1.95 per share. The total dividend amounts to EUR 312.3 million and payment started on 20 April 2021.
7. Issuance and repayment of debt securities
On 30 March 2021, Elisa issued a EUR 100 million Schuldschein loan with a maturity of 400 days for short-term financing. The loan was arranged by Landesbank Baden-Württemberg.
Current financial liabilities include a EUR 100 million Schuldschein loan, which matures on 4 May 2022 and outstanding commercial papers of EUR 130.0 million.
The unused amount of the EUR 1,500 million EMTN programme is EUR 600 million as of 30 June 2021.
| EUR million | 30 Jun 2021 | 31 Dec 2020 |
|---|---|---|
| Issued bonds, nominal value | 900.0 | 1,074.0 |
| Issued commercial papers | 130.0 | 19.5 |
| Withdrawn committed credit lines | 0.0 | 0.0 |
8. Provisions
| EUR million | Termination benefits | Other | Total |
|---|---|---|---|
| 1 January 2021 | 1.7 | 1.7 | 3.4 |
| Increase in provisions | 6.2 | 6.2 | |
| Reversals of unused provisions | -0.9 | -0.9 | |
| Utilised provisions | -1.2 | -1.2 | |
| 30 June 2021 | 5.8 | 1.7 | 7.5 |
| EUR million | Termination benefits | Other | Total |
| --- | --- | --- | --- |
| 1 January 2020 | 3.3 | 1.7 | 5.0 |
| Increase in provisions | 0.5 | 0.5 | |
| Reversals of unused provisions | -0.1 | -0.1 | |
| Utilised provisions | -1.6 | -1.6 | |
| 30 June 2020 | 2.2 | 1.7 | 3.8 |
9. Off-balance sheet lease commitments
The future minimum lease payments under non-cancellable off-balance sheet leases:
| EUR million | 30.6. | 31.12. |
|---|---|---|
| 2021 | 2020 | |
| Within one year | 11.9 | 11.7 |
| Later than one year, not later than five years | 4.9 | 5.1 |
| Later than five years | 1.0 | 1.1 |
| 17.8 | 17.9 |
Lease commitments are exclusive of value added tax.
10. Contingent liabilities
| EUR million | 30.6. | 31.12. |
|---|---|---|
| 2021 | 2020 | |
| For our own commitments | ||
| Deposits | 0.4 | 0.4 |
| Guarantees | 0.1 | |
| 0.6 | 0.4 | |
| Other contractual obligations | ||
| Venture capital investment commitment | 1.0 | 1.3 |
| Repurchase obligations | 0.0 | 0.0 |
| 1.0 | 1.3 |
11. Derivative instruments
| EUR million | 30.6. | 31.12. |
|---|---|---|
| 2021 | 2020 | |
| Nominal values of derivatives | ||
| Electricity derivatives | 1.2 | 1.1 |
| Currency derivatives | 3.4 | 3.2 |
| 4.6 | 4.2 | |
| Fair values of derivatives | ||
| Electricity derivatives | 0.3 | 0.4 |
| Currency derivatives | 0.0 | 0.1 |
| 0.3 | 0.4 |
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12. Related party transactions
The Group's related parties include the parent company, subsidiaries, associates and joint ventures. The related parties also include Elisa's Board of Directors, the CEO, the Executive Board as well as entities controlled by them and close members of their family.
| Related party transactions with associated companies | 1-6 | 1-6 | 1-12 |
|---|---|---|---|
| EUR million | 2021 | 2020 | 2020 |
| Revenue | 0.2 | 0.4 | 0.7 |
| Purchases | 0.4 | 0.5 | 0.9 |
| Receivables | 0.6 | 0.3 | 0.1 |
| Liabilities | 0.0 | 0.0 | 0.0 |
There were no related party transactions with the key management.
The salaries and remuneration paid to the management of Elisa Group will be published in the annual consolidated financial statements.
13. Key figures
| EUR million | 1-6
2021 | 1-6
2020 | 1-12
2020 |
| --- | --- | --- | --- |
| Shareholders' equity per share, EUR | 6.43 | 6.27 | 7.39 |
| Interest-bearing net debt | 1,379.0 | 1,331.8 | 1,206.8 |
| Gearing, % | 133.8% | 132.6% | 101.9% |
| Equity ratio, % | 35.8% | 35.9% | 39.1% |
| Return on investment (ROI), % *) | 16.1% | 17.0% | 16.7% |
| Gross investments in fixed assets, | 120.0 | 125.6 | 266.2 |
| of which right-of-use assets | 7.5 | 5.3 | 21.5 |
| Gross investments as % of revenue | 12.4% | 13.5% | 14.1% |
| Investments in shares and business combinations | 10.0 | 2.6 | 69.5 |
| Average number of employees | 5,396 | 5,016 | 5,097 |
*) Rolling 12 months' profit preceding the reporting date
Financial calendar
Interim Report Q3 2021
20 October 2021
Contact information
Investor Relations: [email protected]
Press: [email protected]
Elisa website: www.elisa.com
Elisa | HALF-YEAR REPORT 2021
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