Market announcement
Eesti Telekom
Category
Half-yearly financial report
Attachments
Date
18.07.2008 09:00:00
Title
AS-i Eesti Telekom 2008. a. II kvartali ja I poolaasta konsolideeritud vahearuanne, EEK
Message
AS-i Eesti Telekom 2008. a. II kvartali ja I poolaasta konsolideeritud
vahearuanne, EEK
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 EEK | 1 567 | 1 582 | -1,0 | 3 051 | 3 079 | -0,9 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 613 | 590 | 3,8 | 1 189 | 1 133 | 5,0 |
| kulumit, mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 39,1 | 37,3 | | 39,0 | 36,8 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EEK | 468 | 468 | 0,1 | 904 | 892 | 1,4 |
--------------------------------------------------------------------------------
| Marginaal, % | 29,9 | 29,6 | | 29,6 | 29,0 | |
--------------------------------------------------------------------------------
| Kasum enne | 487 | 479 | 1,7 | 939 | 919 | 2,2 |
| tulumaksustamist, mln | | | | | | |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, mln | 101 | 108 | -6,4 | 553 | 548 | 1,0 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Baasaktsiakasum, EEK | 0,73 | 0,77 | -5,2 | 4,00 | 3,95 | 1,3 |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 184 | 184 | -0,2 | 303 | 301 | 0,5 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| 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 EEK | 938 | 1 001 | -6,3 | 1 813 | 1 864 | -2,8 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 365 | 376 | -3,0 | 694 | 706 | -1,7 |
| kulumit, mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 38,9 | 37,6 | | 38,3 | 37,9 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EEK | 299 | 322 | -7,1 | 565 | 600 | -5,9 |
--------------------------------------------------------------------------------
| Marginaal, % | 31,8 | 32,1 | | 31,2 | 32,2 | |
--------------------------------------------------------------------------------
| Kasum enne | 309 | 325 | -5,0 | 582 | 612 | -4,9 |
| tulumaksustamist, mln | | | | | | |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, mln | 87 | 76 | 14,7 | 360 | 362 | -0,7 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 71 | 79 | -10,1 | 128 | 128 | 0,6 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| 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 EEK | 804 | 734 | 9,6 | 1 568 | 1 431 | 9,6 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 246 | 219 | 12,1 | 493 | 434 | 13,4 |
| kulumit, mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 30,6 | 29,9 | | 31,4 | 30,4 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EEK | 173 | 158 | 9,6 | 349 | 313 | 11,7 |
--------------------------------------------------------------------------------
| Marginaal, % | 21,5 | 21,5 | | 22,3 | 21,8 | |
--------------------------------------------------------------------------------
| Kasum enne | 176 | 156 | 12,4 | 353 | 310 | 14,0 |
| tulumaksustamist, mln | | | | | | |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, mln | 43 | 35 | 21,9 | 220 | 188 | 16,8 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 108 | 98 | 10,4 | 164 | 162 | 1,4 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| 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 EEK | 87 | 75 | 15,6 | 166 | 183 | -9,3 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 7 | 3 | 177,5 | 11 | 5 | 144,3 |
| kulumit, mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 8,1 | 3,4 | | 6,6 | 2,4 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EEK | 1 | -3 | N/A | -1 | -6 | -80,1 |
--------------------------------------------------------------------------------
| Marginaal, % | 1,2 | -4,2 | | -0,7 | -3,3 | |
--------------------------------------------------------------------------------
| Kasum enne | 1 | 1 | 46,0 | -2 | 1 | N/A |
| tulumaksustamist, mln | | | | | | |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, mln | 1 | 1 | 46,0 | -2 | 1 | N/A |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 5 | 7 | -36,4 | 10 | 12 | -14,3 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| 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 1567 miljoni
kroonini (2. kvartal 2008: 1582 miljonit krooni), ning oli peamiselt mõjutatud
sidumistasude alanemisest (05.11.2007.a. fikseeriti riikliku regulaatori poolt
mobiiltelefonivõrkudes sidumistasuks 1,66 krooni endise 2,50 krooni asemel).
Mobiilside teenuste segmendi konsolideeritud käive ulatus 2008. aasta teises
kvartalis 938 miljoni kroonini, kahanedes 2007. aasta sama perioodiga võrreldes
6% (2. kvartal 2007: 1001 miljonit krooni). 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) EEK 2.05 minut
ning perioodiks 01.07.2007-30.06.2008, vastavalt Sideameti 20.06 ja
22.06.2007.a. otsustele, EEK 1.66. Kuna Elisa Eesti AS ja Tele2 Eesti AS
vaidlustasid otsused kohtus ning esialgse õiguskaitse korras vastavate
haldusaktide kehtivus peatati, püsisid kõigi kolme mobiilioperaatori
sidumistasud kuni 05.11.2007.a. endisel, EEK 2,50 minut tasemel. 05.11.2007.a.
jõustus Tallinna Ringkonnakohtu määrus, millega esialgne õiguskaitse tühistati
ning nimetatud kuupäevast kohustusid kõik kolm mobiilioperaatorit rakendama
sidumishinda tasemel EEK 1,66. Elisa Eesti AS-i ja Tele2-e kohtuvaidlused
Sideametiga jätkuvad, AS EMT osaleb vaidlustes kolmanda isikuna. 25.03.2008.a.
otsusega kehtestas Sideameti õigusjärglane Konkurentsiamet AS-ile EMT, Elisa
Eesti AS-ile ja Tele2 Eesti AS-ile oma mobiiltelefonivõrkudes häälkõne
lõpetamise tasuks perioodiks 01.07.2008-30.06.2009 EEK 1.37 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 804
miljoni kroonini
(2. kvartal 2007: 734 miljonit krooni). Suurim tulude kasv
tulenes allhanketeenuste müügist, mis eelmise aasta sama perioodiga võrreldes
suurenes 217% ehk 56 miljoni krooni 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 20-lt kroonilt 35-le
kroonile. 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 87 miljoni
kroonini (2. kvartal 2007:
75 miljonit krooni). 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 960 miljoni kroonini (2. kvartal
2007: 994 miljonit krooni) .
Mobiilside teenuste segmendi tegevuskulud vähenesid 2007. aasta teise kvartaliga
võrreldes 8% ulatudes
576 miljoni kroonini (2. kvartal 2007: 626 miljonit
krooni). 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 563 miljoni kroonini (2. kvartal 2007:
515 miljonit krooni). 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 80
miljoni kroonini
(2. kvartal 2007: 73 miljonit krooni).
Eesti Telekom grupi ärikasum enne põhivara amortisatsioonikulu ulatus 2008.
aasta teises kvartalis
613 miljoni kroonini, mis on 4% enam, kui 2007. aasta
teises kvartalis (2. kvartal 2007: 590 miljonit krooni). 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 7 miljonit krooni (2. kvartal 2007: 3 miljonit krooni).
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 145 miljoni
kroonini, suurenedes 2007. aasta sama perioodiga võrreldes 18% (2. kvartal 2007:
123 miljonit krooni).
Eesti Telekom grupp teenis teises kvartalis ärikasumit 468 miljonit krooni,
jäädes samale tasemele eelmise aastaga (2. kvartal 2007: 468 miljonit krooni).
Grupi finantstulud (neto) kasvasid teises kvartalis 46% ulatudes 20 miljoni
kroonini (2. kvartal 2007: 14 miljonit krooni). Eesti Telekom grupp teenis
teises kvartalis maksustamiseelset kasumit 487 miljonit krooni (2. kvartal 2007:
479 miljonit krooni).
Tänavu 17. juunil maksis AS Eesti Telekom taas oma aktsionäridele rekordkõrgeid
dividende, 1449 miljonit krooni (2007. aasta: 1311 miljonit krooni).
Võimaldamaks dividendide väljamakset AS-i Eesti Telekom aktsionäridele maksis AS
EMT emaettevõtjale dividende 820 miljonit krooni (2. kvartal 2007: 885 miljonit
krooni) ja Elion Ettevõtted AS 500 miljonit krooni (2. kvartal 2007: 430
miljonit krooni). Dividendide maksmisega kaasnes dividendide tulumaksu kulu 386
miljonit krooni (2. kvartal 2007: 371 miljonit krooni), millest AS EMT tasus 222
miljonit krooni (2. kvartal 2007: 250 miljonit krooni) ja Elion Ettevõtted AS
133 miljonit krooni (2. kvartal 2007: 121 miljonit krooni).
Eesti Telekom grupi 2008. aasta teise kvartali puhaskasum oli 101 miljonit
krooni (2. kvartal 2007:
108 miljonit krooni). Tulu aktsia kohta teeniti 0,73
krooni (2. kvartal 2007: 0,77 krooni).
Bilanss ja rahavood
Eesti Telekom grupi bilansimaht oli 30. juuni 2008. aasta seisuga 4515 miljonit
krooni (31. detsember 2007: 5023 miljonit krooni). Aasta algusega võrreldes on 6
miljoni krooni võrra kasvanud põhivara, mille jääk teise kvartali lõpus ulatus
2756 miljoni kroonini. Grupi käibevara on esimese poolaasta jooksul kahanenud
514 miljoni krooni võrra, ulatudes juunikuu lõpus 1759 miljoni kroonini (31.
detsember 2007: 2273 miljonit krooni). Raha ja raha ekvivalentide ning
lühiajaliste finantsinvesteeringute jääk on kahanenud 602 miljoni krooni võrra
ja seda seoses juunikuus väljamakstud dividendidega.
Eesti Telekom grupi omakapital oli 30. juuni 2008. aasta seisuga 3412 miljonit
krooni, mis on 903 miljonit krooni vähem kui 2007. aasta lõpus (31. detsember
2007: 4314 miljonit krooni). Omakapitali vähenemine on seotud dividendide
maksmisega 1449 miljoni krooni ulatuses. Samas on omakapitali kasvatanud 2008.
aasta esimese poolasta 553 miljoni krooni suurune puhaskasum. Grupil oli juuni
lõpu seisuga pikaajalisi kohustusi
26 miljonit krooni (31. detsember 2007: 25
miljonit krooni). Lühiajaliste võlakohustuste kasv tuleneb juulikuus maksmisele
kuuluvast 386 miljoni krooni suurusest dividendide tulumaksukohustusest.
Eesti Telekom grupi netovõlg oli esimese kvartali lõpus -486 miljonit krooni ja
netovõla suhe omakapitali -14% (31. detsember 2007: -1087 miljonit krooni ja
-25%).
Eesti Telekom grupi äritegevuse rahavoog oli 2008. aasta esimesel poolaastal
1143 miljonit krooni (1. poolaasta 2007: 1010 miljonit krooni). Grupi rahavoog
investeerimistegevusest oli 399 miljonit krooni (1. poolaasta 2007: 666 miljonit
krooni). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli esimesel
poolaastal
303 miljonit krooni (1. poolaasta 2007: 301 miljonit krooni).
Mobiilside teenuste segment on tänavu teises kvartalis investeerinud 71 miljonit
krooni (2. kvartal 2007: 79 miljonit krooni). Mobiilsides oli lisaks pidevale
GSM-võrgu arendusele suureks arenguprioriteediks kiiret mobiilset andmesidet
toetavate tehnoloogiate rakendamine. Lairiba teenuste segmendi 2008. aasta teise
kvartali investeeringud ulatusid 108 miljoni kroonini (2. kvartal 2007: 98
miljonit krooni). 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 5 miljonit krooni (2. kvartal 2007: 7
miljonit krooni). 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 1450 miljonit krooni, sellest dividendide maksmiseks kasutati 1449
miljonit krooni (1. poolaasta 2007 vastavalt 1311 miljonit krooni ja 1311
miljonit krooni).
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 10,50 krooni aktsia kohta ehk kokku 1 449 miljonit krooni. Dividendid
maksti välja 17. juunil 2008. aastal aktsionäride nimekirja alusel, mis
fikseeriti 6. juuni 2008. aasta kella 23.59 seisuga. 981 miljonit krooni
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 11 000 krooni kuus ja nõukogu esimehele
20 000
krooni 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 kroonides (EEK)
--------------------------------------------------------------------------------
| | Lisad | II kvartal | II kvartal |
| | | 2008 | 2007 |
--------------------------------------------------------------------------------
| Müügitulu | 2.1 (a) | 1 566 708 | 1 582 417 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulud | 2.1 (a) | (881 242) | (870 081) |
--------------------------------------------------------------------------------
| Brutokasum | | 685 466 | 712 336 |
--------------------------------------------------------------------------------
| Turustus-, üldhalduskulud ning | 2.1(a) | (224 265) | (246 647) |
| uurimis- ja arendusväljaminekud | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 2.1(a) | 8 000 | 3 137 |
--------------------------------------------------------------------------------
| Muud ärikulud | 2.1(a) | (1 267) | (1 276) |
--------------------------------------------------------------------------------
| Ärikasum | | 467 934 | 467 550 |
--------------------------------------------------------------------------------
| Finantstulud | | 20 627 | 13 923 |
--------------------------------------------------------------------------------
| Finantskulud | | (588) | (218) |
--------------------------------------------------------------------------------
| Finantstulud, neto | 2.1(a) | 20 039 | 13 705 |
--------------------------------------------------------------------------------
| Finantstulud / (-kulud) | 2.1(a) | (800) | (2 012) |
| sidusettevõtjate aktsiatelt ja | | | |
| osadelt, neto | | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | | 487 173 | 479 243 |
--------------------------------------------------------------------------------
| Dividendide tulumaks | | (385 721) | (370 897) |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 2.1(a) | 101 452 | 108 346 |
--------------------------------------------------------------------------------
| Perioodi puhaskasumi jaotus: | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus kasumis | 2.1(a) | 101 315 | 106 863 |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis | 2.1(a) | 137 | 1 483 |
--------------------------------------------------------------------------------
| | | 101 452 | 108 346 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsia puhaskasum, arvestatud | 7 (e) | | |
| emaettevõtja osalusest | | | |
| aruandeperioodi kasumis | | | |
| (kroonides) | | | |
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia kohta | | 0,73 | 0,77 |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia | | 0,73 | 0,77 |
| kohta | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum enne kulumit | 2.1(a) | 613 078 | 590 446 |
--------------------------------------------------------------------------------
| Kulum ja väärtuse langus | 2.1(a), 3 | (145 144) | (122 896) |
--------------------------------------------------------------------------------
I POOLAASTA KONSOLIDEERITUD KASUMIARUANNE
Tuhandetes kroonides (EEK)
--------------------------------------------------------------------------------
| | Lisad | I | I | 2007 |
| | | poolaasta | poolaasta | |
| | | 2008 | 2007 | |
--------------------------------------------------------------------------------
| Müügitulu | 2.1(b), | 3 050 889 | 3 078 935 | 6 261 002 |
| | 2.3 | | | |
--------------------------------------------------------------------------------
| Müüdud toodangu kulud | 2.1(b) | (1 711 | (1 721 | (3 542 |
| | | 737) | 262) | 791) |
--------------------------------------------------------------------------------
| Brutokasum | | 1 339 152 | 1 357 673 | 2 718 211 |
--------------------------------------------------------------------------------
| Turustus-, üldhalduskulud | 2.1(b) | (446 247) | (469 611) | (900 011) |
| ning uurimis- ja | | | | |
| arendusväljaminekud | | | | |
--------------------------------------------------------------------------------
| Muud äritulud | 2.1(b) | 14 285 | 6 264 | 28 114 |
--------------------------------------------------------------------------------
| Muud ärikulud | 2.1(b) | (2 821) | (2 332) | (6 336) |
--------------------------------------------------------------------------------
| Ärikasum | | 904 369 | 891 994 | 1 839 978 |
--------------------------------------------------------------------------------
| Finantstulud | | 38 378 | 29 576 | 48 626 |
--------------------------------------------------------------------------------
| Finantskulud | | (1 172) | (768) | (2 342) |
--------------------------------------------------------------------------------
| Finantstulud, neto | 2.1(b) | 37 206 | 28 808 | 46 284 |
--------------------------------------------------------------------------------
| Finantstulud / (-kulud) | 2.1(b) | (2 480) | (1 809) | (3 817) |
| sidusettevõtjate | | | | |
| aktsiatelt ja osadelt, | | | | |
| neto | | | | |
--------------------------------------------------------------------------------
| Kasum enne | | 939 095 | 918 993 | 1 882 445 |
| tulumaksustamist | | | | |
--------------------------------------------------------------------------------
| Dividendide tulumaks | | (385 721) | (370 897) | (370 897) |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 2.1(b) | 553 374 | 548 096 | 1 511 548 |
--------------------------------------------------------------------------------
| Perioodi puhaskasumi | | | | |
| jaotus: | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | 2.1(b) | 551 966 | 544 932 | 1 505 098 |
| kasumis | | | | |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis | 2.1(b) | 1 408 | 3 164 | 6 450 |
--------------------------------------------------------------------------------
| | | 553 374 | 548 096 | 1 511 548 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsia puhaskasum, | 7 (e) | | | |
| arvestatud emaettevõtja | | | | |
| osalusest aruandeperioodi | | | | |
| kasumis (kroonides) | | | | |
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia | | 4,00 | 3,95 | 10,91 |
| kohta | | | | |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum | | 4,00 | 3,95 | 10,91 |
| aktsia kohta | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum enne kulumit | 2.1(b) | 1 189 430 | 1 132 528 | 2 336 260 |
--------------------------------------------------------------------------------
| Kulum ja väärtuse langus | 2.1(b), | (285 061) | (240 534) | (496 282) |
| | 3 | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD BILANSS
Tuhandetes kroonides (EEK)
--------------------------------------------------------------------------------
| | Lisad | 30. juuni | 31. dets. | 30. juuni |
| | | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
| AKTIVA | | | | |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 3 | 2 432 084 | 2 405 114 | 2 118 025 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 3 | 206 877 | 216 011 | 199 685 |
--------------------------------------------------------------------------------
| Investeeringud | 2.2, 5 | 10 942 | 13 422 | 15 438 |
| sidusettevõtjatesse | | | | |
--------------------------------------------------------------------------------
| Mitmesugused pikaajalised | | 106 041 | 115 059 | 119 475 |
| nõuded | | | | |
--------------------------------------------------------------------------------
| Põhivara kokku | 2.2 | 2 755 944 | 2 749 606 | 2 452 623 |
--------------------------------------------------------------------------------
| Käbevara | | | | |
--------------------------------------------------------------------------------
| Müügiootel põhivara | | - | 1 732 | 2 235 |
--------------------------------------------------------------------------------
| Varud | 6 | 170 820 | 187 573 | 161 464 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu ja | | 1 099 761 | 992 939 | 990 365 |
| muud lühiajalised nõuded | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | - | 694 040 | 123 394 |
| finantsinvesteeringud | | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | | 488 850 | 396 778 | 661 721 |
--------------------------------------------------------------------------------
| Käibevara kokku | 2.2 | 1 759 431 | 2 273 062 | 1 939 179 |
--------------------------------------------------------------------------------
| AKTIVA KOKKU | 2.2 | 4 515 375 | 5 022 668 | 4 391 802 |
--------------------------------------------------------------------------------
| OMAKAPITAL JA KOHUSTUSED | | | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | 7 | | | |
| omakapitalis | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 1 379 545 | 1 379 545 | 1 379 545 |
--------------------------------------------------------------------------------
| Ülekurss | | 356 018 | 356 018 | 356 018 |
--------------------------------------------------------------------------------
| Kohustuslik reserv | | 137 955 | 137 955 | 137 955 |
--------------------------------------------------------------------------------
| Eelmiste perioodide | | 980 838 | 924 263 | 924 263 |
| jaotamata kasum | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | | 551 966 | 1 505 098 | 544 932 |
--------------------------------------------------------------------------------
| Emaettevõtja osalus | | 3 406 322 | 4 302 879 | 3 342 713 |
| omakapitalis kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosa | 2.2, 7 | 5 357 | 11 480 | 8 194 |
--------------------------------------------------------------------------------
| Omakapital kokku | | 3 411 679 | 4 314 359 | 3 350 907 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Intressikandvad laenud ja | 8 | 67 | 1 343 | 2 183 |
| võlakohustused | | | | |
--------------------------------------------------------------------------------
| Pensionikohustused | 9 | 2 696 | 3 239 | 3 735 |
--------------------------------------------------------------------------------
| Eraldised | 10 | 21 201 | 20 673 | 20 274 |
--------------------------------------------------------------------------------
| Intressi mittekandvad | | 1 920 | - | 5 148 |
| võlakohustused | | | | |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | 2.2 | 25 884 | 25 255 | 31 340 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlad tarnijatele ja muud | | 1 071 667 | 670 989 | 1 000 240 |
| lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Intressikandvad laenud ja | 8 | 2 444 | 2 778 | 2 456 |
| võlakohustused | | | | |
--------------------------------------------------------------------------------
| Pensionikohustused | 9 | 1 001 | 4 814 | 4 689 |
--------------------------------------------------------------------------------
| Eraldised | 10 | 2 700 | 4 473 | 2 170 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | 2.2 | 1 077 812 | 683 054 | 1 009 555 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | | 1 103 696 | 708 309 | 1 040 895 |
--------------------------------------------------------------------------------
| OMAKAPITAL JA KOHUSTUSED | 2.2 | 4 515 375 | 5 022 668 | 4 391 802 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
Tuhandetes kroonides (EEK)
--------------------------------------------------------------------------------
| | Lisad | I poolaasta | I poolaasta |
| | | 2008 | 2007 |
--------------------------------------------------------------------------------
| Rahavoog äritegevusest | | | |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | | 553 374 | 548 096 |
--------------------------------------------------------------------------------
| Korrigeerimised: | | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja väärtuse langus | 3 | 285 061 | 240 534 |
--------------------------------------------------------------------------------
| (Kasum) / kahjum põhivara müügist | | (6 957) | (9 552) |
--------------------------------------------------------------------------------
| Neto (tulud) / kulud | | 2 480 | 1 809 |
| sidusettevõtjatelt | | | |
--------------------------------------------------------------------------------
| Eraldised | | (5 667) | (5 113) |
--------------------------------------------------------------------------------
| (Finantstulud) / kulud | | (55 909) | (47 036) |
--------------------------------------------------------------------------------
| Dividendide tulumaks | | 385 721 | 370 824 |
--------------------------------------------------------------------------------
| Muud mitterahalised korrigeerimised | | 90 | (2 472) |
--------------------------------------------------------------------------------
| Rahavoog äritegevusest enne | | 1 158 193 | 1 097 090 |
| käibekapitali muutusi | | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud nõuete ja | | (99 289) | (102 431) |
| ettemaksete muutus | | | |
--------------------------------------------------------------------------------
| Varude muutus | | 9 875 | (18 812) |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste ja | | 7 183 | (23 257) |
| ettemaksete muutus | | | |
--------------------------------------------------------------------------------
| Käibekapitali muutus | | (82 231) | (144 500) |
--------------------------------------------------------------------------------
| Rahavood äritegevusest peale | | 1 075 962 | 952 590 |
| käibekapitali muutusi | | | |
--------------------------------------------------------------------------------
| Saadud intressid | | 69 646 | 58 592 |
--------------------------------------------------------------------------------
| Makstud intressid | | (2 472) | (732) |
--------------------------------------------------------------------------------
| Rahavoog äritegevusest kokku | 2.2 | 1 143 136 | 1 010 450 |
--------------------------------------------------------------------------------
| Rahavood investeerimistegevusest | | | |
--------------------------------------------------------------------------------
| Materiaalse ning immateriaalse | 2.2, 3 | (302 847) | (301 456) |
| põhivara soetamine | | | |
--------------------------------------------------------------------------------
| Materiaalse ja immateriaalse | | 8 691 | 11 924 |
| põhivara müük | | | |
--------------------------------------------------------------------------------
| Lühiajaliste finantsinvesteeringute | | 749 734 | 968 924 |
| muutus, neto | | | |
--------------------------------------------------------------------------------
| Muude pikaajaliste nõuete muutus, | | (56 989) | (13 464) |
| neto | | | |
--------------------------------------------------------------------------------
| Rahavoog investeerimistegevusest | 2.2 | 398 589 | 665 928 |
| kokku | | | |
--------------------------------------------------------------------------------
| Rahavood enne finantseerimistegevust | | 1 541 725 | 1 676 378 |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest | | | |
--------------------------------------------------------------------------------
| Saadud mittekonverteeritavad | 8 | - | 196 |
| võlakohustused | | | |
--------------------------------------------------------------------------------
| Kapitalirendi põhiosa tagasimaksed | 8 | (1 315) | (899) |
--------------------------------------------------------------------------------
| Makstud dividendid | 7 (d) | (1 448 523) | (1 310 568) |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest | 2.2 | (1 449 838) | (1 311 271) |
| kokku | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalentide muutus | 2.2 | 91 887 | 365 107 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid aasta | 2.2 | 396 778 | 324 405 |
| alguses | | | |
--------------------------------------------------------------------------------
| Raha ja rahaekvivalentide muutus | 2.2 | 91 887 | 365 107 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste mõju | 2.2 | 185 | 25 |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid perioodi | 2.2 | 488 850 | 689 537 |
| lõpus | | | |
--------------------------------------------------------------------------------
Title
AS Eesti Telekom Consolidated II Quarter and I Half Year 2008 Interim Report, EEK
Message
AS Eesti Telekom Consolidated II Quarter and I Half Year 2008 Interim Report,
EEK
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, | 1,567 | 1,582 | -1.0 | 3,051 | 3,079 | -0.9 |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 613 | 590 | 3.8 | 1,189 | 1,133 | 5.0 |
--------------------------------------------------------------------------------
| Margin, % | 39.1 | 37.3 | | 39.0 | 36.8 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 468 | 468 | 0.1 | 904 | 892 | 1.4 |
--------------------------------------------------------------------------------
| Margin, % | 29.9 | 29.6 | | 29.6 | 29.0 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 487 | 479 | 1.7 | 939 | 919 | 2.2 |
--------------------------------------------------------------------------------
| Net profit for the | 101 | 108 | -6.4 | 553 | 548 | 1.0 |
| period, million EEK | | | | | | |
--------------------------------------------------------------------------------
| EPS, EEK | 0.73 | 0.77 | -5.2 | 4.00 | 3.95 | 1.3 |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 184 | 184 | -0.2 | 303 | 301 | 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, | 938 | 1,001 | -6.3 | 1,813 | 1,864 | -2.8 |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 365 | 376 | -3.0 | 694 | 706 | -1.7 |
--------------------------------------------------------------------------------
| Margin, % | 38.9 | 37.6 | | 38.3 | 37.9 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 299 | 322 | -7.1 | 565 | 600 | -5.9 |
--------------------------------------------------------------------------------
| Margin, % | 31.8 | 32.1 | | 31.2 | 32.2 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 309 | 325 | -5.0 | 582 | 612 | -4.9 |
--------------------------------------------------------------------------------
| Net profit for the | 87 | 76 | 14.7 | 360 | 362 | -0.7 |
| period, million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 71 | 79 | -10.1 | 128 | 128 | 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 | 804 | 734 | 9.6 | 1,568 | 1,431 | 9.6 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 246 | 219 | 12.1 | 493 | 434 | 13.4 |
--------------------------------------------------------------------------------
| Margin, % | 30. | 29.9 | | 31.4 | 30.4 | |
| | 6 | | | | | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 173 | 158 | 9.6 | 349 | 313 | 11.7 |
--------------------------------------------------------------------------------
| Margin, % | 21. | 21.5 | | 22.3 | 21.8 | |
| | 5 | | | | | |
--------------------------------------------------------------------------------
| EBT, million EEK | 176 | 156 | 12.4 | 353 | 310 | 14.0 |
--------------------------------------------------------------------------------
| Net profit for the | 43 | 35 | 21.9 | 220 | 188 | 16.8 |
| period, million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 108 | 98 | 10.4 | 164 | 162 | 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 | 87 | 75 | 15.6 | 166 | 183 | -9.3 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 7 | 3 | 177.5 | 11 | 5 | 144.3 |
--------------------------------------------------------------------------------
| Margin, % | 8.1 | 3.4 | | 6.6 | 2.4 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 1 | -3 | N/A | -1 | -6 | -80.1 |
--------------------------------------------------------------------------------
| Margin, % | 1.2 | -4.2 | | -0.7 | -3.3 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 1 | 1 | 46.0 | -2 | 1 | N/A |
--------------------------------------------------------------------------------
| Net profit for the | 1 | 1 | 46.0 | -2 | 1 | N/A |
| period, million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 5 | 7 | -36.4 | 10 | 12 | -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
1,567 million EEK in the second quarter of 2008
(2nd quarter 2007: 1,582
million EEK), and was primarily affected by the reduction in interconnection
fees
(As of 5 November 2007, the state regulator fixed an interconnection fee
of 1.66 EEK instead of the former
2.50 EEK in mobile phone networks).
The consolidated turnover of the mobile communications services segment was 938
million EEK in the second quarter of 2008, decreasing by 6% compared to the same
period in 2007 (2nd quarter 2007:
1,001 million EEK). 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 2.05 EEK per minute, and pursuant to the resolutions
of the Communications Board dated 20 June and 22 June 2007, was fixed at 1.66
EEK for the period 1 July 2007 to 30 June 2008. Since Elisa Eesti AS and Tele2
Eesti AS disputed the decisions in court, and in the course of provisional legal
protection, the validity of the aforementioned administrative act was suspended,
the interconnection fees of all three mobile operators remained at 2.50 EEK
until 5 November 2007.
On 5 November 2007, the ruling of the Tallinn Circuit
Court came into force, whereby the provisional legal protection was cancelled
and all three mobile operators were obligated to apply interconnection fees of
1.66 EEK. Litigation by Elisa Eesti AS and Tele2 with the Communications Board
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 1.37 EEK 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
804 million EEK (2nd quarter 2007: 734 million EEK).
The greatest revenue increase resulted from the sale of subcontracting services,
which increased by 217%, or 56 million EEK, 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
20 EEK to 35
EEK. 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 87 million EEK in the second
quarter of 2008 (2nd quarter 2007: 75 million EEK). 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 960 million EEK
(2nd quarter 2007: 994 million EEK).
The operating costs in the mobile communications services segment decreased by
8% compared to the second quarter of 2007, to 576 million EEK (2nd quarter 2007:
626 million EEK). 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 563 million EEK (2nd quarter 2007: 515
million EEK). 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 80 million EEK (2nd quarter 2007: 73 million EEK).
The Eesti Telekom Group EBITDA in the second quarter of 2008 reached 613 million
EEK, which was 4% more than in the second quarter of 2007 (2nd quarter 2007: 590
million EEK). 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 7 million EEK (2nd
quarter 2007: 3 million EEK). 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 145 million EEK in the second quarter of
2008, increasing by 18% compared to the same period in 2007 (2nd quarter 2007:
123 million EEK).
In the second quarter, the Eesti Telekom Group earned an EBIT of 468 million
EEK, thereby remaining at the same level as last year (2nd quarter 2007: 468
million EEK). The Group's (net) financial revenues increased in the second
quarter by 46% reaching 20 million EEK (2nd quarter 2007: 14 million EEK). In
the second quarter, the Eesti Telekom Group earned pre-tax profits of 487
million EEK (2nd quarter 2007:
479 million EEK).
On 17 June of this year, AS Eesti Telekom again paid its shareholders
record-breaking dividends of
1,449 million EEK from the profits (2007: 1,311
million EEK). In order to enable the payment of dividends to the shareholders of
AS Eesti Telekom, AS EMT paid the parent company dividends of 820 million EEK
(2nd quarter 2007: 885 million EEK) and Elion Enterprises paid 500 million EEK
(2nd quarter 2007:
430 million EEK). The payment of the dividends was
accompanied by income tax payable on the dividends
totaling 386 million EEK
(2nd quarter 2007: 371 million EEK), of which AS EMT paid 222 million EEK
(2nd
quarter 2007: 250 million EEK) and Elion Enterprises paid 133 million EEK (2nd
quarter 2007:
121 million EEK).
In the second quarter of 2008, the net profit for the Eesti Telekom Group was
101 million EEK (2nd quarter 2007: 108 million EEK). The revenue per share was
0.73 EEK (2nd quarter 2007: 0.77 EEK).
Balance sheet and cash flows
As of 30 June 2008, the Eesti Telekom Group balance sheet totaled 4,515 million
EEK (31. December 2007: 5,023 million EEK). Compared to the beginning of the
year, fixed assets had increased by 6 million EEK, thereby bringing the
depreciated value at the end of the second quarter to 2,756 million EEK. The
Group's current assets have decreased during the first six months of 2008 by 514
million EEK, reaching 1,759 million EEK by the end of June (31 December 2007:
2,273 million EEK). Cash and cash equivalents, as well as the balance of
short-term financial investments, have decreased by 602 million EEK, in
connection with the dividends paid out in June.
As of 30 June 2008, the Eesti Telekom Group equity was 3,412 million EEK, which
is 903 million EEK less than at the end of 2007 (31 December 2007: 4,314 million
EEK). The decrease in equity is related to the payment of a dividend totaling
1,449 million EEK. At the same time, equity has been increased by a profit of
553 million EEK in the first six months of 2008. As of the end of June, the
Group had long-term obligations of 26 million EEK (31 December 2007: 25 million
EEK). The increase in short-term debt obligations results from the income tax
liabilities of 386 million EEK resulting from the payment of dividends.
The net debt of the Eesti Telekom Group at the end of the second quarter was
-486 million EEK and the net debt to equity ratio was -14% (31 December 2007:
-1,087 million EEK and -25%).
The Eesti Telekom Group cash flow from operations in the first six months of
2008 was 1,143 million EEK (first six months of 2007: 1,010 million EEK). The
Group's cash flow from investment activities was
399 million EEK (first six
months of 2007: 666 million EEK). The cash flow into the acquisition of tangible
and intangible fixed assets in the first six months was 303 million EEK (first
six months of 2007: 301 million EEK). In the second quarter of this year, the
mobile communications segment has invested 71 million EEK
(2nd quarter 2007: 79
million EEK). 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 108
million EEK (2nd quarter 2007: 98 million EEK). 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 5
million EEK into fixed assets (2nd quarter 2007: 7 million EEK). 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
1,450 million EEK, of which 1,449 million EEK was used
to pay dividends (in the first six months of 2007, these amounts were 1,311
million EEK and 1,311 million EEK 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 10.50 EEK per share or a total of 1,449 million EEK 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 981 million EEK 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 11,000 EEK per
month for their services and the chairman may be paid 20,000 EEK 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 Estonian kroons (EEK)
--------------------------------------------------------------------------------
| | Notes | II Quarter | II Quarter |
| | | 2008 | 2007 |
--------------------------------------------------------------------------------
| Net sales | 2.1(a) | 1,566,708 | 1,582,417 |
--------------------------------------------------------------------------------
| Cost of production | 2.1(a) | (881,242) | (870,081) |
--------------------------------------------------------------------------------
| Gross profit | | 685,466 | 712,336 |
--------------------------------------------------------------------------------
| Sales, administrative, and research | 2.1(a) | (224,265) | (246,647) |
| & development expenses | | | |
--------------------------------------------------------------------------------
| Other operating revenues | 2.1(a) | 8,000 | 3,137 |
--------------------------------------------------------------------------------
| Other operating expenses | 2.1(a) | (1,267) | (1,276) |
--------------------------------------------------------------------------------
| Operating profit | | 467,934 | 467,550 |
--------------------------------------------------------------------------------
| Finance income | | 20,627 | 13,923 |
--------------------------------------------------------------------------------
| Finance costs | | (588) | (218) |
--------------------------------------------------------------------------------
| Finance income, net | 2.1(a) | 20,039 | 13,705 |
--------------------------------------------------------------------------------
| Net income / (expenses) from | 2.1(a) | (800) | (2,012) |
| associated companies | | | |
--------------------------------------------------------------------------------
| Profit before tax | | 487,173 | 479,243 |
--------------------------------------------------------------------------------
| Income tax on dividends | | (385,721) | (370,897) |
--------------------------------------------------------------------------------
| Net profit for the period | 2.1(a) | 101,452 | 108,346 |
--------------------------------------------------------------------------------
| Attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1(a) | 101,315 | 106,863 |
--------------------------------------------------------------------------------
| Minority interest | 2.1(a) | 137 | 1,483 |
--------------------------------------------------------------------------------
| | | 101,452 | 108,346 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for profit | 7 (e) | | |
| attributable to the equity holders | | | |
| of the parent during the reporting | | | |
| period (expressed in EEK) | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 0.73 | 0.77 |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 0.73 | 0.77 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 2.1(a) | 613,078 | 590,446 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | 2.1(a) | (145,144) | (122,896) |
| write-downs | | | |
--------------------------------------------------------------------------------
I HALF YEAR CONSOLIDATED INCOME STATEMENT
In thousand of Estonian kroons (EEK)
--------------------------------------------------------------------------------
| | Notes | I HY 2008 | I HY 2007 | 2007 |
--------------------------------------------------------------------------------
| Net sales | 2.1(b), | 3,050,889 | 3,078,935 | 6,261,002 |
| | 2.3 | | | |
--------------------------------------------------------------------------------
| Cost of production | 2.1(b) | (1,711,73 | (1,721,262 | (3,542,791 |
| | | 7) | ) | ) |
--------------------------------------------------------------------------------
| Gross profit | | 1,339,152 | 1,357,673 | 2,718,211 |
--------------------------------------------------------------------------------
| Sales, administrative, and | 2.1(b) | (446,247) | (469,611) | (900,011) |
| research & development | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other operating revenues | 2.1(b) | 14,285 | 6,264 | 28,114 |
--------------------------------------------------------------------------------
| Other operating expenses | 2.1(b) | (2,821) | (2,332) | (6,336) |
--------------------------------------------------------------------------------
| Operating profit | | 904,369 | 891,994 | 1,839,978 |
--------------------------------------------------------------------------------
| Finance income | | 38,378 | 29,576 | 48,626 |
--------------------------------------------------------------------------------
| Finance costs | | (1,172) | (768) | (2,342) |
--------------------------------------------------------------------------------
| Finance income, net | 2.1(b) | 37,206 | 28,808 | 46,284 |
--------------------------------------------------------------------------------
| Net income / (expenses) from | 2.1(b) | (2,480) | (1,809) | (3,817) |
| associated companies | | | | |
--------------------------------------------------------------------------------
| Profit before tax | | 939,095 | 918,993 | 1,882,445 |
--------------------------------------------------------------------------------
| Income tax on dividends | | (385,721) | (370,897) | (370,897) |
--------------------------------------------------------------------------------
| Net profit for the period | 2.1(b) | 553,374 | 548,096 | 1,511,548 |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1(b) | 551,966 | 544,932 | 1,505,098 |
--------------------------------------------------------------------------------
| Minority interest | 2.1(b) | 1,408 | 3,164 | 6,450 |
--------------------------------------------------------------------------------
| | | 553,374 | 548,096 | 1,511,548 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for | 7 (e) | | | |
| profit attributable to the | | | | |
| equity holders of the parent | | | | |
| during the reporting period | | | | |
| (expressed in EEK) | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 4.00 | 3.95 | 10.91 |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 4.00 | 3.95 | 10.91 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 2.1(b) | 1,189,430 | 1,132,528 | 2,336,260 |
--------------------------------------------------------------------------------
| Depreciation, amortization | 2.1(b), | (285,061) | (240,534) | (496,282) |
| and write-downs | 3 | | | |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
In thousand of Estonian kroons (EEK)
--------------------------------------------------------------------------------
| | Notes | 30 June | 31 December | 30 June |
| | | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 3 | 2,432,084 | 2,405,114 | 2,118,025 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible fixed assets | 3 | 206,877 | 216,011 | 199,685 |
--------------------------------------------------------------------------------
| Investments in associates | 2.2, 5 | 10,942 | 13,422 | 15,438 |
--------------------------------------------------------------------------------
| Other financial fixed | | 106,041 | 115,059 | 119,475 |
| assets | | | | |
--------------------------------------------------------------------------------
| Total non-current assets | 2.2 | 2,755,944 | 2,749,606 | 2,452,623 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Assets classified as | | - | 1,732 | 2,235 |
| held-for-sale | | | | |
--------------------------------------------------------------------------------
| Inventories | 6 | 170,820 | 187,573 | 161,464 |
--------------------------------------------------------------------------------
| Trade and other | | 1,099,761 | 992,939 | 990,365 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Short-term investments | | - | 694,040 | 123,394 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 488,850 | 396,778 | 661,721 |
--------------------------------------------------------------------------------
| Total current assets | 2.2 | 1,759,431 | 2,273,062 | 1,939,179 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2.2 | 4,515,375 | 5,022,668 | 4,391,802 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Capital and reserves | 7 | | | |
| attributable to equity | | | | |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Share capital | | 1,379,545 | 1,379,545 | 1,379,545 |
--------------------------------------------------------------------------------
| Share premium | | 356,018 | 356,018 | 356,018 |
--------------------------------------------------------------------------------
| Statutory legal reserve | | 137,955 | 137,955 | 137,955 |
--------------------------------------------------------------------------------
| Retained earnings | | 980,838 | 924,263 | 924,263 |
--------------------------------------------------------------------------------
| Net profit for the period | | 551,966 | 1,505,098 | 544,932 |
--------------------------------------------------------------------------------
| Total capital and reserves | | 3,406,322 | 4,302,879 | 3,342,713 |
| attributable to equity | | | | |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | 2.2, 7 | 5,357 | 11,480 | 8,194 |
--------------------------------------------------------------------------------
| Total equity | | 3,411,679 | 4,314,359 | 3,350,907 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans and | 8 | 67 | 1,343 | 2,183 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Retirement benefit | 9 | 2,696 | 3,239 | 3,735 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 21,201 | 20,673 | 20,274 |
--------------------------------------------------------------------------------
| Non-interest bearing | | 1,920 | - | 5,148 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total non-current | 2.2 | 25,884 | 25,255 | 31,340 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | | 1,071,667 | 670,989 | 1,000,240 |
--------------------------------------------------------------------------------
| Interest bearing loans and | 8 | 2,444 | 2,778 | 2,456 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Retirement benefit | 9 | 1,001 | 4,814 | 4,689 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 2,700 | 4,473 | 2,170 |
--------------------------------------------------------------------------------
| Total current liabilities | 2.2 | 1,077,812 | 683,054 | 1,009,555 |
--------------------------------------------------------------------------------
| Total liabilities | | 1,103,696 | 708,309 | 1,040,895 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 2.2 | 4,515,375 | 5,022,668 | 4,391,802 |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
In thousand of Estonian kroons (EEK)
--------------------------------------------------------------------------------
| | Notes | I HY 2008 | I HY 2007 |
--------------------------------------------------------------------------------
| Operating activities | | | |
--------------------------------------------------------------------------------
| Net profit for the period | | 553,374 | 548,096 |
--------------------------------------------------------------------------------
| Adjustments for: | | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 3 | 285,061 | 240,534 |
| impairment of fixed and intangible | | | |
| assets | | | |
--------------------------------------------------------------------------------
| (Profit) / loss from sales and | | (6,957) | (9,552) |
| discards of fixed assets | | | |
--------------------------------------------------------------------------------
| Net (income) / expenses from | | 2,480 | 1,809 |
| associated companies | | | |
--------------------------------------------------------------------------------
| Provisions | | (5,667) | (5,113) |
--------------------------------------------------------------------------------
| Financial items | | (55,909) | (47,036) |
--------------------------------------------------------------------------------
| Income tax on dividends | | 385,721 | 370,824 |
--------------------------------------------------------------------------------
| Miscellaneous non-cash items | | 90 | (2,472) |
--------------------------------------------------------------------------------
| Cash flow before change in working | | 1,158,193 | 1,097,090 |
| capital | | | |
--------------------------------------------------------------------------------
| Change in current receivables | | (99,289) | (102,431) |
--------------------------------------------------------------------------------
| Change in inventories | | 9,875 | (18,812) |
--------------------------------------------------------------------------------
| Change in current liabilities | | 7,183 | (23,257) |
--------------------------------------------------------------------------------
| Change in working capital | | (82,231) | (144,500) |
--------------------------------------------------------------------------------
| Cash flow after changes in working | | 1,075,962 | 952,590 |
| capital | | | |
--------------------------------------------------------------------------------
| Interest received | | 69,646 | 58,592 |
--------------------------------------------------------------------------------
| Interest paid | | (2,472) | (732) |
--------------------------------------------------------------------------------
| Cash flow from operating activities | 2.2 | 1,143,136 | 1,010,450 |
--------------------------------------------------------------------------------
| Investing activities | | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | 2.2, 3 | (302,847) | (301,456) |
| acquired | | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | | 8,691 | 11,924 |
| divested | | | |
--------------------------------------------------------------------------------
| Net change in interest-receivables | | 749,734 | 968,924 |
| short maturities | | | |
--------------------------------------------------------------------------------
| Net cash changes of other long-term | | (56,989) | (13,464) |
| receivables | | | |
--------------------------------------------------------------------------------
| Cash flow from investing activities | 2.2 | 398,589 | 665,928 |
--------------------------------------------------------------------------------
| Cash flow before financing | | 1,541,725 | 1,676,378 |
| activities | | | |
--------------------------------------------------------------------------------
| Financing activities | | | |
--------------------------------------------------------------------------------
| Proceeds from non-convertible debts | 8 | - | 196 |
--------------------------------------------------------------------------------
| Repayment of finance lease | 8 | (1,315) | (899) |
| liabilities | | | |
--------------------------------------------------------------------------------
| Dividends paid | 7(d) | (1,448,523) | (1,310,568) |
--------------------------------------------------------------------------------
| Cash flow used in financing | 2.2 | (1,449,838) | (1,311,271) |
| activities | | | |
--------------------------------------------------------------------------------
| Cash flow for the year | 2.2 | 91,887 | 365,107 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 2.2 | 396,778 | 324,405 |
| beginning of year | | | |
--------------------------------------------------------------------------------
| Cash flow for the year | 2.2 | 91,887 | 365,107 |
--------------------------------------------------------------------------------
| Effect of foreign exchange rate | 2.2 | 185 | 25 |
| changes | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of | 2.2 | 488,850 | 689,537 |
| period | | | |
--------------------------------------------------------------------------------