Market announcement
Eesti Telekom
Category
Management interim statement or quarterly financial report
Attachments
Date
23.04.2008 09:00:00
Title
AS Eesti Telekom Grupi 2008. aasta I kvartali vahearuanne, EEK
Message
AS Eesti Telekom Grupi 2008. aasta I kvartali vahearuanne, EEK TEGEVUSE VAHEARUANNE Eesti Telekom Grupi 2008. aasta esimese kvartali tulemused rõõmustasid antud majanduslikus olukorras tugeva ärikasumiga enne põhivara amortisatsioonikulu ning ka puhaskasumi kasvuga. Vaatamata mobiilioperaatorite vahelisele sidumistasude olulisele langusele 2007. aasta lõpus, suutis mobiilside teenuste segment säilitada oma müügitulu võrreldes eelmise aasta sama perioodiga. Tugevat kasvu näitasid nii mobiilse andmeside tulud kui ka kasutajate arv. Lairiba teenuste segmendis on jätkuvalt kasvanud interneti püsiühenduste ning kolmikpakettide kasutajate arv. IT-teenuste segmendis suudeti võita mitmeid olulisi hankeid. Olulisemad finantsnäitajad Eesti Telekom grupp -------------------------------------------------------------------------------- | | I kv. 2008 | I kv. 2007 | Muutus, % | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 1 484 | 1 497 | -0,8 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara kulumit, | 576 | 542 | 6,3 | | mln EEK | | | | -------------------------------------------------------------------------------- | Marginaal, % | 38,8 | 36,2 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 436 | 424 | 2,8 | -------------------------------------------------------------------------------- | Marginaal, % | 29,4 | 28,4 | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist, mln | 452 | 440 | 2,8 | | EEK | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, mln EEK | 452 | 440 | 2,8 | -------------------------------------------------------------------------------- | Baasaktsiakasum, EEK | 3,27 | 3,18 | 2,9 | -------------------------------------------------------------------------------- | Kapitalimahutused, mln EEK | 119 | 117 | 1,5 | -------------------------------------------------------------------------------- | Netovõla suhe omakapitali, % | -29,5 | -35,6 | | -------------------------------------------------------------------------------- | ROA, % | 31,2 | 29,6 | | -------------------------------------------------------------------------------- | ROE, % | 43,0 | 44,0 | | -------------------------------------------------------------------------------- Mobiilside teenuste segment -------------------------------------------------------------------------------- | | I kv. 2008 | I kv. 2007 | Muutus, % | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 874 | 863 | 1,3 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara kulumit, | 329 | 330 | -0,2 | | mln EEK | | | | -------------------------------------------------------------------------------- | Marginaal, % | 37,6 | 38,2 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 266 | 279 | -4,5 | -------------------------------------------------------------------------------- | Marginaal, % | 30,4 | 32,3 | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist, mln | 273 | 286 | -4,7 | | EEK | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, mln EEK | 273 | 286 | -4,7 | -------------------------------------------------------------------------------- | Kapitalimahutused, mln EEK | 57 | 48 | 17,9 | -------------------------------------------------------------------------------- | ROA, % | 44,5 | 47,7 | | -------------------------------------------------------------------------------- | ROE, % | 75,4 | 78,7 | | -------------------------------------------------------------------------------- Lairiba teenuste segment -------------------------------------------------------------------------------- | | I kv. 2008 | I kv. 2007 | Muutus, % | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 764 | 697 | 9,5 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara kulumit, | 247 | 215 | 14,7 | | mln EEK | | | | -------------------------------------------------------------------------------- | Marginaal, % | 32,3 | 30,8 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 176 | 155 | 13,9 | -------------------------------------------------------------------------------- | Marginaal, % | 23,1 | 22,2 | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist, mln | 177 | 153 | 15,7 | | EEK | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, mln EEK | 177 | 153 | 15,7 | -------------------------------------------------------------------------------- | Kapitalimahutused, mln EEK | 56 | 64 | -12,3 | -------------------------------------------------------------------------------- | ROA, % | 24,3 | 20,2 | | -------------------------------------------------------------------------------- | ROE, % | 39,1 | 31,4 | | -------------------------------------------------------------------------------- IT-teenuste segment -------------------------------------------------------------------------------- | | I kv. 2008 | I kv. 2007 | Muutus, % | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 79 | 108 | -26,6 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara kulumit, | 4 | 2 | 100,9 | | mln EEK | | | | -------------------------------------------------------------------------------- | Marginaal, % | 4,9 | 1,8 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | -2 | -3 | -19,5 | -------------------------------------------------------------------------------- | Marginaal, % | -2,9 | -2,6 | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist, mln | -3 | 0 | N/A | | EEK | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, mln EEK | -3 | 0 | N/A | -------------------------------------------------------------------------------- | Kapitalimahutused, mln EEK | 5 | 5 | 19,8 | -------------------------------------------------------------------------------- | ROA, % | 2,5 | 5,6 | | -------------------------------------------------------------------------------- | ROE, % | 4,0 | 6,6 | | -------------------------------------------------------------------------------- Müügitulud, tegevuskulud ja kasum Eesti Telekom grupi 2008. aasta esimese kvartali tulemused vastasid juhatuse ootustele. Grupi müügitulu 2008. aasta esimeses kvartalis ulatus 1484 miljoni kroonini (1. kvartal 2007: 1497 miljonit krooni), ning oli peamiselt mõjutatud sidumistasude alanemisest (05.11.2007.a. fikseeriti riikliku regulaatori poolt mobiiltelefonivõrkudes sidumistasuks 1,66 krooni endise 2,50 krooni asemel). Mobiilside teenuste segmendi konsolideeritud käive ulatus 874 miljoni kroonini, kasvades 2007. aasta sama perioodiga võrreldes 1% (1. kvartal 2007: 863 miljonit krooni). Tagasihoidliku tulude kasvu taga oli sidumishindade langusest tingitud sidumistulude vähenemine, mida kompenseeris põhitegevuse poole pealt nii algatatud kui võrku sisenevate kõneminutite arvu kasv, mobiilse andmeside kasv ja allhanketeenuste mahu kasv. Võrreldes aastatagusega on lepinguliste klientide arv kasvanud 36 tuhande võrra, ulatudes 2008. aasta esimese kvartali seisuga 473 tuhandeni, samal ajal kui aktiivsete ettemaksega kaartide kasutajate arv on vähenenud aastaga 47 tuhande võrra, jäädes esimese kvartali lõpuks 278 tuhande tasemele. Erinevalt eelnenud aastast, ei toimunud 2008. aasta esimeses kvartalis nii agressiivset kliendihanget uute ettemaksega kaartide kasutajate leidmiseks. EMT hindab oma turuosa aktiivsete SIM-kaartide põhjal 47%-liseks. Hinnanguline aktiivsete kaartide penetratsioon Eestis on 118%. Tulude kasvu enim mõjutanud EMT klientide poolt algatatud kõneminutite arvu kasv 2008. aasta esimeses kvartalis ulatus 2007. aasta sama perioodiga võrreldes 3%-ni. Vastavalt Sideameti 21. märtsi 2006. a otsusele fikseeriti AS EMT-le, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile perioodiks 01.07.2006-30.06.2007 mobiiltelefonivõrkudes häälkõne lõpetamise tasuks (sidumistasuks) EEK 2,05 minut ning perioodiks 01.07.2007-30.06.2008, vastavalt Sideameti 20.06 ja 22.06.2007.a. otsustele, EEK 1,66. Kuna Elisa Eesti AS ja Tele2 Eesti AS vaidlustasid otsused kohtus ning esialgse õiguskaitse korras vastavate haldusaktide kehtivus peatati, püsisid kõigi kolme mobiilioperaatori sidumistasud kuni 05.11.2007.a. endisel, EEK 2,50 minut tasemel. 05.11.2007.a. jõustus Tallinna Ringkonnakohtu määrus, millega esialgne õiguskaitse tühistati ning nimetatud kuupäevast kohustusid kõik kolm mobiilioperaatorit rakendama sidumishinda tasemel EEK 1,66. Elisa Eesti AS-i ja Tele2-e kohtuvaidlused Sideametiga jätkuvad, AS EMT osaleb vaidlustes kolmanda isikuna. 25.03.2008.a. otsusega kehtestas Sideameti õigusjärglane Konkurentsiamet mobiiltelefonivõrkudes häälkõne lõpetamise tasuks perioodiks 01.07.2008-30.06.2009 EEK 1,37 minut, mis on nelja sendi võrra väiksem otsuses varasemalt prognoositud sidumistasu piirmäärast. Mobiilsest internetist saadavad tulud näitasid jätkuvalt väga kiiret kasvu. Tänavu esimeses kvartalis ületasid AS EMT mobiilse andmeside tulud 2007. aasta sama perioodi tulusid enam kui 60 %. Samal ajal kümnekordistus edastatud andmemaht. AS-i EMT mobiilse andmeside kasutajate arv oli 2008. aasta märtsis 160 tuhat, mis on aastatagusega võrreldes 55 tuhande kasutaja võrra enam. Mobiilse andmeside populaarsuse kasvu on tinginud üheltpoolt uute kuutasuliste andmesidepakettide turule toomine 2007. a suvel ning teisepoolt 3G leviala jõuline laienemine, mis võimaldavad klientidel kasutada kvaliteetset ja kiiret andmesidet mugavamalt kontrollitavate kuludega. Kiire arengu just erasegmendis on kaasa toonud EMT Internet stardipakett, mis sisaldas tasuta kiiret 3,5G modemit EMT Internet 399 paketiga liituvatele püsiklientidele. See pakub kliendile võimaluse kasutada Eesti suurima levialaga 3G võrku ning ADSLi lähedase kiirusega internetiühendust. Teiseks on mobiilse interneti kasutajate arvule positiivselt mõjunud EMT SurfPorti kasutamisele kehtestatud hinnalagi 9 krooni päev. See on interneti kasutamise mobiiltelefonis teinud taskukohaseks paljudele klientidele. AS EMT, nagu ka teiste Euroopa Ühenduse mobiilioperaatorite suhtes, kehtib määrus, mille kohaselt alates 2007. aasta septembrikuust ei tohi Euroopa Ühenduse piires tehtavate väljuvate kõnede minutitariif ületada Euroopa Ühenduse poolt kehtestatud piirhindu. Seetõttu on viiendiku võrra langenud roaming-klientidelt saadav tulu. Mobiilside teenuste segmendi tulud telekommunikatsioonikaupade jae- ja hulgimüügist kasvasid 2008. aasta esimeses kvartalis 2007. aasta sama perioodiga võrreldes põhiliselt tänu laiemale kaubavalikule. Lairiba teenuste segmendi müügitulud kasvasid esimeses kvartalis võrreldes eelmise aasta sama perioodiga 10%, ulatudes 764 miljoni kroonini (1. kvartal 2007: 697 miljonit krooni). Enim kasvasid tulud riigisisestelt sidumisteenustelt, mis suurenesid aastaga 73%. Kasv tulenes peamiselt kõnetransiidi mahu suurenemisest fiksvõrguoperaatorite võrkudest. Tulud rahvusvahelistelt kõneteenustelt suurenesid võrreldes 2007. aastaga 27%, seda põhiliselt mobiilivõrkudest algatatud kõnede arvu kasvu tulemusena. Sarnaselt varasemale jätkus ka lõppenud kvartalis lairibateenuste osas trend, milles kliendid asendavad üksikuid teenuseid komplekslahenduste pakettidega. Võrreldes eelmise aastaga kasvasid lairiba teenuste segmendi tulud kompleksteenuste ühendustasudest 35%. Kolmikpakettide kasutajate arv suurenes 5100 võrra, ulatudes 31. märtsi seisuga 58,6 tuhandeni (31. märts 2007: 29,8 tuhat). Esimese kvartali lõpuks oli Elionil 63,2 tuhat IP- ja kaabeltelevisiooni klienti (31. märts 2007: 32,4 tuhat). Kolmikpaketi populaarsusele on oluliselt kaasa aidanud ka pakutavate lisateenuste valik. Alates kaugvideolaenutuse teenuse turule toomisest eelmisel aastal on pidevalt täiendatud tellitavate filmide, seriaalide ja saadete valikut. Elioni interneti püsiühenduse klientide koguarv kasvas esimeses kvartalis 4400 ühenduse võrra, ulatudes märtsi lõpuks 167,5 tuhandeni (31. märts 2007: 148 tuhat). Ettevõtja hindab oma turuosaks eraklientide püsiühenduse põhjal 55%. Lisaks komplekslahenduste müügile on püsiühenduste kasvu toetanud ka Külatee 3 jätkuprojekti raames veebruaris valminud WiMax tugijaamad Võrumaal, Pärnumaal ja Raplamaal. Tulenevalt komplekslahenduste mahu ja tulude osakaalu olulisest kasvust langesid kõneühenduste ja internetiühenduste kuutasude tulud lõppenud kvartalis vastavalt 10% ja 14% võrra. Lairiba teenuste segmendi kõnetulud kasvasid esimeses kvartalis 2007. aasta sama perioodiga võrreldes kokku 10%. Nagu öeldud, tulenes kasv peamiselt riigisisesest kõnetransiidi ja mobiilivõrgust algatatud rahvusvaheliste kõnede mahu suurenemisest. Samas jätkus lõppenud kvartalis lõppklientidelt teenitavate kõnetulude langus. Võrreldes 2007. aasta sama perioodiga vähenesid riigisisestelt kõneteenustelt teenitavad tulud minutimahtude languse tõttu 10,5%. Elion hindab oma turuosa fikseeritud võrgus algatatud kõneminutitest 81%-liseks (märts 2007: 83%). Turuosa kohalike kõnede minutitest on 82,9 % (märts 2007: 84%), rahvusvaheliste kõnede minutitest 66,4% (märts 2007: 65%) ning mobiiltelefonidele tehtavate kõnede minutitest 71,2% (märts 2007: 69%). Esimese kvartali lõpuks ulatus Elioni aktiivsete kõneliideste arv 470 tuhande liideseni (31. märts 2007: 465 tuhat liidest). Kõneliideste arvu kasvu taga on eelkõige ettevõtja pidev aktiivne tegevus klientide hoidmisel ja uute klientide leidmisel. Märtsis alustas Elion Erakliendi VoIP kõneteenuse pakkumist, mis põhineb WiMax traadita interneti ühendusel. VoIP kõneteenuse kasutamiseks on kliendil vaja soetada IP-telefon või IP-adapter tavatelefoni ühendamiseks. Eesti majanduse üldise jahtumise tulemusena kahanes lairiba teenuste segmendi telekommunikatsiooni- ja IT-kaupade jaemüük esimeses kvartalis möödunud aastaga võrreldes 4% võrra. IT-teenuste segmendi müügitulu ulatus 2008. aasta esimeses kvartalis 79 miljoni kroonini (1. kvartal 2007: 108 miljonit krooni). Seejuures IT-teenuste müügikäive kasvas 17% ja IT-kaupade müügikäive oli väiksem 52% võrra võrreldes eelmise aasta sama perioodiga. Viimane on tingitud sellest, et 2007. aasta 1. kvartalis tarnis ja paigaldas MicroLink Eesti Schengeni infosüsteemideks vajaliku baasinfrastruktuuri lahenduse, mis moodustas märkimisväärse osa antud perioodi riist- ja tarkvara müügitulust. Infrastruktuurilahenduste müügitulemustele avaldasid käesoleva aasta esimeses kvartalis suurimat mõju väljakuulutatud riigihangete oluline vähenemine võrreldes 2007. aasta esimese kvartaliga ning Justiitsministeeriumi töökohaarvutite tarne lükkumine teise poolaastasse. Olulisemad võidetud hanked esimeses kvartalis olid: Haigekassa ning Kaitseministeeriumi serverid, Sotsiaalministeeriumi kettamassiiv e-tervise projektidele ning Eesti Energia olemasoleva kettamassiivi laiendus. IT-teenuste segmendis toimus müügitulude kasv ootuspäraselt püsiteenuste suurenemise arvel. Olulisemad sõlmitud lepingud esimeses kvartalis olid: Empower Eesti kesksüsteemide ja töökohaarvutite haldus, Kultuuriministeeriumi URRAM infosüsteemi majutamine ning Erametsakeskuse infosüsteemide majutamine. Projektiäris oli esimeses kvartalis olulisemaks märksõnaks e-tervise projekti töödega jätkamine. Projekti lõpetamine toimub selle aasta juunis. MicroLink Eesti võitis ka kaks olulist dokumendihalduse hanget - Eesti Post ja Tallinna Linnavalitsus - mis tulemustes kajastuvad järgmistes perioodides. Eesti Telekom grupi tegevuskulud vähenesid 2008. aasta esimeses kvartalis 2007. aasta sama perioodiga võrreldes 5%, ulatudes 913 miljoni kroonini (1. kvartal 2007: 957 miljonit krooni) . Mobiilside teenuste segmendi tegevuskulud kasvasid 2007. aasta esimese kvartaliga võrreldes 2% ulatudes 547 miljoni kroonini (1. kvartal 2007: 535 miljonit krooni). Enim on suurenenud jae- ja hulgikaubandusega seotud tegevuskulud, mis on kasvanud seoses kaubanduse müügikäibe suurenemisega. Lairiba teenuste segmendi tegevuskulud kasvasid esimeses kvartalis võrreldes eelmise aasta sama perioodiga 8%, ulatudes 520 miljoni kroonini (1. kvartal 2007: 482 miljonit krooni). Enam kui pool tegevuskulude kasvust tulenes rahvusvaheliste kõneteenuste ja riigisiseste sidumisteenuste mahu suurenemisest põhjustatud otsemüügikulude kasvust. Teiseks peamiseks tegevuskulude kasvuteguriks olid personalikulud, mis suurenesid eelmise aastaga võrreldes 13,1%. Samas kahanesid kõnede mahu vähenemisest tulenevalt 38% võrra riigisiseste kõneteenuste otsemüügikulud. IT-teenuste segmendi tegevuskulud kahanesid esimeses kvartalis 29%, ulatudes 76 miljoni kroonini (1. kvartal 2007: 106 miljonit krooni). Eesti Telekom grupi ärikasum enne põhivara amortisatsioonikulu ulatus 2008. aasta esimeses kvartalis 576 miljoni kroonini, mis on 6% enam, kui 2007. aasta esimeses kvartalis (1. kvartal 2007: 542 miljonit krooni). Mobiilside teenuste segmendi ärikasum enne põhivara kulumit jäi esimeses kvartalis samale tasemele 2007. aasta sama perioodiga võrreldes. Lairiba teenuste segmendi ärikasum enne põhivara kulumit kasvas 15% ning IT- teenuste segmendi vastav näitaja kasvas umbes kaks korda. Grupi ärikasumi enne põhivara kulumit marginaal oli 2007. aasta esimeses kvartalis 39%, mis on veidi kõrgem 2007. aasta vastava perioodi marginaalist. Grupi amortisatsioonikulu ulatus 2008. aasta esimeses kvartalis 140 miljoni kroonini, suurenedes 2007. aasta sama perioodiga võrreldes 19% (1. kvartal 2007: 118 miljonit krooni). Eesti Telekom grupp teenis esimeses kvartalis ärikasumit 436 miljonit krooni, mis on 3% enam, kui 2007. aasta esimeses kvartalis (1. kvartal 2007: 424 miljonit krooni). Grupi finantstulud (neto) kasvasid esimeses kvartalis 14% ulatudes 17 miljonit krooni (1. kvartal 2007: 15 miljonit krooni). Eesti Telekom grupi 2008. aasta esimese kvartali puhaskasum oli 452 miljonit krooni (1. kvartal 2007: 440 miljonit krooni). Tulu aktsia kohta teeniti 3,27 krooni (1. kvartal 2007: 3,18 krooni). Bilanss ja rahavood Eesti Telekom grupi bilansimaht oli 31. märtsi 2008. aasta seisuga 5342 miljonit krooni (31. detsember 2007: 5023 miljonit krooni). Aasta algusega võrreldes on 24 miljoni krooni võrra kahanenud põhivara, mille jääk esimese kvartali lõpus ulatus 2726 miljoni kroonini. Grupi käibevara on kolme kuuga kasvanud 343 miljoni krooni võrra, ulatudes märtsikuu lõpus 2616 miljoni kroonini (31. detsember 2007: 2273 miljonit krooni). Raha ja raha ekvivalentide ning lühiajaliste finantsinvesteeringute jääk on kasvanud 320 miljoni krooni võrra, ulatudes perioodi lõpuks 1411 miljoni kroonini. Kasvu taga on esimese kvartali tugevalt positiivne äritegevuse rahavoog. Eesti Telekom grupi omakapital oli 31. märtsi 2008. aasta seisuga 4766 miljonit krooni, mis on 452 miljonit krooni enam kui 2007. aasta lõpus (31. detsember 2007: 4314 miljonit krooni). Omakapitali kasv on tulenenud esimese kvartali kasumist. Grupi pikaajalised kohustused jäid aasta lõpuga samale tasemele, ulatudes 25 miljoni kroonini (31. detsember 2007: 25 miljonit krooni). Lühiajalised kohustused kahanesid 132 miljoni krooni võrra, ulatudes 551 miljoni kroonini (31. detsember 2007: 683 miljonit krooni). Kahanemine tuleneb nii mobiilside kui ka lairiba teenuste segmendi võlgnevuse vähenemisest hankijate ees. Eesti Telekom grupi netovõlg oli esimese kvartali lõpus -1408 miljonit krooni ja netovõla suhe omakapitali -30% (31. detsember 2007: -1087 miljonit krooni ja -25%). Eesti Telekom grupi kolme kuu äritegevuse rahavoog oli 447 miljonit krooni (3 kuud 2007: 358 miljonit krooni). Grupi rahavoog investeerimistegevusest oli 550 miljonit krooni (3 kuud 2007: 782 miljonit krooni). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli esimesel kolmel kuul 119 miljonit krooni (3 kuud 2007: 117 miljonit krooni). Mobiilside teenuste segment on tänavu kolme kuuga investeerinud 57 miljonit krooni (3 kuud 2007: 48 miljonit krooni). Mobiilsides oli lisaks pidevale GSM-võrgu arendusele suureks arenguvaldkonnaks kiiret mobiilset andmesidet toetavate tehnoloogiate rakendamine. Esimeses kvartalis lõppes kõikides GSM-tugijaamades EDGE andmeside rakendamise projekt. Seega on nüüd kuni 200 kbit/s kiirusega EDGE'i võimalik kasutada kogu EMT GSM-levialas. Lairiba teenuste segmendi 2008. aasta kolme kuu investeeringud ulatusid 56 miljoni kroonini (3 kuud 2007: 64 miljonit krooni). Põhiosa investeeringutest on jätkuvalt läinud teenuse kvaliteedi parandamisse, võrguressursi arendamisse ning interneti püsiühenduste ja DigiTV kättesaadavuse parendamisse. Märtsi alguses valmis Elionil Amsterdamis rahvusvaheline võrgusõlm, mis loodi tulenevalt vajadusest tõsta Londoni ja Frankfurdi ühenduste töökindlust. Amsterdami võrgusõlme rajamine võimaldab Elionil paremini jaotada võrguliiklust erinevate välisühenduste vahel ning pakkuda klientidele järjest kiiremat ligipääsu erinevatele internetivõrkudele. Uus võrgusõlm võimaldab arendada ka Elioni kõneside võrku. Varasemast on Elionil rahvusvahelised võrgusõlmed Londonis, Frankfurdis, Helsingis (kaks), Riias (kaks), Vilniuses, St. Peterburgis ja Moskvas. IT teenuste segment investeeris 2008. aasta esimeses kvartalis sarnaselt eelmise aasta samale perioodile 5 miljonit krooni valdavalt teenuste osutamiseks vajaliku infrastruktuuri laiendamiseks. Eesti Telekom grupi finantseerimistegevuse rahavoog kolme kuuga oli sarnaselt 2007. aasta esimesele kvartalile alla 1 miljoni krooni. AS- Eesti Telekom omanike struktuur 2008. aasta esimese kvartali jooksul suurendas oma osalust AS-is Eesti Telekom ettevõtja enamusomanik TeliaSonera AB (läbi oma tütarettevõtja Baltic Tele AB). TeliaSonera omandas täiendavalt 1 197 400 AS-i Eesti Telekom aktsiat kasvatades seeläbi oma osaluse 60,12%-ni. TeliaSonera osaluse suurenemine AS-is Eesti Telekom vähendas vabalt kaubeldavate aktsiate osakaalu (aktsiad, mis ei kuulu TeliaSonera AB-le, Eesti riigile või Arengufondile). Esimese kvartali lõpu seisuga oli vabalt kaubeldavate aktsiate osakaal 12,7% aktsiate koguarvust. Neist 19,81% oli konverteeritud Londoni Börsil kaubeldavateks GDR-ideks. AS-i Eesti Telekom 10 suuremat aktsionäri 31. märtsi 2008. aasta seisuga olid: -------------------------------------------------------------------------------- | | Väärtpaberite arv | Osalus | -------------------------------------------------------------------------------- | TeliaSonera AB | 82 936 299 | 60,12% | -------------------------------------------------------------------------------- | Eesti Vabariik | 33 346 464 | 24,17% | -------------------------------------------------------------------------------- | Eesti Arengufond | 4 138 636 | 3,00% | -------------------------------------------------------------------------------- | Deutsche Bank Trust Company (GDR-ide | 3 472 509 | 2,52% | | kontod) | | | -------------------------------------------------------------------------------- | Ing Lxembourg S. A. | 1 818 330 | 1,32% | -------------------------------------------------------------------------------- | Danske Bank kliendid | 1 367 436 | 0,99% | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken AB | 1 311 850 | 0,95% | | kliendid | | | -------------------------------------------------------------------------------- | Bank Austria Creditanstalt AG kliendid | 1 028 730 | 0,75% | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg | 601 149 | 0,44% | | kliendid | | | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken Finnish | 352 956 | 0,26% | | kliendid | | | -------------------------------------------------------------------------------- Aktsionäride üldkoosolek AS-i Eesti Telekom aktsionäride korraline üldkoosolek toimub 22. mail 2008. aastal algusega kell 12.00 aadressil Valge 16, Tallinn. 2007. aasta majandusaasta aruande ja üldkoosoleku otsuseprojektidega saab tutvuda alates 28. aprillist 2008. aastal internetiaadressil: http://www.telekom.ee ja Eesti Telekomis aadressil Valge 16, Tallin tööpäeviti kell 10.00 - 14.00. Üldkoosolekuga seonduvaid küsimusi võib esitada AS-i Eesti Telekom kodulehel, telefonil 6 311 212 või meilida aadressil mailbox@telekom.ee. Dividendid AS-i Eesti Telekom juhatus teeb aktsionäride üldkoosolekule ettepaneku jaotada aktsionäride vahel ning maksta aktsionäridele dividendidena välja 1 449 miljonit krooni ehk 10,50 krooni aktsia kohta, lähtudes dividendi-õiguslike aktsiate arvust, ehk 137 954 528 aktsiast. 2007. aastal jaotati aktsionäride vahel dividendidena 1 311 miljonit krooni ehk 9,50 krooni aktsia kohta. Definitsioonid Netovõlg - pika- ja lühiajalised intressikandvad laenud ja võlakohustused, miinus raha ja raha ekvivalendid ning lühiajalised investeeringud ROA - nelja viimase kvartali puhaskasumi suhe sama perioodi keskmisesse aktivate arvu ROE - nelja viimase kvartali maksustamiseelse kasumi suhe sama perioodi keskmisesse omakapitali KONSOLIDEERITUD KASUMIARUANNE Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | I kvartal | I kvartal | 2007 | | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Müügitulu | 1 484 181 | 1 496 518 | 6 261 002 | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | (830 495) | (851 181) | (3 542 791) | -------------------------------------------------------------------------------- | Brutokasum | 653 686 | 645 337 | 2 718 211 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud ning | (221 982) | (222 964) | (900 011) | | uurimis- ja arendusväljaminekud | | | | -------------------------------------------------------------------------------- | Muud äritulud | 6 285 | 3 127 | 28 114 | -------------------------------------------------------------------------------- | Muud ärikulud | (1 554) | (1 056) | (6 336) | -------------------------------------------------------------------------------- | Ärikasum | 436 435 | 424 444 | 1 839 978 | -------------------------------------------------------------------------------- | Finantstulud | 17 751 | 15 653 | 48 626 | -------------------------------------------------------------------------------- | Finantskulud | (584) | (550) | (2 342) | -------------------------------------------------------------------------------- | Finantstulud, neto | 17 167 | 15 103 | 46 284 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | (1 680) | 203 | (3 817) | | sidusettevõtjate aktsiatelt ja | | | | | osadelt, neto | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 451 922 | 439 750 | 1 882 445 | -------------------------------------------------------------------------------- | Dividendide tulumaks | - | - | (370 897) | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 451 922 | 439 750 | 1 511 548 | -------------------------------------------------------------------------------- | Perioodi puhaskasumi jaotus: | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus kasumis | 450 651 | 438 069 | 1 505 098 | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 1 271 | 1 681 | 6 450 | -------------------------------------------------------------------------------- | | 451 922 | 439 750 | 1 511 548 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsia puhaskasum, arvestatud | | | | | emaettevõtja osalusest | | | | | aruandeperioodi kasumis | | | | | (kroonides) | | | | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta | 3,27 | 3,18 | 10,91 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 3,27 | 3,18 | 10,91 | | kohta | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 576 352 | 542 082 | 2 336 260 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | (139 917) | (117 638) | (496 282) | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | 31. märts | 31. dets. | 31. märts | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | AKTIVA | | | | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 2 392 029 | 2 405 114 | 2 051 109 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 206 191 | 216 011 | 206 536 | -------------------------------------------------------------------------------- | Investeeringud | 11 742 | 13 422 | 17 450 | | sidusettevõtjatesse | | | | -------------------------------------------------------------------------------- | Mitmesugused pikaajalised | 116 072 | 115 059 | 114 783 | | nõuded | | | | -------------------------------------------------------------------------------- | Põhivara kokku | 2 726 034 | 2 749 606 | 2 389 878 | -------------------------------------------------------------------------------- | Käbevara | | | | -------------------------------------------------------------------------------- | Müügiootel põhivara | 3 258 | 1 732 | 1 076 | -------------------------------------------------------------------------------- | Varud | 184 799 | 187 573 | 135 973 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja muud | 1 016 762 | 992 939 | 1 020 814 | | lühiajalised nõuded | | | | -------------------------------------------------------------------------------- | Lühiajalised | 17 222 | 694 040 | 163 171 | | finantsinvesteeringud | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 1 393 882 | 396 778 | 1 464 010 | -------------------------------------------------------------------------------- | Käibevara kokku | 2 615 923 | 2 273 062 | 2 785 044 | -------------------------------------------------------------------------------- | AKTIVA KOKKU | 5 341 957 | 5 022 668 | 5 174 922 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | | | | | omakapitalis | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 1 379 545 | 1 379 545 | 1 379 545 | -------------------------------------------------------------------------------- | Reservid | 356 018 | 356 018 | 356 018 | -------------------------------------------------------------------------------- | Realiseerimata kursivahed | 137 955 | 137 955 | 137 955 | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata | 2 429 361 | 924 263 | 2 234 831 | | kasum | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 450 651 | 1 505 098 | 438 069 | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 4 753 530 | 4 302 879 | 4 546 418 | | omakapitalis kokku | | | | -------------------------------------------------------------------------------- | Vähemusosa | 12 751 | 11 480 | 6 711 | -------------------------------------------------------------------------------- | Omakapital kokku | 4 766 281 | 4 314 359 | 4 553 129 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 749 | 1 343 | 2 568 | | võlakohustused | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 3 004 | 3 239 | 7 738 | -------------------------------------------------------------------------------- | Eraldised | 20 937 | 20 673 | 20 047 | -------------------------------------------------------------------------------- | Intressi mittekandvad | - | - | 5 150 | | võlakohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 24 690 | 25 255 | 35 503 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | 540 929 | 670 989 | 577 497 | | lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 2 560 | 2 778 | 2 571 | | võlakohustused | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 4 856 | 4 814 | 865 | -------------------------------------------------------------------------------- | Eraldised | 2 641 | 4 473 | 5 357 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 550 986 | 683 054 | 586 290 | -------------------------------------------------------------------------------- | Kohustused kokku | 575 676 | 708 309 | 621 793 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED KOKKU | 5 341 957 | 5 022 668 | 5 174 922 | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | I kvartal 2008 | I kvartal 2007 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 451 922 | 439 750 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 139 917 | 117 638 | -------------------------------------------------------------------------------- | (Kasum) / kahjum põhivara müügist | (2 964) | (8) | -------------------------------------------------------------------------------- | Neto (tulud) / kulud sidusettevõtjatelt | 1 680 | (203) | -------------------------------------------------------------------------------- | Eraldised | (1 830) | (1 926) | -------------------------------------------------------------------------------- | (Finantstulud) / kulud | (25 536) | (21 323) | -------------------------------------------------------------------------------- | Muud mitterahalised korrigeerimised | 64 | (317) | -------------------------------------------------------------------------------- | Rahavoog äritegevusest enne käibekapitali | 563 253 | 533 611 | | muutusi | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja ettemaksete | 4 664 | (122 869) | | muutus | | | -------------------------------------------------------------------------------- | Varude muutus | (4 104) | 6 679 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | (131 516) | (74 508) | | ettemaksete muutus | | | -------------------------------------------------------------------------------- | Käibekapitali muutus | (130 956) | (190 698) | -------------------------------------------------------------------------------- | Rahavood äritegevusest peale käibekapitali | 432 297 | 342 913 | | muutusi | | | -------------------------------------------------------------------------------- | Saadud intressid | 16 459 | 15 798 | -------------------------------------------------------------------------------- | Makstud intressid | (1 463) | (331) | -------------------------------------------------------------------------------- | Rahavoog äritegevusest kokku | 447 293 | 358 380 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Materiaalse ning immateriaalse põhivara | (118 806) | (117 063) | | soetamine | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse põhivara müük | 3 232 | 126 | -------------------------------------------------------------------------------- | Lühiajaliste finantsinvesteeringute | 676 818 | 901 622 | | muutus, neto | | | -------------------------------------------------------------------------------- | Muude pikaajaliste nõuete muutus, neto | (10 996) | (2 984) | -------------------------------------------------------------------------------- | Rahavoog investeerimistegevusest kokku | 550 248 | 781 701 | -------------------------------------------------------------------------------- | Rahavood enne finantseerimistegevust | 997 541 | 1 140 081 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Kapitalirendi põhiosa tagasimaksed | (590) | (454) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest kokku | (590) | (454) | -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | 996 951 | 1 139 627 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid aasta alguses | 396 778 | 324 405 | -------------------------------------------------------------------------------- | Raha ja rahaekvivalentide muutus | 996 951 | 1 139 627 | -------------------------------------------------------------------------------- | Valuutakursi muutuste mõju | 153 | (22) | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 1 393 882 | 1 464 010 | --------------------------------------------------------------------------------
Title
AS Eesti Telekom consolidated I Quarter 2008 interim report, EEK
Message
AS Eesti Telekom consolidated I Quarter 2008 interim report, EEK MANAGEMENT REPORT In the given economic situation, 2008 first quarter results for Eesti Telekom Group were gladdening for the strong increase in EBITDA and EBIT. Despite the significant reduction in interconnection fees between mobile operators at the end of 2007, the mobile communications services segment was able to maintain its sales revenues compared to the same period last year. Both mobile data revenues and number of users showed strong growth. The broadband services segment has seen continued growth in the number of permanent Internet connections and the users of triple packages. Several important tenders were won by the IT services segment. Significant financial indicators Eesti Telekom Group -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | Change, % | -------------------------------------------------------------------------------- | Total revenues, million EEK | 1,484 | 1,497 | -0.8 | -------------------------------------------------------------------------------- | EBITDA, million EEK | 576 | 542 | 6.3 | -------------------------------------------------------------------------------- | Margin, % | 38.8 | 36.2 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 436 | 424 | 2.8 | -------------------------------------------------------------------------------- | Margin, % | 29.4 | 28.4 | | -------------------------------------------------------------------------------- | EBT, million EEK | 452 | 440 | 2.8 | -------------------------------------------------------------------------------- | Net profit for the period, million | 452 | 440 | 2.8 | | EEK | | | | -------------------------------------------------------------------------------- | EPS, EEK | 3.27 | 3.18 | 2.9 | -------------------------------------------------------------------------------- | CAPEX, million EEK | 119 | 117 | 1.5 | -------------------------------------------------------------------------------- | Net gearing, % | -29.5 | -35.6 | | -------------------------------------------------------------------------------- | ROA, % | 31.2 | 29.6 | | -------------------------------------------------------------------------------- | ROE, % | 43.0 | 44.0 | | -------------------------------------------------------------------------------- Mobile communications segment -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | Change, % | -------------------------------------------------------------------------------- | Total revenues. million EEK | 874 | 863 | 1.3 | -------------------------------------------------------------------------------- | EBITDA, million EEK | 329 | 330 | -0.2 | -------------------------------------------------------------------------------- | Margin, % | 37.6 | 38.2 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 266 | 279 | -4.5 | -------------------------------------------------------------------------------- | Margin, % | 30.4 | 32.3 | | -------------------------------------------------------------------------------- | EBT, million EEK | 273 | 286 | -4.7 | -------------------------------------------------------------------------------- | Net profit for the period, million | 273 | 286 | -4.7 | | EEK | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 57 | 48 | 17.9 | -------------------------------------------------------------------------------- | ROA, % | 44.5 | 47.7 | | -------------------------------------------------------------------------------- | ROE, % | 75.4 | 78.7 | | -------------------------------------------------------------------------------- Broadband services segment -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | Change, % | -------------------------------------------------------------------------------- | Total revenues, million EEK | 764 | 697 | 9.5 | -------------------------------------------------------------------------------- | EBITDA, million EEK | 247 | 215 | 14.7 | -------------------------------------------------------------------------------- | Margin, % | 32.3 | 30.8 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 176 | 155 | 13.9 | -------------------------------------------------------------------------------- | Margin, % | 23.1 | 22.2 | | -------------------------------------------------------------------------------- | EBT, million EEK | 177 | 153 | 15.7 | -------------------------------------------------------------------------------- | Net profit for the period, million | 177 | 153 | 15.7 | | EEK | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 56 | 64 | -12.3 | -------------------------------------------------------------------------------- | ROA, % | 24.3 | 20.2 | | -------------------------------------------------------------------------------- | ROE, % | 39.1 | 31.4 | | -------------------------------------------------------------------------------- IT services segment -------------------------------------------------------------------------------- | | Q1 2008 | Q1 2007 | Change, % | -------------------------------------------------------------------------------- | Total revenues, million EEK | 79 | 108 | -26.6 | -------------------------------------------------------------------------------- | EBITDA, million EEK | 4 | 2 | 100.9 | -------------------------------------------------------------------------------- | Margin, % | 4.9 | 1.8 | | -------------------------------------------------------------------------------- | EBIT, million EEK | -2 | -3 | -19.5 | -------------------------------------------------------------------------------- | Margin, % | -2.9 | -2.6 | | -------------------------------------------------------------------------------- | EBT, million EEK | -3 | 0 | N/A | -------------------------------------------------------------------------------- | Net profit for the period, million | -3 | 0 | N/A | | EEK | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 5 | 5 | 19.8 | -------------------------------------------------------------------------------- | ROA, % | 2.5 | 5.6 | | -------------------------------------------------------------------------------- | ROE, % | 4.0 | 6.6 | | -------------------------------------------------------------------------------- Sales revenues, operating costs, and profit The results of the Eesti Telekom Group for the first quarter of 2008 corresponded to the expectations of the management board. The sales revenues of the Group in the first quarter of 2008 reached 1,484 million EEK (1st quarter 2007: 1,497 million EEK), and is primarily affected by the reduction in interconnection fees (as of 5th of November 2007 the state regulator fixed the interconnection fee in mobile phone networks at 1.66 EEK instead of the former 2.50 EEK). In the mobile communications services segment, the consolidated turnover reached 874 million EEK, increasing by 1% compared to the same period on 2007 (1st quarter 2007: 863 million EEK). The modest growth was caused by the reduction in interconnection revenues resulting from the decrease in interconnection prices, which was compensated on the principal activity side by the growth of the number call minutes for calls initiated from and completed in the network, the growth of mobile data communications and the growth of the volume of subcontracting services. Compared to a year ago, the number of contractual clients had increased by 36 thousand, reaching 473 thousand by the first quarter of 2008, while, at the same time, the number of active users of pre-paid cards decreased by 47 thousand to 278 thousand users by the end of the first quarter. As opposed to the previous year, an aggressive client recruitment campaign did not take place in the first quarter of 2008 to find new card users. EMT assesses its market share of active SIM cards as 47%. The estimated penetration of active cards in Estonia is 118%. The increase in revenues was most affected by the increase in the number of call minutes initiated by EMT clients, which, in the first quarter of 2008, increased by 3% compared to the same period in 2007. Pursuant to the resolution of the Communications Board dated 21 March 2006, the termination fee for voice calls in the mobile phone networks (interconnection fee) for AS EMT, Elisa Eesti AS and Tele2 Eesti AS for the period 1 July 2006 to 30 June 2007 was fixed at 2.05 EEK per minute, and pursuant to the resolutions of the Communications Board dated 20 June and 22 June 2007, was fixed at 1.66 EEK for the period 1 July 2007 to 30 June 2008. Since Elisa Eesti AS and Tele2 Eesti AS disputed the decisions in court, and in the course of provisional legal protection, the validity of the aforementioned administrative act was suspended, the interconnection fees of all three mobile operators remained at 2.50 EEK until 5 November 2007. On 5 November 2007, the ruling of the Tallinn Circuit Court came into force, whereby the provisional legal protection was cancelled and all three mobile operators were obligated to apply interconnection fees of 1.66 EEK. Litigation by Elisa Eesti AS and Tele2 with the Communications Board are continuing, and EMT is participating in the litigation as a third party. With its resolution of 25 March 2008, the Competition Board, which is the legal successor to the Communications Board, established a fee of 1.37 EEK per minute for the termination of voice calls in mobile phone networks for the period 1 July 2008 - 30 June 2009, which is four cents lower than was stated in the resolution's earlier prognosis. The revenues received from mobile Internet continued to show very rapid growth. In the first quarter of this year, EMT revenues from mobile data communications exceeded the revenues for the same period in 2007 by more than 60%. At the same time, the transmitted data volumes increased tenfold. In March 2008, the number of EMT mobile data communications users was 160 thousand, or 55 thousand more users than a year ago. The increase in the popularity of mobile data communications is caused, on the one hand, by the introduction of new data communications packages based on monthly fees in the summer of 2007, and on the other hand, by the dynamic expansion of the 3G coverage area, which allows the clients to use high-quality and high-speed data communications at conveniently controllable prices. The rapid development, especially in the private segment, has been accompanied by an EMT Internet startup package, which includes a free high-speed 3.5G modem for loyal customers signing up for the EMT Internet 399 package. This provides the client with an opportunity to use Estonia's 3G network with the largest coverage area and provides Internet connections with speeds approaching those of ADSL. Secondly, the number of mobile Internet users has been positively affected by the establishment of a price ceiling of 9 EEK per day for the use of EMT SurfPort. This has made using the Internet on their mobile phones affordable for many customers. A regulation applies to AS EMT, as it does to other mobile operators in the European Community, which specifies that as of September 2007 the rate per minute for outgoing calls made within the borders of the European Community cannot exceed the maximum price established by the European Community. Therefore, the revenues received from roaming clients have decreased by 20%. The revenues for the mobile communications services segment from retailing and wholesaling telecommunications merchandise increased in the first quarter of 2008 compared to the same period in 2007 thanks primarily to a wider range of available merchandise. The sales revenues for the broadband services segment increased by 10% compared to the same period last year, reaching 764 million EEK (1st quarter 2007: 697 million EEK). The greatest increase was demonstrated by domestic interconnection services, which increased by 73% during the year. The growth was primarily based on the increases in call transit volumes from the networks of fixed network. Revenues from international call services increased by 27% compared to 2007, primarily as a result of an increase in the number of calls initiated from mobile networks. Similarly to previous quarters, the trend in broadband services, whereby clients are replacing individual services with packages of integrated services, continued in the last quarter. Compared to last year, the broadband services segment revenues from connection fees for integrated services grew by 35%. The number of triple package users increased by 5,100, reaching 58.6 thousand as of 31 March (31 March 2007: 29.8 thousand). At the end of the first quarter, Elion had 63.2 thousand IP and cable TV clients (31 March 2007: 32.4 thousand). The popularity of the triple package has been significantly enhanced by the offering of supplemental services. Since the introduction of the remote video rental service last year, the selection of available films, TV series and programs has constantly expanded. In the first quarter, the total number of Elion clients with permanent Internet connections increased by 4,400 connections, reaching 167.5 thousand by the end of March (31 March 2007: 148 thousand). The company assesses its market share based on clients with permanent connections to be 55%. In addition to the sale of integrated solutions, the growth of permanent connections is based on the WiMax base stations that were completed in Võru, Pärnu and Rapla Counties in February in the course of the Külatee 3 continuation project. Based on the significant ratio of the increase in the volume and revenues from integrated solutions, the revenues from monthly fees for call connections and Internet connections fell by 10% and 14% respectively. In the first quarter, the call revenues of the broadband services segment increased by 10% compared to the same period in 2007. As mentioned above, the growth resulted primarily from an increase in the volume of domestic call transit and international calls initiated from mobile networks. At the same time, the call revenues earned from end consumers in the last quarter continued to decrease. Compared to the same period in 2007, the revenues earned from domestic call services decreased by 10.5% due to a reduction in minute volumes. Elion assesses its market share for call minutes initiated in the fixed network to be 81% (March 2007: 83%). The market share for local call minutes is 82.9 % (March 2007: 84%), 66.4 % for international call minutes (March 2007: 65%) and 71.2% for call minutes made to mobile phones (March 2007: 69%). By the end of the first quarter, the number of Elion's active call interfaces reached 470 thousand (31 March 2007: 465 thousand interfaces). The increase in call interfaces is primarily based on the constant energetic activities directed at keeping existing clients and finding new ones. In March, Elion started providing Private Client VoIP call services, which are based on WiMax wireless Internet connections. In order to use VoIP call services, clients must acquire IP-telephones or IP-adapters to connect an ordinary phones. As a result of the general cooling of the Estonian economy, the retail sales of broadband services segment telecommunications and IT merchandise decreased in the first quarter by 4% compared to last year. Sales revenues for the IT services segment reached 79 million EEK in the first quarter of 2008 (1st quarter 2007: 108 million EEK). Whereas the sales revenues of the IT services segment increased by 17% and the sales revenues for IT merchandise was 52% less than for the same period last year. The latter is caused by the fact that in the 1st quarter of 2007, MicroLink Eesti ordered and installed the base infrastructure solution necessary for the Schengen information system, which comprised a noteworthy part of the hardware and software sales revenues for the given period. The greatest impact on the sales results for infrastructure solutions in the first quarter of this year was caused by a significant reduction in announced public procurements compared to the first quarter of 2007, and the postponement of the order of workstation computers for the Ministry of Justice into the second half of the year. The most important procurements won in the first quarter included servers for the Health Insurance Fund and the Ministry of Defense, the disk array for the e-health project, and the expansion of Eesti Energia's existing disk array. In the IT services segment, the growth of sales revenues took place as anticipated based on the increase of ongoing services. The most important contracts concluded during the first quarter included the maintenance of Empower Eesti's central system and workstation computers, the hosting of the URRAM information system of the Ministry of Culture, and the hosting of the information system of the Estonian Private Forest Union. The most important keyword during the first quarter in project business was continuation of the work on the e-health project. The project will be completed in June of this year. MicroLink Eesti also won two important document management procurements - Estonian Post and the Tallinn City Government - the results of which will be reflected in subsequent periods. The operating costs of the Eesti Telekom Group decreased by 5% in the first quarter of 2008 compared to the same period in 2007, reaching 913 million EEK (1st quarter 2007: 957 million EEK). The operating costs in the mobile communications services segment increased by 2% compared to the first quarter of 2007 reaching 547 million EEK (1st quarter 2007: 535 million EEK). The largest increases are in the operating costs related to retailing and wholesaling, which have increased in connection with the growth of trade sales turnovers. The operating costs in the broadband services segment increased by 8% compared to the same period last year, reaching 520 million EEK (1st quarter 2007: 482 million EEK). More than half the increase in operating costs resulted from the growth of direct sales costs based on increased volumes of international call services and domestic interconnection services. The second principal growth factor that is related to operating costs was personnel costs, which increased by 13.1% compared to the previous year. At the same time, the direct sales costs related to domestic call services fell by 38% due to the reduction in call volumes. The operating costs in the IT services segment decreased in the first quarter by 29%, reaching 76 million EEK (1st quarter 2007: 106 million EEK). The Eesti Telekom Group EBITDA in the first quarter of 2008 reached 576 million EEK, which is 6% more than in the first quarter of 2007 (1st quarter 2007: 542 million EEK). EBITDA in the mobile communications services segment remained in the first quarter at the same level as at the same period in 2007. EBITDA in the broadband services segment increased by 15% and the corresponding indicator in the IT services segment increased approximately twice. The Group's EBITDA margin in the first quarter of 2007 was 39%, which is slightly higher than the corresponding period in 2007. The Group's depreciation cost reached 140 million EEK in the first quarter of 2008, increasing by 19% compared to the same period in 2007 (1st quarter 2007: 118 million EEK). In the first quarter, the Eesti Telekom Group earned an EBIT of 436 million EEK, which is 3% more than in the first quarter of 2007 (1st quarter 2007: 424 million EEK). The Group's (net) financial revenues increased by 14% in the first quarter and reached 17 million EEK (1st quarter 2007: 15 million EEK). In the first quarter of 2008, the Eesti Telekom Group net profit was 452 million EEK (1st quarter 2007: 440 million EEK). The profit per share was 3.27 EEK (1st quarter 2007: 3.18 EEK). Balance sheet and cash flows As of 31 March 2008, the Eesti Telekom Group balance sheet totaled 5,342 million EEK (31 December 2007: 5,023 million EEK). Compared to the beginning of the year, fixed assets have decreased by 24 million EEK, thereby bringing the depreciated value at the end of the first quarter to 2,726 million EEK. In three months, the Group's current assets have increased by 343 million EEK, reaching 2,616 million EEK by the end of March (31 December 2007: 2,273 million EEK). The depreciated value of cash and cash equivalents as well as short-term financial investments has increased by 320 million EEK, reaching 1,411 million EEK by the end of the period. The increase is caused by a strong positive cash flow from operations in the first quarter. As of 31 March 2008, the Eesti Telekom Group equity was 4,766 million EEK, which is 452 million EEK more than at the end of 2007 (31 December 2007: 4,314 million EEK). The increase in equity is based on first quarter profit. The Group's long-term obligations of 25 million EEK remained at the same level as at the end of the year (31 December 2007: 25 million EEK). The short-term obligations decreased by 132 million EEK to 551 million EEK (31 December 2007: 683 million EEK). The decrease is caused by a reduction of indebtedness to suppliers in the mobile communications and broadband services segments. The net debt of the Eesti Telekom Group at the end of the first quarter was -1,408 million EEK and the net debt to equity ratio was -30% (31 December 2007: -1,087 million EEK and -25%). The Eesti Telekom Group three-month cash flow from operations was 447 million EEK (3 months of 2007: 358 million EEK). The Group's cash flow from investments was 550 million EEK (3 months of 2007: 782 million EEK). The cash flow into tangible and intangible fixed assets in the first three months was 119 million EEK (3 months of 2007: 117 million EEK). This year, the mobile communications services segment has invested 57 million EEK in three months (3 months of 2007: 48 million EEK). In mobile communications, in addition to the constant development of the GSM network, a large development field was the implementation of technologies supporting high-speed data communications. In the first quarter, the project for implementing EDGE data communications in all GSM base stations was completed. Therefore, EDGE with speeds of up to 200 kbit per second can currently be used in all EMT GSM coverage areas. During the three months of 2008, the investments in the broadband services segment reached 56 million EEK (3 months of 2007: 64 million EEK). The principal part of the investments continued to be directed at improving the quality of services, developing network resources, and improving the availability of permanent Internet connections and DigiTV. At the beginning of March, Elion's international network node in Amsterdam was completed, which was created based on a need to increase the reliability of connections with London and Frankfurt. The establishment of the Amsterdam network node allows Elion to better distribute network traffic among various foreign connections and to provide clients with increasingly rapid access to various Internet networks. The new network node enables an Elion call communications network to be developed. Elion already had international network nodes in London, Frankfurt, Helsinki (two), Riga (two), Vilnius, St. Petersburg, and Moscow. In the first quarter of 2008, similarly to the same period of last year, the IT services segment invested 5 million EEK primarily for the expansion of the infrastructure necessary for the provision of services. The Eesti Telekom Group cash flow from financing activities in the first three months was less than 1 million EEK, similarly to the first quarter of 2007. Ownership structure of AS Eesti Telekom In the first quarter of 2008, the majority shareholder, TeliaSonera AB (through its subsidiary Baltic Tele AB) increased its share in AS Eesti Telekom. TeliaSonera acquired an additional 1,197,400 AS Eesti Telekom shares, thereby increasing its participation to 60.12%. The increase in the participation of TeliaSonera reduced the ratio of freely traded shares (shares that do not belong to TeliaSonera AB, the Estonian state, or the Development Fund). As of the end of the first quarter, the ratio of freely traded shares was 12.7% of the total number of shares. Of these, 19.81% were converted into GDRs trades on the London Stock Exchange. As of 31 March 2008, the 10 largest shareholders in AS Eesti Telekom were: -------------------------------------------------------------------------------- | | Number of | Participation | | | securities | | -------------------------------------------------------------------------------- | Baltic Tele AB | 82,936,299 | 60.12% | -------------------------------------------------------------------------------- | Ministry of Finance / State Treasury | 33,346,464 | 24.17% | -------------------------------------------------------------------------------- | Estonian Development Fund | 4,138,636 | 3.00% | -------------------------------------------------------------------------------- | Deutsche Bank Trust Company (GDR | 3,472,509 | 2.52% | | accounts) | | | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 1,818,330 | 1.32% | -------------------------------------------------------------------------------- | Danske Bank clients | 1,367,436 | 0.99% | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken AB | 1,311,850 | 0.95% | | clients | | | -------------------------------------------------------------------------------- | Bank Austria Creditanstalt AG clients | 1,028,730 | 0.75% | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg clients | 601,149 | 0.44% | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken finnish | 352,956 | 0.26% | | clients | | | -------------------------------------------------------------------------------- Shareholders' general meeting The regular general meeting of AS Eesti Telekom shareholders will take place on 22 May 2008 at 12 pm in Tallinn at Valge 16. Starting on 28 April 2008, the 2007 annual report and draft resolutions for the general meeting will be available on the Internet at http://www.telekom.ee and at Eesti Telekom at Valge 16, Tallinn on workdays from 10 am to 2 pm. Questions related to the general meeting can be submitted through the AS Eesti Telekom website, by telephone at 6 311 212, or by e-mail to mailbox@telekom.ee. Dividends The Management Board of AS Eesti Telekom will make a proposal at the shareholders' general meeting to distribute and pay our 1,449 million EEK or 10.50EEK per share as dividends, based on the number of dividend-paying shares, or 137,954,528 shares. In 2007, 1,311 million EEK was distributed as dividends among the shareholders, or 9.50 EEK per share. Definitions Net debt - Long- and short-term interest-bearing borrowings, less cash and cash equivalents and short-term investments ROA -Net profit for the last four quarters divided by the average total assets for the same period ROE - Pre-tax profit for last four quarters divided by the average equity for the same period CONSOLIDATED INCOME STATEMENT In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | I Quarter | I Quarter | 2007 | | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Net sales | 1,484,181 | 1,496,518 | 6,261,002 | -------------------------------------------------------------------------------- | Cost of production | (830,495) | (851,181) | (3,542,791) | -------------------------------------------------------------------------------- | Gross profit | 653,686 | 645,337 | 2,718,211 | -------------------------------------------------------------------------------- | Sales, administrative, and | (221,982) | (222,964) | (900,011) | | research & development expenses | | | | -------------------------------------------------------------------------------- | Other operating revenues | 6,285 | 3,127 | 28,114 | -------------------------------------------------------------------------------- | Other operating expenses | (1,554) | (1,056) | (6,336) | -------------------------------------------------------------------------------- | Operating profit | 436,435 | 424,444 | 1,839,978 | -------------------------------------------------------------------------------- | Finance income | 17,751 | 15,653 | 48,626 | -------------------------------------------------------------------------------- | Finance costs | (584) | (550) | (2,342) | -------------------------------------------------------------------------------- | Finance income, net | 17,167 | 15,103 | 46,284 | -------------------------------------------------------------------------------- | Net income / (expenses) from | (1,680) | 203 | (3,817) | | associated companies | | | | -------------------------------------------------------------------------------- | Profit before tax | 451,922 | 439,750 | 1,882,445 | -------------------------------------------------------------------------------- | Income tax on dividends | - | - | (370,897) | -------------------------------------------------------------------------------- | Net profit for the period | 451,922 | 439,750 | 1,511,548 | -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 450,651 | 438,069 | 1,505,098 | -------------------------------------------------------------------------------- | Minority interest | 1,271 | 1,681 | 6,450 | -------------------------------------------------------------------------------- | | 451,922 | 439,750 | 1,511,548 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share for profit | | | | | attributable to the equity holders | | | | | of the parent during the reporting | | | | | period (expressed in EEK) | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 3.27 | 3.18 | 10.91 | -------------------------------------------------------------------------------- | Diluted earnings per share | 3.27 | 3.18 | 10.91 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA | 576,352 | 542,082 | 2,336,260 | -------------------------------------------------------------------------------- | Depreciation, amortization and | (139,917) | (117,638) | (496,282) | | write-downs | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | 31 March | 31 December | 31 March | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 2,392,029 | 2,405,114 | 2,051,109 | -------------------------------------------------------------------------------- | Intangible fixed assets | 206,191 | 216,011 | 206,536 | -------------------------------------------------------------------------------- | Investments in associates | 11,742 | 13,422 | 17,450 | -------------------------------------------------------------------------------- | Other financial fixed assets | 116,072 | 115,059 | 114,783 | -------------------------------------------------------------------------------- | Total non-current assets | 2,726,034 | 2,749,606 | 2,389,878 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Assets classified as | 3,258 | 1,732 | 1,076 | | held-for-sale | | | | -------------------------------------------------------------------------------- | Inventories | 184,799 | 187,573 | 135,973 | -------------------------------------------------------------------------------- | Trade and other receivables | 1,016,762 | 992,939 | 1,020,814 | -------------------------------------------------------------------------------- | Short-term investments | 17,222 | 694,040 | 163,171 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1,393,882 | 396,778 | 1,464,010 | -------------------------------------------------------------------------------- | Total current assets | 2,615,923 | 2,273,062 | 2,785,044 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 5,341,957 | 5,022,668 | 5,174,922 | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Capital and reserves | | | | | attributable to equity holders | | | | | of the parent | | | | -------------------------------------------------------------------------------- | Share capital | 1,379,545 | 1,379,545 | 1,379,545 | -------------------------------------------------------------------------------- | Share premium | 356,018 | 356,018 | 356,018 | -------------------------------------------------------------------------------- | Statutory legal reserve | 137,955 | 137,955 | 137,955 | -------------------------------------------------------------------------------- | Retained earnings | 2,429,361 | 924,263 | 2,234,831 | -------------------------------------------------------------------------------- | Net profit for the period | 450,651 | 1,505,098 | 438,069 | -------------------------------------------------------------------------------- | Total capital and reserves | 4,753,530 | 4,302,879 | 4,546,418 | | attributable to equity holders | | | | | of the parent | | | | -------------------------------------------------------------------------------- | Minority interest | 12,751 | 11,480 | 6,711 | -------------------------------------------------------------------------------- | Total equity | 4,766,281 | 4,314,359 | 4,553,129 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest bearing loans and | 749 | 1,343 | 2,568 | | borrowings | | | | -------------------------------------------------------------------------------- | Retirement benefit obligations | 3,004 | 3,239 | 7,738 | -------------------------------------------------------------------------------- | Provisions | 20,937 | 20,673 | 20,047 | -------------------------------------------------------------------------------- | Non-interest bearing | - | - | 5,150 | | liabilities | | | | -------------------------------------------------------------------------------- | Total non-current liabilities | 24,690 | 25,255 | 35,503 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade and other payables | 540,929 | 670,989 | 577,497 | -------------------------------------------------------------------------------- | Interest bearing loans and | 2,560 | 2,778 | 2,571 | | borrowings | | | | -------------------------------------------------------------------------------- | Retirement benefit obligations | 4,856 | 4,814 | 865 | -------------------------------------------------------------------------------- | Provisions | 2,641 | 4,473 | 5,357 | -------------------------------------------------------------------------------- | Total current liabilities | 550,986 | 683,054 | 586,290 | -------------------------------------------------------------------------------- | Total liabilities | 575,676 | 708,309 | 621,793 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 5,341,957 | 5,022,668 | 5,174,922 | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | I Quarter | I Quarter | | | 2008 | 2007 | -------------------------------------------------------------------------------- | Operating activities | | | -------------------------------------------------------------------------------- | Net profit for the period | 451,922 | 439,750 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortisation and impairment | 139,917 | 117,638 | | of fixed and intangible assets | | | -------------------------------------------------------------------------------- | (Profit) / loss from sales and discards of | (2,964) | (8) | | fixed assets | | | -------------------------------------------------------------------------------- | Net (income) / expenses from associated | 1,680 | (203) | | companies | | | -------------------------------------------------------------------------------- | Provisions | (1,830) | (1,926) | -------------------------------------------------------------------------------- | Financial items | (25,536) | (21,323) | -------------------------------------------------------------------------------- | Miscellaneous non-cash items | 64 | (317) | -------------------------------------------------------------------------------- | Cash flow before change in working capital | 563,253 | 533,611 | -------------------------------------------------------------------------------- | Change in current receivables | 4,664 | (122,869) | -------------------------------------------------------------------------------- | Change in inventories | (4,104) | 6,679 | -------------------------------------------------------------------------------- | Change in current liabilities | (131,516) | (74,508) | -------------------------------------------------------------------------------- | Change in working capital | (130,956) | (190,698) | -------------------------------------------------------------------------------- | Cash flow after changes in working capital | 432,297 | 342,913 | -------------------------------------------------------------------------------- | Interest received | 16,459 | 15,798 | -------------------------------------------------------------------------------- | Interest paid | (1,463) | (331) | -------------------------------------------------------------------------------- | Cash flow from operating activities | 447,293 | 358,380 | -------------------------------------------------------------------------------- | Investing activities | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | (118,806) | (117,063) | | acquired | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | 3,232 | 126 | | divested | | | -------------------------------------------------------------------------------- | Net change in interest-receivables short | 676,818 | 901,622 | | maturities | | | -------------------------------------------------------------------------------- | Net cash changes of other long-term | (10,996) | (2,984) | | receivables | | | -------------------------------------------------------------------------------- | Cash flow from investing activities | 550,248 | 781,701 | -------------------------------------------------------------------------------- | Cash flow before financing activities | 997,541 | 1,140,081 | -------------------------------------------------------------------------------- | Financing activities | | | -------------------------------------------------------------------------------- | Repayment of finance lease liabilities | (590) | (454) | -------------------------------------------------------------------------------- | Cash flow used in financing activities | (590) | (454) | -------------------------------------------------------------------------------- | Cash flow for the year | 996,951 | 1,139,627 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at beginning of | 396,778 | 324,405 | | year | | | -------------------------------------------------------------------------------- | Cash flow for the year | 996,951 | 1,139,627 | -------------------------------------------------------------------------------- | Effect of foreign exchange rate changes | 153 | (22) | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of period | 1,393,882 | 1,464,010 | --------------------------------------------------------------------------------