Market announcement
Eesti Telekom
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2191
Attachments
Submission date and time
24.04.2009 09:00:00
Content of announcement in Estonian
Title
AS-i Eesti Telekom 2009. aasta I kvartali konsolideeritud vahearuanne, EUR
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-i Eesti Telekom nõukogu on andnud heakskiidu ühinemise alustamiseks ja ühinemislepingute sõlmimiseks juhatuste poolt eesmärgiga Eesti Telekom Grupi struktuuri lihtsustada ning ühendada AS-iga EMT viimase 100% tütarettevõtjad EMT Esindused AS ja AS Mobile Wholesale ning Elion Ettevõtted AS-iga viimase 100% tütarettevõtja Elion Esindus AS. Ühendamiste eesmärk on saavutada suuremat efektiivsust äriprotsessides. Ühendamised loodetakse lõpule viia hiljemalt 2009. aasta augustis. Finantsaruandluses plaanitav ühendamine muutusi kaasa ei too, kuna EMT Grupi ja Elion Grupi tulemused on esitatud konsolideerituna ka praegu. Seisuga 11.02.2009 on BiTA Service Management ühendatud IT Koolituskeskuse OÜ-ga. AS-i Eesti Telekom omanike struktuur 2009. aasta esimese 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. Esimese kvartali lõpu seisuga oli vabalt kaubeldavate aktsiate osakaal 12,71% aktsiate koguarvust. Neist 12,81% oli konverteeritud Londoni Börsil kaubeldavateks GDR-ideks. AS-i Eesti Telekom 10 suuremat aktsionäri 31. märtsi 2009. aasta seisuga olid: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31. märts 2009 | -------------------------------------------------------------------------------- | | Väärtpaberite arv | Osalus | -------------------------------------------------------------------------------- | | Muutus | | | võrreldes 31. | | | detsember 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 | 2 818 746 | 2,04% | (45 988) | -------------------------------------------------------------------------------- | Deutsche Bank (GDR-ide kontod) | 2 246 838 | 1,63% | (17 382) | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 2 055 783 | 1,49% | 0 | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg | 578 301 | 0,42% | (6 675) | | S.A. kliendid | | | | -------------------------------------------------------------------------------- | UniCredit Bank Austria AG | 472 148 | 0,34% | (24 238) | -------------------------------------------------------------------------------- | Mellon Treaty Omnibus | 363 473 | 0,26% | (28 679) | -------------------------------------------------------------------------------- | State Street Bank and Trust | 335 945 | 0,24% | 0 | | Omnibus Account | | | | -------------------------------------------------------------------------------- AS-i Eesti Telekom aktsia AS-i Eesti Telekom aktsia hind tõusis 2009. aasta esimeses kvartalis 18,97%. Aktsia hind kvartali alguses oli 4,10 eurot ning kvartali lõpus 4,64 eurot. Kõrgeim ja madalaim aktsia hind aruandeperioodi jooksul olid vastavalt 5,25 eurot ning 4,10 eurot. Aruandeperioodi käibeks kujunes 13,5 miljonit eurot. AS-i Eesti Telekom aktsia hind on 2009. aasta esimeses kvartalis liikunud kõrgematel tasemetel kui OMX Tallinn indeks ja OMX Baltic 10 kaubeldavama aktsia indeks. ÄRITEGEVUS Juhatuse kommentaar: Grupi müügitulu esimeses kvartalis oli peamiselt mõjutatud regulatsioonidest (mobiilsektorile Euroopa Liidust) ning majanduse jahenemisest (kauba müügi vähenemine ja tarbijakäitumise muutumine). Samas jätkus juurdekasv mobiilside lepinguliste klientide, mobiilse ja fikseeritud lairiba klientide ning TV klientide hulgas. Tänu varem käivitatud efektiivsusprogrammidele õnnestus tulude langus kompenseerida samas proportsioonis kulude langusega ning säilitada kulumieelne ärikasumi marginaal. Olulisemad finantsnäitajad Eesti Telekom grupp -------------------------------------------------------------------------------- | | I kv. 2009 | I kv. 2008 | Muutus, % | -------------------------------------------------------------------------------- | Müügitulu, mln EUR | 85,4 | 94,9 | (10,0) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, mln EUR | 33,0 | 36,8 | (10,3) | -------------------------------------------------------------------------------- | Marginaal, % | 38,7 | 38,8 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 23,0 | 27,9 | (17,6) | -------------------------------------------------------------------------------- | Marginaal, % | 26,9 | 29,4 | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist, mln EUR | 24,0 | 28,9 | (16,8) | -------------------------------------------------------------------------------- | Perioodi kasum, mln EUR | 24,0 | 28,9 | (16,8) | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta, EUR | 0,17 | 0,21 | (16,7) | -------------------------------------------------------------------------------- | Perioodi koondkasum, mln EUR | 24,0 | 28,9 | (16,8) | -------------------------------------------------------------------------------- | Kapitalimahutused, mln EUR | 7,8 | 7,6 | 3,2 | -------------------------------------------------------------------------------- | Netovõla suhe omakapitali, % | (25,9) | (29,5) | | -------------------------------------------------------------------------------- | ROA, % | 7,4 | 8,7 | | -------------------------------------------------------------------------------- | ROE, % | 8,4 | 10,0 | | -------------------------------------------------------------------------------- Mobiilside teenuste segment -------------------------------------------------------------------------------- | | I kv. | I kv. 2008 | Muutus, % | | | 2009 | | | -------------------------------------------------------------------------------- | Müügitulu, mln EUR | 47,3 | 55,9 | (15,4) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, mln EUR | 17,5 | 21,0 | (16,8) | -------------------------------------------------------------------------------- | Marginaal, % | 37,0 | 37,6 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 13,2 | 17,0 | (22,6) | -------------------------------------------------------------------------------- | Marginaal, % | 27,9 | 30,4 | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist, mln EUR | 13,8 | 17,4 | (20,6) | -------------------------------------------------------------------------------- | Perioodi kasum, mln EUR | 13,8 | 17,4 | (20,6) | -------------------------------------------------------------------------------- | Perioodi koondkasum, mln EUR | 13,8 | 17,4 | (20,6) | -------------------------------------------------------------------------------- | Kapitalimahutused, mln EUR | 4,8 | 3,6 | 30,8 | -------------------------------------------------------------------------------- | ROA, % | 9,3 | 12,1 | | -------------------------------------------------------------------------------- | ROE, % | 11,6 | 15,6 | | -------------------------------------------------------------------------------- Lairiba teenuste segment -------------------------------------------------------------------------------- | | I kv. 2009 | I kv. 2008 | Muutus, % | -------------------------------------------------------------------------------- | Müügitulu, mln EUR | 46,5 | 48,8 | (4,8) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, mln EUR | 15,8 | 15,8 | 1,0 | -------------------------------------------------------------------------------- | Marginaal, % | 34,1 | 32,3 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 11,0 | 11,3 | (2,7) | -------------------------------------------------------------------------------- | Marginaal, % | 23,6 | 23,1 | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist, mln EUR | 10,9 | 11,3 | (3,6) | -------------------------------------------------------------------------------- | Perioodi kasum, mln EUR | 10,9 | 11,3 | (3,6) | -------------------------------------------------------------------------------- | Perioodi koondkasum, mln EUR | 10,9 | 11,3 | (3,6) | -------------------------------------------------------------------------------- | Kapitalimahutused, mln EUR | 2,8 | 3,6 | (20,5) | -------------------------------------------------------------------------------- | ROA, % | 6,3 | 6,3 | | -------------------------------------------------------------------------------- | ROE, % | 8,0 | 8,3 | | -------------------------------------------------------------------------------- IT-teenuste segment -------------------------------------------------------------------------------- | | I kv. 2009 | I kv. 2008 | Muutus, % | -------------------------------------------------------------------------------- | Müügitulu, mln EUR | 3,9 | 5,1 | (22,1) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, mln EUR | (0,2) | 0,2 | N/A | -------------------------------------------------------------------------------- | Marginaal, % | (5,3) | 4,9 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | (1,0) | (0,1) | N/A | -------------------------------------------------------------------------------- | Marginaal, % | (25,3) | (2,9) | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist, mln EUR | (1,0) | (0,2) | N/A | -------------------------------------------------------------------------------- | Perioodi kasum, mln EUR | (1,0) | (0,2) | N/A | -------------------------------------------------------------------------------- | Perioodi koondkasum, mln EUR | (1,0) | (0,2) | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln EUR | 0,2 | 0,3 | (42,9) | -------------------------------------------------------------------------------- | ROA, % | (8,9) | (1,7) | | -------------------------------------------------------------------------------- | ROE, % | (14,0) | (3,3) | | -------------------------------------------------------------------------------- Müügitulud, tegevuskulud ja kasum Grupi müügitulu ulatus 2009. aasta esimeses kvartalis 85,4 miljoni euroni (1. kvartal 2008: 94,9 miljonit eurot), ning oli peamiselt mõjutatud regulatsioonidest, mis tulevad mobiilisektorile Euroopa Liidust ning majanduse jahenemisest. Mobiilside teenuste segmendi 2009. aasta esimese kvartali konsolideeritud käive ulatus 47,3 miljoni euroni, kahanedes 2008. aasta esimese kvartaliga võrreldes 15% (1. kvartal 2008: 55,9 miljonit eurot). Kogutulude languse taga oli jae- ja sidumishindade langusest tingitud kõneteenuste tulude vähenemine, mida kompenseeris osaliselt mobiilse andmeside kasv ja allhanketeenuste mahu kasv. Samuti on esimeses kvartalis võrreldes aastataguse ajaga vähenenud telekommunikatsioonikaupade jae- ja hulgimüügist saadavad tulud, mis on tingitud muutunud tarbijakäitumisest. Lisaks jäi nii klientide poolt algatatud kõneminutite, kui ka EMT võrku sisenevate vastuvõetavate kõneminutite arv 2% võrra väiksemaks võrreldes 2008. aasta esimese kvartaliga, mis tuleneb klientide kokkuhoiusoovist tarbimist piirata. AS-i EMT kliendibaas oli 2009. aasta esimese kvartali lõpuks 14 tuhande võrra suurem võrreldes aasta varasema ajaga, ulatudes 766 tuhande aktiivse SIM-kaardini (31. märts 2008: 751 tuhat kaarti). Võrreldes aastatagusega on lepinguliste klientide arv kasvanud 15 tuhande võrra, ulatudes 2009. aasta esimese kvartali lõpu seisuga 488 tuhandeni, samal ajal kui aktiivsete ettemaksega kaartide kasutajate arv on jäänud samale 278 tuhande tasemele. EMT hindab oma turuosa aktiivsete SIM-kaartide põhjal stabiilselt 47%-le. Hinnanguline aktiivsete kaartide penetratsioon Eestis on 120%. Märtsis tõi EMT turule mobiilportaali SurfPort lisavõimaluse, mis võimaldab kaasaegsetel mobiiltelefonidel avada enamikke tavapäraseid veebilehti tervest internetist. Seniajani oli telefoni ekraanil võimalik avada üksnes spetsiaalselt mobiiltelefonidele loodud WAP lehti. Uus omadus laiendab tunduvalt infovalikut liikuvatele kasutajatele, ilma vajaduseta arvuti või uue telefoni järgi. Vastavalt Sideameti otsustele oli fikseeritud AS EMT-le, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile perioodiks 01.07.2007-30.06.2008 sidumistasuks 0,11 eurot. Perioodiks 01.07.2008-30.06.2009 on kehtestanud Sideameti õigusjärglane Konkurentsiamet AS-ile EMT, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile oma mobiiltelefoni-võrkudes häälkõne lõpetamise tasuks 0,09 eurot minut. Konkurentsiamet tegi 26.03.2009 otsuse alusel teatavaks uue turuanalüüsi tulemused, mille kohaselt tunnistati 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 kohaselt kohustatakse viidatud ettevõtjaid hinnakontrolli kohustuse raames rakendama kuni 30.06.2012 benchmark´il põhinevat Euroopa riikide keskmist sidumistasu, mis teeb alates 01.07.2009 rakendatavaks maksimaalseks tariifiks 0,09 eurot minut. Perioodideks 01.07.2010-30.06.2011 ja 01.07.2011-30.06.2012 kehtestatavad sidumistasu maksimaalmäärad teeb Konkurentsiamet teatavaks hiljemalt 2 kuud enne vastavate perioodide algust, kuid otsuse kohaselt ei tohi rakendatava sidumistasu langus või tõus olla suurem kui 10%. Lairiba teenuste segmendi müügitulud ulatusid esimeses kvartalis 46,5 miljoni euroni (1. kvartal 2008: 48,8 miljonit eurot). Võrreldes 2008. aasta sama perioodiga kasvasid tulud enim rahvusvaheliste sidumisteenuste ja terviklahenduste müügist, mis suurenesid vastavalt 27% ja 16%. Rahvusvaheliste sidumisteenuste tulude kasv tulenes peamiselt rahvusvaheliste sisenevate kõnede minutimahu suurenemisest. Samas langesid lõpp-klientidelt teenitavad kõneteenuste tulud minutimahu vähenemise tõttu 16%. Tulenevalt terviklahenduste mahu ja tulude osakaalu olulisest kasvust langesid lõppenud kvartalis tulud kõnesideühenduste ja internetiühenduste kuutasudest vastavalt 10% ja 14%. Siiski ületab terviklahenduste müügist teenitud tulu nimetatud languse märkimisväärselt. Võrreldes eelmise aasta sama perioodiga vähenes lairiba teenuste segmendi käive kokku 5%. Käibe langus oli eelkõige seotud telekommunikatsiooni- ja IT-kaupade müügimahtude vähenemisega. Elioni interneti püsiühenduse klientide koguarv kasvas 2009. aasta esimeses kvartalis võrreldes aasta varasema ajaga 9000 ühenduse võrra, ulatudes märtsi lõpuks 176,5 tuhandeni (31. märts 2008: 167,5 tuhat). Ettevõtja hinnangul Elioni turuosa eraklientide püsiühendusest ei muutunud, olles jätkuvalt 54%. Märtsis alustas Elion erakliendi terviklahenduste tooteportfelli ühtlustamisega, tuues turule kaks uuendatud Kodulahenduse toodet ning alustades olemasolevate Kodulahenduse klientide järk-järgulist üleviimist uutele toodetele. Mõlema toote puhul on tegemist kolmikpaketiga, mis erinevad üksteisest internetiühenduse allalaadimiskiiruse ning televisioonikanalite arvu poolest. Uued Kodulahenduse tooted sisaldavad tasuta täiendavat televisiooni vaatamiskohta ning WiFi kasutusvõimalust Elioni WiFi võrkudes üle Eesti. Märtsi lõpus lansseeris Elion ka kolmikpaketi baasvajadustele vastava 16,30 eurose kuutasuga Stardipaketi, sisenedes uue tootega odavteenuste turule. Stardipakett toodi turule inimeste internetti kaasamise projekti "Ole kaasas!" raames, mis algatati märtsis Sihtasutuse Vaata maailma! ning Eesti Telekomi poolt. Elioni kolmikpakettide kasutajate arv suurenes esimeses kvartalis võrreldes aasta varasema ajaga 23,5 tuhande võrra, ulatudes 31. märtsi seisuga 82,1 tuhandeni (31. märts 2008: 58,6 tuhat). Esimese kvartali lõpuks oli Elionil 86,9 tuhat IP- ja kaabeltelevisiooni klienti (31. märts 2008: 63,2 tuhat). Elioni hinnangul on ettevõtja turuosa Eesti kaabelleviturul aastaga suurenenud 6%, ulatudes esimese kvartali lõpuks 28%-ni (31. märts 2008: 22%). Märtsis alustas Elion veebiaadressil http://leiunurk.elion.ee kasutatud IT seadmete müüki, mis täidab ettevõtja jaoks kahte eesmärki - säästa keskkonda, suunates kvaliteetseid seadmeid taaskasutusse ning võimaldada arvuti ostu ka keerulises majandussituatsioonis. Esimese kvartali lõpuks ulatus Elioni aktiivsete kõneliideste arv 461 tuhandeni (31. märts 2008: 473 tuhat liidest). Kõneliideste vähenemine tuleneb telefoniühenduste arvu oodatud kahanemisest erasegmendis ning taksofonide arvu vähendamisest üle Eesti. Elion hindab oma turuosa fikseeritud võrgus algatatud kõneminutitest 80%-liseks (31. märts 2008: 81%). Turuosa kohalike kõnede minutitest on 82% (31. märts 2008: 83%), rahvusvaheliste kõnede minutitest 68% (31. märts 2008: 66%) ning mobiiltelefonidele tehtavate kõnede minutitest 70% (31. märts 2008: 71%). Rahvusvaheliste kõnede turuosa tõus on seletatav arvestusmetoodika muutusega. Ettevõtja hinnangul on nimetatud turuosa püsinud viimase aasta jooksul samal tasemel. Märtsi lõpus teavitas Elion teisi operaatoreid iga-aastasest sidumisteenuste ja juurdepääsuteenuste hinnakirja muudatustest, mis jõustuvad alates 1. maist 2009. Tegemist on valdkonnapõhisest regulatsioonist tulenevate nõuetega, mis kohustavad Elioni hindu üle vaatama vähemalt kord aastas ning mis põhinevad eelmise perioodi kuluaruannetel. Teenuste lõikes tulenevad hinnamuudatused on eelkõige seotud mahtude vähenemise või suurenemisega. Näiteks vaskpaari rendi kuutasud ning telefonivõrgu sidumistasud suurenevad keskmiselt 20% ja 12%. Samas alanevad lairiba juurdepääsu hinnad olenevalt kiirusest 9-20%. IT-teenuste segmendi 2009. aasta esimese kvartali andmed sisaldavad oktoobris 2008 omandatud IT Koolituskeskuse OÜ grupi ettevõtete konsolideeritud andmeid. IT-teenuste segmendi müügitulu ulatus 2009. aasta esimeses kvartalis 3,9 miljoni euroni (1. kvartal 2008: 5,1 miljonit eurot). Võrreldes eelmise aasta sama perioodiga vähenes konsolideeritud müügitulu 22%, seejuures IT-kaupade osas langes müügitulu 53% ja püsiteenuste osas langes müügitulu 6% võrra ning projektipõhiste teenuste müügitulu suurenes 30%. Eesti Telekom Grupi siseselt osutatud teenuste müügitulu vähenes eelmise aasta esimese kvartaliga võrreldes 27%, samas grupivälistele klientidele osutatud teenuste müügitulu suurenes 13%. 2009. aasta riigieelarve vähendamine 0,5 miljardi euro võrra avaldas olulist mõju Eesti IT-sektorile. Paljud hanked on edasi lükatud või juba toimunud hangete tulemused tühistatakse. Infrastruktuurilahenduste müügikäive oli esimeses kvartalis oluliselt väiksem kui eelmisel aasta samal perioodil (1,0 miljonit eurot vs 2,1 miljonit eurot). Põhjuseks on üldine langus IT-turul. Samasugust langustrendi täheldavad hetkel kõik IT-haru ettevõtted, kes tegelevad kaubamüügiga. Projektiäris oli esimeses kvartalis oluliseks projektiks dokumendihalduse juurutamine Eesti Postis ning erinevate infosüsteemide edasiarendused Piletilevis, Töötukassas ning Ragn-Sells's. Püsiteenuste valdkonnas võitis AS MicroLink Eesti esimeses kvartalis Tallina Linnakantselei poolt korraldatud arvutitööjaamade halduse hanke. Lisaks hakkas MicroLink Eesti esimeses kvartalis osutama serverihalduse teenuseid Ida-Tallinna Keskhaiglale, Harku Vallavalitsusele ja Eesti Raudteele. Eesti Telekom Grupi tegevuskulud vähenesid 2009. aasta esimeses kvartalis 2008. aasta sama perioodiga võrreldes 10%, ulatudes 52,7 miljoni euroni (1. kvartal 2008: 58,3 miljonit eurot). Mobiilside teenuste segmendi tegevuskulud vähenesid 2008. aasta esimese kvartaliga võrreldes 14%, jäädes 29,9 miljoni euro tasemele (1. kvartal 2008: 34,9 miljonit eurot). Enim on vähenenud jae- ja hulgikaubandusega seotud tegevuskulud, mis on kooskõlas kaubanduse müügikäibe langusega. Samuti on vähenenud sidumishindade langusest tingitud sidumiskulud. Tegevuskulude langusele avaldasid mõju ka efektiivsusprogrammid, mis olid seotud töötajate arvu ning turundus, IT- ja võrgukulude vähendamisega. Lairiba teenuste segmendi tegevuskulud kahanesid lõppenud kvartalis 2008. aasta sama perioodiga võrreldes 7%, ulatudes 30,8 miljoni euroni (1. kvartal 2008: 33,2 miljonit eurot). Põhiosa tegevuskulude vähenemisest tulenes kaupade jaemüügimahtude kahanemisega seotud otsemüügikulude langusest. Olulist mõju tegevuskulude langusele avaldasid ka eelmisel aastal algatatud efektiivsusprojektid, mis olid seotud võrguressursi hoolduskulude, IT- ja transpordikulude ning töötajate arvu vähendamisega. IT-teenuste segmendi tegevuskulud kahanesid esimeses kvartalis võrreldes eelmise aasta sama perioodiga 14%, ulatudes 4,2 miljoni euroni (1. kvartal 2008: 4,8 miljonit eurot). Kvartali tegevuskulusid mõjutas IT Koolituskeskuse konsolideerimisega kaasnenud kulude lisandumine, eraldiseisva ettevõttena kasvasid AS MicroLink Eesti tegevuskulud 3%. Eesti Telekom Grupi ärikasum enne kulumit kahanes 2009. aasta esimeses kvartalis eelmise aasta sama perioodiga võrreldes 10%, ulatudes 33,0 miljoni euroni (1. kvartal 2008: 36,8 miljonit eurot). Mobiilside teenuste segmendi ärikasum enne kulumit vähenes esimeses kvartalis võrreldes eelmise aasta sama perioodiga 17% võrra. Kuna tegevuskulude langus on olnud peaaegu samas proportsioonis käibe vähenemisega, siis mobiilside segmendi tegevuskasumi marginaal on langenud vähem kui ühe protsendi võrra. Lairiba teenuste segmendi ärikasum enne kulumit suurenes esimeses kvartalis eelmise aasta sama perioodiga võrreldes 1%, ulatudes 15,8 miljoni euroni (1. kvartal 2008: 15,8 miljonit eurot). IT-teenuste segmendi ärikahjum enne kulumit oli 2009. aasta esimeses kvartalis 0,2 miljonit eurot (1. kvartal 2008: kasum 0,2 miljonit eurot). Grupi ärikasumi enne kulumit marginaal oli 2009. aasta esimeses kvartalis 39%, jäädes samale tasemele eelmise aasta sama perioodi vastava marginaaliga. Grupi amortisatsioonikulu ulatus 2009. aasta esimeses kvartalis 10,0 miljoni euroni, suurenedes 2008. aasta sama perioodiga võrreldes 12% (1. kvartal 2008: 8,9 miljonit eurot). Suurim kasv amortisatsioonikulus tulenes IT-teenuste segmendist kus amortisatsioonikulu ulatus 2009. aasta esimeses kvartalis 0,8 miljoni euroni (1. kvartal 2008: 0,4 miljonit eurot). See oli tingitud tütarettevõtte IT Koolituskeskuse OÜ omandamise järgselt bilansis kajastatud firmaväärtuse allahindamisest 0,4 miljoni euro ulatuses käesoleva aasta veebruaris. Eesti Telekom Grupp teenis esimeses kvartalis ärikasumit 23,0 miljonit eurot, kahanedes eelmise aasta sama perioodiga võrreldes 18% (1. kvartal 2008: 27,9 miljonit eurot). Eesti Telekom Grupi 2009. aasta esimese kvartali kasum oli 24,0 miljonit eurot (1. kvartal 2008: 28,9 miljonit eurot). Tulu aktsia kohta teeniti 0,17 eurot (1. kvartal 2008: 0,21 eurot). Grupi 2009. aasta esimese kvartali koondkasum oli 24,0 miljonit eurot (1. kvartal 2008: 28,9 miljonit eurot). Finantsseisundi aruanne ja rahavood Eesti Telekom Grupi bilansimaht oli 31. märtsi 2009. aasta seisuga 332,8 miljonit eurot (31. detsember 2008: 319,5 miljonit eurot). Aasta algusega võrreldes on 1,3 miljoni euro võrra kahanenud põhivara, mille jääk esimese kvartali lõpus ulatus 185,7 miljoni euroni. Grupi käibevara on kolme kuuga kasvanud 14,5 miljoni euro võrra, ulatudes märtsikuu lõpus 147,1 miljoni euroni (31. detsember 2008: 132,6 miljonit eurot). Raha ja raha ekvivalentide ning lühiajaliste finantsinvesteeringute jääk on kasvanud 22,9 miljoni euro võrra, ulatudes perioodi lõpuks 78,0 miljoni euroni. Eesti Telekom Grupi omakapital oli 31. märtsi 2009. aasta seisuga 298,5 miljonit eurot, mis on 24,0 miljonit eurot enam kui 2008. aasta lõpus (31. detsember 2008: 274,5 miljonit eurot). Omakapitali kasv on tulenenud esimese kvartali kasumist. Grupil oli märtsi lõpu seisuga pikaajalisi kohustusi 2,1 miljonit eurot (31. detsember 2008: 2,1 miljonit eurot) ja lühiajalisi võlakohustusi 32,2 miljonit eurot (31. detsember 2008: 42,9 miljonit eurot). Eesti Telekom Grupi netovõlg oli esimese kvartali lõpus - 77,5 miljonit eurot ja netovõla suhe omakapitali -25,9% (31. detsember 2008: -54,5 miljonit eurot ja -20%). Eesti Telekom Grupi äritegevuse rahavoog oli 2009. aasta kolme kuuga 29,0 miljonit eurot (3 kuud 2008: 28,6 miljonit eurot). Grupi investeerimistegevuse rahavoog oli 25,9 miljonit eurot (3 kuud 2008: 35,2 miljonit eurot). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli esimesel kolmel kuul 7,8 miljonit eurot (3 kuud 2008: 7,6 miljonit eurot). Mobiilside teenuste segment on 2009. aasta esimeses kvartalis investeerinud 4,8 miljonit eurot (1. kvartal 2008: 3,6 miljonit eurot). Mobiilsides oli lisaks pidevale GSM-võrgu arendusele arenguprioriteediks kiiret mobiilset andmesidet toetavate tehnoloogiate rakendamine. Enamus EMT klientide andmeside kasutusest tehakse 3G võrgus, mis võimaldab kasutada kvaliteetset ja kiiret ADSLi lähedase kiirusega internetiühendust mugavalt kontrollitavate kuludega. Kuna EMT-l töötab ainsana Eestis EDGE andmeside kogu GSM levialas, siis uued tugijaamade investeeringud on suunatud põhiliselt 3G välis- ja siselevi laiendamiseks linnades ja asulates. Samas jätkus endiselt pidev GSM võrgu täiustamine. Lairiba teenuste segmendi investeeringud põhivarasse ulatusid 2,8 miljoni euroni (1. kvartal 2008: 3,6 miljonit eurot). Põhiosa kapitalimahutustest olid seotud võrguressursi arendamisega, tooteportfelli muudatustega ning kolmikteenuse kvaliteedi parandamise ja kättesaadavuse laiendamisega. IT-teenuste segment investeeris 2009. aasta esimeses kvartalis põhivarasse 0,2 miljonit eurot (1. kvartal 2008: 0,3 miljonit eurot). Eesti Telekom Grupi rahavoog finantseerimistegevusse jäi 2009. aasta esimese kolme kuuga sarnaselt eelmise aasta esimesele kvartalile alla 0,1 miljon euro. Aktsionäride üldkoosolek AS-i Eesti Telekom aktsionäride korraline üldkoosolek toimub 20. mail 2009. aastal algusega kell 12.00 aadressil Valge 16, Tallinn. 2008. aasta majandusaasta aruande ja üldkoosoleku otsuseprojektidega saab tutvuda alates 27. aprillist 2009. aastal internetiaadressil: http://www.telekom.ee ja Eesti Telekomis aadressil Valge 16, Tallinn tööpäeviti kell 10.00 - 14.00. Üldkoosolekuga seonduvaid küsimusi võib esitada AS-i Eesti Telekom kodulehel, telefonil 6 311 212 või meilida aadressil [email protected]. Dividendid AS-i Eesti Telekom juhatus teeb aktsionäride üldkoosolekule ettepaneku jaotada aktsionäride vahel ning maksta aktsionäridele dividendidena välja 92,6 miljonit eurot ehk 0,67 eurot aktsia kohta, lähtudes dividendi-õiguslike aktsiate arvust, ehk 137 954 528 aktsiast. 2008. aastal jaotati aktsionäride vahel dividendidena 92,6 miljonit eurot ehk 0,67 eurot aktsia kohta. Definitsioonid Kulumieelse ärikasumi marginaal = põhivara kulumieelne ärikasum / müügitulu x 100% Ärikasumi marginaal = ärikasum / müügitulu x 100% Netovõlg = pika- ja lühiajalised intressikandvad laenud ja võlakohustused - raha ja raha ekvivalendid -lühiajalised investeeringud Netovõla suhe omakapitali = netovõlg / omakapital x 100% ROA = aruandeperioodi kasum / keskmine varade väärtus x 100% ROE = kasum enne maksustamist /keskmine omakapital x 100% Tava kasum aktsia kohta = aruandeperioodi kasum / keskmine aktsiate arv KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------------------------- | | Lisad | I kvartal | I kvartal | 2008 | | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Müügitulu | 2.1, 2.3 | 85 417 | 94 857 | 395 588 | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1 | (48 658) | (53 078) | (225 777) | -------------------------------------------------------------------------------- | Brutokasum | 2.1 | 36 759 | 41 779 | 169 811 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud | 2.1 | (14 095) | (14 187) | (57 972) | | ning uurimis- ja | | | | | | arendusväljaminekud | | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1 | 483 | 402 | 2 001 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1 | (164) | (99) | (543) | -------------------------------------------------------------------------------- | Ärikasum | 2.1 | 22 983 | 27 895 | 113 297 | -------------------------------------------------------------------------------- | Finantstulud | | 1 112 | 1 134 | 3 527 | -------------------------------------------------------------------------------- | Finantskulud | | (22) | (37) | (56) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1 | 1 090 | 1 097 | 3 471 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1 | (53) | (107) | (182) | | sidusettevõtjate | | | | | | aktsiatelt ja osadelt, | | | | | | neto | | | | | -------------------------------------------------------------------------------- | Kasum enne | 2.1 | 24 020 | 28 885 | 116 586 | | tulumaksustamist | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | 2.1 | - | - | (24 664) | -------------------------------------------------------------------------------- | Perioodi kasum | 2.1 | 24 020 | 28 885 | 91 922 | -------------------------------------------------------------------------------- | Muu koondkasum | | | | | -------------------------------------------------------------------------------- | Valuutakursi vahed | 2.1 | (1) | - | 1 | | välisettevõtete | | | | | | ümberarvestusel | | | | | -------------------------------------------------------------------------------- | Perioodi muu koondkasum | 2.1 | (1) | - | 1 | -------------------------------------------------------------------------------- | Perioodi koondkasum kokku | 2.1 | 24 019 | 28 885 | 91 923 | -------------------------------------------------------------------------------- | Perioodi kasumi jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1 | 23 993 | 28 803 | 91 703 | | kasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1 | 27 | 82 | 219 | -------------------------------------------------------------------------------- | | | 24 020 | 28 885 | 91 922 | -------------------------------------------------------------------------------- | Perioodi koondkasumi | | | | | | jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1 | 23 992 | 28 803 | 91 704 | | koondkasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus | 2.1 | 27 | 82 | 219 | | koondkasumis | | | | | -------------------------------------------------------------------------------- | | | 24 019 | 28 885 | 91 923 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsia puhaskasum, | 7 (e) | | | | | arvestatud emaettevõtja | | | | | | osalusest aruandeperioodi | | | | | | kasumis (eurodes) | | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta | | 0,17 | 0,21 | 0,66 | -------------------------------------------------------------------------------- | Lahustatud kasum aktsia | | 0,17 | 0,21 | 0,66 | | kohta | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1 | 33 026 | 36 837 | 150 088 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1, 3 | (10 043) | (8 942) | (36 791) | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE -------------------------------------------------------------------------------- | | Lisad | 31. märts | 31. dets. | 31.märts | | | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | AKTIVA | | | | | -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 3 | 164 193 | 165 542 | 152 879 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 | 13 713 | 14 592 | 13 179 | -------------------------------------------------------------------------------- | Investeeringud | 2.2, 5 | 623 | 676 | 750 | | sidusettevõtjatesse | | | | | -------------------------------------------------------------------------------- | Mitmesugused pikaajalised | | 7 143 | 6 115 | 7 418 | | nõuded | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | 2.2 | 185 672 | 186 925 | 174 226 | -------------------------------------------------------------------------------- | Käbevara | | | | | -------------------------------------------------------------------------------- | Müügiootel põhivara | | - | - | 208 | -------------------------------------------------------------------------------- | Varud | 6 | 11 045 | 10 861 | 11 811 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja | | 58 054 | 66 576 | 64 983 | | muud lühiajalised nõuded | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | - | 31 956 | 1 101 | | finantsinvesteeringud | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | 78 013 | 23 206 | 89 085 | -------------------------------------------------------------------------------- | Käibevara kokku | 2.2 | 147 112 | 132 599 | 167 188 | -------------------------------------------------------------------------------- | AKTIVA KOKKU | 2.2 | 332 784 | 319 524 | 341 414 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | | | | | -------------------------------------------------------------------------------- | Omakapital | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 7 | | | | | omakapitalis | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 88 169 | 88 169 | 88 169 | -------------------------------------------------------------------------------- | Ülekurss | | 22 753 | 22 753 | 22 753 | -------------------------------------------------------------------------------- | Kohustuslik reserv | | 8 817 | 8 817 | 8 817 | -------------------------------------------------------------------------------- | Realiseerimata kursivahed | | - | 1 | - | -------------------------------------------------------------------------------- | Eelmiste perioodide | | 178 267 | 154 274 | 184 068 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | | 298 006 | 274 014 | 303 807 | | omakapitalis kokku | | | | | -------------------------------------------------------------------------------- | Vähemusosa | 2.2, 7 | 540 | 513 | 815 | -------------------------------------------------------------------------------- | Omakapital kokku | | 298 546 | 274 527 | 304 622 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 375 | 375 | 48 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 122 | 138 | 192 | -------------------------------------------------------------------------------- | Eraldised | 10 | 1 443 | 1 443 | 1 338 | -------------------------------------------------------------------------------- | Intressi mittekandvad | | 127 | 127 | - | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 2.2 | 2 067 | 2 083 | 1 578 | | kokku | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | | 31 902 | 42 399 | 34 571 | | lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 174 | 259 | 164 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 66 | 66 | 310 | -------------------------------------------------------------------------------- | Eraldised | 10 | 29 | 190 | 169 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 2.2 | 32 171 | 42 914 | 35 214 | | kokku | | | | | -------------------------------------------------------------------------------- | Kohustused kokku | | 34 238 | 44 997 | 36 792 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | 2.2 | 332 784 | 319 524 | 341 414 | | KOKKU | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE -------------------------------------------------------------------------------- | | Lisad | I kvartal | I kvartal | | | | 2009 | 2008 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest | | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | | 24 020 | 28 885 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 2.1, 3 | 10 043 | 8 942 | -------------------------------------------------------------------------------- | (Kasum) / kahjum põhivara müügist | | (184) | (189) | -------------------------------------------------------------------------------- | Neto (tulud) / kulud | | 53 | 107 | | sidusettevõtjatelt | | | | -------------------------------------------------------------------------------- | Eraldised | | (161) | (117) | -------------------------------------------------------------------------------- | (Finantstulud) / kulud | | (1 616) | (1 633) | -------------------------------------------------------------------------------- | Muud mitterahalised korrigeerimised | | (20) | 4 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest enne | | 32 135 | 35 999 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja | | 6 683 | 297 | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Varude muutus | | (184) | (262) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | | (10 449) | (8 406) | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Käibekapitali muutus | | (3 950) | (8 371) | -------------------------------------------------------------------------------- | Rahavood äritegevusest peale | | 28 185 | 27 628 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Saadud intressid | | 781 | 1 052 | -------------------------------------------------------------------------------- | Makstud intressid | | (11) | (94) | -------------------------------------------------------------------------------- | Rahavoog äritegevusest kokku | 2.2 | 28 955 | 28 586 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | | -------------------------------------------------------------------------------- | Materiaalse ning immateriaalse | 2.2, 3 | (7 835) | (7 593) | | põhivara soetamine | | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse | | 206 | 207 | | põhivara müük | | | | -------------------------------------------------------------------------------- | Lühiajaliste finantsinvesteeringute | | 31 956 | 43 257 | | muutus, neto | | | | -------------------------------------------------------------------------------- | Muude pikaajaliste nõuete muutus, | | 1 593 | (703) | | neto | | | | -------------------------------------------------------------------------------- | Rahavoog investeerimistegevusest | 2.2 | 25 920 | 35 168 | | kokku | | | | -------------------------------------------------------------------------------- | Rahavood enne finantseerimistegevust | | 54 875 | 63 754 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | | -------------------------------------------------------------------------------- | Kapitalirendi põhiosa tagasimaksed | 8 | (77) | (38) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | 2.2 | (77) | (38) | | kokku | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | 2.2 | 54 798 | 63 716 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid aasta | 2.2 | 23 206 | 25 359 | | alguses | | | | -------------------------------------------------------------------------------- | Raha ja rahaekvivalentide muutus | 2.2 | 54 798 | 63 716 | -------------------------------------------------------------------------------- | Valuutakursi muutuste mõju | 2.2 | 9 | 10 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi | 2.2 | 78 013 | 89 085 | | lõpus | | | | --------------------------------------------------------------------------------
Content of announcement in English
Title
Consolidated Interim Report of AS Eesti Telekom I Quarter 2009, EUR
Message
(Translation of the Estonian original) 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 Eesti Telekom Group structure AS Eesti Telekom Council has given the Board approval to initiate mergers and enter into relevant agreements with the goal to simplify Eesti Telekom Group structure, by merging AS EMT with its 100% subsidiaries EMT Esindused AS and AS Mobile Wholesale, and Elion Ettevõtted AS with its 100% subsidiary Elion Esindus AS. The aim is to achieve greater efficiency in business processes. The mergers are planned to be concluded by August 2009 at the latest. The planned merger will not cause any changes in financial reporting as the results of EMT Group and Elion Group are already consolidated. As of 11 February 2009, BiTA Service Management has merged with IT Koolituskeskuse OÜ. Ownership structure of AS Eesti Telekom During the first quarter of 2009, 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 first quarter, the ratio of freely traded shares converted to GDRs was 12.71%. Of these, 12.81% were converted into GDRs traded on the London Stock Exchange. As of 31 March 2009, the 10 largest shareholders in AS Eesti Telekom were: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31 March 2009 | -------------------------------------------------------------------------------- | | No of shares | Participation | -------------------------------------------------------------------------------- | | Changes since | | | 31 December | | | 2008 | -------------------------------------------------------------------------------- | Baltic Tele AB | 82,936,29 | 60.12% | 0 | | | 9 | | | -------------------------------------------------------------------------------- | Ministry of Finance | 33,346,46 | 24.17% | 0 | | | 4 | | | -------------------------------------------------------------------------------- | Development Fund | 4,138,636 | 3.00% | 0 | -------------------------------------------------------------------------------- | SEB clients | 2,818,746 | 2.04% | (45,988) | -------------------------------------------------------------------------------- | Deutsche Bank (GDR accounts) | 2,246,838 | 1.63% | (17,382) | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 2,055,783 | 1.49% | 0 | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg | 578,301 | 0.42% | (6,675) | | S.A. clients | | | | -------------------------------------------------------------------------------- | UniCredit Bank Austria AG | 472,148 | 0.34% | (24,238) | -------------------------------------------------------------------------------- | Mellon Treaty Omnibus | 363,473 | 0.26% | (28,679) | -------------------------------------------------------------------------------- | State Street Bank and Trust | 335,945 | 0.24% | 0 | | Omnibus Account | | | | -------------------------------------------------------------------------------- AS Eesti Telekom shares In the first quarter of 2009, the price of AS Eesti Telekom shares increased by 18.97%. The share price at the beginning of the quarter was 4.10 EUR and 4.64 EUR at the end of the quarter. The highest and lowest share prices during the reporting period were 5.25 EUR and 4.10 EUR respectively. The turnover for the reporting period was 13.5 million EUR. The price of AS Eesti Telekom shares in the first quarter of 2009 has moved on higher levels than the indexes of OMX Tallinn and OMX Tallinn 10 tradeable shares. BUSINESS ACTIVITIES Management commentary: The Group's sales revenues in the first quarter were primarily impacted by regulations (European Union regulations applied on the mobile sector) and the economic downturn (reduction of sales of goods and changes in consumer behavior). At the same time, there is a continuing growth of mobile postpaid, mobile and fixed broadband and TV customers. Thanks to efficiency programs that were previously implemented it was possible to compensate the loss of revenues by a proportional decrease of expenses and to maintain the EBITDA margin. Significant financial indicators Eesti Telekom Group -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Change, % | -------------------------------------------------------------------------------- | Total revenues, million EUR | 85.4 | 94.9 | (10.0) | -------------------------------------------------------------------------------- | EBITDA, million EUR | 33.0 | 36.8 | (10.3) | -------------------------------------------------------------------------------- | Margin, % | 38.7 | 38.8 | | -------------------------------------------------------------------------------- | EBIT, million EUR | 23.0 | 27.9 | (17.6) | -------------------------------------------------------------------------------- | Margin, % | 26.9 | 29.4 | | -------------------------------------------------------------------------------- | EBT, million EUR | 24.0 | 28.9 | (16.8) | -------------------------------------------------------------------------------- | Profit for the period, million EUR | 24.0 | 28.9 | (16.8) | -------------------------------------------------------------------------------- | Basic earnings per share, EUR | 0.17 | 0.21 | (16.7) | -------------------------------------------------------------------------------- | Comprehensive income for the period, | 24.0 | 28.9 | (16.8) | | million EUR | | | | -------------------------------------------------------------------------------- | CAPEX, million EUR | 7.8 | 7.6 | 3.2 | -------------------------------------------------------------------------------- | Net gearing, % | (25.9) | (29.5) | | -------------------------------------------------------------------------------- | ROA, % | 7.4 | 8.7 | | -------------------------------------------------------------------------------- | ROE, % | 8.4 | 10.0 | | -------------------------------------------------------------------------------- Mobile communications segment -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Change, % | -------------------------------------------------------------------------------- | Total revenues, million EUR | 47.3 | 55.9 | (15.4) | -------------------------------------------------------------------------------- | EBITDA, million EUR | 17.5 | 21.0 | (16.8) | -------------------------------------------------------------------------------- | Margin, % | 37.0 | 37.6 | | -------------------------------------------------------------------------------- | EBIT, million EUR | 13.2 | 17.0 | (22.6) | -------------------------------------------------------------------------------- | Margin, % | 27.9 | 30.4 | | -------------------------------------------------------------------------------- | EBT, million EUR | 13.8 | 17.4 | (20.6) | -------------------------------------------------------------------------------- | Profit for the period, million EUR | 13.8 | 17.4 | (20.6) | -------------------------------------------------------------------------------- | Comprehensive income for the period, | 13.8 | 17.4 | (20.6) | | million EUR | | | | -------------------------------------------------------------------------------- | CAPEX, million EUR | 4.8 | 3.6 | 30.8 | -------------------------------------------------------------------------------- | ROA, % | 9.3 | 12.1 | | -------------------------------------------------------------------------------- | ROE, % | 11.6 | 15.6 | | -------------------------------------------------------------------------------- Broadband services segment -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Change, % | -------------------------------------------------------------------------------- | Total revenues, million EUR | 46.5 | 48.8 | (4.8) | -------------------------------------------------------------------------------- | EBITDA, million EUR | 15.8 | 15.8 | 1.0 | -------------------------------------------------------------------------------- | Margin, % | 34.1 | 32.3 | | -------------------------------------------------------------------------------- | EBIT, million EUR | 11.0 | 11.3 | (2.7) | -------------------------------------------------------------------------------- | Margin, % | 23.6 | 23.1 | | -------------------------------------------------------------------------------- | EBT, million EUR | 10.9 | 11.3 | (3.6) | -------------------------------------------------------------------------------- | Profit for the period, million EUR | 10.9 | 11.3 | (3.6) | -------------------------------------------------------------------------------- | Comprehensive income for the period, | 10.9 | 11.3 | (3.6) | | million EUR | | | | -------------------------------------------------------------------------------- | CAPEX, million EUR | 2.8 | 3.6 | (20.5) | -------------------------------------------------------------------------------- | ROA, % | 6.3 | 6.3 | | -------------------------------------------------------------------------------- | ROE, % | 8.0 | 8.3 | | -------------------------------------------------------------------------------- IT services segment -------------------------------------------------------------------------------- | | Q1 2009 | Q1 2008 | Change, % | -------------------------------------------------------------------------------- | Total revenues, million EUR | 3.9 | 5.1 | (22.1) | -------------------------------------------------------------------------------- | EBITDA, million EUR | (0.2) | 0.2 | N/A | -------------------------------------------------------------------------------- | Margin, % | (5.3) | 4.9 | | -------------------------------------------------------------------------------- | EBIT, million EUR | (1.0) | (0.1) | N/A | -------------------------------------------------------------------------------- | Margin, % | (25.3) | (2.9) | | -------------------------------------------------------------------------------- | EBT, million EUR | (1.0) | (0.2) | N/A | -------------------------------------------------------------------------------- | Profit for the period, million EUR | (1.0) | (0.2) | N/A | -------------------------------------------------------------------------------- | Comprehensive income for the period, | (1.0) | (0.2) | N/A | | million EUR | | | | -------------------------------------------------------------------------------- | CAPEX, million EUR | 0.2 | 0.3 | (42.9) | -------------------------------------------------------------------------------- | ROA, % | (8.9) | (1.7) | | -------------------------------------------------------------------------------- | ROE, % | (14.0) | (3.3) | | -------------------------------------------------------------------------------- Sales revenues, operating costs, and profit The Group's sales revenues reached 85.4 million EUR in the first quarter of 2009 (1st quarter 2008: 94.9 million EUR), and were primarily impacted by regulations that the European Union applies to the mobile sector and by the economic downturn. Mobile communications segment The consolidated turnover for the first quarter of 2009 reached 47.3 million EUR, decreasing by 15% compared to the first quarter of 2008 (1st quarter 2008: 55.9 million EUR). The reason for the decrease in total revenues was a reduction in revenues from call services caused by a drop in retail and interconnection prices, which was partially compensated by the growth of volumes for mobile data communications and subcontracting services. Compared to a year ago, a decrease was also experienced in revenues received from retailing and wholesaling during the first quarter, which was caused by changes in consumer behavior. In addition, call minutes initiated by the customers, as well as the number of call minutes entering the EMT network decreased by 2% compared to the first quarter of 2008, which resulted from the customers' wish to limit consumption. As of the end of the first quarter of 2009, the EMT customer base was larger by 14 thousand compared to the previous year, reaching 766 thousand active SIM cards (31 March 2008: 751 thousand cards). Compared to the previous year, the number of contractual customers increased by 15 thousand, thereby reaching 488 thousand by the end of the first quarter of 2009 and the number of active users of pre-paid cards remained unchanged at 278 thousand. EMT assesses its market share of active SIM cards to be 47%. The estimated penetration of active cards in Estonia is 120%. In March EMT introduced an additional feature for the SurfPort mobile portal, which enables modern mobile phones to access the majority of common websites from the Internet. To date, only WAP sites that were especially created for mobile phones could be accessed on phone screens. The new feature significantly expands the choice of information available to mobile users, without the need for a computer or new phone. Pursuant to the resolution of the Communications Board, the interconnection fee for AS EMT, Elisa Eesti AS and Tele2 Eesti AS was fixed at 0.11 EUR for the period 1 July 2007 to 30 June 2008. For the period 1 July 2008 to 30 June 2009, the Competition Board that is the legal successor to the Communications Board established a fee of 0.09 EUR per minute for the termination of voice calls in the mobile phone networks of AS EMT, Elisa Eesti AS and Tele2 Eesti AS. Based on a decision dated 26 March 2009, the Competition Board announced new market analysis results, based on which ProGroup Holding OÜ was declared 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, 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 until 30 June 2012, which makes 0.09 EUR per minute the maximum tariff to be applicable as of 1 July 2009. The maximum rate for interconnection fees to be established for the periods 1 July 2010 to 30 June 2011 and 1 July 2011 to 30 June 2012 will be announced by the Competition Board at least 2 months before the beginning of the corresponding period, but pursuant to the decision, the decrease or increase in the interconnection fees to be applied shall not be more than 10%. The sales revenues for the broadband services segment reached 46.5 million EUR in the first quarter (1st quarter 2008: 48.8 million EUR). Compared to the same period in 2008, the greatest increase in revenues resulted from the sale of international interconnection services and triple-play solutions, which increased by 27% and 16% respectively. The increase in revenues from international interconnection services resulted primarily from increased minute volumes. At the same time, the revenues for call services earned from end consumers decreased by 16% due to a decrease in minute volumes. Based on a significant increase in the relative importance of the volume and revenues of triple-play solutions, the revenues from monthly fees for call connections and Internet connections decreased in the last quarter by 10% and 14% respectively. However, the revenues earned from the sale of triple-play solutions considerably exceeded the given decrease. The revenues from the broadband services segment decreased by 5% compared to the same period last year. The decrease in revenues was primarily related to a reduction in the sales volumes of telecommunications and IT goods. In the first quarter, the total number of Elion customers with permanent Internet connections increased during a year by 9,000 connections, reaching 176.5 thousand by the end of March (31 March 2008: 167.5 thousand). The company assesses that Elion's market share based on the permanent connections of private customers has not changed and continues to be 54%. In March, Elion started to standardize the product portfolio provided by triple-play solutions to Elion's private customers, by introducing two updated Kodulahendus products and gradually transferring existing Kodulahendus customers to the new products. Both products are triple-packages that differ based on the downloading speeds of the Internet connections and the number of television channels. The new Kodulahendus products include supplementary free television viewing locations and free WiFi use in the Elion WiFi network throughout Estonia. At the end of the March, Elion also launched a Start package with a 16.30-EUR monthly fee that fulfills basic triple package needs and thereby entered the discount service market with the new product. The Start package was introduced within the framework of the “Join us!” project designed to introduce people to the Internet, which was initiated in March by the Behold the World! Foundation and Eesti Telekom. The number of Elion triple-package users increased during a year by 23,500, reaching 82.1 thousand as of 31 March (31 March 2008: 58.6 thousand). By the end of the first quarter, Elion had 86.9 thousand IP and cable television customers (31 March 2008: 63.2 thousand). Elion assesses that the company's market share in the cable coverage market increased by 6% during the year, reaching 28% by the end of the first quarter (31 March 2008: 22%). In March, Elion started the sale of used IT equipment on the http://leiunurk.elion.ee website, which fulfills two goals for the company - preserves the environment by recycling high-quality equipment and enables computers to be purchased in a complicated economic situation. By the end of first quarter, the number of Elion's active call interfaces totaled 461 thousand (31 March 2008: 473 thousand interfaces). The reduction in number of call interfaces resulted from an expected reduction in the number of telephone connections in the private segment and a reduction in the number of pay phones throughout Estonia. Elion assesses its market share for call minutes initiated in the fixed network to be 80% (31 March 2008: 81%). The market share for local call minutes is 82% (31 March 2008: 83%), 68% for international call minutes (31 March 2008: 66%) and 70% for call minutes made to mobile phones (31 March 2008: 71%). The increase of the international call market share is explained by a change in accounting methods. The company assesses that the given market share has remained at the same level for the last few years. At the end of the March, Elion notified the other operators of price changes that will come into force on 1 May 2009 for interconnection services and access services. This is related to requirements based on domain-specific regulations that obligate Elion to review its prices at least once a year and are based on the expenditure statements for the previous period. The price changes according to service are primarily related to the reduction or increase of volumes. For instance, the monthly fee for copper pairs and the telephone network interconnection fees increased on average by 20% and 12% respectively. At the same time, the broadband access fees decreased by 9-20% depending on speed. The 2009 first quarter results for the IT services segment include the consolidated data from the companies of the IT Koolituskeskuse OÜ Group that was acquired in October 2008. In the first quarter of 2009, the sales revenues for the IT services segment reached 3.9 million EUR (1st quarter 2008: 5.1 million EUR). Compared to the same period in the previous year, the consolidated sales revenues decreased by 22%, whereas the sales revenues for IT goods decreased by 53% and the sales revenues for permanent services decreased by 6%, and the sales revenues for project-based services increased by 30%. The sales revenues for services provided within the Eesti Telekom Group decreased by 27% compared to the first quarter of the previous year, while the sales revenues for services provided to customers outside the Group increased by 13%. The reduction of the national budget by 0.5 billion EUR in 2009 had a significant impact on the Estonian IT sector. A number of procurements have been postponed or the results of completed procurements cancelled. The sales turnover for infrastructure solutions in the first quarter was significantly smaller than in the same period last year (1.0 million EUR vs. 2.1 million EUR). The reason is the general decline in the IT market. Currently, the same recessionary trend is being experienced by all IT companies that deal with merchandise sales. In the project business, important projects in the first quarter included the introduction of document management at Estonian Post and the continued development of various information systems at Piletilevi, the Unemployment Insurance Fund and Ragn-Sells. In the field of permanent services, AS MicroLink Eesti won the procurement for the maintenance of computer workstations organized by the Tallinn City Office in the first quarter. In addition, during the first quarter, MicroLink Eesti started to provide server hosting services to the East-Tallinn Central Hospital, the Harku Rural Municipality Government and Estonian Railways. The operating costs of the Eesti Telekom Group decreased by 10% in the first quarter of 2009 compared to the same period of 2008, reaching 52.7 million EUR (1st quarter 2008: 58.3 million EUR). The operating costs in the mobile communications segment decreased by 14% compared to the first quarter of 2008 to 29.9 million EUR (1st quarter 2008: 34.9 million EUR). The greatest decrease was in the operating costs related to retailing and wholesaling, which corresponds to the drop in merchandise sales turnovers. A decrease was also experienced by interconnection costs based on a drop in interconnection prices. The efficiency programs also had an impact on the decrease of the operating costs that were related to a reduction in the number of workers, as well as marketing, IT and network costs. The operating costs in the broadband services segment decreased during the last quarter by 7% compared to the same period in 2008, reaching 30.8 million EUR (1st quarter 2008: 33.2 million EUR). The principal part of the decrease in operating costs resulted from a decrease in direct sales costs related to a decline in retail volumes. A significant impact on the decrease in operating costs also resulted from the efficiency projects initiated last year, which are related to a reduction in maintenance costs for network resources, IT and transport costs and also to a reduction in the number of workers in the group. The operating costs in the IT services segment decreased in the first quarter by 14% compared to the same period last year, reaching 4.2 million EUR (1st quarter 2008: 4.8 million EUR). The operating costs for the quarter were affected by increased costs accompanying the consolidation of the IT Koolituskeskus, as an independent company, whereby the operating costs of AS MicroLink Eesti increased by 3%. The Eesti Telekom Group EBITDA decreased in the first quarter of 2009 by 10% compared to the same period in the previous year, reaching 33.0 million EUR (1st quarter 2008: 36.8 million EUR). The EBITDA in the mobile communications services segment decreased by 17% in the first quarter compared to the same period last year. Since the decrease in the operating costs were almost proportional to the reduction in turnover, the EBITDA margin for the mobile communications services segment has decreased by less than one percent. In the first quarter, the EBITDA for the broadband services segment increased by 1% compared to the same period in the previous year, reaching 15.8 million EUR (1st quarter 2008: 15.8 million EUR). The EBITDA for the IT services segment in the first quarter of 2009 was -0.2 million EUR (1st quarter 2008: profit of 0.2 million EUR). The Group's EBITDA margin in the first quarter of 2009 was 39%, which remained at the same level as the margin for the same period in the previous year. The Group's depreciation costs reached 10.0 million EUR in the first quarter of 2009, by increasing 12% compared to the same period in 2008 (1st quarter 2008: 8.9 million EUR). The greatest increase in depreciation costs resulted from the IT services segment where depreciation costs reached 0.8 million EUR in the first quarter of 2009 (1st quarter 2008: 0.4 million EUR). This was caused by a discount of 0.4 million EUR in February of this year on the goodwill recognized on the balance sheet after the acquisition of IT Koolituskeskuse OÜ. In the first quarter, the Eesti Telekom Group earned EBIT of 23.0 million EUR, which was a decrease of 18% compared to the same period in the previous year (1st quarter 2008: 27.9 million EUR). The profit for the Eesti Telekom Group in the first quarter of 2009 was 24.0 million EUR (1st quarter 2008: 28.9 million EUR). The basic earnings per share were 0.17 EUR (1st quarter 2008: 0.21 EUR). The Group's comprehensive income in first quarter of 2009 was 24.0 million EUR (1st quarter 2008: 28.9 million EUR). Statement of financial position and cash flows As of 31 March 2009, the Eesti Telekom Group balance sheet totaled 332.8 million EUR (31 December 2008: 319.5 million EUR). Compared to the beginning of the year, the non-current assets have decreased by 1.3 million EUR, the balance of which reached 185.7 million EUR by the end of the quarter. During first three months of the year, the Group's current assets have increased by 14.5 million EUR, reaching 147.1 million EUR by the end of March (31 December 2008: 132.6 million EUR). Cash and cash equivalents, as well as short-term financial investments have increased by 22.9 million EUR, reaching 78.0 million EUR by the end of the period. As of 31 March 2009, the Eesti Telekom Group equity was 298.5 million EUR, which is 24.0 million EUR more than at the end of 2008 (31 December 2008: 274.5 million EUR). The increase in equity resulted from a first-quarter profit. As of the end of March, non-current liabilities totaled 2.1 million EUR (31 December 2008: 2.1 million EUR) and current liabilities totaled 32.2 million EUR (31 December 2008: 42.9 million EUR). The net debt of the Eesti Telekom Group at the end of the first quarter was -77.5 million EUR and the net gearing ratio was -25.9% (31 December 2008: -54.5 million EUR and -20%). The Eesti Telekom Group cash flow from operating activities during the first three months of 2009 was 29.0 million EUR (3 months of 2008: 28.6 million EUR). The Group's cash flow from investment activities was 25.9 million EUR (3 months of 2008: 35.2 million EUR). The cash flow into the acquisition of tangible and intangible fixed assets during the first three months was 7.8 million EUR (3 months of 2008: 7.6 million EUR). In the first quarter of 2009, the mobile communications segment invested 4.8 million EUR (1st quarter 2008: 3.6 million EUR). In mobile communications, in addition to the constant development of the GSM network, a developmental priority was the implementation of technologies to support high-speed mobile data communications. The majority of data communications usage by EMT customers occurs in the 3G network, which enables the use of high-quality and rapid Internet connections at speeds approaching those of 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 is primarily directed at expanding external and internal 3G coverage in cities and town. At the same time, the constant improvement of the GSM network continued. Investments into the broadband services segment totaled 2.8 million EUR (1st quarter 2008: 3.6 million EUR). The principal part of the capital volumes were related to the development of network resources, changes in the product portfolio and the improvement of and expansion of the availability of the triple-service packages. In the first quarter of 2009, the IT services segment invested 0.2 million EUR into fixed assets (1st quarter 2008: 0.3 million EUR). During three months, the Eesti Telekom Group cash flow used in financing activities was less than 0.1 million EUR, similarly to the first quarter of 2008. Shareholders' general meeting The regular general meeting of AS Eesti Telekom shareholders will take place on 20 May 2009 at 12 pm in Tallinn at Valge 16. Starting on 27 April 2009, the 2008 annual report and draft resolutions for the general meeting will be available on the Internet at http://www.telekom.ee and at Eesti Telekom at Valge 16, Tallinn on workdays from 10 am to 2 pm. Questions related to the general meeting can be submitted through the AS Eesti Telekom website, by telephone at 6 311 212, or by e-mail to [email protected]. Dividends The Management Board of AS Eesti Telekom will make a proposal at the shareholders' general meeting to distribute and pay out 92.6 million EUR or 0.67 EUR per share as dividends, based on the number of dividend-paying shares, or 137,954,528 shares. In 2008, 92.6 million EUR was distributed as dividends among the shareholders, or 0.67 EUR per share. Definitions EBITDA margin = EBITDA / Net sales x 100% EBIT margin = EBIT / Net sales x 100% Net debt = Interest bearing liabilities - cash and cash equivalents - short term investments Net gearing = Net debt / Owner's equity x 100% ROA = Profit for the period / Average total assets x 100% ROE = Profit before tax / Average equity x 100% Basic earnings per share = Profit for the period / Average number of shares CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME -------------------------------------------------------------------------------- | | Notes | I Quarter | I Quarter | 2008 | | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Net sales | 2.1, | 85,417 | 94,857 | 395,588 | | | 2.3 | | | | -------------------------------------------------------------------------------- | Cost of production | 2.1 | (48,658) | (53,078) | (225,777) | -------------------------------------------------------------------------------- | Gross profit | 2.1 | 36,759 | 41,779 | 169,811 | -------------------------------------------------------------------------------- | Sales, administrative, and | 2.1 | (14,095) | (14,187) | (57,972) | | research & development | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating revenues | 2.1 | 483 | 402 | 2,001 | -------------------------------------------------------------------------------- | Other operating expenses | 2.1 | (164) | (99) | (543) | -------------------------------------------------------------------------------- | Operating profit | 2.1 | 22,983 | 27,895 | 113,297 | -------------------------------------------------------------------------------- | Finance income | | 1,112 | 1,134 | 3,527 | -------------------------------------------------------------------------------- | Finance costs | | (22) | (37) | (56) | -------------------------------------------------------------------------------- | Finance income, net | 2.1 | 1,090 | 1,097 | 3,471 | -------------------------------------------------------------------------------- | Net income / (expenses) | 2.1 | (53) | (107) | (182) | | from associated companies | | | | | -------------------------------------------------------------------------------- | Profit before tax | 2.1 | 24,020 | 28,885 | 116,586 | -------------------------------------------------------------------------------- | Income tax on dividends | 2.1 | - | - | (24,664) | -------------------------------------------------------------------------------- | Profit for the period | 2.1 | 24,020 | 28,885 | 91,922 | -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 2.1 | (1) | - | 1 | | translating foreign | | | | | | subsidiaries | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | 2.1 | (1) | - | 1 | | for the period | | | | | -------------------------------------------------------------------------------- | Total comprehensive income | 2.1 | 24,019 | 28,885 | 91,923 | -------------------------------------------------------------------------------- | Profit attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the | 2.1 | 23,993 | 28,803 | 91,703 | | parent | | | | | -------------------------------------------------------------------------------- | Minority interest | 2.1 | 27 | 82 | 219 | -------------------------------------------------------------------------------- | | | 24,020 | 28,885 | 91,922 | -------------------------------------------------------------------------------- | Comprehensive income | | | | | | attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the | 2.1 | 23,992 | 28,803 | 91,704 | | parent | | | | | -------------------------------------------------------------------------------- | Minority interest | 2.1 | 27 | 82 | 219 | -------------------------------------------------------------------------------- | | | 24,019 | 28,885 | 91,923 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share for | 7 (e) | | | | | profit attributable to the | | | | | | equity holders of the | | | | | | parent during the | | | | | | reporting period | | | | | | (expressed in EUR) | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | | 0.17 | 0.21 | 0.66 | -------------------------------------------------------------------------------- | Diluted earnings per share | | 0.17 | 0.21 | 0.66 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA | 2.1 | 33,026 | 36,837 | 150,088 | -------------------------------------------------------------------------------- | Depreciation, amortization | 2.1, 3 | (10,043) | (8,942) | (36,791) | | and write-downs | | | | | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION -------------------------------------------------------------------------------- | | Notes | 31 March | 31 December | 31 March | | | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Property, plant and | 3 | 164,193 | 165,542 | 152,879 | | equipment | | | | | -------------------------------------------------------------------------------- | Intangible fixed assets | 3 | 13,713 | 14,592 | 13,179 | -------------------------------------------------------------------------------- | Investments in associates | 2.2, 5 | 623 | 676 | 750 | -------------------------------------------------------------------------------- | Other financial fixed | | 7,143 | 6,115 | 7,418 | | assets | | | | | -------------------------------------------------------------------------------- | Total non-current assets | 2.2 | 185,672 | 186,925 | 174,226 | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Assets classified as | | - | - | 208 | | held-for-sale | | | | | -------------------------------------------------------------------------------- | Inventories | 6 | 11,045 | 10,861 | 11,811 | -------------------------------------------------------------------------------- | Trade and other | | 58,054 | 66,576 | 64,983 | | receivables | | | | | -------------------------------------------------------------------------------- | Short-term investments | | - | 31,956 | 1,101 | -------------------------------------------------------------------------------- | Cash and cash equivalents | | 78,013 | 23,206 | 89,085 | -------------------------------------------------------------------------------- | Total current assets | 2.2 | 147,112 | 132,599 | 167,188 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2.2 | 332,784 | 319,524 | 341,414 | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Equity | | | | | -------------------------------------------------------------------------------- | Capital and reserves | 7 | | | | | attributable to equity | | | | | | holders of the parent | | | | | -------------------------------------------------------------------------------- | Share capital | | 88,169 | 88,169 | 88,169 | -------------------------------------------------------------------------------- | Share premium | | 22,753 | 22,753 | 22,753 | -------------------------------------------------------------------------------- | Statutory legal reserve | | 8,817 | 8,817 | 8,817 | -------------------------------------------------------------------------------- | Retained earnings | | - | 1 | - | -------------------------------------------------------------------------------- | Net profit for the period | | 178,267 | 154,274 | 184,068 | -------------------------------------------------------------------------------- | Total capital and reserves | | 298,006 | 274,014 | 303,807 | | attributable to equity | | | | | | holders of the parent | | | | | -------------------------------------------------------------------------------- | Minority interest | 2.2, 7 | 540 | 513 | 815 | -------------------------------------------------------------------------------- | Total equity | | 298,546 | 274,527 | 304,622 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Interest bearing loans and | 8 | 375 | 375 | 48 | | borrowings | | | | | -------------------------------------------------------------------------------- | Retirement benefit | 9 | 122 | 138 | 192 | | obligations | | | | | -------------------------------------------------------------------------------- | Provisions | 10 | 1,443 | 1,443 | 1,338 | -------------------------------------------------------------------------------- | Non-interest bearing | | 127 | 127 | - | | liabilities | | | | | -------------------------------------------------------------------------------- | Total non-current | 2.2 | 2,067 | 2,083 | 1,578 | | liabilities | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other payables | | 31,902 | 42,399 | 34,571 | -------------------------------------------------------------------------------- | Interest bearing loans and | 8 | 174 | 259 | 164 | | borrowings | | | | | -------------------------------------------------------------------------------- | Retirement benefit | 9 | 66 | 66 | 310 | | obligations | | | | | -------------------------------------------------------------------------------- | Provisions | 10 | 29 | 190 | 169 | -------------------------------------------------------------------------------- | Total current liabilities | 2.2 | 32,171 | 42,914 | 35,214 | -------------------------------------------------------------------------------- | Total liabilities | | 34,238 | 44,997 | 36,792 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 2.2 | 332,784 | 319,524 | 341,414 | | LIABILITIES | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | Notes | I Quarter | I Quarter | | | | 2009 | 2008 | -------------------------------------------------------------------------------- | Operating activities | | | | -------------------------------------------------------------------------------- | Net profit for the period | | 24,020 | 28,885 | -------------------------------------------------------------------------------- | Adjustments for: | | | | -------------------------------------------------------------------------------- | Depreciation, amortisation and | 2.1, 3 | 10,043 | 8,942 | | impairment of fixed and intangible | | | | | assets | | | | -------------------------------------------------------------------------------- | (Profit) / loss from sales and | | (184) | (189) | | discards of fixed assets | | | | -------------------------------------------------------------------------------- | Net (income) / expenses from | | 53 | 107 | | associated companies | | | | -------------------------------------------------------------------------------- | Provisions | | (161) | (117) | -------------------------------------------------------------------------------- | Financial items | | (1,616) | (1,633) | -------------------------------------------------------------------------------- | Miscellaneous non-cash items | | (20) | 4 | -------------------------------------------------------------------------------- | Cash flow before change in working | | 32,135 | 35,999 | | capital | | | | -------------------------------------------------------------------------------- | Change in current receivables | | 6,683 | 297 | -------------------------------------------------------------------------------- | Change in inventories | | (184) | (262) | -------------------------------------------------------------------------------- | Change in current liabilities | | (10,449) | (8,406) | -------------------------------------------------------------------------------- | Change in working capital | | (3,950) | (8,371) | -------------------------------------------------------------------------------- | Cash flow after changes in working | | 28,185 | 27,628 | | capital | | | | -------------------------------------------------------------------------------- | Interest received | | 781 | 1,052 | -------------------------------------------------------------------------------- | Interest paid | | (11) | (94) | -------------------------------------------------------------------------------- | Cash flow from operating activities | 2.2 | 28,955 | 28,586 | -------------------------------------------------------------------------------- | Investing activities | | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | 2.2, 3 | (7,835) | (7,593) | | acquired | | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | | 206 | 207 | | divested | | | | -------------------------------------------------------------------------------- | Net change in interest-receivables | | 31,956 | 43,257 | | short maturities | | | | -------------------------------------------------------------------------------- | Net cash changes of other long-term | | 1,593 | (703) | | receivables | | | | -------------------------------------------------------------------------------- | Cash flow from investing activities | 2.2 | 25,920 | 35,168 | -------------------------------------------------------------------------------- | Cash flow before financing | | 54,875 | 63,754 | | activities | | | | -------------------------------------------------------------------------------- | Financing activities | | | | -------------------------------------------------------------------------------- | Repayment of finance lease | 8 | (77) | (38) | | liabilities | | | | -------------------------------------------------------------------------------- | Cash flow used in financing | 2.2 | (77) | (38) | | activities | | | | -------------------------------------------------------------------------------- | Cash flow for the year | 2.2 | 54,798 | 63,716 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 2.2 | 23,206 | 25,359 | | beginning of year | | | | -------------------------------------------------------------------------------- | Cash flow for the year | 2.2 | 54,798 | 63,716 | -------------------------------------------------------------------------------- | Effect of foreign exchange rate | 2.2 | 9 | 10 | | changes | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of | 2.2 | 78,013 | 89,085 | | period | | | | --------------------------------------------------------------------------------