Quarterly Report • Apr 24, 2014
Quarterly Report
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January 1– March 31, 2014 Interim Report Q1
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%
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.
"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."
| Key figures (EUR million) | 1-3/2014 | 1-3/2013 | Change % | 1-12/2013 |
|---|---|---|---|---|
| Orders received | 46.9 | 43.4 | +8.3% | 188.9 |
| Net sales | 43.5 | 45.8 | -4.9% | 192.8 |
| EBIT | 1.3 | 2.6 | -50.4% | 11.0 |
| EBIT % | 3.0% | 5.7% | 5.7% | |
| Profit for the period | 0.9 | 1.8 | -48.5% | 8.1 |
| Other important key figures | ||||
| Earnings per share, EUR | 0.05 | 0.10 | -49.1% | 0.47 |
| Cash flow from operations | 1.5 | 0.2 | +626.9% | 10.0 |
| Net gearing, % | 12.3% | 17.8% | 13.8% | |
| Equity ratio, % | 53.7% | 52.2% | 52.7% | |
| Personnel at period-end | 1,260 | 1,342 | -6.1% | 1,261 |
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.
| 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 |
| EBIT | 801 | 2,436 | -67.1% | 9,460 |
| EBIT % | 3.7% | 10.2% | 9.3 % |
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.
| 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.
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 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.
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 standby 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.
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.
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.
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:
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.
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.
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 (tEUR) | 1-3/2014 | 1-3/2013 | Change % | 1-12/2013 |
| 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 period | 1,005 | 1,856 | -45.8 % | 7,604 |
| Attributable to: | ||||
| Equity holders of the parent | 1,005 | 1,856 | -45.8 % | 7,604 |
| STATEMENT OF FINANCIAL POSITION | ||||
| (tEUR) | 31.03.2014 | 31.03.2013 | Change % | 31.12.2013 |
| 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 liabilities | 2,436 | 0 | n/a | 2,414 |
| Interest bearing liabilities | 434 | 683 | -36.4 % | 470 |
| 4,671 | 2,483 | 88.1 % | 4,810 | |
| Current liabilities | ||||
| Trade payables and other liabilities | 28,031 | 30,632 | -8.5 % | 28,130 |
| 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 liabilities | 124,315 | 119,643 | 3.9 % | 124,329 |
| CONSOLIDATED CASH FLOW | ||||
| STATEMENT (tEUR) | 1-3/2014 | 1-3/2013 | Change % | 1-12/2013 |
| 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 incomes |
-93 | -82 | 13.3 % | 384 |
| 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 for prior subsidiary acquisition |
0 | -2,586 | n/a | -2,585 |
| Purchases of property, plant and | ||||
| equipment (PPE) | -426 | -189 | 125.4 % | -1,180 |
| Purchases of intangible assets Acquisition of subsidiary, net of cash |
-372 | -293 | 27.0 % | -1,442 |
| acquired | 0 | 0 | n/a | -965 |
| 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 | 1-3/2014 | 1-3/2013 | Change % | 1-12/2013 |
| 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) including own shares |
18,874 | 18,729 | 0.8 % | 18,744 |
| 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 shares |
% of shares |
% of votes |
||
| Possession of company's own shares 31.3.2014 |
1,189,654 | 6.30 % | 6.30 % | |
| 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 Operating segments net profit before |
-93 | -82 | 13.3 % | -386 |
| taxes | 1,198 | 2,520 | -52.5 % | 10,660 |
| INFORMATION PER | 4/2013- | |||||
|---|---|---|---|---|---|---|
| QUARTER (tEUR) | 1-3/14 | 10-12/13 | 7-9/13 | 4-6/13 | 1-3/13 | 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 | B | C | D | E | F | G | H | I | |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's equity 1.1.2014 Total comprehensive income for the |
6,967 | 1,504 | 126 | 53,079 | 3,457 | -6 | 65,127 | 425 | 65,553 |
| period | 92 | 920 | -7 | 1,005 | 0 | 1,005 | |||
| Used options | 176 | 176 | 0 | 176 | |||||
| Interest, non controll party Equity-settled share |
39 | 39 | -39 | 0 | |||||
| based payments | 0 | 0 | 0 | 0 | |||||
| Shareholder's equity 31.3.2014 |
6,967 | 1,504 | 218 | 54,038 | 3,633 | -13 | 66,347 | 386 | 66,734 |
| Shareholder's equity 1.1.2013 Total comprehensive |
6,967 | 1,504 | 685 | 48,007 | 2,737 | -22 | 59,878 | 678 | 60,557 |
| income for the period Interest, non controll |
45 | 1,787 | 24 | 1,856 | 0 | 1,856 | |||
| party | 17 | 17 | -17 | 0 | |||||
| Shareholder's equity 31.3.2013 |
6,967 | 1,504 | 730 | 49,811 | 2,737 | 2 | 61,751 | 661 | 62,413 |
| 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 31.3.2014 | 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 31.3.2014 | Number of shareholders |
% of Owners |
Number of shares |
Number of shares % |
|---|---|---|---|---|
| Households | 4,722 | 93.08 | 4,595,577 | 24.3 |
| Public sector institutions | 4 | 0.08 | 1,990,004 | 10.5 |
| Financial and insurance institutions | 16 | 0.32 | 3,690,710 | 19.6 |
| Corporations | 262 | 5.16 | 7,311,250 | 38.7 |
| Non-profit institutions | 32 | 0.63 | 376,113 | 2.0 |
| Foreign and nominee registered owners | 37 | 0.73 | 910,088 | 4.8 |
| Total | 5,073 | 100.00 | 18,873,742 | 100.0 |
| NUMBER OF SHARES 31.3.2014 | Number of shareholders |
% of shareholders | Number of shares |
% of 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 registered | 771,879 | 4.1 |
P.O.Box 323, FI-20101 Turku, Finland Telestenkatu 1, FI-20660 Littoinen, Finland Phone +358 2 2605 611 (switchboard) [email protected] Business ID 1102267-8 www.teleste.com
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