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, EEK
Message
AS-i Eesti Telekom 2008. aasta III kvartali ja 9 kuu konsolideeritud vahearuanne, EEK 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 EEK | 1 566 | 1 612 | -2,9 | 4 617 | 4 691 | -1,6 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 628 | 627 | 0,1 | 1 818 | 1 760 | 3,3 | | kulumit, mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 40,1 | 38,9 | | 39,4 | 37,5 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 481 | 504 | -4,4 | 1 386 | 1 396 | -0,7 | -------------------------------------------------------------------------------- | Marginaal, % | 30,7 | 31,2 | | 30,0 | 29,8 | | -------------------------------------------------------------------------------- | Kasum enne | 485 | 509 | -4,6 | 1 424 | 1 428 | -0,2 | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | 485 | 509 | -4,6 | 1 039 | 1 057 | -1,7 | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Baasaktsiakasum, EEK | 3,51 | 3,68 | -4,6 | 7,51 | 7,63 | -1,5 | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 171 | 210 | -18,6 | 474 | 511 | -7,4 | | EEK | | | | | | | -------------------------------------------------------------------------------- | 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 EEK | 966 | 1 050 | -8,0 | 2 778 | 2 914 | -4,7 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 383 | 389 | -1,6 | 1 076 | 1 095 | -1,7 | | kulumit, mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 39,6 | 37,0 | | 38,7 | 37,6 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 316 | 334 | -5,4 | 881 | 934 | -5,7 | -------------------------------------------------------------------------------- | Marginaal, % | 32,7 | 31,8 | | 31,7 | 32,1 | | -------------------------------------------------------------------------------- | Kasum enne | 318 | 334 | -4,8 | 900 | 946 | -4,9 | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | 318 | 334 | -4,8 | 678 | 696 | -2,6 | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 70 | 69 | 0,8 | 198 | 197 | 0,6 | | EEK | | | | | | | -------------------------------------------------------------------------------- | 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 EEK | 886 | 772 | 14,8 | 2 454 | 2 203 | 11,4 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 247 | 234 | 5,7 | 740 | 668 | 10,7 | | kulumit, mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 27,9 | 30,3 | | 30,1 | 30,3 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 173 | 172 | 1,1 | 523 | 484 | 8,0 | -------------------------------------------------------------------------------- | Marginaal, % | 19,6 | 22,2 | | 21,3 | 22,0 | | -------------------------------------------------------------------------------- | Kasum enne | 170 | 265 | -35,7 | 523 | 575 | -8,9 | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | 170 | 265 | -35,7 | 390 | 453 | -13,9 | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 97 | 135 | -28,0 | 262 | 298 | -12,0 | | EEK | | | | | | | -------------------------------------------------------------------------------- | 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 EEK | 73 | 90 | -19,0 | 239 | 273 | -12,5 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 2 | 9 | -79,8 | 13 | 14 | -6,0 | | kulumit, mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 2,5 | 10,1 | | 5,3 | 5,0 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | -4 | 4 | N/A | -5 | -2 | -161,8 | -------------------------------------------------------------------------------- | Marginaal, % | -5,9 | 4,3 | | -2,3 | -0,8 | | -------------------------------------------------------------------------------- | Kasum enne | -5 | 3 | N/A | -6 | 4 | N/A | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | -5 | 3 | N/A | -6 | 4 | N/A | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 4 | 18 | -79,2 | 14 | 30 | -53,9 | | EEK | | | | | | | -------------------------------------------------------------------------------- | 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 1566 miljoni kroonini (3. kvartal 2007: 1612 miljonit krooni), ning oli peamiselt mõjutatud sidumistasude alanemisest (perioodiks 01.07.2008-30.06.2009 fikseeriti riikliku regulaatori poolt mobiiltelefonivõrkudes sidumistasuks 1,37 krooni endise 1,66 krooni asemel). Mobiilside teenuste segmendi 2008. aasta kolmanda kvartali konsolideeritud käive ulatus 966 miljoni kroonini, kahanedes 2007. aasta kolmanda kvartaliga võrreldes 8% (3. kvartal 2007: 1050 miljonit krooni). 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) EEK 2,05 minut ning perioodiks 01.07.2007-30.06.2008 sidumistasuks 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. 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 EEK 1,37 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 886 miljoni kroonini (3. kvartal 2007: 772 miljonit krooni). Suurim tulude kasv tulenes allhanketeenuste müügist, mis suurenes 140% ehk 83 miljoni krooni 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 35 kroonile 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 2 krooni võrra ja valitud vaskpaari renditasu 3 krooni 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 73 miljoni kroonini (3. kvartal 2007: 90 miljonit krooni). 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 34 miljonit krooni. 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 35,4 milj krooni) ja Tallinna Linnaplaneeringute Ameti poolt korraldatud planeeringute registri majutusteenuse hange (teenuse osutamine kolme aasta jooksul, kogumaksumusega 2 miljonit krooni). 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 941 miljoni kroonini (3. kvartal 2007: 992 miljonit krooni). Mobiilside teenuste segmendi tegevuskulud vähenesid 2007. aasta kolmanda kvartaliga võrreldes 12% ulatudes 586 miljoni kroonini (3. kvartal 2007: 663 miljonit krooni). 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 639 miljoni kroonini (3. kvartal 2007: 543 miljonit krooni). 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 72 miljoni kroonini (3. kvartal 2007: 81 miljonit krooni). Eesti Telekom grupi ärikasum enne põhivara kulumit ulatus 2008. aasta kolmandas kvartalis 628 miljoni kroonini, mis on veidi enam, kui 2007. aasta kolmandas kvartalis (3. kvartal 2007: 627 miljonit krooni). 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 2 miljonit krooni (3. kvartal 2007: 9 miljonit krooni). 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 147 miljoni kroonini, suurenedes 2007. aasta sama perioodiga võrreldes 19% (3. kvartal 2007: 124 miljonit krooni). Eesti Telekom grupp teenis kolmandas kvartalis ärikasumit 481 miljonit krooni, kahanedes eelmise aasta sama perioodiga võrreldes 4% (3. kvartal 2007: 504 miljonit krooni). Grupi finantstulud (neto) kahanesid kolmandas kvartalis 27% ulatudes 4 miljoni kroonini (3. kvartal 2007: 6 miljonit krooni). Eesti Telekom grupp teenis kolmandas kvartalis maksustamiseelset kasumit 485 miljonit krooni (3. kvartal 2007: 509 miljonit krooni). Elion Ettevõtted AS müüs 1. juulil 2007. aastal AS MicroLink Eesti aktsiad AS-ile Eesti Telekom. Grupi sisene realiseerimata kasum aktsiate müügist moodustas 93,7 miljonit krooni. Eesti Telekom grupi 2008. aasta kolmanda kvartali puhaskasum oli 485 miljonit krooni (3. kvartal 2008: 509 miljonit krooni). Tulu aktsia kohta teeniti 3,51 krooni (3. kvartal 2007: 3,68 krooni). Bilanss ja rahavood Eesti Telekom grupi bilansimaht oli 30. septembri 2008. aasta seisuga 4500 miljonit krooni (31. detsember 2007: 5023 miljonit krooni). Aasta algusega võrreldes on 19 miljoni krooni võrra kasvanud põhivara, mille jääk kolmanda kvartali lõpus ulatus 2768 miljoni kroonini. Grupi käibevara on üheksa kuuga kahanenud 541 miljoni krooni võrra, ulatudes septembrikuu lõpus 1732 miljoni kroonini (31. detsember 2007: 2273 miljonit krooni). Raha ja raha ekvivalentide ning lühiajaliste finantsinvesteeringute jääk on kahanenud 580 miljoni krooni võrra ja seda seoses juunikuus väljamakstud dividendidega ja juulikuus tasutud dividendide tulumaksuga. Eesti Telekom grupi omakapital oli 30. septembri 2008. aasta seisuga 3897 miljonit krooni, mis on 418 miljonit krooni vähem kui 2007. aasta lõpus (31. detsember 2007: 4314 miljonit krooni). Omakapital on vähenenud seoses dividendide väljamaksmisega. Grupil oli septembri lõpu seisuga pikaajalisi kohustusi 27 miljonit krooni (31. detsember 2007: 25 miljonit krooni) ja lühiajalisi võlakohustusi 576 miljonit krooni (31. detsember 2007: 683 miljonit krooni). Eesti Telekom grupi netovõlg oli kolmanda kvartali lõpus -509 miljonit krooni ja netovõla suhe omakapitali -13% (31. detsember 2007: -1087 miljonit krooni ja -25%). Eesti Telekom grupi äritegevuse rahavoog oli 2008. aasta üheksa kuuga 1338 miljonit krooni (9 kuud 2007: 1232 miljonit krooni). Grupi rahavoog investeerimistegevusest oli -67 miljonit krooni (9 kuud 2007: 152 miljonit krooni). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli esimesel üheksal kuul 474 miljonit krooni (9 kuud 2007: 511 miljonit krooni). Mobiilside teenuste segment on 2008. aasta üheksa kuuga investeerinud 198 miljonit krooni (9 kuud 2007: 197 miljonit krooni). Mobiilsides oli lisaks pidevale GSM-võrgu arendusele arenguprioriteediks kiiret mobiilset andmesidet toetavate tehnoloogiate rakendamine. Lairiba teenuste segmendi 2008. aasta 9 kuu investeeringud ulatusid 262 miljoni kroonini (9 kuud 2007: 298 miljonit krooni). 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 14 miljonit krooni (9 kuud 2007: 30 miljonit krooni). Eesti Telekom grupi finantseerimistegevuse rahavoog oli üheksa kuuga 1457 miljonit krooni, sellest dividendide maksmiseks kasutati 1456 miljonit krooni (9 kuud 2007 vastavalt 1312 miljonit krooni ja 1311 miljonit krooni). 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 kroonides (EEK) -------------------------------------------------------------------------------- | | Lisad | III kvartal | III kvartal | | | | 2008 | 2007 | -------------------------------------------------------------------------------- | Müügitulu | 2.1 (a) | 1 566 042 | 1 612 450 | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1 (a) | (876 653) | (895 240) | -------------------------------------------------------------------------------- | Brutokasum | | 689 389 | 717 210 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud ning | 2.1(a) | (211 328) | (220 696) | | uurimis- ja arendusväljaminekud | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1(a) | 5 389 | 8 568 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1(a) | (2 084) | (1 328) | -------------------------------------------------------------------------------- | Ärikasum | | 481 366 | 503 754 | -------------------------------------------------------------------------------- | Finantstulud | | 4 435 | 6 565 | -------------------------------------------------------------------------------- | Finantskulud | | (384) | (1 050) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1(a) | 4 051 | 5 515 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1(a) | (273) | (618) | | sidusettevõtjate aktsiatelt ja | | | | | osadelt, neto | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | | 485 144 | 508 651 | -------------------------------------------------------------------------------- | Dividendide tulumaks | | (1) | - | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 2.1(a) | 485 143 | 508 651 | -------------------------------------------------------------------------------- | Perioodi puhaskasumi jaotus: | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus kasumis | 2.1(a) | 483 791 | 507 022 | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1(a) | 1 352 | 1 629 | -------------------------------------------------------------------------------- | | | 485 143 | 508 651 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsia puhaskasum, arvestatud | 7 (e) | | | | emaettevõtja osalusest | | | | | aruandeperioodi kasumis | | | | | (kroonides) | | | | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta | | 3,51 | 3,68 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | | 3,51 | 3,68 | | kohta | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1(a) | 628 225 | 627 348 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1(a), 3 | (146 859) | (123 594) | -------------------------------------------------------------------------------- 9 KUU KONSOLIDEERITUD KASUMIARUANNE Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | Lisad | 9 kuud | 9 kuud | 2007 | | | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Mü��gitulu | 2.1(b), | 4 616 931 | 4 691 385 | 6 261 002 | | | 2.3 | | | | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1(b) | (2 588 | (2 616 | (3 542 | | | | 390) | 502) | 791) | -------------------------------------------------------------------------------- | Brutokasum | | 2 028 541 | 2 074 883 | 2 718 211 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud | 2.1(b) | (657 575) | (690 307) | (900 011) | | ning uurimis- ja | | | | | | arendusväljaminekud | | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1(b) | 19 674 | 14 832 | 28 114 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1(b) | (4 905) | (3 660) | (6 336) | -------------------------------------------------------------------------------- | Ärikasum | | 1 385 735 | 1 395 748 | 1 839 978 | -------------------------------------------------------------------------------- | Finantstulud | | 42 813 | 36 141 | 48 626 | -------------------------------------------------------------------------------- | Finantskulud | | (1 556) | (1 818) | (2 342) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1(b) | 41 257 | 34 323 | 46 284 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1(b) | (2 753) | (2 427) | (3 817) | | sidusettevõtjate | | | | | | aktsiatelt ja osadelt, | | | | | | neto | | | | | -------------------------------------------------------------------------------- | Kasum enne | | 1 424 239 | 1 427 644 | 1 882 445 | | tulumaksustamist | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | 2.1(b) | (385 722) | (370 897) | (370 897) | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 2.1(b) | 1 038 517 | 1 056 747 | 1 511 548 | -------------------------------------------------------------------------------- | Perioodi puhaskasumi | | | | | | jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1(b) | 1 035 757 | 1 051 954 | 1 505 098 | | kasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1(b) | 2 760 | 4 793 | 6 450 | -------------------------------------------------------------------------------- | | | 1 038 517 | 1 056 747 | 1 511 548 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsia puhaskasum, | 7 (e) | | | | | arvestatud emaettevõtja | | | | | | osalusest aruandeperioodi | | | | | | kasumis (kroonides) | | | | | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia | | 7,51 | 7,63 | 10,91 | | kohta | | | | | -------------------------------------------------------------------------------- | Lahustatud puhaskasum | | 7,51 | 7,63 | 10,91 | | aktsia kohta | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1(b) | 1 817 655 | 1 759 876 | 2 336 260 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1(b), | (431 920) | (364 128) | (496 282) | | | 3 | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | Lisad | 30. sept. | 31. dets. | 30. sept. | | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- | AKTIVA | | | | | -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 3 | 2 464 966 | 2 405 114 | 2 210 598 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 | 196 671 | 216 011 | 193 783 | -------------------------------------------------------------------------------- | Investeeringud | 2.2, 5 | 10 669 | 13 422 | 14 820 | | sidusettevõtjatesse | | | | | -------------------------------------------------------------------------------- | Mitmesugused pikaajalised | | 95 834 | 115 059 | 116 978 | | nõuded | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | 2.2 | 2 768 140 | 2 749 606 | 2 536 179 | -------------------------------------------------------------------------------- | Käbevara | | | | | -------------------------------------------------------------------------------- | Müügiootel põhivara | | - | 1 732 | 1 531 | -------------------------------------------------------------------------------- | Varud | 6 | 195 986 | 187 573 | 175 458 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja | | 1 025 389 | 992 939 | 1 014 983 | | muud lühiajalised nõuded | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | 300 000 | 694 040 | 413 411 | | finantsinvesteeringud | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | 210 533 | 396 778 | 366 747 | -------------------------------------------------------------------------------- | Käibevara kokku | 2.2 | 1 731 908 | 2 273 062 | 1 972 130 | -------------------------------------------------------------------------------- | AKTIVA KOKKU | 2.2 | 4 500 048 | 5 022 668 | 4 508 309 | -------------------------------------------------------------------------------- | 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 | | 1 035 757 | 1 505 098 | 1 051 954 | -------------------------------------------------------------------------------- | Emaettevõtja osalus | | 3 890 113 | 4 302 879 | 3 849 735 | | omakapitalis kokku | | | | | -------------------------------------------------------------------------------- | Vähemusosa | 2.2, 7 | 6 709 | 11 480 | 9 823 | -------------------------------------------------------------------------------- | Omakapital kokku | | 3 896 822 | 4 314 359 | 3 859 558 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 37 | 1 343 | 1 656 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 2 445 | 3 239 | 3 510 | -------------------------------------------------------------------------------- | Eraldised | 10 | 22 472 | 20 673 | 20 502 | -------------------------------------------------------------------------------- | Intressi mittekandvad | | 1 921 | - | 2 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 2.2 | 26 875 | 25 255 | 25 670 | | kokku | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | | 568 732 | 670 989 | 613 913 | | lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 1 828 | 2 778 | 2 286 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 1 001 | 4 814 | 4 731 | -------------------------------------------------------------------------------- | Eraldised | 10 | 4 790 | 4 473 | 2 151 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 2.2 | 576 351 | 683 054 | 623 081 | | kokku | | | | | -------------------------------------------------------------------------------- | Kohustused kokku | | 603 226 | 708 309 | 648 751 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | 2.2 | 4 500 048 | 5 022 668 | 4 508 309 | | KOKKU | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | Lisad | 9 kuud 2008 | 9 kuud 2007 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest | | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | | 1 038 517 | 1 056 747 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 3 | 431 920 | 364 128 | -------------------------------------------------------------------------------- | (Kasum) / kahjum põhivara müügist | | (6 107) | (15 081) | -------------------------------------------------------------------------------- | Neto (tulud) / kulud | | 2 753 | 2 427 | | sidusettevõtjatelt | | | | -------------------------------------------------------------------------------- | Eraldised | | (2 511) | (5 132) | -------------------------------------------------------------------------------- | (Finantstulud) / kulud | | (72 826) | (63 610) | -------------------------------------------------------------------------------- | Muud mitterahalised korrigeerimised | | (289) | 9 096 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest enne | | 1 391 457 | 1 348 575 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja | | (21 265) | (110 989) | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Varude muutus | | (15 291) | (32 806) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | | (100 650) | (45 129) | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Käibekapitali muutus | | (137 206) | (188 924) | -------------------------------------------------------------------------------- | Rahavood äritegevusest peale | | 1 254 251 | 1 159 651 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Saadud intressid | | 87 408 | 74 033 | -------------------------------------------------------------------------------- | Makstud intressid | | (3 845) | (1 271) | -------------------------------------------------------------------------------- | Rahavoog äritegevusest kokku | 2.2 | 1 337 814 | 1 232 413 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | | -------------------------------------------------------------------------------- | Materiaalse ning immateriaalse | 2.2, 3 | (473 740) | (511 379) | | põhivara soetamine | | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse | | 9 612 | 6 245 | | põhivara müük | | | | -------------------------------------------------------------------------------- | Lühiajaliste finantsinvesteeringute | | 394 040 | 680 220 | | muutus, neto | | | | -------------------------------------------------------------------------------- | Muude pikaajaliste nõuete muutus, | | 3 189 | (23 382) | | neto | | | | -------------------------------------------------------------------------------- | Rahavoog investeerimistegevusest | 2.2 | (66 899) | 151 704 | | kokku | | | | -------------------------------------------------------------------------------- | Rahavood enne finantseerimistegevust | | 1 270 915 | 1 384 117 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | | -------------------------------------------------------------------------------- | Saadud võlakohustused | | - | 191 | -------------------------------------------------------------------------------- | Kapitalirendi põhiosa tagasimaksed | 8 | (1 325) | (1 353) | -------------------------------------------------------------------------------- | Makstud dividendid | 7 (d) | (1 456 054) | (1 310 568) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | 2.2 | (1 457 379) | (1 311 730) | | kokku | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | 2.2 | (186 464) | 72 387 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid aasta | 2.2 | 396 778 | 324 405 | | alguses | | | | -------------------------------------------------------------------------------- | Raha ja rahaekvivalentide muutus | 2.2 | (186 464) | 72 387 | -------------------------------------------------------------------------------- | Valuutakursi muutuste mõju | 2.2 | 219 | (200) | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi | 2.2 | 210 533 | 396 592 | | lõpus | | | | --------------------------------------------------------------------------------
Title
Consolidated Interim Report of AS Eesti Telekom III Quarter and the first nine months 2008, EEK
Message
Consolidated Interim Report of AS Eesti Telekom III Quarter and the first nine months 2008, EEK 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, | 1,566 | 1,612 | -2.9 | 4,617 | 4,691 | -1.6 | | million EEK | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 628 | 627 | 0.1 | 1,818 | 1,760 | 3.3 | -------------------------------------------------------------------------------- | Margin, % | 40.1 | 38.9 | | 39.4 | 37.5 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 481 | 504 | -4.4 | 1,386 | 1,396 | -0.7 | -------------------------------------------------------------------------------- | Margin, % | 30.7 | 31.2 | | 30.0 | 29.8 | | -------------------------------------------------------------------------------- | EBT, million EEK | 485 | 509 | -4.6 | 1,424 | 1,428 | -0.2 | -------------------------------------------------------------------------------- | Net profit for the | 485 | 509 | -4.6 | 1,039 | 1,057 | -1.7 | | period, million EEK | | | | | | | -------------------------------------------------------------------------------- | EPS, EEK | 3.51 | 3.68 | -4.6 | 7.51 | 7.63 | -1.5 | -------------------------------------------------------------------------------- | CAPEX, million EEK | 171 | 210 | -18.6 | 474 | 511 | -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, | 966 | 1,050 | -8.0 | 2,778 | 2,914 | -4.7 | | million EEK | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 383 | 389 | -1.6 | 1,076 | 1,095 | -1.7 | -------------------------------------------------------------------------------- | Margin, % | 39.6 | 37.0 | | 38.7 | 37.6 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 316 | 334 | -5.4 | 881 | 934 | -5.7 | -------------------------------------------------------------------------------- | Margin, % | 32.7 | 31.8 | | 31.7 | 32.1 | | -------------------------------------------------------------------------------- | EBT, million EEK | 318 | 334 | -4.8 | 900 | 946 | -4.9 | -------------------------------------------------------------------------------- | Net profit for the | 318 | 334 | -4.8 | 678 | 696 | -2.6 | | period, million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 70 | 69 | 0.8 | 198 | 197 | 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, | 886 | 772 | 14.8 | 2,454 | 2,203 | 11.4 | | million EEK | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 247 | 234 | 5.7 | 740 | 668 | 10.7 | -------------------------------------------------------------------------------- | Margin, % | 27.9 | 30.3 | | 30.1 | 30.3 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 173 | 172 | 1.1 | 523 | 484 | 8.0 | -------------------------------------------------------------------------------- | Margin, % | 19.6 | 22.2 | | 21.3 | 22.0 | | -------------------------------------------------------------------------------- | EBT, million EEK | 170 | 265 | -35.7 | 523 | 575 | -8.9 | -------------------------------------------------------------------------------- | Net profit for the | 170 | 265 | -35.7 | 390 | 453 | -13.9 | | period, million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 97 | 135 | -28.0 | 262 | 298 | -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, | 73 | 90 | -19.0 | 239 | 273 | -12.5 | | million EEK | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 2 | 9 | -79.8 | 13 | 14 | -6.0 | -------------------------------------------------------------------------------- | Margin, % | 2.5 | 10.1 | | 5.3 | 5.0 | | -------------------------------------------------------------------------------- | EBIT, million EEK | -4 | 4 | N/A | -5 | -2 | -161.8 | -------------------------------------------------------------------------------- | Margin, % | -5.9 | 4.3 | | -2.3 | -0.8 | | -------------------------------------------------------------------------------- | EBT, million EEK | -5 | 3 | N/A | -6 | 4 | N/A | -------------------------------------------------------------------------------- | Net profit for the | -5 | 3 | N/A | -6 | 4 | N/A | | period, million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 4 | 18 | -79.2 | 14 | 30 | -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 1,566 million EEK (3rd quarter 2007: 1,612 million EEK), 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 1.37 EEK instead of the former 1.66 EEK). In the mobile communications services segment, the consolidated turnover reached 966 million EEK, decreasing by 8% compared to the third period of 2007 (3rd quarter 2007: 1,050 million EEK). 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 2.05 EEK per minute, and for the period 1 July 2007 to 30 June 2008 was fixed at 1.66 EEK. 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. 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 1.37 EEK 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 886 million EEK (3rd quarter 2007: 772 million EEK). The largest increase in revenues came from the sale of subcontracted services, which increased by 140% or 83 million EEK. 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 35 EEK 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 2 EEK and the rental fee for selected copper pairs by 3 EEK, 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 73 million EEK in the third quarter of 2008 (3rd quarter 2007: 90 million EEK). 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 34 million EEK. 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 35.4 million EEK) 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 2 million EEK). 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 941 million EEK (3rd quarter 2007: 992 million EEK). The operating costs in the mobile communications services segment decreased by 12 % compared to the third quarter of 2007 reaching 586 million EEK (3rd quarter 2007: 663 million EEK). 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 639 million EEK (3rd quarter 2007: 543 million EEK). 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 72 million EEK (3rd quarter 2007: 81 million EEK). The Eesti Telekom Group EBITDA in the third quarter of 2008 reached 628 million EEK, which is slightly more than in the third quarter of 2007 (3rd quarter 2007: 627 million EEK). 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 2 million EEK in the third quarter of 2008 (3rd quarter 2007: 9 million EEK). 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 147 million EEK in the third quarter of 2008, increasing by 19% compared to the same period in 2007 (3rd quarter 2007: 124 million EEK). In the third quarter, the Eesti Telekom Group earned an EBIT of 481 million EEK, which decreased by 4% compared to the same period last year (3rd quarter 2007: 504 million EEK). The Group's (net) financial revenues decreased 27 % in the third quarter reaching 4 million EEK (3rd quarter 2007: 6 million EEK). In the third quarter, the Eesti Telekom Group earned pre-tax profits of 485 million EEK (3rd quarter 2007: 509 million EEK). 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 93.7 million EEK. In the third quarter of 2008, the Eesti Telekom Group net profit was 485 million EEK (3rd quarter 2008: 509 million EEK). The profit per share was 3.51 EEK (3rd quarter 2007: 3.68 EEK). Balance sheet and cash flows As of 30 September 2008, the Eesti Telekom Group balance sheet totaled 4,500 million EEK (31 December 2007: 5,023 million EEK). Compared to the beginning of the year, fixed assets have increased by 19 million EEK, thereby bringing the depreciated value at the end of the third quarter to 2,768 million EEK. In nine months, the Group's current assets have decreased by 541 million EEK, reaching 1,732 million EEK by the end of September (31 December 2007: 2,273 million EEK). The depreciated value of cash and cash equivalents as well as short-term financial investments has decreased by 580 million EEK 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 3,897 million EEK, which is 418 million EEK less than at the end of 2007 (31 December 2007: 4,314 million EEK). The equity has decreased due to the payment of dividends. At the end of September, the Group had long-term obligations totaling 27 million EEK (31 December 2007: 25 million EEK) and short-term debt obligations of 576 million EEK (31 December 2007: 683 million EEK). The net debt of the Eesti Telekom Group at the end of the third quarter was -509 million EEK and the net debt to equity ratio was -13% (31 December 2007: -1,087 million EEK and -25%). The Eesti Telekom Group nine-month cash flow from operations in 2008 was 1,338 million EEK (9 months of 2007: 1,232 million EEK). The Group's cash flow from investments was -67 million EEK (9 months of 2007: 152 million EEK). The cash flow into tangible and intangible fixed assets in the first nine months was 474 million EEK (9 months of 2007: 511 million EEK). During the nine months of 2008, the mobile communications services segment has invested 198 million EEK (9 months of 2007: 197 million EEK). In mobile communications, in addition to the constant development of the GSM network, a large development field was the implementation of technologies supporting high-speed data communications. During the first nine months of 2008, the investments in the broadband services segment reached 262 million EEK (9 months of 2007: 298 million EEK). 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 14 million EEK into fixed assets (9 months of 2007: 30 million EEK). The Eesti Telekom Group cash flow from financing activities in the first nine months was 1,457 million EEK, from which 1,456 million EEK was used to pay dividends (9 months of 2007 1,312 million EEK and 1,311 million EEK 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 Estonian kroons (EEK) -------------------------------------------------------------------------------- | | Notes | III Quarter | III Quarter | | | | 2008 | 2007 | -------------------------------------------------------------------------------- | Net sales | 2.1(a) | 1,566,042 | 1,612,450 | -------------------------------------------------------------------------------- | Cost of production | 2.1(a) | (876,653) | (895,240) | -------------------------------------------------------------------------------- | Gross profit | | 689,389 | 717,210 | -------------------------------------------------------------------------------- | Sales, administrative, and research | 2.1(a) | (211,328) | (220,696) | | & development expenses | | | | -------------------------------------------------------------------------------- | Other operating revenues | 2.1(a) | 5,389 | 8,568 | -------------------------------------------------------------------------------- | Other operating expenses | 2.1(a) | (2,084) | (1,328) | -------------------------------------------------------------------------------- | Operating profit | | 481,366 | 503,754 | -------------------------------------------------------------------------------- | Finance income | | 4,435 | 6,565 | -------------------------------------------------------------------------------- | Finance costs | | (384) | (1,050) | -------------------------------------------------------------------------------- | Finance income, net | 2.1(a) | 4,051 | 5,515 | -------------------------------------------------------------------------------- | Net income / (expenses) from | 2.1(a) | (273) | (618) | | associated companies | | | | -------------------------------------------------------------------------------- | Profit before tax | | 485,144 | 508,651 | -------------------------------------------------------------------------------- | Income tax on dividends | | (1) | - | -------------------------------------------------------------------------------- | Net profit for the period | 2.1(a) | 485,143 | 508,651 | -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2.1(a) | 483,791 | 507,022 | -------------------------------------------------------------------------------- | Minority interest | 2.1(a) | 1,352 | 1,629 | -------------------------------------------------------------------------------- | | | 485,143 | 508,651 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | | 3.51 | 3.68 | -------------------------------------------------------------------------------- | Diluted earnings per share | | 3.51 | 3.68 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA | 2.1(a) | 628,225 | 627,348 | -------------------------------------------------------------------------------- | Depreciation, amortization and | 2.1(a), 3 | (146,859) | (123,594) | | write-downs | | | | -------------------------------------------------------------------------------- THE FIRST NINE MONTHS CONSOLIDATED INCOME STATEMENT In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | Notes | 9 months | 9 months | 2007 | | | | to | to 30 | | | | | 30 | September | | | | | September | 2007 | | | | | 2008 | | | -------------------------------------------------------------------------------- | Net sales | 2.1(b), | 4,616,931 | 4,691,385 | 6,261,002 | | | 2.3 | | | | -------------------------------------------------------------------------------- | Cost of production | 2.1(b) | (2,588,39 | (2,616,502 | (3,542,791 | | | | 0) | ) | ) | -------------------------------------------------------------------------------- | Gross profit | | 2,028,541 | 2,074,883 | 2,718,211 | -------------------------------------------------------------------------------- | Sales, administrative, and | 2.1(b) | (657,575) | (690,307) | (900,011) | | research & development | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating revenues | 2.1(b) | 19,674 | 14,832 | 28,114 | -------------------------------------------------------------------------------- | Other operating expenses | 2.1(b) | (4,905) | (3,660) | (6,336) | -------------------------------------------------------------------------------- | Operating profit | | 1,385,735 | 1,395,748 | 1,839,978 | -------------------------------------------------------------------------------- | Finance income | | 42,813 | 36,141 | 48,626 | -------------------------------------------------------------------------------- | Finance costs | | (1,556) | (1,818) | (2,342) | -------------------------------------------------------------------------------- | Finance income, net | 2.1(b) | 41,257 | 34,323 | 46,284 | -------------------------------------------------------------------------------- | Net income / (expenses) from | 2.1(b) | (2,753) | (2,427) | (3,817) | | associated companies | | | | | -------------------------------------------------------------------------------- | Profit before tax | | 1,424,239 | 1,427,644 | 1,882,445 | -------------------------------------------------------------------------------- | Income tax on dividends | 2.1(b) | (385,722) | (370,897) | (370,897) | -------------------------------------------------------------------------------- | Net profit for the period | 2.1(b) | 1,038,517 | 1,056,747 | 1,511,548 | -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2.1(b) | 1,035,757 | 1,051,954 | 1,505,098 | -------------------------------------------------------------------------------- | Minority interest | 2.1(b) | 2,760 | 4,793 | 6,450 | -------------------------------------------------------------------------------- | | | 1,038,517 | 1,056,747 | 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 | | 7.51 | 7.63 | 10.91 | -------------------------------------------------------------------------------- | Diluted earnings per share | | 7.51 | 7.63 | 10.91 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA | 2.1(b) | 1,817,655 | 1,759,876 | 2,336,260 | -------------------------------------------------------------------------------- | Depreciation, amortization | 2.1(b), | (431,920) | (364,128) | (496,282) | | and write-downs | 3 | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | Notes | 30 | 31 December | 30 | | | | September | 2007 | September | | | | 2008 | | 2007 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Property, plant and | 3 | 2,464,966 | 2,405,114 | 2,210,598 | | equipment | | | | | -------------------------------------------------------------------------------- | Intangible fixed assets | 3 | 196,671 | 216,011 | 193,783 | -------------------------------------------------------------------------------- | Investments in associates | 2.2, 5 | 10,669 | 13,422 | 14,820 | -------------------------------------------------------------------------------- | Other financial fixed | | 95,834 | 115,059 | 116,978 | | assets | | | | | -------------------------------------------------------------------------------- | Total non-current assets | 2.2 | 2,768,140 | 2,749,606 | 2,536,179 | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Assets classified as | | - | 1,732 | 1,531 | | held-for-sale | | | | | -------------------------------------------------------------------------------- | Inventories | 6 | 195,986 | 187,573 | 175,458 | -------------------------------------------------------------------------------- | Trade and other | | 1,025,389 | 992,939 | 1,014,983 | | receivables | | | | | -------------------------------------------------------------------------------- | Short-term investments | | 300,000 | 694,040 | 413,411 | -------------------------------------------------------------------------------- | Cash and cash equivalents | | 210,533 | 396,778 | 366,747 | -------------------------------------------------------------------------------- | Total current assets | 2.2 | 1,731,908 | 2,273,062 | 1,972,130 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2.2 | 4,500,048 | 5,022,668 | 4,508,309 | -------------------------------------------------------------------------------- | 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 | | 1,035,757 | 1,505,098 | 1,051,954 | -------------------------------------------------------------------------------- | Total capital and reserves | | 3,890,113 | 4,302,879 | 3,849,735 | | attributable to equity | | | | | | holders of the parent | | | | | -------------------------------------------------------------------------------- | Minority interest | 2.2, 7 | 6,709 | 11,480 | 9,823 | -------------------------------------------------------------------------------- | Total equity | | 3,896,822 | 4,314,359 | 3,859,558 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Interest bearing loans and | 8 | 37 | 1,343 | 1,656 | | borrowings | | | | | -------------------------------------------------------------------------------- | Retirement benefit | 9 | 2,445 | 3,239 | 3,510 | | obligations | | | | | -------------------------------------------------------------------------------- | Provisions | 10 | 22,472 | 20,673 | 20,502 | -------------------------------------------------------------------------------- | Non-interest bearing | | 1,921 | - | 2 | | liabilities | | | | | -------------------------------------------------------------------------------- | Total non-current | 2.2 | 26,875 | 25,255 | 25,670 | | liabilities | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other payables | | 568,732 | 670,989 | 613,913 | -------------------------------------------------------------------------------- | Interest bearing loans and | 8 | 1,828 | 2,778 | 2,286 | | borrowings | | | | | -------------------------------------------------------------------------------- | Retirement benefit | 9 | 1,001 | 4,814 | 4,731 | | obligations | | | | | -------------------------------------------------------------------------------- | Provisions | 10 | 4,790 | 4,473 | 2,151 | -------------------------------------------------------------------------------- | Total current liabilities | 2.2 | 576,351 | 683,054 | 623,081 | -------------------------------------------------------------------------------- | Total liabilities | | 603,226 | 708,309 | 648,751 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 2.2 | 4,500,048 | 5,022,668 | 4,508,309 | | LIABILITIES | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | Notes | 9 months to | 9 months to | | | | 30 September | 30 September | | | | 2008 | 2007 | -------------------------------------------------------------------------------- | Operating activities | | | | -------------------------------------------------------------------------------- | Net profit for the period | | 1,038,517 | 1,056,747 | -------------------------------------------------------------------------------- | Adjustments for: | | | | -------------------------------------------------------------------------------- | Depreciation, amortisation and | 3 | 431,920 | 364,128 | | impairment of fixed and intangible | | | | | assets | | | | -------------------------------------------------------------------------------- | (Profit) / loss from sales and | | (6,107) | (15,081) | | discards of fixed assets | | | | -------------------------------------------------------------------------------- | Net (income) / expenses from | | 2,753 | 2,427 | | associated companies | | | | -------------------------------------------------------------------------------- | Provisions | | (2,511) | (5,132) | -------------------------------------------------------------------------------- | Financial items | | (72,826) | (63,610) | -------------------------------------------------------------------------------- | Miscellaneous non-cash items | | (289) | 9,096 | -------------------------------------------------------------------------------- | Cash flow before change in working | | 1,391,457 | 1,348,575 | | capital | | | | -------------------------------------------------------------------------------- | Change in current receivables | | (21,265) | (110,989) | -------------------------------------------------------------------------------- | Change in inventories | | (15,291) | (32,806) | -------------------------------------------------------------------------------- | Change in current liabilities | | (100,650) | (45,129) | -------------------------------------------------------------------------------- | Change in working capital | | (137,206) | (188,924) | -------------------------------------------------------------------------------- | Cash flow after changes in working | | 1,254,251 | 1,159,651 | | capital | | | | -------------------------------------------------------------------------------- | Interest received | | 87,408 | 74,033 | -------------------------------------------------------------------------------- | Interest paid | | (3,845) | (1,271) | -------------------------------------------------------------------------------- | Cash flow from operating activities | 2.2 | 1,337,814 | 1,232,413 | -------------------------------------------------------------------------------- | Investing activities | | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | 2.2, 3 | (473,740) | (511,379) | | acquired | | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | | 9,612 | 6,245 | | divested | | | | -------------------------------------------------------------------------------- | Net change in interest-receivables | | 394,040 | 680,220 | | short maturities | | | | -------------------------------------------------------------------------------- | Net cash changes of other long-term | | 3,189 | (23,382) | | receivables | | | | -------------------------------------------------------------------------------- | Cash flow from investing activities | 2.2 | (66,899) | 151,704 | -------------------------------------------------------------------------------- | Cash flow before financing | | 1,270,915 | 1,384,117 | | activities | | | | -------------------------------------------------------------------------------- | Financing activities | | | | -------------------------------------------------------------------------------- | Proceeds from non-convertible debts | | - | 191 | -------------------------------------------------------------------------------- | Repayment of finance lease | 8 | (1,325) | (1,353) | | liabilities | | | | -------------------------------------------------------------------------------- | Dividends paid | 7(d) | (1,456,054) | (1,310,568) | -------------------------------------------------------------------------------- | Cash flow used in financing | 2.2 | (1,457,379) | (1,311,730) | | activities | | | | -------------------------------------------------------------------------------- | Cash flow for the year | 2.2 | (186,464) | 72,387 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 2.2 | 396,778 | 324,405 | | beginning of year | | | | -------------------------------------------------------------------------------- | Cash flow for the year | 2.2 | (186,464) | 72,387 | -------------------------------------------------------------------------------- | Effect of foreign exchange rate | 2.2 | 219 | (200) | | changes | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of | 2.2 | 210,533 | 396,592 | | period | | | | --------------------------------------------------------------------------------