Market announcement
Eesti Telekom
Category
Management interim statement or quarterly financial report
Attachments
Date
05.02.2009 09:00:00
Title
AS-i Eesti Telekom 2008. aasta ning sama aasta IV kvartali konsolideeritud vahearuanne, EEK
Message
TEGEVUSE VAHEARUANNE ÜLDINFO Eesti Telekom Grupi, mille emaettevõtja on AS Eesti Telekom (registreerimisnumber 10234957; aadress: Valge 16, 19095 Tallinn), peamiseks tegevusalaks on telekommunikatsiooniteenuste osutamine. AS-i Eesti Telekom aktsiad on alates 1999. aastast noteeritud Tallinna ja Londoni väärtpaberibörsidel (OMX: ETLAT / LSE: EETD). Muudatused Eesti Telekom Grupi struktuuris AS MicroLink Eesti omandas oktoobris 2008.a. enamusosaluse IT Koolituskeskuse OÜ-s. Koolitusfirma omamine annab MicroLinkile võimaluse kvaliteetse koolitus- ja konsultatsiooniteenuste pakkumiseks nii klientidele kui ka erinevate koostööprojektide partneritele kõigis kolmes Balti riigis. AS-i Eesti Telekom omanike struktuur 2008. aasta neljanda kvartali jooksul ei ole olulisi muudatusi AS-i Eesti Telekom suuraktsionäride struktuuris aset leidnud. AS-i Eesti Telekom enamusosanik, TeliaSonera AB (läbi Baltic Tele AB), omab jätkuvalt 60,12% ettevõtte aktsiatest. Neljanda kvartali lõpu seisuga oli vabalt kaubeldavate aktsiate osakaal 12,71% aktsiate koguarvust. Neist 12,91% oli konverteeritud Londoni Börsil kaubeldavateks GDR-ideks. AS-i Eesti Telekom 10 suuremat aktsionäri 31. detsembri 2008. aasta seisuga olid: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31. detsember 2008 | -------------------------------------------------------------------------------- | | Väärtpaberite arv | Osalus | -------------------------------------------------------------------------------- | | Muutus võrreldes | | | 30. september | | | 2008 | -------------------------------------------------------------------------------- | Baltic Tele AB | 82 936 299 | 60,12% | 0 | -------------------------------------------------------------------------------- | Rahandusministeerium | 33 346 464 | 24,17% | 0 | -------------------------------------------------------------------------------- | Eesti Arengufond | 4 138 636 | 3,00% | 0 | -------------------------------------------------------------------------------- | SEB kliendid | 2 864 734 | 2,08% | 1 477 025 | -------------------------------------------------------------------------------- | Deutsche Bank (GDR-ide kontod) | 2 264 220 | 1,64% | -767 577 | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 2 055 783 | 1,49% | 40 000 | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg | 584 976 | 0,42% | -26 860 | | S.A. kliendid | | | | -------------------------------------------------------------------------------- | UniCredit Bank Austria AG | 496 386 | 0,36% | -224 984 | -------------------------------------------------------------------------------- | Mellon Treaty Omnibus | 392 152 | 0,28% | 0 | -------------------------------------------------------------------------------- | State Street Bank and Trust | 335 945 | 0,24% | 335 945 | | Omnibus Account | | | | -------------------------------------------------------------------------------- AS-i Eesti Telekom aktsia AS-i Eesti Telekom aktsia hind langes 2008. aasta neljandas kvartalis 38,10%. Aktsia hind kvartali alguses oli 98,57 EEK ning kvartali lõpus 61,02 EEK. Kõrgeim ja madalaim aktsia hind aruandeperioodi jooksul olid vastavalt 101,70 EEK ning 60,08 EEK. Aruandeperioodi käibeks kujunes 333 miljonit EEK. AS-i Eesti Telekom aktsia hind on 2008. aasta neljandas kvartalis liikunud kõrgematel tasemetel kui OMX Tallinn indeks ja OMX Baltic 10 kaubeldavama aktsia indeks. ÄRITEGEVUS Juhatuse kommentaar: 2008. aasta neljanda kvartali tulemused olid ootuspärased. Ka aasta lõikes võib tulemustega rahule jääda, kuna võrreldes eelmise aastaga kasvas põhivara kulumieelne ärikasum. Aasta lõikes on turuosad olnud stabiilsed ning nii mobiilside lepinguliste klientide arv, mobiilsete andmeside ühenduste arv, kolmikpakettide arv kui ka DigiTV klientide arv on hästi kasvanud. Olulisemad finantsnäitajad Eesti Telekom Grupp -------------------------------------------------------------------------------- | | IV kv. | IV | Muutus | 12 | 12 | Muutus | | | 2008 | kv. | , % | kuud | kuud | , % | | | | 2007 | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 1 573 | 1 570 | 0,2 | 6 190 | 6 261 | -1,1 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 531 | 576 | -7,9 | 2 348 | 2 336 | 0,5 | | kulumit, mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 33,8 | 36,7 | | 37,9 | 37,3 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 387 | 444 | -12,9 | 1 773 | 1 840 | -3,7 | -------------------------------------------------------------------------------- | Marginaal, % | 24,6 | 28,3 | | 28,6 | 29,4 | | -------------------------------------------------------------------------------- | Kasum enne | 400 | 455 | -12,1 | 1 824 | 1 882 | -3,1 | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, mln | 400 | 455 | -12,1 | 1 438 | 1 512 | -4,8 | | EEK | | | | | | | -------------------------------------------------------------------------------- | Baasaktsiakasum, EEK | 2,89 | 3,28 | -11,9 | 10,40 | 10,91 | -4,7 | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 281 | 351 | -20,0 | 755 | 863 | -12,5 | | EEK | | | | | | | -------------------------------------------------------------------------------- | Netovõla suhe | -19,9 | -25,2 | | | | | | omakapitali, % | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 29,7 | 31,7 | | | | | -------------------------------------------------------------------------------- | ROE, % | 44,6 | 46,8 | | | | | -------------------------------------------------------------------------------- Mobiilside teenuste segment -------------------------------------------------------------------------------- | | IV kv. | IV | Muutus | 12 | 12 | Muutus, | | | 2008 | kv. | , % | kuud | kuud | % | | | | 2007 | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 904 | 990 | -8,7 | 3 682 | 3 904 | -5,7 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 338 | 293 | 15,4 | 1 414 | 1 387 | 1,9 | | kulumit, mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 37,4 | 29,6 | | 38,4 | 35,5 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 278 | 235 | 18,1 | 1 159 | 1 169 | -0,9 | -------------------------------------------------------------------------------- | Marginaal, % | 30,7 | 23,7 | | 31,5 | 30,0 | | -------------------------------------------------------------------------------- | Kasum enne | 287 | 239 | 20,1 | 1 187 | 1 185 | 0,2 | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | 287 | 239 | 20,1 | 965 | 935 | 3,2 | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 99 | 133 | -25,5 | 297 | 330 | -9,9 | | EEK | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 45,8 | 46,8 | | | | | -------------------------------------------------------------------------------- | ROE, % | 76,0 | 80,6 | | | | | -------------------------------------------------------------------------------- Lairiba teenuste segment -------------------------------------------------------------------------------- | | IV kv. | IV | Muutus | 12 | 12 | Muutus, | | | 2008 | kv. | , % | kuud | kuud | % | | | | 2007 | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 826 | 781 | 5,8 | 3 280 | 2 984 | 9,9 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 188 | 213 | -11,8 | 928 | 882 | 5,3 | | kulumit, mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 22,8 | 27,3 | | 28,3 | 29,6 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 111 | 145 | -23,9 | 633 | 630 | 0,6 | -------------------------------------------------------------------------------- | Marginaal, % | 13,4 | 18,6 | | 19,3 | 21,1 | | -------------------------------------------------------------------------------- | Kasum enne | 109 | 146 | -25,3 | 632 | 720 | -12,2 | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | 109 | 146 | -25,3 | 499 | 599 | -16,7 | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 166 | 215 | -23,0 | 428 | 513 | -16,6 | | EEK | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 18,6 | 22,6 | | | | | -------------------------------------------------------------------------------- | ROE, % | 31,6 | 37,2 | | | | | -------------------------------------------------------------------------------- IT-teenuste segment -------------------------------------------------------------------------------- | | IV kv. | IV | Muutus, | 12 | 12 | Muutus, | | | 2008 | kv. | % | kuud | kuud | % | | | | 2007 | | 2008 | 2007 | | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 132 | 92 | 43,3 | 371 | 365 | 1,6 | -------------------------------------------------------------------------------- | Ärikasum enne põhivara | 8 | 10 | -22,2 | 21 | 24 | -12,9 | | kulumit, mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 5,9 | 11,0 | | 5,6 | 6,5 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 2 | 4 | -58,2 | -4 | 2 | N/A | -------------------------------------------------------------------------------- | Marginaal, % | 1,2 | 4,0 | | -1,1 | 0,4 | | -------------------------------------------------------------------------------- | Kasum enne | 2 | 4 | -57,5 | -5 | 8 | N/A | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi puhaskasum, | 1 | 4 | -62,7 | -5 | 8 | N/A | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 16 | 3 | N/A | 30 | 33 | -7,6 | | EEK | | | | | | | -------------------------------------------------------------------------------- | ROA, % | -4,2 | 2,5 | | | | | -------------------------------------------------------------------------------- | ROE, % | -9,9 | 3,5 | | | | | -------------------------------------------------------------------------------- Müügitulud, tegevuskulud ja kasum Eesti Telekom Grupi 2008. aasta neljanda kvartali tulemused vastasid juhatuse ootustele. Grupi müügitulu kasvas võrreldes eelmise aasta sama perioodiga 0,2% ulatudes 2008. aasta neljandas kvartalis 1573 miljoni kroonini (4. kvartal 2007: 1570 miljonit krooni). Tagasihoidlik müügitulu kasv 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) ning telekommunikatsiooni- ja IT-kaupade müügist saadavate tulude vähenemisest. Mobiilside teenuste segmendi 2008. aasta neljanda kvartali konsolideeritud käive ulatus 904 miljoni kroonini, kahanedes 2007. aasta neljanda kvartaliga võrreldes 9% (4. kvartal 2007: 990 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 neljandas kvartalis võrreldes aastataguse ajaga vähenenud telekommunikatsioonikaupade jae- ja hulgimüügist saadavad tulud, mis on tingitud tarbijakäitumise muutusest tarbimisel. AS-i EMT kliendibaas oli 2008. aasta lõpus 14 tuhande võrra suurem võrreldes aasta varasemaga, ulatudes 779 tuhande aktiivse SIM-kaardini (detsember 2007: 765 tuhat kaarti). Võrreldes aastatagusega on lepinguliste klientide arv kasvanud 18 tuhande võrra, ulatudes 2008. aasta lõpu seisuga 487 tuhandeni, samal ajal kui aktiivsete ettemaksega kaartide kasutajate arv on vähenenud aastaga üle nelja tuhande võrra, jäädes 2008. aasta lõpuks 292 tuhande tasemele. EMT hindab oma turuosa aktiivsete SIM-kaartide põhjal stabiilseks, 47%-le. Hinnanguline aktiivsete kaartide penetratsioon Eestis on 121%. EMT klientide poolt algatatud kõneminutite arvu kasv jäi 1% tasemele võrreldes 2007. aasta viimase kvartaliga. 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) 2,05 krooni minut ning perioodiks 01.07.2007-30.06.2008 sidumistasuks 1,66 krooni. 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, 2,50 krooni minut tasemel. 05.11.2007.a. jõustus Tallinna Ringkonnakohtu määrus, millega esialgne õiguskaitse tühistati ning nimetatud kuupäevast kohustusid kõik kolm mobiilioperaatorit rakendama sidumishinda tasemel 1,66 krooni. Tele2-e kohtuvaidlus Konkurentsiametiga lõppes detsembri lõpul viimase kasuks. Elisa Eesti AS-i kohtuvaidlus jätkub, AS EMT osaleb selles 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 1,37 krooni minut. 05.12.2008 a. tegi Konkurentsiamet teatavaks uue turuanalüüsi tulemused, mille kohaselt kavandatakse tunnistada olulise turujõuga ettevõtjaks oma mobiiltelefonivõrgus häälkõne lõpetamise turul lisaks AS-ile EMT, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile ka ProGroup Holding OÜ. Otsuse kavandi kohaselt kohustatakse viidatud ettevõtjaid hinnakontrolli kohustuse raames rakendama järgmise kolme aasta jooksul benchmark´il põhinevat Euroopa riikide keskmist sidumistasu, mis teeb alates 01.07.2009.a. rakendatavaks maksimaalseks tariifiks 1.36 krooni minut. Mobiilsest internetist saadavad tulud näitasid jätkuvalt kiiret kasvu. 2008. aasta viimases kvartalis ületasid AS EMT mobiilse andmeside tulud 2007. aasta sama perioodi tulusid ligi kolmandiku võrra. Samal ajal mitmekordistus edastatud andmemaht. AS-i EMT mobiilse andmeside kasutajate arv oli 2008. aasta detsembris 168 tuhat, mis on aastatagusega võrreldes 7 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 internetiühendust mugavamalt kontrollitavate kuludega. Kuna EMT-l töötab ainsana Eestis EDGE andmeside kogu GSM levialas, siis uued tugijaamade investeeringud olid aasta viimastel kuudel suunatud põhiliselt 3G välis- ja siselevi laiendamiseks linnades. Samas endiselt jätkus pidev GSM võrgu täiustamine. 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 aasta kokkuvõttes ligi 13% langenud roaming-klientidelt saadav tulu. Lairiba teenuste segmendi müügitulud kasvasid neljandas kvartalis võrreldes eelmise aasta sama perioodiga 6%, ulatudes 826 miljoni kroonini (4. kvartal 2007: 781 miljonit krooni). Enim kasvasid tulud rahvusvaheliste sidumisteenuste ja allhanketeenuste müügist, mis suurenesid vastavalt 105% ja 53% võrra. Rahvusvaheliste sidumisteenuste tulude kasv tulenes peamiselt rahvusvaheliste sisenevate kõnede minutimahu olulisest suurenemisest. Ka allhanketeenuste müügitulu kasv oli seotud minutimahu kasvuga ning vahendatavate allteenuste mahu suurenemisega. Samas langesid lõpp-klientidelt teenitavad kõneteenuste tulud minutimahu vähenemise tõttu 11% võrra. Tulenevalt komplekslahenduste mahu ja tulude osakaalu olulisest kasvust langesid kõneühenduste ja internetiühenduste kuutasude tulud lõppenud kvartalis vastavalt 11% ja 13% võrra. Samas ületab komplekslahenduste müügist teenitud tulu nimetatud languse märkimisväärselt. Lairiba teenuste segmendi tulud kompleksteenuste ühendustasudest suurenesid neljandas kvartalis 51% võrra. Lisaks suurenesid grupi muud äritulud tasuta saadud võrkude ümberhindamise tulemusena 5 miljoni krooni võrra. Elioni interneti püsiühenduse klientide koguarv kasvas neljandas kvartalis 3500 ühenduse võrra, ulatudes detsembri lõpuks 175,4 tuhandeni (31. detsember 2007: 163,1 tuhat). Ettevõtja hinnangul Elioni turuosa eraklientide püsiühenduse põhjal ei muutunud, olles jätkuvalt 54%. Aktiivsete turunduskampaaniate tulemusena kasvas Elioni kolmikpakettide kasutajate arv kvartaliga 5800 võrra, ulatudes 31. detsembri seisuga 76,1 tuhandeni (31. detsember 2007: 53,5 tuhat). Neljanda kvartali lõpuks oli Elionil 82,5 tuhat IP- ja kaabeltelevisiooni klienti (31. detsember 2007: 57,7 tuhat). Elioni hinnangul suurenes ettevõtja turuosa Eesti kaabelleviturul aasta lõpuks 26%-ni (31.detsember 2007: 19%), mis annab nimetatud turul absoluutväärtuses suurima kasvu 2008. aastal. Detsembris allkirjastas Elion MTÜ-ga Balti Autorite ja Leviliit lepingu, millega tagatakse klientidele 10 vene telekanali, sealhulgas kohaliku elanikkonna seas populaarseima kanali Pervõi Baltiiski Kanal edastusõigused Elioni DigiTV-s. Alates detsembri keskpaigast pakub Elion esimesena Eestis oma internetipõhises digiTV-s uue sisuteenusena ajaviitemänge. Mänge on võimalik tellida igaüht eraldi või teemapaketina. 2009.aasta esimese kolme kuu jooksul toob Elion turule kolm mängude teemapaketti - väikelastele, suurematele lastele ja vanemale sihtrühmale. Neljanda kvartali lõpuks ulatus Elioni aktiivsete kõneliideste arv 469 tuhandeni (31. detsember 2007: 482 tuhat liidest), püsides aasta jooksul stabiilselt samal tasemel. Elion hindab oma turuosa fikseeritud võrgus algatatud kõneminutitest 80,5%-liseks (detsember 2007: 81%). Turuosa kohalike kõnede minutitest on 82% (detsember 2007: 83%), rahvusvaheliste kõnede minutitest 66% (detsember 2007: 64%) ning mobiiltelefonidele tehtavate kõnede minutitest 71% (detsember 2007: 72%). Detsembris otsustas Riigikohus mitte menetleda Tele2 Eesti AS kassatsioonikaebust mobiiliosakute hinnakontrolli kehtestamise kohta. Otsusest tulenevalt uuendas Elion oma nõuet Tele2 Eesti AS-le perioodil 2006-2007.aasta enammakstud sidumistasude tagasimaksmiseks kogusummas 34,5 miljonit krooni. Lähtudes 2007.aasta kuluandmetest ja Konkurentsiameti nõuetest alandas Elion alates 1. detsembrist 2008 vaskpaari rendi ja valitud vaskpaari rendi kuutasu keskmiselt 3 krooni võrra ning lairiba juurdepääsu tasusid sõltuvalt kiirusest 9-16% võrra. Hinnamuudatused ei oma olulist majanduslikku mõju Elioni tulemustele. Eesti majanduse üldise jaemüügi aeglustumise tulemusena kahanes Elion grupi telekommunikatsiooni- ja IT-kaupade jaemüük neljandas kvartalis möödunud aastaga võrreldes 18% võrra. IT-teenuste segmendi 2008. aasta neljanda kvartali andmed sisaldavad oktoobris 2008 omandatud IT Koolituskeskuse OÜ grupi ettevõtete konsolideeritud andmeid. IT-teenuste segmendi müügitulu ulatus 2008. aasta neljandas kvartalis 132 miljoni kroonini (4. kvartal 2007: 92 miljonit krooni). Võrreldes eelmise aasta sama perioodiga suurenes müügitulu 43%, seejuures IT teenuste (sh. IT koolitus) osas kasvas müügitulu 6% ja IT-kaupade osas 89% võrra. Infrastruktuurilahenduste müügikäive oli neljandas kvartalis oluliselt suurem kui eelmisel aasta samal perioodil (67 miljonit krooni vs 36 miljonit krooni). Põhjuseks on Tiigrihüppe projekt. Nimetatud projekti raames tarniti rohkem kui neljale tuhandele kooliõpetajale HP toodetud sülearvutid. Tehingu maht oli kokku 34 miljonit krooni. Projektiäris lõpetati neljandas kvartalis tööd e-tervise digiretsepti ning Statistikaameti KUNDE infosüsteemi edasiarenduse projektides. Jätkuvad tööd Eesti Posti dokumendihalduse, Põhja-Eesti Regionaalhaigla identiteedi halduse ning Ergo Kindlustuse arhiveerimislahenduse projektides. Püsiteenuste valdkonnas võitis AS MicroLink Eesti neljandas kvartalis kolm Sotsiaalministeeriumi poolt korraldatud infosüsteemide majutuse hanget. Nende hangete raames majutab ja haldab MicroLink Eesti Sotsiaalkindlustusameti infosüsteemi, töötuna ja tööotsijana arvel olevate isikute ja tööturuteenuste osutamise registrit ning ravimikäsitlejate registrit. Eesti Telekom Grupi tegevuskulud suurenesid 2008. aasta neljandas kvartalis 2007. aasta sama perioodiga võrreldes 5%, ulatudes 1050 miljoni kroonini (4. kvartal 2007: 1004 miljonit krooni). Mobiilside teenuste segmendi tegevuskulud vähenesid eelmise aasta viimase kvartaliga võrreldes 11%, ulatudes 569 miljoni kroonini (4. kvartal 2007: 638 miljonit krooni). Enim on vähenenud sidumishindade langusest tingitud sidumiskulud. Samuti on vähenenud jae- ja hulgikaubandusega seotud tegevuskulud, mis on kooskõlas kaubanduse müügikäibe langusega. Lairiba teenuste segmendi tegevuskulud kasvasid lõppenud kvartalis 2007. aasta sama perioodiga võrreldes 12%, ulatudes 644 miljoni kroonini (4. kvartal 2007: 575 miljonit krooni). Tegevuskulude kasvust 45% tulenes otseselt teenuste müügimahu suurenemisest põhjustatud otsemüügikulude kasvust. 37% kulude kasvust (26 miljonit krooni) oli seotud efektiivsusprojektide ning võrguressursi ja teenuste kvaliteedi parendamiseks tehtud muude ühekordsete kulutustega. Kolmandaks peamiseks tegevuskulude kasvuteguriks olid personalikulud, mis suurenesid eelmise aastaga võrreldes 9%. Ligi pool personalikulude kasvust (5 miljonit krooni) oli samuti ühekordset laadi ning seotud efektiivsusprojektidega ja tööde ümberkorraldamisega. IT-teenuste segmendi tegevuskulud kasvasid neljandas kvartalis võrreldes eelmise aasta sama perioodiga 51%, ulatudes 124 miljoni kroonini (4. kvartal 2007: 82 miljonit krooni). Kvartali tegevuskulusid mõjutas IT Koolituskeskuse konsolideerimisega kaasnenud kulude lisandumine, eraldiseisva ettevõttena kasvasid AS MicroLink Eesti tegevuskulud 9%. Eesti Telekom Grupi kulumieelne ärikasum vähenes 2008. aasta neljandas kvartalis 8%, ulatudes 531 miljoni kroonini (4. kvartal 2007: 576 miljonit krooni). Grupi kulumieelse ärikasumi marginaal oli 2008. aasta neljandas kvartalis 34%, mis on veidi madalam 2007. aasta vastava perioodi marginaalist. Mobiilside teenuste segmendi ärikasum enne põhivara kulumit oli 2008. aasta neljandas kvartalis 338 miljonit krooni, suurenedes eelmise aasta sama perioodiga võrreldes 15% võrra (4. kvartal 2007: 293 miljonit krooni) seoses telekommunikatsioonioperaatorite vahelise sidumishindade langusega ja madalama kasumlikkusega kaubanduse osatähtsuse vähenemisega. Samal ajal oli 2007. aasta neljanda kvartali mobiilside teenuste segmendi kasumi marginaal negatiivselt mõjutatud ühekordsest provisjonist summas 62 miljonit krooni. Lairiba teenuste segmendi kulumieelne ärikasum vähenes 2008. aasta neljandas kvartalis eelmise aasta sama perioodiga võrreldes 12% võrra, ulatudes 188 miljoni kroonini (4. kvartal 2007: 213 miljonit krooni) seoses efektiivsusprojektide ühekordsete kuludega. IT-teenuste segmendi ärikasum enne põhivara kulumit oli 2008. aasta neljandas kvartalis 8 miljonit krooni (4. kvartal 2007: 10 miljonit krooni). Grupi amortisatsioonikulu ulatus 2008. aasta neljandas kvartalis 144 miljoni kroonini, suurenedes 2007. aasta sama perioodiga võrreldes 9% (4. kvartal 2007: 132 miljonit krooni). Mobiilside teenuste segmendi amortisatsioonikulu kasvas 2008. aasta neljandas kvartalis võrreldes 2007. aasta sama perioodiga 2 miljoni krooni võrra (4. kvartal 2007: 58 miljonit krooni). Lairiba teenuste segmendi kulum on eelmise aasta sama perioodiga võrreldes kasvanud 10 miljoni krooni võrra ulatudes 78 miljoni kroonini (4. kvartal 2007: 68 miljonit krooni). IT-teenuste segmendi amortisatsioonikulu ulatus 2008. aasta neljandas kvartalis 6 miljoni kroonini, vähenedes 2007. aasta sama perioodiga võrreldes 1%. Eesti Telekom Grupp teenis neljandas kvartalis ärikasumit 387 miljonit krooni, kahanedes eelmise aasta sama perioodiga võrreldes 13% (4. kvartal 2007: 444 miljonit krooni). Eesti Telekom Grupp teenis neljandas kvartalis maksustamiseelset kasumit 400 miljonit krooni (4. kvartal 2007: 455 miljonit krooni). Eesti Telekom Grupi 2008. aasta neljanda kvartali puhaskasum oli 400 miljonit krooni (4. kvartal 2007: 455 miljonit krooni). Tulu aktsia kohta teeniti 2,89 krooni (4. kvartal 2007: 3,28 krooni). Eesti Telekom grupi 2008. aasta konsolideeritud müügitulu ulatus 6190 miljoni kroonini, kahanedes 2007. aastaga võrreldes 1% (2007: 6261 miljoni krooni). Oluliselt kasvas 2008. aastal lairiba teenuste segmendi müügitulu ulatudes 3280 miljoni kroonini (2007. aasta: 2984 miljonit krooni). Mobiilside teenuste segmendi müügitulu oli 2008. aastal 3682 miljonit krooni (2007. aasta: 3904 miljonit krooni). IT-teenuste segmendi müügitulud kasvasid aastaga 2% ning ulatusid 371 miljoni kroonini (2007. aasta: 365 miljonit krooni). Grupi tegevuskulud ulatusid 2008. aastal 3864 miljoni kroonini vähenedes eelmise aastaga võrreldes 2% võrra (2007: 3947 miljonit krooni). 2008. aasta konsolideeritud kulumieelne ärikasum moodustas 2348 miljonit krooni kasvades eelmise aastaga võrreldes 1% (2007: 2336 miljonit krooni). Kulumieelse ärikasumi marginaal veidi tõusis, ulatudes 2008. aastal 37,9%-ni (2007: 37,3%). 2008. aasta kulum oli 576 miljonit krooni (2007: 496 miljonit krooni). Eesti Telekom grupp teenis lõppenud aastal ärikasumit 1773 miljonit krooni (2007: 1840 miljonit krooni). AS Microlink 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 grupp teenis 2008. aastal puhaskasumit 1438 miljonit krooni ehk 10,40 krooni aktsia kohta (2007: 1512 miljonit krooni ehk 10,91 krooni aktsia kohta). Bilanss ja rahavood Eesti Telekom Grupi bilansimaht oli 31. detsembri 2008. aasta seisuga 5001 miljonit krooni (31. detsember 2007: 5023 miljonit krooni). Aasta algusega võrreldes on 177 miljoni krooni võrra kasvanud põhivara, mille jääk aasta lõpus ulatus 2927 miljoni kroonini (31. detsember 2007: 2750 miljonit krooni). Grupi käibevara on aastaga kahanenud 200 miljoni krooni võrra, ulatudes detsembrikuu lõpus 2073 miljoni kroonini (31. detsember 2007: 2273 miljonit krooni). Raha ja raha ekvivalentide ning lühiajaliste finantsinvesteeringute jääk on kahanenud 228 miljoni krooni võrra ja seda seoses juunikuus väljamakstud dividendidega ja juulikuus tasutud dividendide tulumaksuga. Eesti Telekom Grupi omakapital oli 31. detsembri 2008. aasta seisuga 4296 miljonit krooni, mis on 18 miljonit krooni vähem kui 2007. aasta lõpus (31. detsember 2007: 4314 miljonit krooni). Omakapital on vähenenud seoses dividendide väljamaksmisega. Grupil oli detsembri lõpu seisuga pikaajalisi kohustusi 33 miljonit krooni (31. detsember 2007: 25 miljonit krooni) ja lühiajalisi võlakohustusi 671 miljonit krooni (31. detsember 2007: 683 miljonit krooni). Eesti Telekom Grupi netovõlg oli aasta lõpus -853 miljonit krooni ja netovõla suhe omakapitali -20% (31. detsember 2007: -1087 miljonit krooni ja -25%). Eesti Telekom Grupi 2008. aasta äritegevuse rahavoog oli 1983 miljonit krooni (2007: 1902 miljonit krooni). Grupi rahavoog investeerimistegevusse oli 568 miljonit krooni (2007: 518 miljonit krooni). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli 2008. aastal 755 miljonit krooni (2007: 863 miljonit krooni). Mobiilside teenuste segment on 2008. aastal investeerinud 297 miljonit krooni (2007: 330 miljonit krooni). Mobiilsides oli lisaks pidevale GSM-võrgu arendusele arenguprioriteediks kiiret mobiilset andmesidet toetavate tehnoloogiate rakendamine. Lairiba teenuste segmendi 2008. aasta investeeringud ulatusid 428 miljoni kroonini (2007: 513 miljonit krooni). Valdav osa kapitalimahutustest tehti vajaliku võrguressursi arendamiseks (IP tuumik- ja valguskaablivõrgu) arendamiseks ning kolmikteenuse kvaliteedi parandamiseks ja kättesaadavuse suurendamiseks. IT-teenuste segment investeeris 2008. aastal põhivarasse 30 miljonit krooni (2007: 33 miljonit krooni). Eesti Telekom Grupi finantseerimistegevuse rahavoog oli 2008. aastal 1449 miljonit krooni, sellest dividendide maksmiseks kasutati 1456 miljonit krooni (2007 vastavalt 1311 miljonit krooni ja 1311 miljonit krooni). 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 IV KVARTALI KONSOLIDEERITUD KASUMIARUANNE Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | IV kvartal | IV kvartal | | | 2008 | 2007 | -------------------------------------------------------------------------------- | Müügitulu | 1 572 666 | 1 569 617 | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | (944 258) | (926 289) | -------------------------------------------------------------------------------- | Brutokasum | 628 408 | 643 328 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud ning uurimis- | (249 483) | (209 704) | | ja arendusväljaminekud | | | -------------------------------------------------------------------------------- | Muud äritulud | 11 643 | 13 282 | -------------------------------------------------------------------------------- | Muud ärikulud | (3 593) | (2 676) | -------------------------------------------------------------------------------- | Ärikasum | 386 975 | 444 230 | -------------------------------------------------------------------------------- | Finantstulud | 12 372 | 12 485 | -------------------------------------------------------------------------------- | Finantskulud | 685 | (524) | -------------------------------------------------------------------------------- | Finantstulud, neto | 13 057 | 11 961 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) sidusettevõtjate | (94) | (1 390) | | aktsiatelt | | | | ja osadelt, neto | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 399 938 | 454 801 | -------------------------------------------------------------------------------- | Dividendide ja kasumi tulumaks | (190) | - | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 399 748 | 454 801 | -------------------------------------------------------------------------------- | Perioodi puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus kasumis | 399 078 | 453 144 | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 670 | 1 657 | -------------------------------------------------------------------------------- | | 399 748 | 454 801 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsia puhaskasum, arvestatud | | | | emaettevõtja osalusest aruandeperioodi | | | | kasumis (kroonides) | | | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta | 2,89 | 3,28 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia kohta | 2,89 | 3,28 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 530 705 | 576 384 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | (143 730) | (132 154) | -------------------------------------------------------------------------------- AASTA KONSOLIDEERITUD KASUMIARUANNE Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | 2008 | 2007 | -------------------------------------------------------------------------------- | Müügitulu | 6 189 597 | 6 261 002 | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | (3 532 648) | (3 542 791) | -------------------------------------------------------------------------------- | Brutokasum | 2 656 949 | 2 718 211 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud ning uurimis- ja | (907 058) | (900 011) | | arendusväljaminekud | | | -------------------------------------------------------------------------------- | Muud äritulud | 31 317 | 28 114 | -------------------------------------------------------------------------------- | Muud ärikulud | (8 498) | (6 336) | -------------------------------------------------------------------------------- | Ärikasum | 1 772 710 | 1 839 978 | -------------------------------------------------------------------------------- | Finantstulud | 55 185 | 48 626 | -------------------------------------------------------------------------------- | Finantskulud | (871) | (2 342) | -------------------------------------------------------------------------------- | Finantstulud, neto | 54 314 | 46 284 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) sidusettevõtjate | (2 847) | (3 817) | | aktsiatelt | | | | ja osadelt, neto | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 1 824 177 | 1 882 445 | -------------------------------------------------------------------------------- | Dividendide ja kasumi tulumaks | (385 912) | (370 897) | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 1 438 265 | 1 511 548 | -------------------------------------------------------------------------------- | Perioodi puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus kasumis | 1 434 835 | 1 505 098 | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 3 430 | 6 450 | -------------------------------------------------------------------------------- | | 1 438 265 | 1 511 548 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Aktsia puhaskasum, arvestatud emaettevõtja | | | | osalusest aruandeperioodi kasumis | | | | (kroonides) | | | -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta | 10,40 | 10,91 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia kohta | 10,40 | 10,91 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2 348 360 | 2 336 260 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | (575 650) | (496 282) | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | 31. dets. 2008 | 31. dets. 2007 | -------------------------------------------------------------------------------- | AKTIVA | | | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 2 590 170 | 2 405 114 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 229 518 | 216 011 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtjatesse | 10 575 | 13 422 | -------------------------------------------------------------------------------- | Mitmesugused pikaajalised nõuded | 97 014 | 115 059 | -------------------------------------------------------------------------------- | Põhivara kokku | 2 927 277 | 2 749 606 | -------------------------------------------------------------------------------- | Käbevara | | | -------------------------------------------------------------------------------- | Müügiootel põhivara | - | 1 732 | -------------------------------------------------------------------------------- | Varud | 169 943 | 187 573 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja muud lühiajalised | 1 040 351 | 992 939 | | nõuded | | | -------------------------------------------------------------------------------- | Lühiajalised finantsinvesteeringud | 500 000 | 694 040 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 363 099 | 396 778 | -------------------------------------------------------------------------------- | Käibevara kokku | 2 073 393 | 2 273 062 | -------------------------------------------------------------------------------- | AKTIVA KOKKU | 5 000 670 | 5 022 668 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus omakapitalis | | | -------------------------------------------------------------------------------- | Aktsiakapital | 1 379 545 | 1 379 545 | -------------------------------------------------------------------------------- | Ülekurss | 356 018 | 356 018 | -------------------------------------------------------------------------------- | Kohustuslik reserv | 137 955 | 137 955 | -------------------------------------------------------------------------------- | Realiseerimata kursivahed | 14 | - | -------------------------------------------------------------------------------- | Eelmiste perioodide jaotamata kasum | 979 431 | 924 263 | -------------------------------------------------------------------------------- | Perioodi puhaskasum | 1 434 835 | 1 505 098 | -------------------------------------------------------------------------------- | Emaettevõtja osalus omakapitalis kokku | 4 287 798 | 4 302 879 | -------------------------------------------------------------------------------- | Vähemusosa | 8 035 | 11 480 | -------------------------------------------------------------------------------- | Omakapital kokku | 4 295 833 | 4 314 359 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja võlakohustused | 5 872 | 1 343 | -------------------------------------------------------------------------------- | Pensionikohustused | 2 158 | 3 239 | -------------------------------------------------------------------------------- | Eraldised | 22 571 | 20 673 | -------------------------------------------------------------------------------- | Intressi mittekandvad võlakohustused | 2 772 | - | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 33 373 | 25 255 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud lühiajalised | 663 396 | 670 989 | | kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja võlakohustused | 4 061 | 2 778 | -------------------------------------------------------------------------------- | Pensionikohustused | 1 032 | 4 814 | -------------------------------------------------------------------------------- | Eraldised | 2 975 | 4 473 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 671 464 | 683 054 | -------------------------------------------------------------------------------- | Kohustused kokku | 704 837 | 708 309 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED KOKKU | 5 000 670 | 5 022 668 | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE Tuhandetes kroonides (EEK) -------------------------------------------------------------------------------- | | 2008 | 2007 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | 1 438 265 | 1 511 548 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 575 650 | 496 282 | -------------------------------------------------------------------------------- | (Kasum) / kahjum põhivara müügist | (13 211) | (12 638) | -------------------------------------------------------------------------------- | Neto (tulud) / kulud sidusettevõtjatelt | 2 847 | 3 817 | -------------------------------------------------------------------------------- | Eraldised | (3 920) | (2 811) | -------------------------------------------------------------------------------- | (Finantstulud) / kulud | (42 268) | (46 671) | -------------------------------------------------------------------------------- | Dividendide ning kasumi tulumaks | (270) | - | -------------------------------------------------------------------------------- | Muud mitterahalised korrigeerimised | (6 193) | 554 | -------------------------------------------------------------------------------- | Rahavood äritegevusest enne käibekapitali | 1 950 900 | 1 950 081 | | muutusi | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja ettemaksete | (11 086) | (76 497) | | muutus | | | -------------------------------------------------------------------------------- | Varude muutus | 10 751 | (38 043) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | (16 392) | 16 476 | | ettemaksete muutus | | | -------------------------------------------------------------------------------- | Käibekapitali muutus | (16 727) | (98 064) | -------------------------------------------------------------------------------- | Rahavood äritegevusest peale käibekapitali | 1 934 173 | 1 852 017 | | muutusi | | | -------------------------------------------------------------------------------- | Saadud intressid | 54 078 | 52 047 | -------------------------------------------------------------------------------- | Makstud intressid | (5 249) | (2 063) | -------------------------------------------------------------------------------- | Rahavood äritegevusest kokku | 1 983 002 | 1 902 001 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Materiaalse ning immateriaalse põhivara | (743 307) | (861 490) | | soetamine | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse põhivara müük | 10 219 | 14 768 | -------------------------------------------------------------------------------- | Äriühenduste soetamine (neto rahavoog | (24 163) | (4 934) | | miinus jooksval perioodil tasumata osa) | | | -------------------------------------------------------------------------------- | Lühiajaliste finantsinvesteeringute | 194 042 | 369 746 | | muutus, neto | | | -------------------------------------------------------------------------------- | Muude pikaajaliste nõuete muutus, neto | (4 313) | (36 073) | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest kokku | (567 522) | (517 983) | -------------------------------------------------------------------------------- | Rahavood enne finantseerimistegevust | 1 415 480 | 1 384 018 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Saadud võlakohustused | 9 057 | 1 020 | -------------------------------------------------------------------------------- | Kapitalirendi põhiosa tagasimaksed | (2 409) | (1 819) | -------------------------------------------------------------------------------- | Makstud dividendid | (1 456 054) | (1 310 568) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest kokku | (1 449 406) | (1 311 367) | -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | (33 926) | 72 651 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid aasta alguses | 396 778 | 324 405 | -------------------------------------------------------------------------------- | Raha ja rahaekvivalentide muutus | (33 926) | 72 651 | -------------------------------------------------------------------------------- | Valuutakursi muutuste mõju | 247 | (278) | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 363 099 | 396 778 | -------------------------------------------------------------------------------- Gunnar Hannus AS Eesti Telekom, finantsjuht tel: +6 111 472 e-post: gunnar.hannus@telekom.ee
Title
Consolidated Interim Report of AS Eesti Telekom for the IV Quarter and whole 2008 year, EEK
Message
MANAGEMENT REPORT GENERAL INFORMATION The principal activity of Eesti Telekom Group, the parent company of which is AS Eesti Telekom (registration number 10234957; address: Valge 16, 19095 Tallinn), is the provision of telecommunications services. Since 1999, the shares of AS Eesti Telekom have been listed on the Tallinn and London securities markets (OMX: ETLAT / LSE: EETD). Changes in the structure of the Eesti Telekom Group In October 2008, AS MicroLink Eesti acquired the majority participation in the IT Training Center. The acquisition of the training company gives MicroLink with the opportunity to provide high-quality training and consultation services to both clients and partners in various cooperation projects in all three Baltic countries. Ownership structure of AS Eesti Telekom During the fourth quarter of 2008, there were no significant changes in the structure of the AS Eesti Telekom shareholders. The Eesti Telekom majority shareholder TeliaSonera AB (through Baltic Tele AB) continues to own 60.12% of the company's shares. As of the end of the fourth quarter, the ratio of freely traded shares converted to GDRs was 12.71%. Of these, 12.91% were converted into GDRs traded on the London Stock Exchange. As of 31 December 2008, the 10 largest shareholders in AS Eesti Telekom were: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31 December 2008 | -------------------------------------------------------------------------------- | | Number of | Participation | | | securities | | -------------------------------------------------------------------------------- | | Changed compared | | | to 30 September | | | 2008 | -------------------------------------------------------------------------------- | Baltic Tele AB | 82,936,299 | 60.12% | 0 | -------------------------------------------------------------------------------- | Ministry of Finance | 33,346,464 | 24.17% | 0 | -------------------------------------------------------------------------------- | Estonian Development Fund | 4,138,636 | 3.00% | 0 | -------------------------------------------------------------------------------- | SEB clients | 2,864,734 | 2.08% | 1,477,025 | -------------------------------------------------------------------------------- | Deutsche Bank (GDR accounts) | 2,264,220 | 1.64% | -767,577 | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 2,055,783 | 1.49% | 40,000 | -------------------------------------------------------------------------------- | Clearstream Banking | 584,976 | 0.42% | -26,860 | | Luxembourg S.A. clients | | | | -------------------------------------------------------------------------------- | UniCredit Bank Austria AG | 496,386 | 0.36% | -224,984 | -------------------------------------------------------------------------------- | Mellon Treaty Omnibus | 392,152 | 0.28% | 0 | -------------------------------------------------------------------------------- | State Street Bank and Trust | 335,945 | 0.24% | 335,945 | | Omnibus Account | | | | -------------------------------------------------------------------------------- AS Eesti Telekom shares In the fourth quarter of 2008, the price of AS Eesti Telekom shares decreased by 38.10%. The share price at the beginning of the quarter was 98.57 EEK and 61.02 EEK at the end of the quarter. The highest and lowest share prices during the reporting period were 101.70 EEK and 60.08 EEK respectively. The turnover for the reporting period was 333 million EEK. The price of AS Eesti Telekom shares in the fourth quarter of 2008 has moved on higher levels than the indexes of OMX Tallinn and OMX Tallinn 10 tradeable shares. BUSINESS ACTIVITIES Management commentary: The 2008 fourth quarter results met expectations. One can also be satisfied with the results for the year since EBITDA increased compared to last year. Market shares remained stable for the year and the number of contractual mobile communications clients, mobile data communications connections, triple packages and DigiTV clients demonstrated sound growth. Significant financial indicators Eesti Telekom Group -------------------------------------------------------------------------------- | | Q4 | Q4 | Change | 12 | 12 mos. | Change, | | | 2008 | 2007 | , % | mos. | 2007 | % | | | | | | 2008 | | | -------------------------------------------------------------------------------- | Total revenues, | 1,573 | 1,570 | 0.2 | 6,190 | 6,261 | -1.1 | | million EEK | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 531 | 576 | -7.9 | 2,348 | 2,336 | 0.5 | -------------------------------------------------------------------------------- | Margin, % | 33.8 | 36.7 | | 37.9 | 37.3 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 387 | 444 | -12.9 | 1,773 | 1,840 | -3.7 | -------------------------------------------------------------------------------- | Margin, % | 24.6 | 28.3 | | 28.6 | 29.4 | | -------------------------------------------------------------------------------- | EBT, million EEK | 400 | 455 | -12.1 | 1,824 | 1,882 | -3.1 | -------------------------------------------------------------------------------- | Net profit for the | 400 | 455 | -12.1 | 1,438 | 1,512 | -4.8 | | period, million EEK | | | | | | | -------------------------------------------------------------------------------- | EPS, EEK | 2.89 | 3.28 | -11.9 | 10.40 | 10.91 | -4.7 | -------------------------------------------------------------------------------- | CAPEX, million EEK | 281 | 351 | -20.0 | 755 | 863 | -12.5 | -------------------------------------------------------------------------------- | Net gearing, % | -19.9 | -25.2 | | | | | -------------------------------------------------------------------------------- | ROA, % | 29.7 | 31.7 | | | | | -------------------------------------------------------------------------------- | ROE, % | 44.6 | 46.8 | | | | | -------------------------------------------------------------------------------- Mobile communications segment -------------------------------------------------------------------------------- | | Q4 | Q4 | Change | 12 | 12 mos. | Change, | | | 2008 | 2007 | , % | mos. | 2007 | % | | | | | | 2008 | | | -------------------------------------------------------------------------------- | Total revenues, | 904 | 990 | -8.7 | 3,682 | 3,904 | -5.7 | | million EEK | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 338 | 293 | 15.4 | 1,414 | 1,387 | 1.9 | -------------------------------------------------------------------------------- | Margin, % | 37.4 | 29.6 | | 38.4 | 35.5 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 278 | 235 | 18.1 | 1,159 | 1,169 | -0.9 | -------------------------------------------------------------------------------- | Margin, % | 30.7 | 23.7 | | 31.5 | 30.0 | | -------------------------------------------------------------------------------- | EBT, million EEK | 287 | 239 | 20.1 | 1,187 | 1,185 | 0.2 | -------------------------------------------------------------------------------- | Net profit for the | 287 | 239 | 20.1 | 965 | 935 | 3.2 | | period, million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 99 | 133 | -25.5 | 297 | 330 | -9.9 | -------------------------------------------------------------------------------- | ROA, % | 45.8 | 46.8 | | | | | -------------------------------------------------------------------------------- | ROE, % | 76.0 | 80.6 | | | | | -------------------------------------------------------------------------------- Broadband services segment -------------------------------------------------------------------------------- | | Q4 | Q4 | Change | 12 | 12 mos. | Change, | | | 2008 | 2007 | , % | mos. | 2007 | % | | | | | | 2008 | | | -------------------------------------------------------------------------------- | Total revenues, | 826 | 781 | 5.8 | 3,280 | 2,984 | 9.9 | | million EEK | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 188 | 213 | -11.8 | 928 | 882 | 5.3 | -------------------------------------------------------------------------------- | Margin, % | 22.8 | 27.3 | | 28.3 | 29.6 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 111 | 145 | -23.9 | 633 | 630 | 0.6 | -------------------------------------------------------------------------------- | Margin, % | 13.4 | 18.6 | | 19.3 | 21.1 | | -------------------------------------------------------------------------------- | EBT, million EEK | 109 | 146 | -25.3 | 632 | 720 | -12.2 | -------------------------------------------------------------------------------- | Net profit for the | 109 | 146 | -25.3 | 499 | 599 | -16.7 | | period, million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 166 | 215 | -23.0 | 428 | 513 | -16.6 | -------------------------------------------------------------------------------- | ROA, % | 18.6 | 22.6 | | | | | -------------------------------------------------------------------------------- | ROE, % | 31.6 | 37.2 | | | | | -------------------------------------------------------------------------------- IT services segment -------------------------------------------------------------------------------- | | Q4 | Q4 | Change | 12 | 12 mos. | Change, | | | 2008 | 2007 | , % | mos. | 2007 | % | | | | | | 2008 | | | -------------------------------------------------------------------------------- | Total revenues, | 132 | 92 | 43.3 | 371 | 365 | 1.6 | | million EEK | | | | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 8 | 10 | -22.2 | 21 | 24 | -12.9 | -------------------------------------------------------------------------------- | Margin, % | 5.9 | 11.0 | | 5.6 | 6.5 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 2 | 4 | -58.2 | -4 | 2 | N/A | -------------------------------------------------------------------------------- | Margin, % | 1.2 | 4.0 | | -1.1 | 0.4 | | -------------------------------------------------------------------------------- | EBT, million EEK | 2 | 4 | -57.5 | -5 | 8 | N/A | -------------------------------------------------------------------------------- | Net profit for the | 1 | 4 | -62.7 | -5 | 8 | N/A | | period, million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 16 | 3 | N/A | 30 | 33 | -7.6 | -------------------------------------------------------------------------------- | ROA, % | -4.2 | 2.5 | | | | | -------------------------------------------------------------------------------- | ROE, % | -9.9 | 3.5 | | | | | -------------------------------------------------------------------------------- Sales revenues, operating costs and profits The fourth quarter results of the Eesti Telekom Group for 2008 corresponded to the expectations of the management board. The Group's sales revenues increased by 0.2% to 1,573 million EEK in the fourth quarter of 2008 compared to the same period of the previous year (4th quarter 2007: 1,570 million EEK). The modest increase in sales revenues were primarily affected by the reduction in interconnection fees (for the period of 1 July 2008-30 June 2009, the state regulator fixed an interconnection fee of 1.37 EEK instead of the former 1.66 EEK) and the reduction in revenues received from the sale of telecommunications and IT merchandise. In the fourth quarter of 2008, the consolidated turnover of the mobile communications services segment reached 904 million EEK, decreasing by 9% compared to the fourth quarter of 2007 (4th quarter 2007: 990 million EEK). The reduction of revenues was caused by a drop in interconnection revenues based on the reduction in interconnection fees, which was partially compensated by a certain increase in the number of call minutes incoming to the network, an increase in mobile data communications, and growth in the volume of subcontracting services. In addition, the revenues received from the retailing and wholesaling of telecommunications goods decreased in the fourth quarter compared to a year ago, which is caused by changes in consumer behavior. At the end of 2008, the client base of AS EMT was 14 thousand more than a year earlier, reaching, 779 thousand active SIM cards (December 2007: 765 thousand cards). Compared to a year ago, the number of contractual clients has increased by 18 thousand, reaching 487 thousand by the end of 2008, while at the same time, the number of pre-paid card users has decreased by more than four thousand during the year to 292 thousand at the end of the 2008. EMT assesses its market share of active SIM cards to be 47%. The estimated penetration of active cards in Estonia is on 121%. The number of call minutes initiated by EMT clients showed an increase of 1% compared to the last quarter of 2007. Pursuant to the resolution of the Communications Board, the termination fee for voice calls in the mobile phone networks (interconnection fee) for AS EMT, Elisa Eesti AS and Tele2 Eesti AS for the period 1 July 2006 to 30 June 2007 was fixed at 2.05 EEK per minute and the interconnection fee was fixed at 1.66 EEK for the period 1 July 2007 to 30 June 2008. Since Elisa Eesti AS and Tele2 Eesti AS disputed the decisions in court, and in the course of provisional legal protection, the validity of the aforementioned administrative act was suspended the interconnection fees of all three mobile operators remained at 2.50 EEK until 5 November 2007. On 5 November 2007, the ruling of the Tallinn Circuit Court came into force, whereby the provisional legal protection was cancelled, and from the given date, all three mobile operators undertook to implement interconnection fees of 1.66 EEK. The litigation with Tele2 concluded at the end of December to the benefit of the latter. The litigation Elisa Eesti AS is continuing and EMT is participating in the litigation as a third party. For the period between 1 July 2008 and 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 in the mobile phone networks of AS EMT, Elisa Eesti AS and Tele2 Eesti AS. On 12 July 2008, the Competition Board announced new market analysis results, based on which they plan to declare ProGroup Holding OÜ an undertaking with significant market power in the market for the termination of voice calls in its mobile phone network, in addition to AS EMT, Elisa Eesti AS and Tele2 Eesti AS. According to the resolution plan, within the framework of the price control obligation, the given companies will be obligated to apply benchmark-based interconnection fees that correspond to the average in the European countries during the next three years, which will make 1.36 EEK per minute the maximum tariff to be applicable as of 1 July 2009. The revenues received from the mobile Internet continued to demonstrate very rapid growth. In the last quarter of 2008, the revenues from AS EMT mobile data communications exceeded the revenues for the same period of 2007 by more than a third. At the same time, the volume of data that was forwarded increased several times. As of December 2008, the users of AS EMT mobile data communications numbered 168 thousand, i.e. 7 thousand users more than at the same time last year. The increase in the popularity of mobile data communications is based on the rapid expansion of the 3G coverage area. Today, most data communications takes place in the 3G network, which allows clients to use high-quality and rapid data communications at speeds approaching ADSL at conveniently manageable prices. Since EMT is the only operator in Estonia that provides EDGE data communications throughout its GSM coverage area, then investments in new base stations during the last months of the year were primarily direct at expanding external and internal 3G coverage in cities. At the same time, the constant improvement of the GSM network continues. A regulation of the European Parliament and Council applies to AS EMT, as it does to other mobile operators in the European Community, which specifies that as of September 2007 the rate per minute for outgoing and incoming calls made within the borders of the European Community cannot exceed the price ceiling established by regulation. In addition, in the third quarter, discount contracts for roaming services came into force that reduced both revenues and costs from roaming fees. Therefore, for the year as a whole, the revenues received from roaming clients have decreased by almost 13%. The sales revenues for the broadband services segment increased by 6% in the fourth quarter compared to the same period of the previous year reaching 826 million EEK (4th quarter 2007: 781 million EEK). The greatest revenue increase resulted from the sale of international interconnection and subcontracting services that increased by 105% and 53% respectively. The increase in revenues from international interconnection services resulted primarily from the significant increase of volumes for incoming international call minutes. The revenue increase from subcontracting services is also related to the growth of minute volumes and the increase in brokered subservices. At the same time, the revenues for call services earned from end consumers decreased by 11% due to the drop in minute volumes. Based on the significant increase in the relative importance of the volume and revenues of comprehensive service packages, the revenues from monthly fees for call connections and Internet connections decreased in the last quarter by 11% and 13% respectively. At the same time, the revenues earned from the sale of comprehensive service packages considerably exceeded the given decrease. The revenues in the broadband segment from connection fees for comprehensive service packages increased in the fourth quarter by 51%. In addition, the other business revenues of the group increased by 5 million EEK as a result of the revaluation of networks that were acquired for free. The total number of Elion clients with permanent Internet connections increased by 3,500 connections in the fourth quarter, reaching 175.4 thousand by the end of December (31. December 2007: 163.1 thousand). The company assesses that Elion's market share based on the permanent connections of private clients has not changed and continues to be 54%. As the result of an active marketing campaign, the number of Elion triple-package users increased during the quarter by 5,800, reaching 76.1 thousand as of 31 December (31 December 2007: 53.5 thousand). By the end of the fourth quarter, Elion had 82.5 thousand IP and cable television clients (31 December 2007: 57.7 thousand). Elion assesses that the company's market share in the cable coverage market was 26% by the end of the year (31 December 2007: 19%), which, in the given market, confers the greatest increase in 2008, in absolute terms. In December, Elion signed a contract with the nonprofit Baltic Authors and Distribution Association that will guarantee the clients reception of 10 Russian-language TV channels, including the rights for transmitting the Pervõi Baltiiski Kanal, which is the most popular channel among the local population, on Elion's DigiTV. As of the middle of December, Elion is the first in Estonia to offer games as a new content service in its Internet-based DigiTV. Each of the games can be ordered separately or as a theme package. During the first three months of 2009, Elion will introduce three game packages to the market—for small children, older children and adults. By the end of fourth quarter, the number of Elion's active call interfaces totaled 469 thousand (31 December 2007: 482 thousand interfaces), remaining stable at the same level during the year. Elion assesses its market share for call minutes initiated in the fixed network to be 80.5% (December 2007: 81%). The market share for local call minutes is 82% (December 2007: 83%), 66% for international call minutes (December 2007: 64%) and 71% for call minutes made to mobile phones (December 2007: 72%). In December the Supreme Court decided not to hear the Tele 2 Eesti AS appeal in cassation regarding the establishment of price controls for mobile units. Based on the decision, Elion renewed its claim against Tele2 Eesti AS for the refund of overpaid interconnection fees totaling 34.5 million EEK from 2006-2007. Based on 2007 cost information and the requirements of the Competition Board, as of 1 December 2008, Elion reduced the monthly fee for rental of copper pairs and selected copper pairs by 3 EEK on average and the fees for broadband access by 9-16% depending on speed. The price changes do not have any significant impact on Elion's results. As a result of the general cooling of retail sales in the Estonian economy, the retail sales of telecommunications and IT merchandise by the Elion group decreased by 18% in the fourth quarter compared to last year. The 2008 fourth quarter results for the IT services segment include the consolidated data from the companies of the IT Training Center Group that was acquired in October 2008. In the fourth quarter of 2008, the sales revenues for the IT services segment reached 132 million EEK (4th quarter 2007: 92 million EEK). Compared to the same period of the previous year, the sales revenues increased by 43%, whereas sales revenues for IT services (including IT training) increased by 6% and IT merchandise by 89%. In the fourth quarter, the sales turnover for infrastructure solutions was significantly higher than in the same period of the previous year (67 million EEK vs. 36 million EEK). The reason is the Tiger's Leap project. Within the framework of the given project, an order was placed for more than four thousand HP laptops produced for schoolteachers. The transaction totaled 34 million EEK. During the fourth quarter in the project business, work was completed on the development projects for the e-health digital prescription and Statistical Office's KUNDE information system. Work continues on the Estonian Post document management project, North-Estonia Regional Hospital identity management project and Ergo Insurance archiving solution. In the field of permanent services during the fourth quarter, AS MicroLink Eesti won three procurements organized by the Ministry of Social Affairs for hosting information services. Within the framework of these procurements, MicroLink Eesti will host and manage the Ministry of Social Affairs information system and the register with information on those on file as unemployed and job seekers as well as information on the provision of labor market services, and the register of those dealing with pharmaceuticals. The operating costs of the Eesti Telekom Group increased by 5% in the fourth quarter of 2008 compared to the same period of 2007, reaching 1,050 million EEK (4th quarter 2007: 1,004 million EEK). The operating costs in the mobile communications segment decreased by 11% compared to the last quarter of 2007 to 569 million EEK (4th quarter 2007: 638 million EEK). The greatest decrease was in interconnection costs caused by the drop in interconnection prices. The operating costs related to retailing and wholesaling also decreased, which corresponds to the drop in merchandise sales turnovers. The operating costs in the broadband services segment increased during the last quarter by 12% compared to the same period in 2007, reaching 644 million EEK (4th quarter 2007: 575 million EEK). 45% of the increase in the operating costs resulted directly from the increase of direct sales costs caused by the increase in the sales volumes of services. 37% of the increase in costs (26 million EEK) is related to efficiency projects and other one-time expenditures made for the improvement of network resources and service quality. The third primary growth factor for operating costs was personnel costs that increased by 9% compared to the previous year. Almost half of the increase in personnel costs (5 million EEK) was also of a nonrecurrent nature and related to efficiency projects and the reorganization of work. The operating costs in the IT services segment increased by 51% in the fourth quarter compared to the same period in the previous year, reaching 124 million EEK (4th quarter 2007: 82 million EEK). The operating costs for the quarter were affected by increased costs accompanying the consolidation of the IT Training Center, as an independent company, whereby the operating costs of AS MicroLink Eesti increased by 9%. The Eesti Telekom Group EBITDA decreased in the fourth quarter of 2008 by 8%, reaching 531 million EEK (4th quarter 2007: 576 million EEK). The Group's EBITDA margin in the fourth quarter of 2008 was 34%, which was somewhat lower than the margin in the corresponding period of 2007. The EBITDA in the mobile communications services segment increased by 15% in the fourth quarter compared to the same period in the previous year reaching 338 million EEK (4th quarter 2007: 293 million EEK) in connection with the decrease of the interconnection prices between telecommunications operators and the reduction in the relative importance of merchandise with lower profitability. At the same time, the EBITDA margin for the mobile communications services segment was negatively impacted by a one-time provision of 62 million EEK. The EBITDA for the broadband services segment decreased by 12% in the fourth quarter of 2008 compared to the same period in the previous year, reaching 188 million EEK (4th quarter 2007: 213 million EEK) due to the one-time costs related to the efficiency projects. The EBITDA for the IT services segment in the fourth quarter of 2008 was 8 million EEK (4th quarter 2007: 10 million EEK). The Group's depreciation costs reached 144 million EEK in the fourth quarter of 2008, increasing by 9% compared to the same period in 2007 (4th quarter 2007: 132 million EEK). The depreciation costs for the mobile communications service segment increased by 2 million EEK in the fourth quarter of 2008 compared the same period in 2007 (4th quarter 2007: 58 million EEK). The depreciation in the broadband services segment has increased by 10 million EEK compared to the same period in the previous year, reaching 78 million EEK (4th quarter 2007: 68 million EEK). Depreciation costs in the IT services segment reached 6 million EEK in the fourth quarter of the 2008, decreasing by 1% compared to the same period in 2007. In the fourth quarter, the Eesti Telekom Group earned EBIT of 387 million EEK, which was a decrease of 13% compared to the same period in the previous year (4th quarter 2007: 444 million EEK). In the fourth quarter, the Eesti Telekom Group earned pre-tax profits of 400 million EEK (4th quarter 2007: 455 million EEK). In the fourth quarter of 2008, the net profit for the Eesti Telekom Group was 400 million EEK (4th quarter 2007: 455 million EEK). The earnings per share were 2.89 EEK (4th quarter 2007: 3.28 EEK). The 2008 consolidated sales revenues for the Eesti Telekom Group reached 6,190 million EEK, decreasing by 1% compared to 2007 (2007: 6,261 million EEK). The sales revenues for the broadband services segment increased significantly reaching 3,280 million EEK (2007: 2,984 million EEK). The sales revenues for the mobile communications services segment in 2008 were 3,682 million EEK (2007: 3,904 million EEK). The sales revenues for the IT services segment increased by 2% during the year and reached 371 million EEK (2007: 365 million EEK). The Group's operating costs reached 3,864 million EEK in 2008, decreasing 2% compared to the previous year (2007: 3,947 million EEK). In 2008, the consolidated EBITDA totaled 2,348 million EEK, increasing 1% compared to the previous year (2007: 2,336 million EEK). The EBITDA margin increased somewhat, reaching 37.9% in 2008 (2007: 37.3%). The depreciation for 2008 was 576 million EEK (2007: 496 million EEK). During the last year, the Eesti Telekom Group earned EBIT of 1,773 million EEK (2007: 1,840 million EEK). On 1 July 2007, AS Microlink sold its shares of AS MicroLink Eesti to AS Eesti Telekom. The Group's internal unrealized profit from the sale of shares totaled 93.7 million EEK. The Eesti Telekom Group earned a net profit of 1,438 million EEK in 2008 or 10.40 EEK per share (2007: 1,512 million EEK or 10.91 EEK per share). Balance sheet and cash flows As of 31 December 2008, the Eesti Telekom Group balance sheet totaled 5,001 million EEK (31 December 2007: 5,023 million EEK). Compared to the beginning of the year, the fixed assets have increased by 177 million EEK, the balance of which reached 2,927 million EEK by the end of the year (31 December 2007: 2,750 million EEK). The Group's current assets have decreased by 200 million EEK during the year, reaching 2,073 million EEK by the end of December (31 December 2007: 2,273 million EEK). Cash and cash equivalents, as well as the balance of short-term financial investments, have decreased by 228 million EEK in connection with the dividends paid out in June and the income tax on the dividends paid out in July. As of 31 December 2008, the Eesti Telekom Group equity was 4,296 million EEK, which is 18 million EEK less than at the end of 2007 (31 December 2007: 4,314 million EEK). The decrease in equity is related to the payment of dividends. As of the end of December, the Group had long-term obligations of 33 million EEK (31 December 2007: 25 million EEK) and short-term debt obligations of 671 million EEK (31 December 2007: 683 million EEK). The net debt of the Eesti Telekom Group at the end of the fourth quarter was -853 million EEK and the net debt to equity ratio was -20% (31 December 2007: -1,087 million EEK and -25%). The Eesti Telekom Group cash flow from operations in 2008 was 1,983 million EEK (2007: 1,902 million EEK). The Group's cash flow used in investment activities in 2008 was 568 million EEK (2007: 518 million EEK). The cash flow into the acquisition of tangible and intangible fixed assets in 2008 was 755 million EEK (2007: 863 million EEK). In 2008, the mobile communications segment invested 297 million EEK (2007: 330 million EEK). In mobile communications, in addition to the constant development of the GSM network, a developmental priority was the implementation of technologies to support high-speed mobile data communications. In 2008, the investments into the broadband services segment totaled 428 million EEK (2007: 513 million EEK). The majority of the investments were made in order to develop the necessary network resources (IP core and fiber-optic cable networks) and to improve the triple-service packages and increase its availability. In 2008, the IT services segment invested 30 million EEK into fixed assets (2007: 33 million EEK). In 2008, the Eesti Telekom Group cash flow into financial activities was 1,449 million EEK, of which 1,456 million EEK was used to pay dividends (in 2007, 1,311 million EEK and 1,311 million EEK respectively). 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 IV QUARTER CONSOLIDATED INCOME STATEMENT In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | IV Quarter | IV Quarter | | | 2008 | 2007 | -------------------------------------------------------------------------------- | Net sales | 1,572,666 | 1,569,617 | -------------------------------------------------------------------------------- | Cost of sales | (944,258) | (926,289) | -------------------------------------------------------------------------------- | Gross profit | 628,408 | 643,328 | -------------------------------------------------------------------------------- | Selling, marketing, administrative and | (249,483) | (209,704) | | research & development expenses | | | -------------------------------------------------------------------------------- | Other operating revenues | 11,643 | 13,282 | -------------------------------------------------------------------------------- | Other operating expenses | (3,593) | (2,676) | -------------------------------------------------------------------------------- | Operating profit | 386,975 | 444,230 | -------------------------------------------------------------------------------- | Finance income | 12,372 | 12,485 | -------------------------------------------------------------------------------- | Finance costs | 685 | (524) | -------------------------------------------------------------------------------- | Finance income, net | 13,057 | 11,961 | -------------------------------------------------------------------------------- | Net income / (expenses) from associated | (94) | (1,390) | | companies | | | -------------------------------------------------------------------------------- | Profit before tax | 399,938 | 454,801 | -------------------------------------------------------------------------------- | Income tax on dividends and on income | (190) | - | -------------------------------------------------------------------------------- | Net profit for the period | 399,748 | 454,801 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 399,078 | 453,144 | -------------------------------------------------------------------------------- | Minority interest | 670 | 1,657 | -------------------------------------------------------------------------------- | | 399,748 | 454,801 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share for profit attributable | | | | to the equity holders of the parent during | | | | the reporting period (expressed in EEK) | | | -------------------------------------------------------------------------------- | Basic earnings per share | 2.89 | 3.28 | -------------------------------------------------------------------------------- | Diluted earnings per share | 2.89 | 3.28 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA | 530,705 | 576,384 | -------------------------------------------------------------------------------- | Depreciation, amortization and write-downs | (143,730) | (132,154) | -------------------------------------------------------------------------------- YEAR CONSOLIDATED INCOME STATEMENT In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | 2008 | 2007 | -------------------------------------------------------------------------------- | Net sales | 6,189,597 | 6,261,002 | -------------------------------------------------------------------------------- | Cost of sales | (3,532,648) | (3,542,791) | -------------------------------------------------------------------------------- | Gross profit | 2,656,949 | 2,718,211 | -------------------------------------------------------------------------------- | Selling, marketing, administrative and | (907,058) | (900,011) | | research & development expenses | | | -------------------------------------------------------------------------------- | Other operating revenues | 31,317 | 28,114 | -------------------------------------------------------------------------------- | Other operating expenses | (8,498) | (6,336) | -------------------------------------------------------------------------------- | Operating profit | 1,772,710 | 1,839,978 | -------------------------------------------------------------------------------- | Finance income | 55,185 | 48,626 | -------------------------------------------------------------------------------- | Finance costs | (871) | (2,342) | -------------------------------------------------------------------------------- | Finance income, net | 54,314 | 46,284 | -------------------------------------------------------------------------------- | Net income / (expenses) from associated | (2,847) | (3,817) | | companies | | | -------------------------------------------------------------------------------- | Profit before tax | 1,824,177 | 1,882,445 | -------------------------------------------------------------------------------- | Income tax on dividends and on income | (385,912) | (370,897) | -------------------------------------------------------------------------------- | Net profit for the period | 1,438,265 | 1,511,548 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 1,434,835 | 1,505,098 | -------------------------------------------------------------------------------- | Minority interest | 3,430 | 6,450 | -------------------------------------------------------------------------------- | | 1,438,265 | 1,511,548 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Earnings per share for profit attributable | | | | to the equity holders of the parent during | | | | the reporting period (expressed in EEK) | | | -------------------------------------------------------------------------------- | Basic earnings per share | 10.40 | 10.91 | -------------------------------------------------------------------------------- | Diluted earnings per share | 10.40 | 10.91 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA | 2,348,360 | 2,336,260 | -------------------------------------------------------------------------------- | Depreciation, amortization and write-downs | (575,650) | (496,282) | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | 31 December | 31 December | | | 2008 | 2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 2,590,170 | 2,405,114 | -------------------------------------------------------------------------------- | Intangible fixed assets | 229,518 | 216,011 | -------------------------------------------------------------------------------- | Investments in associates | 10,575 | 13,422 | -------------------------------------------------------------------------------- | Other financial fixed assets | 97,014 | 115,059 | -------------------------------------------------------------------------------- | Total non-current assets | 2,927,277 | 2,749,606 | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Assets classified as held-for-sale | - | 1,732 | -------------------------------------------------------------------------------- | Inventories | 169,943 | 187,573 | -------------------------------------------------------------------------------- | Trade and other receivables | 1,040,351 | 992,939 | -------------------------------------------------------------------------------- | Short-term investments | 500,000 | 694,040 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 363,099 | 396,778 | -------------------------------------------------------------------------------- | Total current assets | 2,073,393 | 2,273,062 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 5,000,670 | 5,022,668 | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Capital and reserves attributable to | | | | equity holders | | | | of the parent | | | -------------------------------------------------------------------------------- | Share capital | 1,379,545 | 1,379,545 | -------------------------------------------------------------------------------- | Share premium | 356,018 | 356,018 | -------------------------------------------------------------------------------- | Statutory legal reserve | 137,955 | 137,955 | -------------------------------------------------------------------------------- | Translation reserve | 14 | - | -------------------------------------------------------------------------------- | Retained earnings | 979,431 | 924,263 | -------------------------------------------------------------------------------- | Net profit for the period | 1,434,835 | 1,505,098 | -------------------------------------------------------------------------------- | Total capital and reserves attributable | 4,287,798 | 4,302,879 | | to equity | | | | holders of the parent | | | -------------------------------------------------------------------------------- | Minority interest | 8,035 | 11,480 | -------------------------------------------------------------------------------- | Total equity | 4,295,833 | 4,314,359 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Interest bearing loans and borrowings | 5,872 | 1,343 | -------------------------------------------------------------------------------- | Retirement benefit obligations | 2,158 | 3,239 | -------------------------------------------------------------------------------- | Provisions | 22,571 | 20,673 | -------------------------------------------------------------------------------- | Non-interest bearing liabilities | 2,772 | - | -------------------------------------------------------------------------------- | Total non-current liabilities | 33,373 | 25,255 | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Trade and other payables | 663,396 | 670,989 | -------------------------------------------------------------------------------- | Interest bearing loans and borrowings | 4,061 | 2,778 | -------------------------------------------------------------------------------- | Retirement benefit obligations | 1,032 | 4,814 | -------------------------------------------------------------------------------- | Provisions | 2,975 | 4,473 | -------------------------------------------------------------------------------- | Total current liabilities | 671,464 | 683,054 | -------------------------------------------------------------------------------- | Total liabilities | 704,837 | 708,309 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 5,000,670 | 5,022,668 | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT In thousand of Estonian kroons (EEK) -------------------------------------------------------------------------------- | | 2008 | 2007 | -------------------------------------------------------------------------------- | Operating activities | | | -------------------------------------------------------------------------------- | Net profit for the period | 1,438,265 | 1,511,548 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortisation and impairment | 575,650 | 496,282 | | of fixed and intangible assets | | | -------------------------------------------------------------------------------- | (Profit) / loss from sales and discards of | (13,211) | (12,638) | | fixed assets | | | -------------------------------------------------------------------------------- | Net (income) / expenses from associated | 2,847 | 3,817 | | companies | | | -------------------------------------------------------------------------------- | Provisions | (3,920) | (2,811) | -------------------------------------------------------------------------------- | Financial items | (42,268) | (46,671) | -------------------------------------------------------------------------------- | Income tax | (270) | - | -------------------------------------------------------------------------------- | Miscellaneous non-cash items | (6,193) | 554 | -------------------------------------------------------------------------------- | Cash flow before change in working capital | 1,950,900 | 1,950,081 | -------------------------------------------------------------------------------- | Change in current receivables | (11,086) | (76,497) | -------------------------------------------------------------------------------- | Change in inventories | 10,751 | (38,043) | -------------------------------------------------------------------------------- | Change in current liabilities | (16,392) | 16,476 | -------------------------------------------------------------------------------- | Change in working capital | (16,727) | (98,064) | -------------------------------------------------------------------------------- | Cash flow after changes in working capital | 1,934,173 | 1,852,017 | -------------------------------------------------------------------------------- | Interest received | 54,078 | 52,047 | -------------------------------------------------------------------------------- | Interest paid | (5,249) | (2,063) | -------------------------------------------------------------------------------- | Cash flow from operating activities | 1,983,002 | 1,902,001 | -------------------------------------------------------------------------------- | Investing activities | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | (743,307) | (861,490) | | acquired | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | 10,219 | 14,768 | | divested | | | -------------------------------------------------------------------------------- | Acquisition of business combinations net | (24,163) | (4,934) | | of cash acquired and settlements of | | | | deferred consideration | | | -------------------------------------------------------------------------------- | Net change in interest-receivables short | 194,042 | 369,746 | | maturities | | | -------------------------------------------------------------------------------- | Net cash changes of other long-term | (4,313) | (36,073) | | receivables | | | -------------------------------------------------------------------------------- | Cash flow from investing activities | (567,522) | (517,983) | -------------------------------------------------------------------------------- | Cash flow before financing activities | 1,415,480 | 1,384,018 | -------------------------------------------------------------------------------- | Financing activities | | | -------------------------------------------------------------------------------- | Proceeds from non-convertible debts | 9,057 | 1,020 | -------------------------------------------------------------------------------- | Repayment of finance lease liabilities | (2,409) | (1,819) | -------------------------------------------------------------------------------- | Dividends paid | (1,456,054) | (1,310,568) | -------------------------------------------------------------------------------- | Cash flow used in financing activities | (1,449,406) | (1,311,367) | -------------------------------------------------------------------------------- | Cash flow for the year | (33,926) | 72,651 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at beginning of | 396,778 | 324,405 | | year | | | -------------------------------------------------------------------------------- | Cash flow for the year | (33,926) | 72,651 | -------------------------------------------------------------------------------- | Effect of foreign exchange rate changes | 247 | (278) | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of period | 363,099 | 396,778 | -------------------------------------------------------------------------------- Gunnar Hannus AS Eesti Telekom, Financial Manager phone +372 6 111 472 e-mail: gunnar.hannus@telekom.ee