Market announcement
Eesti Telekom
General information
Categories
Half-yearly financial report
Unique data record identifier
1711
Attachments
Submission date and time
18.07.2008 09:00:00
Content of announcement in Estonian
Title
AS-i Eesti Telekom Grupi 2008. a. II kvartali ja I poolaasta konsolideeritud vahearuanne, EUR
Message
AS-i Eesti Telekom Grupi 2008. a. II kvartali ja I poolaasta konsolideeritud
vahearuanne, EUR
TEGEVUSE VAHEARUANNE
Juhatuse kommentaar: Tulemused olid ootuspärased. Positiivne on, et antud
majanduslikus situatsioonis ärikasum enne põhivara kulumit jätkuvalt kasvas.
Käivet mõjutas mobiiloperaatorite vahelise sidumistasude langus võrreldes sama
perioodiga eelmisel aastal.
Olulisemad finantsnäitajad
Eesti Telekom grupp
--------------------------------------------------------------------------------
| | II kv. | II | Muutu | I p/a | I p/a | Muutus, |
| | 2008 | kv. | s, % | 2008 | 2007 | % |
| | | 2007 | | | | |
--------------------------------------------------------------------------------
| Müügitulu, mln EUR | 100,1 | 101,1 | -1,0 | 195,0 | 196,8 | -0,9 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 39,2 | 37,7 | 3,8 | 76,0 | 72,4 | 5,0 |
| kulumit, mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 39,1 | 37,3 | | 39,0 | 36,8 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EUR | 29,9 | 29,9 | 0,1 | 57,8 | 57,0 | 1,4 |
--------------------------------------------------------------------------------
| Marginaal, % | 29,9 | 29,6 | | 29,6 | 29,0 | |
--------------------------------------------------------------------------------
| Kasum enne | 31,1 | 30,6 | 1,7 | 60,0 | 58,7 | 2,2 |
| tulumaksustamist, mln | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, mln | 6,5 | 6,9 | -6,4 | 35,4 | 35,0 | 1,0 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Baasaktsiakasum, EUR | 0,05 | 0,05 | -5,2 | 0,26 | 0,25 | 1,3 |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 11,8 | 11,8 | -0,2 | 19,4 | 19,3 | 0,5 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Netovõla suhe | -14,3 | -23,3 | | | | |
| omakapitali, % | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 31,3 | 30,7 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 46,5 | 46,8 | | | | |
--------------------------------------------------------------------------------
Mobiilside teenuste segment
--------------------------------------------------------------------------------
| | II kv. | II | Muutu | I p/a | I p/a | Muutus, |
| | 2008 | kv. | s, % | 2008 | 2007 | % |
| | | 2007 | | | | |
--------------------------------------------------------------------------------
| Müügitulu, mln EUR | 60,0 | 64,0 | -6,3 | 115,8 | 119,1 | -2,8 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 23,3 | 24,0 | -3,0 | 44,3 | 45,1 | -1,7 |
| kulumit, mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 38,9 | 37,6 | | 38,3 | 37,9 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EUR | 19,1 | 20,5 | -7,1 | 36,1 | 38,4 | -5,9 |
--------------------------------------------------------------------------------
| Marginaal, % | 31,8 | 32,1 | | 31,2 | 32,2 | |
--------------------------------------------------------------------------------
| Kasum enne | 19,7 | 20,8 | -5,0 | 37,2 | 39,1 | -4,9 |
| tulumaksustamist, mln | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, mln | 5,6 | 4,8 | 14,7 | 23,0 | 23,1 | -0,7 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 4,6 | 5,1 | -10,1 | 8,2 | 8,2 | 0,6 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 45,3 | 52,4 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 76,7 | 91,3 | | | | |
--------------------------------------------------------------------------------
Lairiba teenuste segment
--------------------------------------------------------------------------------
| | II kv. | II | Muutu | I p/a | I p/a | Muutus, |
| | 2008 | kv. | s, % | 2008 | 2007 | % |
| | | 2007 | | | | |
--------------------------------------------------------------------------------
| Müügitulu, mln EUR | 51,4 | 46,9 | 9,6 | 100,2 | 91,5 | 9,6 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 15,7 | 14,0 | 12,1 | 31,5 | 27,8 | 13,4 |
| kulumit, mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 30,6 | 29,9 | | 31,4 | 30,4 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EUR | 11,1 | 10,1 | 9,6 | 22,3 | 20,0 | 11,7 |
--------------------------------------------------------------------------------
| Marginaal, % | 21,5 | 21,5 | | 22,3 | 21,8 | |
--------------------------------------------------------------------------------
| Kasum enne | 11,2 | 10,0 | 12,4 | 22,6 | 19,8 | 14,0 |
| tulumaksustamist, mln | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, mln | 2,7 | 2,2 | 21,9 | 14,1 | 12,0 | 16,8 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 6,9 | 6,3 | 10,4 | 10,5 | 10,4 | 1,4 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 24,4 | 18,2 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 40,2 | 30,6 | | | | |
--------------------------------------------------------------------------------
IT-teenuste segment
--------------------------------------------------------------------------------
| | II kv. | II | Muutu | I p/a | I p/a | Muutus, |
| | 2008 | kv. | s, % | 2008 | 2007 | % |
| | | 2007 | | | | |
--------------------------------------------------------------------------------
| Müügitulu, mln EUR | 5,6 | 4,8 | 15,6 | 10,6 | 11,7 | -9,3 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 0,5 | 0,2 | 177,5 | 0,7 | 0,3 | 144,3 |
| kulumit, mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 8,1 | 3,4 | | 6,6 | 2,4 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EUR | 0,1 | -0,2 | N/A | -0,1 | -0,4 | -80,1 |
--------------------------------------------------------------------------------
| Marginaal, % | 1,2 | -4,2 | | -0,7 | -3,3 | |
--------------------------------------------------------------------------------
| Kasum enne | 0,0 | 0,0 | 46,0 | -0,1 | 0,0 | N/A |
| tulumaksustamist, mln | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, mln | 0,0 | 0,0 | 46,0 | -0,1 | 0,0 | N/A |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 0,3 | 0,4 | -36,4 | 0,6 | 0,7 | -14,3 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 4,6 | 7,1 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 17,4 | 12,9 | | | | |
--------------------------------------------------------------------------------
Müügitulud, tegevuskulud ja kasum
Eesti Telekom grupi 2008. aasta teise kvartali tulemused vastasid juhatuse
ootustele. Grupi müügitulu
ulatus 2008. aasta teises kvartalis 100,1 miljoni
euroni (2. kvartal 2008: 101,1 miljonit eurot), ning oli peamiselt mõjutatud
sidumistasude alanemisest (05.11.2007.a. fikseeriti riikliku regulaatori poolt
mobiiltelefonivõrkudes sidumistasuks 0,11 eurot endise 0,16 euro asemel).
Mobiilside teenuste segmendi konsolideeritud käive ulatus 2008. aasta teises
kvartalis 60,0 miljoni euroni, kahanedes 2007. aasta sama perioodiga võrreldes
6% (2. kvartal 2007: 64,0 miljonit eurot). Tulude kahanemise taga oli
sidumishindade langusest tingitud sidumistulude vähenemine, mida kompenseeris
osaliselt võrku sisenevate kõneminutite arvu mõningane kasv, mobiilse andmeside
kasv ja allhanketeenuste mahu kasv. Lisaks on teises kvartalis võrreldes
aastataguse ajaga vähenenud telekommunikatsioonikaupade jae- ja hulgimüügist
saadavad tulud ning samal ajal suurenenud mobiilseadmete remontimine, mis on
tingitud tarbijakäitumise muutusest.
AS-i EMT kliendibaas oli 2008. aasta teise kvartali lõpus 9 tuhande võrra suurem
võrreldes eelmise aasta teise kvartali lõpuga, ulatudes 755 tuhande aktiivse
SIM-kaardini (juuni 2007: 746 tuhat kaarti). Võrreldes aastatagusega on
lepinguliste klientide arv kasvanud 30 tuhande võrra, ulatudes 2008. aasta teise
kvartali lõpu seisuga 480 tuhandeni, samal ajal kui aktiivsete ettemaksega
kaartide kasutajate arv on vähenenud aastaga
21 tuhande võrra, jäädes teise
kvartali lõpuks 275 tuhande tasemele. EMT hindab oma turuosa aktiivsete
SIM-kaartide põhjal 47%-liseks. Hinnanguline aktiivsete kaartide penetratsioon
Eestis on 118%.
EMT klientide poolt algatatud kõneminutite arv kasvas pisut võrreldes eelmise
aasta teise kvartaliga.
Vastavalt Sideameti 21. märtsi 2006. aasta 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) 0,13 eurot
minut ning perioodiks 01.07.2007-30.06.2008, vastavalt Sideameti 20.06 ja
22.06.2007.a. otsustele, 0,11 eurot. 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, 0,16 eurot minut tasemel. 05.11.2007.a.
jõustus Tallinna Ringkonnakohtu määrus, millega esialgne õiguskaitse tühistati
ning nimetatud kuupäevast kohustusid kõik kolm mobiilioperaatorit rakendama
sidumishinda tasemel 0,11 eurot. 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 AS-ile EMT, Elisa
Eesti AS-ile ja Tele2 Eesti AS-ile oma mobiiltelefonivõrkudes häälkõne
lõpetamise tasuks perioodiks 01.07.2008-30.06.2009 0,09 eurot minut.
Mobiilsest internetist saadavad tulud näitasid jätkuvalt väga kiiret kasvu.
Tänavu teises kvartalis ületasid
AS EMT mobiilse andmeside tulud 2007. aasta
sama perioodi tulusid enam kui poole võrra. Samal ajal mitmekordistus edastatud
andmemaht. AS-i EMT mobiilse andmeside kasutajate arv oli 2008. aasta juunis
150 tuhat, mis on aastatagusega võrreldes 8 tuhande kasutaja võrra enam.
Mobiilse andmeside populaarsuse kasvu on tinginud 3G leviala jõuline laienemine,
mis võimaldab klientidel kasutada kvaliteetset ja kiiret ADSLi lähedase
kiirusega andmesidet mugavamalt kontrollitavate kuludega. Eelmise aasta lõpuks
oli 3G levi kõigis Eesti maakonnakeskustes ning mitmetes teistes linnades ja
nende lähipiirkondades. Uute 3G tugijaamade paigaldamine välis- ja siselevi
laiendamiseks käib varasemast kiiremas tempos. Lisaks töötab EMT-l ainsana
Eestis EDGE andmeside kiirusega kuni 200 kbps kogu GSM levialas. Alates teisest
kvartalist alandas EMT kuni neli korda roamingu andmeside hindu eri Euroopa
riikides, et soodustada veelgi klientide võimalusi Interneti kasutamisel ja
kiirendada andmeside kasvu.
AS EMT, nagu ka teiste Euroopa Ühenduse mobiilioperaatorite suhtes, kehtib
Euroopa Parlamendi ja Nõukogu määrus, mille kohaselt alates 2007. aasta
septembrikuust ei tohi Euroopa Ühenduse piires tehtavate ning vastuvõetavate
kõnede minutitariifid ületada määrusega kehtestatud piirhindu. Seetõttu on
teises kvartalis ligi kümnendiku võrra langenud roaming-klientidelt saadav tulu.
Lairiba teenuste segmendi müügitulud kasvasid teises kvartalis 10%, ulatudes
51,4 miljoni euroni
(2. kvartal 2007: 46,9 miljonit eurot). Suurim tulude kasv
tulenes allhanketeenuste müügist, mis eelmise aasta sama perioodiga võrreldes
suurenes 217% ehk 3,6 miljoni euro võrra. Eelkõige suurendasid allhanketeenuste
tulu oluliselt suurenenud vahendatavate allteenuste maht. Riigisisese
kõnetransiidi tulud kasvasid lõppenud kvartalis 124% ning rahvusvahelise
kõnetransiidi tulud 231%. Kõnetransiidi tulude kasv oli samuti peamiselt seotud
allhanketeenuse minutimahtude suurenemisega. Samas langesid lõpp-klientidelt
teenitavad kõneteenuste tulud minutimahu vähenemise tõttu 7%.
Elioni interneti püsiühenduse klientide koguarv kasvas võrreldes aastatagusega,
ulatudes juuni lõpuks
168 tuhandeni (30. juuni 2007: 152 tuhat). Ettevõtja
hindab oma turuosaks eraklientide püsiühenduse põhjal 55%.
Mai lõpus liideti grupi emaettevõtja Elion Ettevõtted AS-iga Elioni 100%-lise
osalusega tütarettevõtja OÜ Viru Net. Viru Net oli Ida-Virumaa juhtiv
internetiteenuste pakkuja, spetsialiseerudes teenuse pakkumisele korrusmajades.
Kahe ettevõtte ühendamisel alustab Elion korrusmaja interneti laiema tutvustus-
ja arenguprogrammiga Ida-Virumaal, liites Viru Neti kliendisegmendi tundmise ja
selle piirkonna pikaajalised kogemused ning Elioni süsteemse lähenemise,
kvaliteedi ja laia tooteportfelli. Ettevõtete ühendamine olemasolevatele
klientidele sisulist muudatust kaasa ei too.
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 31%. Kolmikpakettide kasutajate arv suurenes
kvartaliga 4200 võrra, ulatudes 30. juuni seisuga 62,8 tuhandeni (30. juuni
2007: 36,4 tuhat). Teise kvartali lõpuks oli Elionil
67,7 tuhat IP- ja
kaabeltelevisiooni klienti (30. juuni 2007: 39,5 tuhat). Kolmikpaketi
populaarsusele on oluliselt kaasa aidanud ka pakutavate lisateenuste valik,
näiteks videolaenutus, mille maht kasvas teises kvartalis esimese kvartaliga
võrreldes kahekordseks. Tasuta filmide turunduskampaaniad on hoogustanud ka
tasuliste filmide laenutust. Võrreldes eelmise aastaga suurenesid Elioni
videolaenutuse tulud teises kvartalis 201%. Aprillis lisandusid Elioni DigiTV
laste teemapaketi hulka kolm uut kanalit - Disney Channel, Toon Disney ja
Playhouse Disney, mille tulemusena tõsteti paketi hinda 1,23 eurolt 2,24-le
eurole. Elioni DigiTV teemapakettide hulgas on laste teemapakett üks
populaarsemaid ning selle tellijate arv ulatub enam kui 4000-ni.
Tulenevalt komplekslahenduste mahu ja tulude osakaalu olulisest kasvust langesid
kõneühenduste ja internetiühenduste kuutasude tulud lõppenud kvartalis võrreldes
eelmise aasta sama perioodiga vastavalt 10% ja 18% võrra.
Teise kvartali lõpuks ulatus Elioni aktiivsete kõneliideste arv 472 tuhandeni
(30. juuni 2007: 468 tuhat liidest), püsides viimase kolme kvartali jooksul
stabiilselt samal tasemel.
Elion hindab oma turuosa fikseeritud võrgus algatatud kõneminutitest 81%-liseks
(juuni 2007: 82%). Turuosa kohalike kõnede minutitest on 83% (juuni 2007: 84%),
rahvusvaheliste kõnede minutitest 66% (juuni 2007: 65%) ning mobiiltelefonidele
tehtavate kõnede minutitest 71% (juuni 2007: 69%).
Mais teatas Elisa Eesti AS otsusest tõsta alates 1. juulist 2008 oma fikseeritud
kõneside võrgus kõnede lõpetamise tasu ca 45% võrra. Elion Ettevõtted AS-i
taotluse alusel algatas Konkurentsiamet menetluse hinnatõusu põhjendatuse
uurimiseks.
Eesti majanduse üldise jahtumise ja jaemüügikaupade kasvutempo aeglustumise
tulemusena kahanes Elion grupi telekommunikatsiooni- ja IT-kaupade jaemüük
teises kvartalis möödunud aastaga võrreldes 22% võrra. Samas näitas Elion
esinduste kaubamüük kvartali teises pooles edukate turunduskampaaniate
tulemusena taas hoogustumise märke.
IT-teenuste segmendi müügitulu ulatus 2008. aasta teises kvartalis 5,6 miljoni
euroni (2. kvartal 2007:
4,8 miljonit eurot). Võrreldes eelmise aasta sama
perioodiga kasvas müügitulu 16%, seejuures IT teenuste osas 14% ja IT-kaupade
osas 18% võrra.
Infrastruktuurilahenduste müügitulemustele avaldasid suurt mõju mitmed suured
hanked, mis realiseerusid teises kvartalis teiste hulgas Justiitsministeeriumi
lauaarvutite hange, Sotsiaalministeeriumi e-tervise projekti kettamassiiv, RIA
serverid ning mitmed edukad projektid finantsettevõtetes.
Projektiäris oli teises kvartalis olulisemateks märksõnaks e-tervise projekti
töödega (patsiendiportaal, digipilt ja digiretsept) jätkamine. Jätkus oluliste
projektide elluviimised Eesti Postis (dokumendihaldus, service desk tarkvara
juurutamine), Maksu- ja Tolliametis (dokumendihaldus), Põhja-Eesti
Regionaalhaiglas (identiteedi haldus), Tööturuametis (tarkvara arendus).
Teises kvartalis võeti üle Empower Eesti kesksüsteemide ja töökohaarvutite
haldus; Haridusameti koolide ja lasteaedade projektiga liideti 250 uut
kasutajat; sõlmiti mitmed uued teenuselepingud äriklientidega. Teises kvartalis
toimusid ka mitmed MicroLinki jaoks olulised riigihanked (Sotsiaalministeerium,
Tallinna Linnavalitsus), mille tulemused selguvad kolmandas kvartalis.
Eesti Telekom grupi tegevuskulud vähenesid 2008. aasta teises kvartalis 2007.
aasta sama perioodiga võrreldes 3%, ulatudes 61,4 miljoni euroni (2. kvartal
2007: 63,5 miljonit eurot).
Mobiilside teenuste segmendi tegevuskulud vähenesid 2007. aasta teise kvartaliga
võrreldes 8% ulatudes
36,8 miljoni euroni (2. kvartal 2007: 40,0 miljonit
eurot). Enim on vähenenud sidumishindade langusest tingitud sidumiskulud. Samuti
on vähenenud jae- ja hulgikaubandusega seotud tegevuskulud, mis on kooskõlas
kaubanduse müügikäibe langusega.
Lairiba teenuste segmendi tegevuskulud kasvasid lõppenud kvartalis 2007. aasta
sama perioodiga võrreldes 9%, ulatudes 36,0 miljoni euroni (2. kvartal 2007:
32,9 miljonit eurot). Kaks kolmandikku tegevuskulude kasvust tulenes
allhanketeenuste müügimahu ning riigisisese ja rahvusvahelise kõnetransiidi
minutimahtude suurenemisest põhjustatud otsemüügikulude kasvust. Teiseks
peamiseks tegevuskulude kasvuteguriks olid palgakulud ja nendega seotud maksud,
mis suurenesid eelmise aastaga võrreldes 9%. Samas kahanesid kõnede mahu
vähenemisest tulenevalt 41% võrra riigisiseste kõneteenuste otsemüügikulud.
Väiksema müügimahu tõttu vähenesid 22% võrra ka jaekaupade müügikulud.
IT-teenuste segmendi tegevuskulud kasvasid teises kvartalis 10%, ulatudes 5,1
miljoni euroni
(2. kvartal 2007: 4,7 miljonit eurot).
Eesti Telekom grupi ärikasum enne põhivara amortisatsioonikulu ulatus 2008.
aasta teises kvartalis
39,2 miljoni euroni, mis on 4% enam, kui 2007. aasta
teises kvartalis (2. kvartal 2007: 37,7 miljonit eurot). Mobiilside teenuste
segmendi ärikasum enne põhivara kulumit vähenes teises kvartalis võrreldes
eelmise aasta sama perioodiga 3% võrra. Lairiba teenuste segmendi ärikasum enne
põhivara kulumit kasvas 12% ning
IT- teenuste segmendi vastav näitaja oli 2008.
aasta teises kvartalis 0,5 miljonit eurot (2. kvartal 2007:
0,2 miljonit
eurot). Grupi põhivara kulumieelse ärikasumi marginaal oli 2008. aasta teises
kvartalis 39%, mis on veidi kõrgem 2007. aasta vastava perioodi marginaalist.
Grupi amortisatsioonikulu ulatus 2008. aasta teises kvartalis 9,3 miljoni
euroni, suurenedes 2007. aasta sama perioodiga võrreldes 18% (2. kvartal 2007:
7,9 miljonit eurot).
Eesti Telekom grupp teenis teises kvartalis ärikasumit 29,9 miljonit eurot,
jäädes samale tasemele eelmise aastaga (2. kvartal 2007: 29,9 miljonit eurot).
Grupi finantstulud (neto) kasvasid teises kvartalis 46% ulatudes 1,3 miljoni
euroni (2. kvartal 2007: 0,9 miljonit eurot). Eesti Telekom grupp teenis teises
kvartalis maksustamiseelset kasumit 31,1 miljonit eurot (2. kvartal 2007: 30,6
miljonit eurot).
Tänavu 17. juunil maksis AS Eesti Telekom taas oma aktsionäridele rekordkõrgeid
dividende, 92,6 miljonit eurot (2007. aasta: 83,8 miljonit eurot). Võimaldamaks
dividendide väljamakset AS-i Eesti Telekom aktsionäridele maksis AS EMT
emaettevõtjale dividende 52,4 miljonit eurot (2. kvartal 2007: 56,6 miljonit
eurot) ja Elion Ettevõtted AS 32,0 miljonit eurot (2. kvartal 2007: 27,5
miljonit eurot). Dividendide maksmisega kaasnes dividendide tulumaksu kulu 24,7
miljonit eurot (2. kvartal 2007: 23,7 miljonit eurot), millest AS EMT tasus 14,2
miljonit eurot (2. kvartal 2007: 16,0 miljonit eurot) ja Elion Ettevõtted AS
8,5 miljonit eurot (2. kvartal 2007: 7,8 miljonit eurot).
Eesti Telekom grupi 2008. aasta teise kvartali puhaskasum oli 6,5 miljonit eurot
(2. kvartal 2007:
6,9 miljonit eurot). Tulu aktsia kohta teeniti 0,05 eurot (2.
kvartal 2007: 0,05 eurot).
Bilanss ja rahavood
Eesti Telekom grupi bilansimaht oli 30. juuni 2008. aasta seisuga 288,6 miljonit
eurot (31. detsember 2007: 321,0 miljonit eurot). Aasta algusega võrreldes on
0,4 miljoni euro võrra kasvanud põhivara, mille jääk teise kvartali lõpus ulatus
176,1 miljoni euroni. Grupi käibevara on esimese poolaasta jooksul kahanenud
32,8 miljoni euro võrra, ulatudes juunikuu lõpus 112,4 miljoni euroni (31.
detsember 2007: 145,3 miljonit eurot). Raha ja raha ekvivalentide ning
lühiajaliste finantsinvesteeringute jääk on kahanenud 38,5 miljoni euro võrra ja
seda seoses juunikuus väljamakstud dividendidega.
Eesti Telekom grupi omakapital oli 30. juuni 2008. aasta seisuga 218,0 miljonit
eurot, mis on 57,7 miljonit eurot vähem kui 2007. aasta lõpus (31. detsember
2007: 275,7 miljonit eurot). Omakapitali vähenemine on seotud dividendide
maksmisega 92,6 miljoni euro ulatuses. Samas on omakapitali kasvatanud 2008.
aasta esimese poolasta 35,4 miljoni euro suurune puhaskasum. Grupil oli juuni
lõpu seisuga pikaajalisi kohustusi
1,7 miljonit eurot (31. detsember 2007: 1,6
miljonit eurot). Lühiajaliste võlakohustuste kasv tuleneb juulikuus maksmisele
kuuluvast 24,7 miljoni euro suurusest dividendide tulumaksukohustusest.
Eesti Telekom grupi netovõlg oli esimese kvartali lõpus -31,1 miljonit eurot ja
netovõla suhe omakapitali -14% (31. detsember 2007: -69,5 miljonit eurot ja
-25%).
Eesti Telekom grupi äritegevuse rahavoog oli 2008. aasta esimesel poolaastal
73,1 miljonit eurot (1. poolaasta 2007: 64,6 miljonit eurot). Grupi rahavoog
investeerimistegevusest oli 25,5 miljonit eurot (1. poolaasta 2007: 42,6
miljonit eurot). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli
esimesel poolaastal
19,4 miljonit eurot (1. poolaasta 2007: 19,3 miljonit
eurot). Mobiilside teenuste segment on tänavu teises kvartalis investeerinud 4,6
miljonit eurot (2. kvartal 2007: 5,1 miljonit eurot). Mobiilsides oli lisaks
pidevale GSM-võrgu arendusele suureks arenguprioriteediks kiiret mobiilset
andmesidet toetavate tehnoloogiate rakendamine. Lairiba teenuste segmendi 2008.
aasta teise kvartali investeeringud ulatusid 6,9 miljoni euroni
(2. kvartal
2007: 6,3 miljonit eurot). Põhiosa investeeringutest on jätkuvalt tehtud teenuse
kvaliteedi parandamiseks, võrguressursi arendamiseks (näiteks NGN
teenusruuterite soetamine ja IP tuumikvõrgu laiendamine) ning interneti
püsiühenduste ja DigiTV kättesaadavuse parendamiseks (GPON tehnoloogia
kasutuselevõtt, xDSL seadmete soetamine). IT-teenuste segment investeeris 2008.
aasta teises kvartalis põhivarasse 0,3 miljonit eurot (2. kvartal 2007: 0,4
miljonit eurot). Eelmise aasta teise kvartali investeeringud sisaldavad Eesti
Telekomi grupi struktuurimuutuse raames toimunud emaettevõtte AS MicroLink ja
Elion Ettevõtted AS-i ühinemise käigus omandatud AS-i MicroLink kaubamärkide
soetamist.
MicroLink Eestile oli teises kvartalis üheks oluliseks sündmuseks kolimine
alates 20. juunist Ülemiste tehnoloogialinnakusse. Ligikaudu 300 ruutmeetril
hakkab uues majas asuma Eestis ainulaadne infotehnoloogia demokeskus, kus
MicroLink loob võimaluse näidata Eesti ettevõtetele kui väliskülalistele
erinevate infotehnoloogiliste lahendust toimimist praktikas.
Eesti Telekom grupi rahavoog finantseerimistegevusse oli tänavu esimesel
poolaastal 92,7 miljonit eurot, sellest dividendide maksmiseks kasutati 92,6
miljonit eurot (1. poolaasta 2007 vastavalt 83,8 miljonit eurot ja
83,8
miljonit eurot).
AS- Eesti Telekom omanike struktuur
2008. aasta teise kvartali jooksul ei ole olulisi muudatusi AS-i Eesti Telekom
aktsionäride struktuuris aset leidnud. AS-i Eesti Telekom enamusosanik,
TeliaSonera AB (läbi Baltic Tele AB), omab jätkuvalt 60,12% ettevõtte
aktsiatest.
Teise kvartali lõpu seisuga oli vabalt kaubeldavate aktsiate osakaal 12,71%
aktsiate koguarvust. Neist 18,93% oli konverteeritud Londoni Börsil
kaubeldavateks GDR-ideks.
AS-i Eesti Telekom 10 suuremat aktsionäri 03. juuli 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 | 3 319 437 | 2,41% |
| kontod) | | |
--------------------------------------------------------------------------------
| Ing Luxembourg S. A. | 1 818 330 | 1,32% |
--------------------------------------------------------------------------------
| Danske Bank kliendid | 1 370 739 | 0,99% |
--------------------------------------------------------------------------------
| Skandinaviska Enskilda Banken AB | 1 329 850 | 0,96% |
| kliendid | | |
--------------------------------------------------------------------------------
| Bank Austria Creditanstalt AG kliendid | 910 626 | 0,66% |
--------------------------------------------------------------------------------
| Clearstream Banking Luxembourg | 580 336 | 0,42% |
| kliendid | | |
--------------------------------------------------------------------------------
| Mellon Treaty Omnibus | 392 152 | 0,28% |
--------------------------------------------------------------------------------
Aktsionäride üldkoosolek
AS-i Eesti Telekom aktsionäride korraline üldkoosolek toimus 22. mail 2008.
aastal. Üldkoosolek kinnitas 2007. a. majandusaasta aruande ja kasumi jaotamise
ettepaneku. AS-i Eesti Telekom aktsionäridele maksti möödunud majandusaasta eest
dividende 0,67 eurot aktsia kohta ehk kokku 92,6 miljonit eurot. Dividendid
maksti välja 17. juunil 2008. aastal aktsionäride nimekirja alusel, mis
fikseeriti 6. juuni 2008. aasta kella 23.59 seisuga. 62,7 miljonit eurot
akumuleerunud kasumit jäeti jaotamata.
AS-i Eesti Telekom aktsiate tagasiostu optsiooni pikendati viie aasta võrra,
s.t. kuni 22. maini 2013 aastal.
Üldkoosolek kutsus tagasi AS-i Eesti Telekom senise nõukogu ja valis uude
nõukogusse järgmised liikmed: Anders Gylder, Lars Gunnar Klasson, Jörgen Latte,
Tarmo Porgand, Jüri Raatma, Mats Salomonsson ja Aare Tark. Nõukogu liikmetele
võidakse maksta nende töö eest 703 eurot kuus ja nõukogu esimehele
1278 eurot
kuus.
Üldkoosolek valis AS-i Eesti Telekom audiitoriks 2008. majandusaastal AS
PricewaterhouseCoopers
(reg. kood 10142876). Audiitorteenuste teostamine ja
teenuste eest tasumine toimub audiitorfirmaga sõlmitava lepingu alusel.
Aktsionäride erakorraline üldkoosolek
AS-i Eesti Telekom aktsionäride erakorraline üldkoosolek toimus 26. juunil 2008.
aastal. Üldkoosolek kutsus tagasi AS-i Eesti Telekom senise nõukogu liikme
Anders Gylder'i ning valis uueks nõukogu liikmeks Björn Lindegren'i.
Muudatused Eesti Telekom grupi struktuuris
OÜ Viru Net ühines 1. juunil 2008. aastal Elion Ettevõtted AS-iga. Viru Net oli
alates 2004. aasta lõpust Elioni tütarettevõte. Nimetatud muudatuse eesmärk on
Internetiteenuste arendamine ning laialdasem pakkumine.
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
II KVARTALI KONSOLIDEERITUD KASUMIARUANNE
Tuhandetes eurodes (EUR)
--------------------------------------------------------------------------------
| | Lisad | II kvartal | II kvartal |
| | | 2008 | 2007 |
--------------------------------------------------------------------------------
| Müügitulu | 2.1 (a) | 100 131 | 101 136 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulud | 2.1 (a) | (56 322) | (55 609) |
--------------------------------------------------------------------------------
| Brutokasum | | 43 809 | 45 527 |
--------------------------------------------------------------------------------
| Turustus-, üldhalduskulud ning | 2.1(a) | (14 333) | (15 764) |
| uurimis- ja arendusväljaminekud | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 2.1(a) | 511 | 200 |
--------------------------------------------------------------------------------
| Muud ärikulud | 2.1(a) | (81) | (82) |
--------------------------------------------------------------------------------
| Ärikasum | | 29 906 | 29 881 |
--------------------------------------------------------------------------------
| Finantstulud | | 1 318 | 890 |
--------------------------------------------------------------------------------
| Finantskulud | | (38) | (14) |
--------------------------------------------------------------------------------
| Finantstulud, neto | 2.1(a) | 1 280 | 876 |
--------------------------------------------------------------------------------
| Finantstulud / (-kulud) | 2.1(a) | (52) | (129) |
| sidusettevõtjate aktsiatelt ja | | | |
| osadelt, neto | | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | | 31 134 | 30 628 |
--------------------------------------------------------------------------------
| Dividendide tulumaks | | (24 652) | (23 705) |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 2.1(a) | 6 482 | 6 923 |
--------------------------------------------------------------------------------
| Perioodi puhaskasumi jaotus: | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus kasumis | 2.1(a) | 6 474 | 6 829 |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis | 2.1(a) | 8 | 94 |
--------------------------------------------------------------------------------
| | | 6 482 | 6 923 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsia puhaskasum, arvestatud | 7 (e) | | |
| emaettevõtja osalusest | | | |
| aruandeperioodi kasumis | | | |
| (eurodes) | | | |
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia kohta | | 0,05 | 0,05 |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia | | 0,05 | 0,05 |
| kohta | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum enne kulumit | 2.1(a) | 39 183 | 37 736 |
--------------------------------------------------------------------------------
| Kulum ja väärtuse langus | 2.1(a), 3 | (9 277) | (7 855) |
--------------------------------------------------------------------------------
I POOLAASTA KONSOLIDEERITUD KASUMIARUANNE
Tuhandetes eurodes (EUR)
--------------------------------------------------------------------------------
| | Lisad | I | I | 2007 |
| | | poolaasta | poolaasta | |
| | | 2008 | 2007 | |
--------------------------------------------------------------------------------
| Müügitulu | 2.1(b), | 194 988 | 196 781 | 400 151 |
| | 2.3 | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu kulud | 2.1(b) | (109 400) | (110 009) | (226 426) |
--------------------------------------------------------------------------------
| Brutokasum | | 85 588 | 86 772 | 173 725 |
--------------------------------------------------------------------------------
| Turustus-, üldhalduskulud | 2.1(b) | (28 520) | (30 014) | (57 521) |
| ning uurimis- ja | | | | |
| arendusväljaminekud | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 2.1(b) | 913 | 400 | 1 797 |
--------------------------------------------------------------------------------
| Muud ärikulud | 2.1(b) | (180) | (149) | (404) |
--------------------------------------------------------------------------------
| Ärikasum | | 57 801 | 57 009 | 117 597 |
--------------------------------------------------------------------------------
| Finantstulud | | 2 452 | 1 891 | 3 108 |
--------------------------------------------------------------------------------
| Finantskulud | | (75) | (49) | (150) |
--------------------------------------------------------------------------------
| Finantstulud, neto | 2.1(b) | 2 377 | 1 842 | 2 958 |
--------------------------------------------------------------------------------
| Finantstulud / (-kulud) | 2.1(b) | (159) | (116) | (244) |
| sidusettevõtjate | | | | |
| aktsiatelt ja osadelt, | | | | |
| neto | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | 60 019 | 58 735 | 120 311 |
| tulumaksustamist | | | | |
--------------------------------------------------------------------------------
| Dividendide tulumaks | | (24 652) | (23 705) | (23 705) |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 2.1(b) | 35 367 | 35 030 | 96 606 |
--------------------------------------------------------------------------------
| Perioodi puhaskasumi | | | | |
| jaotus: | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | 2.1(b) | 35 277 | 34 828 | 96 194 |
| kasumis | | | | |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis | 2.1(b) | 90 | 202 | 412 |
--------------------------------------------------------------------------------
| | | 35 367 | 35 030 | 96 606 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsia puhaskasum, | 7 (e) | | | |
| arvestatud emaettevõtja | | | | |
| osalusest aruandeperioodi | | | | |
| kasumis (eurodes) | | | | |
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia | | 0,26 | 0,25 | 0,70 |
| kohta | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum | | 0,26 | 0,25 | 0,70 |
| aktsia kohta | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum enne kulumit | 2.1(b) | 76 020 | 72 382 | 149 315 |
--------------------------------------------------------------------------------
| Kulum ja väärtuse langus | 2.1(b), | (18 219) | (15 373) | (31 718) |
| | 3 | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD BILANSS
Tuhandetes eurodes (EUR)
--------------------------------------------------------------------------------
| | Lisad | 30. juuni | 31. dets. | 30. juuni |
| | | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
| AKTIVA | | | | |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 3 | 155 438 | 153 715 | 135 366 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 3 | 13 222 | 13 807 | 12 763 |
--------------------------------------------------------------------------------
| Investeeringud | 2.2, 5 | 699 | 858 | 987 |
| sidusettevõtjatesse | | | | |
--------------------------------------------------------------------------------
| Mitmesugused pikaajalised | | 6 777 | 7 352 | 7 636 |
| nõuded | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | 2.2 | 176 136 | 175 732 | 156 752 |
--------------------------------------------------------------------------------
| Käbevara | | | | |
--------------------------------------------------------------------------------
| Müügiootel põhivara | | - | 111 | 143 |
--------------------------------------------------------------------------------
| Varud | 6 | 10 917 | 11 989 | 10 319 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu ja | | 70 288 | 63 460 | 63 295 |
| muud lühiajalised nõuded | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | - | 44 357 | 7 887 |
| finantsinvesteeringud | | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | | 31 243 | 25 359 | 42 291 |
--------------------------------------------------------------------------------
| Käibevara kokku | 2.2 | 112 448 | 145 276 | 123 935 |
--------------------------------------------------------------------------------
| AKTIVA KOKKU | 2.2 | 288 584 | 321 008 | 280 687 |
--------------------------------------------------------------------------------
| OMAKAPITAL JA KOHUSTUSED | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | 7 | | | |
| omakapitalis | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 88 169 | 88 169 | 88 169 |
--------------------------------------------------------------------------------
| Ülekurss | | 22 753 | 22 753 | 22 753 |
--------------------------------------------------------------------------------
| Kohustuslik reserv | | 8 817 | 8 817 | 8 817 |
--------------------------------------------------------------------------------
| Eelmiste perioodide | | 62 688 | 59 071 | 59 071 |
| jaotamata kasum | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | | 35 277 | 96 194 | 34 828 |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | | 217 704 | 275 004 | 213 638 |
| omakapitalis kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosa | 2.2, 7 | 342 | 733 | 523 |
--------------------------------------------------------------------------------
| Omakapital kokku | | 218 046 | 275 737 | 214 161 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Intressikandvad laenud ja | 8 | 4 | 85 | 140 |
| võlakohustused | | | | |
--------------------------------------------------------------------------------
| Pensionikohustused | 9 | 172 | 208 | 238 |
--------------------------------------------------------------------------------
| Eraldised | 10 | 1 355 | 1 321 | 1 296 |
--------------------------------------------------------------------------------
| Intressi mittekandvad | | 123 | - | 328 |
| võlakohustused | | | | |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | 2.2 | 1 654 | 1 614 | 2 002 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlad tarnijatele ja muud | | 68 491 | 42 885 | 63 928 |
| lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Intressikandvad laenud ja | 8 | 156 | 178 | 157 |
| võlakohustused | | | | |
--------------------------------------------------------------------------------
| Pensionikohustused | 9 | 64 | 308 | 300 |
--------------------------------------------------------------------------------
| Eraldised | 10 | 173 | 286 | 139 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | 2.2 | 68 884 | 43 657 | 64 524 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | | 70 538 | 45 271 | 66 526 |
--------------------------------------------------------------------------------
| OMAKAPITAL JA KOHUSTUSED | 2.2 | 288 584 | 321 008 | 280 687 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
Tuhandetes eurodes (EUR)
--------------------------------------------------------------------------------
| | Lisad | I poolaasta | I poolaasta |
| | | 2008 | 2007 |
--------------------------------------------------------------------------------
| Rahavoog äritegevusest | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | | 35 367 | 35 030 |
--------------------------------------------------------------------------------
| Korrigeerimised: | | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja väärtuse langus | 3 | 18 219 | 15 373 |
--------------------------------------------------------------------------------
| (Kasum) / kahjum põhivara müügist | | (445) | (612) |
--------------------------------------------------------------------------------
| Neto (tulud) / kulud | | 159 | 116 |
| sidusettevõtjatelt | | | |
--------------------------------------------------------------------------------
| Eraldised | | (362) | (327) |
--------------------------------------------------------------------------------
| (Finantstulud) / kulud | | (3 573) | (3 006) |
--------------------------------------------------------------------------------
| Dividendide tulumaks | | 24 652 | 23 700 |
--------------------------------------------------------------------------------
| Muud mitterahalised korrigeerimised | | 5 | (158) |
--------------------------------------------------------------------------------
| Rahavoog äritegevusest enne | | 74 022 | 70 116 |
| käibekapitali muutusi | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud nõuete ja | | (6 346) | (6 547) |
| ettemaksete muutus | | | |
--------------------------------------------------------------------------------
| Varude muutus | | 631 | (1 202) |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste ja | | 458 | (1 486) |
| ettemaksete muutus | | | |
--------------------------------------------------------------------------------
| Käibekapitali muutus | | (5 257) | (9 235) |
--------------------------------------------------------------------------------
| Rahavood äritegevusest peale | | 68 765 | 60 881 |
| käibekapitali muutusi | | | |
--------------------------------------------------------------------------------
| Saadud intressid | | 4 451 | 3 745 |
--------------------------------------------------------------------------------
| Makstud intressid | | (158) | (47) |
--------------------------------------------------------------------------------
| Rahavoog äritegevusest kokku | 2.2 | 73 058 | 64 579 |
--------------------------------------------------------------------------------
| Rahavood investeerimistegevusest | | | |
--------------------------------------------------------------------------------
| Materiaalse ning immateriaalse | 2.2, 3 | (19 355) | (19 267) |
| põhivara soetamine | | | |
--------------------------------------------------------------------------------
| Materiaalse ja immateriaalse | | 555 | 762 |
| põhivara müük | | | |
--------------------------------------------------------------------------------
| Lühiajaliste finantsinvesteeringute | | 47 917 | 61 925 |
| muutus, neto | | | |
--------------------------------------------------------------------------------
| Muude pikaajaliste nõuete muutus, | | (3 642) | (860) |
| neto | | | |
--------------------------------------------------------------------------------
| Rahavoog investeerimistegevusest | 2.2 | 25 475 | 42 560 |
| kokku | | | |
--------------------------------------------------------------------------------
| Rahavood enne finantseerimistegevust | | 98 533 | 107 139 |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest | | | |
--------------------------------------------------------------------------------
| Saadud mittekonverteeritavad | 8 | - | 13 |
| võlakohustused | | | |
--------------------------------------------------------------------------------
| Kapitalirendi põhiosa tagasimaksed | 8 | (84) | (57) |
--------------------------------------------------------------------------------
| Makstud dividendid | 7 (d) | (92 577) | (83 761) |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest | 2.2 | (92 661) | (83 805) |
| kokku | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalentide muutus | 2.2 | 5 872 | 23 334 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid aasta | 2.2 | 25 359 | 20 733 |
| alguses | | | |
--------------------------------------------------------------------------------
| Raha ja rahaekvivalentide muutus | 2.2 | 5 872 | 23 334 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste mõju | 2.2 | 12 | 2 |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid perioodi | 2.2 | 31 243 | 44 069 |
| lõpus | | | |
--------------------------------------------------------------------------------
Content of announcement in English
Title
AS Eesti Telekom Consolidated II Quarter and I Half Year 2008 Interim Report, EUR
Message
AS Eesti Telekom Consolidated II Quarter and I Half Year 2008 Interim Report,
EUR
MANAGEMENT REPORT
Management's commentary: The results were anticipated. It is positive that in
the current economic situation, the EBITDA continued to increase. Compared to
the same period last year, turnover was affected by a decrease in the
interconnection fees charged between mobile operators.
Significant financial indicators
Eesti Telekom Group
--------------------------------------------------------------------------------
| | Q2 | Q2 | Change | HY1 | HY1 | Change, |
| | 2008 | 2007 | , % | 2008 | 2007 | % |
--------------------------------------------------------------------------------
| Total revenues, | 100.1 | 101.1 | -1.0 | 195.0 | 196.8 | -0.9 |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 39.2 | 37.7 | 3.8 | 76.0 | 72.4 | 5.0 |
--------------------------------------------------------------------------------
| Margin, % | 39.1 | 37.3 | | 39.0 | 36.8 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 29.9 | 29.9 | 0.1 | 57.8 | 57.0 | 1.4 |
--------------------------------------------------------------------------------
| Margin, % | 29.9 | 29.6 | | 29.6 | 29.0 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 31.1 | 30.6 | 1.7 | 60.0 | 58.7 | 2.2 |
--------------------------------------------------------------------------------
| Net profit for the | 6.5 | 6.9 | -6.4 | 35.4 | 35.0 | 1.0 |
| period, million EUR | | | | | | |
--------------------------------------------------------------------------------
| EPS, EUR | 0.05 | 0.05 | -5.2 | 0.26 | 0.25 | 1.3 |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 11.8 | 11.8 | -0.2 | 19.4 | 19.3 | 0.5 |
--------------------------------------------------------------------------------
| Net gearing, % | -14.3 | -23.3 | | | | |
--------------------------------------------------------------------------------
| ROA, % | 31.3 | 30.7 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 46.5 | 46.8 | | | | |
--------------------------------------------------------------------------------
Mobile communications segment
--------------------------------------------------------------------------------
| | Q2 | Q2 | Change | HY1 | HY1 | Change, |
| | 2008 | 2007 | , % | 2008 | 2007 | % |
--------------------------------------------------------------------------------
| Total revenues, | 60.0 | 64.0 | -6.3 | 115.8 | 119.1 | -2.8 |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 23.3 | 24.0 | -3.0 | 44.3 | 45.1 | -1.7 |
--------------------------------------------------------------------------------
| Margin, % | 38.9 | 37.6 | | 38.3 | 37.9 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 19.1 | 20.5 | -7.1 | 36.1 | 38.4 | -5.9 |
--------------------------------------------------------------------------------
| Margin, % | 31.8 | 32.1 | | 31.2 | 32.2 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 19.7 | 20.8 | -5.0 | 37.2 | 39.1 | -4.9 |
--------------------------------------------------------------------------------
| Net profit for the | 5.6 | 4.8 | 14.7 | 23.0 | 23.1 | -0.7 |
| period, million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 4.6 | 5.1 | -10.1 | 8.2 | 8.2 | 0.6 |
--------------------------------------------------------------------------------
| ROA, % | 45.3 | 52.4 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 76.7 | 91.3 | | | | |
--------------------------------------------------------------------------------
Broadband services segment
--------------------------------------------------------------------------------
| | Q2 2008 | Q2 | Change | HY1 | HY1 | Change, |
| | | 2007 | , % | 2008 | 2007 | % |
--------------------------------------------------------------------------------
| Total revenues, million | 51. | 46.9 | 9.6 | 100.2 | 91.5 | 9.6 |
| EUR | 4 | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 15. | 14.0 | 12.1 | 31.5 | 27.8 | 13.4 |
| | 7 | | | | | |
--------------------------------------------------------------------------------
| Margin, % | 30. | 29.9 | | 31.4 | 30.4 | |
| | 6 | | | | | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 11. | 10.1 | 9.6 | 22.3 | 20.0 | 11.7 |
| | 1 | | | | | |
--------------------------------------------------------------------------------
| Margin, % | 21. | 21.5 | | 22.3 | 21.8 | |
| | 5 | | | | | |
--------------------------------------------------------------------------------
| EBT, million EUR | 11. | 10.0 | 12.4 | 22.6 | 19.8 | 14.0 |
| | 2 | | | | | |
--------------------------------------------------------------------------------
| Net profit for the | 2.7 | 2.2 | 21.9 | 14.1 | 12.0 | 16.8 |
| period, million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 6.9 | 6.3 | 10.4 | 10.5 | 10.4 | 1.4 |
--------------------------------------------------------------------------------
| ROA, % | 24. | 18.2 | | | | |
| | 4 | | | | | |
--------------------------------------------------------------------------------
| ROE, % | 40. | 30.6 | | | | |
| | 2 | | | | | |
--------------------------------------------------------------------------------
IT services segment
--------------------------------------------------------------------------------
| | Q2 2008 | Q2 | Change | HY1 | HY1 | Change, |
| | | 2007 | , % | 2008 | 2007 | % |
--------------------------------------------------------------------------------
| Total revenues, million | 5.6 | 4.8 | 15.6 | 10.6 | 11.7 | -9.3 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 0.5 | 0.2 | 177.5 | 0.7 | 0.3 | 144.3 |
--------------------------------------------------------------------------------
| Margin, % | 8.1 | 3.4 | | 6.6 | 2.4 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 0.1 | -0.2 | N/A | -0.1 | -0.4 | -80.1 |
--------------------------------------------------------------------------------
| Margin, % | 1.2 | -4.2 | | -0.7 | -3.3 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 0.0 | 0.0 | 46.0 | -0.1 | 0.0 | N/A |
--------------------------------------------------------------------------------
| Net profit for the | 0.0 | 0.0 | 46.0 | -0.1 | 0.0 | N/A |
| period, million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 0.3 | 0.4 | -36.4 | 0.6 | 0.7 | -14.3 |
--------------------------------------------------------------------------------
| ROA, % | 4.6 | 7.1 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 17. | 12.9 | | | | |
| | 4 | | | | | |
--------------------------------------------------------------------------------
Sales revenues, operating costs and profits
The second quarter results of the Eesti Telekom Group for 2008 corresponded to
the expectations of the management board. The Group's sales revenues reached
100.1 million EUR in the second quarter of 2008
(2nd quarter 2007: 101.1
million EUR), and was primarily affected by the reduction in interconnection
fees
(As of 5 November 2007, the state regulator fixed an interconnection fee
of 0.11 EUR instead of the former
0.16 EUR in mobile phone networks).
The consolidated turnover of the mobile communications services segment was 60.0
million EUR in the second quarter of 2008, decreasing by 6% compared to the same
period in 2007 (2nd quarter 2007:
64.0 million EUR). The reduction of revenues
was caused by a drop in interconnection revenues based on the reduction in
interconnection fees, which was partially compensated by a certain increase in
the number of call minutes incoming to the network, an increase in mobile data
communications, and growth in the volume of subcontracting services. In
addition, the revenues received from the retailing and wholesaling of
telecommunications goods decreased in the second quarter compared to a year ago,
while the repair of mobile equipment increased, which is caused by changes in
consumer behavior.
At the end of the second quarter of 2008, the client base of AS EMT was 9
thousand more than at the end of the second quarter of last year, reaching 755
thousand active SIM cards (July 2007: 746 thousand cards). Compared to a year
ago, the number of contractual clients has increased by 30 thousand, reaching
480 thousand by the end of the second quarter of 2008, while at the same time
the number of pre-paid card users has decreased by 21 thousand during the year
to 275 thousand by the end of the second quarter. EMT assesses its market share
of active SIM cards to be 47%. The penetration of active cards in Estonia is
118%.
The level of call minutes initiated by EMT clients slightly increased compared
to the second quarter of last year.
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 0.13 EUR per minute, and pursuant to the resolutions
of the Communications Board dated 20 June and 22 June 2007, was fixed at 0.11
EUR 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 0.16 EUR
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
0.11 EUR. Litigation by Elisa Eesti AS and Tele2 with the Communications Board
is 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 0.09 EUR per minute
for the termination of voice calls in the mobile phone networks of AS EMT, Elisa
Eesti AS and Tele2 Eesti AS between 1 July 2008 and 30 June 2009.
The revenues received from mobile Internet continued to demonstrate very rapid
growth. In the second quarter of this year, the revenues from AS EMT mobile
data communications increased by more than 50% compared to same period in 2007.
At the same time, the volume of data that was forwarded increased several times.
In June 2008, the users of AS EMT mobile data communications numbered 150
thousand, i.e. eight thousand users more than at the same time last year. The
increase in the popularity of mobile data communications is based on the dynamic
expansion of the 3G coverage area, which allows clients to use high-quality and
rapid data communications at speeds approaching ADSL at conveniently manageable
prices. By the end of last year, 3G coverage extended to all the Estonian county
seats and many other cities and their vicinities. The installation of new 3G
stations for the expansion of foreign and domestic coverage is proceeding at a
faster pace than earlier. In addition, EMT has the only EDGE network in Estonia
with data communications speeds of up to 200 kbit per second that covers the
entire GSM coverage area. As of the second quarter, EMT reduced its roaming fees
for data communications in various European countries up to fourfold in order to
further promote clients' opportunities to use the Internet and to speed up the
growth of data communications.
A regulation of the European Parliament and Council 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 and incoming calls made
within the borders of the European Community cannot exceed the established price
ceiling. Therefore, the revenues received from roaming clients in the second
quarter decreased by almost 10%.
The sales revenues for the broadband services segment increased in the second
quarter by 10% reaching
51.4 million EUR (2nd quarter 2007: 46.9 million EUR).
The greatest revenue increase resulted from the sale of subcontracting services,
which increased by 217%, or 3.6 million EUR, compared to the same period the
last year. Revenues from subcontracting services primarily grew due to the sales
volumes of increased brokered sub-services. Revenues from domestic call transit
increased by 124% in the last quarter and the revenues from international call
transit by 231%. The revenue increase from call transit was also primarily
related to increases of the minute volumes of the subcontracting service. At the
same time, the revenues for call services earned from end consumers decreased by
7% due to the drop in minute volumes.
In the second quarter, the total number of Elion clients with permanent
connections increased, reaching
168 thousand by the end of June (30 June 2007:
152 thousand). The company estimates that its market share based on clients with
permanent connections is 55%.
At the end of May, OÜ Viru Net, a 100% subsidiary of Elion, was merged with the
parent company Elion Enterprises. Viru Net was the leading provider of Internet
services in East-Viru County, specializing in the provision of services to
multi-story buildings. Upon the merger of the companies, Elion will initiate a
broader program to introduce and develop the Internet in multi-story buildings
in East-Viru County, by combining Viru Net's knowledge of the client segment and
its long-term experiences in the area with Elion's systematic solutions, high
quality and broad product portfolio. Essentially, the merger of the company will
not result in any changes for the current clients.
Similarly to earlier quarters, the trend in connection fees for broadband
services is continuing, whereby the clients are replacing individual services
with comprehensive service packages. Compared to last year, the revenues for the
broadband services segment increased 31% from the connection fees for service
packages. The number of triple-package users increased by 4,200 in the quarter,
reaching 62.8 thousand as of 30 June
(30 June 2007: 36.4 thousand). By the end
of the second quarter, Elion had 67.7 thousand IP and cable television clients
(30 June 2007: 39.5 thousand). The popularity of the triple package has been
significantly helped by the range of additional services being provided, such as
video rental, the volume of which doubled in the second quarter compared to the
first quarter. The marketing campaign promoting free films also increased the
rental of paid films. Compared to last year, Elion's video rental fees increased
by 201% in the second quarter. In April three new channels - Disney Channel,
Toon Disney, and Playhouse Disney - were added to the Elion DigiTV children's
package, which resulted in a price increase for the package from
1.23 EUR to
2.24 EUR. Among the Elion DigiTV theme package, the children's package with over
4,000 subscribers is one of the most popular.
Based on the significant increase in the volume and revenues of service
packages, the revenues from monthly fees for call connections and Internet
connections in the last quarter fell by 10% and 18% respectively compared to the
same period of last year.
By the end of the second quarter, the number of Elion's active call interfaces
totaled 472 thousand
(30 June 2007: 468 thousand interfaces), remaining stable
at the same level for the last three quarters.
Elion assesses its market share for call minutes initiated in the fixed network
to be 81% (June 2007: 82%). The market share for local call minutes is 83% (June
2007: 84%), 66% for international call minutes (June 2007: 65%) and 71% for call
minutes made to mobile phones (June 2007: 69%).
In May, Elisa Eesti AS announced its decision to raise the termination fee for
calls in its fixed voice communications network by 45%. Based on an application
from Elion Enterprises, the Competition Board started a proceeding to examine
the justification for the price increase.
The general cooling of the Estonian economy and deceleration of the pace retail
sales growth, the Elion Group's retail sales of telecommunications and IT
merchandise decreased in the second quarter by 22% compared to last year. At the
same time, due to a successful marketing campaign at the second half of the
quarter, the retail sales at Elion outlets demonstrated signs of renewed
acceleration.
Sales revenues for the IT services segment reached 5.6 million EUR in the second
quarter of 2008
(2nd quarter 2007: 4.8 million EUR). Compared to the same
quarter of last year, sales revenues increased by 16%, whereas IT services
increased by 14% and IT merchandise by 18%.
Significant impact on the sales results for infrastructure solutions was exerted
by several large procurements that were realized in the second quarter,
including the procurement for the desktop computers for the Ministry of Justice,
the disk massif for the e-health project organized by the Ministry of Social
Affairs, the servers at the Estonian Informatics Center, and several successful
projects in financial institutions.
During the second quarter, the keyword in the project business was the
continuation of work related to the
e-health project (patient portal, digital
pictures, and digital prescriptions). Implementation continued of important
projects at Estonian Post (document management, the implementation of service
desk software), at the Tax and Customs Board (document management), at the
North-Estonian Regional Hospital (identity management), and at the Labor Market
Board (software development).
The management of the central system and workplace computers at Empower Eesti
were taken over in the second quarter; 250 new users were connected to the
Education Department's school and kindergarten project, and numerous new service
contracts were signed with business clients. Several public procurements
(Ministry of Social Affairs, Tallinn City Government) also took place in the
second quarter, the results of which will be announced in the third quarter.
The operating costs of the Eesti Telekom Group decreased by 3% in the second
quarter of 2008 compared to the same period last year, reaching 61.4 million EUR
(2nd quarter 2007: 63.5 million EUR).
The operating costs in the mobile communications services segment decreased by
8% compared to the second quarter of 2007, to 36.8 million EUR (2nd quarter
2007: 40.0 million EUR). The greatest decrease was the drop in interconnection
prices based on interconnection costs. The operating costs related to retailing
and wholesaling also decreased, which corresponds to the drop in sales
turnovers.
The operating costs in the broadband services segment increased by 9% compared
to the same period in 2007, reaching 36.0 million EUR (2nd quarter 2007: 32.9
million EUR). Two-thirds of the increase in operating costs resulted from the
sales volumes of subcontracting services and the growth of direct sales costs
based on the increased minute volumes for domestic and international call
transit. The other principal growth factors for operating costs were salary
costs and the taxes related thereto, which increased by 9% compared to last
year. At the same time, based on the reduction of call volumes, the direct
sales costs related to domestic call services decreased by 41%. As a result of
smaller sales volumes, sales costs for retail merchandise also decreased by 22%.
The operating costs in the IT services segment increased by 10% in the second
quarter, reaching
5.1 million EUR (2nd quarter 2007: 4.7 million EUR).
The Eesti Telekom Group EBITDA in the second quarter of 2008 reached 39.2
million EUR, which was 4% more than in the second quarter of 2007 (2nd quarter
2007: 37.7 million EUR). The EBITDA in the mobile communications services
segment decreased in the second quarter by 3% compared to the same period last
year. EBITDA in the broadband services segment increased by 12% and the
corresponding indicator in the IT services segment in the second quarter of 2008
was 0.5 million EUR (2nd quarter 2007: 0.2 million EUR). The Group's EBITDA
margin in the second quarter of 2008 was 39%, which is somewhat higher than the
margin for the corresponding period in 2007.
The Group's depreciation costs reached 9.3 million EUR in the second quarter of
2008, increasing by 18% compared to the same period in 2007 (2nd quarter 2007:
7.9 million EUR).
In the second quarter, the Eesti Telekom Group earned an EBIT of 29.9 million
EUR, thereby remaining at the same level as last year (2nd quarter 2007: 29.9
million EUR). The Group's (net) financial revenues increased in the second
quarter by 46% reaching 1.3 million EUR (2nd quarter 2007: 0.9 million EUR). In
the second quarter, the Eesti Telekom Group earned pre-tax profits of 31.1
million EUR (2nd quarter 2007:
30.6 million EUR).
On 17 June of this year, AS Eesti Telekom again paid its shareholders
record-breaking dividends of
92.6 million EUR from the profits (2007: 83.8
million EUR). In order to enable the payment of dividends to the shareholders of
AS Eesti Telekom, AS EMT paid the parent company dividends of 52.4 million EUR
(2nd quarter 2007: 56.6 million EUR) and Elion Enterprises paid 32.0 million
EUR (2nd quarter 2007:
27.5 million EUR). The payment of the dividends was
accompanied by income tax payable on the
dividends totaling 24.7 million EUR
(2nd quarter 2007: 23.7 million EUR), of which AS EMT paid
14.2 million EUR
(2nd quarter 2007: 16.0 million EUR) and Elion Enterprises paid 8.5 million EUR
(2nd quarter 2007: 7.8 million EUR).
In the second quarter of 2008, the net profit for the Eesti Telekom Group was
6.5 million EUR (2nd quarter 2007: 6.9 million EUR). The revenue per share was
0.05 EUR (2nd quarter 2007: 0.05 EUR).
Balance sheet and cash flows
As of 30 June 2008, the Eesti Telekom Group balance sheet totaled 288.6 million
EUR (31. December 2007: 321.0 million EUR). Compared to the beginning of the
year, fixed assets had increased by 0.4 million EUR, thereby bringing the
depreciated value at the end of the second quarter to 176.1 million EUR. The
Group's current assets have decreased during the first six months of 2008 by
32.8 million EUR, reaching
112.4 million EUR by the end of June (31 December
2007: 145.3 million EUR). Cash and cash equivalents, as well as the balance of
short-term financial investments, have decreased by 38.5 million EUR, in
connection with the dividends paid out in June.
As of 30 June 2008, the Eesti Telekom Group equity was 218.0 million EUR, which
is 57.7 million EUR less than at the end of 2007 (31 December 2007: 275.7
million EUR). The decrease in equity is related to the payment of a dividend
totaling 92.6 million EUR. At the same time, equity has been increased by a
profit of 35.4 million EUR in the first six months of 2008. As of the end of
June, the Group had long-term obligations of 1.7 million EUR (31 December 2007:
1.6 million EUR). The increase in short-term debt obligations results from the
income tax liabilities of 24.7 million EUR resulting from the payment of
dividends.
The net debt of the Eesti Telekom Group at the end of the second quarter was
-31.1 million EUR and the net debt to equity ratio was -14% (31 December 2007:
-69.5 million EUR and -25%).
The Eesti Telekom Group cash flow from operations in the first six months of
2008 was 73.1 million EUR (first six months of 2007: 64.6 million EUR). The
Group's cash flow from investment activities was
25.5 million EUR (first six
months of 2007: 42.6 million EUR). The cash flow into the acquisition of
tangible and intangible fixed assets in the first six months was 19.4 million
EUR (first six months of 2007:
19.3 million EUR). In the second quarter of this
year, the mobile communications segment has invested
4.6 million EUR (2nd
quarter 2007: 5.1 million EUR). In mobile communications, in addition to the
constant development of the GSM network, a developmental priority was the
implementation of technologies to support high-speed mobile data communications.
In the second quarter of 2008, the investments into the broadband services
segment totaled 6.9 million EUR (2nd quarter 2007: 6.3 million EUR). The
majority of the investments continue to be made to improve the quality of
services (for instance, the acquisition of NGN service routers and the expansion
of the IP core network) as well as the improvement of permanent Internet
connections and DigiTV accessibility (implementation of GPON technology,
acquisition of xDSL equipment). In the second quarter of 2008, the IT services
segment invested 0.3 million EUR into fixed assets (2nd quarter 2007: 0.4
million EUR). The investments in the second quarter of last year included the
purchase of the AS MicroLink trademarks that were acquired in the course of the
merger of the parent company AS MicroLink and Elion Enterprises that occurred
within the framework Eesti Telekom Group's structural changes.
An important event for MicroLink Eesti during the second quarter was moving to
the Ülemiste Technology Campus on June 20th. Almost 300 square meters of space
in the new building will be the location of a demonstration center for
information technology that is unique in Estonia, where Estonian enterprises as
well foreign visitors will have the opportunity to see how information
technology solutions work in practice.
In the first six months of this year, the Eesti Telekom Group cash flow into
financial activities was
92.7 million EUR, of which 62.6 million EUR was used
to pay dividends (in the first six months of 2007, these amounts were 83.8
million EUR and 83.8 million EUR respectively).
Ownership structure of AS Eesti Telekom
During the second quarter of 2008, there were no significant changes in the
structure of the AS Eesti Telekom shareholders. The AS Eesti Telekom majority
shareholder TeliaSonera AB (through Baltic Tele AB) continues to own 60.12% of
the company's shares.
As of the end of the second quarter, the ratio of freely traded shares converted
to GDRs was 12.71%. Of these, 18.93% were converted into GDRs traded on the
London Stock Exchange.
As of 3 July 2008, the 10 largest shareholders in AS Eesti Telekom were:
--------------------------------------------------------------------------------
| | Number of | Participation |
| | securities | |
--------------------------------------------------------------------------------
| TeliaSonera AB | 82,936,299 | 60.12% |
--------------------------------------------------------------------------------
| Republic of Estonia | 33,346,464 | 24.17% |
--------------------------------------------------------------------------------
| Estonian Development Fund | 4,138,636 | 3.00% |
--------------------------------------------------------------------------------
| Deutsche Bank Trust Company (GDR | 3,319,437 | 2.41% |
| accounts) | | |
--------------------------------------------------------------------------------
| Ing Luxembourg S. A. | 1,818,330 | 1.32% |
--------------------------------------------------------------------------------
| Danske Bank clients | 1,370,739 | 0.99% |
--------------------------------------------------------------------------------
| Skandinaviska Enskilda Banken AB | 1,329,850 | 0.96% |
| clients | | |
--------------------------------------------------------------------------------
| Bank Austria Creditanstalt AG clients | 910,626 | 0.66% |
--------------------------------------------------------------------------------
| Clearstream Banking Luxembourg clients | 580,336 | 0.42% |
--------------------------------------------------------------------------------
| Mellon Treaty Omnibus | 392,152 | 0.28% |
--------------------------------------------------------------------------------
Shareholders' general meeting
The regular general meeting of AS Eesti Telekom took place on 22 May 2008. The
general meeting approved the 2007 annual report and the proposal for the
distribution of dividends. The AS Eesti Telekom shareholders were paid dividends
of 0.67 EUR per share or a total of 92.6 million EUR for the last financial
year. The dividends were paid out on 17 June 2008 based on the list of
shareholders, which was fixed as of 6 June 2008 at 23:59. Accumulated earnings
of 62.7 million EUR were not distributed.
The option to repurchase AS Eesti Telekom shares was extend for another five
year, i.e. until 22 May 2013.
The general meeting recalled the current Supervisory Board of AS Eesti Telekom
and elected the following members for the new Supervisory Board: Anders Gylder,
Lars Gunnar Klasson, Jörgen Latte, Tarmo Porgand, Jüri Raatma, Mats Salomonsson
and Aare Tark. The members of the Supervisory Board may be paid 703 EUR per
month for their services and the chairman may be paid 1278 EUR per month.
The general meeting chose AS PricewaterhouseCoopers (reg. code 10142876) as the
Eesti Telekom auditor for the 2008 financial year. The execution of the auditing
services and payment for services will occur based on a contract to be concluded
with the auditing company.
Shareholders' extraordinary general meeting
An extraordinary general meeting of the AS Eesti Telekom shareholders took place
on 26 June 2008. The general meeting recalled Anders Gylder, a current member of
the AS Eesti Telekom Supervisory Board, and elected Björn Lindegren as a new
member of the Supervisory Board.
Changes in the structure of the Eesti Telekom Group
On 1 June 2008, OÜ Viru Net merged with Elion Enterprises. Viru Net has been an
Elion subsidiary since the end of 2004. The purpose of the given change was the
development and broader provision of Internet services.
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
II QUARTER CONSOLIDATED INCOME STATEMENT
In thousand of EUR
--------------------------------------------------------------------------------
| | Notes | II Quarter | II Quarter |
| | | 2008 | 2007 |
--------------------------------------------------------------------------------
| Net sales | 2.1(a) | 100,131 | 101,136 |
--------------------------------------------------------------------------------
| Cost of production | 2.1(a) | (56,322) | (55,609) |
--------------------------------------------------------------------------------
| Gross profit | | 43,809 | 45,527 |
--------------------------------------------------------------------------------
| Sales, administrative, and research | 2.1(a) | (14,333) | (15,764) |
| & development expenses | | | |
--------------------------------------------------------------------------------
| Other operating revenues | 2.1(a) | 511 | 200 |
--------------------------------------------------------------------------------
| Other operating expenses | 2.1(a) | (81) | (82) |
--------------------------------------------------------------------------------
| Operating profit | | 29,906 | 29,881 |
--------------------------------------------------------------------------------
| Finance income | | 1,318 | 890 |
--------------------------------------------------------------------------------
| Finance costs | | (38) | (14) |
--------------------------------------------------------------------------------
| Finance income, net | 2.1(a) | 1,280 | 876 |
--------------------------------------------------------------------------------
| Net income / (expenses) from | 2.1(a) | (52) | (129) |
| associated companies | | | |
--------------------------------------------------------------------------------
| Profit before tax | | 31,134 | 30,628 |
--------------------------------------------------------------------------------
| Income tax on dividends | | (24,652) | (23,705) |
--------------------------------------------------------------------------------
| Net profit for the period | 2.1(a) | 6,482 | 6,923 |
--------------------------------------------------------------------------------
| Attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1(a) | 6,474 | 6,829 |
--------------------------------------------------------------------------------
| Minority interest | 2.1(a) | 8 | 94 |
--------------------------------------------------------------------------------
| | | 6,482 | 6,923 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for profit | 7 (e) | | |
| attributable to the equity holders | | | |
| of the parent during the reporting | | | |
| period (expressed in EUR) | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 0.05 | 0.05 |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 0.05 | 0.05 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 2.1(a) | 39,183 | 37,736 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | 2.1(a) | (9,277) | (7,855) |
| write-downs | | | |
--------------------------------------------------------------------------------
I HALF YEAR CONSOLIDATED INCOME STATEMENT
In thousand of EUR
--------------------------------------------------------------------------------
| | Notes | I HY 2008 | I HY 2007 | 2007 |
--------------------------------------------------------------------------------
| Net sales | 2.1(b), | 194,988 | 196,781 | 400,151 |
| | 2.3 | | | |
--------------------------------------------------------------------------------
| Cost of production | 2.1(b) | (109,400) | (110,009) | (226,426) |
--------------------------------------------------------------------------------
| Gross profit | | 85,588 | 86,772 | 173,725 |
--------------------------------------------------------------------------------
| Sales, administrative, and | 2.1(b) | (28,520) | (30,014) | (57,521) |
| research & development | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other operating revenues | 2.1(b) | 913 | 400 | 1,797 |
--------------------------------------------------------------------------------
| Other operating expenses | 2.1(b) | (180) | (149) | (404) |
--------------------------------------------------------------------------------
| Operating profit | | 57,801 | 57,009 | 117,597 |
--------------------------------------------------------------------------------
| Finance income | | 2,452 | 1,891 | 3,108 |
--------------------------------------------------------------------------------
| Finance costs | | (75) | (49) | (150) |
--------------------------------------------------------------------------------
| Finance income, net | 2.1(b) | 2,377 | 1,842 | 2,958 |
--------------------------------------------------------------------------------
| Net income / (expenses) from | 2.1(b) | (159) | (116) | (244) |
| associated companies | | | | |
--------------------------------------------------------------------------------
| Profit before tax | | 60,019 | 58,735 | 120,311 |
--------------------------------------------------------------------------------
| Income tax on dividends | | (24,652) | (23,705) | (23,705) |
--------------------------------------------------------------------------------
| Net profit for the period | 2.1(b) | 35,367 | 35,030 | 96,606 |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1(b) | 35,277 | 34,828 | 96,194 |
--------------------------------------------------------------------------------
| Minority interest | 2.1(b) | 90 | 202 | 412 |
--------------------------------------------------------------------------------
| | | 35,367 | 35,030 | 96,606 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for | 7 (e) | | | |
| profit attributable to the | | | | |
| equity holders of the parent | | | | |
| during the reporting period | | | | |
| (expressed in EUR) | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 0.26 | 0.25 | 0.70 |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 0.26 | 0.25 | 0.70 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 2.1(b) | 76,020 | 72,382 | 149,315 |
--------------------------------------------------------------------------------
| Depreciation, amortization | 2.1(b), | (18,219) | (15,373) | (31,718) |
| and write-downs | 3 | | | |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
In thousand of EUR
--------------------------------------------------------------------------------
| | Notes | 30 June | 31 December | 30 June |
| | | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 3 | 155,438 | 153,715 | 135,366 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible fixed assets | 3 | 13,222 | 13,807 | 12,763 |
--------------------------------------------------------------------------------
| Investments in associates | 2.2, 5 | 699 | 858 | 987 |
--------------------------------------------------------------------------------
| Other financial fixed | | 6,777 | 7,352 | 7,636 |
| assets | | | | |
--------------------------------------------------------------------------------
| Total non-current assets | 2.2 | 176,136 | 175,732 | 156,752 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Assets classified as | | - | 111 | 143 |
| held-for-sale | | | | |
--------------------------------------------------------------------------------
| Inventories | 6 | 10,917 | 11,989 | 10,319 |
--------------------------------------------------------------------------------
| Trade and other | | 70,288 | 63,460 | 63,295 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Short-term investments | | - | 44,357 | 7,887 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 31,243 | 25,359 | 42,291 |
--------------------------------------------------------------------------------
| Total current assets | 2.2 | 112,448 | 145,276 | 123,935 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2.2 | 288,584 | 321,008 | 280,687 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Capital and reserves | 7 | | | |
| attributable to equity | | | | |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Share capital | | 88,169 | 88,169 | 88,169 |
--------------------------------------------------------------------------------
| Share premium | | 22,753 | 22,753 | 22,753 |
--------------------------------------------------------------------------------
| Statutory legal reserve | | 8,817 | 8,817 | 8,817 |
--------------------------------------------------------------------------------
| Retained earnings | | 62,688 | 59,071 | 59,071 |
--------------------------------------------------------------------------------
| Net profit for the period | | 35,277 | 96,194 | 34,828 |
--------------------------------------------------------------------------------
| Total capital and reserves | | 217,704 | 275,004 | 213,638 |
| attributable to equity | | | | |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | 2.2, 7 | 342 | 733 | 523 |
--------------------------------------------------------------------------------
| Total equity | | 218,046 | 275,737 | 214,161 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans and | 8 | 4 | 85 | 140 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Retirement benefit | 9 | 172 | 208 | 238 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 1,355 | 1,321 | 1,296 |
--------------------------------------------------------------------------------
| Non-interest bearing | | 123 | - | 328 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total non-current | 2.2 | 1,654 | 1 614 | 2 002 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | | 68,491 | 42,885 | 63,928 |
--------------------------------------------------------------------------------
| Interest bearing loans and | 8 | 156 | 178 | 157 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Retirement benefit | 9 | 64 | 308 | 300 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 173 | 286 | 139 |
--------------------------------------------------------------------------------
| Total current liabilities | 2.2 | 68,884 | 43,657 | 64,524 |
--------------------------------------------------------------------------------
| Total liabilities | | 70,538 | 45,271 | 66,526 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 2.2 | 288,584 | 321,008 | 280,687 |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
In thousand of EUR
--------------------------------------------------------------------------------
| | Notes | I HY 2008 | I HY 2007 |
--------------------------------------------------------------------------------
| Operating activities | | | |
--------------------------------------------------------------------------------
| Net profit for the period | | 35,367 | 35,030 |
--------------------------------------------------------------------------------
| Adjustments for: | | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 3 | 18,219 | 15,373 |
| impairment of fixed and intangible | | | |
| assets | | | |
--------------------------------------------------------------------------------
| (Profit) / loss from sales and | | (445) | (612) |
| discards of fixed assets | | | |
--------------------------------------------------------------------------------
| Net (income) / expenses from | | 159 | 116 |
| associated companies | | | |
--------------------------------------------------------------------------------
| Provisions | | (362) | (327) |
--------------------------------------------------------------------------------
| Financial items | | (3,573) | (3,006) |
--------------------------------------------------------------------------------
| Income tax on dividends | | 24,652 | 23,700 |
--------------------------------------------------------------------------------
| Miscellaneous non-cash items | | 5 | (158) |
--------------------------------------------------------------------------------
| Cash flow before change in working | | 74,022 | 70,116 |
| capital | | | |
--------------------------------------------------------------------------------
| Change in current receivables | | (6,346) | (6,547) |
--------------------------------------------------------------------------------
| Change in inventories | | 631 | (1,202) |
--------------------------------------------------------------------------------
| Change in current liabilities | | 458 | (1,486) |
--------------------------------------------------------------------------------
| Change in working capital | | (5,257) | (9,235) |
--------------------------------------------------------------------------------
| Cash flow after changes in working | | 68,765 | 60,881 |
| capital | | | |
--------------------------------------------------------------------------------
| Interest received | | 4,451 | 3,745 |
--------------------------------------------------------------------------------
| Interest paid | | (158) | (47) |
--------------------------------------------------------------------------------
| Cash flow from operating activities | 2.2 | 73,058 | 64,579 |
--------------------------------------------------------------------------------
| Investing activities | | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | 2.2, 3 | (19,355) | (19,267) |
| acquired | | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | | 555 | 762 |
| divested | | | |
--------------------------------------------------------------------------------
| Net change in interest-receivables | | 47,917 | 61,925 |
| short maturities | | | |
--------------------------------------------------------------------------------
| Net cash changes of other long-term | | (3,642) | (860) |
| receivables | | | |
--------------------------------------------------------------------------------
| Cash flow from investing activities | 2.2 | 25,475 | 42,560 |
--------------------------------------------------------------------------------
| Cash flow before financing | | 98,533 | 107,139 |
| activities | | | |
--------------------------------------------------------------------------------
| Financing activities | | | |
--------------------------------------------------------------------------------
| Proceeds from non-convertible debts | 8 | - | 13 |
--------------------------------------------------------------------------------
| Repayment of finance lease | 8 | (84) | (57) |
| liabilities | | | |
--------------------------------------------------------------------------------
| Dividends paid | 7(d) | (92,577) | (83,761) |
--------------------------------------------------------------------------------
| Cash flow used in financing | 2.2 | (92,661) | (83,805) |
| activities | | | |
--------------------------------------------------------------------------------
| Cash flow for the year | 2.2 | 5,872 | 23,334 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 2.2 | 25,359 | 20,733 |
| beginning of year | | | |
--------------------------------------------------------------------------------
| Cash flow for the year | 2.2 | 5,872 | 23,334 |
--------------------------------------------------------------------------------
| Effect of foreign exchange rate | 2.2 | 12 | 2 |
| changes | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of | 2.2 | 31,243 | 44,069 |
| period | | | |
--------------------------------------------------------------------------------