Market announcement
Eesti Telekom
Category
Management interim statement or quarterly financial report
Attachments
Date
22.10.2009 09:00:00
Title
AS-i Eesti Telekom 2009. aasta III kvartali ja 9 kuu 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 31.augustil 2009 Äriregistri poolt tehtud ühinemiskannete tulemusena jõustusid ühinemised, mille kohaselt ühendati AS-iga EMT viimase 100% tütarettevõtjad EMT Esindused AS ja AS Mobile Wholesale ning Elion Ettevõtted AS-iga viimase 100% tütarettevõtja AS Elion Esindus. Toimunud ühinemiste eesmärgiks on saavutada suuremat efektiivsust äriprotsessides. Börsile edastatavates andmetes toimunud ühinemised muutusi kaasa ei too, kuna börsile on EMT Grupi ja Elion Grupi tulemused esitatud konsolideerituna ka varem. AS-i Eesti Telekom omanike struktuur 2009. aasta kolmanda kvartali lõpu seisuga omas TeliaSonera grupp 60,98% AS-i Eesti Telekom aktsiatest. Vabalt kaubeldavate aktsiate osakaal oli 11,85% aktsiate koguarvust. Neist 1,07% oli konverteeritud Londoni Börsil kaubeldavateks GDR-ideks. AS-i Eesti Telekom 10 suuremat aktsionäri 30. september 2009. aasta seisuga olid: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 30. september 2009 | -------------------------------------------------------------------------------- | | Väärtpaberite arv | Osalus | -------------------------------------------------------------------------------- | | Muutus | | | võrreldes 30. | | | juuni 2009 | -------------------------------------------------------------------------------- | TeliaSonera grupp | 84 119 239 | 60,98% | 1 182 940 | -------------------------------------------------------------------------------- | Rahandusministeerium | 37 485 100 | 27,17% | 4 138 636 | -------------------------------------------------------------------------------- | SEB kliendid | 2 412 819 | 1,75% | 63 614 | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 2 137 813 | 1,55% | 0 | -------------------------------------------------------------------------------- | State Street Bank and Trust | 623 145 | 0,45% | 242 100 | | Omnibus Account | | | | -------------------------------------------------------------------------------- | Mellon Treaty Omnibus | 609 406 | 0,44% | 112 933 | -------------------------------------------------------------------------------- | UniCredit Bank Austria AG | 494 398 | 0,36% | 54 480 | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg | 472 201 | 0,34% | (150 957) | | S.A. kliendid | | | | -------------------------------------------------------------------------------- | Nordea Bank Finland PLC | 427 020 | 0,31% | 49 130 | -------------------------------------------------------------------------------- | Evli Bank PLC kliendid | 381 303 | 0,28% | 310 686 | -------------------------------------------------------------------------------- 24. augustil 2009. aastal kuulutas TeliaSonera välja ülevõtmispakkumise Eesti Telekomi aktsiate omandamiseks. Ülevõtmispakkumise aktseptimise periood lõppes 9. oktoobril 2009. aastal. TeliaSonera pakkus Eesti Telekomi iga aktsia eest 93 Eesti krooni. Peale ülevõtmispakkumise käigus aktsiate omandamist omab TeliaSonera otseselt ning kaudselt kokku 134 614 949 aktsiat, mis moodustab 97,58% kõigist Eesti Telekomi aktsiatest. Võttes arvesse ülevõtmispakkumise tulemusi, otsustas TeliaSonera grupi juhtkond alustada toiminguid ülejäänud väikeaktsionäridele kuuluvate aktsiate ülevõtmiseks (squeeze-out) vastavalt väärtpaberituru seaduse §-le 182-1. Aktsionäride erakorraline üldkoosolek AS-i Eesti Telekom aktsionäride erakorraline üldkoosolek toimus 1. oktoobril 2009. aastal. Üldkoosolek kinnitas täiendava kasumi jaotamise ettepaneku. AS-i Eesti Telekom aktsionäridele makstakse möödunud aasta eest täiendavalt dividende 6,99 krooni aktsia kohta ehk kokku 964 miljonit krooni. Dividendid makstakse välja 30. oktoobril 2009. aastal aktsionäride nimekirja alusel, mis fikseeriti 15. oktoobril 2009. aastal kella 23.59 seisuga. Üldkoosolek kinnitas majandusaastateks 2009, 2010 ja 2011 AS-i Eesti Telekom senise praktikaga kooskõlas oleva dividendipoliitika, mille kohaselt aastatel 2010, 2011, 2012 kooskõlas seadusega väljamakstavad dividendid moodustavad 100 protsenti eelneva majandusaasta lõpuks kogunenud puhaskasumist. AS-i Eesti Telekom aktsia AS-i Eesti Telekom aktsia hind tõusis 2009. aasta kolmandas kvartalis 42,24%. Aktsia hind kvartali alguses oli 69,63 krooni ning kvartali lõpus 99,04 krooni. Kõrgeim ja madalaim aktsia hind aruandeperioodi jooksul olid vastavalt 100,14 krooni ning 63,06 krooni. Aruandeperioodi käibeks kujunes 521 miljonit krooni. ÄRITEGEVUS Juhatuse kommentaar: Grupi müügitulu kolmandas kvartalis oli peamiselt mõjutatud regulatsioonidest (mobiilsektorile Euroopa Liidust) ning majanduse jahenemisest (kauba müügi vähenemine ja tarbijakäitumise muutumine). Tänu kõikides Grupi segmentides käivitatud efektiivsusprojektidele on kulumieelse ärikasumi kahanemine olnud väiksem müügitulude kahanemisest ning kulumieelse ärikasumi marginaal on võrreldes eelmise aastaga kasvanud. Olulisemad finantsnäitajad Eesti Telekom grupp -------------------------------------------------------------------------------- | | III | III | Muutus | 9 kuud | 9 kuud | Muutus | | | kv. | kv. | , % | 2009 | 2008 | , % | | | 2009 | 2008 | | | | | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 1 342 | 1 566 | (14,3) | 4 027 | 4 617 | (12,8) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 542 | 628 | (13,7) | 1 595 | 1 818 | (12,3) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 40,4 | 40,1 | | 39,6 | 39,4 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 392 | 481 | (18,6) | 1 137 | 1 386 | (18,0) | -------------------------------------------------------------------------------- | Marginaal, % | 29,2 | 30,7 | | 28,2 | 30,0 | | -------------------------------------------------------------------------------- | Kasum enne | 392 | 485 | (19,3) | 1 173 | 1 424 | (17,6) | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 392 | 485 | (19,3) | 774 | 1 039 | (25,5) | | EEK | | | | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia | 2,84 | 3,51 | (19,1) | 5,61 | 7,51 | (25,3) | | kohta, EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 392 | 485 | (19,3) | 774 | 1 039 | (25,5) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 112 | 171 | (34,4) | 359 | 474 | (24,1) | | EEK | | | | | | | -------------------------------------------------------------------------------- | Netovõla suhe | (8,4) | (13,1) | | (8,4) | (13,1) | | | omakapitali, % | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 9,5 | 10,8 | | 17,1 | 21,8 | | -------------------------------------------------------------------------------- | ROE, % | 11,5 | 13,3 | | 29,7 | 34,7 | | -------------------------------------------------------------------------------- Mobiilside teenuste segment -------------------------------------------------------------------------------- | | III | III | Muutus | 9 kuud | 9 kuud | Muutus | | | kv. | kv. | , % | 2009 | 2008 | , % | | | 2009 | 2008 | | | | | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 806 | 966 | (16,5) | 2 314 | 2 778 | (16,7) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 292 | 383 | (23,6) | 865 | 1 076 | (19,7) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 36,2 | 39,6 | | 37,4 | 38,7 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 227 | 316 | (28,3) | 664 | 881 | (24,6) | -------------------------------------------------------------------------------- | Marginaal, % | 28,1 | 32,7 | | 28,7 | 31,7 | | -------------------------------------------------------------------------------- | Kasum enne | 228 | 318 | (28,4) | 689 | 900 | (23,4) | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 228 | 318 | (28,4) | 454 | 678 | (33,0) | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 228 | 318 | (28,4) | 454 | 678 | (33,0) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 27 | 70 | (61,9) | 160 | 198 | (19,2) | | EEK | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 13,5 | 6,7 | | 23,6 | 33,2 | | -------------------------------------------------------------------------------- | ROE, % | 18,9 | 9,2 | | 44,9 | 58,4 | | -------------------------------------------------------------------------------- Lairiba teenuste segment -------------------------------------------------------------------------------- | | III | III | Muutus | 9 kuud | 9 kuud | Muutus | | | kv. | kv. | , % | 2009 | 2008 | , % | | | 2009 | 2008 | | | | | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 781 | 886 | (11,9) | 2 245 | 2 454 | (8,5) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 240 | 247 | (2,8) | 722 | 740 | (2,5) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 30,8 | 27,9 | | 32,1 | 30,1 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 162 | 173 | (6,5) | 490 | 523 | (6,3) | -------------------------------------------------------------------------------- | Marginaal, % | 20,8 | 19,6 | | 21,8 | 21,3 | | -------------------------------------------------------------------------------- | Kasum enne | 156 | 170 | (8,5) | 486 | 523 | (7,2) | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 156 | 170 | (8,5) | 321 | 390 | (17,8) | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 156 | 170 | (8,5) | 321 | 390 | (17,8) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 85 | 97 | (13,1) | 194 | 262 | (26,1) | | EEK | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 6,4 | 6,7 | | 12,4 | 14,6 | | -------------------------------------------------------------------------------- | ROE, % | 9,3 | 9,2 | | 25,5 | 26,2 | | -------------------------------------------------------------------------------- IT-teenuste segment -------------------------------------------------------------------------------- | | III | III | Muutus | 9 kuud | 9 kuud | Muutus | | | kv. | kv. | , % | 2009 | 2008 | , % | | | 2009 | 2008 | | | | | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 56 | 73 | (22,7) | 188 | 239 | (21,6) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 12 | 2 | 534,7 | 17 | 13 | 29,6 | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 20,8 | 2,5 | | 8,8 | 5,3 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 6 | (4) | N/A | (8) | (5) | (44,6) | -------------------------------------------------------------------------------- | Marginaal, % | 9,8 | (5,9) | | (4,2) | (2,3) | | -------------------------------------------------------------------------------- | Kasum enne | 6 | (5) | N/A | (8) | (6) | (26,5) | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 6 | (5) | N/A | (8) | (6) | (26,5) | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 6 | (5) | N/A | (8) | (6) | (26,5) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 1 | 4 | (76,9) | 6 | 14 | (57,2) | | EEK | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 3,6 | (3,2) | | (4,6) | (4,0) | | -------------------------------------------------------------------------------- | ROE, % | 5,1 | (6,2) | | (7,0) | (6,4) | | -------------------------------------------------------------------------------- Müügitulud, tegevuskulud ja kasum Grupi müügitulu ulatus 2009. aasta kolmandas kvartalis 1342 miljoni kroonini (3. kvartal 2008: 1566 miljonit krooni). Müügitulude langus tulenes peamiselt telekommunikatsiooni- ja IT-kaupade müügimahu vähenemisest ning kõneteenuste ja rahvusvaheliste sidumisteenuste tulude langusest. Mobiilside teenuste segmendi 2009. aasta kolmanda kvartali konsolideeritud käive ulatus 806 miljoni kroonini, kahanedes 2008. aasta kolmanda kvartaliga võrreldes 16% (3. kvartal 2008: 966 miljonit krooni). Kogutulude languse taga oli põhiliselt jaehindade langusest tingitud kõneteenuste tulude vähenemine, mida kompenseeris osaliselt mobiilse andmeside kasv ja allhanketeenuste mahu kasv. Samuti on kolmandas kvartalis võrreldes aastataguse ajaga vähenenud telekommunikatsioonikaupade jae- ja hulgimüügist saadavad tulud, mis on tingitud muutunud tarbijakäitumisest. Lisaks jäi klientide poolt algatatud kõneminutite ja EMT võrku sisenevate vastuvõetud kõneminutite arv 4% võrra väiksemaks võrreldes 2008. aasta kolmanda kvartaliga, mis tuleneb klientide kokkuhoiusoovist tarbimist piirata. AS-i EMT kliendibaas oli 2009. aasta 3. kvartali lõpuks järgmine: aktiivsete lepinguliste klientide arv pole vähenenud, jäädes endiselt 484 tuhande tasemele ning kuna kogu turg on langenud, on vähenenud ettemaksega kaartide kasutajate arv 33 tuhande võrra, langedes 260 tuhande tasemele. EMT hindab oma turuosa aktiivsete SIM-kaartide põhjal stabiilseks 47%-le. Hinnanguline aktiivsete kaartide penetratsioon Eestis on 119%. EMT jätkas edukalt oma klientidele uudse MinuEMT mobiili- ja internetipaketi pakkumist, kus kliendil on võimalus valida ise millises mahus ta soovib kasutada kolme mobiilside põhiteenust - kõnesid, sõnumeid ja internetti. MinuEMT paketis on ülisoodsad hinnad ning personaalsed ja kliendistaažipõhised soodustused. MinuEMT müük on sujunud hästi ning antud lahendusega on liitunud kokku 45 tuhat era- ja äriklienti. Konkurentsiameti 26.03.2009. aasta otsuse alusel jõustus 01.07.2009. aasta AS-i EMT, Elisa Eesti AS-i ja Tele2 Eesti AS-i ning ProGroup Holding OÜ suhtes kehtestatud maksimaalse sidumistasu tariif 1,36 krooni minut seni kehtinud 1,37 krooni minut asemel. Perioodideks 01.07.2010-30.06.2011 ja 01.07.2011-2012 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%. 01.07.2009.a. jõustusid ka Euroopa Parlamendi ja Nõukogu 18.06.2009.a. määrusega nr 544/2009 (millega muudeti EÜ määrust nr 717/2007, milles käsitletakse rändlust üldkasutatavates mobiiltelefonivõrkudes ühenduse piires) Euroopa liikmesriikide mobiilsideoperaatoritele kehtestatud hinnakohustused Ühenduse sisestele rändlusteenustele (eurotariifid): langesid kõne minutihinnad nii hulgi- (0,26 eurot/minut) kui jaemüügitasandil (väljuv kõne 0,43 eurot/minut, sisenev kõne 0,19 eurot/minut), rakendusid piirhinnad saadetavale SMS´le (hulgihind 0,04 eurot ja jaehind 0,11 eurot) ning andmesideteenuste hulgihinnale (1 euro/1MB). Lisaks muutus alates 01.07.2009.a. rändluskõnede maksustamissamm sekundipõhiseks (v.a. kõnealustustasu osas esimese 30 sekundi jooksul). Lairiba teenuste segmendi konsolideeritud käive ulatus kolmandas kvartalis 781 miljoni kroonini. Võrreldes eelmise aasta sama perioodiga vähenes lairibateenuste valdkonna käive kokku 12%. Käibe langus oli eelkõige seotud telekommunikatsiooni- ja IT-kaupade müügimahu vähenemisega ning kõneteenuste ja rahvusvaheliste sidumisteenuste minutimahu langusega. Jaekaupade müügikäive kahanes mahu langusest tulenevalt 36% ning lõpp-klientidelt teenitavad riigisiseste kõneteenuste tulud vähenesid minutimahtude üldise languse tõttu Eesti turul 15%. Rahvusvaheliste kõneteenuste käive langes 24%, mis oli peamiselt seotud mobiilivõrkudest algatatud rahvusvaheliste kõnede minutimahu vähenemisega. Tulenevalt rahvusvahelise kõnetransiidi minutimahtude langusest vähenes rahvusvaheliste sidumisteenuste käive kolmandas kvartalis võrreldes eelmise aastaga 24%. Samas kasvasid terviklahenduste ja andmesidelahenduste kuutasudest teenitavad tulud, mis suurenesid eelmise aastaga võrreldes kokku 8%. Edukate turunduskampaaniate tulemusena suurenes Elioni IP- ja kaabeltelevisiooni klientide arv kolmandas kvartalis 6000 võrra, ulatudes 30. septembri seisuga 94,4 tuhandeni (30. september 2008: 75,4 tuhat). Elioni hinnangul suurenes ettevõtja turuosa Eesti kaabelleviturul 3. kvartalis 1%, ulatudes septembri lõpuks 30%-ni (30. september 2008: 26%). Alates 1.oktoobrist täienesid Elioni digiTV nii Eesti kui ka Slaavi põhipaketid 20 kanali võrra, millest 4 on täiesti uued kanalid (Discovery Investigation, Nat Geo Music, Life TV, RTV). Ülejäänud 16 kanalit lisandusid põhipaketti populaarsete teemapakettide kanalite arvelt, mida sai varem tellida lisatasu eest. Septembri lõpus tõi Elion turule hüperkiire interneti teenuse, mis on klientide hulgas kiiresti populaarsust kogunud. Esimese nädalaga liitus teenusega enam kui 200 kasutajat ning 25 000 inimest kontrollis teenuse kättesaadavust oma kodus. Elioni hüperkiire internet kuutasuga 99 krooni võimaldab kuni 100 Mbit/s allalaadimiskiirust ja kuni 20 Mbit/s üleslaadimiskiirust. Uus lisateenus on kättesaadav Kodulahenduse klientidele, kelle senine internetiühenduse allalaadimiskiirus oli kuni 12 Mbit/s ning kelle kortermajja on fiiberoptikavõrk välja ehitatud. Hetkel on Elioni hüperkiire interneti tehniline võimalus olemas 100 000 kortermajades asuval majapidamisel kõikides suuremates linnades üle Eesti. Elioni interneti püsiühenduse klientide koguarv suurenes kvartaliga 1700 ühenduse võrra, ulatudes septembri lõpuks 176,8 tuhandeni (30. september 2008: 171,9 tuhat). Ettevõtja hinnangul Elioni turuosa Eesti interneti püsiühenduste turul ei muutunud, moodustades jätkuvalt 54%. Kolmanda kvartali lõpuks ulatus Elioni aktiivsete kõneliideste arv 460 tuhandeni (30. september 2008: 471 tuhat liidest). Kõneliideste vähenemine tuleneb telefoniühenduste arvu oodatud kahanemisest era- ja ärisegmendis ning taksofonide arvu vähendamisest üle Eesti. Elion hindab oma turuosa fikseeritud võrgus algatatud kõneminutitest 79%-liseks (september 2008: 80%). Turuosa kohalike kõnede minutitest on 81% (september 2008: 82%), rahvusvaheliste kõnede minutitest 68% (september 2008: 67%) ning mobiiltelefonidele tehtavate kõnede minutitest 70% (september 2008: 71%). Telekommunikatsiooni- ja IT kaupade jaemüügiturul suurendas Elion kolmandas kvartalis oma turuosa audio-video kaupade valdkonnas 12,5%-lt 16,8%-le. Vaatamata väga tihedale hinnakonkurentsile suutis Elion ka säilitada oma turuliidripositsiooni IT kaupade valdkonnas (turuosa koos sõsarettevõtte AS EMT-ga 29%). Augustis lõpetas Konkurentsiamet menetlused Elioni püsiliiniteenuse ja vaskpaari rendi kehtivate tasude osas, tunnistades need seaduspäraseks. IT-teenuste segmendi müügitulu ulatus 2009. aasta kolmandas kvartalis 56 miljoni kroonini (3. kvartal 2008: 73 miljonit krooni). Võrreldes eelmise aasta sama perioodiga vähenes müügitulu 23%, seejuures IT-kaupade osas langes müügitulu 58%, projektimüügi teenuste osas tõusis 48% ja püsiteenuste osas langes müügitulu 6% võrra. Projektimüügi tulude kasv võrrelduna eelmise aastaga on mõjutatud IT Koolituskeskuse OÜ grupi andmete kajastumisest 2009. aastal IT-teenuste segmendi konsolideeritud müügituludes, teiselt poolt vähenesid projektimüügi tulud seoses tarkvaraarenduse ja majandustarkvara ärivaldkondade müügiga AS-ile Helmes 2009. aasta juuni lõpus. Kui vaadata valdkondi eraldi, siis dokumendihalduse ja arhiveerimislahenduste valdkonnas kasvasid teenuste müügitulud 8% ning IT koolituse ja konsultatsiooni valdkonnas vähenesid müügitulud 21% võrreldes eelmise aasta 3. kvartaliga. Kolmandas kvartalis jätkus üldine langustrend IT-turul. Paljud hanked on edasi lükatud või juba toimunud hangete tulemused tühistatud. Tunda on mõningast positiivset mõju EL struktuurifondide finantseerimise aktiviseerimisest. Samas võtab ettevõtete pankrotistumise ja likvideerimislaine järjest hoogu. Klientide ebatõenäoliselt laekuvate võlgnevuste maht on IT-teenuste segmendis siiski püsinud samal tasemel võrreldes käesoleva aasta teise kvartali lõpuga. Infrastruktuurilahenduste kaubamüügi käive oli teises kvartalis oluliselt väiksem kui eelmisel aasta samal perioodil (11 miljonit krooni vs 28 miljonit krooni). Põhjuseks on üldine langus IT-turul. Samasugust langustrendi täheldavad hetkel kõik IT-haru ettevõtted, kes tegelevad kaubamüügiga. Oma mõju avaldas ka suveperiood, mis tõi kaasa käibe languse võrreldes teise kvartaliga (23%). Projektiäris on kolmandas kvartalis sõlmitud mitu olulist lepingut ITIL-i (Information Technology Infrastructure Library) ja ISKE (infosüsteemide kolmeastmeline etalonturbe süsteem) valdkonnas, s.h. ka IncidentMonitori tarkvara juurutamise projektid. Dokumendihalduse projektide jätkutööd käivad mitmete klientide juures. Sõlmiti mitmed olulised teenuslepingud dokumendihalduse valdkonnas (ERGO Kindlustus, Piirivalveamet jne). Püsiteenuste valdkonnas on ettevõtte kolmandas kvartalis fokuseeritult tegelenud ekspordiga Venemaa suunas, mille tulemusena sõlmiti mitu uut püsiteenuse lepingut Venemaal. Kolmandas kvartalis sai sõlmitud ka Telefonica Wholesale Services seadmemajutuse leping. Lisaks on AS MicroLink Eesti taotlenud EAS-ist eksporditoetust ja saanud nüüdseks taotlusele positiivse vastuse. Eesti Telekom Grupi tegevuskulud vähenesid 2009. aasta kolmandas kvartalis 2008. aasta sama perioodiga võrreldes 15%, ulatudes 803 miljoni kroonini (3. kvartal 2008: 941 miljonit krooni). Mobiilside teenuste segmendi tegevuskulud vähenesid 2008. aasta kolmanda kvartaliga võrreldes 12%, kahanedes 516 miljoni kroonini tasemele (3. kvartal 2008: 586 miljonit krooni). Enim on vähenenud jae- ja hulgikaubandusega seotud tegevuskulud, mis on kooskõlas kaubanduse müügikäibe langusega. Samuti on vähenenud sidumiskulud tulenevalt veidi langenud kõnemahtudest ja väikesest hinnalangusest ning tegevuskulud tänu efektiivsusprogrammidele. Lairiba teenuste segmendi tegevuskulud kahanesid lõppenud kvartalis 2008. aasta sama perioodiga võrreldes 15%, ulatudes 542 miljoni kroonini (3. kvartal 2008: 639 miljonit krooni). Põhiosa tegevuskulude vähenemisest tulenes kaupade jaemüügimahtude, rahvusvaheliste sidumisteenuste ning kõneteenuste minutimahtude kahanemisega seotud otsemüügikulude langusest. Olulist mõju tegevuskulude langusele avaldasid ka eelmisel aastal algatatud efektiivsusprojektid, mis olid seotud personalikulude, hoonete ja võrguressursi hoolduskulude, transpordikulude, bürookulude ning turunduskulude vähendamisega. IT-teenuste segmendi tegevuskulud vähenesid kolmandas kvartalis võrreldes eelmise aasta sama perioodiga 37%, ulatudes 45 miljoni kroonini (3. kvartal 2008: 72 miljonit krooni). Kvartali tegevuskulusid mõjutas ühelt poolt IT Koolituskeskuse konsolideerimisega kaasnenud kulude lisandumine 4 miljonit krooni ulatuses, teiselt poolt ei sisaldu käesoleva aasta kolmandas kvartalis enam juuni lõpus müüdud tarkvaraarenduse ja majandustarkvara ärivaldkondade kulusid. Samuti kaasnesid väiksema kaubamüügikäibega ka oluliselt väiksemad kaubaostukulud ning lisaks on mõlemad grupi ettevõtted suutnud vähendada muid tegevuskulusid (sh. vähenesid MicroLink Eesti muud tegevuskulud eraldiseisva ettevõttena 37% ja IT Koolituskeskuse grupil vastavalt 61% võrra). Eesti Telekom Grupi ärikasum enne kulumit kahanes 2009. aasta kolmandas kvartalis eelmise aasta sama perioodiga võrreldes 14%, ulatudes 542 miljoni kroonini (3. kvartal 2008: 628 miljonit krooni). Mobiilside teenuste segmendi ärikasum enne kulumit vähenes kolmandas kvartalis võrreldes eelmise aasta sama perioodiga 24% võrra. Lairiba teenuste segmendi ärikasum enne kulumit kahanes kolmandas kvartalis eelmise aasta sama perioodiga võrreldes 3%, ulatudes 240 miljoni kroonini (3. kvartal 2008: 247 miljonit krooni). IT-teenuste segmendi ärikasum enne kulumit oli 2009. aasta kolmandas kvartalis 12 miljonit krooni (3. kvartal 2008: 2 miljonit krooni). Grupi ärikasumi enne kulumit marginaal oli 2009. aasta kolmandas kvartalis 40,4%, olles veidi tõusnud eelmise aasta sama perioodi vastava marginaaliga. Grupi amortisatsioonikulu ulatus 2009. aasta kolmandas kvartalis 150 miljoni kroonini, suurenedes 2008. aasta sama perioodiga võrreldes 2% (3. kvartal 2008: 147 miljonit krooni). Eesti Telekom Grupp teenis kolmandas kvartalis ärikasumit 392 miljonit krooni, kahanedes eelmise aasta sama perioodiga võrreldes 19% (3. kvartal 2008: 481 miljonit krooni) ning maksustamiseelset kasumit 392 miljonit krooni (3. kvartal 2008: 485 miljonit krooni). Eesti Telekom Grupi 2009. aasta kolmanda kvartali kasum oli 392 miljonit krooni (3. kvartal 2008: 485 miljonit krooni). Tulu aktsia kohta teeniti 2,84 krooni (3. kvartal 2008: 3,51 krooni). Grupi 2009. aasta kolmanda kvartali koondkasum oli 392 miljonit krooni (3. kvartal 2008: 485 miljonit krooni). Finantsseisundi aruanne ja rahavood Eesti Telekom Grupi bilansimaht oli 30. septembri 2009. aasta seisuga 4062 miljonit krooni (31. detsember 2008: 4999 miljonit krooni). Aasta algusega võrreldes on 121 miljoni krooni võrra kahanenud põhivara, mille jääk kolmanda kvartali lõpus ulatus 2804 miljoni kroonini. Grupi käibevara on üheksa kuuga kahanenud 816 miljoni krooni võrra, ulatudes septembrikuu lõpus 1259 miljoni kroonini (31. detsember 2008: 2075 miljonit krooni). Raha ja raha ekvivalentide ning lühiajaliste finantsinvesteeringute jääk on kahanenud 553 miljoni krooni võrra ja seda seoses juunikuus väljamakstud dividendidega ja juulikuus tasutud tulumaksuga. Eesti Telekom Grupi omakapital oli 30. septembri 2009. aasta seisuga 3615 miljonit krooni, mis on 681 miljonit krooni vähem kui 2008. aasta lõpus (31. detsember 2008: 4295 miljonit krooni). Omakapital on vähenenud seoses dividendide väljamaksmisega. Grupil oli septembri lõpu seisuga pikaajalisi kohustusi 30 miljonit krooni (31. detsember 2008: 33 miljonit krooni) ja lühiajalisi võlakohustusi 417 miljonit krooni (31. detsember 2008: 671 miljonit krooni). Eesti Telekom Grupi netovõlg oli kolmanda kvartali lõpus -303 miljonit krooni ja netovõla suhe omakapitali -8% (31. detsember 2008: -853 miljonit krooni ja -20%). Eesti Telekom Grupi äritegevuse rahavoog oli 2009. aasta üheksa kuuga 1192 miljonit krooni (9 kuud 2008: 1338 miljonit krooni). Grupi investeerimistegevuse rahavoog oli 211 miljonit krooni (9 kuud 2008: -67 miljonit krooni). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli esimesel üheksal kuul 359 miljonit krooni (9 kuud 2008: 474 miljonit krooni). Mobiilside teenuste segment on 2009. aasta esimese üheksa kuuga investeerinud 160 miljonit krooni (9 kuud 2008: 198 miljonit krooni). 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 endiselt jätkus pidev GSM võrgu täiustamine. Lairiba teenuste segmendi investeeringud põhivarasse ulatusid 194 miljoni kroonini (9 kuud 2008: 262 miljonit krooni). Põhiosa kapitalimahutustest olid seotud võrguressursi (tuumik- ja valguskaablivõrgu) arendamisega, kolmikteenuse kättesaadavuse laiendamisega ning regulatsioonist tulenevate nõuete täitmisega. IT-teenuste segment investeeris 2009. aasta esimesel üheksal kuul põhivarasse 6 miljonit krooni (9 kuud 2008: 14 miljonit krooni). Majandus- ja kommunikatsiooniministeerium ja telekomiettevõtted leppisid Eesti Infotehnoloogia ja Telekommunikatsiooniliidu (ITL) eestvedamisel kokku kuni 100 Mbit/s internetivõrgu arendamises aastaks 2015. Uue põlvkonna internetiühenduse arendamise projekti nimi on EstWin. Projekti EstWin esimese etapina plaanitakse ehitada 6640 kilomeetrit fiiberoptilist kaablit ja 1400 võrguühenduskohta hõlmav side alusvõrk (baasvõrk). Projekti teises etapis ehitavad operaatorid alusvõrgule juurdepääsuvõrgu tarbijate jaoks. Kogu projekti hinnanguline maksumus on kuni 6 miljardit, millest riigi kohustused alusvõrgu arendamiseks plaanitakse katta Euroopa erinevatest struktuurifondidest 1,5 miljardi krooni ulatuses. EstWin projekti realiseerimiseks asutasid suurimad infotehnoloogia- ja telekommunikatsioonisektori ettevõtted kolmandas kvartalis Eesti Lairiba Arenduse Sihtasutuse ehk ELA SA, kelle ülesandeks on 2015. aasta lõpuks Eesti maapiirkondades välja arendada uue põlvkonna lairibavõrgu baasinfrastruktuur. ELA SA asutajad on Elion, EMT, Elisa, Tele2, Televõrk, Levira, Eltel, ja Ericsson. ELA SA nõukogu esimeheks valiti Elioni tehnoloogiadirektor Kalev Reiljan. Eesti Telekom Grupi rahavoog finantseerimistegevusse oli üheksa kuuga 1457 miljonit krooni, sellest dividendide maksmiseks AS-i Eesti Telekom aktsionäridele kasutati 1449 miljonit krooni (9 kuud 2008 vastavalt 1450 miljonit krooni ja 1449 miljonit krooni) ning vähemusosa osanikele (Serenda Invest OÜ vähemusosanikud) 6 miljonit krooni (9 kuud 2008: 8 miljonit krooni). 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 III KVARTALI KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------------------------- | | Lisad | III kvartal | III kvartal | | | | 2009 | 2008 | -------------------------------------------------------------------------------- | Müügitulu | 2.1 (a) | 1 341 620 | 1 566 042 | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1 (a) | (768 235) | (876 653) | -------------------------------------------------------------------------------- | Brutokasum | 2.1 (a) | 573 385 | 689 389 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud ning | 2.1 (a) | (185 416) | (211 328) | | uurimis- ja arendusväljaminekud | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1 (a) | 4 186 | 5 389 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1 (a) | (467) | (2 084) | -------------------------------------------------------------------------------- | Ärikasum | 2.1 (a) | 391 688 | 481 366 | -------------------------------------------------------------------------------- | Finantstulud | | 2 090 | 4 435 | -------------------------------------------------------------------------------- | Finantskulud | | (2 449) | (384) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1 (a) | (359) | 4 051 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1 (a) | 321 | (273) | | sidusettevõtjate aktsiatelt ja | | | | | osadelt, neto | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 2.1 (a) | 391 650 | 485 144 | -------------------------------------------------------------------------------- | Dividendide tulumaks | 2.1 (a) | - | (1) | -------------------------------------------------------------------------------- | Perioodi kasum | 2.1 (a) | 391 650 | 485 143 | -------------------------------------------------------------------------------- | Muu koondkasum | | | | -------------------------------------------------------------------------------- | Valuutakursi vahed | 2.1 (a) | (18) | - | | välisettevõtete ümberarvestusel | | | | -------------------------------------------------------------------------------- | Perioodi muu koondkasum | 2.1 (a) | (18) | - | -------------------------------------------------------------------------------- | Perioodi koondkasum kokku | 2.1 (a) | 391 632 | 485 143 | -------------------------------------------------------------------------------- | Perioodi kasumi jaotus: | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus kasumis | 2.1 (a) | 391 518 | 483 791 | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1 (a) | 132 | 1 352 | -------------------------------------------------------------------------------- | | | 391 650 | 485 143 | -------------------------------------------------------------------------------- | Perioodi koondkasumi jaotus: | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus koondkasumis | 2.1 (a) | 391 503 | 483 791 | -------------------------------------------------------------------------------- | Vähemusosa osalus koondkasumis | 2.1 (a) | 129 | 1 352 | -------------------------------------------------------------------------------- | | | 391 632 | 485 143 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Aktsia puhaskasum, arvestatud | 7 (f) | | | | emaettevõtja osalusest | | | | | aruandeperioodi kasumis | | | | | (kroonides) | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta | | 2,84 | 3,51 | -------------------------------------------------------------------------------- | Lahustatud kasum aktsia kohta | | 2,84 | 3,51 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1 (a) | 541 903 | 628 225 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1 (a) | (150 215) | (146 859) | -------------------------------------------------------------------------------- 9 KUU KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------------------------- | | Lisad | 9 kuud | 9 kuud | 2008 | | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Müügitulu | 2.1 (b), | 4 027 259 | 4 616 931 | 6 189 597 | | | 2.3 | | | | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1 (b) | (2 275 | (2 588 | (3 532 | | | | 061) | 390) | 648) | -------------------------------------------------------------------------------- | Brutokasum | 2.1 (b) | 1 752 198 | 2 028 541 | 2 656 949 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud | 2.1 (b) | (630 936) | (657 575) | (907 058) | | ning uurimis- ja | | | | | | arendusväljaminekud | | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1 (b) | 18 988 | 19 674 | 31 317 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1 (b) | (3 731) | (4 905) | (8 498) | -------------------------------------------------------------------------------- | Ärikasum | 2.1 (b) | 1 136 519 | 1 385 735 | 1 772 710 | -------------------------------------------------------------------------------- | Finantstulud | | 39 089 | 42 813 | 55 185 | -------------------------------------------------------------------------------- | Finantskulud | | (3 096) | (1 556) | (871) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1 (b) | 35 993 | 41 257 | 54 314 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1 (b) | 947 | (2 753) | (2 847) | | sidusettevõtjate | | | | | | aktsiatelt ja osadelt, | | | | | | neto | | | | | -------------------------------------------------------------------------------- | Kasum enne | 2.1 (b) | 1 173 459 | 1 424 239 | 1 824 177 | | tulumaksustamist | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | 2.1 (b) | (399 746) | (385 722) | (385 912) | -------------------------------------------------------------------------------- | Perioodi kasum | 2.1 (b) | 773 713 | 1 038 517 | 1 438 265 | -------------------------------------------------------------------------------- | Muu koondkasum | | | | | -------------------------------------------------------------------------------- | Valuutakursi vahed | 2.1 (b) | 7 | - | 17 | | välisettevõtete | | | | | | ümberarvestusel | | | | | -------------------------------------------------------------------------------- | Perioodi muu koondkasum | 2.1 (b) | 7 | - | 17 | -------------------------------------------------------------------------------- | Perioodi koondkasum kokku | 2.1 (b) | 773 720 | 1 038 517 | 1 438 282 | -------------------------------------------------------------------------------- | Perioodi kasumi jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1 (b) | 774 093 | 1 035 757 | 1 434 835 | | kasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1 (b) | (380) | 2 760 | 3 430 | -------------------------------------------------------------------------------- | | | 773 713 | 1 038 517 | 1 438 265 | -------------------------------------------------------------------------------- | Perioodi koondkasumi | | | | | | jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1 (b) | 774 099 | 1 035 757 | 1 434 849 | | koondkasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus | 2.1 (b) | (379) | 2 760 | 3 433 | | koondkasumis | | | | | -------------------------------------------------------------------------------- | | | 773 720 | 1 038 517 | 1 438 282 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Aktsia puhaskasum, | 7 (f) | | | | | arvestatud emaettevõtja | | | | | | osalusest aruandeperioodi | | | | | | kasumis (kroonides) | | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta | | 5,61 | 7,51 | 10,40 | -------------------------------------------------------------------------------- | Lahustatud kasum aktsia | | 5,61 | 7,51 | 10,40 | | kohta | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1 (b) | 1 594 664 | 1 817 655 | 2 348 360 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1 (b), | (458 145) | (431 920) | (575 650) | | | 3 | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE -------------------------------------------------------------------------------- | | Lisad | 30. sept. | 31. dets. | 30. sept. | | | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | AKTIVA | | | | | -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 3 | 2 516 026 | 2 590 170 | 2 464 966 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 | 201 971 | 228 312 | 196 671 | -------------------------------------------------------------------------------- | Investeeringud | 2.2, 5 | 11 522 | 10 575 | 10 669 | | sidusettevõtjatesse | | | | | -------------------------------------------------------------------------------- | Mitmesugused pikaajalised | | 74 166 | 95 680 | 95 834 | | nõuded | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | 2.2 | 2 803 685 | 2 924 737 | 2 768 140 | -------------------------------------------------------------------------------- | Käbevara | | | | | -------------------------------------------------------------------------------- | Varud | 6 | 146 383 | 169 943 | 195 986 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja | | 802 579 | 1 041 685 | 1 025 389 | | muud lühiajalised nõuded | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | - | 500 000 | 300 000 | | finantsinvesteeringud | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | 309 708 | 363 099 | 210 533 | -------------------------------------------------------------------------------- | Käibevara kokku | 2.2 | 1 258 670 | 2 074 727 | 1 731 908 | -------------------------------------------------------------------------------- | AKTIVA KOKKU | 2.2 | 4 062 355 | 4 999 464 | 4 500 048 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | | | | | -------------------------------------------------------------------------------- | Omakapital | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 7 | | | | | omakapitalis | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 1 379 545 | 1 379 545 | 1 379 545 | -------------------------------------------------------------------------------- | Ülekurss | | 356 018 | 356 018 | 356 018 | -------------------------------------------------------------------------------- | Kohustuslik reserv | | 137 955 | 137 955 | 137 955 | -------------------------------------------------------------------------------- | Realiseerimata kursivahed | | 20 | 14 | - | -------------------------------------------------------------------------------- | Jaotamata kasum | | 1 739 413 | 2 413 843 | 2 016 595 | -------------------------------------------------------------------------------- | Emaettevõtja osalus | | 3 612 951 | 4 287 375 | 3 890 113 | | omakapitalis kokku | | | | | -------------------------------------------------------------------------------- | Vähemusosa | 2.2, 7 | 1 949 | 8 035 | 6 709 | -------------------------------------------------------------------------------- | Omakapital kokku | | 3 614 900 | 4 295 410 | 3 896 822 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 4 020 | 5 872 | 37 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 1 386 | 2 158 | 2 445 | -------------------------------------------------------------------------------- | Eraldised | 10 | 22 571 | 22 571 | 22 472 | -------------------------------------------------------------------------------- | Intressi mittekandvad | | 2 283 | 1 989 | 1 921 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 2.2 | 30 260 | 32 590 | 26 875 | | kokku | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | | 413 021 | 663 396 | 568 732 | | lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 3 098 | 4 061 | 1 828 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 1 032 | 1 032 | 1 001 | -------------------------------------------------------------------------------- | Eraldised | 10 | 44 | 2 975 | 4 790 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 2.2 | 417 195 | 671 464 | 576 351 | | kokku | | | | | -------------------------------------------------------------------------------- | Kohustused kokku | | 447 455 | 704 054 | 603 226 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | 2.2 | 4 062 355 | 4 999 464 | 4 500 048 | | KOKKU | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE -------------------------------------------------------------------------------- | | Lisad | 9 kuud | 9 kuud | | | | 2009 | 2008 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest | | | | -------------------------------------------------------------------------------- | Aruandeperioodi kasum | | 773 713 | 1 038 517 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 2.1 | 458 145 | 431 920 | | | (b), 3 | | | -------------------------------------------------------------------------------- | (Kasum) / kahjum põhivara müügist | | (4 166) | (6 107) | -------------------------------------------------------------------------------- | Neto (tulud) / kulud | | (947) | 2 753 | | sidusettevõtjatelt | | | | -------------------------------------------------------------------------------- | Eraldised | | (2 924) | (2 511) | -------------------------------------------------------------------------------- | (Finantstulud) / kulud | | (38 958) | (38 182) | -------------------------------------------------------------------------------- | Muud mitterahalised korrigeerimised | | 1 413 | (289) | -------------------------------------------------------------------------------- | Rahavoog äritegevusest enne | | 1 186 276 | 1 426 101 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja | | 186 179 | (21 265) | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Varude muutus | | 23 561 | (15 291) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | | (247 799) | (100 650) | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Käibekapitali muutus | | (38 059) | (137 206) | -------------------------------------------------------------------------------- | Rahavood äritegevusest peale | | 1 148 217 | 1 288 895 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Saadud intressid | | 47 007 | 52 764 | -------------------------------------------------------------------------------- | Makstud intressid | | (2 758) | (3 845) | -------------------------------------------------------------------------------- | Rahavoog äritegevusest kokku | 2.2 | 1 192 466 | 1 337 814 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | | -------------------------------------------------------------------------------- | Materiaalse ning immateriaalse | 2.2, 3 | (358 592) | (473 740) | | põhivara soetamine | | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse | | 6 492 | 9 612 | | põhivara müük | | | | -------------------------------------------------------------------------------- | Muude finantsinvesteeringute | | (1 600) | - | | soetamine | | | | -------------------------------------------------------------------------------- | Lühiajaliste finantsinvesteeringute | | 500 000 | 394 040 | | muutus, neto | | | | -------------------------------------------------------------------------------- | Muude pikaajaliste nõuete muutus, | | 64 651 | 3 189 | | neto | | | | -------------------------------------------------------------------------------- | Rahavoog investeerimistegevusest | 2.2 | 210 951 | (66 899) | | kokku | | | | -------------------------------------------------------------------------------- | Rahavood enne finantseerimistegevust | | 1 403 417 | 1 270 915 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | | -------------------------------------------------------------------------------- | Makstud dividendid | 7 (e) | (1 454 230) | (1 456 054) | -------------------------------------------------------------------------------- | Saadud kapitalirent | 8 | 751 | - | -------------------------------------------------------------------------------- | Kapitalirendi põhiosa tagasimaksed | 8 | (3 285) | (1 325) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | 2.2 | (1 456 764) | (1 457 379) | | kokku | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | 2.2 | (53 347) | (186 464) | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid aasta | 2.2 | 363 099 | 396 778 | | alguses | | | | -------------------------------------------------------------------------------- | Raha ja rahaekvivalentide muutus | 2.2 | (53 347) | (186 464) | -------------------------------------------------------------------------------- | Valuutakursi muutuste mõju | 2.2 | (44) | 219 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi | 2.2 | 309 708 | 210 533 | | lõpus | | | | --------------------------------------------------------------------------------
Title
Consolidated Interim Report of AS Eesti Telekom III Quarter and the first nine months 2009, EEK
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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 On August 31, 2009, with merger entries of Äriregister (Estonian Business Register) the merger came into effect, merging 100% subsidiaries EMT Esindused AS and AS Mobile Wholesale with AS EMT, and 100% subsidiary AS Elion Esindus with Elion Ettevõtted AS. The aim of mergers is to achieve greater efficiency in business processes. The mergers will not cause any changes in information disclosed to stock exchange as the results of EMT Group and Elion Group are already consolidated. Ownership structure of AS Eesti Telekom As of the third quarter of 2009, the TeliaSonera Group owned 60.98% of the AS Eesti Telekom shares. The percentage of freely traded shares is 11.85% of the total number of shares. 1.07% of these have been converted into GDRs traded on the London Stock Exchange. As of 30 September 2009, the 10 largest AS Eesti Telekom shareholders were: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 30 September 2009 | -------------------------------------------------------------------------------- | | No of shares | Participation | -------------------------------------------------------------------------------- | | Changes since | | | 30 June 2009 | -------------------------------------------------------------------------------- | TeliaSonera group | 84,119,23 | 60.98% | 1,182,940 | | | 9 | | | -------------------------------------------------------------------------------- | Ministry of Finance | 37,485,10 | 27.17% | 4,138,636 | | | 0 | | | -------------------------------------------------------------------------------- | SEB clients | 2,412,819 | 1.75% | 63,614 | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 2,137,813 | 1.55% | 0 | -------------------------------------------------------------------------------- | State Street Bank and Trust | 623,145 | 0.45% | 242,100 | | Omnibus Account | | | | -------------------------------------------------------------------------------- | Mellon Treaty Omnibus | 609,406 | 0.44% | 112,933 | -------------------------------------------------------------------------------- | UniCredit Bank Austria AG | 494,398 | 0.36% | 54,480 | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg | 472,201 | 0.34% | (150,957) | | S.A. clients | | | | -------------------------------------------------------------------------------- | Nordea Bank Finland PLC | 427,020 | 0.31% | 49,130 | -------------------------------------------------------------------------------- | Evli Bank PLC customers | 381,303 | 0.28% | 310,686 | -------------------------------------------------------------------------------- On August 24, 2009, TeliaSonera announced a cash offer for the shares of Eesti Telekom. The acceptance period of the cash offer ended on October 9, 2009. TeliaSonera was offering 93 EEK for each share of Eesti Telekom. Following the acquisition of shares in the cash offer, Teliasonera will own, directly and indirectly, a total of 134,614,949 shares, constituting 97.58% of all shares of Eesti Telekom. Taking into consideration the results of the cash offer, TeliaSonera's Group Management has decided to initiate actions for the squeeze-out of remaining minority shareholders in accordance with Article 182-1 of the Securities Market Act of Estonia. Shareholders' extraordinary general meeting The extraordinary AS Eesti Telekom general shareholders' meeting took place on 1 October 2009. The general meeting approved a supplementary proposal for the distribution of profits. The AS Eesti Telekom shareholders will be paid supplementary dividends of 6.99 EEK per share or a total of 964 million EEK. The dividends will be paid on 30 October 2009, based on the list of shareholders that was fixed as of 15 October 2009 at 11.59 pm. The general meeting confirmed a dividend policy for the financial years of 2009, 2010 and 2011 that conforms to current AS Eesti Telekom practices, whereby dividends that are paid out in 2010, 2011, and 2012 according to the law, will comprise 100 percent of the net profits accumulated by the end of the financial year. AS Eesti Telekom shares In the third quarter of 2009, the price of AS Eesti Telekom shares increased by 42.24%. The share price at the beginning of the quarter was 69.63 EEK and 99.04 EEK at the end of the quarter. The highest and lowest share prices during the reporting period were 100.14 EEK and 63.06 EEK respectively. The turnover for the reporting period was 521 million EEK. BUSINESS ACTIVITIES Management commentary: The Group's sales revenues in the second 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). Due to the efficiency plans in all subsidiaries the decrease in EBITDA is smaller than in Sales and EBITDA margin has increased year-to-year. Significant financial indicators Eesti Telekom Group -------------------------------------------------------------------------------- | | Q3 | Q3 | Chang | 9 | 9 mos. | Change | | | 2009 | 2008 | e, % | mos. | 2008 | , % | | | | | | 2009 | | | -------------------------------------------------------------------------------- | Total revenues, million | 1,342 | 1,566 | (14.3 | 4,027 | 4,617 | (12.8) | | EEK | | | ) | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 542 | 628 | (13.7 | 1,595 | 1,818 | (12.3) | | | | | ) | | | | -------------------------------------------------------------------------------- | Margin, % | 40.4 | 40.1 | | 39.6 | 39.4 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 392 | 481 | (18.6 | 1,137 | 1,386 | (18.0) | | | | | ) | | | | -------------------------------------------------------------------------------- | Margin, % | 29.2 | 30.7 | | 28.2 | 30.0 | | -------------------------------------------------------------------------------- | EBT, million EEK | 392 | 485 | (19.3 | 1,173 | 1,424 | (17.6) | | | | | ) | | | | -------------------------------------------------------------------------------- | Profit for the period, | 392 | 485 | (19.3 | 774 | 1,039 | (25.5) | | million EEK | | | ) | | | | -------------------------------------------------------------------------------- | Basic earnings per share, | 2.84 | 3.51 | (19.1 | 5.61 | 7.51 | (25.3) | | EEK | | | ) | | | | -------------------------------------------------------------------------------- | Comprehensive income for | 392 | 485 | (19.3 | 774 | 1,039 | (25.5) | | the period, | | | ) | | | | | million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 112 | 171 | (34.4 | 359 | 474 | (24.1) | | | | | ) | | | | -------------------------------------------------------------------------------- | Net gearing, % | (8.4) | (13.1 | | (8.4) | (13.1) | | | | | ) | | | | | -------------------------------------------------------------------------------- | ROA, % | 9.5 | 10.8 | | 17.1 | 21.8 | | -------------------------------------------------------------------------------- | ROE, % | 11.5 | 13.3 | | 29.7 | 34.7 | | -------------------------------------------------------------------------------- Mobile communications segment -------------------------------------------------------------------------------- | | Q3 | Q3 | Chang | 9 | 9 mos. | Change | | | 2009 | 2008 | e, % | mos. | 2008 | , % | | | | | | 2009 | | | -------------------------------------------------------------------------------- | Total revenues, million | 806 | 966 | (16.5 | 2,314 | 2,778 | (16.7) | | EEK | | | ) | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 292 | 383 | (23.6 | 865 | 1,076 | (19.7) | | | | | ) | | | | -------------------------------------------------------------------------------- | Margin, % | 36.2 | 39.6 | | 37.4 | 38.7 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 227 | 316 | (28.3 | 664 | 881 | (24.6) | | | | | ) | | | | -------------------------------------------------------------------------------- | Margin, % | 28.1 | 32.7 | | 28.7 | 31.7 | | -------------------------------------------------------------------------------- | EBT, million EEK | 228 | 318 | (28.4 | 689 | 900 | (23.4) | | | | | ) | | | | -------------------------------------------------------------------------------- | Profit for the period, | 228 | 318 | (28.4 | 454 | 678 | (33.0) | | million EEK | | | ) | | | | -------------------------------------------------------------------------------- | Comprehensive income for | 228 | 318 | (28.4 | 454 | 678 | (33.0) | | the period, | | | ) | | | | | million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 27 | 70 | (61.9 | 160 | 198 | (19.2) | | | | | ) | | | | -------------------------------------------------------------------------------- | ROA, % | 13.5 | 6.7 | | 23.6 | 33.2 | | -------------------------------------------------------------------------------- | ROE, % | 18.9 | 9.2 | | 44.9 | 58.4 | | -------------------------------------------------------------------------------- Broadband services segment -------------------------------------------------------------------------------- | | Q3 | Q3 | Chang | 9 | 9 mos. | Change | | | 2009 | 2008 | e, % | mos. | 2008 | , % | | | | | | 2009 | | | -------------------------------------------------------------------------------- | Total revenues, million | 781 | 886 | (11.9 | 2,245 | 2,454 | (8.5) | | EEK | | | ) | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 240 | 247 | (2.8) | 722 | 740 | (2.5) | -------------------------------------------------------------------------------- | Margin, % | 30.8 | 27.9 | | 32.1 | 30.1 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 162 | 173 | (6.5) | 490 | 523 | (6.3) | -------------------------------------------------------------------------------- | Margin, % | 20.8 | 19.6 | | 21.8 | 21.3 | | -------------------------------------------------------------------------------- | EBT, million EEK | 156 | 170 | (8.5) | 486 | 523 | (7.2) | -------------------------------------------------------------------------------- | Profit for the period, | 156 | 170 | (8.5) | 321 | 390 | (17.8) | | million EEK | | | | | | | -------------------------------------------------------------------------------- | Comprehensive income for | 156 | 170 | (8.5) | 321 | 390 | (17.8) | | the period, | | | | | | | | million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 85 | 97 | (13.1 | 194 | 262 | (26.1) | | | | | ) | | | | -------------------------------------------------------------------------------- | ROA, % | 6.4 | 6.7 | | 12.4 | 14.6 | | -------------------------------------------------------------------------------- | ROE, % | 9.3 | 9.2 | | 25.5 | 26.2 | | -------------------------------------------------------------------------------- IT services segment -------------------------------------------------------------------------------- | | Q3 | Q3 | Chang | 9 | 9 mos. | Change | | | 2009 | 2008 | e, % | mos. | 2008 | , % | | | | | | 2009 | | | -------------------------------------------------------------------------------- | Total revenues, million | 56 | 73 | (22.7 | 188 | 239 | (21.6) | | EEK | | | ) | | | | -------------------------------------------------------------------------------- | EBITDA, million EEK | 12 | 2 | 534.7 | 17 | 13 | 29.6 | -------------------------------------------------------------------------------- | Margin, % | 20.8 | 2.5 | | 8.8 | 5.3 | | -------------------------------------------------------------------------------- | EBIT, million EEK | 6 | (4) | N/A | (8) | (5) | (44.6) | -------------------------------------------------------------------------------- | Margin, % | 9.8 | (5.9) | | (4.2) | (2.3) | | -------------------------------------------------------------------------------- | EBT, million EEK | 6 | (5) | N/A | (8) | (6) | (26.5) | -------------------------------------------------------------------------------- | Profit for the period, | 6 | (5) | N/A | (8) | (6) | (26.5) | | million EEK | | | | | | | -------------------------------------------------------------------------------- | Comprehensive income for | 6 | (5) | N/A | (8) | (6) | (26.5) | | the period, | | | | | | | | million EEK | | | | | | | -------------------------------------------------------------------------------- | CAPEX, million EEK | 1 | 4 | (76.9 | 6 | 14 | (57.2) | | | | | ) | | | | -------------------------------------------------------------------------------- | ROA, % | 3.6 | (3.2) | | (4.6) | (4.0) | | -------------------------------------------------------------------------------- | ROE, % | 5.1 | (6.2) | | (7.0) | (6.4) | | -------------------------------------------------------------------------------- Sales revenues, operating costs, and profit The Group's sales revenues in the third quarter of 2009 reached 1,342 million EEK (3rd quarter 2008: 1,566 million EEK). The decrease in sales revenues resulted primarily from the reduction in the sales volumes of telecommunications and IT merchandise and a drop in revenues from call services and international interconnection services. The mobile communications segment's consolidated turnover for the third quarter was 806 million EEK, decreasing 16% compared to the third quarter of 2008 (3rd quarter 2008: 966 million EEK). The reason for the decrease in total revenues was basically a reduction in revenues from call services caused by a drop in retail prices, which was partially compensated by the growth of volumes for mobile data communications and subcontracting services. During the third quarter, a decrease was also experienced in revenues received from the retailing and wholesaling of telecommunications merchandise compared to a year ago, which was caused by changes in consumer behavior. In addition, the call minutes initiated by the customers and the number of call minutes entering the EMT network decreased by 4% compared to the third quarter of 2008, which resulted from the customers' wish to limit consumption. By the end of the third quarter of 2009, the following applied to the EMT client base: the number of contractual clients had not decreased and remained at 484 thousand; since the entire market had contracted, the number of pre-paid card users decreased by 33 thousand, declining to 260 thousand. EMT assesses its market share of active SIM cards to be 47%. The estimated penetration of active cards in Estonia is 119%. EMT successfully continued to offer its new MinuEMT (MyEMT) mobile and Internet package, whereby customers can choose the volumes of the three basic mobile communications - calls, text messages, and Internet - that he or she wishes to use. The MinuEMT package includes very favorable prices and personalized discounts based on the customers' history with EMT. The sale of MinuEMT services has progressed well and a total of 45 thousand private and business clients have subscribed. Based on a 26 March 2009 decision by the Competition Board, as of 1 July 2009, a maximum interconnection tariff of 1.36 EEK per minute, instead of 1.37 EEK per minute, came into force for AS EMT, Elisa Eesti AS and Tele2 Eesti AS, as well as ProGroup Holding OÜ. 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%. As of 1 July 2009, the following price obligations, which apply to the Community's internal roaming services (euro tariffs), came into force for mobile communications operators in the European member states based on Regulation no. 544/2009 of the European Parliament and Council dated 18 June 2009 (which amended EU Regulation no. 717/2007 that deals with roaming in public mobile phone networks within the borders of the Community): the call minute prices decreased at both the wholesale (0.26 EUR per minute) and retail level (outgoing calls 0.43 EUR per minute, incoming calls 0.19 EUR per minute); maximum fees were implemented for SMS texting (wholesale 0.04 EUR and retail 0.11 EUR), as well as wholesale prices for data communications services (1 EUR/1MB). In addition, as of 1 July 2009, the fees for roaming calls will be calculated by the second (except during the first 30 seconds of the call initiation fee). The broadband services segment's consolidated turnover reached 781 million EEK in the third quarter. Compared to the same period of the previous year, the decrease of revenues in the broadband services segment totaled 12%. The decrease in turnover was related primarily to a reduction in the sales volumes of telecommunications and IT goods as well as a reduction in minute volumes of call services and international interconnections services. As a result of the drop in volumes, retail sales revenues decreased by 36%, and the revenues earned from end consumers for domestic call services decreased by 15%, due to the general drop in minute volumes in the Estonian market. The turnover for international call services decreased by 24%, which is primarily related to a reduction in the minute volumes for international calls initiated from mobile networks. Due to the drop in the minute volumes for international call transit, the turnover for international interconnection services decreased in the third quarter by 24% compared to the previous year. At the same time, the revenues earned from the monthly fees for triple-play and data communications solutions increased by 8% compared to the previous year. As the result of successful marketing campaigns, the number of Elion IP and cable-TV customers increased by 6,000 in the third quarter reaching 94.4 thousand as of 30 September (30 September 2008: 75.4 thousand). Elion assesses that the company's market share in the cable broadcast market increased by 1% in the third quarter to 30% at the end of September (30 September 2008: 26%). As of 1 October, Elion digital TV's basic Estonian and Slavic packages were supplemented by 20 channels, of which four are totally new channels (Discovery Investigation, Nat Geo Music, Life TV, and RTV). The other 16 channels that were added to the basic packages are popular channels transferred from theme packages, which were previously available for an additional fee. At the end of September, Elion introduced a hyper-fast Internet service, which has quickly become popular among the customers. During the first week, more than 200 users subscribed to the service and 25,000 people checked on the availability of the service in their homes. Elion's hyper-fast Internet, with a monthly fee of 99 EEK, provides download speeds of up to 100 Mbit/s and upload speeds of up to 20 Mbit/s. This additional service is available to Kodulahenduse customers, whose current Internet download speeds are up to 12 Mbit/s, and in whose apartment buildings a fiber-optic network has been installed. Currently, there are 100,000 households in apartment buildings with the technical requirements for Elion's hyper-fast Internet in all of Estonia's largest cities. The total number of Elion's customers with permanent Internet connection increased by 1,700 connections during the quarter, reaching 176.8 thousand by the end of September (30 September 2008: 171.9 thousand). The company's assessment is that Elion's market share of the permanent Internet connection market in Estonia has not changed, and continues to be 54%. By the end of the third quarter, the number of Elion's total means of communication totaled 460 thousand (30 September 2008: 471 thousand interfaces). The reduction in the number of total means on communication resulted from an expected reduction in the number of telephone connections in the private and business segments, as well as 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 79% (September 2008: 80%). The market share for local call minutes is 81% (September 2008: 82%), 68% for international calls (September) 2008: 67%) and 70% for call minutes made to mobile phones (September 2008: 71%). In the telecommunications and IT goods market, Elion increased its market share in the third quarter in the field of audio-video goods from 12.5% to 16.8%. Despite very competitive prices, Elion was able to maintain its position as the market leader in the field of IT goods (a market share along with AS EMT, its affiliated company, of 29%). In August, the Competition Board completed its proceeding regarding the fees established for Elion's fixed line services and rental of copper pairs, by acknowledging their legality. The IT services segment's sales revenues in the third quarter of 2009 reached 56 million EEK (3rd quarter 2008: 73 million EEK). Compared to the same period in the previous year, the sales revenues decreased by 23%, whereas the sales revenues for IT merchandise decreased by 58%; the sales revenues for project-based services increased by 48%; and the sales revenues for permanent services decreased by 6%. The increase in revenues from project sales compared to last year was affected by the IT Koolituskeskuse OÜ Group's data being recognized in the consolidated sales revenues of the IT services segment in 2009, while on the other hand, project sales revenues decreased in connection with the sale of the software development and financial software business to AS Helmes at the end of June 2009. If we examine this field of activity separately, the sales revenues for services in the field of document management and archiving increased by 8% and the sales revenues for IT training and consultation decreased by 21% compared to the third quarter of last year. In the third quarter, the general downward trend continued in the IT market. Numerous procurements have been postponed and the results of completed procurements have been cancelled. A certain positive impact can be felt from the activation of EU Structural Fund financing. At the same time, the wave of company bankruptcies and liquidations is gathering speed. Yet, the volume of doubtful receivables in the IT services segment has remained at the same level compared to the end of the second quarter of this year. The turnover of merchandise sales for infrastructure solutions was significantly lower for the third quarter than for the same period of the previous year (11 million EEK vs. 28 million EEK). The reason is the general decline in the IT market. Currently, all companies in the IT sector that deal with the sale of merchandise are noticing the same downward trend. The summer period, which was accompanied by a decrease in turnover (23%) compared to the second quarter, also had an impact. In the project business, several important contracts were signed in the third quarter with the ITIL (Information Technology Infrastructure Library) and ISKE (a three-level baseline protection system for information systems) fields of activity, including projects to introduce IncidentMonitor software. Continuing work on document management projects is progressing with several customers. Several important service contracts were concluded in the field of document management (ERGO Insurance, Border Guard Administration, etc.). In the field of permanent services, the company has focused on export to Russia in the third quarter, which resulted in several new contracts for permanent services being signed. In the third quarter, an equipment hosting contact was also concluded with Telefonica Wholesale Services. In addition AS MicroLink Eesti applied for export supports from Enterprise Estonia and received a positive answer. The operating costs of the Eesti Telekom Group decreased by 15% in the third quarter of 2009 compared to the same period in 2008, reaching 803 million EEK (3rd quarter 2008: 941 million EEK). The operating costs in the mobile communications segment decreased by 12% compared to the third quarter of 2008, reaching 516 million EEK (3rd quarter 2008: 586 million EEK). The greatest decrease was in operating costs related to retailing and wholesaling, which corresponds to the drop in the turnover from merchandise sales. A decrease was also experienced in interconnection costs based on a slight drop in call volumes and a small price decrease and also in operating costs resulted from the efficiency projects. The operating costs in the broadband services segment decreased during the last quarter by 15% compared to the same period in 2008, reaching 542 million EEK (3rd quarter 2008: 639 million EEK). Most of the reduction in operating costs resulted from a drop in direct sales costs, which was related to decreases in retail sales volumes, international interconnection services, and call minute volumes. A significant impact on the decrease in operating costs also resulted from the efficiency projects initiated last year, which are related to reductions in personnel costs, maintenance costs of buildings and network resources, transport costs, office costs and marketing costs. The operating costs in the IT services segment decreased in the third quarter by 37% reaching 45 million EEK (3rd quarter 2008: 72 million EEK). The operating costs for the quarter were affected on the one hand by almost 4 million EEK of increased costs that accompanied the consolidation of the IT Koolituskeskus (Training Center), and on the other hand, by the fact that the costs related to the software development and financial software business that was sold at the end of June are not included in this year's third quarter. Also, the lower sales turnovers were accompanied by significantly lower purchasing costs for merchandise and both of the Group's companies have succeeded in reducing other operating costs (including a reduction of 37% in the other operating costs of MicroLink Eesti as an independent company and 61% by the IT Koolituskeskus). The Eesti Telekom Group EBITDA decreased in the third quarter of 2009 by 14% compared to the same period in the previous year, reaching 542 million EEK (3rd quarter 2008: 628 million EEK). The EBITDA in the mobile communications services segment decreased by 24% in the third quarter compared to the same period of last year. In the third quarter, the EBITDA for the broadband segment has decreased by 3% compared to the same period of last year, reaching 240 million EEK (3rd quarter 2008: 247 million EEK). The EBITDA for the IT services segment in the third quarter of 2009 was 12 million EEK (3rd quarter 2008: 2 million EEK). The Group's EBITDA margin in the third quarter of 2009 was 40.4%, which was slightly higher from the corresponding margin for the same period of the previous year. The Group's depreciation costs reached 150 million EEK in the third quarter of 2008, increasing 2% compared to the same period in 2008 (3rd quarter 2008: 147 million EEK). In the third quarter, the Eesti Telekom Group earned EBIT of 392 million EEK, which was a decrease of 19% compared to the same period in the previous year (3rd quarter 2008: 481 million EEK) and pre-tax profits of 392 million EEK (3rd quarter 2008: 485 million EEK). The profit for the Eesti Telekom Group for the third quarter of 2009 totaled 392 million EEK (3rd quarter 2008: 485 million EEK). The earnings per share were 2.84 EEK (3rd quarter 2008: 3.51 EEK). The comprehensive income of the Group for the third quarter of 2009 was 392 million EEK (3rd quarter 2008: 485 million EEK). Statement of financial position and cash flows As of 30 September 2009, the Eesti Telekom Group balance sheet totaled 4,062 million EEK (31 December 2008: 4,999 million EEK). Compared to the beginning of the year, the non-current assets have decreased by 121 million EEK, the balance of which reached 2,804 million EEK by the end of the quarter. The Group's current assets decreased by 816 million EEK during the first nine months, reaching 1,259 million EEK by the end of September (31 December 2008: 2,075 million EEK). Cash and cash equivalents, as well as the balance of short-term financial investments, decreased by 553 million EEK in connection with the dividends paid out in June and the income tax paid in July. As of 30 September 2009, the Eesti Telekom Group equity was 3,615 million EEK, which is 681 million EEK less than at the end of 2008 (31 December 2008: 4,295 million EEK). The reduction in equity is related to the payment of dividends. As of the end of September non-current liabilities totaled 30 million EEK (31 December 2008: 33 million EEK) and current liabilities totaled 417 million EEK (31 December 2008: 671 million EEK). The net debt of the Eesti Telekom Group at the end of the third quarter was -303 million EEK and the net gearing ratio was -8% (31 December 2008: -853 million EEK and -20%). The Eesti Telekom Group cash flow from operating activities during the first nine months of 2009 was 1,192 million EEK (9 months of 2008: 1,338 million EEK). The Group's cash flow from investing activities was 211 million EEK (9 months of 2008: -67 million EEK). The cash flow into the acquisition of tangible and intangible fixed assets during the first nine months was 359 million EEK (9 months of 2008: 474 million EEK). During the first nine months of 2009, the mobile communications segment invested 160 million EEK (9 months of 2008: 198 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. 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 towns. At the same time, the constant improvement of the GSM network continued. Investments into fixed assets in the broadband services segment totaled 194 million EEK (9 months of 2008: 262 million EEK). The principal part of the capital investments was related to the development of network resources (core and fiber-optic cable networks), the improvement and expansion of the availability of the triple-service packages, and the fulfillment of regulation-based requirements. In the first nine months of 2009, the IT services segment invested 6 million EEK into fixed assets (9 months of 2008: 14 million EEK). Under the leadership of the Estonian Association of Information Technology and Telecommunications Companies (ITL), the Ministry of Economic Affairs and Communication and the telecommunications companies have agreed to develop a 100 Mbit/s capacity Internet network by 2015. The name of the project for the development of a new generation Internet network is EstWin. During the first stage of the EstWin project, a basic communications network comprising 6,640 kilometers of fiber-optic cable and 1,400 network connection locations will be installed. In the second stage of the project, the operators will connect an access network for consumers to the basic network. The estimated cost of the entire project is up to 6 billion EEK, with the government planning to use 1.5 billion EEK from various European structural funds to cover the government's obligations for the development of the basic network. In order to realize the EstWin project, the largest companies in the information technology and telecommunications sector founded the Estonian Broadband Development Foundation or ELA Foundation in the third quarter, for the purpose of developing the basic infrastructure required for the installation of a new generation broadband network in Estonia's rural areas by end of 2015. The founders of the ELA Foundation include Elion, EMT, Elisa, Tele2, Televõrk, Levira, Eltel, and Ericsson. Kalev Reiljan, Elion's Technology Director, was elected Chairman of the ELA Foundation Supervisory Board. The Eesti Telekom Group cash flow used in financing activities totaled 1,457 million EEK in the first nine months, of which 1,449 million EEK was used to pay dividends to the AS Eesti Telekom shareholders (9 months of 2008: 1,450 million EEK and 1,449 million EEK respectively) and 6 million EEK was paid to minority shareholders (Serenda Invest OÜ minority shareholders) (9 months of 2008: 8 million EEK). 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 III QUARTER CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME -------------------------------------------------------------------------------- | | Notes | III Quarter | III Quarter | | | | 2009 | 2008 | -------------------------------------------------------------------------------- | Net sales | 2.1 (a) | 1,341,620 | 1,566,042 | -------------------------------------------------------------------------------- | Cost of production | 2.1 (a) | (768,235) | (876,653) | -------------------------------------------------------------------------------- | Gross profit | 2.1 (a) | 573,385 | 689,389 | -------------------------------------------------------------------------------- | Sales, administrative, and | 2.1 (a) | (185,416) | (211,328) | | research & development expenses | | | | -------------------------------------------------------------------------------- | Other operating revenues | 2.1 (a) | 4,186 | 5,389 | -------------------------------------------------------------------------------- | Other operating expenses | 2.1 (a) | (467) | (2,084) | -------------------------------------------------------------------------------- | Operating profit | 2.1 (a) | 391,688 | 481,366 | -------------------------------------------------------------------------------- | Finance income | | 2,090 | 4,435 | -------------------------------------------------------------------------------- | Finance costs | | (2,449) | (384) | -------------------------------------------------------------------------------- | Finance income, net | 2.1 (a) | (359) | 4,051 | -------------------------------------------------------------------------------- | Net income / (expenses) from | 2.1 (a) | 321 | (273) | | associated companies | | | | -------------------------------------------------------------------------------- | Profit before tax | 2.1 (a) | 391,650 | 485,144 | -------------------------------------------------------------------------------- | Income tax on dividends | 2.1 (a) | - | (1) | -------------------------------------------------------------------------------- | Profit for the period | 2.1 (a) | 391,650 | 485,143 | -------------------------------------------------------------------------------- | Other comprehensive income | | | | -------------------------------------------------------------------------------- | Exchange differences on | 2.1 (a) | (18) | - | | translating foreign subsidiaries | | | | -------------------------------------------------------------------------------- | Other comprehensive income for | 2.1 (a) | (18) | - | | the period | | | | -------------------------------------------------------------------------------- | Total comprehensive income | 2.1 (a) | 391,632 | 485,143 | -------------------------------------------------------------------------------- | Profit attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2.1 (a) | 391,518 | 483,791 | | -------------------------------------------------------------------------------- | Minority interest | 2.1 (a) | 132 | 1,352 | | -------------------------------------------------------------------------------- | | | 391,650 | 485,143 | | -------------------------------------------------------------------------------- | Comprehensive income | | | | | | attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2.1 (a) | 391,503 | 483,791 | | -------------------------------------------------------------------------------- | Minority interest | 2.1 (a) | 129 | 1,352 | | -------------------------------------------------------------------------------- | | | 391,632 | 485,143 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Earnings per share for profit | 7 (f) | | | | | attributable to the equity | | | | | | holders of the parent during the | | | | | | reporting period (expressed in | | | | | | EEK) | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | | 2.84 | 3.51 | | -------------------------------------------------------------------------------- | Diluted earnings per share | | 2.84 | 3.51 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EBITDA | 2.1 (a) | 541,903 | 628,225 | | -------------------------------------------------------------------------------- | Depreciation, amortization and | 2.1 (a) | (150,215) | (146,859) | | | write-downs | | | | | -------------------------------------------------------------------------------- THE FIRST NINE MONTHS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME -------------------------------------------------------------------------------- | | Notes | 9 months | 9 months | 2008 | | | | to | to | | | | | 30 | 30 | | | | | September | September | | | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Net sales | 2.1 | 4,027,259 | 4,616,931 | 6,189,597 | | | (b), | | | | | | 2.3 | | | | -------------------------------------------------------------------------------- | Cost of production | 2.1 (b) | (2,275,061 | (2,588,390 | (3,532,64 | | | | ) | ) | 8) | -------------------------------------------------------------------------------- | Gross profit | 2.1 (b) | 1,752,198 | 2,028,541 | 2,656,949 | -------------------------------------------------------------------------------- | Sales, administrative, and | 2.1 (b) | (630,936) | (657,575) | (907,058) | | research & development | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating revenues | 2.1 (b) | 18,988 | 19,674 | 31,317 | -------------------------------------------------------------------------------- | Other operating expenses | 2.1 (b) | (3,731) | (4,905) | (8,498) | -------------------------------------------------------------------------------- | Operating profit | 2.1 (b) | 1,136,519 | 1,385,735 | 1,772,710 | -------------------------------------------------------------------------------- | Finance income | | 39,089 | 42,813 | 55,185 | -------------------------------------------------------------------------------- | Finance costs | | (3,096) | (1,556) | (871) | -------------------------------------------------------------------------------- | Finance income, net | 2.1 (b) | 35,993 | 41,257 | 54,314 | -------------------------------------------------------------------------------- | Net income / (expenses) from | 2.1 (b) | 947 | (2,753) | (2,847) | | associated companies | | | | | -------------------------------------------------------------------------------- | Profit before tax | 2.1 (b) | 1,173,459 | 1,424,239 | 1,824,177 | -------------------------------------------------------------------------------- | Income tax on dividends | 2.1 (b) | (399,746) | (385,722) | (385,912) | -------------------------------------------------------------------------------- | Profit for the period | 2.1 (b) | 773,713 | 1,038,517 | 1,438,265 | -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 2.1 (b) | 7 | - | 17 | | translating foreign | | | | | | subsidiaries | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | 2.1 (b) | 7 | - | 17 | | for the period | | | | | -------------------------------------------------------------------------------- | Total comprehensive income | 2.1 (b) | 773,720 | 1,038,517 | 1,438,282 | -------------------------------------------------------------------------------- | Profit attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2.1 (b) | 774,093 | 1,035,757 | 1,434,835 | -------------------------------------------------------------------------------- | Minority interest | 2.1 (b) | (380) | 2,760 | 3,430 | -------------------------------------------------------------------------------- | | | 773,713 | 1,038,517 | 1,438,265 | -------------------------------------------------------------------------------- | Comprehensive income | | | | | | attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2.1 (b) | 774,099 | 1,035,757 | 1,434,849 | -------------------------------------------------------------------------------- | Minority interest | 2.1 (b) | (379) | 2,760 | 3,433 | -------------------------------------------------------------------------------- | | | 773,720 | 1,038,517 | 1,438,282 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Earnings per share for | 7 (f) | | | | | profit attributable to the | | | | | | equity holders of the parent | | | | | | during the reporting period | | | | | | (expressed in EEK) | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | | 5.61 | 7.51 | 10.40 | -------------------------------------------------------------------------------- | Diluted earnings per share | | 5.61 | 7.51 | 10.40 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EBITDA | 2.1 (b) | 1,594,664 | 1,817,655 | 2,348,360 | -------------------------------------------------------------------------------- | Depreciation, amortization | 2.1 | (458.145) | (431,920) | (575,650) | | and write-downs | (b), 3 | | | | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION -------------------------------------------------------------------------------- | | Notes | 30 | 31 December | 30 | | | | September | 2008 | September | | | | 2009 | | 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Property, plant and | 3 | 2,516,026 | 2,590,170 | 2,464,966 | | equipment | | | | | -------------------------------------------------------------------------------- | Intangible fixed assets | 3 | 201,971 | 228,312 | 196,671 | -------------------------------------------------------------------------------- | Investments in associates | 2.2, 5 | 11,522 | 10,575 | 10,669 | -------------------------------------------------------------------------------- | Other financial fixed | | 74,166 | 95,680 | 95,834 | | assets | | | | | -------------------------------------------------------------------------------- | Total non-current assets | 2.2 | 2,803,685 | 2,924,737 | 2,768,140 | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 6 | 146,383 | 169,943 | 195,986 | -------------------------------------------------------------------------------- | Trade and other | | 802,579 | 1,041,685 | 1,025,389 | | receivables | | | | | -------------------------------------------------------------------------------- | Short-term investments | | - | 500,000 | 300,000 | -------------------------------------------------------------------------------- | Cash and cash equivalents | | 309,708 | 363,099 | 210,533 | -------------------------------------------------------------------------------- | Total current assets | 2.2 | 1,258,670 | 2,074,727 | 1,731,908 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2.2 | 4,062,355 | 4,999,464 | 4,500,048 | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Equity | | | | | -------------------------------------------------------------------------------- | Capital and reserves | 7 | | | | | attributable to equity | | | | | | holders of the parent | | | | | -------------------------------------------------------------------------------- | Share capital | | 1,379,545 | 1,379,545 | 1,379,545 | -------------------------------------------------------------------------------- | Share premium | | 356,018 | 356,018 | 356,018 | -------------------------------------------------------------------------------- | Statutory legal reserve | | 137,955 | 137,955 | 137,955 | -------------------------------------------------------------------------------- | Translation reserve | | 20 | 14 | - | -------------------------------------------------------------------------------- | Retained earnings | | 1,739,413 | 2,413,843 | 2,016,595 | -------------------------------------------------------------------------------- | Total capital and reserves | | 3,612,951 | 4,287,375 | 3,890,113 | | attributable to equity | | | | | | holders of the parent | | | | | -------------------------------------------------------------------------------- | Minority interest | 2.2, 7 | 1,949 | 8,035 | 6,709 | -------------------------------------------------------------------------------- | Total equity | | 3,614,900 | 4,295,410 | 3,896,822 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Interest bearing loans and | 8 | 4,020 | 5,872 | 37 | | borrowings | | | | | -------------------------------------------------------------------------------- | Retirement benefit | 9 | 1,386 | 2,158 | 2,445 | | obligations | | | | | -------------------------------------------------------------------------------- | Provisions | 10 | 22,571 | 22,571 | 22,472 | -------------------------------------------------------------------------------- | Non-interest bearing | | 2,283 | 1,989 | 1,921 | | liabilities | | | | | -------------------------------------------------------------------------------- | Total non-current | 2.2 | 30,260 | 32,590 | 26,875 | | liabilities | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other payables | | 413,021 | 663,396 | 568,732 | -------------------------------------------------------------------------------- | Interest bearing loans and | 8 | 3,098 | 4,061 | 1,828 | | borrowings | | | | | -------------------------------------------------------------------------------- | Retirement benefit | 9 | 1,032 | 1,032 | 1,001 | | obligations | | | | | -------------------------------------------------------------------------------- | Provisions | 10 | 44 | 2,975 | 4,790 | -------------------------------------------------------------------------------- | Total current liabilities | 2.2 | 417,195 | 671,464 | 576,351 | -------------------------------------------------------------------------------- | Total liabilities | | 447,455 | 704,054 | 603,226 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 2.2 | 4,062,355 | 4,999,464 | 4,500,048 | | LIABILITIES | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | Notes | 9 months to | 9 months to | | | | 30 September | 30 September | | | | 2009 | 2008 | -------------------------------------------------------------------------------- | Operating activities | | | | -------------------------------------------------------------------------------- | Profit for the period | | 773,713 | 1,038,517 | -------------------------------------------------------------------------------- | Adjustments for: | | | | -------------------------------------------------------------------------------- | Depreciation, amortisation and | 2.1, 3 | 458,145 | 431,920 | | impairment of fixed and intangible | | | | | assets | | | | -------------------------------------------------------------------------------- | (Profit) / loss from sales and | | (4,166) | (6,107) | | discards of fixed assets | | | | -------------------------------------------------------------------------------- | Net (income) / expenses from | | (947) | 2,753 | | associated companies | | | | -------------------------------------------------------------------------------- | Provisions | | (2,924) | (2,511) | -------------------------------------------------------------------------------- | Financial items | | (38,958) | (38,182) | -------------------------------------------------------------------------------- | Miscellaneous non-cash items | | 1,413 | (289) | -------------------------------------------------------------------------------- | Cash flow before change in working | | 1,186,276 | 1,426,101 | | capital | | | | -------------------------------------------------------------------------------- | Change in current receivables | | 186,179 | (21,265) | -------------------------------------------------------------------------------- | Change in inventories | | 23,561 | (15,291) | -------------------------------------------------------------------------------- | Change in current liabilities | | (247,799) | (100,650) | -------------------------------------------------------------------------------- | Change in working capital | | (38,059) | (137,206) | -------------------------------------------------------------------------------- | Cash flow after changes in working | | 1,148,217 | 1,288,895 | | capital | | | | -------------------------------------------------------------------------------- | Interest received | | 47,007 | 52,764 | -------------------------------------------------------------------------------- | Interest paid | | (2,758) | (3,845) | -------------------------------------------------------------------------------- | Cash flow from operating activities | 2.2 | 1,192,466 | 1,337,814 | -------------------------------------------------------------------------------- | Investing activities | | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | 2.2, 3 | (358,592) | (473,740) | | acquired | | | | -------------------------------------------------------------------------------- | Intangible and tangible fixed assets | | 6,492 | 9,612 | | divested | | | | -------------------------------------------------------------------------------- | Other financial investments acquired | | (1,600) | - | -------------------------------------------------------------------------------- | Net change in interest-receivables | | 500,000 | 394,040 | | short maturities | | | | -------------------------------------------------------------------------------- | Net cash changes of other long-term | | 64,651 | 3,189 | | receivables | | | | -------------------------------------------------------------------------------- | Cash flow from investing activities | 2.2 | 210,951 | (66,899) | -------------------------------------------------------------------------------- | Cash flow before financing | | 1,403,417 | 1,270,915 | | activities | | | | -------------------------------------------------------------------------------- | Financing activities | | | | -------------------------------------------------------------------------------- | Dividends paid | 7 (e) | (1,454,230) | (1,456,054) | -------------------------------------------------------------------------------- | Proceeds from finance lease | 8 | 751 | - | -------------------------------------------------------------------------------- | Repayment of finance lease | 8 | (3,285) | (1,325) | | liabilities | | | | -------------------------------------------------------------------------------- | Cash flow used in financing | 2.2 | (1,456,764) | (1,457,379) | | activities | | | | -------------------------------------------------------------------------------- | Cash flow for the year | 2.2 | (53,347) | (186,464) | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 2.2 | 363,099 | 396,778 | | beginning of year | | | | -------------------------------------------------------------------------------- | Cash flow for the year | 2.2 | (53,347) | (186,464) | -------------------------------------------------------------------------------- | Effect of foreign exchange rate | 2.2 | (44) | 219 | | changes | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of | 2.2 | 309,708 | 210,533 | | period | | | | --------------------------------------------------------------------------------