TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 JUNE 2010
TELESTE CORPORATION INTERIM REPORT 21.7.2010 AT 09:00
TELESTE CORPORATION INTERIM REPORT 1 JAN TO 30 JUNE 2010
Second quarter of 2010
- Net sales amounted to EUR 43.5 (30.6) million, an increase of 42.3% over the
year of comparison.
- Operating profit stood at EUR 1.7 (0.4) million.
- Undiluted result per share equalled EUR 0.05 (EUR 0.01).
- Orders received amounted to EUR 39.0 (29.6) million, a year-on-year increase
of 31.8%.
- Orders received by Video and Broadband Solutions amounted to EUR 19.7 (19.1)
million
- Orders received by Network Services stood at EUR 19.3 (10.5) million.
- Operating cash flow stood at EUR 1.3 (2.2) million.
Outlook for 2010
Due to increased net sales and adaptation of costs we estimate the operating
profit for 2010 to improve clearly over 2009.
Comments on Q2 by CEO Jukka Rinnevaara
In the second quarter, the demand on the market continued in line with Q1 on a
relatively low level and, therefore, the development of orders received failed
to show a clear indication of the market picking up. In our estimation
investments have been slowed down by ownership arrangements of our European
customers as well as by the tightened financial situation in the public sector.
In April, we expanded our offering of services through an acquisition in
Switzerland. In June, we received, in joint delivery with IBM, a strategically
important order from the French National Railways (SNCF) for a video
surveillance centralised recording solution.
The year-on-year improvement in profitability was due to a reduction in material
costs of the Video and Broadband Solutions, on the one hand, and cost
adaptation, on the other. In contrast, profitability of the services business
weakened over the comparative year, which was mainly due to costs related to the
reorganization of our German operations and the growth in low-margin deliveries.
We have maintained our strong market position in Europe and our competitiveness
is good. Our competitiveness is supported by the weakened euro.
We will press on determinedly with the implementation of our growth strategy,
which consists of R&D solutions ensuring profitable growth, strengthening of our
distribution channels and expansion of our services offering. In the prevailing
market situation careful cost management and adaptation measures will be
continued. Reorganization of the German services business has come a long way,
and thus, better utilization of synergies and the streamlining measures will
improve the business area's profitability in the second half of the year.
Moreover, we expect in particular the sales of optical network solutions, the
Luminato headend and video surveillance systems to develop positively. The
positive development in Q2 has strengthened our previous view of profitable
growth for our operations in 2010.
In our view, the difficult general financial situation in Europe and the
ownership arrangements among the cable operators will continue for the rest of
the year, and these may have implications for the timing of investments.
Group's Business in the Second Quarter
In Q2, the year-on-year orders received increased by 31.8% standing at EUR 39.0
(29.6) million. The growth in orders received 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 14.7 (23.4) million. The order of EUR
12.0 million for the headend video centre received from India in June 2008 has
been removed from the order backlog, because we still see uncertainties in its
realization. The customer's investment plans are also delayed because of
on-going ownership arrangements. The matter has no effect on the outlook for the
current year.
Net sales in Q2/2010 grew by 42.3% amounting to EUR 43.5 (30.6) million. This
growth in net sales was mainly caused by acquisitions in our Network Services
business area carried out in the second half of 2009.
Operating profit improved over the period of comparison standing at EUR 1.7
(0.4) million, which is 3.8% (1.3%) of the net sales. The growth in operating
profit over the comparative period was due to Video and Broadband Solutions'
reduced material costs and cost adaptation. Operating profit for the period of
comparison included EUR 1.0 million of other operating income, whereas in the
period under review these amounted to EUR 0.3 million. Undiluted result per
share for Q2 was EUR 0.05 (0.01).
Group Operations January to June
Year-on-year orders received improved by 37.7% standing at EUR 76.5 (55.6)
million. In the first half of the year, the order intake for both of our
business areas was adversely affected by the cold winter in Europe as well as
some major sporting events like the Winter Olympics and the FIFA World
Championship, for the time of which some European cable operators froze all
their network upgrading. Investments were also delayed by the ownership
arrangements among our clientele and the deteriorated economic situation in
Europe.
Net sales grew by 47.0% over the year of comparison amounting to EUR 82.6 (56.2)
million. The increase in net sales was mainly due to acquisitions carried out in
the second half of 2009.
Operating profit stood at EUR 2.5 (-0.8) million making 3.0 % (-1.4 %) of the
net sales. The year-on-year growth in operating profit was due to Video and
Broadband Solutions' increased net sales, reduced material costs and cost
adaptation. Operating profit for the period of comparison included EUR 2.1
million of other operating income, whereas in the period under review these
amounted to EUR 0.6 million. Undiluted result per share was EUR 0.08 (-0.07).
Video and Broadband Solutions
This business area focuses on 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.
Video and Broadband Solutions in Q2
Orders received totalled EUR 19.7 (19.1) million. Order intake was still
affected by the ownership arrangements among the European cable operators and
the freeze on network upgrading by some European network operators for the time
of major sporting events. An order of EUR 1.5 million was received from France
placed by the French National Railways (SNCF) for a video surveillance
centralized recording solution. Delivery of the order is scheduled over five
years. Ordering decisions involving certain video surveillance projects have
been delayed by the tightened European public sector funding. Order backlog
totalled EUR 14.7 (23.4) million. The order of EUR 12.0 million received in June
2008 from India has been excluded from the order backlog.
Net sales in Q2 equalled EUR 20.1 (20.1) million. Operating profit stood at EUR
1.5 (-0.3) million making 7.3 % (-1.5 %) of the net sales. This improvement in
operating profit was due to enhanced material margin and cost adaptation.
Product development expenses in Q2 equalled EUR 2.9 (2.7), in other words 14.4%
(13.6%) of the net sales. Approximately 60% (70%) of the product development
expenses involved further development of product platforms currently in
production, maintenance, and customer-specific product applications. Activated
product development expenses stood at EUR 0.5 (0.3) million. Out of the R&D
expenses, EUR 0.5 (0.3) were activated for the Luminato video processing system
and the processing system for the Advanced Video Coding protocol (H.264). Our
R&D efforts continued regarding the new generation amplifier technology (the
Access product range), the optical transfer and reception system for HFC
networks (the HDO product range) and the video surveillance management system
(VMX). R&D and the product management have been actively involved in several
customer network evolution studies.
Video and Broadband Solutions January to June
Orders received stood at EUR 38.3 (36.4) million, i.e. 5.2% above the period of
comparison.
Net sales grew by 6.0% amounting to EUR 39.2 (37.0) million. The growth in net
sales was mainly due to deliveries of the Access network products to the Nordic
countries and video surveillance deliveries to the USA. Deliveries related to
the Luminato headend system were above the comparative period. Operating profit
amounted to EUR 2.0 (-1.8) million. This improvement in the operating profit was
due to increased net sales, better material margin and cost adaptation.
R&D expenses of Video and Broadband Solutions amounted to EUR 5.5 (5.9) million.
Activated R&D expenses stood at EUR 0.8 (0.8) million and depreciation on
previous activation items equalled EUR 1.2 (1.1) million.
Network Services
Clientele of our Network Services business consists mainly of large European
cable operators. 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 stand-alone
applications to integrated turnkey deliveries. Some of our projects also include
Teleste's own product solutions. Our services know-how covers all the sectors
related to 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 Q2
Orders received totalled EUR 19.3 (10.5) million. In Q2, our main customer's
internet connections service orders also involved low-margin supplemental items
with no house network upgrading included. Acquisition of Freycom S.A. in
Switzerland did not have any significant impact on orders received. Deliveries
by the business area will be carried out mainly based on frame agreements.
Net sales of the business area amounted to EUR 23.3 (10.5) million. The
year-on-year increase in net sales was due to acquisitions carried out in
Germany in the second half of 2009.
Operating profit stood at EUR 0.2 (0.7) million making 0.8% (6.7%) of the net
sales. The profitability was undermined by the fact that deliveries to the main
customer involved low-margin services and, secondly, by the reorganization
costs.
Network Services January to June
Orders received totalled EUR 38.2 (19.2) million. The growth in orders received
over the comparative period was due to restructuring carried out in H2 of 2009
(the German acquisitions). 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.
Net sales amounted to EUR 43.4 (19.2) million. The increased net sales over the
comparative period was due to restructuring carried out in H2 of 2009.
Operating profit decreased over the previous year amounting to EUR 0.5 (1.0)
million. Profitability weakened and the operating profit stood at 1.1% (5.0%) of
the net sales. This decline in profitability was due to the fact that our main
customer's demand involved low-margin deliveries. Also the cold winter in the
beginning of the year hampered our delivery of services. Our German operations
are being reorganized, which has caused expenses in the period under review.
Finance and Investments January to June
Operating cash flow stood at EUR 3.7 (3.3) million. At the end of the period
under review, the amount of unused binding stand-by credits amounted to EUR 19.5
(23.0) million. The current binding stand-by credits of EUR 40.0 million run
till November 2013. The Group's equity ratio equalled 44.4% (49.3%) and net
gearing 21.7% (21.3%). Interest bearing debt on 30 June 2010 amounted to EUR
22.8 (18.5) million.
Investments by the Group for the period under review totalled EUR 2.4 (13.2)
million accounting for 2.9% (23.6%) of net sales; of the made investments, EUR
1.1 million involved the acquisition of the Swiss Freycom (including the
estimated additional purchase price) by Network Services, 0.3 million related to
the expansion investment in the premises in Finland and 0.8 (0.8) million in
product development. As to investments for the period, EUR 0.1 (0.1) million was
carried out by means of financial leasing.
Personnel and Organisation January to June
At the end of the reporting period, the number of full-time personnel employed
by the Group equalled 1,203 (1,009/2009, 754/2008), of which Video and Broadband
Solutions accounted for 550 and Network Services 653, respectively. Expenditure
on employee benefits amounted to EUR 25.1 (20.3/January to June/2009,
16.6/January to June/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.
Essential Operational Risks of the Business Areas
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. Along with efficient
service process management, customer satisfaction requires innovative solutions
in terms of processes, products and logistics to ensure the quality of services
and cost-efficiency. Ensuring the smooth operation of the cable operators'
networks requires constant focusing on the development of qualifications of
Teleste's own and its suppliers' personnel, particularly concerning the
technical management of the networks and functional product solutions.
It is equally important for our business areas to take into account any market
developments 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 constitutes an
integral part of 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 major risks of damage through 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.
Group Structure
Parent company Teleste has branch offices in Australia, Spain, the Netherlands,
China and Denmark with subsidiaries in 13 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.
Decisions by the Annual General Meeting
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. The Board has not exercised these rights.
Shares and Changes in Share Capital
On 30 June 2010, EM Group Oy was the largest single shareholder with a holding
of 21.02%.
In the period under review, the lowest company share price was EUR 3.63 (2.25)
and the highest was EUR 5.28 (4.18). Closing price on 30 June 2010 stood at EUR
4.45 (3.13). According to the Finnish Central Security Depository the number of
shareholders at the end of the period under review was 5,347 (5,427). Foreign
ownership accounted for 8.6% (10.6%). From 1 January to 30 June 2010, trading
with Teleste share at NASDAQ OMX Helsinki amounted to EUR 9.5 (22.8) million. In
the period under review, 2.2 (6.4) 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 June 2010, the number of own shares in the Group possession stood
at 760,985 (379,985) 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% (2.13%).
On 30 June 2010, the registered share capital of Teleste stood at EUR
6,966,932.80 divided in 18,186,590 shares.
Outlook
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 by the current clientele of Network Services to continue
steady. The strategic investments already carried out ensure that our net sales
will improve from last year.
Due to increased net sales and adaptation of costs we estimate the operating
profit for 2010 to improve clearly over 2009.
20 July 2010
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. The data stated in this report is unaudited.
--------------------------------------------------------------------------------
| STATEMENT OF | 4-6/2010 | 4-6/2009 | Change % | |
| COMPREHENSIVE INCOME | | | | |
| (tEUR) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net Sales | 43,474 | 30,552 | 42.3 % | |
--------------------------------------------------------------------------------
| | Other operating | 251 | 1,000 | -74.9 % | |
| | income | | | | |
--------------------------------------------------------------------------------
| | Materials and | -21,918 | -13,605 | 61.1 % | |
| | services | | | | |
--------------------------------------------------------------------------------
| | Personnel expenses | -12,781 | -10,247 | 24.7 % | |
--------------------------------------------------------------------------------
| | Other operating | -5,993 | -5,958 | 0.6 % | |
| | expenses | | | | |
--------------------------------------------------------------------------------
| | Depreciation | -1,378 | -1,339 | 2.9 % | |
--------------------------------------------------------------------------------
| Operating profit | 1,655 | 403 | 310.7 % | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Financial income and | -238 | -146 | 63.0 % | |
| | expenses | | | | |
--------------------------------------------------------------------------------
| | Share of profit of | 0 | -90 | n/a | |
| | associates | | | | |
--------------------------------------------------------------------------------
| Profit after financial | 1,417 | 167 | 748.5 % | |
| items | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before taxes | 1,417 | 167 | 748.5 % | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Taxes | -470 | -78 | 500.4 % | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit | 947 | 89 | 964.0 % | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of the | 947 | 89 | 964.0 % | |
| | parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for result of the year attributable to the equity holders |
| of the parent |
--------------------------------------------------------------------------------
| (expressed in euro per | | | | |
| share) | | | | |
--------------------------------------------------------------------------------
| | Basic | 0.05 | 0.01 | 443.5 % | |
--------------------------------------------------------------------------------
| | Diluted | 0.05 | 0.01 | 435.2 % | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (tEUR) |
--------------------------------------------------------------------------------
| Net profit | 947 | 89 | 964.0 % | |
--------------------------------------------------------------------------------
| Translation differences | -239 | 49 | n/a | |
--------------------------------------------------------------------------------
| Fair value reserve | -113 | 0 | n/a | |
--------------------------------------------------------------------------------
| Total comprehensive | 595 | 138 | 331.2 % | |
| income for the period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of the | 595 | 138 | 331.2 % | |
| | parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF | 1-6/2010 | 1-6/2009 | Change % | 1-12/2009 |
| COMPREHENSIVE INCOME | | | | |
| (tEUR) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net Sales | 82,568 | 56,156 | 47.0 % | 141,651 |
--------------------------------------------------------------------------------
| | Other operating | 608 | 2,113 | -71.2 % | 3,124 |
| | income | | | | |
--------------------------------------------------------------------------------
| | Materials and | -41,330 | -25,508 | 62.0 % | -69,962 |
| | services | | | | |
--------------------------------------------------------------------------------
| | Personnel expenses | -25,060 | -20,265 | 23.7 % | -44,584 |
--------------------------------------------------------------------------------
| | Other operating | -11,412 | -10,620 | 7.5 % | -21,323 |
| | expenses | | | | |
--------------------------------------------------------------------------------
| | Depreciation | -2,893 | -2,678 | 8.0 % | -5,582 |
--------------------------------------------------------------------------------
| | Impairment loss | 0 | 0 | n/a | -800 |
--------------------------------------------------------------------------------
| Operating profit | 2,481 | -802 | n/a | 2,524 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Financial income and | -386 | -385 | 0.3 % | -605 |
| | expenses | | | | |
--------------------------------------------------------------------------------
| | Share of profit of | 0 | -190 | n/a | -544 |
| | associates | | | | |
--------------------------------------------------------------------------------
| Profit after financial | 2,095 | -1,377 | n/a | 1,375 |
| items | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before taxes | 2,095 | -1,377 | n/a | 1,375 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Taxes | -653 | 258 | n/a | -959 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit | 1,442 | -1,119 | n/a | 416 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of the | 1,442 | -1,119 | n/a | 416 |
| | parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for result of the year attributable to the equity holders |
| of the parent |
--------------------------------------------------------------------------------
| (expressed in EUR per | | | | |
| share) | | | | |
--------------------------------------------------------------------------------
| | Basic | 0.08 | -0.07 | n/a | 0.02 |
--------------------------------------------------------------------------------
| | Diluted | 0.08 | -0.07 | n/a | 0.02 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (tEUR) |
--------------------------------------------------------------------------------
| Net profit | 1,442 | -1,119 | n/a | 416 |
--------------------------------------------------------------------------------
| Translation differences | -58 | 92 | n/a | 189 |
--------------------------------------------------------------------------------
| Fair value reserve | -157 | 0 | n/a | -116 |
--------------------------------------------------------------------------------
| Total comprehensive | 1,227 | -1,027 | n/a | 489 |
| income for the period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of the | 1,227 | -1,027 | n/a | 489 |
| | parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF FINANCIAL | 30.06.20 | 30.06.2009 | Change % | 31.12.2009 |
| POSITION (tEUR) | 10 | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| | Property,plant,equipm | 9,542 | 7,102 | 34.4 % | 9,960 |
| | ent | | | | |
--------------------------------------------------------------------------------
| | Goodwill | 32,257 | 21,977 | 46.8 % | 31,657 |
--------------------------------------------------------------------------------
| | Intangible assets | 6,755 | 8,166 | -17.3 % | 7,664 |
--------------------------------------------------------------------------------
| | Investments | 713 | 833 | -14.4 % | 713 |
--------------------------------------------------------------------------------
| | | 49,267 | 38,078 | 29.4 % | 49,994 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| | Inventories | 16,419 | 20,375 | -19.4 % | 20,682 |
--------------------------------------------------------------------------------
| | Other current assets | 27,780 | 28,239 | -1.6 % | 26,884 |
--------------------------------------------------------------------------------
| | Liquid funds | 12,605 | 8,932 | 41.1 % | 12,518 |
--------------------------------------------------------------------------------
| | | 56,804 | 57,546 | -1.3 % | 60,084 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 106,071 | 95,624 | 10.9 % | 110,078 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholder's equity and | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| | Share capital | 6,967 | 6,967 | 0.0 % | 6,967 |
--------------------------------------------------------------------------------
| | Other equity | 39,668 | 38,018 | 4.3 % | 39,702 |
--------------------------------------------------------------------------------
| | Non-controlling | 319 | 0 | n/a | 0 |
| | interest | | | | |
--------------------------------------------------------------------------------
| | | 46,954 | 44,985 | 4.4 % | 46,669 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| | Provisions | 513 | 314 | 63.4 % | 513 |
--------------------------------------------------------------------------------
| | Non interest bearing | 7,036 | 2,356 | 198.6 % | 6,726 |
| | liabilities | | | | |
--------------------------------------------------------------------------------
| | Interest bearing | 12,237 | 10,175 | 20.3 % | 12,237 |
| | liabilities | | | | |
--------------------------------------------------------------------------------
| | | 19,786 | 12,845 | 54.0 % | 19,476 |
--------------------------------------------------------------------------------
| Short-term liabilities | | | | |
--------------------------------------------------------------------------------
| | Trade payables and | 27,663 | 27,904 | -0.9 % | 32,372 |
| | other s-t liabilities | | | | |
--------------------------------------------------------------------------------
| | Provisions | 1,112 | 1,545 | -28.0 % | 1,026 |
--------------------------------------------------------------------------------
| | S-t interest bearing | 10,556 | 8,345 | 26.5 % | 10,535 |
| | liabilities | | | | |
--------------------------------------------------------------------------------
| | | 39,331 | 37,794 | 4.1 % | 43,933 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholder's | 106,071 | 95,624 | 10.9 % | 110,078 |
| equity and liabilities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW | 1-6/2010 | 1-6/2009 | Change % | 1-12/2009 |
| STATEMENT (tEUR) | | | | |
--------------------------------------------------------------------------------
| Cash flows from operating | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| | Profit for the period | 1,442 | -1,119 | n/a | 416 |
--------------------------------------------------------------------------------
| | Adjustments | 4,065 | 2,921 | 39.2 % | 8,230 |
--------------------------------------------------------------------------------
| | Interest and other | -386 | -385 | 0.3 % | -937 |
| | financial expenses | | | | |
| | and incomes | | | | |
--------------------------------------------------------------------------------
| | Paid Taxes | -150 | -550 | -72.7 | -1,708 |
--------------------------------------------------------------------------------
| | Change in working | -1,244 | 2,401 | -151.8 % | 3,830 |
| | capital | | | | |
--------------------------------------------------------------------------------
| Cash flow from operating | 3,727 | 3,268 | 14.0 % | 9,831 |
| activities | | | | |
--------------------------------------------------------------------------------
| Cash flow from investing | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| | Acquisition of | -374 | -8,394 | -95.5 % | -10,281 |
| | subsidiary, net of | | | | |
| | cash acquired | | | | |
--------------------------------------------------------------------------------
| | Purchases of | -873 | -2 | 43550.0 % | -2,772 |
| | property, plant and | | | | |
| | equipment (PPE) | | | | |
--------------------------------------------------------------------------------
| | Purchases of | -694 | -640 | 8.4 % | -1,327 |
| | intangible assets | | | | |
--------------------------------------------------------------------------------
| | Investments in shares | 0 | 0 | n/a | -10 |
--------------------------------------------------------------------------------
| Net cash used in | -1,941 | -9,036 | -78.5 % | -14,390 |
| investing activities | | | | |
--------------------------------------------------------------------------------
| Cash flow from financing | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| | Proceeds from | 0 | 12,000 | n/a | 20,542 |
| | borrowings | | | | |
--------------------------------------------------------------------------------
| | Payments of | -566 | -4,360 | -87.0 % | -10,623 |
| | borrowings | | | | |
--------------------------------------------------------------------------------
| | Dividends paid | -1,364 | -2,035 | n/a | -2,035 |
--------------------------------------------------------------------------------
| | Own shares | 0 | -264 | n/a | -264 |
--------------------------------------------------------------------------------
| | Proceeds from | 289 | 0 | n/a | 0 |
| | issuance of ordinary | | | | |
| | shares | | | | |
--------------------------------------------------------------------------------
| Net cash used in | -1,641 | 5,341 | -130.7 % | 7,620 |
| financing activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash | | | | |
--------------------------------------------------------------------------------
| | Cash in the beginning | 12,518 | 9,268 | 35.1 % | 9,268 |
--------------------------------------------------------------------------------
| | Change in cash during | 145 | -428 | n/a | 3,061 |
| | period | | | | |
--------------------------------------------------------------------------------
| | Effect of currency | -58 | 92 | n/a | 189 |
| | changes | | | | |
--------------------------------------------------------------------------------
| | Cash at the end | 12,605 | 8,932 | 41.1 % | 12,518 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | 1-6/2010 | 1-6/2009 | Change % | 1-12/2009 |
--------------------------------------------------------------------------------
| | Earnings per share, | 0.08 | -0.07 | n/a | 0.02 |
| | EUR | | | | |
--------------------------------------------------------------------------------
| | Earnings per share | 0.08 | -0.07 | n/a | 0.02 |
| | fully diluted, EUR | | | | |
--------------------------------------------------------------------------------
| | Shareholders' equity | 2.69 | 2.58 | 4.3 % | 2.68 |
| | per share, EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Return on equity | 6.2 % | -4.9 % | n/a | 0.9 % |
--------------------------------------------------------------------------------
| | Return on capital | 7.1 % | -3.6 % | n/a | 3.3 % |
| | employed | | | | |
--------------------------------------------------------------------------------
| | Equity ratio | 44.4 % | 49.3 % | -9.9 % | 43.6 % |
--------------------------------------------------------------------------------
| | Gearing | 21.7 % | 21.3 % | 1.9 % | 22.0 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Investments, tEUR | 2,387 | 13,248 | -82.0 % | 25,241 |
--------------------------------------------------------------------------------
| | Investments % of net | 2.9 % | 23.6 % | -87.8 % | 17.8 % |
| | sales | | | | |
--------------------------------------------------------------------------------
| | Order backlog, tEUR | 14,716 | 23,396 | -37.1 % | 33,100 |
--------------------------------------------------------------------------------
| | Personnel, average | 1,221 | 998 | 22.3 % | 1,103 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Number of shares | 18,187 | 17,806 | 2.1 % | 17,806 |
| | (thousands) | | | | |
--------------------------------------------------------------------------------
| | including own shares | | | | |
--------------------------------------------------------------------------------
| | Highest share price, | 5.28 | 4.18 | 26.3 % | 4.30 |
| | EUR | | | | |
--------------------------------------------------------------------------------
| | Lowest share price, | 3.63 | 2.25 | 61.3 % | 2.25 |
| | EUR | | | | |
--------------------------------------------------------------------------------
| | Average share price, | 4.39 | 3.58 | 22.7 % | 3.62 |
| | EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Turnover, in million | 2.2 | 6.4 | -66.3 % | 7.8 |
| | shares | | | | |
--------------------------------------------------------------------------------
| | Turnover, in MEUR | 9.5 | 22.8 | -58.5 % | 28.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Treasury shares | | | | |
--------------------------------------------------------------------------------
| | | Number | | % of | % of |
--------------------------------------------------------------------------------
| | | of | | shares | votes |
| | | shares | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Teleste companies own | 760,985 | | 4.18 % | 4.18 % |
| | shares 30.6.2010 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Contingent liabilities and pledged assets (tEUR) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For own debt | | | | |
--------------------------------------------------------------------------------
| | Other securities | 120 | 120 | 0.0 % | 120 |
--------------------------------------------------------------------------------
| Leasing and rent | 6,159 | 5,801 | 6.2 % | 6,016 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| | | 6,279 | 5,921 | 6.0 % | 6,136 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Derivative instruments | | | | |
| (tEUR) | | | | |
--------------------------------------------------------------------------------
| | Value of underlying | 3,554 | 4,132 | -14.0 % | 8,043 |
| | forward contracts | | | | |
--------------------------------------------------------------------------------
| | Market value of | -59 | -186 | -68.3 % | -228 |
| | forward contracts | | | | |
--------------------------------------------------------------------------------
| | Interest rate swap | 11,500 | 0 | n/a | 11,500 |
--------------------------------------------------------------------------------
| | Market value of | -273 | 0 | n/a | -157 |
| | interest swap | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Taxes are computed on the basis of the tax on the profit for the period. |
--------------------------------------------------------------------------------
| RECLASSIFICATION OF SEGMENTS 1.1.2010 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING SEGMENTS (tEUR) | 1-6/2010 | 1-6/2009 | Change % | 1-12/2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Video and Broadband Solutions |
--------------------------------------------------------------------------------
| | Order intake | 38,280 | 36,399 | 5.2 % | 81,612 |
--------------------------------------------------------------------------------
| | Net sales | 39,210 | 37,003 | 6.0 % | 76,280 |
--------------------------------------------------------------------------------
| | EBIT | 2,025 | -1,759 | n/a | -692 |
--------------------------------------------------------------------------------
| | EBIT% | 5.2 % | -4.8 % | n/a | -0.9 % |
--------------------------------------------------------------------------------
| Network Services |
--------------------------------------------------------------------------------
| | Order intake | 38,204 | 19,153 | 99.5 % | 69,408 |
--------------------------------------------------------------------------------
| | Net sales | 43,358 | 19,153 | 126.4 % | 65,371 |
--------------------------------------------------------------------------------
| | EBIT | 456 | 957 | -52.4 % | 3,216 |
--------------------------------------------------------------------------------
| | EBIT% | 1.1 % | 5.0 % | -79.0 % | 4.9 % |
--------------------------------------------------------------------------------
| Total |
--------------------------------------------------------------------------------
| | Order intake | 76,484 | 55,552 | 37.7 % | 151,020 |
--------------------------------------------------------------------------------
| | Net sales | 82,568 | 56,156 | 47.0 % | 141,651 |
--------------------------------------------------------------------------------
| | EBIT | 2,481 | -802 | n/a | 2,524 |
--------------------------------------------------------------------------------
| | EBIT% | 3.0 % | -1.4 % | n/a | 1.8 % |
--------------------------------------------------------------------------------
| | Financial items | -386 | -385 | 0.3 % | -605 |
--------------------------------------------------------------------------------
| | Share of profit of | 0 | -190 | n/a | -544 |
| | associates | | | | |
--------------------------------------------------------------------------------
| | Operating segments | 2,095 | -1,377 | n/a | 1,375 |
| | net profit before | | | | |
| | taxes | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment assets |
| Segment assets include items directly attributable as well as those that can |
| be allocated on a reasonable basis. |
--------------------------------------------------------------------------------
| | | 30.6.2010 | 30.6.2009 | Change % | 31.12.200 |
| | | | | | 9 |
--------------------------------------------------------------------------------
| | Video and Broadband | 54,997 | 63,941 | -14.0 % | 56,120 |
| | Solutions | | | | |
--------------------------------------------------------------------------------
| | Network Services | 38,469 | 22,751 | 69.1 % | 41,440 |
--------------------------------------------------------------------------------
| | Segment assets total | 93,466 | 86,692 | 7.8 % | 97,560 |
--------------------------------------------------------------------------------
| | Unallocated assets | 12,605 | 8,932 | 41.1 % | 12,518 |
--------------------------------------------------------------------------------
| | Assets total | 106,071 | 95,624 | 10.9 % | 110,078 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Information | 4-6/10 | 1-3/10 | 10-12/09 | 7-9/09 | 4-6/09 | 7/2009- |
| per quarter | | | | | | 6/2010 |
| (tEUR) | | | | | | |
--------------------------------------------------------------------------------
| Video and Broadband Solutions |
--------------------------------------------------------------------------------
| | Order | 19,702 | 18,578 | 22,705 | 22,508 | 19,109 | 83,493 |
| | intake | | | | | | |
--------------------------------------------------------------------------------
| | Net sales | 20,148 | 19,062 | 21,015 | 18,262 | 20,095 | 78,487 |
--------------------------------------------------------------------------------
| | EBIT | 1,463 | 562 | -457 | 1,524 | -295 | 3,092 |
--------------------------------------------------------------------------------
| | EBIT % | 7.3 % | 2.9 % | -2.2 % | 8.3 % | -1.5 % | 3.9 % |
--------------------------------------------------------------------------------
| Network Services |
--------------------------------------------------------------------------------
| | Order | 19,278 | 18,926 | 24,119 | 26,136 | 10,457 | 88,459 |
| | intake | | | | | | |
--------------------------------------------------------------------------------
| | Net sales | 23,326 | 20,032 | 22,769 | 23,449 | 10,457 | 89,576 |
--------------------------------------------------------------------------------
| | EBIT | 192 | 264 | 2,175 | 84 | 698 | 2,715 |
--------------------------------------------------------------------------------
| | EBIT % | 0.8 % | 1.3 % | 9.6 % | 0.4 % | 6.7 % | 3.0 % |
--------------------------------------------------------------------------------
| Total |
--------------------------------------------------------------------------------
| | Order | 38,980 | 37,504 | 46,824 | 48,644 | 29,566 | 171,952 |
| | intake | | | | | | |
--------------------------------------------------------------------------------
| | Net sales | 43,474 | 39,094 | 43,784 | 41,711 | 30,552 | 168,063 |
--------------------------------------------------------------------------------
| | EBIT | 1,655 | 826 | 1,718 | 1,608 | 403 | 5,807 |
--------------------------------------------------------------------------------
| | EBIT % | 3.8 % | 2.1 % | 3.9 % | 3.9 % | 1.3 % | 3.5 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attri- | Share | Share | Tran | Reta | Inve- | Other | Total | Share | Total |
| butabl | capit | premi | s-la | -ine | sted | funds | | of | equit |
| e to | al | um | tion | d | free | | | non-c | y |
| equity | | | Dif- | Earn | capi- | | | ontr- | |
| holder | | | fer- | -ing | tal | | | ollin | |
| s of | | | renc | s | | | | g | |
| the | | | es | | | | | Inte- | |
| parent | | | | | | | | rest | |
| (tEUR) | | | | | | | | | |
--------------------------------------------------------------------------------
| Share- | 6,967 | 1,504 | -372 | 35,9 | 2,737 | -116 | 46,66 | 0 | 46,66 |
| holder | | | | 49 | | | 9 | | 9 |
| 's | | | | | | | | | |
| equity | | | | | | | | | |
| 1.1.20 | | | | | | | | | |
| 10 | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | -58 | 1,44 | | -157 | 1,227 | 0 | 1,227 |
| compre | | | | 2 | | | | | |
| -hensi | | | | | | | | | |
| ve | | | | | | | | | |
| income | | | | | | | | | |
| for | | | | | | | | | |
| the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| Share | | | | | 0 | | 0 | 289 | 289 |
| issue | | | | | | | | | |
--------------------------------------------------------------------------------
| Paid | | | | -1,3 | | | -1,39 | 30 | -1,36 |
| divide | | | | 94 | | | 4 | | 4 |
| nd | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | | | | 133 | 0 | 0 | 133 | 0 | 133 |
| -settl | | | | | | | | | |
| ed | | | | | | | | | |
| share- | | | | | | | | | |
| based | | | | | | | | | |
| paymen | | | | | | | | | |
| ts | | | | | | | | | |
--------------------------------------------------------------------------------
| Share- | 6,967 | 1,504 | -430 | 36,1 | 2,737 | -273 | 46,63 | 319 | 46,95 |
| holder | | | | 30 | | | 5 | | 4 |
| 's | | | | | | | | | |
| equity | | | | | | | | | |
| 30.6.2 | | | | | | | | | |
| 010 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share- | 6,967 | 1,504 | -561 | 37,2 | 1,451 | 0 | 46,64 | 0 | 46,64 |
| holder | | | | 84 | | | 5 | | 5 |
| 's | | | | | | | | | |
| equity | | | | | | | | | |
| 1.1.20 | | | | | | | | | |
| 09 | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit | | | 92 | -1,1 | | 0 | -1,02 | 0 | -1,02 |
| of the | | | | 19 | | | 7 | | 7 |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| paid | | | | -2,0 | | | -2,03 | 0 | -2,03 |
| divide | | | | 35 | | | 5 | | 5 |
| nd | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | | | | 116 | 1,286 | 0 | 1,402 | 0 | 1,402 |
| -settl | | | | | | | | | |
| ed | | | | | | | | | |
| share- | | | | | | | | | |
| based | | | | | | | | | |
| paymen | | | | | | | | | |
| ts | | | | | | | | | |
--------------------------------------------------------------------------------
| Share- | 6,967 | 1,504 | -469 | 34,2 | 2,737 | 0 | 44,98 | 0 | 44,98 |
| holder | | | | 46 | | | 5 | | 5 |
| 's | | | | | | | | | |
| equity | | | | | | | | | |
| 30.6.2 | | | | | | | | | |
| 009 | | | | | | | | | |
--------------------------------------------------------------------------------
CALCULATION OF KEY FIGURES
--------------------------------------------------------------------------------
| Return on equity: | Profit/loss for the financial period |
| | ------------------------------ * 100 |
| | Shareholders' equity (average) |
--------------------------------------------------------------------------------
| Return on capital | Profit/loss for the period after financial |
| employed: | 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, | Profit for the period attributable to equity |
| diluted: | holder of the parent (diluted) |
| | ----------------------------------------------- |
| | Average number of shares - own shares + number |
| | of options at the period-end |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MAJOR SHAREHOLDERS 30.6.2010 | Shares | % |
--------------------------------------------------------------------------------
| EM Group Oy | 3,822,813 | 21.02 |
--------------------------------------------------------------------------------
| Mandatum Life | 1,679,200 | 9.23 |
--------------------------------------------------------------------------------
| Ilmarinen Mutual Pension Insurance | 936,776 | 5.15 |
| Company | | |
--------------------------------------------------------------------------------
| Kaleva Mutual Pension Insurance Company | 824,641 | 4.53 |
--------------------------------------------------------------------------------
| Varma Mutual Pension Insurance Company | 521,150 | 2.87 |
--------------------------------------------------------------------------------
| State Pension Fund | 500,000 | 2.75 |
--------------------------------------------------------------------------------
| Op-Suomi Small Cap | 496,112 | 2.73 |
--------------------------------------------------------------------------------
| Aktia Capital Mutual Fund | 450,000 | 2.47 |
--------------------------------------------------------------------------------
| Skagen Vekst Verdipapierfond | 437,000 | 2.4 |
--------------------------------------------------------------------------------
| Teleste Management Oy | 381,000 | 2.09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SECTOR DISPERSION 30.6.2010 | Shareholder | % | Shares | % |
| | s | | | |
--------------------------------------------------------------------------------
| Corporations | 317 | 5.92 | 5,835,378 | 32.08 |
--------------------------------------------------------------------------------
| Financial and insurance | 14 | 0.26 | 3,687,601 | 20.27 |
| corporations | | | | |
--------------------------------------------------------------------------------
| Public institutions | 9 | 0.16 | 2,248,700 | 12.36 |
--------------------------------------------------------------------------------
| Non-profit institutions | 37 | 0.69 | 429,611 | 2.36 |
--------------------------------------------------------------------------------
| Households | 4,929 | 92.18 | 4,420,695 | 24.30 |
--------------------------------------------------------------------------------
| Foreign countries and nominee | 41 | 0.76 | 1,564,605 | 8.60 |
| registered | | | | |
--------------------------------------------------------------------------------
| Total | 5,347 | 100.00 | 18,186,590 | 100.00 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Preliminary calculation of recognised fair values on the acquisition |
| Freycom. |
--------------------------------------------------------------------------------
| 1 000 EUR | Recognised fair values |
| | on acquisition |
--------------------------------------------------------------------------------
| Fair values used in consolidation | |
--------------------------------------------------------------------------------
| Trade marks (inc. in intangible assets) | 63 |
--------------------------------------------------------------------------------
| Customer relationship (inc. in intangible assets) | 101 |
--------------------------------------------------------------------------------
| Technology (inc. in intangible assets) | 0 |
--------------------------------------------------------------------------------
| Book values used in consolidation | |
--------------------------------------------------------------------------------
| Tangible assets | 107 |
--------------------------------------------------------------------------------
| Inventories | 321 |
--------------------------------------------------------------------------------
| Other receivables | 204 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 197 |
--------------------------------------------------------------------------------
| Total assets | 993 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book values used in consolidation | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 0 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 0 |
--------------------------------------------------------------------------------
| Other liabilities | 524 |
--------------------------------------------------------------------------------
| Total liabilities | 524 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net identifiable assets and liabilities | 469 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total consideration | 1,071 |
--------------------------------------------------------------------------------
| Goodwill on acquisition | 602 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consideration paid in cash | -571 |
--------------------------------------------------------------------------------
| Cash and cash equivalents in acquired subsidiary | 197 |
--------------------------------------------------------------------------------
| Total net cash outflow on the acquisition | -374 |
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION:
Mr Jukka Rinnevaara, CEO, Tel. +358 2 2605 866 or +358 400 747 488
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Media
www.staging.staging.staging.staging.teleste.com
