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Eesti Telekom
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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Kuupäev
06.02.2008 09:00:00
Pealkiri
AS Eesti Telekom Grupi 2007. aasta ning sama aasta IV kvartali vahearuanne
Teade
AS Eesti Telekom Grupi 2007. aasta ning sama aasta IV kvartali vahearuanne
OLULISEMAD FINANTSNÄITAJAD
Eesti Telekom grupp
--------------------------------------------------------------------------------
| | IV kv. | IV | Muutu | 12 kuud | 12 kuud | Muutus |
| | 2007 | kv. | s, % | 2007 | 2006 | , % |
| | | 2006 | | | | |
--------------------------------------------------------------------------------
| Müügitulu, mln EEK | 1 570 | 1 | 1,0 | 6 261 | 5 768 | 8,6 |
| | | 554 | | | | |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 576 | 506 | 13,9 | 2 336 | 2 195 | 6,4 |
| kulumit, mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 36,7 | 32,6 | | 37,3 | 38,1 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EEK | 444 | 383 | 16,1 | 1 840 | 1 646 | 11,8 |
--------------------------------------------------------------------------------
| Marginaal, % | 28,3 | 24,6 | | 29,4 | 28,5 | |
--------------------------------------------------------------------------------
| Kasum enne | 455 | 392 | 16,0 | 1 882 | 1 687 | 11,6 |
| tulumaksustamist, mln | | | | | | |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, | 455 | 392 | 16,0 | 1 512 | 1 314 | 15,0 |
| mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia | 3,28 | 2,82 | 16,4 | 10,91 | 9,49 | 14,9 |
| kohta, EEK | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 351 | 219 | 60,3 | 863 | 771 | 11,9 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Netovõla suhe | -25,2 | -33, | | | | |
| omakapitali, % | | 6 | | | | |
--------------------------------------------------------------------------------
| ROA, % | 31,6 | 28,6 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 46,5 | 43,1 | | | | |
--------------------------------------------------------------------------------
Seoses muudatustega Eesti Telekom grupi struktuuris kajastatakse alates 1.
juulist 2007 Telekom grupi olulisemaid finantsnäitajaid ärivaldkondade lõikes:
mobiilside teenuste segment (kaubamärk EMT), lairiba teenuste segment (kaubamärk
Elion) ning IT teenuste segment (kaubamärk MicroLink)
Mobiilside teenuste segment
--------------------------------------------------------------------------------
| | IV | IV | Muutu | 12 kuud | 12 kuud | Muutus |
| | kv. | kv. | s, % | 2007 | 2006 | , % |
| | 2007 | 2006 | | | | |
--------------------------------------------------------------------------------
| Müügitulu, mln EEK | 990 | 942 | 5,1 | 3 904 | 3 502 | 11,5 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 293 | 340 | -14,0 | 1 387 | 1 346 | 3,1 |
| kulumit, mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 29,6 | 36,1 | | 35,5 | 38,4 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EEK | 235 | 290 | -19,0 | 1 169 | 1 102 | 6,1 |
--------------------------------------------------------------------------------
| Marginaal, % | 23,7 | 30,8 | | 30,0 | 31,5 | |
--------------------------------------------------------------------------------
| Kasum enne | 239 | 294 | -18,6 | 1 185 | 1 115 | 6,3 |
| tulumaksustamist, mln | | | | | | |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, | 239 | 294 | -18,6 | 935 | 861 | 8,6 |
| mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 133 | 115 | 15,7 | 330 | 274 | 20,4 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 46,9 | 46,9 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 79,6 | 78,2 | | | | |
--------------------------------------------------------------------------------
Lairiba teenuste segment
--------------------------------------------------------------------------------
| | IV | IV | Muutu | 12 | 12 kuud | Muutus, |
| | kv. | kv. | s, % | kuud | 2006 | % |
| | 2007 | 2006 | | 2007 | | |
--------------------------------------------------------------------------------
| Müügitulu, mln EEK | 781 | 779 | 0,2 | 2 984 | 2 748 | 8,6 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 217 | 172 | 25,8 | 885 | 858 | 3,2 |
| kulumit, mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 27,8 | 22,1 | | 29,7 | 31,2 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EEK | 145 | 106 | 37,7 | 630 | 574 | 9,7 |
--------------------------------------------------------------------------------
| Marginaal, % | 18,6 | 13,6 | | 21,1 | 20,9 | |
--------------------------------------------------------------------------------
| Kasum enne | 146 | 104 | 40,1 | 720 | 572 | 25,9 |
| tulumaksustamist, mln | | | | | | |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, | 146 | 104 | 40,1 | 599 | 453 | 32,4 |
| mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 215 | 90 | 138,3 | 513 | 467 | 9,8 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 23,4 | 19,8 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 38,3 | 30,9 | | | | |
--------------------------------------------------------------------------------
IT-teenuste segment
--------------------------------------------------------------------------------
| | IV | IV | Muutu | 12 | 12 kuud | Muutus, |
| | kv. | kv. | s, % | kuud | 2006 | % |
| | 2007 | 2006 | | 2007 | | |
--------------------------------------------------------------------------------
| Müügitulu, mln EEK | 92 | 73 | 26,5 | 365 | 280 | 30,4 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 10 | 13 | -20,2 | 24 | 27 | -13,0 |
| kulumit, mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 11,0 | 17,4 | | 6,5 | 9,7 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EEK | 4 | 7 | -49,0 | 2 | 12 | -86,8 |
--------------------------------------------------------------------------------
| Marginaal, % | 4,0 | 10,0 | | 0,4 | 4,4 | |
--------------------------------------------------------------------------------
| Kasum enne | 4 | 9 | -61,5 | 8 | 23 | -67,2 |
| tulumaksustamist, mln | | | | | | |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, | 4 | 9 | -61,5 | 8 | 23 | -67,2 |
| mln EEK | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 3 | 14 | -79,3 | 33 | 30 | 7,9 |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 2,6 | 5,0 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 3,6 | 5,9 | | | | |
--------------------------------------------------------------------------------
JUHATUSE ESIMEHE ARUANNE
Müügitulud, tegevuskulud ja kasum
Eesti Telekom grupi 2007. aasta neljanda kvartali tulemused vastasid juhatuse
ootustele. Grupi müügitulu 2007. aasta viimases kvartalis ulatus 1570 miljoni
kroonini (4. kvartal 2006: 1554 miljonit krooni).
Neljanda kvartali tulemustele avaldasid mõju järgmised asjaolud:
Vastavalt Sideameti 21. märtsi 2006. a otsusele fikseeriti AS EMT-le, Elisa
Eesti AS-ile ja Tele2 Eesti AS-ile perioodiks 01.07.2006-30.06.2007
mobiiltelefonivõrkudes häälkõne lõpetamise tasuks (sidumistasuks) 2.05 krooni
minut ning perioodiks 01.07.2007-30.06.2008, vastavalt Sideameti 20.06 ja
22.06.2007.a. otsustele, 1.66 krooni. Kuna Elisa Eesti AS ja Tele2 Eesti AS
vaidlustasid otsused kohtus ning esialgse õiguskaitse korras vastavate
haldusaktide kehtivus peatati, püsisid kõigi kolme mobiilioperaatori
sidumistasud kuni 05.11.2007.a. endisel, 2,50 krooni minut tasemel.
05.11.2007.a. jõustus Tallinna Ringkonnakohtu määrus, millega esialgne
õiguskaitse tühistati ning nimetatud kuupäevast kohustusid kõik kolm
mobiilioperaatorit rakendama sidumishinda tasemel 1,66 krooni. Elisa Eesti AS-i
ja Tele2-e kohtuvaidlused Sideametiga jätkuvad, AS EMT osaleb vaidlustes
kolmanda isikuna.
Tulenevalt ülaltoodust moodustas AS EMT ühekordse provisjoni summas 62 miljonit
krooni katmaks võimalikke tagasiulatuvaid nõudeid. Võimalike tagasiulatuvate
nõuete mõju Eesti Telekom grupi konsolideeritud kasumile on elimineeritud,
kuivõrd Elion Ettevõtted AS on esitanud mobiilioperaatoritele nõuded summas, mis
ületavad EMT provisjoni.
Aastaaruande 2006 koostamise käigus reklassifitseeriti audiitorite ettepanekul
lairiba teenuste segmendis osa tehingutest kasutusrendist kapitalirendiks.
Nimetatud ümberklassifitseerimine on kajastatud tagasiulatuvalt 2006. aasta
neljandas kvartalis, mille tulemusena kasvasid selles perioodis müügitulud 9%,
kulud suurenesid 20%, ning investeeringud vähenesid 56%.
Mobiilside teenuste segmendi konsolideeritud käive ulatus 990 miljoni kroonini,
kasvades 2006. aasta neljanda kvartaliga võrreldes 5% (4. kvartal 2006: 942
miljonit krooni). Põhiosa täiendavatest tuludest laekus grupi põhitegevusest.
Grupi emaettevõtja, AS-i EMT, käive kasvas 2006. aasta 4. kvartaliga võrreldes
5%, ulatudes 782 miljoni kroonini. Põhitegevuse tulude kasvu taga oli peamiselt
nii EMT võrgust algatatud kui võrku sisenevate kõneminutite arvu kasv ja
mobiilse andmeside kasv.
AS-i EMT kliendibaas oli 2007. aasta lõpus 6 tuhande võrra suurem võrreldes
2006. aasta lõpuga, ulatudes
765 tuhande aktiivse SIM-kaardini (detsember 2006:
759 tuhat kaarti). Võrreldes aastatagusega on lepinguliste klientide arv
kasvanud 36 tuhande võrra, ulatudes 2007. a lõpu seisuga 469 tuhandeni, samal
ajal kui aktiivsete ettemaksega kaartide kasutajate arv on vähenenud aastaga 30
tuhande võrra, jäädes aasta lõpuks 296 tuhande tasemele. Erinevalt eelnenud
aastast, ei toimunud 2007. aasta lõpus nii agressiivset kliendihanget uute
ettemaksega kaartide kasutajate leidmiseks. EMT hindab oma turuosa aktiivsete
SIM-kaartide põhjal 48%-liseks. Hinnanguline aktiivsete kaartide penetratsioon
Eestis on 119%. Tulude kasvu enim mõjutanud EMT klientide poolt algatatud
kõneminutite arvu kasv 2007. aasta neljandas kvartalis ulatus 2006. aasta sama
perioodiga võrreldes 4%-ni. Algatatud kõneminutite tagasihoidlik juurdekasv on
tingitud 2006. aasta lõpul pakutud tasuta kõnedega Rate.Mobiil teenuse
kasutajatele. Samasugust tasuta kõnede kampaaniapakkumist 2007. a viimases
kvartalis ei toimunud. Sidumistasudele avaldas mõju sidumishindade langus
neljandas kvartalis.
Mobiilsest internetist saadavad tulud näitasid jätkuvalt väga kiiret kasvu.
Tänavu neljandas kvartalis ületasid AS EMT mobiilse andmeside tulud 2006. aasta
sama perioodi tulusid enam kui 50 %. Samal ajal kasvas edastatud andmemaht ligi
9 korda. AS-i EMT mobiilse andmeside kasutajate arv oli 2007. aasta
detsembrikuus 161 tuhat, mis on aastatagusega võrreldes 51 tuhande kasutaja
võrra enam. Mobiilse andmeside populaarsuse kasvu on tinginud üheltpoolt uute
kuutasuliste andmesidepakettide turuletoomine 2007. a suvel ning teisepoolt 3G
leviala jõuline laienemine, mis võimaldavad klientidel kasutada kvaliteetset ja
kiiret andmesidet mugavamalt kontrollitavate kuludega. Aasta 2007 lõpuks oli 3G
levi kõigis Eesti maakonnakeskustes ning mitmetes teistes linnades ja nende
lähipiirkondades. Kiire arengu just erasegmendis on kaasa toonud EMT Internet
stardipakett, mis sisaldas tasuta kiiret 3,5G modemit EMT Internet 399 paketiga
liituvatele püsiklientidele. See pakub kliendile võimaluse kasutada Eesti
suurima levialaga 3G võrku ning ADSLi lähedase kiirusega internetiühendust.
Teiseks on mobiilse interneti kasutajate arvule positiivselt mõjunud EMT
SurfPorti kasutamisele kehtestatud hinnalagi 9 krooni päev. See on interneti
kasutamise mobiiltelefonis teinud taskukohaseks paljudele klientidele. EMT
tõstis 4. kvartalis 3,5G võrgu allalaadimise kiirust kaks korda kuni 7,2
Mbit/sek, mis kasvatab nii võrgu mahtu kui ka kasutajatele pakutavaid kiiruseid.
Samuti tõi EMT turule kiirema andmete üleslaadimise 3,5G võrgus (nn HSUPA), mis
kasvatab kiiruseid mahukate e-kirjade saatjatele üle kolme korra kuni 1,4
Mbit/sek.
AS EMT, nagu ka teiste Euroopa Ühenduse mobiilioperaatorite suhtes, kehtib
määrus, mille kohaselt alates 2007. aasta septembrikuust ei tohi Euroopa
Ühenduse piires tehtavate väljuvate kõnede minutitariif ületada Euroopa Ühenduse
poolt kehtestatud piirhindu. Seetõttu on kolmandiku võrra langenud
roaming-klientidelt saadav tulu.
Mobiilside teenuste segmendi tulud telekommunikatsioonikaupade jae- ja
hulgimüügist kasvasid 2007. aasta neljandas kvartalis võrreldes 2006. aasta sama
perioodiga põhiliselt tänu suurematele mobiiltelefonide müügikogustele.
Lairiba teenuste segmendi müügitulud ulatusid neljandas kvartalis 781 miljoni
kroonini (4. kvartal 2006: 779 miljonit krooni). Enim suurenesid tulud
komplekslahendustest ja ühenduste rendist, vastavalt 44% ja 69%. Erinevalt
varasematest kvartalitest kasvasid aasta viimases kvartalis kõneside tulud 4,5%,
seda peamiselt riigisisese kõnetransiidi ja mobiilivõrgust algatatud
rahvusvaheliste kõnede kasvu tulemusena. Elion grupi telekommunikatsiooni- ja
IT-kaupade jaemüügi kasvutempo aeglustus neljandas kvartalis Eesti majanduse
üldise jahtumise tulemusena 3%-ni. Novembris realiseeris Elion Ettevõtted AS 7,5
miljoni krooni eest kinnisvara, mille tulemusena suurenesid kvartali muud tulud
41%.
Sarnaselt varasematele kvartalitele jätkub lairibateenuste ühendustasude osas
trend, milles kliendid asendavad üksikuid teenuseid teenuspakettidega. Lõppenud
kvartalis suurenes Elioni kolmikpaketi kasutajate arv 8750 võrra, ulatudes 31.
detsembri seisuga 53,5 tuhandeni (31. detsember 2006: 25,5 tuhat). Aasta lõpuks
ulatus Elioni IP- ja kaabeltelevisiooni klientide koguarv 58 tuhandeni.
Kolmikpaketi populaarsusele on oluliselt kaasa aidanud ka pakutavate
lisateenuste valik. 2007. aasta esimesel poolel turule toodud kaugvideolaenutuse
teenus on oma mugavuse ja lihtsa kasutuse tõttu osutunud klientide hulgas väga
populaarseks. Eduka kaugvideolaenutuse kampaania tulemusena kasvas novembris
laenutuste arv rekordilise 4700 korrani ööpäevas. Alates oktoobrist pakub Elion
koostöös Eesti Konverentsikeskuse ja SEB Eesti Ühispangaga DigiTV
kaugvideolaenutuses tasuta Eesti tippkonverentside loenguid. Teenuse eesmärk on
teha harivad sisuteenused kättesaadavaks võimalikult laiale ringile.
Elioni interneti püsiühenduse klientide koguarv kasvas neljandas kvartalis 6300
ühenduse võrra, ulatudes 2007. aasta lõpuks 163 tuhandeni (31.detsember 2006:
141 tuhat). Ettevõtja hindab oma turuosaks eraklientide püsiühenduse põhjal 56%.
Tulenevalt komplekslahenduste mahu ja tulude osakaalu olulisest kasvust langesid
kõneühenduste ja internetiühenduste kuutasude tulud lõppenud kvartalis vastavalt
11% ja 13% võrra.
Lairiba teenuste segmendi kõnetulud kasvasid neljandas kvartalis 2006. aasta
sama perioodiga võrreldes kokku 4,5%. Tulude kasv tulenes peamiselt
riigisisesest kõnetransiidist ja mobiilivõrgust algatatud rahvusvaheliste kõnede
mahu suurenemisest. Samas jätkus aasta viimases kvartalis lõppklientidelt
teenitavate kõnetulude langus. Võrreldes 2006. aasta sama perioodiga vähenesid
riigisisestelt kõneteenustelt teenitavad tulud minutimahtude languse tõttu 10%.
Elion Ettevõtted AS hindab oma turuosa fikseeritud võrgus algatatud
kõneminutitest 81%-liseks (detsember 2006: 83%). Turuosa kohalike kõnede
minutitest on 83% (detsember 2006: 85%), rahvusvaheliste kõnede minutitest 64%
(detsember 2006: 65%) ning mobiiltelefonidele tehtavate kõnede minutitest 72%
(detsember 2006: 70%).
Elioni kõneliideste arv ulatus 2006. aasta lõpuks 487 tuhande liideseni (31.
detsember 2006: 463 tuhat liidest). Kõneliideste arvu kasvu taga on ettevõtja
aktiivne tegevus klientide hoidmise ja uute klientide leidmise nimel. Olulist
mõju avaldas liideste arvu kasvule ka komplekslahenduste kasutajate lisandumine,
kuna telefoniühendus on nii kaksik- kui kolmikpakettide komponendiks.
Neljandas kvartalis toodi ettevõtja poolt turule ka uusi lisaväärtusteenuseid.
29. oktoobril avasid Elion ja EMT Eestis esimese legaalse digitaalse muusika
müügikeskkonna, mis sisaldab ca 4 miljonit välismaist ja Eesti artistide lugu
12 000 plaadifirmalt üle maailma. Muusikapood on klientidele kättesaadav
internetiportaalis hot.ee ja EMT mobiilses portaalis SurfPort. Novembris
alustati ka Pildialbumi nimelise teenuse pakkumisega. Tegemist on hot.ee
keskkonna ja Elioni IP-põhise televisiooni lisaväärtusteenusega, mida kasutades
saab laadida oma fotod veebi ja neid sõpradega televiisori vahendusel jagada.
IT-teenuste segmendi müügitulu ulatus 2007. aasta neljandas kvartalis 92 miljoni
kroonini (4. Kvartal 2006: 73 miljonit krooni). IT-teenuste segmendi müügitulude
kasv ilma Võrguteenuse ärivaldkonnata, mis viidi 2006. aastal üle Elion
Ettevõtted AS-i moodustas 2007. aasta neljandas kvartalis 27% võrreldes eelmise
aasta sama perioodiga. Seejuures kasvas IT teenuste müügikäive 32% ja
IT-kaupade müügikäive 21%.
Olulisemad sündmused neljandas kvartalis olid koostöö käivitamine
Symantec'ga andmeturbe ja arhiveerimislahenduste vallas, Schengeni
infosüsteemide edukas reaalkasutusse võtmine (MicroLink Eesti teostas SIS
infrastruktuurilahenduse) ning Tallinna Ruumiregistri majutuse hanke võitmine.
Lisaks valis Maailma juhtiv tarkvarakorporatsioon OpenText MicroLink Eesti oma
Kesk- ja Ida-Euroopa parimaks partneriks. 4. kvartalis teostati ka esimene
Livelinki MicroLinki omamoodulite eksport Leetu. MicroLink Eesti võttis AS
Andmevaralt üle Progressi tarkvara toodete esindamise Eestis. MicroLinkil on
alates 1. detsembrist 2007 õigus müüa OpenEdge, Sonic, Actional, Business
Objects (Crystal Products) ja Tugboat (Roundtable) tooteid.
Eesti Telekom grupi tegevuskulud kahanesid 2007. aasta neljandas kvartalis 2006.
aasta sama perioodiga võrreldes 4%, ulatudes 1004 miljoni kroonini (4. kvartal
2006: 1045 miljonit krooni) .
Mobiilside teenuste segmendi tegevuskulud kasvasid 2006. aasta neljanda
kvartaliga võrreldes 7% ulatudes 638 miljoni kroonini (4. kvartal 2006: 597
miljonit krooni). Tegevuskulude kasv on seotud põhiliselt EMT grupi jae- ja
hulgikaubandusega seotud tegevuskuludega, millised kasvasid ligikaudu samas
mahus müügikäibega. Lisaks jätkus neljandas kvartalis ka kiire palgakulude kasv
võrreldes eelmise aasta sama ajaga, mis on kantud tugevast palgasurvest
majanduses tervikuna.
Lairiba teenuste segmendi tegevuskulud kahanesid neljandas kvartalis 6%,
ulatudes 572 miljoni kroonini (4. kvartal 2006: 606 miljonit krooni). Olulist
mõju kahanemisele avaldas eelpool nimetatud kasutusrendi ümberklassifitseerimine
kapitalirendiks. Elimineerides ümberklassifitseerimise mõju kasvasid
tegevuskulud 11% võrreldes 2006. aasta sama perioodiga. 45% tegevuskulude
kasvust tulenes ühenduste renditeenuste, rahvusvaheliste kõneteenuste ja
riigisiseste sidumisteenuste mahu suurenemisest põhjustatud otsemüügikulude
kasvuga. Teiseks peamiseks tegevuskulude kasvuteguriks olid personalikulud, mis
suurenesid lõppenud kvartalis 16% võrra. Ettevõtja turunduskulud kasvasid just
aasta viimasesse kvartalisse planeeritud väga aktiivsete turundustegevuste
tulemusena 59%.
IT-teenuste segmendi tegevuskulud kasvasid neljandas kvartalis võrreldes eelmise
aasta sama perioodiga 17%, ulatudes 82 miljoni kroonini (4. kvartal 2006: 70
miljonit krooni).
Eesti Telekom grupi ärikasum enne põhivara amortisatsioonikulu ulatus 2007.
aasta neljandas kvartalis 576 miljoni kroonini, mis on 14% enam, kui 2006. aasta
neljandas kvartalis (4. kvartal 2006: 506 miljonit krooni. Mobiilside teenuste
segmendi ärikasum enne põhivara kulumit kahanes neljandas kvartalis 2006. aasta
sama perioodiga võrreldes 14%, mis on põhiliselt seotud ühekordse provisjoniga
summas 62 miljonit krooni. Lairiba teenuste segmendi ärikasum enne põhivara
kulumit oli 2007. aasta neljandas kvartalis 217 miljonit krooni (4. kvartal
2006: 172 miljonit krooni). 26%-lisele kasvule avaldas olulist mõju 2006. aasta
neljandas kvartalis kajastatud kasutusrendi ümberklassifitseerimine
kapitalirendiks.
Grupi ärikasumi enne põhivara kulumit marginaal oli 2007. aasta neljandas
kvartalis 37%, mis on kõrgem 2006. aasta vastava perioodi marginaalist (4.
kvartal 2006: 33%).
Grupi amortisatsioonikulu ulatus 2007. aasta neljandas kvartalis 132 miljoni
kroonini, suurenedes 2006. aasta sama perioodiga võrreldes 7%. Mobiilside
teenuste segmendi amortisatsioonikulu kasvas 2007. aasta neljandas kvartalis
võrreldes 2006. aasta sama perioodiga 8 miljoni krooni võrra. Lairiba teenuste
segmendi kulum on eelmise aasta sama perioodiga võrreldes kasvanud 7%, ulatudes
2007. aasta viimases kvartalis 72 miljoni kroonini (4. kvartal 2006: 67 miljonit
krooni). IT-teenuste segmendi amortisatsioonikulu ulatus 2007. aasta neljandas
kvartalis 6 miljoni kroonini, suurenedes 2006. aasta sama perioodiga võrreldes
19%.
Eesti Telekom grupp teenis neljandas kvartalis ärikasumit 444 miljonit krooni,
mis on 16% enam, kui 2006. aasta neljandas kvartalis (4. kvartal 2006: 383
miljonit krooni). Grupi finantstulud (neto) olid neljandas kvartalis 12 miljonit
krooni, kasvades eelmise aasta sama perioodiga võrreldes 11%.
Eesti Telekom grupi 2007. aasta neljanda kvartali puhaskasum oli 455 miljonit
krooni (4. kvartal 2006: 392 miljonit krooni). Tulu aktsia kohta teeniti 3,28
krooni (4. kvartal 2006: 2,82 krooni).
Eesti Telekom grupi 2007. aasta konsolideeritud müügitulu ulatus 6261 miljoni
kroonini, kasvades 2006. aastaga võrreldes 9% (2006: 5768 miljoni krooni). Enam
kui pool lisandunud müügitulust tuli mobiilside segmendist, kuid olulise panuse
andsid ka nii lairiba teenuste segment, mille kontsernivälised tulud kasvasid
ligi 174 miljoni krooni võrra, kui ka IT-teenuste segment, mille
kontsernivälised tulud kasvasid ligi 58 miljoni krooni võrra.
Grupi tegevuskulud ulatusid 2007. aastal 3947 miljoni kroonini (2006: 3621
miljonit krooni). Tegevuskuludest enamus oli seotud kaubandustegevuse suuremate
mahtudega. Üle kümne protsendi kasvasid tegevuskulud kõikides ärivaldkondades.
2007. aasta konsolideeritud äritegevuse kasum enne põhivara kulumit oli 2336
miljonit krooni (2006: 2195 miljonit krooni). Kulumieelse ärikasumi marginaal
veidi langes, ulatudes 2007. aastal 37,3%-ni (2006: 38,1%). 2007. aasta kulum
oli 496 miljonit krooni (2006: 548 miljonit krooni).
Eesti Telekom grupp teenis lõppenud aastal ärikasumit 1840 miljonit krooni
(2006: 1646 miljonit krooni). Finantstulud (neto) kasvasid aastaga 5 miljoni
krooni võrra ulatudes 46 miljoni kroonini. AS Microlink müüs 1. juulil 2007.
aastal AS MicroLink Eesti aktsiad AS-ile Eesti Telekom. Grupi sisene
realiseerimata kasum aktsiate müügist moodustas 93,7 miljonit krooni.
Eesti Telekom grupp teenis 2007. aastal puhaskasumit 1512 miljonit krooni ehk
10,91 krooni aktsia kohta (2006: 1314 miljonit krooni ehk 9,49 krooni aktsia
kohta).
Bilanss ja rahavood
Eesti Telekom grupi bilansimaht oli 31. detsembri 2007. aasta seisuga 5023
miljonit krooni (31. detsember 2006: 4812 miljonit krooni). Aastaga on 355
miljoni krooni võrra kasvanud grupi põhivara. Põhivara kasv on tulenenud
peamiselt grupi ettevõtete investeeringutest. Käibevara on aastaga vähenenud 144
miljoni krooni võrra, seejuures raha ja raha ekvivalendid ning lühiajalised
finantsinvesteeringud on kahanenud 298 miljoni krooni võrra. Raha ning
lühiajaliste investeeringute vähenemise põhjuseks on 69 miljoni krooni võrra
suurem dividendimakse, dividendidelt tasutud tulumaks ning tehtud
investeeringud.
Grupi omakapital oli 31. detsembri 2007. aasta seisuga 4314 miljonit krooni (31.
detsember 2006: 4113 miljonit krooni). Eesti Telekom grupil oli 31. detsembri
2007. aasta seisuga pikaajalisi kohustusi 25 miljonit krooni (31. detsember
2006: 38 miljonit krooni) ja lühiajalisi võlakohustusi 683 miljonit krooni (31.
detsember 2006: 660 miljonit krooni). Grupi netovõlg oli 2007. aasta lõpus -1087
miljonit krooni ja netovõla suhe omakapitali -25% (31. detsember 2006: -1383
miljonit krooni ja -34%).
Eesti Telekom grupi 2007. aasta äritegevuse rahavoog oli 1899 miljonit krooni
(2006: 1899 miljonit krooni). Grupi rahavoog investeerimistegevusest oli -514
miljonit krooni (2006: -761 miljonit krooni). Aastaga kasvas rahavoog
materiaalse ja immateriaalse põhivara soetamisse, ulatudes lõppenud aastal 863
miljoni kroonini (2006: 750 miljonit krooni).
Mobiilside teenuste segment on 2007. aastal investeerinud 330 miljonit krooni
(2006: 274 miljonit krooni). Mobiilsides oli lisaks pidevale GSM-võrgu
arendusele suureks arenguvaldkonnaks kiiret mobiilset andmesidet toetavate
tehnoloogiate rakendamine. GSM-võrgu baasil töötav EDGE kattis aasta lõpuks 94%
tugijaamadest. 3G võrgu arenduses saavutati märkimisväärne tulemus: kaetud said
kõik Eesti maakonnakeskused. 3G võrgus on alates 2007. a novembrist võimalik
kasutada andmesidekiirusi kuni 7,2 Mbit/s allalaadimisel ja 1,4 Mbit/s
üleslaadimisel. Lisaks suurendati oluliselt võrgu töökindlust: kõik võrgu
keskjaamad pandi tööle ühtse ressursina, kus ühe keskjaama rike ei põhjusta tema
teenindavate tugijaamade väljalangemist ehk ulatuslikku leviakatkestust.
Lairiba teenuste segmendi 2007. aasta 12 kuu investeeringud põhivarasse ulatusid
513 miljoni kroonini (12 kuud 2006: 467 miljonit krooni). Põhiosa
investeeringutest läks jätkuvalt interneti püsiühenduste ning DigiTV
kättesaadavuse parandamisse, võrguressursi arendusse ning mitmeteks
koostööprojektideks kohalike omavalitsustega erinevates Eestimaa paikades
kommunikatsioonivõimaluste parandamiseks. Võrreldes 2006. aastaga investeeriti
oluliselt enam seadmemajutuse teenuse tarbeks ruumide ümberehitusse.
IT-teenuste segment investeeris 2007. aastal 33 miljonit krooni, millest Eesti
Telekomi grupi struktuurimuutuse raames toimunud emaettevõtte AS MicroLink ja
Elion Ettevõtted AS-i ühinemise käigus omandatud AS-i MicroLink kaubamärgid
moodustasid 39%. Ülejäänud investeeringutest läks valdavalt teenuste osutamiseks
vajaliku infrastruktuuri laiendamisele.
Eesti Telekom grupi finantseerimistegevuse rahavoog oli 2007. aastal 1312
miljonit krooni (2006: 1243 miljoni krooni), sellest dividendide maksmiseks
kasutati 1311 miljonit krooni (2006: 1242 miljonit krooni).
AS- Eesti Telekom omanike struktuur
2007. aasta neljanda kvartali jooksul ei ole olulisi muudatusi AS-i Eesti
Telekom aktsionäride struktuuris aset leidnud. Eesti Telekomi enamusomanik,
TeliaSonera AB (läbi Baltic Tele AB), omab jätkuvalt 59,25% ettevõtte
aktsiatest. Eesti riigile kuulub jätkuvalt 24,17% ning Eesti Arengufondile 3,00%
AS-i Eesti Telekom aktsiatest.
13,58% AS-i Eesti Telekom aktsiatest olid 2007. aasta lõpu seisuga vabalt
kaubeldavad. Neist 17,15% oli konverteeritud Londoni Börsil kaubeldavateks
GDR-ideks.
AS-i Eesti Telekom 10 suuremat aktsionäri 31. detsembri 2007. aasta seisuga
olid:
--------------------------------------------------------------------------------
| | Väärtpaberite | Osalus |
| | arv | |
--------------------------------------------------------------------------------
| Baltic Tele AB | 81 738 899 | 59,2506% |
--------------------------------------------------------------------------------
| Rahandusministeerium / Keskriigikassa | 33 346 464 | 24,1721% |
--------------------------------------------------------------------------------
| Eesti Arengufond | 4 138 636 | 3,0000% |
--------------------------------------------------------------------------------
| Deutsche Bank Trust Company (GDR-ide | 3 212 238 | 2,3285% |
| kontod) | | |
--------------------------------------------------------------------------------
| ING Luxembourg S.A. | 1 798 330 | 1,3036% |
--------------------------------------------------------------------------------
| Danske Bank kliendid | 1 417 453 | 1,0275% |
--------------------------------------------------------------------------------
| Skandinaviska Enskilda Banken AB | 1 402 350 | 1,0165% |
| kliendid | | |
--------------------------------------------------------------------------------
| Bank Austria Creditanstalt AG kliendid | 1 202 410 | 0,8716% |
--------------------------------------------------------------------------------
| Morgan Stanley Co International Equity | 1 023 500 | 0,7419% |
| kliendid | | |
--------------------------------------------------------------------------------
| Clearstream Banking Luxembourg kliendid | 633 240 | 0,4590% |
--------------------------------------------------------------------------------
Definitsioonid
Netovõlg - pika- ja lühiajalised intressikandvad laenud ja võlakohustused,
miinus raha ja raha ekvivalendid ning lühiajalised investeeringud
ROA - nelja viimase kvartali puhaskasumi suhe sama perioodi keskmisesse aktivate
arvu
ROE - nelja viimase kvartali maksustamiseelse kasumi suhe sama perioodi
keskmisesse omakapitali
IV KVARTALI KONSOLIDEERITUD KASUMIARUANNE
Tuhandetes kroonides (EEK)
--------------------------------------------------------------------------------
| | IV kvartal | IV kvartal |
| | 2007 | 2006 |
| | | Korrigeeritud |
--------------------------------------------------------------------------------
| Müügitulu | 1 569 617 | 1 554 246 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulud | (926 289) | (926 463) |
--------------------------------------------------------------------------------
| Brutokasum | 643 328 | 627 783 |
--------------------------------------------------------------------------------
| Turustus-, üldhalduskulud ning uurimis- ja | (209 704) | (242 519) |
| arendusväljaminekud | | |
--------------------------------------------------------------------------------
| Muud äritulud | 13 282 | (4 552) |
--------------------------------------------------------------------------------
| Muud ärikulud | (2 676) | 1 899 |
--------------------------------------------------------------------------------
| Ärikasum | 444 230 | 382 611 |
--------------------------------------------------------------------------------
| Finantstulud | 12 485 | 11 151 |
--------------------------------------------------------------------------------
| Finantskulud | (524) | (402) |
--------------------------------------------------------------------------------
| Finantstulud, neto | 11 961 | 10 749 |
--------------------------------------------------------------------------------
| Finantstulud / (-kulud) sidusettevõtjate | (1 390) | (1 424) |
| aktsiatelt ja osadelt, neto | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 454 801 | 391 936 |
--------------------------------------------------------------------------------
| Perioodi puhaskasumi jaotus: | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus kasumis | 453 144 | 389 438 |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis | 1 657 | 2 498 |
--------------------------------------------------------------------------------
| | 454 801 | 391 936 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsia puhaskasum, arvestatud emaettevõtja | | |
| osalusest aruandeperioodi kasumis | | |
| (kroonides) | | |
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia kohta | 3,28 | 2,82 |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia kohta | 3,28 | 2,82 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum enne kulumit | 576 384 | 506 171 |
--------------------------------------------------------------------------------
| Kulum ja väärtuse langus | (132 154) | (123 560) |
--------------------------------------------------------------------------------
AASTA KONSOLIDEERITUD KASUMIARUANNE
Tuhandetes kroonides (EEK)
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Müügitulu | 6 261 002 | 5 767 734 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulud | (3 542 791) | (3 260 113) |
--------------------------------------------------------------------------------
| Brutokasum | 2 718 211 | 2 507 621 |
--------------------------------------------------------------------------------
| Turustus-, üldhalduskulud ning uurimis- | (900 011) | (908 854) |
| ja arendusväljaminekud | | |
--------------------------------------------------------------------------------
| Muud äritulud | 28 114 | 53 011 |
--------------------------------------------------------------------------------
| Muud ärikulud | (6 336) | (5 405) |
--------------------------------------------------------------------------------
| Ärikasum | 1 839 978 | 1 646 373 |
--------------------------------------------------------------------------------
| Finantstulud | 48 626 | 42 768 |
--------------------------------------------------------------------------------
| Finantskulud | (2 342) | (1 950) |
--------------------------------------------------------------------------------
| Finantstulud, neto | 46 284 | 40 818 |
--------------------------------------------------------------------------------
| Finantstulud / (-kulud) | (3 817) | 193 |
| sidusettevõtjate aktsiatelt ja osadelt, | | |
| neto | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | 1 882 445 | 1 687 384 |
--------------------------------------------------------------------------------
| Dividendide tulumaks | (370 897) | (373 377) |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 1 511 548 | 1 314 007 |
--------------------------------------------------------------------------------
| Perioodi puhaskasumi jaotus: | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus kasumis | 1 505 098 | 1 309 443 |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis | 6 450 | 4 564 |
--------------------------------------------------------------------------------
| | 1 511 548 | 1 314 007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsia puhaskasum, arvestatud | | |
| emaettevõtja osalusest aruandeperioodi | | |
| kasumis | | |
| (kroonides) | | |
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia kohta | 10,91 | 9,49 |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia kohta | 10,91 | 9,49 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum enne kulumit | 2 336 260 | 2 194 709 |
--------------------------------------------------------------------------------
| Kulum ja väärtuse langus | (496 282) | (548 336) |
--------------------------------------------------------------------------------
KONSOLIDEERITUD BILANSS
Tuhandetes kroonides (EEK)
--------------------------------------------------------------------------------
| | 31. dets. 2007 | 31. dets. 2006 |
--------------------------------------------------------------------------------
| AKTIVA | | |
--------------------------------------------------------------------------------
| Põhivara | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 2 405 114 | 2 044 595 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 216 011 | 214 046 |
--------------------------------------------------------------------------------
| Investeeringud sidusettevõtjatesse | 13 422 | 17 247 |
--------------------------------------------------------------------------------
| Mitmesugused pikaajalised nõuded | 115 618 | 119 139 |
--------------------------------------------------------------------------------
| Põhivara kokku | 2 750 165 | 2 395 027 |
--------------------------------------------------------------------------------
| Käbevara | | |
--------------------------------------------------------------------------------
| Varud | 180 695 | 142 692 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu ja muud | 999 258 | 884 212 |
| lühiajalised nõuded | | |
--------------------------------------------------------------------------------
| Lühiajalised finantsinvesteeringud | 694 040 | 1 064 859 |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | 396 778 | 324 405 |
--------------------------------------------------------------------------------
| Kokku | 2 270 771 | 2 416 168 |
--------------------------------------------------------------------------------
| Müügiootel põhivara | 1 732 | 771 |
--------------------------------------------------------------------------------
| Käibevara kokku | 2 272 503 | 2 416 939 |
--------------------------------------------------------------------------------
| AKTIVA KOKKU | 5 022 668 | 4 811 966 |
--------------------------------------------------------------------------------
| OMAKAPITAL JA KOHUSTUSED | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus omakapitalis | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 1 379 545 | 1 379 545 |
--------------------------------------------------------------------------------
| Reservid | 356 018 | 356 018 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | 137 955 | 137 955 |
--------------------------------------------------------------------------------
| Eelmiste perioodide jaotamata kasum | 924 263 | 925 388 |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 1 505 098 | 1 309 443 |
--------------------------------------------------------------------------------
| Emaettevõtja osalus omakapitalis kokku | 4 302 879 | 4 108 349 |
--------------------------------------------------------------------------------
| Vähemusosa | 11 480 | 5 030 |
--------------------------------------------------------------------------------
| Omakapital kokku | 4 314 359 | 4 113 379 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | |
--------------------------------------------------------------------------------
| Intressikandvad laenud ja | 1 343 | 3 124 |
| võlakohustused | | |
--------------------------------------------------------------------------------
| Pensionikohustused | 3 239 | 7 912 |
--------------------------------------------------------------------------------
| Eraldised | 20 673 | 22 124 |
--------------------------------------------------------------------------------
| Intressi mittekandvad võlakohustused | - | 5 152 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 25 255 | 38 312 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | |
--------------------------------------------------------------------------------
| Võlad tarnijatele ja muud lühiajalised | 670 989 | 651 365 |
| kohustused | | |
--------------------------------------------------------------------------------
| Intressikandvad laenud ja | 2 778 | 2 742 |
| võlakohustused | | |
--------------------------------------------------------------------------------
| Pensionikohustused | 4 814 | 865 |
--------------------------------------------------------------------------------
| Eraldised | 4 473 | 5 303 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 683 054 | 660 275 |
--------------------------------------------------------------------------------
| Kohustused kokku | 708 309 | 698 587 |
--------------------------------------------------------------------------------
| OMAKAPITAL JA KOHUSTUSED KOKKU | 5 022 668 | 4 811 966 |
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
Tuhandetes kroonides (EEK)
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Rahavoog äritegevusest | | |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | 1 511 548 | 1 314 007 |
--------------------------------------------------------------------------------
| Korrigeerimised: | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja väärtuse langus | 496 282 | 548 336 |
--------------------------------------------------------------------------------
| (Kasum) / kahjum põhivara müügist | (3 154) | (34 545) |
--------------------------------------------------------------------------------
| Neto (tulud) / kulud sidusettevõtjatelt | 3 817 | (193) |
--------------------------------------------------------------------------------
| Eraldised | (2 811) | 20 150 |
--------------------------------------------------------------------------------
| (Finantstulud) / kulud | 6 296 | 17 496 |
--------------------------------------------------------------------------------
| Dividendide tulumaks | - | 4 |
--------------------------------------------------------------------------------
| Muud mitterahalised korrigeerimised | (8 930) | (6 728) |
--------------------------------------------------------------------------------
| Rahavoog äritegevusest enne käibekapitali | 2 003 048 | 1 858 527 |
| muutusi | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud nõuete ja ettemaksete | (79 800) | 43 537 |
| muutus | | |
--------------------------------------------------------------------------------
| Varude muutus | (38 043) | (55 782) |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste ja | 13 714 | 52 232 |
| ettemaksete muutus | | |
--------------------------------------------------------------------------------
| Käibekapitali muutus | (104 129) | 39 987 |
--------------------------------------------------------------------------------
| Rahavoog äritegevusest kokku | 1 898 919 | 1 898 514 |
--------------------------------------------------------------------------------
| Rahavood investeerimistegevusest | | |
--------------------------------------------------------------------------------
| Materiaalse ning immateriaalse põhivara | (862 510) | (749 876) |
| soetamine | | |
--------------------------------------------------------------------------------
| Materiaalse ja immateriaalse põhivara müük | 14 768 | 49 599 |
--------------------------------------------------------------------------------
| Aktsiate, osakute soetamine | - | (111 691) |
--------------------------------------------------------------------------------
| Lühiajaliste finantsinvesteeringute | 369 746 | 177 785 |
| muutus, neto | | |
--------------------------------------------------------------------------------
| Muude pikaajaliste nõuete muutus, neto | (36 073) | (130 548) |
--------------------------------------------------------------------------------
| Sidusettevõtjatele antud laenude | - | 4 100 |
| tagasimaksed | | |
--------------------------------------------------------------------------------
| Rahavoog investeerimistegevusest kokku | (514 069) | (760 631) |
--------------------------------------------------------------------------------
| Rahavood enne finantseerimistegevust | 1 384 850 | 1 137 883 |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest | | |
--------------------------------------------------------------------------------
| Saadud mittekonverteeritavad | 188 | - |
| võlakohustused | | |
--------------------------------------------------------------------------------
| Kapitalirendi põhiosa tagasimaksed | (1 819) | (1 704) |
--------------------------------------------------------------------------------
| Makstud dividendid | (1 310 568) | (1 241 591) |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest kokku | (1 312 199) | (1 243 295) |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalentide muutus | 72 651 | (105 412) |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid aasta alguses | 324 405 | 430 393 |
--------------------------------------------------------------------------------
| Raha ja rahaekvivalentide muutus | 72 651 | (105 412) |
--------------------------------------------------------------------------------
| Valuutakursi muutuste mõju | (278) | (576) |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid perioodi lõpus | 396 778 | 324 405 |
--------------------------------------------------------------------------------
Pealkiri
Consolidated Interim Report of AS Eesti Telekom for the IV Quarter and whole 2007 year
Teade
Consolidated Interim Report of AS Eesti Telekom for the IV Quarter and whole
2007 year
SIGNIFICANT FINANCIAL INDICATORS
Eesti Telekom Group
--------------------------------------------------------------------------------
| | Q4 | Q4 | Change | 12 | 12 | Change, |
| | 2007 | 2006 | , % | mos. | mos. | % |
| | | | | 2007 | 2006 | |
--------------------------------------------------------------------------------
| Total revenues, | 1,570 | 1,554 | 1.0 | 6,261 | 5,768 | 8.6 |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 576 | 506 | 13.9 | 2,336 | 2,195 | 6.4 |
--------------------------------------------------------------------------------
| Margin, % | 36.7 | 32.6 | | 37.3 | 38.1 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 444 | 383 | 16.1 | 1,840 | 1,646 | 11.8 |
--------------------------------------------------------------------------------
| Margin, % | 28.3 | 24.6 | | 29.4 | 28.5 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 455 | 392 | 16.0 | 1,882 | 1,687 | 11.6 |
--------------------------------------------------------------------------------
| Net profit for the | 455 | 392 | 16.0 | 1,512 | 1,314 | 15.0 |
| period, million EEK | | | | | | |
--------------------------------------------------------------------------------
| EPS, EEK | 3.28 | 2.82 | 16.4 | 10.91 | 9.49 | 14.9 |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 351 | 219 | 60.3 | 863 | 771 | 11.9 |
--------------------------------------------------------------------------------
| Net gearing, % | -25.2 | -33.6 | | | | |
--------------------------------------------------------------------------------
| ROA, % | 31.6 | 28.6 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 46.5 | 43.1 | | | | |
--------------------------------------------------------------------------------
In connection with changes in the structure of the Eesti Telekom Group, as of 1
July 2007, the significant financial indicators of the Telekom Group are
recognized by the following business spheres: the mobile communications service
segment (EMT brand), broadband services segment (Elion brand) and IT services
segment (MicroLink brand).
Mobile communications segment
--------------------------------------------------------------------------------
| | Q4 | Q4 | Change | 12 | 12 | Change, |
| | 2007 | 2006 | , % | mos. | mos. | % |
| | | | | 2007 | 2006 | |
--------------------------------------------------------------------------------
| Total revenues, | 990 | 942 | 5.1 | 3,904 | 3,502 | 11.5 |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 293 | 340 | -14.0 | 1,387 | 1,346 | 3.1 |
--------------------------------------------------------------------------------
| Margin, % | 29.6 | 36.1 | | 35.5 | 38.4 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 235 | 290 | -19.0 | 1,169 | 1,102 | 6.1 |
--------------------------------------------------------------------------------
| Margin, % | 23.7 | 30.8 | | 30.0 | 31.5 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 239 | 294 | -18.6 | 1,185 | 1,115 | 6.3 |
--------------------------------------------------------------------------------
| Net profit for the | 239 | 294 | -18.6 | 935 | 861 | 8.6 |
| period, million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 133 | 115 | 15.7 | 330 | 274 | 20.4 |
--------------------------------------------------------------------------------
| ROA, % | 46.9 | 46.9 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 79.6 | 78.2 | | | | |
--------------------------------------------------------------------------------
Broadband services segment
--------------------------------------------------------------------------------
| | Q4 | Q4 | Change | 12 | 12 | Change, |
| | 2007 | 2006 | , % | mos. | mos. | % |
| | | | | 2007 | 2006 | |
--------------------------------------------------------------------------------
| Total revenues, | 781 | 779 | 0.2 | 2,984 | 2,748 | 8.6 |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 217 | 172 | 25.8 | 885 | 858 | 3.2 |
--------------------------------------------------------------------------------
| Margin, % | 27.8 | 22.1 | | 29.7 | 31.2 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 145 | 106 | 37.7 | 630 | 574 | 9.7 |
--------------------------------------------------------------------------------
| Margin, % | 18.6 | 13.6 | | 21.1 | 20.9 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 146 | 104 | 40.1 | 720 | 572 | 25.9 |
--------------------------------------------------------------------------------
| Net profit for the | 146 | 104 | 40.1 | 599 | 453 | 32.4 |
| period, million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 215 | 90 | 138.3 | 513 | 467 | 9.8 |
--------------------------------------------------------------------------------
| ROA, % | 23.4 | 19.8 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 38.3 | 30.9 | | | | |
--------------------------------------------------------------------------------
IT services segment
--------------------------------------------------------------------------------
| | Q4 | Q4 | Change | 12 | 12 | Change, |
| | 2007 | 2006 | , % | mos. | mos. | % |
| | | | | 2007 | 2006 | |
--------------------------------------------------------------------------------
| Total revenues, | 92 | 73 | 26.5 | 365 | 280 | 30.4 |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 10 | 13 | -20.2 | 24 | 27 | -13.0 |
--------------------------------------------------------------------------------
| Margin, % | 11.0 | 17.4 | | 6.5 | 9.7 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 4 | 7 | -49.0 | 2 | 12 | -86.8 |
--------------------------------------------------------------------------------
| Margin, % | 4.0 | 10.0 | | 0.4 | 4.4 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 4 | 9 | -61.5 | 8 | 23 | -67.2 |
--------------------------------------------------------------------------------
| Net profit for the | 4 | 9 | -61.5 | 8 | 23 | -67.2 |
| period, million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 3 | 14 | -79.3 | 33 | 30 | 7.9 |
--------------------------------------------------------------------------------
| ROA, % | 2.6 | 5.0 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 3.6 | 5.9 | | | | |
--------------------------------------------------------------------------------
CHAIRMAN'S STATEMENT
Sales revenues, operating costs, and profit
The 2007 fourth quarter results of Eesti Telekom Group corresponded to the
expectations of the Management Board. The Group's sales revenues in the last
quarter of 2007 reached 1,570 million EEK (4th quarter 2006: 1,554 million EEK).
The following circumstances affected the fourth quarter results:
Pursuant to the decision of the Communications Board dated 21 March 2006, the
fee for voice call termination on mobile networks (interconnection fee) for AS
EMT, Elisa Eesti AS and Tele2 Eesti AS for the period from 1 July 2006 to 30
June 2007 was fixed at 2.05 EEK per minute and, pursuant to the decisions of the
Communications Board dated 20 June and 22 June 2007, was fixed at 1.66 EEK for
the period from 1 July 2007 to 30 June 2008. Since Elisa Eesti AS and Tele2
Eesti AS disputed the decisions in court and the validity of the given
legislative act was suspended in the course of initial legal protection, the
interconnection fees remained at 2.50 EEK until 5 November 2007. On 5 November
2007, the ruling of the Tallinn Circuit Court came into force, whereby the
initial legal protection was cancelled and all three mobile operators were
obligated to apply interconnection fees of 1.66 EEK as of that date. The court
disputes of Elisa Eesti AS and Tele2 with the Communications Board are
continuing, and AS EMT is participating in the dispute as a third party.
Based on the above-mentioned circumstances EMT made one-time provision in the
sum of 62 million EEK to cover the possible retroactive claims. The impact of
possible retroactive claims on consolidated profit of Eesti Telekom Group has
been eliminated since Elion Enterprises has submitted the corresponding claims
to three mobile operators in the sum that exceeds the EMT's provision.
At the recommendation of the auditors, during the preparation of the 2006 annual
report part of the transactions of the broadband services segment were
reclassified from operational leasing to financial leasing. The aforementioned
reclassification was recognized retrospectively in the fourth quarter of 2006,
as a result of which sales revenues increased by 9%, costs increased by 20%, and
investments decreased 56%.
The consolidated turnover of the mobile communications services segment reached
990 million EEK, increasing 5% compared to the fourth quarter of 2006 (4th
quarter 2006: 942 million EEK). The main portion
of the supplemental revenues was earned from the Group's principal fields of
activity. The revenue of the parent Group's parent company, AS EMT, increased by
5% compared to the fourth quarter of 2006 reaching
782 million EEK. The increase of revenues in the principal activities was caused
primarily by an increase in the number of call minutes initiated from and
completed in the EMT network and the growth of mobile data communications.
The AS EMT client base at the end of 2007 included 6 thousand more client than
at the end of 2006, reaching 765 thousand active SIM cards (December 2006: 759
thousand cards). Compared to a year ago, the number of contractual clients has
increased by 36 thousand, reaching 469 thousand at the end of 2007, while the
number of active users of pre-paid cards decreased during the year by 30
thousand to 296 thousand at the end of the year. The customer acquisition
campaign conducted at the end of 2007 to find new users of pre-paid cards was
not as aggressive as last year. EMT assesses its market share of active SIM
cards as 48%. The estimated penetration of active cards in Estonia is 119%.
The number of call minutes initiated by EMT clients in the fourth quarter of
2007, which had the greatest effect on the increase of revenues, grew by 4%
compared to the same period of 2006. The modest increase in initiated call
minutes is caused by the free calls offered to the users of the Rate.Mobiil
service at the end of 2006. A similar campaign offer of free calls did not take
place in the last quarter of 2007. Interconnection fees were affected by a drop
in interconnection prices in the fourth quarter.
Very rapid growth continued to be demonstrated by AS EMT mobile Internet
revenues. In the fourth quarter of this year, the revenues for mobile data
communications exceeded the revenues for the same period in 2006 by more than
50%. At the same time, the volume of data transmitted increased almost
nine-fold. The number of AS EMT mobile data communications users in December
2007 was 161 thousand, which is 51 thousand more than the year before. The
increase in popularity of mobile data communications is caused, on the one hand,
by the introduction of new data communication packages based on monthly fees in
the summer of 2007, and on the other hand, by the dynamic expansion of 3G
coverage area, which provide clients with quality and high-speed data
communications at conveniently controllable prices. By the end of 2007, 3G
coverage existed in all the county seats of Estonia, and many other towns and
their environs. The rapid development, especially in the private segment, has
been generated by the EMT Internet start-up package, which includes a free
high-speed 3.5G modem for loyal customers who signed up for the EMT Internet 399
package. This provides the client with an opportunity to use the 3G network
with the largest coverage area in Estonia and provides Internet connections with
speeds approaching those of ADSL. Secondly, the number of mobile Internet users
has been positively affected by the establishment of a price ceiling of 9 EEK
per day for the use of EMT SurfPort. This has made using the Internet on their
mobile phones affordable for many customers. In the fourth quarter, EMT doubled
the downloading speed to 7.2 Mbits per second, which increases the volume of the
network as well as the speeds provided to users. EMT also introduced faster
uploading of data in the 3.5G network (so-called HSUPA), which increases speeds
for senders of heavy e-mails threefold to 1.4 Mbits per second.
A regulation applies to AS EMT, as it does to other mobile operators in the
European Community, which specifies that as of September 2007 the rate per
minute for outgoing calls made within the borders of the European Community
cannot exceed the maximum price established by the European Community.
Therefore, the revenue from roaming clients has decreased by a third.
The revenues for the mobile communications services segment from retailing and
wholesaling telecommunications merchandise increased in the fourth quarter of
2007, compared to the same period in 2006, due primarily to increased mobile
phone sales volumes.
In the fourth quarter, the sales revenues of the broadband services segment
reached 781 million EEK
(4th quarter 2006: 779 million EEK). Integrated
solutions and the rental of connections showed the greatest revenue increase,
44% and 69% respectively. As opposed to previous quarters, the revenues from
call connections increased by 4.5% in the last quarter of the year, primarily as
a result of the growth of domestic call transit and international calls
initiated from the mobile network. The tempo of growth for the retail sales of
Elion Group telecommunications and IT merchandise slowed in the fourth quarter
to 3% as result of the general cooling of the Estonian economy. In November,
Elion Enterprises realized 7.5 million EEK from real estate, which resulted in a
41% increase of other revenues.
Similarly to previous quarters, the trend in connection fees for broadband
services is continuing, whereby the clients are replacing individual services
with service packages. In the last quarter, the number of Elion triple package
users increased by 8,750, reaching 53.5 thousand as of 31 December (31 December
2006:
25.5 thousand). By the end of the year, the total number of Elion IP and
cable television clients reached
58 thousand.
The popularity of the triple package has been significantly enhanced by the
offering of supplemental services. The remote video rental service that was
introduced to the market in the first half of 2007 has proved to be very popular
among clients due to the convenience and simplicity of its use. As a result of a
successful remote video rental campaign the number of rental increased to a
record-breaking 4,700 times per 24 hours in November. As of October, in
cooperation with the Estonian Conference Center and SEB Eesti Ühispank, Elion is
providing free lectures from Estonia's top conferences via DigiTV remote video
rental. The goal of the service is make educational subject services available
to as many people as possible.
In the fourth quarter, the total number of Elion clients with permanent
connections increased by 6,300 connections to 163 thousand by the end of 2007
(31 December 2006: 141 thousand). The company assesses its market share of
private clients with permanent connections to be 56%.
Based on the significant increase in the volume and ratio of revenues of
integrated solutions, the revenues from monthly fees for call connections and
Internet connections fell by 11% and 13% respectively.
In the fourth quarter, the call revenues in the broadband services segment
increased by 4.5% compared to the same period in 2006. The growth of revenues
resulted primarily from the growth of domestic call transit and the volume of
international calls initiated from the mobile network. At the same time, the
revenues received from end consumers for domestic call services continued to
increase in the last quarter. Compared with the same period in 2006, the
revenues earned from domestic call services decreased by 10% due to a reduction
in minute volumes.
Elion Enterprises assesses its market share for call minutes initiated in the
fixed network to be 81% (December 2006: 83%). The market share for local call
minutes is 83% (December 2006: 85%), 64% for international call minutes
(December 2006: 65%) and 72% for call minutes made to mobile phones (December
2006: 70%).
By the end of 2007, the number of Elion call interfaces reached 487 thousand
interfaces (31 December 2006: 463 thousand interfaces). The number of call
interfaces has increased as result of active campaigning to keep clients and
find new ones. Significant impact on the number of interfaces was manifested by
the additional users of integrated solutions, since phone connections are a
component of double and triple packages.
The company also introduced new added-value services to the market in the fourth
quarter. On October 29th, Elion and EMT opened the first legal sales environment
for digital music in Estonia, which comprises about
4 million foreign and
Estonian artists from 12,000 record companies around the world. The music store
is available on the Internet portal hot.ee and SurfPort, EMT's mobile portal.
The provision of the Picture Album service was started in November. This is an
added-value service provided by hot.ee and Elion IP-based television, which can
be used to load photos onto the web in order to share them with friends through
TV.
Sales revenues for the IT services segment reached 92 million EEK in the fourth
quarter of 2007 (4th quarter 2006: 73 million EEK). In the fourth quarter of
2007, the sales revenues of the IT services segment, without the network
services sphere that was transferred to Elion Enterprises in 2006, increased by
27% compared to the same period last year. Whereas the sales turnover of IT
services increased by 32% and of IT merchandise by 21%.
The significant events in the fourth quarter were the start up of cooperation
with Symnatec in the field of data security and archiving solutions, the
successful implementation of the Schengen information system (MicroLink
Eesti executed the SIS infrastructure solution), and winning the tender for the
hosting of the
Tallinn Space Register. In addition, OpenText, the world's leading software
corporation, chose MicroLink Eesti as its best partner in Central and Eastern
Europe. In the fourth quarter, MicroLink's first LiveLink module was exported to
Lithuania. MicroLink Eesti took over the representation of Progress software in
Estonia from AS Andmevara. Since December 1, 2007, MicroLink has the right to
sell OpenEdge, Sonic, Actional, Business Objects (Crystal Products) and Tugboat
(Roundtable) products.
The operating costs of the Eesti Telekom Group decreased in the fourth quarter
of 2007 by 4% compared to the same period in 2006, reaching 1,004 million EEK
(4th quarter 2006: 1,045 million EEK).
The operating costs in the mobile communications services segment increased by
7% compared to the fourth quarter of 2006 reaching 638 million EEK (4th quarter
2006: 597 million EEK). The increase in operating costs is connected basically
to the costs related to the retail and wholesale trade of the EMT Group, which
increased in approximately the same volume as sales turnover. In addition, the
rapid increase in salary costs compared to the same time last year continued in
the fourth quarter, which was sustained by strong pressure on salaries in the
economy as a whole.
The operating costs of the broadband services segment decreased in the fourth
quarter by 6% reaching
572 million EEK (4th quarter 2006: 606 million EEK). A
significant influence on the decrease was manifested by the aforementioned
reclassification of operating leasing as financial leasing. After eliminating
the effect of the reclassification, the operating costs increased by 11%
compared to the same period in 2006. Forty-five percent of the increase in
operating costs resulted from the growth of direct sales costs related to the
increase of connection rental services, international call services and domestic
interconnection services. The other primary growth factor for operating costs
was personnel costs, which increased by 16% in the last quarter. The company's
marketing costs increased 59% as a result of very dynamic marketing activities
planned for the last quarter of the year.
The operating costs in the IT services segment increased in the fourth quarter
by 17% compared to the same period last year, reaching 82 million EEK (4th
quarter 2006: 70 million EEK).
The Eesti Telekom Group EBITDA reached 576 million EEK in the fourth quarter of
2007, which is 14% more than in the fourth quarter of 2006 (4th quarter 2006:
506 million EEK). The mobile communications services segment EBITDA decreased by
14% in the last quarter compared to the same period in 2006, which was
essentially related to a one-time provision totaling 62 million EEK. The EBITDA
of the broadband services segment was 217 million EEK in the fourth quarter of
2007 (4th quarter 2006: 172 million EEK. The 26% growth was significantly
affected by the reclassification of operating leasing as capital leasing
recognized in the fourth quarter of 2006.
The Group's EBITDA margin in the fourth quarter of 2007 was 37%, which was
higher than the margin for the corresponding period in 2006 (4th quarter 2006:
33%).
In the fourth quarter of 2007, the Group's depreciation cost reached 132 million
EEK, increasing by 7% compared to the same period in 2006. The depreciation
costs for the mobile communications services segment increased by 8 million EEK
in the fourth quarter of 2007 compared to the same period in 2006. In the last
quarter of 2007, the depreciation costs for the broadband services segment
increased by 7% during the year, reaching 72 million EEK (4th quarter 2006: 67
million EEK). The depreciation costs for the IT services segment reached 6
million EEK in the fourth quarter of 2007, increasing by 19% compared to the
same period in 2006.
In the fourth quarter, the Eesti Telekom Group earned EBIT of 444 million EEK,
which is 16% more than in the fourth quarter of 2006 (4th quarter 2006: 383
million EEK). The Group's (net) financial revenues in the fourth quarter were 12
million EEK, increasing by 11% compared to the same period last year.
In the fourth quarter of 2007, the Eesti Telekom Group earned a net profit of
455 million EEK (4th quarter 2006: 392 million EEK). The profit per share was
3.28 EEK (4th quarter 2006: 2.82 EEK).
The consolidated sales revenues of the Eesti Telekom Group for 2007 reached
6,261 million EEK, increasing by 9% compared to 2006 (2006: 5,768 million EEK).
More than half the additional sales revenues came from the mobile communications
segment, although a significant contribution was made by both the broadband
services segment, for which the revenues from outside the concern increased by
almost
174 million EEK, and the IT services segment, for which the revenues
from outside the concern increased by almost 58 million EEK.
The Group's operating costs in 2007 were 3,947 million EEK (2006: 3,621 million
EEK). The majority of the operating costs were related to the greater volumes of
trading activities. The operating costs in all fields of activity increased by
more than ten percent.
The consolidated EBITDA for 2007 was 2,336 million EEK (2006: 2,195 million
EEK). The EBITDA margin decreased slightly, reaching 37.3% in 2007 (2006:
38.1%). Depreciation in 2007 totaled 496 million EEK (2006: 548 million EEK).
In the last year, the Group earned EBIT of 1,840 million EEK (2006: 1,646
million EEK). (Net) financial revenues increased by 5 million EEK reaching 46
million EEK. On 1 July 2007, AS MicroLink sold its shares in AS MicroLink Eesti
to AS Eesti Telekom. The Group's internal unrealized profit from the sale of the
shares was 93.7 million EEK.
In 2007, the Eesti Telekom Group earned a net profit of 1,512 million EEK or
10.91 EEK per share (2006: 1,314 million EEK or 9.49 EEK per share.
Balance sheet and cash flows
As of 31 December 2007, the Eesti Telekom Group balance sheet was 5,023 million
EEK (31 December 2006: 4,812 million EEK). The fixed assets of the Group have
increased by 355 million EEK during the year. The increase in fixed assets
resulted primarily from the investments made by the Group's companies. Current
assets have decreased by 144 million EEK during the year, whereas cash and cash
equivalents, as well as short-term financial investments, have decreased by 298
million EEK. The reason for the reduction in cash and short-term investments is
a larger dividend payment by 69 million EEK, income taxed paid on dividends, and
investments.
As of 31 December 2007, the Group's equity totaled 4,314 million EEK (31
December 2006: 4,113 million EEK). As of 31 December 2007, the Eesti Telekom
Group has long-term obligations of 25 million EEK
(31 December 2006: 38 million
EEK) and short-term debt obligations of 683 million EEK (31 December 2006: 660
million EEK). The Group's net debt at the end of 2007 was -1087 million EEK and
the net debt to equity ratio was -25% (31 December 2006: -1,383 million EEK and
-34%).
The 2007 cash flow from operations for the Eesti Telekom Group was 1,899 million
EEK (2006:
1,899 million EEK). The Group's cash flow from investments was -514
million EEK (2006: -761 million EEK). Cash flow for the acquisition of tangible
and intangible fixed assets increased during the year, reaching 863 million EEK
in the last year (2006: 750 million EEK).
In 2007, the mobile communications segment has made investments of 330 million
EEK (2006: 274 million EEK). In mobile communications, in addition to the
continual development of the GSM network, a large development sphere was the
application of technologies that support high-speed mobile data communications.
By the end of the year, EDGE, which operates based on the GSM network, covered
94% of base stations.
A noteworthy result was achieved in the development of the 3G network - all of
Estonia's county seats were covered. Since November 2007, it has been able to
use data communications speeds of up to 7.2 Mbits per second for downloading and
1.4 Mbits per second for uploading in the 3G network. In addition, the
reliability
of the network increased significantly - all the exchanges of the network were
put into operation as a single resource, so that a failure of one exchange will
not cause the base station serving it to fail or cause a widespread disruption
of service.
In the broadband services segment in 2007, the 12-month investments into fixed
assets (excluding MicroLink Eesti) reached 513 million EEK (12 months of 2006:
467 million EEK). The main portion of the investments continued to go into
improving permanent Internet connections and the availability of DigiTV, into
the development of network resources, and several cooperation projects with
local governments in various places in Estonia to improve communications
possibilities. Compared to 2006, significantly more was invested into
reconstruction space for the use of equipment hosting services.
In 2007, the IT services segment invested 33 million EEK, of which 39% comprise
the acquisition of the
AS MicroLink trademarks by the parent company during the
course of the merger between AS MicroLink and Elion Enterprises that took place
within the framework of structural changes made in the Eesti Telekom Group. The
remaining investments were made predominantly for the expansion of
infrastructure necessary for the provision of services.
The Eesti Telekom Group cash flow from financing activities in 2007 was 1,312
million EEK (2006:
1,243 million EEK), of which 1,311 million EEK was used to
pay dividends (2006: 1,242 million EEK).
Ownership structure of AS Eesti Telekom
In the fourth quarter of 2007, no significant changes occurred in the
shareholder structure of AS Eesti Telekom. TeliaSonera AB, the major shareholder
of Eesti Telekom (through Baltic Tele AB), continues to own 59.25% of the
company's shares. The Estonian state continues to own 24.17% and Estonian
Development Fund 3.00% of AS Eesti Telekom shares.
At the end of 2007, 13.58% of AS Eesti Telekom shares are freely traded. Of
these, 17.15% were converted into GDRs traded on the London Stock Exchange.
As of 31 December 2007, the largest shareholders of AS Eesti Telekom were:
--------------------------------------------------------------------------------
| | Number of securities | Participation |
--------------------------------------------------------------------------------
| Baltic Tele AB | 81,738,899 | 59.2506% |
--------------------------------------------------------------------------------
| Ministry of Finance / State | 33,346,464 | 24.1721% |
| Treasury | | |
--------------------------------------------------------------------------------
| Estonian Development Fund | 4,138,636 | 3.0000% |
--------------------------------------------------------------------------------
| Deutsche Bank Trust Company (GDR | 3,212,238 | 2.3285% |
| accounts) | | |
--------------------------------------------------------------------------------
| ING Luxembourg S.A. | 1,798,330 | 1.3036% |
--------------------------------------------------------------------------------
| Danske Bank clients | 1,417,453 | 1.0275% |
--------------------------------------------------------------------------------
| Skandinaviska Enskilda Banken AB | 1,402,350 | 1.0165% |
| clients | | |
--------------------------------------------------------------------------------
| Bank Austria Creditanstalt AG | 1,202,410 | 0.8716% |
| clients | | |
--------------------------------------------------------------------------------
| Morgan Stanley Co International | 1,023,500 | 0.7419% |
| Equity clients | | |
--------------------------------------------------------------------------------
| Clearstream Banking Luxembourg | 633,240 | 0.4590% |
| clients | | |
--------------------------------------------------------------------------------
Definitions
Net debt - Long- and short-term interest-bearing borrowings, less cash and cash
equivalents and short-term investments
ROA -Net profit for the last four quarters divided by the average total assets
for the same period
ROE - Pre-tax profit for last four quarters divided by the average equity for
the same period
IV QUARTER CONSOLIDATED INCOME STATEMENT
In thousand of Estonian kroons (EEK)
--------------------------------------------------------------------------------
| | IV Quarter | IV Quarter |
| | 2007 | 2006 |
| | | Restated |
--------------------------------------------------------------------------------
| Net sales | 1,569,617 | 1,554,246 |
--------------------------------------------------------------------------------
| Cost of production | (926,289) | (926,463) |
--------------------------------------------------------------------------------
| Gross profit | 643,328 | 627,783 |
--------------------------------------------------------------------------------
| Sales, administrative, and research & | (209,704) | (242,519) |
| development expenses | | |
--------------------------------------------------------------------------------
| Other operating revenues | 13,282 | (4,552) |
--------------------------------------------------------------------------------
| Other operating expenses | (2,676) | 1,899 |
--------------------------------------------------------------------------------
| Operating profit | 444,230 | 382,611 |
--------------------------------------------------------------------------------
| Finance income | 12,485 | 11,151 |
--------------------------------------------------------------------------------
| Finance costs | (524) | (402) |
--------------------------------------------------------------------------------
| Finance income, net | 11,961 | 10,749 |
--------------------------------------------------------------------------------
| Net income / (expenses) from associated | (1,390) | (1,424) |
| companies | | |
--------------------------------------------------------------------------------
| Net profit for the period | 454,801 | 391,936 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 453,144 | 389,438 |
--------------------------------------------------------------------------------
| Minority interest | 1,657 | 2,498 |
--------------------------------------------------------------------------------
| | 454,801 | 391,936 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for profit | | |
| attributable to the equity holders of | | |
| the parent during the reporting period | | |
| (expressed in EEK) | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 3.28 | 2.82 |
--------------------------------------------------------------------------------
| Diluted earnings per share | 3.28 | 2.82 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 576,384 | 506,171 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | (132,154) | (123,560) |
| write-downs | | |
--------------------------------------------------------------------------------
YEAR CONSOLIDATED INCOME STATEMENT
In thousand of Estonian kroons (EEK)
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Net sales | 6,261,002 | 5,767,734 |
--------------------------------------------------------------------------------
| Cost of production | (3,542,791) | (3,260,113) |
--------------------------------------------------------------------------------
| Gross profit | 2,718,211 | 2,507,621 |
--------------------------------------------------------------------------------
| Sales, administrative, and research & | (900,011) | (908,854) |
| development expenses | | |
--------------------------------------------------------------------------------
| Other operating revenues | 28,114 | 53,011 |
--------------------------------------------------------------------------------
| Other operating expenses | (6,336) | (5,405) |
--------------------------------------------------------------------------------
| Operating profit | 1,839,978 | 1,646,373 |
--------------------------------------------------------------------------------
| Finance income | 48,626 | 42,768 |
--------------------------------------------------------------------------------
| Finance costs | (2,342) | (1,950) |
--------------------------------------------------------------------------------
| Finance income, net | 46,284 | 40,818 |
--------------------------------------------------------------------------------
| Net income / (expenses) from associated | (3,817) | 193 |
| companies | | |
--------------------------------------------------------------------------------
| Profit before tax | 1,882,445 | 1,687,384 |
--------------------------------------------------------------------------------
| Income tax on dividends | (370,897) | (373,377) |
--------------------------------------------------------------------------------
| Net profit for the period | 1,511,548 | 1,314,007 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 1,505,098 | 1,309,443 |
--------------------------------------------------------------------------------
| Minority interest | 6,450 | 4,564 |
--------------------------------------------------------------------------------
| | 1,511,548 | 1,314,007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for profit attributable | | |
| to the equity holders of the parent during | | |
| the reporting period (expressed in EEK) | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 10.91 | 9.49 |
--------------------------------------------------------------------------------
| Diluted earnings per share | 10.91 | 9.49 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 2,336,260 | 2,194,709 |
--------------------------------------------------------------------------------
| Depreciation, amortization and write-downs | (496,282) | (548,336) |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
In thousand of Estonian kroons (EEK)
--------------------------------------------------------------------------------
| | 31 December | 31 December |
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 2,405,114 | 2,044,595 |
--------------------------------------------------------------------------------
| Intangible fixed assets | 216,011 | 214,046 |
--------------------------------------------------------------------------------
| Investments in associates | 13,422 | 17,247 |
--------------------------------------------------------------------------------
| Other financial fixed assets | 115,618 | 119,139 |
--------------------------------------------------------------------------------
| Total non-current assets | 2,750,165 | 2,395,027 |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Inventories | 180,695 | 142,692 |
--------------------------------------------------------------------------------
| Trade and other receivables | 999,258 | 884,212 |
--------------------------------------------------------------------------------
| Short-term investments | 694,040 | 1,064,859 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 396,778 | 324,405 |
--------------------------------------------------------------------------------
| Total | 2,270,771 | 2,416,168 |
--------------------------------------------------------------------------------
| Assets classified as held-for-sale | 1,732 | 771 |
--------------------------------------------------------------------------------
| Total current assets | 2,272,503 | 2,416,939 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 5,022,668 | 4,811,966 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Capital and reserves attributable to | | |
| equity holders of the parent | | |
--------------------------------------------------------------------------------
| Share capital | 1,379,545 | 1,379,545 |
--------------------------------------------------------------------------------
| Share premium | 356,018 | 356,018 |
--------------------------------------------------------------------------------
| Statutory legal reserve | 137,955 | 137,955 |
--------------------------------------------------------------------------------
| Retained earnings | 924,263 | 925,388 |
--------------------------------------------------------------------------------
| Net profit for the period | 1,505,098 | 1,309,443 |
--------------------------------------------------------------------------------
| Total capital and reserves attributable | 4,302,879 | 4,108,349 |
| to equity holders of the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 11,480 | 5,030 |
--------------------------------------------------------------------------------
| Total equity | 4,314,359 | 4,113,379 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 1,343 | 3,124 |
--------------------------------------------------------------------------------
| Retirement benefit obligations | 3,239 | 7,912 |
--------------------------------------------------------------------------------
| Provisions | 20,673 | 22,124 |
--------------------------------------------------------------------------------
| Non-interest bearing liabilities | - | 5,152 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 25,255 | 38,312 |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Trade and other payables | 670,989 | 651,365 |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 2,778 | 2,742 |
--------------------------------------------------------------------------------
| Retirement benefit obligations | 4,814 | 865 |
--------------------------------------------------------------------------------
| Provisions | 4,473 | 5,303 |
--------------------------------------------------------------------------------
| Total current liabilities | 683,054 | 660,275 |
--------------------------------------------------------------------------------
| Total liabilities | 708,309 | 698,587 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 5,022,668 | 4,811,966 |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
In thousand of Estonian kroons (EEK)
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Operating activities | | |
--------------------------------------------------------------------------------
| Net profit for the period | 1,511,548 | 1,314,007 |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and impairment | 496,282 | 548,336 |
| of fixed and intangible assets | | |
--------------------------------------------------------------------------------
| (Profit) / loss from sales and discards | (3,154) | (34,545) |
| of fixed assets | | |
--------------------------------------------------------------------------------
| Net (income) / expenses from associated | 3,817 | (193) |
| companies | | |
--------------------------------------------------------------------------------
| Provisions | (2,811) | 20,150 |
--------------------------------------------------------------------------------
| Financial items | 6,296 | 17,496 |
--------------------------------------------------------------------------------
| Income tax on dividends | - | 4 |
--------------------------------------------------------------------------------
| Miscellaneous non-cash items | (8,930) | (6,728) |
--------------------------------------------------------------------------------
| Cash flow before change in working | 2,003,048 | 1,858,527 |
| capital | | |
--------------------------------------------------------------------------------
| Change in current receivables | (79,800) | 43,537 |
--------------------------------------------------------------------------------
| Change in inventories | (38,043) | (55,782) |
--------------------------------------------------------------------------------
| Change in current liabilities | 13,714 | 52,232 |
--------------------------------------------------------------------------------
| Change in working capital | (104,129) | 39,987 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | 1,898,919 | 1,898,514 |
--------------------------------------------------------------------------------
| Investing activities | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | (862,510) | (749,876) |
| acquired | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | 14,768 | 49,599 |
| divested | | |
--------------------------------------------------------------------------------
| Shares, participations and operations | - | (111,691) |
| acquired | | |
--------------------------------------------------------------------------------
| Net change in interest-receivables short | 369,746 | 177,785 |
| maturities | | |
--------------------------------------------------------------------------------
| Net cash changes of other long-term | (36,073) | (130,548) |
| receivables | | |
--------------------------------------------------------------------------------
| Repayments of loans granted to associates | - | 4,100 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | (514,069) | (760,631) |
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| Cash flow before financing activities | 1,384,850 | 1,137,883 |
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| Financing activities | | |
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| Proceeds from non-convertible debts | 188 | - |
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| Repayment of finance lease liabilities | (1,819) | (1,704) |
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| Dividends paid | (1,310,568) | (1,241,591) |
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| Cash flow used in financing activities | (1,312,199) | (1,243,295) |
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| Cash flow for the year | 72,651 | (105,412) |
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| | | |
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| Cash and cash equivalents at beginning of | 324,405 | 430,393 |
| year | | |
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| Cash flow for the year | 72,651 | (105,412) |
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| Effect of foreign exchange rate changes | (278) | (576) |
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| Cash and cash equivalents at end of | 396,778 | 324,405 |
| period | | |
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