Market announcement
Eesti Telekom
Category
Management interim statement or quarterly financial report
Attachments
Date
24.10.2008 09:00:00
Title
AS-i Eesti Telekom 2008. aasta III kvartali ja 9 kuu konsolideeritud vahearuanne, EUR
Message
AS-i Eesti Telekom 2008. aasta III kvartali ja 9 kuu konsolideeritud vahearuanne, EUR TEGEVUSE VAHEARUANNE Juhatuse kommentaar: Klientide juurdekasv mobiilside ja lairiba teenuste segmendis. Ärikasum enne põhivara kulumit on jätkuvalt stabiilne. Käivet mõjutas mobiiloperaatorite vahelise sidumistasude langus võrreldes sama perioodiga eelmisel aastal. Olulisemad finantsnäitajad Eesti Telekom grupp -------------------------------------------------------------------------------- | | III | III | Muutus, | 9 | 9 kuud | Muutus | | | kv. | kv. | % | kuud | 2007 | , % | | | 2008 | 2007 | | 2008 | | | -------------------------------------------------------------------------------- | Müügitulu, mln EUR | 100,1 | 103,1 | -2,9 | 295,1 | 299,8 | -1,6 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 40,2 | 40,1 | 0,1 | 116,2 | 112,5 | 3,3 | | kulumit, mln EUR | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 40,1 | 38,9 | | 39,4 | 37,5 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 30,8 | 32,2 | -4,4 | 88,6 | 89,2 | -0,7 | -------------------------------------------------------------------------------- | Marginaal, % | 30,7 | 31,2 | | 30,0 | 29,8 | | -------------------------------------------------------------------------------- | Kasum enne | 31,0 | 32,5 | -4,6 | 91,0 | 91,2 | -0,2 | | tulumaksustamist, mln | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | 31,0 | 32,5 | -4,6 | 66,4 | 67,5 | -1,7 | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Baasaktsiakasum, EUR | 0,22 | 0,23 | -4,6 | 0,48 | 0,49 | -1,5 | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 10,9 | 13,4 | -18,6 | 30,3 | 32,7 | -7,4 | | EUR | | | | | | | -------------------------------------------------------------------------------- | Netovõla suhe | -13,1 | -20,1 | | | | | | omakapitali, % | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 30,8 | 30,7 | | | | | -------------------------------------------------------------------------------- | ROE, % | 45,9 | 45,8 | | | | | -------------------------------------------------------------------------------- Mobiilside teenuste segment -------------------------------------------------------------------------------- | | III | III | Muutus | 9 kuud | 9 kuud | Muutus | | | kv. | kv. | , % | 2008 | 2007 | , % | | | 2008 | 2007 | | | | | -------------------------------------------------------------------------------- | Müügitulu, mln EUR | 61,7 | 67,1 | -8,0 | 177,6 | 186,2 | -4,7 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 24,5 | 24,9 | -1,6 | 68,8 | 70,0 | -1,7 | | kulumit, mln EUR | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 39,6 | 37,0 | | 38,7 | 37,6 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 20,2 | 21,4 | -5,4 | 56,3 | 59,7 | -5,7 | -------------------------------------------------------------------------------- | Marginaal, % | 32,7 | 31,8 | | 31,7 | 32,1 | | -------------------------------------------------------------------------------- | Kasum enne | 20,3 | 21,3 | -4,8 | 57,5 | 60,4 | -4,9 | | tulumaksustamist, mln | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | 20,3 | 21,3 | -4,8 | 43,3 | 44,5 | -2,6 | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 4,5 | 4,4 | 0,8 | 12,7 | 12,6 | 0,6 | | EUR | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 43,9 | 52,2 | | | | | -------------------------------------------------------------------------------- | ROE, % | 74,5 | 87,3 | | | | | -------------------------------------------------------------------------------- Lairiba teenuste segment -------------------------------------------------------------------------------- | | III | III | Muutu | 9 kuud | 9 kuud | Muutus, | | | kv. | kv. | s, % | 2008 | 2007 | % | | | 2008 | 2007 | | | | | -------------------------------------------------------------------------------- | Müügitulu, mln EUR | 56,6 | 49,3 | 14,8 | 156,9 | 140,8 | 11,4 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 15,8 | 14,9 | 5,7 | 47,3 | 42,7 | 10,7 | | kulumit, mln EUR | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 27,9 | 30,3 | | 30,1 | 30,3 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 11,1 | 11,0 | 1,1 | 33,4 | 30,9 | 8,0 | -------------------------------------------------------------------------------- | Marginaal, % | 19,6 | 22,2 | | 21,3 | 22,0 | | -------------------------------------------------------------------------------- | Kasum enne | 10,9 | 16,9 | -35,7 | 33,4 | 36,7 | -8,9 | | tulumaksustamist, mln | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | 10,9 | 16,9 | -35,7 | 25,0 | 29,0 | -13,9 | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 6,2 | 8,7 | -28,0 | 16,7 | 19,0 | -12,0 | | EUR | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 19,9 | 21,8 | | | | | -------------------------------------------------------------------------------- | ROE, % | 33,5 | 35,9 | | | | | -------------------------------------------------------------------------------- IT-teenuste segment -------------------------------------------------------------------------------- | | III | III | Muutu | 9 kuud | 9 kuud | Muutus, | | | kv. | kv. | s, % | 2008 | 2007 | % | | | 2008 | 2007 | | | | | -------------------------------------------------------------------------------- | Müügitulu, mln EUR | 4,7 | 5,8 | -19,0 | 15,3 | 17,5 | -12,5 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 0,1 | 0,6 | -79,8 | 0,8 | 0,9 | -6,0 | | kulumit, mln EUR | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 2,5 | 10,1 | | 5,3 | 5,0 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | -0,3 | 0,2 | N/A | -0,4 | -0,1 | -161,8 | -------------------------------------------------------------------------------- | Marginaal, % | -5,9 | 4,3 | | -2,3 | -0,8 | | -------------------------------------------------------------------------------- | Kasum enne | -0,3 | 0,2 | N/A | -0,4 | 0,3 | N/A | | tulumaksustamist, mln | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | -0,3 | 0,2 | N/A | -0,4 | 0,3 | N/A | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 0,2 | 1,2 | -79,2 | 0,9 | 1,9 | -53,9 | | EUR | | | | | | | -------------------------------------------------------------------------------- | ROA, % | -2,6 | 3,4 | | | | | -------------------------------------------------------------------------------- | ROE, % | -7,0 | 4,4 | | | | | -------------------------------------------------------------------------------- Müügitulud, tegevuskulud ja kasum Eesti Telekom grupi 2008. aasta esimeste kvartalite trendid jätkusid ka kolmandas kvartalis. Grupi müügitulu ulatus 2008. aasta kolmandas kvartalis 100,1 miljoni euroni (3. kvartal 2007: 103,1 miljonit eurot), ning oli peamiselt mõjutatud sidumistasude alanemisest (perioodiks 01.07.2008-30.06.2009 fikseeriti riikliku regulaatori poolt mobiiltelefonivõrkudes sidumistasuks 0,09 eurot endise 0,11 eurot asemel). Mobiilside teenuste segmendi 2008. aasta kolmanda kvartali konsolideeritud käive ulatus 61,7 miljoni euroni, kahanedes 2007. aasta kolmanda kvartaliga võrreldes 8% (3. kvartal 2007: 67,1 miljonit eurot). Kogutulude languse 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 kolmandas kvartalis võrreldes aastataguse ajaga vähenenud telekommunikatsioonikaupade jae- ja hulgimüügist saadavad tulud, mis on tingitud tarbijakäitumise muutusest tarbimisel. AS-i EMT kliendibaas oli 2008. aasta kolmanda kvartali lõpus 18 tuhande võrra suurem võrreldes eelmise aasta kolmanda kvartali lõpuga, ulatudes 777 tuhande aktiivse SIM-kaardini (september 2007: 759 tuhat kaarti). Võrreldes aastatagusega on lepinguliste klientide arv kasvanud 19 tuhande võrra, ulatudes 2008. aasta kolmanda kvartali seisuga 484 tuhandeni, samal ajal kui aktiivsete ettemaksega kaartide kasutajate arv on vähenenud aastaga ühe tuhande võrra, jäädes kolmanda kvartali lõpuks 293 tuhande tasemele. EMT hindab oma turuosa aktiivsete SIM-kaartide põhjal 47%-liseks. Hinnanguline aktiivsete kaartide penetratsioon Eestis on 122%. EMT klientide poolt algatatud kõneminutite arvu kasv jäi 1% tasemele eelmise aasta kolmanda kvartaliga võrreldes. Vastavalt Sideameti otsustele fikseeriti AS EMT-le, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile perioodiks 01.07.2006-30.06.2007 mobiiltelefonivõrkudes häälkõne lõpetamise tasuks (sidumistasuks) 0,13 eurot minut ning perioodiks 01.07.2007-30.06.2008 sidumistasuks 0,11 eurot. Kuna Elisa Eesti AS ja Tele2 Eesti AS vaidlustasid otsused kohtus ning esialgse õiguskaitse korras vastavate haldusaktide kehtivus peatati, püsisid kõigi kolme mobiilioperaatori sidumistasud kuni 05.11.2007.a. endisel, 0,16 eurot minut tasemel. 05.11.2007.a. jõustus Tallinna Ringkonnakohtu määrus, millega esialgne õiguskaitse tühistati ning nimetatud kuupäevast kohustusid kõik kolm mobiilioperaatorit rakendama sidumishinda tasemel 0,11 eurot. Elisa Eesti AS-i ja Tele2-e kohtuvaidlused Sideametiga jätkuvad, AS EMT osaleb vaidlustes kolmanda isikuna. Perioodiks 01.07.2008-30.06.2009 kehtestas Sideameti õigusjärglane Konkurentsiamet AS-ile EMT, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile oma mobiiltelefonivõrkudes häälkõne lõpetamise tasuks 0,09 eurot minut. Mobiilsest internetist saadavad tulud näitasid jätkuvalt väga kiiret kasvu. Tänavu kolmandas kvartalis ületasid AS EMT mobiilse andmeside tulud 2007. aasta sama perioodi tulusid poole võrra. Samal ajal mitmekordistus edastatud andmemaht. AS-i EMT mobiilse andmeside kasutajate arv oli 2008. aasta septembris 153 tuhat, mis on aastatagusega võrreldes 34 tuhande kasutaja võrra enam. Mobiilse andmeside populaarsuse kasvu on tinginud 3G leviala kiire laienemine. Enamus andmeside kasutusest tehakse täna juba 3G võrgus, mis võimaldab klientidel kasutada kvaliteetset ja kiiret ADSLi lähedase kiirusega andmesidet mugavamalt kontrollitavate kuludega. Uute 3G tugijaamade paigaldamine välis- ja siselevi laiendamiseks toimus suve jooksul kiirendatud tempos eelkõige suvitusrajoonides. Lisaks töötab EMT-l ainsana Eestis EDGE andmeside kiirusega kuni 200 kbps kogu GSM levialas. 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. Lisaks jõustusid kolmandas kvartalis rändlusteenuse allahindluslepingud, mis vähendavad roaming-tasusid nii tuludes kui kuludes. Seetõttu on kolmandas kvartalis ligi veerandi võrra langenud roaming-klientidelt saadav tulu. Lairiba teenuste segmendi müügitulud kasvasid kolmandas kvartalis 15%, ulatudes 56,6 miljoni euroni (3. kvartal 2007: 49,3 miljonit eurot). Suurim tulude kasv tulenes allhanketeenuste müügist, mis suurenes 140% ehk 5,3 miljoni euro võrra. Eelkõige suurendasid allhanketeenuste tulu minutimahu kasv ning oluliselt kasvanud vahendatavate allteenuste müügimaht. Rahvusvaheliste sidumisteenuste tulud kasvasid lõppenud kvartalis 65%, sealhulgas rahvusvahelise kõnetransiidi tulud suurenesid 215%. Samas langesid lõpp-klientidelt teenitavad kõneteenuste tulud minutimahu vähenemise tõttu 10%. Elioni interneti püsiühenduse klientide koguarv kasvas kolmandas kvartalis 3600 ühenduse võrra, ulatudes septembri lõpuks 172 tuhandeni (30. september 2007: 157 tuhat). Ettevõtja hindab oma turuosaks eraklientide püsiühenduse põhjal 54%. Lõppenud kvartalis jätkus lairibateenuste osas trend, milles kliendid asendavad üksikuid teenuseid komplekslahenduste pakettidega. Võrreldes eelmise aastaga kasvasid lairiba teenuste segmendi tulud kompleksteenuste ühendustasudest 26%. Edukate turunduskampaaniate tulemusena kasvas kolmikpakettide kasutajate arv kvartaliga 7500 võrra, ulatudes 30. septembri seisuga 70,3 tuhandeni (30. september 2007: 44,8 tuhat). Kolmanda kvartali lõpuks oli Elionil 75,4 tuhat IP- ja kaabeltelevisiooni klienti (30. september 2007: 48,4 tuhat). Kolmikpaketi jätkuva populaarsuse tagamiseks pakub Elion ainsa televisiooniteenuse pakkujana Eestis alates septembrist digiTV-d täies mahus ka vene keeles. Kõik Elioni digiTV menüüd, vene telekanalite ning enimvaadatavate Eesti ja rahvusvaheliste kanalite saatekavad, ekraaniteated ning filmide tutvustused videolaenutuses on nüüdsest kättesaadavad ka vene keeles. Samuti lisandusid digiTV videolaenutusse mitmed nimekad Vene filmid. Uuenduste eesmärk on muuta digiTV vene keelt kõnelevatele klientidele veelgi kasutajasõbralikumaks ning pakkuda klientidele võimalikult mitmekesist meelelahutust. Alates 1. oktoobrist lisas Elion digiTV põhipaketti kaheksa uut kanalit, mitmekesistas teemapakettide kanalivalikut ning ühtlustas kõigi teemapakettide, v.a. Meelelahutuse teemapakett kuutasud 2,24 eurole kuus. Tulenevalt komplekslahenduste mahu ja tulude osakaalu olulisest kasvust langesid kõneühenduste ja internetiühenduste kuutasude tulud lõppenud kvartalis võrreldes eelmise aasta sama perioodiga vastavalt 11% ja 13% võrra. Samas ületab komplekslahenduste müügist teenitud tulu nimetatud languse märkimisväärselt. Kolmanda kvartali lõpuks ulatus Elioni aktiivsete kõneliideste arv 471,3 tuhandeni (30. september 2007: 470,2 tuhat liidest), püsides viimase nelja kvartali jooksul stabiilselt samal tasemel. Elion hindab oma turuosa fikseeritud võrgus algatatud kõneminutitest 80,4%-liseks (september 2007: 82%). Turuosa kohalike kõnede minutitest on 82% (september 2007: 84%), rahvusvaheliste kõnede minutitest 67% (september 2007: 65%) ning mobiiltelefonidele tehtavate kõnede minutitest 70,8% (september 2007: 69,5%). Lähtudes Konkurentsiameti otsusest alandas Elion alates 1. augustist 2008 vaskpaari rendi kuutasu 0,13 euro võrra ja valitud vaskpaari renditasu 0,19 euro võrra, mis ei oma olulist majanduslikku mõju Elioni tulemustele. Ühtlasi lõpetas Konkurentsiamet juulis menetluse Elioni püsiliini hulgiteenuse tasude uurimisel ja kiitis kehtivad tasud heaks. Augustis kiitis Konkurentsiamet heaks kõik Elioni täna kehtivad reguleeritud hinnad (sidumistasud, vaskpaarile juurdepääsu tasud ning lairiba juurdepääsu tasud). IT-teenuste segmendi müügitulu ulatus 2008. aasta kolmandas kvartalis 4,7 miljoni euroni (3. kvartal 2007: 5,8 miljonit eurot). Võrreldes eelmise aasta sama perioodiga vähenes müügitulu 19%, seejuures IT teenuste osas jäi müügitulu sama suureks ja IT-kaupade osas vähenes 37% võrra. Infrastruktuurilahenduste müügitulemustele avaldasid suurt mõju mitmed suured hanked erasektoris (finants- ning energeetika valdkond). Kolmandas kvartalis tunnistati edukaks MicroLink Eesti AS pakkumine SA Tiigrihüppe poolt korraldatud hankes „Sülearvutid õpetajatele“. Hanke raames saavad endale uued sülearvutid 4000 õpetajat. HP sülearvutid tarnitakse veel selle kalendriaasta sees. Tehingu maht on rohkem kui 2,2 miljonit eurot. Projektiäris jätkusid kolmandas kvartalis tööd kõikides suuremates projektides - e-tervise projektides (patsiendiportaal, digipilt ja digiretsept), Eesti Posti dokumendihalduse projektis ning Põhja-Eesti Regionaalhaiglas identiteedi halduse lahenduse projektis. Püsiteenuste valdkonnas võitis AS MicroLink Eesti kolmandas kvartalis kaks olulist riigihanget - Sotsiaalministeeriumi poolt korraldatud digiretsepti majutuskeskkonna teenuse ostmise hange (teenuse osutamine nelja aasta jooksul, kogumaksumusega 2,3 miljonit eurot) ja Tallinna Linnaplaneeringute Ameti poolt korraldatud planeeringute registri majutusteenuse hange (teenuse osutamine kolme aasta jooksul, kogumaksumusega 0,1 miljonit eurot). Sotsiaalministeeriumi poolt korraldatud IT hooldusteenuse hange tühistati ning see korraldatakse uuesti. Eesti Telekom grupi tegevuskulud vähenesid 2008. aasta kolmandas kvartalis 2007. aasta sama perioodiga võrreldes 5%, ulatudes 60,1 miljoni euroni (3. kvartal 2007: 63,4 miljonit eurot). Mobiilside teenuste segmendi tegevuskulud vähenesid 2007. aasta kolmanda kvartaliga võrreldes 12% ulatudes 37,4 miljoni euroni (3. kvartal 2007: 42,4 miljonit eurot). Enim on vähenenud sidumishindade langusest tingitud sidumiskulud. Samuti on vähenenud jae- ja hulgikaubandusega seotud tegevuskulud, mis on kooskõlas kaubanduse müügikäibe langusega. Seoses telekommunikatsioonioperaatoritevahelise sidumishindade langusega ja madalama kasumlikkusega kaubanduse osatähtsuse vähenemisega, on kolmandas kvartalis kasvanud tegevuskasumi marginaal. Lairiba teenuste segmendi tegevuskulud kasvasid lõppenud kvartalis 2007. aasta sama perioodiga võrreldes 18%, ulatudes 40,8 miljoni euroni (3. kvartal 2007: 34,7 miljonit eurot). Tegevuskulude kasvust 84% tulenes otseselt allhanketeenuste, rahvusvaheliste sidumisteenuste ning kolmiklahenduste müügimahu suurenemisest põhjustatud otsemüügikulude kasvust. Teiseks peamiseks tegevuskulude kasvuteguriks olid personalikulud, mis suurenesid eelmise aastaga võrreldes 10%. Samas kahanesid kõnede mahu vähenemisest tulenevalt 43% võrra lõpp-klientide kõneteenuste otsemüügikulud. Väiksema müügimahu tõttu vähenesid 16% võrra ka jaekaupade müügikulud. IT-teenuste segmendi tegevuskulud kahanesid kolmandas kvartalis 12%, ulatudes 4,6 miljoni euroni (3. kvartal 2007: 5,2 miljonit eurot). Eesti Telekom grupi ärikasum enne põhivara kulumit ulatus 2008. aasta kolmandas kvartalis 40,2 miljoni euroni, mis on veidi enam, kui 2007. aasta kolmandas kvartalis (3. kvartal 2007: 40,1 miljonit eurot). Mobiilside teenuste segmendi ärikasum enne põhivara kulumit vähenes kolmandas kvartalis võrreldes eelmise aasta sama perioodiga 2% võrra. Lairiba teenuste segmendi ärikasum enne põhivara kulumit kasvas 6% ning IT- teenuste segmendi vastav näitaja oli 2008. aasta kolmandas kvartalis 0,1 miljonit eurot (3. kvartal 2007: 0,6 miljonit eurot). Grupi põhivara kulumieelse ärikasumi marginaal oli 2008. aasta kolmandas kvartalis 40%, mis on veidi kõrgem 2007. aasta vastava perioodi marginaalist. Grupi amortisatsioonikulu ulatus 2008. aasta kolmandas kvartalis 9,4 miljoni euroni, suurenedes 2007. aasta sama perioodiga võrreldes 19% (3. kvartal 2007: 7,9 miljonit eurot). Eesti Telekom grupp teenis kolmandas kvartalis ärikasumit 30,8 miljonit eurot, kahanedes eelmise aasta sama perioodiga võrreldes 4% (3. kvartal 2007: 32,2 miljonit eurot). Grupi finantstulud (neto) kahanesid kolmandas kvartalis 27% ulatudes 0,3 miljoni euroni (3. kvartal 2007: 0,4 miljonit eurot). Eesti Telekom grupp teenis kolmandas kvartalis maksustamiseelset kasumit 31,0 miljonit eurot (3. kvartal 2007: 32,5 miljonit eurot). Elion Ettevõtted AS müüs 1. juulil 2007. aastal AS MicroLink Eesti aktsiad AS-ile Eesti Telekom. Grupi sisene realiseerimata kasum aktsiate müügist moodustas 6,0 miljonit eurot. Eesti Telekom grupi 2008. aasta kolmanda kvartali puhaskasum oli 31,0 miljonit eurot (3. kvartal 2008: 32,5 miljonit eurot). Tulu aktsia kohta teeniti 0,22 eurot (3. kvartal 2007: 0,23 eurot). Bilanss ja rahavood Eesti Telekom grupi bilansimaht oli 30. septembri 2008. aasta seisuga 287,6 miljonit eurot (31. detsember 2007: 321,0 miljonit eurot). Aasta algusega võrreldes on 1,2 miljoni euro võrra kasvanud põhivara, mille jääk kolmanda kvartali lõpus ulatus 176,9 miljoni euroni. Grupi käibevara on üheksa kuuga kahanenud 34,6 miljoni euro võrra, ulatudes septembrikuu lõpus 110,7 miljoni euroni (31. detsember 2007: 145,3 miljonit eurot). Raha ja raha ekvivalentide ning lühiajaliste finantsinvesteeringute jääk on kahanenud 37,1 miljoni euro võrra ja seda seoses juunikuus väljamakstud dividendidega ja juulikuus tasutud dividendide tulumaksuga. Eesti Telekom grupi omakapital oli 30. septembri 2008. aasta seisuga 249,1 miljonit eurot, mis on 26,7 miljonit eurot vähem kui 2007. aasta lõpus (31. detsember 2007: 275,7 miljonit eurot). Omakapital on vähenenud seoses dividendide väljamaksmisega. Grupil oli septembri lõpu seisuga pikaajalisi kohustusi 1,7 miljonit eurot (31. detsember 2007: 1,6 miljonit eurot) ja lühiajalisi võlakohustusi 36,8 miljonit eurot (31. detsember 2007: 43,7 miljonit eurot). Eesti Telekom grupi netovõlg oli kolmanda kvartali lõpus -32,5 miljonit eurot ja netovõla suhe omakapitali -13% (31. detsember 2007: -69,5 miljonit eurot ja -25%). Eesti Telekom grupi äritegevuse rahavoog oli 2008. aasta üheksa kuuga 85,5 miljonit eurot (9 kuud 2007: 78,8 miljonit eurot). Grupi rahavoog investeerimistegevusest oli -4,3 miljonit eurot (9 kuud 2007: 9,7 miljonit eurot). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli esimesel üheksal kuul 30,3 miljonit eurot (9 kuud 2007: 32,7 miljonit eurot). Mobiilside teenuste segment on 2008. aasta üheksa kuuga investeerinud 12,7 miljonit eurot (9 kuud 2007: 12,6 miljonit eurot). Mobiilsides oli lisaks pidevale GSM-võrgu arendusele arenguprioriteediks kiiret mobiilset andmesidet toetavate tehnoloogiate rakendamine. Lairiba teenuste segmendi 2008. aasta 9 kuu investeeringud ulatusid 16,7 miljoni euroni (9 kuud 2007: 19,0 miljonit eurot). Valdav osa kapitalimahutustest on jätkuvalt tehtud kolmikteenuse kvaliteedi parandamiseks, kättesaadavuse suurendamiseks ning vajaliku võrguressursi arendamiseks (IP tuumik- ja valguskaablivõrk). IT-teenuste segment investeeris 2008. aasta üheksa kuuga põhivarasse 0,9 miljonit eurot (9 kuud 2007: 1,9 miljonit eurot). Eesti Telekom grupi rahavoog finantseerimistegevuse rahavoog oli üheksa kuuga 93,1 miljonit eurot, sellest dividendide maksmiseks kasutati 93,1 miljonit eurot (9 kuud 2007 vastavalt 83,8 miljonit eurot ja 83,8 miljonit eurot). AS- Eesti Telekom omanike struktuur 2008. aasta kolmanda 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. Kolmanda kvartali lõpu seisuga oli vabalt kaubeldavate aktsiate osakaal 12,71% aktsiate koguarvust. Neist 17,29% oli konverteeritud Londoni Börsil kaubeldavateks GDR-ideks. AS-i Eesti Telekom 10 suuremat aktsionäri 30. septembri 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 | 3 031 797 | 2,20% | | kontod) | | | -------------------------------------------------------------------------------- | Ing Luxembourg S. A. | 2 015 783 | 1,46% | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken AB | 1 387 709 | 1,01% | | kliendid | | | -------------------------------------------------------------------------------- | Danske Bank kliendid | 1 070 739 | 0,78% | -------------------------------------------------------------------------------- | Bank Austria Creditanstalt AG kliendid | 721 370 | 0,52% | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg | 611 836 | 0,44% | | kliendid | | | -------------------------------------------------------------------------------- | New York Mellon Treaty Omnibus Bank | 392 152 | 0,28% | -------------------------------------------------------------------------------- Muudatused Eesti Telekom grupi struktuuris AS MicroLink Eesti otsustas augustis omandada enamusosaluse IT Koolituskeskuse OÜ. Tehing viiakse suure tõenäosusega lõpuni oktoobris. Koolitusfirma omamine annab MicroLinkile võimaluse kvaliteetse koolitus- ja konsultatsiooniteenuste pakkumiseks nii klientidele kui ka erinevate koostööprojektide partneritele. Samuti on ettevõttel eesmärk hakata oma teenuseid taas pakkuma kõigis kolmes Balti riigis ja IT Koolituskeskuse kliendibaas ning müügiüksused Lätis ja Leedus loovad kasvuks nendel turgudel paremad võimalused. 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 III KVARTALI KONSOLIDEERITUD KASUMIARUANNE Tuhandetes eurodes (EUR) -------------------------------------------------------------------------------- | | Lisad | III kvartal | III kvartal | | | | 2008 | 2007 | -------------------------------------------------------------------------------- | Müügitulu | 2.1 (a) | 100 088 | 103 054 | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1 (a) | (56 028) | (57 216) | -------------------------------------------------------------------------------- | Brutokasum | | 44 060 | 45 838 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud ning | 2.1(a) | (13 508) | (14 105) | | uurimis- ja arendusväljaminekud | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1(a) | 344 | 548 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1(a) | (133) | (84) | -------------------------------------------------------------------------------- | Ärikasum | | 30 763 | 32 197 | -------------------------------------------------------------------------------- | Finantstulud | | 284 | 418 | -------------------------------------------------------------------------------- | Finantskulud | | (24) | (67) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1(a) | 260 | 351 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1(a) | (17) | (39) | | sidusettevõtjate aktsiatelt ja | | | | | osadelt, neto | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | | 31 006 | 32 509 | -------------------------------------------------------------------------------- | Dividendide tulumaks | | - | - | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 2.1(a) | 31 006 | 32 509 | -------------------------------------------------------------------------------- | Perioodi puhaskasumi jaotus: | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus kasumis | 2.1(a) | 30 920 | 32 405 | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1(a) | 86 | 104 | -------------------------------------------------------------------------------- | | | 31 006 | 32 509 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsia puhaskasum, arvestatud | 7 (e) | | | | emaettevõtja osalusest | | | | | aruandeperioodi kasumis | | | | | (eurodes) | | | | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta | | 0,22 | 0,23 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | | 0,22 | 0,23 | | kohta | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1(a) | 40 150 | 40 096 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1(a), 3 | (9 387) | (7 899) | -------------------------------------------------------------------------------- 9 KUU KONSOLIDEERITUD KASUMIARUANNE Tuhandetes eurodes (EUR) -------------------------------------------------------------------------------- | | Lisad | 9 kuud | 9 kuud | 2007 | | | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Müügitulu | 2.1(b), | 295 076 | 299 835 | 400 151 | | | 2.3 | | | | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1(b) | (165 428) | (167 225) | (226 426) | -------------------------------------------------------------------------------- | Brutokasum | | 129 648 | 132 610 | 173 725 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud | 2.1(b) | (42 028) | (44 119) | (57 521) | | ning uurimis- ja | | | | | | arendusväljaminekud | | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1(b) | 1 257 | 948 | 1 797 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1(b) | (313) | (233) | (404) | -------------------------------------------------------------------------------- | Ärikasum | | 88 564 | 89 206 | 117 597 | -------------------------------------------------------------------------------- | Finantstulud | | 2 736 | 2 309 | 3 108 | -------------------------------------------------------------------------------- | Finantskulud | | (99) | (116) | (150) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1(b) | 2 637 | 2 193 | 2 958 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1(b) | (176) | (155) | (244) | | sidusettevõtjate | | | | | | aktsiatelt ja osadelt, | | | | | | neto | | | | | -------------------------------------------------------------------------------- | Kasum enne | | 91 025 | 91 244 | 120 311 | | tulumaksustamist | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | 2.1(b) | (24 652) | (23 705) | (23 705) | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 2.1(b) | 66 373 | 67 539 | 96 606 | -------------------------------------------------------------------------------- | Perioodi puhaskasumi | | | | | | jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1(b) | 66 197 | 67 233 | 96 194 | | kasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1(b) | 176 | 306 | 412 | -------------------------------------------------------------------------------- | | | 66 373 | 67 539 | 96 606 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsia puhaskasum, | 7 (e) | | | | | arvestatud emaettevõtja | | | | | | osalusest aruandeperioodi | | | | | | kasumis (eurodes) | | | | | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia | | 0,48 | 0,49 | 0,70 | | kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | | 0,48 | 0,49 | 0,70 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1(b) | 116 170 | 112 478 | 149 315 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1(b), | (27 606) | (23 272) | (31 718) | | | 3 | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS Tuhandetes eurodes (EUR) -------------------------------------------------------------------------------- | | Lisad | 30. sept. | 31. dets. | 30. sept. | | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | AKTIVA | | | | | -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 3 | 157 540 | 153 715 | 141 283 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 | 12 570 | 13 807 | 12 386 | -------------------------------------------------------------------------------- | Investeeringud | 2.2, 5 | 682 | 858 | 947 | | sidusettevõtjatesse | | | | | -------------------------------------------------------------------------------- | Mitmesugused pikaajalised | | 6 125 | 7 352 | 7 477 | | nõuded | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | 2.2 | 176 917 | 175 732 | 162 093 | -------------------------------------------------------------------------------- | Käbevara | | | | | -------------------------------------------------------------------------------- | Müügiootel põhivara | | - | 111 | 98 | -------------------------------------------------------------------------------- | Varud | 6 | 12 526 | 11 989 | 11 214 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja | | 65 534 | 63 460 | 64 868 | | muud lühiajalised nõuded | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | 19 173 | 44 357 | 26 421 | | finantsinvesteeringud | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | 13 456 | 25 359 | 23 440 | -------------------------------------------------------------------------------- | Käibevara kokku | 2.2 | 110 689 | 145 276 | 126 041 | -------------------------------------------------------------------------------- | AKTIVA KOKKU | 2.2 | 287 606 | 321 008 | 288 134 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 7 | | | | | omakapitalis | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 88 169 | 88 169 | 88 169 | -------------------------------------------------------------------------------- | Ülekurss | | 22 753 | 22 753 | 22 753 | -------------------------------------------------------------------------------- | Kohustuslik reserv | | 8 817 | 8 817 | 8 817 | -------------------------------------------------------------------------------- | Eelmiste perioodide | | 62 688 | 59 071 | 59 071 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum | | 66 197 | 96 194 | 67 233 | -------------------------------------------------------------------------------- | Emaettevõtja osalus | | 248 624 | 275 004 | 246 043 | | omakapitalis kokku | | | | | -------------------------------------------------------------------------------- | Vähemusosa | 2.2, 7 | 428 | 733 | 627 | -------------------------------------------------------------------------------- | Omakapital kokku | | 249 052 | 275 737 | 246 670 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 2 | 85 | 105 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 156 | 208 | 224 | -------------------------------------------------------------------------------- | Eraldised | 10 | 1 437 | 1 321 | 1 310 | -------------------------------------------------------------------------------- | Intressi mittekandvad | | 123 | - | 1 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 2.2 | 1 718 | 1 614 | 1 640 | | kokku | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | | 36 349 | 42 885 | 39 238 | | lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 117 | 178 | 146 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 64 | 308 | 302 | -------------------------------------------------------------------------------- | Eraldised | 10 | 306 | 286 | 138 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 2.2 | 36 836 | 43 657 | 39 824 | | kokku | | | | | -------------------------------------------------------------------------------- | Kohustused kokku | | 38 554 | 45 271 | 41 464 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | 2.2 | 287 606 | 321 008 | 288 134 | | KOKKU | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE Tuhandetes eurodes (EUR) -------------------------------------------------------------------------------- | | Lisad | 9 kuud 2008 | 9 kuud 2007 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest | | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | | 66 373 | 67 539 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 3 | 27 606 | 23 272 | -------------------------------------------------------------------------------- | (Kasum) / kahjum põhivara müügist | | (390) | (964) | -------------------------------------------------------------------------------- | Neto (tulud) / kulud | | 176 | 155 | | sidusettevõtjatelt | | | | -------------------------------------------------------------------------------- | Eraldised | | (160) | (328) | -------------------------------------------------------------------------------- | (Finantstulud) / kulud | | (4 654) | (4 066) | -------------------------------------------------------------------------------- | Muud mitterahalised korrigeerimised | | (19) | 582 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest enne | | 88 932 | 86 190 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja | | (1 359) | (7 092) | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Varude muutus | | (977) | (2 097) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | | (6 434) | (2 884) | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Käibekapitali muutus | | (8 770) | (12 073) | -------------------------------------------------------------------------------- | Rahavood äritegevusest peale | | 80 162 | 74 117 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Saadud intressid | | 5 586 | 4 732 | -------------------------------------------------------------------------------- | Makstud intressid | | (246) | (81) | -------------------------------------------------------------------------------- | Rahavoog äritegevusest kokku | 2.2 | 85 502 | 78 768 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | | -------------------------------------------------------------------------------- | Materiaalse ning immateriaalse | 2.2, 3 | (30 278) | (32 684) | | põhivara soetamine | | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse | | 614 | 399 | | põhivara müük | | | | -------------------------------------------------------------------------------- | Lühiajaliste finantsinvesteeringute | | 25 184 | 43 474 | | muutus, neto | | | | -------------------------------------------------------------------------------- | Muude pikaajaliste nõuete muutus, | | 203 | (1 494) | | neto | | | | -------------------------------------------------------------------------------- | Rahavoog investeerimistegevusest | 2.2 | (4 277) | 9 695 | | kokku | | | | -------------------------------------------------------------------------------- | Rahavood enne finantseerimistegevust | | 81 225 | 88 463 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | | -------------------------------------------------------------------------------- | Saadud võlakohustused | | - | 12 | -------------------------------------------------------------------------------- | Kapitalirendi põhiosa tagasimaksed | 8 | (84) | (87) | -------------------------------------------------------------------------------- | Makstud dividendid | 7 (d) | (93 058) | (83 761) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | 2.2 | (93 142) | (83 836) | | kokku | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | 2.2 | (11 917) | 4 627 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid aasta | 2.2 | 25 359 | 20 733 | | alguses | | | | -------------------------------------------------------------------------------- | Raha ja rahaekvivalentide muutus | 2.2 | (11 917) | 4 627 | -------------------------------------------------------------------------------- | Valuutakursi muutuste mõju | 2.2 | 14 | (13) | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi | 2.2 | 13 456 | 25 347 | | lõpus | | | | --------------------------------------------------------------------------------
Title
Consolidated Interim Report of AS Eesti Telekom III Quarter and the first nine months 2008, EUR
Message
Consolidated Interim Report of AS Eesti Telekom III Quarter and the first nine months 2008, EUR MANAGEMENT REPORT Management's commentary: Customer growth in mobility and broadband segment. EBITDA continued to be stable. 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 -------------------------------------------------------------------------------- | | Q3 | Q3 | Change | 9 mos. | 9 mos. | Change, | | | 2008 | 2007 | , % | 2008 | 2007 | % | -------------------------------------------------------------------------------- | Total revenues, | 100.1 | 103.1 | -2.9 | 295.1 | 299.8 | -1.6 | | million EUR | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EUR | 40.2 | 40.1 | 0.1 | 116.2 | 112.5 | 3.3 | -------------------------------------------------------------------------------- | Margin, % | 40.1 | 38.9 | | 39.4 | 37.5 | | -------------------------------------------------------------------------------- | EBIT, million EUR | 30.8 | 32.2 | -4.4 | 88.6 | 89.2 | -0.7 | -------------------------------------------------------------------------------- | Margin, % | 30.7 | 31.2 | | 30.0 | 29.8 | | -------------------------------------------------------------------------------- | EBT, million EUR | 31.0 | 32.5 | -4.6 | 91.0 | 91.2 | -0.2 | -------------------------------------------------------------------------------- | Net profit for the | 31.0 | 32.5 | -4.6 | 66.4 | 67.5 | -1.7 | | period, million EUR | | | | | | | -------------------------------------------------------------------------------- | EPS, EUR | 0.22 | 0.23 | -4.6 | 0.48 | 0.49 | -1.5 | -------------------------------------------------------------------------------- | CAPEX, million EUR | 10.9 | 13.4 | -18.6 | 30.3 | 32.7 | -7.4 | -------------------------------------------------------------------------------- | Net gearing, % | -13.1 | -20.1 | | | | | -------------------------------------------------------------------------------- | ROA, % | 30.8 | 30.7 | | | | | -------------------------------------------------------------------------------- | ROE, % | 45.9 | 45.8 | | | | | -------------------------------------------------------------------------------- Mobile communications segment -------------------------------------------------------------------------------- | | Q3 | Q3 | Change | 9 mos. | 9 mos. | Change, | | | 2008 | 2007 | , % | 2008 | 2007 | % | -------------------------------------------------------------------------------- | Total revenues, | 61.7 | 67.1 | -8.0 | 177.6 | 186.2 | -4.7 | | million EUR | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EUR | 24.5 | 24.9 | -1.6 | 68.8 | 70.0 | -1.7 | -------------------------------------------------------------------------------- | Margin, % | 39.6 | 37.0 | | 38.7 | 37.6 | | -------------------------------------------------------------------------------- | EBIT, million EUR | 20.2 | 21.4 | -5.4 | 56.3 | 59.7 | -5.7 | -------------------------------------------------------------------------------- | Margin, % | 32.7 | 31.8 | | 31.7 | 32.1 | | -------------------------------------------------------------------------------- | EBT, million EUR | 20.3 | 21.3 | -4.8 | 57.5 | 60.4 | -4.9 | -------------------------------------------------------------------------------- | Net profit for the | 20.3 | 21.3 | -4.8 | 43.3 | 44.5 | -2.6 | | period, million EUR | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EUR | 4.5 | 4.4 | 0.8 | 12.7 | 12.6 | 0.6 | -------------------------------------------------------------------------------- | ROA, % | 43.9 | 52.2 | | | | | -------------------------------------------------------------------------------- | ROE, % | 74.5 | 87.3 | | | | | -------------------------------------------------------------------------------- Broadband services segment -------------------------------------------------------------------------------- | | Q3 | Q3 | Change | 9 mos. | 9 mos. | Change, | | | 2008 | 2007 | , % | 2008 | 2007 | % | -------------------------------------------------------------------------------- | Total revenues, | 56.6 | 49.3 | 14.8 | 156.9 | 140.8 | 11.4 | | million EUR | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EUR | 15.8 | 14.9 | 5.7 | 47.3 | 42.7 | 10.7 | -------------------------------------------------------------------------------- | Margin, % | 27.9 | 30.3 | | 30.1 | 30.3 | | -------------------------------------------------------------------------------- | EBIT, million EUR | 11.1 | 11.0 | 1.1 | 33.4 | 30.9 | 8.0 | -------------------------------------------------------------------------------- | Margin, % | 19.6 | 22.2 | | 21.3 | 22.0 | | -------------------------------------------------------------------------------- | EBT, million EUR | 10.9 | 16.9 | -35.7 | 33.4 | 36.7 | -8.9 | -------------------------------------------------------------------------------- | Net profit for the | 10.9 | 16.9 | -35.7 | 25.0 | 29.0 | -13.9 | | period, million EUR | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EUR | 6.2 | 8.7 | -28.0 | 16.7 | 19.0 | -12.0 | -------------------------------------------------------------------------------- | ROA, % | 19.9 | 21.8 | | | | | -------------------------------------------------------------------------------- | ROE, % | 33.5 | 35.9 | | | | | -------------------------------------------------------------------------------- IT services segment -------------------------------------------------------------------------------- | | Q3 | Q3 | Change | 9 mos. | 9 mos. | Change, | | | 2008 | 2007 | , % | 2008 | 2007 | % | -------------------------------------------------------------------------------- | Total revenues, | 4.7 | 5.8 | -19.0 | 15.3 | 17.5 | -12.5 | | million EUR | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EUR | 0.1 | 0.6 | -79.8 | 0.8 | 0.9 | -6.0 | -------------------------------------------------------------------------------- | Margin, % | 2.5 | 10.1 | | 5.3 | 5.0 | | -------------------------------------------------------------------------------- | EBIT, million EUR | -0.3 | 0.2 | N/A | -0.4 | -0.1 | -161.8 | -------------------------------------------------------------------------------- | Margin, % | -5.9 | 4.3 | | -2.3 | -0.8 | | -------------------------------------------------------------------------------- | EBT, million EUR | -0.3 | 0.2 | N/A | -0.4 | 0.3 | N/A | -------------------------------------------------------------------------------- | Net profit for the | -0.3 | 0.2 | N/A | -0.4 | 0.3 | N/A | | period, million EUR | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EUR | 0.2 | 1.2 | -79.2 | 0.9 | 1.9 | -53.9 | -------------------------------------------------------------------------------- | ROA, % | -2.6 | 3.4 | | | | | -------------------------------------------------------------------------------- | ROE, % | -7.0 | 4.4 | | | | | -------------------------------------------------------------------------------- Sales revenues, operating costs, and profit The Eesti Telekom Group trends of the first two quarters of 2008 also continued in the third quarter. The sales revenues of the Group in the third quarter of 2008 reached 100.1 million EUR (3rd quarter 2007: 103.1 million EUR), and is primarily affected by the reduction in interconnection fees (for the period from 1 July 2008 to 30 June 2009, the interconnection fees in mobile phone networks were fixed at 0.09 EUR instead of the former 0.11 EUR). In the mobile communications services segment, the consolidated turnover reached 61.7 million EUR, decreasing by 8% compared to the third period of 2007 (3rd quarter 2007: 67.1 million EUR). The drop in total revenues was caused by a reduction in interconnection revenues resulting from the decrease in interconnection prices, which was partially compensated by growth in the number of terminated call minutes, the growth of mobile data communications, and the growth of subcontracted services volumes. In addition, in the third quarter the revenues received from the retailing and wholesaling of telecommunications merchandise decreased compared to a year ago, which is caused by changes in consumer behavior. At the end of the third quarter of 2008, the EMT client base was 18 thousand users more than at the end of the third quarter of last year, reaching 777 thousand active SIM cards (September 2007: 759 thousand cards). Compared with a year ago, the number of contractual clients has increased by 19 thousand, reaching 484 thousand by the third quarter of 2008, while at the same time, the number of active users of pre-paid cards decreased by one thousand during the year, to 293 thousand by the end of the third quarter. EMT assesses its market share based on active SIM cards to be 47%. The estimated penetration of active cards in Estonia is 122%. The increase in the call minutes initiated by EMT clients remained at 1% compared to the third quarter of last year. Pursuant to the resolution of the Communications Board, a termination fee for voice calls in the mobile phone networks (interconnection fees) for AS EMT, Elisa Eesti AS and Tele2 Eesti AS for the period 1 July 2006 to 30 June 2007 was fixed at 0.13 EUR per minute, and for the period 1 July 2007 to 30 June 2008 was fixed at 0.11 EUR. Since Elisa Eesti AS and Tele2 Eesti AS disputed the decisions in court, and in the course of provisional legal protection, the validity of the aforementioned administrative act was suspended, the interconnection fees of all three mobile operators remained at 0.16 EUR until 5 November 2007. On 5 November 2007, the ruling of the Tallinn Circuit Court came into force, whereby the provisional legal protection was cancelled and all three mobile operators were obligated to apply interconnection fees of 0.11 EUR. Litigation by Elisa Eesti AS and Tele2 with the Communications Board is continuing, and EMT is participating in the litigation as a third party. For the period of 1 July 2008 - 30 June 2009, the Competition Board, which is the legal successor to the Communications Board, established a fee of 0.09 EUR per minute for the termination of voice calls for AS EMT, Elisa Eesti AS and Tele2 Eesti AS in their mobile phone networks. The revenues received from mobile Internet continued to show very rapid growth. In the third quarter of this year, EMT revenues from mobile data communications exceeded the revenues for the same period in 2007 by half. At the same time, the volumes of transmitted data volumes redoubled. In September 2008, the number of mobile data communications users was 153 thousand, which is 34 thousand more than last year. The increase in the popularity of mobile data communications is caused by the rapid expansion of the 3G coverage area, which allows the clients to use high-quality and high-speed data communications at conveniently controllable prices. The installation of new 3G base stations for the expansion of external and internal coverage occurred at an accelerated tempo primarily in vacation districts. In addition, EMT is the only one in Estonia to provide EDGE data communications at speeds up to 200 kbps throughout its GSM coverage area. A European Parliament and Council of Europe regulation applies to AS EMT, as it does to other mobile operators in the European Community, pursuant to which, as of September 2007 the rate per minute for outgoing calls made or calls terminated within the borders of the European Community cannot exceed the maximum price established by the regulation. In addition, in the third quarter, discount contracts for roaming service came into force causing reductions in both the revenues from and costs of roaming. Therefore, the revenues received from roaming clients in the third quarter decreased by almost 25%. The sales revenues for the broadband services segment increased in the third quarter by 15%, reaching 56.6 million EUR (3rd quarter 2007: 49.3 million EUR). The largest increase in revenues came from the sale of subcontracted services, which increased by 140% or 5.3 million EUR. Revenues from subcontracted services grew primarily due to increases in minute volumes and significant increases in the sales volumes of brokered sub-services. In the last quarter, revenues increased from international interconnection services by 65%, which included an increase of 215% in the revenues for international call transit. At the same time, the revenues for call services earned from end consumers decreased by 10% due to the drop in minute volumes. In the third quarter, the total number of Elion clients with permanent connections increased by 3,600 connections, reaching 172 thousand (30 September 2007: 157 thousand). The company estimates that its market share based on clients with permanent connections is 54%. In the last quarter, the trend in connection fees for broadband services continued of the clients replacing individual services with comprehensive service packages. Compared to last year, the revenues for the broadband services segment increased 26% from the connection fees for service packages. As a result of a successful marketing campaign, the number of triple-package users increased during the quarter by 7,500, reaching 70.3 thousand as of September 30th (30 September 2007: 44.8 thousand). By the end of the third quarter, Elion had 75.4 thousand IP- and cable television clients (30 September 2007: 48.4 thousand). To guarantee the continued popularity of the triple package, as of September, Elion is the only television service provider in Estonia to provide digiTV totally in Russian. All the Elion digiTV menus, schedules for the Russian-lanauge channels and most popular Estonian and international channels, screen notices and introduction of the films offered for video rental are also available in Russian. Also many well-known Russian films have been added to the digiTV video rental selection. The goal of the innovations is to make digiTV even more user friendly for Russian-speaking clients and to provide clients with diversified entertainment. As of October 1st, two new channels were added to the Elion digiTV basic package, diversified the choice of channels in the theme packages, and equalized the monthly fees of all the theme packages, except for the Entertainment theme package to 2.24 EUR per month. Based on the significant increase of the ratio of the volume and revenues of the comprehensive packages, the revenues from monthly fees for call connections and Internet connections in the last quarter fell by 11% and 13% respectively compared to the same period of last year. At the same time, the revenue earned from the sale of comprehensive packages considerably exceeds the given decrease. By the end of the third quarter, the number of Elion's active call interfaces totaled 471.3 thousand (30 September 2007: 470.2 thousand interfaces), remaining stable at the same level for the last four quarters. Elion assesses its market share for call minutes initiated in the fixed network to be 80.4% (September 2007: 82%). The market share for local call minutes is 82% (September 2007: 84%), 67% for international call minutes 67% (September 2007: 65%) and 70.8% for call minutes made to mobile phones (September 2007: 69.5%). Pursuant to the resolution of the Competition Board, as of 1 August 2008, Elion reduced the monthly fee for the rental of copper pairs by 0.13 EUR and the rental fee for selected copper pairs by 0.19 EUR, which had not significant effect on Elion's results. In July, the Competition Board also terminated the proceeding investigating the fees for the wholesale service of Elion's permanent lines and approved the fees. In August, the Competition Board approved all the currently valid regulated prices (interconnection fees, fees for copper pair access, and fees for broadband access). Sales revenues for the IT services segment reached 4.7 million EUR in the third quarter of 2008 (3rd quarter 2007: 5.8 million EUR). Compared to the same period last year, sales revenues decreased by 19%, whereas the sales revenues for IT services remained the same and decreased by 37% for IT merchandise. Several large procurements in the private sector (finance and energy fields) affected the sales results for infrastructure solutions. In the third quarter, the “Laptops for Teachers” procurement organized by the Tiger's Leap Foundation was won by a bid from AS MicroLink Eesti. Within the framework of the procurement, 4,000 teachers will get new laptop computers. The HP laptops will be delivered within this calendar year. The cost of the transaction is more than 2.2 million EUR. In the third quarter, all the large projects in the project business continued—the e-health project (patient portal, digital pictures and digital prescriptions), Estonian Post's document management project, and the North-Estonian Regional Hospital identity management project. In the field of regular services, AS MicroLink Eesti won two important public procurements in the third quarter—the procurement for the purchase of a hosting environment for digital prescriptions organized by the Ministry of Social Affairs (provision of service during four years at a total cost of 2.3 million EUR) and the procurement for the hosting service for the register of plans organized by the Tallinn City Planning Department (provision of services during three years at a total cost of 0.1 million EUR). The procurement for IT maintenance services organized by the Ministry of Social Affairs was cancelled and will be organized again. The operating costs of the Eesti Telekom Group decreased by 5% in the third quarter of 2008 compared to the same period in 2007, reaching 60.1 million EUR (3rd quarter 2007: 63.4 million EUR). The operating costs in the mobile communications services segment decreased by 12 % compared to the third quarter of 2007 reaching 37.4 million EUR (3rd quarter 2007: 42.4 million EUR). Interconnection costs have decreased the most in connection with decreased interconnection prices. The operating costs related to retail and wholesale trading have also decreased, which is in line with the decrease in the sales turnover for trading. In connection with the decrease in the interconnection fees between telecommunications operators and a decrease in the relative importance of low-profitability, the operating profit margin has increased. The operating costs in the broadband services segment increased by 18% in the last quarter compared to the same period in 2007, reaching 40.8 million EUR (3rd quarter 2007: 34.7 million EUR). Of the increase in operating costs, 84% resulted directly from an increase in the direct sales costs of subcontracted services, international interconnection fees and increased sales volumes for triple packages. Another primary growth factor for operating costs was personnel costs, which increased by 10% compared to last year. At the same time, the direct sales costs for call services to end consumers decreased by 43% based on the reduction of call volumes. Due to smaller sales volumes, sales costs for retailing also decreased by 16%. The operating costs in the IT services segment decreased in the third quarter by 12%, reaching 4.6 million EUR (3rd quarter 2007: 5.2 million EUR). The Eesti Telekom Group EBITDA in the third quarter of 2008 reached 40.2 million EUR, which is slightly more than in the third quarter of 2007 (3rd quarter 2007: 40.1 million EUR). EBITDA in the mobile communications services segment decreased in the first quarter by 2% compared to the same period last year. EBITDA in the broadband services segment increased by 6% and in the IT services segment the increase was 0.1 million EUR in the third quarter of 2008 (3rd quarter 2007: 0.6 million EUR). The Group's EBITDA margin in the third quarter of 2007 was 40%, which is slightly higher than the margin for the corresponding period in 2007. The Group's depreciation cost reached 9.4 million EUR in the third quarter of 2008, increasing by 19% compared to the same period in 2007 (3rd quarter 2007: 7.9 million EUR). In the third quarter, the Eesti Telekom Group earned an EBIT of 30.8 million EUR, which decreased by 4% compared to the same period last year (3rd quarter 2007: 32.2 million EUR). The Group's (net) financial revenues decreased 27 % in the third quarter reaching 0.3 million EUR (3rd quarter 2007: 0.4 million EUR). In the third quarter, the Eesti Telekom Group earned pre-tax profits of 31.0 million EUR (3rd quarter 2007: 32.5 million EUR). On 1 July 2007, Elion Enterprises sold its shares in AS MicroLink Eesti to AS Eesti Telekom. The Group's internal unrealized profit from the sale of the shares was 6.0 million EUR. In the third quarter of 2008, the Eesti Telekom Group net profit was 31.0 million EUR (3rd quarter 2008: 32.5 million EUR). The profit per share was 0.22 EUR (3rd quarter 2007: 0.23 EUR). Balance sheet and cash flows As of 30 September 2008, the Eesti Telekom Group balance sheet totaled 287.6 million EUR (31 December 2007: 321.0 million EUR). Compared to the beginning of the year, fixed assets have increased by 1.2 million EUR, thereby bringing the depreciated value at the end of the third quarter to 176.9 million EUR. In nine months, the Group's current assets have decreased by 34.6 million EUR, reaching 110.7 million EUR by the end of September (31 December 2007: 145.3 million EUR). The depreciated value of cash and cash equivalents as well as short-term financial investments has decreased by 37.1 million EUR in connection with the dividends paid out in June and the income tax on dividends paid in July. As of 30 September 2008, the Eesti Telekom Group equity was 249.1 million EUR, which is 26.7 million EUR less than at the end of 2007 (31 December 2007: 275.7 million EUR). The equity has decreased due to the payment of dividends. At the end of September, the Group had long-term obligations totaling 1.7 million EUR (31 December 2007: 1.6 million EUR) and short-term debt obligations of 36.8 million EUR (31 December 2007: 43.7 million EUR). The net debt of the Eesti Telekom Group at the end of the third quarter was -32.5 million EUR and the net debt to equity ratio was -13% (31 December 2007: -69.5 million EUR and -25%). The Eesti Telekom Group nine-month cash flow from operations in 2008 was 85.5 million EUR (9 months of 2007: 78.8 million EUR). The Group's cash flow from investments was -4.3 million EUR (9 months of 2007: 9.7 million EUR). The cash flow into tangible and intangible fixed assets in the first nine months was 30.3 million EUR (9 months of 2007: 32.7 million EUR). During the nine months of 2008, the mobile communications services segment has invested 12.7 million EUR (9 months of 2007: 12.6 million EUR). In mobile communications, in addition to the constant development of the GSM network, a large development field was the implementation of technologies supporting high-speed data communications. During the first nine months of 2008, the investments in the broadband services segment reached 16.7 million EUR (9 months of 2007: 19.0 million EUR). The majority of the investments continue to be made to improve the quality of service for the triple package, increase accessibility, and to develop the necessary network resources (IP core and fiber-optic cable networks). During the nine months of 2008, the IT services segment invested 0.9 million EUR into fixed assets (9 months of 2007: 1.9 million EUR). The Eesti Telekom Group cash flow from financing activities in the first nine months was 93.1 million EUR, from which 93.1 million EUR was used to pay dividends (9 months of 2007: 83.8 million EUR and 83.8 million EUR respectively). Ownership structure of AS Eesti Telekom In the third quarter of 2008, no significant changes occurred in the shareholder structure of AS Eesti Telekom. TeliaSonera AB, the major shareholder of Eesti Telekom (through Baltic Tele AB), continues to own 60.12% of the company's shares. As of the end of the third quarter, 12.71% of the total shares were freely traded. Of these, 17.29% were converted into GDRs traded on the London Stock Exchange. As of 30 September 2008, the largest shareholders of 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 | 3,031,797 | 2.20% | | accounts) | | | -------------------------------------------------------------------------------- | ING Luxembourg S. A. | 2,015,783 | 1.46% | -------------------------------------------------------------------------------- | Skandinaviska Enskilda Banken AB | 1,387,709 | 1.01% | | clients | | | -------------------------------------------------------------------------------- | Danske Bank clients | 1,070,739 | 0.78% | -------------------------------------------------------------------------------- | Bank Austria Creditanstalt AG clients | 721,370 | 0.52% | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg clients | 611,836 | 0.44% | -------------------------------------------------------------------------------- | New York Mellon Treaty Omnibus Bank | 392,152 | 0.28% | -------------------------------------------------------------------------------- Changes in the structure of the Eesti Telekom Group In August, AS MicroLink Eesti decided to acquire a majority share in the IT Koolituskeskuse (Training Center) OÜ. The transaction will most probably be completed in October. The acquisition of the training company will provide MicroLink with the opportunity to provide high-quality training and consulting services to clients and partners in various cooperation projects. The company also planning to start providing its services in the three Baltic countries again and the client base of the IT Koolituskeskus, along with its sales units in Latvia and Lithuania, provide better opportunities for growth in these markets. 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 III QUARTER CONSOLIDATED INCOME STATEMENT In thousand of EUR -------------------------------------------------------------------------------- | | Notes | III Quarter | III Quarter | | | | 2008 | 2007 | -------------------------------------------------------------------------------- | Net sales | 2.1(a) | 100,088 | 103,054 | -------------------------------------------------------------------------------- | Cost of production | 2.1(a) | (56,028) | (57,216) | -------------------------------------------------------------------------------- | Gross profit | | 44,060 | 45,838 | -------------------------------------------------------------------------------- | Sales, administrative, and research | 2.1(a) | (13,508) | (14,105) | | & development expenses | | | | -------------------------------------------------------------------------------- | Other operating revenues | 2.1(a) | 344 | 548 | -------------------------------------------------------------------------------- | Other operating expenses | 2.1(a) | (133) | (84) | -------------------------------------------------------------------------------- | Operating profit | | 30,763 | 32,197 | -------------------------------------------------------------------------------- | Finance income | | 284 | 418 | -------------------------------------------------------------------------------- | Finance costs | | (24) | (67) | -------------------------------------------------------------------------------- | Finance income, net | 2.1(a) | 260 | 351 | -------------------------------------------------------------------------------- | Net income / (expenses) from | 2.1(a) | (17) | (39) | | associated companies | | | | -------------------------------------------------------------------------------- | Profit before tax | | 31,006 | 32,509 | -------------------------------------------------------------------------------- | Income tax on dividends | | - | - | -------------------------------------------------------------------------------- | Net profit for the period | 2.1(a) | 31,006 | 32,509 | -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2.1(a) | 30,920 | 32,405 | -------------------------------------------------------------------------------- | Minority interest | 2.1(a) | 86 | 104 | -------------------------------------------------------------------------------- | | | 31,006 | 32,509 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share for profit | 7 (e) | | | | attributable to the equity holders | | | | | of the parent during the reporting | | | | | period (expressed in EUR) | | | | -------------------------------------------------------------------------------- | Basic earnings per share | | 0.22 | 0.23 | -------------------------------------------------------------------------------- | Diluted earnings per share | | 0.22 | 0.23 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA | 2.1(a) | 40,150 | 40,096 | -------------------------------------------------------------------------------- | Depreciation, amortization and | 2.1(a), 3 | (9,387) | (7,899) | | write-downs | | | | -------------------------------------------------------------------------------- THE FIRST NINE MONTHS CONSOLIDATED INCOME STATEMENT In thousand of EUR -------------------------------------------------------------------------------- | | Notes | 9 months | 9 months | 2007 | | | | to | to 30 | | | | | 30 | September | | | | | September | 2007 | | | | | 2008 | | | -------------------------------------------------------------------------------- | Net sales | 2.1(b), | 295,076 | 299,835 | 400,151 | | | 2.3 | | | | -------------------------------------------------------------------------------- | Cost of production | 2.1(b) | (165,428) | (167,225) | (226,426) | -------------------------------------------------------------------------------- | Gross profit | | 129,648 | 132,610 | 173,725 | -------------------------------------------------------------------------------- | Sales, administrative, and | 2.1(b) | (42,028) | (44,119) | (57,521) | | research & development | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating revenues | 2.1(b) | 1,257 | 948 | 1,797 | -------------------------------------------------------------------------------- | Other operating expenses | 2.1(b) | (313) | (233) | (404) | -------------------------------------------------------------------------------- | Operating profit | | 88,564 | 89,206 | 117,597 | -------------------------------------------------------------------------------- | Finance income | | 2,736 | 2,309 | 3,108 | -------------------------------------------------------------------------------- | Finance costs | | (99) | (116) | (150) | -------------------------------------------------------------------------------- | Finance income, net | 2.1(b) | 2,637 | 2,193 | 2,958 | -------------------------------------------------------------------------------- | Net income / (expenses) from | 2.1(b) | (176) | (155) | (244) | | associated companies | | | | | -------------------------------------------------------------------------------- | Profit before tax | | 91,025 | 91,244 | 120,311 | -------------------------------------------------------------------------------- | Income tax on dividends | 2.1(b) | (24,652) | (23,705) | (23,705) | -------------------------------------------------------------------------------- | Net profit for the period | 2.1(b) | 66,373 | 67,539 | 96,606 | -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2.1(b) | 66,197 | 67,233 | 96,194 | -------------------------------------------------------------------------------- | Minority interest | 2.1(b) | 176 | 306 | 412 | -------------------------------------------------------------------------------- | | | 66,373 | 67,539 | 96,606 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share for | 7 (e) | | | | | profit attributable to the | | | | | | equity holders of the parent | | | | | | during the reporting period | | | | | | (expressed in EUR) | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | | 0.48 | 0.49 | 0.70 | -------------------------------------------------------------------------------- | Diluted earnings per share | | 0.48 | 0.49 | 0.70 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA | 2.1(b) | 116,170 | 112,478 | 149,315 | -------------------------------------------------------------------------------- | Depreciation, amortization | 2.1(b), | (27,606) | (23,272) | (31,718) | | and write-downs | 3 | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET In thousand of EUR -------------------------------------------------------------------------------- | | Notes | 30 | 31 December | 30 | | | | September | 2007 | September | | | | 2008 | | 2007 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Property, plant and | 3 | 157,540 | 153,715 | 141,283 | | equipment | | | | | -------------------------------------------------------------------------------- | Intangible fixed assets | 3 | 12,570 | 13,807 | 12,386 | -------------------------------------------------------------------------------- | Investments in associates | 2.2, 5 | 682 | 858 | 947 | -------------------------------------------------------------------------------- | Other financial fixed | | 6,125 | 7,352 | 7,477 | | assets | | | | | -------------------------------------------------------------------------------- | Total non-current assets | 2.2 | 176,917 | 175,732 | 162,093 | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Assets classified as | | - | 111 | 98 | | held-for-sale | | | | | -------------------------------------------------------------------------------- | Inventories | 6 | 12,526 | 11,989 | 11,214 | -------------------------------------------------------------------------------- | Trade and other | | 65,534 | 63,460 | 64,868 | | receivables | | | | | -------------------------------------------------------------------------------- | Short-term investments | | 19,173 | 44,357 | 26,421 | -------------------------------------------------------------------------------- | Cash and cash equivalents | | 13,456 | 25,359 | 23,440 | -------------------------------------------------------------------------------- | Total current assets | 2.2 | 110,689 | 145,276 | 126,041 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2.2 | 287,606 | 321,008 | 288,134 | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Capital and reserves | 7 | | | | | attributable to equity | | | | | | holders of the parent | | | | | -------------------------------------------------------------------------------- | Share capital | | 88,169 | 88,169 | 88,169 | -------------------------------------------------------------------------------- | Share premium | | 22,753 | 22,753 | 22,753 | -------------------------------------------------------------------------------- | Statutory legal reserve | | 8,817 | 8,817 | 8,817 | -------------------------------------------------------------------------------- | Retained earnings | | 62,688 | 59,071 | 59,071 | -------------------------------------------------------------------------------- | Net profit for the period | | 66,197 | 96,194 | 67,233 | -------------------------------------------------------------------------------- | Total capital and reserves | | 248,624 | 275,004 | 246,043 | | attributable to equity | | | | | | holders of the parent | | | | | -------------------------------------------------------------------------------- | Minority interest | 2.2, 7 | 428 | 733 | 627 | -------------------------------------------------------------------------------- | Total equity | | 249,052 | 275,737 | 246,670 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Interest bearing loans and | 8 | 2 | 85 | 105 | | borrowings | | | | | -------------------------------------------------------------------------------- | Retirement benefit | 9 | 156 | 208 | 224 | | obligations | | | | | -------------------------------------------------------------------------------- | Provisions | 10 | 1,437 | 1,321 | 1,310 | -------------------------------------------------------------------------------- | Non-interest bearing | | 123 | - | 1 | | liabilities | | | | | -------------------------------------------------------------------------------- | Total non-current | 2.2 | 1,718 | 1,614 | 1,640 | | liabilities | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other payables | | 36,349 | 42,885 | 39,238 | -------------------------------------------------------------------------------- | Interest bearing loans and | 8 | 117 | 178 | 146 | | borrowings | | | | | -------------------------------------------------------------------------------- | Retirement benefit | 9 | 64 | 308 | 302 | | obligations | | | | | -------------------------------------------------------------------------------- | Provisions | 10 | 306 | 286 | 138 | -------------------------------------------------------------------------------- | Total current liabilities | 2.2 | 36,836 | 43,657 | 39,824 | -------------------------------------------------------------------------------- | Total liabilities | | 38,554 | 45,271 | 41,464 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 2.2 | 287,606 | 321,008 | 288,134 | | LIABILITIES | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT In thousand of EUR -------------------------------------------------------------------------------- | | Notes | 9 months to | 9 months to | | | | 30 September | 30 September | | | | 2008 | 2007 | -------------------------------------------------------------------------------- | Operating activities | | | | -------------------------------------------------------------------------------- | Net profit for the period | | 66,373 | 67,539 | -------------------------------------------------------------------------------- | Adjustments for: | | | | -------------------------------------------------------------------------------- | Depreciation, amortisation and | 3 | 27,606 | 23,272 | | impairment of fixed and intangible | | | | | assets | | | | -------------------------------------------------------------------------------- | (Profit) / loss from sales and | | (390) | (964) | | discards of fixed assets | | | | -------------------------------------------------------------------------------- | Net (income) / expenses from | | 176 | 155 | | associated companies | | | | -------------------------------------------------------------------------------- | Provisions | | (160) | (328) | -------------------------------------------------------------------------------- | Financial items | | (4,654) | (4,066) | -------------------------------------------------------------------------------- | Miscellaneous non-cash items | | (19) | 582 | -------------------------------------------------------------------------------- | Cash flow before change in working | | 88,932 | 86,190 | | capital | | | | -------------------------------------------------------------------------------- | Change in current receivables | | (1,359) | (7,092) | -------------------------------------------------------------------------------- | Change in inventories | | (977) | (2,097) | -------------------------------------------------------------------------------- | Change in current liabilities | | (6,434) | (2,884) | -------------------------------------------------------------------------------- | Change in working capital | | (8,770) | (12,073) | -------------------------------------------------------------------------------- | Cash flow after changes in working | | 80,162 | 74,117 | | capital | | | | -------------------------------------------------------------------------------- | Interest received | | 5,586 | 4,732 | -------------------------------------------------------------------------------- | Interest paid | | (246) | (81) | -------------------------------------------------------------------------------- | Cash flow from operating activities | 2.2 | 85,502 | 78,768 | -------------------------------------------------------------------------------- | Investing activities | | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | 2.2, 3 | (30,278) | (32,684) | | acquired | | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | | 614 | 399 | | divested | | | | -------------------------------------------------------------------------------- | Net change in interest-receivables | | 25,184 | 43,474 | | short maturities | | | | -------------------------------------------------------------------------------- | Net cash changes of other long-term | | 203 | (1,494) | | receivables | | | | -------------------------------------------------------------------------------- | Cash flow from investing activities | 2.2 | (4,277) | 9,695 | -------------------------------------------------------------------------------- | Cash flow before financing | | 81,225 | 88,463 | | activities | | | | -------------------------------------------------------------------------------- | Financing activities | | | | -------------------------------------------------------------------------------- | Proceeds from non-convertible debts | | - | 12 | -------------------------------------------------------------------------------- | Repayment of finance lease | 8 | (84) | (87) | | liabilities | | | | -------------------------------------------------------------------------------- | Dividends paid | 7(d) | (93,058) | (83,761) | -------------------------------------------------------------------------------- | Cash flow used in financing | 2.2 | (93,142) | (83,836) | | activities | | | | -------------------------------------------------------------------------------- | Cash flow for the year | 2.2 | (11,917) | 4,627 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 2.2 | 25,359 | 20,733 | | beginning of year | | | | -------------------------------------------------------------------------------- | Cash flow for the year | 2.2 | (11,917) | 4,627 | -------------------------------------------------------------------------------- | Effect of foreign exchange rate | 2.2 | 14 | (13) | | changes | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of | 2.2 | 13,456 | 25,347 | | period | | | | --------------------------------------------------------------------------------