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05.02.2009 09:00:00
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AS-i Eesti Telekom 2008. aasta ning sama aasta IV kvartali konsolideeritud vahearuanne, EUR
Teade
TEGEVUSE VAHEARUANNE
ÜLDINFO
Eesti Telekom Grupi, mille emaettevõtja on AS Eesti Telekom
(registreerimisnumber 10234957; aadress:
Valge 16, 19095 Tallinn), peamiseks
tegevusalaks on telekommunikatsiooniteenuste osutamine.
AS-i Eesti Telekom aktsiad on alates 1999. aastast noteeritud Tallinna ja
Londoni väärtpaberibörsidel (OMX: ETLAT / LSE: EETD).
Muudatused Eesti Telekom Grupi struktuuris
AS MicroLink Eesti omandas oktoobris 2008.a. enamusosaluse IT Koolituskeskuse
OÜ-s. Koolitusfirma omamine annab MicroLinkile võimaluse kvaliteetse koolitus-
ja konsultatsiooniteenuste pakkumiseks nii klientidele kui ka erinevate
koostööprojektide partneritele kõigis kolmes Balti riigis.
AS-i Eesti Telekom omanike struktuur
2008. aasta neljanda kvartali jooksul ei ole olulisi muudatusi AS-i Eesti
Telekom suuraktsionäride struktuuris aset leidnud. AS-i Eesti Telekom
enamusosanik, TeliaSonera AB (läbi Baltic Tele AB), omab jätkuvalt 60,12%
ettevõtte aktsiatest.
Neljanda kvartali lõpu seisuga oli vabalt kaubeldavate aktsiate osakaal 12,71%
aktsiate koguarvust. Neist 12,91% oli konverteeritud Londoni Börsil
kaubeldavateks GDR-ideks.
AS-i Eesti Telekom 10 suuremat aktsionäri 31. detsembri 2008. aasta seisuga
olid:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31. detsember 2008 |
--------------------------------------------------------------------------------
| | Väärtpaberite arv | Osalus |
--------------------------------------------------------------------------------
| | Muutus |
| | võrreldes 30. |
| | september 2008 |
--------------------------------------------------------------------------------
| Baltic Tele AB | 82 936 299 | 60,12% | 0 |
--------------------------------------------------------------------------------
| Rahandusministeerium | 33 346 464 | 24,17% | 0 |
--------------------------------------------------------------------------------
| Eesti Arengufond | 4 138 636 | 3,00% | 0 |
--------------------------------------------------------------------------------
| SEB kliendid | 2 864 734 | 2,08% | 1 477 025 |
--------------------------------------------------------------------------------
| Deutsche Bank (GDR-ide kontod) | 2 264 220 | 1,64% | -767 577 |
--------------------------------------------------------------------------------
| ING Luxembourg S.A. | 2 055 783 | 1,49% | 40 000 |
--------------------------------------------------------------------------------
| Clearstream Banking Luxembourg | 584 976 | 0,42% | -26 860 |
| S.A. kliendid | | | |
--------------------------------------------------------------------------------
| UniCredit Bank Austria AG | 496 386 | 0,36% | -224 984 |
--------------------------------------------------------------------------------
| Mellon Treaty Omnibus | 392 152 | 0,28% | 0 |
--------------------------------------------------------------------------------
| State Street Bank and Trust | 335 945 | 0,24% | 335 945 |
| Omnibus Account | | | |
--------------------------------------------------------------------------------
AS-i Eesti Telekom aktsia
AS-i Eesti Telekom aktsia hind langes 2008. aasta neljandas kvartalis 38,10%.
Aktsia hind kvartali alguses oli 6,30 eurot ning kvartali lõpus 3,90 eurot.
Kõrgeim ja madalaim aktsia hind aruandeperioodi jooksul olid vastavalt 6,50
eurot ning 3,84 eurot. Aruandeperioodi käibeks kujunes 21 miljonit eurot.
AS-i Eesti Telekom aktsia hind on 2008. aasta neljandas kvartalis liikunud
kõrgematel tasemetel kui OMX Tallinn indeks ja OMX Baltic 10 kaubeldavama aktsia
indeks.
ÄRITEGEVUS
Juhatuse kommentaar: 2008. aasta neljanda kvartali tulemused olid ootuspärased.
Ka aasta lõikes võib tulemustega rahule jääda, kuna võrreldes eelmise aastaga
kasvas põhivara kulumieelne ärikasum. Aasta lõikes on turuosad olnud stabiilsed
ning nii mobiilside lepinguliste klientide arv, mobiilsete andmeside ühenduste
arv, kolmikpakettide arv kui ka DigiTV klientide arv on hästi kasvanud.
Olulisemad finantsnäitajad
Eesti Telekom Grupp
--------------------------------------------------------------------------------
| | IV kv. | IV | Muutus | 12 | 12 | Muutus |
| | 2008 | kv. | , % | kuud | kuud | , % |
| | | 2007 | | 2008 | 2007 | |
--------------------------------------------------------------------------------
| Müügitulu, mln EUR | 100,5 | 100,3 | 0,2 | 395,6 | 400,2 | -1,1 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 33,9 | 36,8 | -7,9 | 150,1 | 149,3 | 0,5 |
| kulumit, mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 33,8 | 36,7 | | 37,9 | 37,3 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EUR | 24,7 | 28,4 | -12,9 | 113,3 | 117,6 | -3,7 |
--------------------------------------------------------------------------------
| Marginaal, % | 24,6 | 28,3 | | 28,6 | 29,4 | |
--------------------------------------------------------------------------------
| Kasum enne | 25,6 | 29,1 | -12,1 | 116,6 | 120,3 | -3,1 |
| tulumaksustamist, mln | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, mln | 25,5 | 29,1 | -12,1 | 91,9 | 96,6 | -4,8 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Baasaktsiakasum, EUR | 0,18 | 0,21 | -11,9 | 0,66 | 0,70 | -4,7 |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 18,0 | 22,4 | -20,0 | 48,2 | 55,1 | -12,5 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Netovõla suhe | -19,9 | -25,2 | | | | |
| omakapitali, % | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 29,7 | 31,7 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 44,6 | 46,8 | | | | |
--------------------------------------------------------------------------------
Mobiilside teenuste segment
--------------------------------------------------------------------------------
| | IV kv. | IV | Muutus, | 12 | 12 | Muutus, |
| | 2008 | kv. | % | kuud | kuud | % |
| | | 2007 | | 2008 | 2007 | |
--------------------------------------------------------------------------------
| Müügitulu, mln EUR | 57,8 | 63,3 | -8,7 | 235,3 | 249,5 | -5,7 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 21,6 | 18,7 | 15,4 | 90,4 | 88,7 | 1,9 |
| kulumit, mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 37,4 | 29,6 | | 38,4 | 35,5 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EUR | 17,8 | 15,0 | 18,1 | 74,1 | 74,7 | -0,9 |
--------------------------------------------------------------------------------
| Marginaal, % | 30,7 | 23,7 | | 31,5 | 30,0 | |
--------------------------------------------------------------------------------
| Kasum enne | 18,3 | 15,3 | 20,1 | 75,8 | 75,7 | 0,2 |
| tulumaksustamist, mln | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, | 18,3 | 15,3 | 20,1 | 61,7 | 59,8 | 3,2 |
| mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 6,3 | 8,5 | -25,5 | 19,0 | 21,1 | -9,9 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 45,8 | 46,8 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 76,0 | 80,6 | | | | |
--------------------------------------------------------------------------------
Lairiba teenuste segment
--------------------------------------------------------------------------------
| | IV kv. | IV | Muutus | 12 | 12 | Muutus, |
| | 2008 | kv. | , % | kuud | kuud | % |
| | | 2007 | | 2008 | 2007 | |
--------------------------------------------------------------------------------
| Müügitulu, mln EUR | 52,8 | 49,9 | 5,8 | 209,6 | 190,7 | 9,9 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 12,0 | 13,6 | -11,8 | 59,3 | 56,3 | 5,3 |
| kulumit, mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 22,8 | 27,3 | | 28,3 | 29,6 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EUR | 7,1 | 9,3 | -23,9 | 40,5 | 40,2 | 0,6 |
--------------------------------------------------------------------------------
| Marginaal, % | 13,4 | 18,6 | | 19,3 | 21,1 | |
--------------------------------------------------------------------------------
| Kasum enne | 7,0 | 9,3 | -25,3 | 40,4 | 46,0 | -12,2 |
| tulumaksustamist, mln | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, | 7,0 | 9,3 | -25,3 | 31,9 | 38,3 | -16,7 |
| mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 10,6 | 13,7 | -23,0 | 27,3 | 32,8 | -16,6 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | 18,6 | 22,6 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 31,6 | 37,2 | | | | |
--------------------------------------------------------------------------------
IT-teenuste segment
--------------------------------------------------------------------------------
| | IV kv. | IV | Muutus, | 12 | 12 | Muutus, |
| | 2008 | kv. | % | kuud | kuud | % |
| | | 2007 | | 2008 | 2007 | |
--------------------------------------------------------------------------------
| Müügitulu, mln EUR | 8,4 | 5,9 | 43,3 | 23,7 | 23,4 | 1,6 |
--------------------------------------------------------------------------------
| Ärikasum enne põhivara | 0,5 | 0,6 | -22,2 | 1,3 | 1,5 | -12,9 |
| kulumit, mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Marginaal, % | 5,9 | 11,0 | | 5,6 | 6,5 | |
--------------------------------------------------------------------------------
| Ärikasum, mln EUR | 0,1 | 0,2 | -58,2 | -0,3 | 0,1 | N/A |
--------------------------------------------------------------------------------
| Marginaal, % | 1,2 | 4,0 | | -1,1 | 0,4 | |
--------------------------------------------------------------------------------
| Kasum enne | 0,1 | 0,2 | -57,5 | -0,3 | 0,5 | N/A |
| tulumaksustamist, mln | | | | | | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Perioodi puhaskasum, | 0,1 | 0,2 | -62,7 | -0,3 | 0,5 | N/A |
| mln EUR | | | | | | |
--------------------------------------------------------------------------------
| Kapitalimahutused, mln | 1,1 | 0,2 | N/A | 1,9 | 2,1 | -7,6 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| ROA, % | -4,2 | 2,5 | | | | |
--------------------------------------------------------------------------------
| ROE, % | -9,9 | 3,5 | | | | |
--------------------------------------------------------------------------------
Müügitulud, tegevuskulud ja kasum
Eesti Telekom Grupi 2008. aasta neljanda kvartali tulemused vastasid juhatuse
ootustele. Grupi müügitulu
kasvas võrreldes eelmise aasta sama perioodiga 0,2%
ulatudes 2008. aasta neljandas kvartalis 100,5 miljoni euroni (4. kvartal 2007:
100,3 miljonit eurot). Tagasihoidlik müügitulu kasv oli peamiselt mõjutatud
sidumistasude alanemisest (perioodiks 01.07.2008-30.06.2009 fikseeriti riikliku
regulaatori poolt mobiiltelefonivõrkudes sidumistasuks 0,09 eurot endise 0,11
eurot asemel) ning telekommunikatsiooni- ja
IT-kaupade müügist saadavate tulude
vähenemisest.
Mobiilside teenuste segmendi 2008. aasta neljanda kvartali konsolideeritud käive
ulatus 57,8 miljoni euroni, kahanedes 2007. aasta neljanda kvartaliga võrreldes
9% (4. kvartal 2007: 63,3 miljonit eurot). Kogutulude languse taga oli
sidumishindade langusest tingitud sidumistulude vähenemine, mida kompenseeris
osaliselt võrku sisenevate kõneminutite arvu mõningane kasv, mobiilse andmeside
kasv ja allhanketeenuste mahu kasv. Lisaks on neljandas kvartalis võrreldes
aastataguse ajaga vähenenud telekommunikatsioonikaupade jae- ja hulgimüügist
saadavad tulud, mis on tingitud tarbijakäitumise muutusest tarbimisel.
AS-i EMT kliendibaas oli 2008. aasta lõpus 14 tuhande võrra suurem võrreldes
aasta varasemaga, ulatudes
779 tuhande aktiivse SIM-kaardini (detsember 2007:
765 tuhat kaarti). Võrreldes aastatagusega on lepinguliste klientide arv
kasvanud 18 tuhande võrra, ulatudes 2008. aasta lõpu seisuga 487 tuhandeni,
samal ajal kui aktiivsete ettemaksega kaartide kasutajate arv on vähenenud
aastaga üle nelja tuhande võrra, jäädes 2008. aasta lõpuks 292 tuhande tasemele.
EMT hindab oma turuosa aktiivsete SIM-kaartide põhjal stabiilseks, 47%-le.
Hinnanguline aktiivsete kaartide penetratsioon Eestis on 121%. EMT klientide
poolt algatatud kõneminutite arvu kasv jäi 1% tasemele võrreldes 2007. aasta
viimase kvartaliga.
Vastavalt Sideameti otsustele fikseeriti AS EMT-le, Elisa Eesti AS-ile ja Tele2
Eesti AS-ile perioodiks 01.07.2006-30.06.2007 mobiiltelefonivõrkudes häälkõne
lõpetamise tasuks (sidumistasuks) 0,13 eurot minut ning perioodiks
01.07.2007-30.06.2008 sidumistasuks 0,11 eurot. 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, 0,16 eurot minut tasemel. 05.11.2007.a.
jõustus Tallinna Ringkonnakohtu määrus, millega esialgne õiguskaitse tühistati
ning nimetatud kuupäevast kohustusid kõik kolm mobiilioperaatorit rakendama
sidumishinda tasemel 0,11 eurot. Tele2-e kohtuvaidlus Konkurentsiametiga lõppes
detsembri lõpul viimase kasuks. Elisa Eesti AS-i kohtuvaidlus jätkub, AS EMT
osaleb selles kolmanda isikuna. Perioodiks 01.07.2008-30.06.2009 kehtestas
Sideameti õigusjärglane Konkurentsiamet AS-ile EMT, Elisa Eesti AS-ile ja Tele2
Eesti AS-ile oma mobiiltelefonivõrkudes häälkõne lõpetamise tasuks 0,09 eurot
minut.
05.12.2008 a. tegi Konkurentsiamet teatavaks uue turuanalüüsi tulemused, mille
kohaselt kavandatakse tunnistada olulise turujõuga ettevõtjaks oma
mobiiltelefonivõrgus häälkõne lõpetamise turul lisaks AS-ile EMT, Elisa Eesti
AS-ile ja Tele2 Eesti AS-ile ka ProGroup Holding OÜ. Otsuse kavandi kohaselt
kohustatakse viidatud ettevõtjaid hinnakontrolli kohustuse raames rakendama
järgmise kolme aasta jooksul benchmark´il põhinevat Euroopa riikide keskmist
sidumistasu, mis teeb alates 01.07.2009.a. rakendatavaks maksimaalseks tariifiks
0,09 eurot minut.
Mobiilsest internetist saadavad tulud näitasid jätkuvalt kiiret kasvu. 2008.
aasta viimases kvartalis ületasid
AS EMT mobiilse andmeside tulud 2007. aasta
sama perioodi tulusid ligi kolmandiku võrra. Samal ajal mitmekordistus edastatud
andmemaht. AS-i EMT mobiilse andmeside kasutajate arv oli 2008. aasta detsembris
168 tuhat, mis on aastatagusega võrreldes 7 tuhande kasutaja võrra enam.
Mobiilse andmeside populaarsuse kasvu on tinginud 3G leviala kiire laienemine.
Enamus andmeside kasutusest tehakse täna juba 3G võrgus, mis võimaldab
klientidel kasutada kvaliteetset ja kiiret ADSLi lähedase kiirusega
internetiühendust mugavamalt kontrollitavate kuludega. Kuna EMT-l töötab ainsana
Eestis EDGE andmeside kogu GSM levialas, siis uued tugijaamade investeeringud
olid aasta viimastel kuudel suunatud põhiliselt 3G välis- ja siselevi
laiendamiseks linnades. Samas endiselt jätkus pidev GSM võrgu täiustamine.
AS EMT, nagu ka teiste Euroopa Ühenduse mobiilioperaatorite suhtes, kehtib
Euroopa Parlamendi ja Nõukogu määrus, mille kohaselt alates 2007. aasta
septembrikuust ei tohi Euroopa Ühenduse piires tehtavate ning vastuvõetavate
kõnede minutitariifid ületada määrusega kehtestatud piirhindu. Lisaks jõustusid
kolmandas kvartalis rändlusteenuse allahindluslepingud, mis vähendavad
roaming-tasusid nii tuludes kui kuludes. Seetõttu on aasta kokkuvõttes ligi 13%
langenud roaming-klientidelt saadav tulu.
Lairiba teenuste segmendi müügitulud kasvasid neljandas kvartalis võrreldes
eelmise aasta sama perioodiga 6%, ulatudes 52,8 miljoni euroni (4. kvartal 2007:
49,9 miljonit eurot). Enim kasvasid tulud rahvusvaheliste sidumisteenuste ja
allhanketeenuste müügist, mis suurenesid vastavalt 105% ja 53% võrra.
Rahvusvaheliste sidumisteenuste tulude kasv tulenes peamiselt rahvusvaheliste
sisenevate kõnede minutimahu olulisest suurenemisest. Ka allhanketeenuste
müügitulu kasv oli seotud minutimahu kasvuga ning vahendatavate allteenuste mahu
suurenemisega. Samas langesid lõpp-klientidelt teenitavad kõneteenuste tulud
minutimahu vähenemise tõttu 11% võrra.
Tulenevalt komplekslahenduste mahu ja tulude osakaalu olulisest kasvust langesid
kõneühenduste ja internetiühenduste kuutasude tulud lõppenud kvartalis vastavalt
11% ja 13% võrra. Samas ületab komplekslahenduste müügist teenitud tulu
nimetatud languse märkimisväärselt. Lairiba teenuste segmendi tulud
kompleksteenuste ühendustasudest suurenesid neljandas kvartalis 51% võrra.
Lisaks suurenesid grupi muud äritulud tasuta saadud võrkude ümberhindamise
tulemusena 0,3 miljoni euro võrra.
Elioni interneti püsiühenduse klientide koguarv kasvas neljandas kvartalis 3500
ühenduse võrra, ulatudes detsembri lõpuks 175,4 tuhandeni (31. detsember 2007:
163,1 tuhat). Ettevõtja hinnangul Elioni turuosa eraklientide püsiühenduse
põhjal ei muutunud, olles jätkuvalt 54%.
Aktiivsete turunduskampaaniate tulemusena kasvas Elioni kolmikpakettide
kasutajate arv kvartaliga 5800 võrra, ulatudes 31. detsembri seisuga 76,1
tuhandeni (31. detsember 2007: 53,5 tuhat). Neljanda kvartali lõpuks oli Elionil
82,5 tuhat IP- ja kaabeltelevisiooni klienti (31. detsember 2007: 57,7 tuhat).
Elioni hinnangul suurenes ettevõtja turuosa Eesti kaabelleviturul aasta lõpuks
26%-ni (31.detsember 2007: 19%), mis annab nimetatud turul absoluutväärtuses
suurima kasvu 2008. aastal.
Detsembris allkirjastas Elion MTÜ-ga Balti Autorite ja Leviliit lepingu, millega
tagatakse klientidele 10 vene telekanali, sealhulgas kohaliku elanikkonna seas
populaarseima kanali Pervõi Baltiiski Kanal edastusõigused Elioni DigiTV-s.
Alates detsembri keskpaigast pakub Elion esimesena Eestis oma internetipõhises
digiTV-s uue sisuteenusena ajaviitemänge. Mänge on võimalik tellida igaüht
eraldi või teemapaketina. 2009.aasta esimese kolme kuu jooksul toob Elion turule
kolm mängude teemapaketti - väikelastele, suurematele lastele ja vanemale
sihtrühmale.
Neljanda kvartali lõpuks ulatus Elioni aktiivsete kõneliideste arv 469 tuhandeni
(31. detsember 2007: 482 tuhat liidest), püsides aasta jooksul stabiilselt samal
tasemel.
Elion hindab oma turuosa fikseeritud võrgus algatatud kõneminutitest
80,5%-liseks (detsember 2007: 81%). Turuosa kohalike kõnede minutitest on 82%
(detsember 2007: 83%), rahvusvaheliste kõnede minutitest 66% (detsember 2007:
64%) ning mobiiltelefonidele tehtavate kõnede minutitest 71% (detsember 2007:
72%).
Detsembris otsustas Riigikohus mitte menetleda Tele2 Eesti AS
kassatsioonikaebust mobiiliosakute hinnakontrolli kehtestamise kohta. Otsusest
tulenevalt uuendas Elion oma nõuet Tele2 Eesti AS-le perioodil 2006-2007.aasta
enammakstud sidumistasude tagasimaksmiseks kogusummas 2,2 miljonit eurot.
Lähtudes 2007.aasta kuluandmetest ja Konkurentsiameti nõuetest alandas Elion
alates 1. detsembrist 2008 vaskpaari rendi ja valitud vaskpaari rendi kuutasu
keskmiselt 0,19 euro võrra ning lairiba juurdepääsu tasusid sõltuvalt kiirusest
9-16% võrra. Hinnamuudatused ei oma olulist majanduslikku mõju Elioni
tulemustele.
Eesti majanduse üldise jaemüügi aeglustumise tulemusena kahanes Elion grupi
telekommunikatsiooni- ja
IT-kaupade jaemüük neljandas kvartalis möödunud
aastaga võrreldes 18% võrra.
IT-teenuste segmendi 2008. aasta neljanda kvartali andmed sisaldavad oktoobris
2008 omandatud
IT Koolituskeskuse OÜ grupi ettevõtete konsolideeritud andmeid.
IT-teenuste segmendi müügitulu ulatus 2008. aasta neljandas kvartalis 8,4
miljoni euroni (4. kvartal 2007:
5,9 miljonit eurot). Võrreldes eelmise aasta
sama perioodiga suurenes müügitulu 43%, seejuures IT teenuste (sh. IT koolitus)
osas kasvas müügitulu 6% ja IT-kaupade osas 89% võrra.
Infrastruktuurilahenduste müügikäive oli neljandas kvartalis oluliselt suurem
kui eelmisel aasta samal perioodil (4,3 miljonit eurot vs 2,3 miljonit eurot).
Põhjuseks on Tiigrihüppe projekt. Nimetatud projekti raames tarniti rohkem kui
neljale tuhandele kooliõpetajale HP toodetud sülearvutid. Tehingu maht oli kokku
2,2 miljonit eurot.
Projektiäris lõpetati neljandas kvartalis tööd e-tervise digiretsepti ning
Statistikaameti KUNDE infosüsteemi edasiarenduse projektides. Jätkuvad tööd
Eesti Posti dokumendihalduse, Põhja-Eesti Regionaalhaigla identiteedi halduse
ning Ergo Kindlustuse arhiveerimislahenduse projektides.
Püsiteenuste valdkonnas võitis AS MicroLink Eesti neljandas kvartalis kolm
Sotsiaalministeeriumi poolt korraldatud infosüsteemide majutuse hanget. Nende
hangete raames majutab ja haldab MicroLink Eesti Sotsiaalkindlustusameti
infosüsteemi, töötuna ja tööotsijana arvel olevate isikute ja tööturuteenuste
osutamise registrit ning ravimikäsitlejate registrit.
Eesti Telekom Grupi tegevuskulud suurenesid 2008. aasta neljandas kvartalis
2007. aasta sama perioodiga võrreldes 5%, ulatudes 67,1 miljoni euroni (4.
kvartal 2007: 64,2 miljonit eurot).
Mobiilside teenuste segmendi tegevuskulud vähenesid eelmise aasta viimase
kvartaliga võrreldes 11%, ulatudes 36,3 miljoni euroni (4. kvartal 2007: 40,8
miljonit eurot). Enim on vähenenud sidumishindade langusest tingitud
sidumiskulud. Samuti on vähenenud jae- ja hulgikaubandusega seotud tegevuskulud,
mis on kooskõlas kaubanduse müügikäibe langusega.
Lairiba teenuste segmendi tegevuskulud kasvasid lõppenud kvartalis 2007. aasta
sama perioodiga võrreldes 12%, ulatudes 41,1 miljoni euroni (4. kvartal 2007:
36,8 miljonit eurot). Tegevuskulude kasvust 45% tulenes otseselt teenuste
müügimahu suurenemisest põhjustatud otsemüügikulude kasvust. 37% kulude kasvust
(1,7 miljonit eurot) oli seotud efektiivsusprojektide ning võrguressursi ja
teenuste kvaliteedi parendamiseks tehtud muude ühekordsete kulutustega.
Kolmandaks peamiseks tegevuskulude kasvuteguriks olid personalikulud, mis
suurenesid eelmise aastaga võrreldes 9%. Ligi pool personalikulude kasvust (0,3
miljonit eurot) oli samuti ühekordset laadi ning seotud efektiivsusprojektidega
ja tööde ümberkorraldamisega.
IT-teenuste segmendi tegevuskulud kasvasid neljandas kvartalis võrreldes eelmise
aasta sama perioodiga 51%, ulatudes 7,9 miljoni euroni (4. kvartal 2007: 5,3
miljonit eurot). Kvartali tegevuskulusid mõjutas
IT Koolituskeskuse
konsolideerimisega kaasnenud kulude lisandumine, eraldiseisva ettevõttena
kasvasid AS MicroLink Eesti tegevuskulud 9%.
Eesti Telekom Grupi kulumieelne ärikasum vähenes 2008. aasta neljandas kvartalis
8%, ulatudes
33,9 miljoni euroni (4. kvartal 2007: 36,8 miljonit eurot). Grupi
kulumieelse ärikasumi marginaal oli 2008. aasta neljandas kvartalis 34%, mis on
veidi madalam 2007. aasta vastava perioodi marginaalist. Mobiilside teenuste
segmendi ärikasum enne põhivara kulumit oli 2008. aasta neljandas kvartalis 21,6
miljonit eurot, suurenedes eelmise aasta sama perioodiga võrreldes 15% võrra (4.
kvartal 2007: 18,7 miljonit eurot) seoses telekommunikatsioonioperaatorite
vahelise sidumishindade langusega ja madalama kasumlikkusega kaubanduse
osatähtsuse vähenemisega. Samal ajal oli 2007. aasta neljanda kvartali
mobiilside teenuste segmendi kasumi marginaal negatiivselt mõjutatud ühekordsest
provisjonist summas 4,0 miljonit eurot. Lairiba teenuste segmendi kulumieelne
ärikasum vähenes 2008. aasta neljandas kvartalis eelmise aasta sama perioodiga
võrreldes 12% võrra, ulatudes 12,0 miljoni euroni (4. kvartal 2007: 13,6
miljonit eurot) seoses efektiivsusprojektide ühekordsete kuludega. IT-teenuste
segmendi ärikasum enne põhivara kulumit oli 2008. aasta neljandas kvartalis 0,5
miljonit eurot (4. kvartal 2007: 0,6 miljonit eurot).
Grupi amortisatsioonikulu ulatus 2008. aasta neljandas kvartalis 9,2 miljoni
euroni, suurenedes 2007. aasta sama perioodiga võrreldes 9% (4. kvartal 2007:
8,4 miljonit eurot). Mobiilside teenuste segmendi amortisatsioonikulu kasvas
2008. aasta neljandas kvartalis võrreldes 2007. aasta sama perioodiga 0,2
miljoni euro võrra (4. kvartal 2007: 3,7 miljonit eurot). Lairiba teenuste
segmendi kulum on eelmise aasta sama perioodiga võrreldes kasvanud 0,6 miljoni
euro võrra ulatudes 5,0 miljoni euroni (4. kvartal 2007:
4,3 miljonit eurot).
IT-teenuste segmendi amortisatsioonikulu ulatus 2008. aasta neljandas kvartalis
0,4 miljoni euroni, vähenedes 2007. aasta sama perioodiga võrreldes 1%.
Eesti Telekom Grupp teenis neljandas kvartalis ärikasumit 24,7 miljonit eurot,
kahanedes eelmise aasta sama perioodiga võrreldes 13% (4. kvartal 2007: 28,4
miljonit eurot). Eesti Telekom Grupp teenis neljandas kvartalis
maksustamiseelset kasumit 25,6 miljonit eurot (4. kvartal 2007: 29,1 miljonit
eurot).
Eesti Telekom Grupi 2008. aasta neljanda kvartali puhaskasum oli 25,5 miljonit
eurot (4. kvartal 2007:
29,1 miljonit eurot). Tulu aktsia kohta teeniti 0,18
eurot (4. kvartal 2007: 0,21 eurot).
Eesti Telekom grupi 2008. aasta konsolideeritud müügitulu ulatus 395,6 miljoni
euroni, kahanedes
2007. aastaga võrreldes 1% (2007: 400,2 miljonit eurot).
Oluliselt kasvas 2008. aastal lairiba teenuste segmendi müügitulu ulatudes
209,6 miljoni euroni (2007. aasta: 190,7 miljonit eurot). Mobiilside teenuste
segmendi müügitulu oli 2008. aastal 235,3 miljonit eurot (2007. aasta: 249,5
miljonit eurot). IT-teenuste segmendi müügitulud kasvasid aastaga 2% ning
ulatusid 23,7 miljoni euroni (2007. aasta: 23,4 miljonit eurot).
Grupi tegevuskulud ulatusid 2008. aastal 247,0 miljoni euroni vähenedes eelmise
aastaga võrreldes 2% võrra (2007: 252,2 miljonit eurot).
2008. aasta konsolideeritud kulumieelne ärikasum moodustas 150,1 miljonit eurot
kasvades eelmise aastaga võrreldes 1% (2007: 149,3 miljonit eurot). Kulumieelse
ärikasumi marginaal veidi tõusis, ulatudes 2008. aastal 37,9%-ni (2007: 37,3%).
2008. aasta kulum oli 36,8 miljonit eurot (2007: 31,7 miljonit eurot).
Eesti Telekom grupp teenis lõppenud aastal ärikasumit 113,3 miljonit eurot
(2007: 117,6 miljonit eurot).
AS Microlink müüs 1. juulil 2007. aastal AS
MicroLink Eesti aktsiad AS-ile Eesti Telekom. Grupi sisene realiseerimata kasum
aktsiate müügist moodustas 6,0 miljonit eurot.
Eesti Telekom grupp teenis 2008. aastal puhaskasumit 91,9 miljonit eurot ehk
0,66 eurot aktsia kohta (2007: 96,6 miljonit eurot ehk 0,70 eurot aktsia kohta).
Bilanss ja rahavood
Eesti Telekom Grupi bilansimaht oli 31. detsembri 2008. aasta seisuga 319,6
miljonit eurot (31. detsember 2007: 321,0 miljonit eurot). Aasta algusega
võrreldes on 11,4 miljoni euro võrra kasvanud põhivara, mille jääk aasta lõpus
ulatus 187,1 miljoni euroni (31. detsember 2007: 175,7 miljonit eurot). Grupi
käibevara on aastaga kahanenud 12,8 miljoni euro võrra, ulatudes detsembrikuu
lõpus 132,5 miljoni euroni (31. detsember 2007: 145,3 miljonit eurot). Raha ja
raha ekvivalentide ning lühiajaliste finantsinvesteeringute jääk on kahanenud
14,6 miljoni euro võrra ja seda seoses juunikuus väljamakstud dividendidega ja
juulikuus tasutud dividendide tulumaksuga.
Eesti Telekom Grupi omakapital oli 31. detsembri 2008. aasta seisuga 274,6
miljonit eurot, mis on 1,1 miljonit eurot vähem kui 2007. aasta lõpus (31.
detsember 2007: 275,7 miljonit eurot). Omakapital on vähenenud seoses
dividendide väljamaksmisega.
Grupil oli detsembri lõpu seisuga pikaajalisi kohustusi 2,1 miljonit eurot (31.
detsember 2007: 1,6 miljonit eurot) ja lühiajalisi võlakohustusi 42,9 miljonit
eurot (31. detsember 2007: 43,7 miljonit eurot). Eesti Telekom Grupi netovõlg
oli aasta lõpus -54,5 miljonit eurot ja netovõla suhe omakapitali -20%
(31.
detsember 2007: -69,5 miljonit eurot ja -25%).
Eesti Telekom Grupi 2008. aasta äritegevuse rahavoog oli 126,7 miljonit eurot
(2007: 121,6 miljonit eurot). Grupi rahavoog investeerimistegevusse oli 36,3
miljonit eurot (2007: 33,1 miljonit eurot). Rahavoog materiaalse ja
immateriaalse põhivara soetamisse oli 2008. aastal 48,2 miljonit eurot (2007:
55,1 miljonit eurot). Mobiilside teenuste segment on 2008. aastal investeerinud
19,0 miljonit eurot (2007: 21,1 miljonit eurot). Mobiilsides oli lisaks pidevale
GSM-võrgu arendusele arenguprioriteediks kiiret mobiilset andmesidet toetavate
tehnoloogiate rakendamine. Lairiba teenuste segmendi 2008. aasta investeeringud
ulatusid 27,3 miljoni euroni (2007: 32,8 miljonit eurot). Valdav osa
kapitalimahutustest tehti vajaliku võrguressursi arendamiseks (IP tuumik- ja
valguskaablivõrgu) arendamiseks ning kolmikteenuse kvaliteedi parandamiseks ja
kättesaadavuse suurendamiseks. IT-teenuste segment investeeris 2008. aastal
põhivarasse 1,9 miljonit eurot (2007: 2,1 miljonit eurot).
Eesti Telekom Grupi finantseerimistegevuse rahavoog oli 2008. aastal 92,6
miljonit eurot, sellest dividendide maksmiseks kasutati 93,1 miljonit eurot
(2007 vastavalt 83,8 miljonit eurot ja 83,8 miljonit eurot).
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 eurodes (EUR)
--------------------------------------------------------------------------------
| | IV kvartal | IV kvartal |
| | 2008 | 2007 |
--------------------------------------------------------------------------------
| Müügitulu | 100 512 | 100 316 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulud | (60 349) | (59 201) |
--------------------------------------------------------------------------------
| Brutokasum | 40 163 | 41 115 |
--------------------------------------------------------------------------------
| Turustus-, üldhalduskulud ning uurimis- | (15 944) | (13 402) |
| ja arendusväljaminekud | | |
--------------------------------------------------------------------------------
| Muud äritulud | 744 | 849 |
--------------------------------------------------------------------------------
| Muud ärikulud | (230) | (171) |
--------------------------------------------------------------------------------
| Ärikasum | 24 733 | 28 391 |
--------------------------------------------------------------------------------
| Finantstulud | 791 | 799 |
--------------------------------------------------------------------------------
| Finantskulud | 43 | (34) |
--------------------------------------------------------------------------------
| Finantstulud, neto | 834 | 765 |
--------------------------------------------------------------------------------
| Finantstulud / (-kulud) sidusettevõtjate | (6) | (89) |
| aktsiatelt | | |
| ja osadelt, neto | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | 25 561 | 29 067 |
--------------------------------------------------------------------------------
| Dividendide ja kasumi tulumaks | (12) | - |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 25 549 | 29 067 |
--------------------------------------------------------------------------------
| Perioodi puhaskasumi jaotus: | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus kasumis | 25 506 | 28 961 |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis | 43 | 106 |
--------------------------------------------------------------------------------
| | 25 549 | 29 067 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsia puhaskasum, arvestatud | | |
| emaettevõtja osalusest aruandeperioodi | | |
| kasumis (eurodes) | | |
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia kohta | 0,18 | 0,21 |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia kohta | 0,18 | 0,21 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum enne kulumit | 33 918 | 36 837 |
--------------------------------------------------------------------------------
| Kulum ja väärtuse langus | (9 185) | (8 446) |
--------------------------------------------------------------------------------
AASTA KONSOLIDEERITUD KASUMIARUANNE
Tuhandetes eurodes (EUR)
--------------------------------------------------------------------------------
| | 2008 | 2007 |
--------------------------------------------------------------------------------
| Müügitulu | 395 588 | 400 151 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulud | (225 777) | (226 426) |
--------------------------------------------------------------------------------
| Brutokasum | 169 811 | 173 725 |
--------------------------------------------------------------------------------
| Turustus-, üldhalduskulud ning uurimis- ja | (57 972) | (57 521) |
| arendusväljaminekud | | |
--------------------------------------------------------------------------------
| Muud äritulud | 2 001 | 1 797 |
--------------------------------------------------------------------------------
| Muud ärikulud | (543) | (404) |
--------------------------------------------------------------------------------
| Ärikasum | 113 297 | 117 597 |
--------------------------------------------------------------------------------
| Finantstulud | 3 527 | 3 108 |
--------------------------------------------------------------------------------
| Finantskulud | (56) | (150) |
--------------------------------------------------------------------------------
| Finantstulud, neto | 3 471 | 2 958 |
--------------------------------------------------------------------------------
| Finantstulud / (-kulud) sidusettevõtjate | (182) | (244) |
| aktsiatelt | | |
| ja osadelt, neto | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | 116 586 | 120 311 |
--------------------------------------------------------------------------------
| Dividendide ja kasumi tulumaks | (24 664) | (23 705) |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 91 922 | 96 606 |
--------------------------------------------------------------------------------
| Perioodi puhaskasumi jaotus: | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus kasumis | 91 703 | 96 194 |
--------------------------------------------------------------------------------
| Vähemusosa osalus kasumis | 219 | 412 |
--------------------------------------------------------------------------------
| | 91 922 | 96 606 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Aktsia puhaskasum, arvestatud emaettevõtja | | |
| osalusest aruandeperioodi kasumis (eurodes) | | |
--------------------------------------------------------------------------------
| Tava puhaskasum aktsia kohta | 0,66 | 0,70 |
--------------------------------------------------------------------------------
| Lahustatud puhaskasum aktsia kohta | 0,66 | 0,70 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ärikasum enne kulumit | 150 088 | 149 315 |
--------------------------------------------------------------------------------
| Kulum ja väärtuse langus | (36 791) | (31 718) |
--------------------------------------------------------------------------------
KONSOLIDEERITUD BILANSS
Tuhandetes eurodes (EUR)
--------------------------------------------------------------------------------
| | 31. dets. 2008 | 31. dets. 2007 |
--------------------------------------------------------------------------------
| AKTIVA | | |
--------------------------------------------------------------------------------
| Põhivara | | |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 165 542 | 153 715 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 14 669 | 13 807 |
--------------------------------------------------------------------------------
| Investeeringud sidusettevõtjatesse | 676 | 858 |
--------------------------------------------------------------------------------
| Mitmesugused pikaajalised nõuded | 6 200 | 7 352 |
--------------------------------------------------------------------------------
| Põhivara kokku | 187 087 | 175 732 |
--------------------------------------------------------------------------------
| Käbevara | | |
--------------------------------------------------------------------------------
| Müügiootel põhivara | - | 111 |
--------------------------------------------------------------------------------
| Varud | 10 861 | 11 989 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu ja muud lühiajalised | 66 491 | 63 460 |
| nõuded | | |
--------------------------------------------------------------------------------
| Lühiajalised finantsinvesteeringud | 31 956 | 44 357 |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | 23 206 | 25 359 |
--------------------------------------------------------------------------------
| Käibevara kokku | 132 514 | 145 276 |
--------------------------------------------------------------------------------
| AKTIVA KOKKU | 319 601 | 321 008 |
--------------------------------------------------------------------------------
| OMAKAPITAL JA KOHUSTUSED | | |
--------------------------------------------------------------------------------
| Emaettevõtja osalus omakapitalis | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 88 169 | 88 169 |
--------------------------------------------------------------------------------
| Ülekurss | 22 753 | 22 753 |
--------------------------------------------------------------------------------
| Kohustuslik reserv | 8 817 | 8 817 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | 1 | - |
--------------------------------------------------------------------------------
| Eelmiste perioodide jaotamata kasum | 62 598 | 59 071 |
--------------------------------------------------------------------------------
| Perioodi puhaskasum | 91 703 | 96 194 |
--------------------------------------------------------------------------------
| Emaettevõtja osalus omakapitalis kokku | 274 041 | 275 004 |
--------------------------------------------------------------------------------
| Vähemusosa | 513 | 733 |
--------------------------------------------------------------------------------
| Omakapital kokku | 274 554 | 275 737 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | |
--------------------------------------------------------------------------------
| Intressikandvad laenud ja võlakohustused | 375 | 85 |
--------------------------------------------------------------------------------
| Pensionikohustused | 138 | 208 |
--------------------------------------------------------------------------------
| Eraldised | 1 443 | 1 321 |
--------------------------------------------------------------------------------
| Intressi mittekandvad võlakohustused | 177 | - |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 2 133 | 1 614 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | |
--------------------------------------------------------------------------------
| Võlad tarnijatele ja muud lühiajalised | 42 399 | 42 885 |
| kohustused | | |
--------------------------------------------------------------------------------
| Intressikandvad laenud ja võlakohustused | 259 | 178 |
--------------------------------------------------------------------------------
| Pensionikohustused | 66 | 308 |
--------------------------------------------------------------------------------
| Eraldised | 190 | 286 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 42 914 | 43 657 |
--------------------------------------------------------------------------------
| Kohustused kokku | 45 047 | 45 271 |
--------------------------------------------------------------------------------
| OMAKAPITAL JA KOHUSTUSED KOKKU | 319 601 | 321 008 |
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
Tuhandetes eurodes (EUR)
--------------------------------------------------------------------------------
| | 2008 | 2007 |
--------------------------------------------------------------------------------
| Rahavood äritegevusest | | |
--------------------------------------------------------------------------------
| Aruandeperioodi puhaskasum | 91 922 | 96 606 |
--------------------------------------------------------------------------------
| Korrigeerimised: | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja väärtuse langus | 36 791 | 31 718 |
--------------------------------------------------------------------------------
| (Kasum) / kahjum põhivara müügist | (845) | (808) |
--------------------------------------------------------------------------------
| Neto (tulud) / kulud sidusettevõtjatelt | 182 | 244 |
--------------------------------------------------------------------------------
| Eraldised | (251) | (180) |
--------------------------------------------------------------------------------
| (Finantstulud) / kulud | (2 702) | (2 983) |
--------------------------------------------------------------------------------
| Dividendide ning kasumi tulumaks | (17) | - |
--------------------------------------------------------------------------------
| Muud mitterahalised korrigeerimised | (395) | 36 |
--------------------------------------------------------------------------------
| Rahavood äritegevusest enne käibekapitali | 124 685 | 124 633 |
| muutusi | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud nõuete ja ettemaksete | (709) | (4 889) |
| muutus | | |
--------------------------------------------------------------------------------
| Varude muutus | 687 | (2 431) |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste ja | (1 048) | 1 053 |
| ettemaksete muutus | | |
--------------------------------------------------------------------------------
| Käibekapitali muutus | (1 070) | (6 267) |
--------------------------------------------------------------------------------
| Rahavood äritegevusest peale käibekapitali | 123 615 | 118 366 |
| muutusi | | |
--------------------------------------------------------------------------------
| Saadud intressid | 3 456 | 3 326 |
--------------------------------------------------------------------------------
| Makstud intressid | (335) | (132) |
--------------------------------------------------------------------------------
| Rahavood äritegevusest kokku | 126 736 | 121 560 |
--------------------------------------------------------------------------------
| Rahavood investeerimistegevusest | | |
--------------------------------------------------------------------------------
| Materiaalse ning immateriaalse põhivara | (47 506) | (55 059) |
| soetamine | | |
--------------------------------------------------------------------------------
| Materiaalse ja immateriaalse põhivara müük | 653 | 944 |
--------------------------------------------------------------------------------
| Äriühenduste soetamine (neto rahavoog | (1 545) | (315) |
| miinus jooksval perioodil tasumata osa) | | |
--------------------------------------------------------------------------------
| Lühiajaliste finantsinvesteeringute | 12 402 | 23 631 |
| muutus, neto | | |
--------------------------------------------------------------------------------
| Muude pikaajaliste nõuete muutus, neto | (276) | (2 305) |
--------------------------------------------------------------------------------
| Rahavood investeerimistegevusest kokku | (36 272) | (33 104) |
--------------------------------------------------------------------------------
| Rahavood enne finantseerimistegevust | 90 464 | 88 456 |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest | | |
--------------------------------------------------------------------------------
| Saadud võlakohustused | 579 | 65 |
--------------------------------------------------------------------------------
| Kapitalirendi põhiosa tagasimaksed | (154) | (116) |
--------------------------------------------------------------------------------
| Makstud dividendid | (93 058) | (83 761) |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest kokku | (92 633) | (83 812) |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalentide muutus | (2 169) | 4 644 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid aasta alguses | 25 359 | 20 733 |
--------------------------------------------------------------------------------
| Raha ja rahaekvivalentide muutus | (2 169) | 4 644 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste mõju | 16 | (18) |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid perioodi lõpus | 23 206 | 25 359 |
--------------------------------------------------------------------------------
Gunnar Hannus
AS Eesti Telekom, finantsjuht
tel: +6 111 472
e-post: gunnar.hannus@telekom.ee
Pealkiri
Consolidated Interim Report of AS Eesti Telekom for the IV Quarter and whole 2008 year, EUR
Teade
MANAGEMENT REPORT
GENERAL INFORMATION
The principal activity of Eesti Telekom Group, the parent company of which is AS
Eesti Telekom (registration number 10234957; address: Valge 16, 19095 Tallinn),
is the provision of telecommunications services.
Since 1999, the shares of AS Eesti Telekom have been listed on the Tallinn and
London securities markets (OMX: ETLAT / LSE: EETD).
Changes in the structure of the Eesti Telekom Group
In October 2008, AS MicroLink Eesti acquired the majority participation in the
IT Training Center. The acquisition of the training company gives MicroLink
with the opportunity to provide high-quality training and consultation services
to both clients and partners in various cooperation projects in all three Baltic
countries.
Ownership structure of AS Eesti Telekom
During the fourth quarter of 2008, there were no significant changes in the
structure of the AS Eesti Telekom shareholders. The Eesti Telekom majority
shareholder TeliaSonera AB (through Baltic Tele AB) continues to own 60.12% of
the company's shares.
As of the end of the fourth quarter, the ratio of freely traded shares converted
to GDRs was 12.71%. Of these, 12.91% were converted into GDRs traded on the
London Stock Exchange.
As of 31 December 2008, the 10 largest shareholders in AS Eesti Telekom were:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31 December 2008 |
--------------------------------------------------------------------------------
| | Number of | Participation |
| | securities | |
--------------------------------------------------------------------------------
| | Changed compared |
| | to 30 September |
| | 2008 |
--------------------------------------------------------------------------------
| Baltic Tele AB | 82,936,299 | 60.12% | 0 |
--------------------------------------------------------------------------------
| Ministry of Finance | 33,346,464 | 24.17% | 0 |
--------------------------------------------------------------------------------
| Estonian Development Fund | 4,138,636 | 3.00% | 0 |
--------------------------------------------------------------------------------
| SEB clients | 2,864,734 | 2.08% | 1,477,025 |
--------------------------------------------------------------------------------
| Deutsche Bank (GDR accounts) | 2,264,220 | 1.64% | -767,577 |
--------------------------------------------------------------------------------
| ING Luxembourg S.A. | 2,055,783 | 1.49% | 40,000 |
--------------------------------------------------------------------------------
| Clearstream Banking | 584,976 | 0.42% | -26,860 |
| Luxembourg S.A. clients | | | |
--------------------------------------------------------------------------------
| UniCredit Bank Austria AG | 496,386 | 0.36% | -224,984 |
--------------------------------------------------------------------------------
| Mellon Treaty Omnibus | 392,152 | 0.28% | 0 |
--------------------------------------------------------------------------------
| State Street Bank and Trust | 335,945 | 0.24% | 335,945 |
| Omnibus Account | | | |
--------------------------------------------------------------------------------
AS Eesti Telekom shares
In the fourth quarter of 2008, the price of AS Eesti Telekom shares decreased by
38.10%. The share price at the beginning of the quarter was 6.30 EUR and 3.90
EUR at the end of the quarter. The highest and lowest share prices during the
reporting period were 6.50 EUR and 3.84 EUR respectively. The turnover for the
reporting period was 21 million EUR.
The price of AS Eesti Telekom shares in the fourth quarter of 2008 has moved on
higher levels than the indexes of OMX Tallinn and OMX Tallinn 10 tradeable
shares.
BUSINESS ACTIVITIES
Management commentary: The 2008 fourth quarter results met expectations. One can
also be satisfied with the results for the year since EBITDA increased compared
to last year. Market shares remained stable for the year and the number
of contractual mobile communications clients, mobile data communications
connections, triple packages and DigiTV clients demonstrated sound growth.
Significant financial indicators
Eesti Telekom Group
--------------------------------------------------------------------------------
| | Q4 | Q4 | Change | 12 | 12 mos. | Change, |
| | 2008 | 2007 | , % | mos. | 2007 | % |
| | | | | 2008 | | |
--------------------------------------------------------------------------------
| Total revenues, | 100.5 | 100.3 | 0.2 | 395.6 | 400.2 | -1.1 |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 33.9 | 36.8 | -7.9 | 150.1 | 149.3 | 0.5 |
--------------------------------------------------------------------------------
| Margin, % | 33.8 | 36.7 | | 37.9 | 37.3 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 24.7 | 28.4 | -12.9 | 113.3 | 117.6 | -3.7 |
--------------------------------------------------------------------------------
| Margin, % | 24.6 | 28.3 | | 28.6 | 29.4 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 25.6 | 29.1 | -12.1 | 116.6 | 120.3 | -3.1 |
--------------------------------------------------------------------------------
| Net profit for the | 25.5 | 29.1 | -12.1 | 91.9 | 96.6 | -4.8 |
| period, million EUR | | | | | | |
--------------------------------------------------------------------------------
| EPS, EUR | 0.18 | 0.21 | -11.9 | 0.66 | 0.70 | -4.7 |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 18.0 | 22.4 | -20.0 | 48.2 | 55.1 | -12.5 |
--------------------------------------------------------------------------------
| Net gearing, % | -19.9 | -25.2 | | | | |
--------------------------------------------------------------------------------
| ROA, % | 29.7 | 31.7 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 44.6 | 46.8 | | | | |
--------------------------------------------------------------------------------
Mobile communications segment
--------------------------------------------------------------------------------
| | Q4 | Q4 | Change | 12 | 12 mos. | Change, |
| | 2008 | 2007 | , % | mos. | 2007 | % |
| | | | | 2008 | | |
--------------------------------------------------------------------------------
| Total revenues, | 57.8 | 63.3 | -8.7 | 235.3 | 249.5 | -5.7 |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 21.6 | 18.7 | 15.4 | 90.4 | 88.7 | 1.9 |
--------------------------------------------------------------------------------
| Margin, % | 37.4 | 29.6 | | 38.4 | 35.5 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 17.8 | 15.0 | 18.1 | 74.1 | 74.7 | -0.9 |
--------------------------------------------------------------------------------
| Margin, % | 30.7 | 23.7 | | 31.5 | 30.0 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 18.3 | 15.3 | 20.1 | 75.8 | 75.7 | 0.2 |
--------------------------------------------------------------------------------
| Net profit for the | 18.3 | 15.3 | 20.1 | 61.7 | 59.8 | 3.2 |
| period, million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 6.3 | 8.5 | -25.5 | 19.0 | 21.1 | -9.9 |
--------------------------------------------------------------------------------
| ROA, % | 45.8 | 46.8 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 76.0 | 80.6 | | | | |
--------------------------------------------------------------------------------
Broadband services segment
--------------------------------------------------------------------------------
| | Q4 | Q4 | Change | 12 | 12 mos. | Change, |
| | 2008 | 2007 | , % | mos. | 2007 | % |
| | | | | 2008 | | |
--------------------------------------------------------------------------------
| Total revenues, | 52.8 | 49.9 | 5.8 | 209.6 | 190.7 | 9.9 |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 12.0 | 13.6 | -11.8 | 59.3 | 56.3 | 5.3 |
--------------------------------------------------------------------------------
| Margin, % | 22.8 | 27.3 | | 28.3 | 29.6 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 7.1 | 9.3 | -23.9 | 40.5 | 40.2 | 0.6 |
--------------------------------------------------------------------------------
| Margin, % | 13.4 | 18.6 | | 19.3 | 21.1 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 7.0 | 9.3 | -25.3 | 40.4 | 46.0 | -12.2 |
--------------------------------------------------------------------------------
| Net profit for the | 7.0 | 9.3 | -25.3 | 31.9 | 38.3 | -16.7 |
| period, million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 10.6 | 13.7 | -23.0 | 27.3 | 32.8 | -16.6 |
--------------------------------------------------------------------------------
| ROA, % | 18.6 | 22.6 | | | | |
--------------------------------------------------------------------------------
| ROE, % | 31.6 | 37.2 | | | | |
--------------------------------------------------------------------------------
IT services segment
--------------------------------------------------------------------------------
| | Q4 | Q4 | Change | 12 | 12 mos. | Change, |
| | 2008 | 2007 | , % | mos. | 2007 | % |
| | | | | 2008 | | |
--------------------------------------------------------------------------------
| Total revenues, | 8.4 | 5.9 | 43.3 | 23.7 | 23.4 | 1.6 |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 0.5 | 0.6 | -22.2 | 1.3 | 1.5 | -12.9 |
--------------------------------------------------------------------------------
| Margin, % | 5.9 | 11.0 | | 5.6 | 6.5 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 0.1 | 0.2 | -58.2 | -0.3 | 0.1 | N/A |
--------------------------------------------------------------------------------
| Margin, % | 1.2 | 4.0 | | -1.1 | 0.4 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 0.1 | 0.2 | -57.5 | -0.3 | 0.5 | N/A |
--------------------------------------------------------------------------------
| Net profit for the | 0.1 | 0.2 | -62.7 | -0.3 | 0.5 | N/A |
| period, million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 1.1 | 0.2 | N/A | 1.9 | 2.1 | -7.6 |
--------------------------------------------------------------------------------
| ROA, % | -4.2 | 2.5 | | | | |
--------------------------------------------------------------------------------
| ROE, % | -9.9 | 3.5 | | | | |
--------------------------------------------------------------------------------
Sales revenues, operating costs and profits
The fourth quarter results of the Eesti Telekom Group for 2008 corresponded to
the expectations of the management board. The Group's sales revenues increased
by 0.2% to 100.5 million EUR in the fourth quarter of 2008 compared to the same
period of the previous year (4th quarter 2007: 100.3 million EUR). The modest
increase in sales revenues were primarily affected by the reduction in
interconnection fees (for the period of
1 July 2008-30 June 2009, the state
regulator fixed an interconnection fee of 0.09 EUR instead of the former
0.11
EUR) and the reduction in revenues received from the sale of telecommunications
and IT merchandise.
In the fourth quarter of 2008, the consolidated turnover of the mobile
communications services segment reached 57.8 million EUR, decreasing by 9%
compared to the fourth quarter of 2007 (4th quarter 2007:
63.3 million EUR).
The reduction of revenues was caused by a drop in interconnection revenues based
on the reduction in interconnection fees, which was partially compensated by a
certain increase in the number of call minutes incoming to the network, an
increase in mobile data communications, and growth in the volume of
subcontracting services. In addition, the revenues received from the retailing
and wholesaling of telecommunications goods decreased in the fourth quarter
compared to a year ago, which is caused by changes in consumer behavior.
At the end of 2008, the client base of AS EMT was 14 thousand more than a year
earlier, reaching,
779 thousand active SIM cards (December 2007: 765 thousand
cards). Compared to a year ago, the number of
contractual clients has increased
by 18 thousand, reaching 487 thousand by the end of 2008, while at the same
time, the number of pre-paid card users has decreased by more than four thousand
during the year to
292 thousand at the end of the 2008. EMT assesses its market
share of active SIM cards to be 47%. The estimated penetration of active cards
in Estonia is on 121%. The number of call minutes initiated by EMT clients
showed an increase of 1% compared to the last quarter of 2007.
Pursuant to the resolution of the Communications Board, the termination fee for
voice calls in the mobile phone networks (interconnection fee) for AS EMT, Elisa
Eesti AS and Tele2 Eesti AS for the period 1 July 2006 to
30 June 2007 was
fixed at 0.13 EUR per minute and the interconnection fee was fixed at 0.11 EUR
for the period 1 July 2007 to 30 June 2008. Since Elisa Eesti AS and Tele2 Eesti
AS disputed the decisions in court, and in the course of provisional legal
protection, the validity of the aforementioned administrative act was suspended
the interconnection fees of all three mobile operators remained at 0.16 EUR
until 5 November 2007. On 5 November 2007, the ruling of the Tallinn Circuit
Court came into force, whereby the provisional legal protection was cancelled,
and from the given date, all three mobile operators undertook to implement
interconnection fees of 0.11 EUR. The litigation with Tele2 concluded at the end
of December to the benefit of the latter. The litigation Elisa Eesti AS is
continuing and EMT is participating in the litigation as a third party. For the
period between 1 July 2008 and 30 June 2009, the Competition Board, which is the
legal successor to the Communications Board, established a fee of 0.09 EUR per
minute for the termination of voice calls in the mobile phone networks of AS
EMT, Elisa Eesti AS and Tele2 Eesti AS.
On 12 July 2008, the Competition Board announced new market analysis results,
based on which they plan to declare ProGroup Holding OÜ an undertaking with
significant market power in the market for the termination of voice calls in
its mobile phone network, in addition to AS EMT, Elisa Eesti AS and Tele2 Eesti
AS. According to the resolution plan, within the framework of the price control
obligation, the given companies will be obligated to apply benchmark-based
interconnection fees that correspond to the average in the European countries
during the next three years, which will make 0.09 EUR per minute the maximum
tariff to be applicable as of 1 July 2009.
The revenues received from the mobile Internet continued to demonstrate very
rapid growth. In the last quarter of 2008, the revenues from AS EMT mobile data
communications exceeded the revenues for the same period of 2007 by more than a
third. At the same time, the volume of data that was forwarded increased several
times. As of December 2008, the users of AS EMT mobile data communications
numbered 168 thousand, i.e. 7 thousand users more than at the same time last
year. The increase in the popularity of mobile data communications is based on
the rapid expansion of the 3G coverage area. Today, most data communications
takes place in the 3G network, which allows clients to use high-quality and
rapid data communications at speeds approaching ADSL at conveniently manageable
prices. Since EMT is the only operator in Estonia that provides EDGE data
communications throughout its GSM coverage area, then investments in new base
stations during the last months of the year were primarily direct at expanding
external and internal 3G coverage in cities. At the same time, the constant
improvement of the GSM network continues.
A regulation of the European Parliament and Council applies to AS EMT, as it
does to other mobile operators in the European Community, which specifies that
as of September 2007 the rate per minute for outgoing and incoming calls made
within the borders of the European Community cannot exceed the price ceiling
established by regulation. In addition, in the third quarter, discount contracts
for roaming services came into force that reduced both revenues and costs from
roaming fees. Therefore, for the year as a whole, the revenues received from
roaming clients have decreased by almost 13%.
The sales revenues for the broadband services segment increased by 6% in the
fourth quarter compared to the same period of the previous year reaching 52.8
million EUR (4th quarter 2007: 49.9 million EUR). The greatest revenue increase
resulted from the sale of international interconnection and subcontracting
services that increased by 105% and 53% respectively. The increase in revenues
from international interconnection services resulted primarily from the
significant increase of volumes for incoming international call minutes. The
revenue increase from subcontracting services is also related to the growth of
minute volumes and the increase in brokered subservices. At the same time, the
revenues for call services earned from end consumers decreased by 11% due to the
drop in minute volumes.
Based on the significant increase in the relative importance of the volume and
revenues of comprehensive service packages, the revenues from monthly fees for
call connections and Internet connections decreased in the last quarter by 11%
and 13% respectively. At the same time, the revenues earned from the sale of
comprehensive service packages considerably exceeded the given decrease. The
revenues in the broadband segment from connection fees for comprehensive service
packages increased in the fourth quarter by 51%. In addition, the other
business revenues of the group increased by 0.3 million EUR as a result of the
revaluation of networks that were acquired for free.
The total number of Elion clients with permanent Internet connections increased
by 3,500 connections in the fourth quarter, reaching 175.4 thousand by the end
of December (31. December 2007: 163.1 thousand). The company assesses that
Elion's market share based on the permanent connections of private clients has
not changed and continues to be 54%.
As the result of an active marketing campaign, the number of Elion
triple-package users increased during the quarter by 5,800, reaching 76.1
thousand as of 31 December (31 December 2007: 53.5 thousand). By the end of the
fourth quarter, Elion had 82.5 thousand IP and cable television clients (31
December 2007: 57.7 thousand). Elion assesses that the company's market share in
the cable coverage market was 26% by the end of the year (31 December 2007:
19%), which, in the given market, confers the greatest increase in 2008, in
absolute terms.
In December, Elion signed a contract with the nonprofit Baltic Authors and
Distribution Association that will guarantee the clients reception of 10
Russian-language TV channels, including the rights for transmitting the Pervõi
Baltiiski Kanal, which is the most popular channel among the local population,
on Elion's DigiTV.
As of the middle of December, Elion is the first in Estonia to offer games as a
new content service in its Internet-based DigiTV. Each of the games can be
ordered separately or as a theme package. During the first three months of 2009,
Elion will introduce three game packages to the market—for small children, older
children and adults.
By the end of fourth quarter, the number of Elion's active call interfaces
totaled 469 thousand (31 December 2007: 482 thousand interfaces), remaining
stable at the same level during the year.
Elion assesses its market share for call minutes initiated in the fixed network
to be 80.5% (December 2007: 81%). The market share for local call minutes is 82%
(December 2007: 83%), 66% for international call minutes (December 2007: 64%)
and 71% for call minutes made to mobile phones (December 2007: 72%).
In December the Supreme Court decided not to hear the Tele 2 Eesti AS appeal in
cassation regarding the establishment of price controls for mobile units. Based
on the decision, Elion renewed its claim against Tele2 Eesti AS for the refund
of overpaid interconnection fees totaling 2.2 million EUR from 2006-2007.
Based on 2007 cost information and the requirements of the Competition Board, as
of 1 December 2008, Elion reduced the monthly fee for rental of copper pairs and
selected copper pairs by 0.19 EUR on average and the fees for broadband access
by 9-16% depending on speed. The price changes do not have any significant
impact on Elion's results.
As a result of the general cooling of retail sales in the Estonian economy, the
retail sales of telecommunications and IT merchandise by the Elion group
decreased by 18% in the fourth quarter compared to last year.
The 2008 fourth quarter results for the IT services segment include the
consolidated data from the companies of the IT Training Center Group that was
acquired in October 2008.
In the fourth quarter of 2008, the sales revenues for the IT services segment
reached 8.4 million EUR
(4th quarter 2007: 5.9 million EUR). Compared to the
same period of the previous year, the sales revenues increased by 43%, whereas
sales revenues for IT services (including IT training) increased by 6% and IT
merchandise by 89%.
In the fourth quarter, the sales turnover for infrastructure solutions was
significantly higher than in the same period of the previous year (4.3 million
EUR vs. 2.3 million EUR). The reason is the Tiger's Leap project. Within the
framework of the given project, an order was placed for more than four thousand
HP laptops produced for schoolteachers. The transaction totaled 2.2 million EUR.
During the fourth quarter in the project business, work was completed on the
development projects for the
e-health digital prescription and Statistical
Office's KUNDE information system. Work continues on the Estonian Post document
management project, North-Estonia Regional Hospital identity management project
and Ergo Insurance archiving solution.
In the field of permanent services during the fourth quarter, AS MicroLink Eesti
won three procurements organized by the Ministry of Social Affairs for hosting
information services. Within the framework of these procurements, MicroLink
Eesti will host and manage the Ministry of Social Affairs information system and
the register with information on those on file as unemployed and job seurers as
well as information on the provision of labor market services, and the register
of those dealing with pharmaceuticals.
The operating costs of the Eesti Telekom Group increased by 5% in the fourth
quarter of 2008 compared to the same period of 2007, reaching 67.1 million EUR
(4th quarter 2007: 64.2 million EUR).
The operating costs in the mobile communications segment decreased by 11%
compared to the last quarter of 2007 to 36.3 million EUR (4th quarter 2007: 40.8
million EUR). The greatest decrease was in interconnection costs caused by the
drop in interconnection prices. The operating costs related to retailing and
wholesaling also decreased, which corresponds to the drop in merchandise sales
turnovers.
The operating costs in the broadband services segment increased during the last
quarter by 12% compared to the same period in 2007, reaching 41.1 million EUR
(4th quarter 2007: 36.8 million EUR). 45% of the increase in the operating costs
resulted directly from the increase of direct sales costs caused by the increase
in the sales volumes of services. 37% of the increase in costs (1.7 million EUR)
is related to efficiency projects and other one-time expenditures made for the
improvement of network resources and service quality. The third primary growth
factor for operating costs was personnel costs that increased by 9% compared to
the previous year. Almost half of the increase in personnel costs (0.3 million
EUR) was also of a nonrecurrent nature and related to efficiency projects and
the reorganization of work.
The operating costs in the IT services segment increased by 51% in the fourth
quarter compared to the same period in the previous year, reaching 7.9 million
EUR (4th quarter 2007: 5.3 million EUR). The operating costs for the quarter
were affected by increased costs accompanying the consolidation of the IT
Training Center, as an independent company, whereby the operating costs of AS
MicroLink Eesti increased by 9%.
The Eesti Telekom Group EBITDA decreased in the fourth quarter of 2008 by 8%,
reaching 33.9 million EUR (4th quarter 2007: 36.8 million EUR). The Group's
EBITDA margin in the fourth quarter of 2008 was 34%, which was somewhat lower
than the margin in the corresponding period of 2007. The EBITDA in the mobile
communications services segment increased by 15% in the fourth quarter compared
to the same period in the previous year reaching 21.6 million EUR (4th quarter
2007: 18.7 million EUR) in connection with the decrease of the interconnection
prices between telecommunications operators and the reduction in the relative
importance of merchandise with lower profitability. At the same time, the EBITDA
margin for the mobile communications services segment was negatively impacted by
a one-time provision of 4.0 million EUR. The EBITDA for the broadband services
segment decreased by 12% in the fourth quarter of 2008 compared to the same
period in the previous year, reaching 12.0 million EUR (4th quarter 2007: 13.6
million EUR) due to the one-time costs related to the efficiency projects. The
EBITDA for the IT services segment in the fourth quarter of 2008 was 0.5 million
EUR (4th quarter 2007: 0.6 million EUR).
The Group's depreciation costs reached 9.2 million EUR in the fourth quarter of
2008, increasing by 9% compared to the same period in 2007 (4th quarter 2007:
8.4 million EUR). The depreciation costs for the mobile communications service
segment increased by 0.2 million EUR in the fourth quarter of 2008 compared the
same period in 2007 (4th quarter 2007: 3.7 million EUR). The depreciation in the
broadband services segment has increased by 0.6 million EUR compared to the same
period in the previous year, reaching 5.0 million EUR
(4th quarter 2007: 4.3
million EUR). Depreciation costs in the IT services segment reached 0.4 million
EUR in the fourth quarter of the 2008, decreasing by 1% compared to the same
period in 2007.
In the fourth quarter, the Eesti Telekom Group earned EBIT of 24.7 million EUR,
which was a decrease of 13% compared to the same period in the previous year
(4th quarter 2007: 28.4 million EUR). In the fourth quarter, the Eesti Telekom
Group earned pre-tax profits of 25.6 million EUR (4th quarter 2007: 29.1 million
EUR).
In the fourth quarter of 2008, the net profit for the Eesti Telekom Group was
25.5 million EUR (4th quarter 2007: 29.1 million EUR). The earnings per share
were 0.18 EUR (4th quarter 2007: 0.21 EUR).
The 2008 consolidated sales revenues for the Eesti Telekom Group reached 395.6
million EUR, decreasing by 1% compared to 2007 (2007: 400.2 million EUR). The
sales revenues for the broadband services segment increased significantly
reaching 209.6 million EUR (2007: 190.7 million EUR). The sales revenues for the
mobile communications services segment in 2008 were 235.3 million EUR (2007:
249.5 million EUR). The sales revenues for the IT services segment increased by
2% during the year and reached 23.7 million EUR (2007: 23.4 million EUR).
The Group's operating costs reached 247.0 million EUR in 2008, decreasing 2%
compared to the previous year (2007: 252.2 million EUR).
In 2008, the consolidated EBITDA totaled 150.1 million EUR, increasing 1%
compared to the previous year (2007: 149.3 million EUR). The EBITDA margin
increased somewhat, reaching 37.9% in 2008 (2007: 37.3%). The depreciation for
2008 was 36.8 million EUR (2007: 31.7 million EUR).
During the last year, the Eesti Telekom Group earned EBIT of 113.3 million EUR
(2007: 117.6 million EUR).
On 1 July 2007, AS Microlink sold its shares of AS
MicroLink Eesti to AS Eesti Telekom. The Group's internal unrealized profit from
the sale of shares totaled 6.0 million EUR.
The Eesti Telekom Group earned a net profit of 91.9 million EUR in 2008 or 0.66
EUR per share (2007:
96.6 million EUR or 0.70 EUR per share).
Balance sheet and cash flows
As of 31 December 2008, the Eesti Telekom Group balance sheet totaled 319.6
million EUR (31 December 2007: 321.0 million EUR). Compared to the beginning of
the year, the fixed assets have increased by 11.4 million EUR, the balance of
which reached 187.1 million EUR by the end of the year (31 December 2007: 175.7
million EUR). The Group's current assets have decreased by 12.8 million EUR
during the year, reaching 132.5 million EUR by the end of December (31 December
2007: 145.3 million EUR). Cash and cash equivalents, as well as the balance of
short-term financial investments, have decreased by 14.6 million EUR in
connection with the dividends paid out in June and the income tax on the
dividends paid out in July.
As of 31 December 2008, the Eesti Telekom Group equity was 274.6 million EUR,
which is 1.1 million EUR less than at the end of 2007 (31 December 2007: 275.7
million EUR). The decrease in equity is related to the payment of dividends.
As of the end of December, the Group had long-term obligations of 2.1 million
EUR (31 December 2007:
1.6 million EUR) and short-term debt obligations of 42.9
million EUR (31 December 2007: 43.7 million EUR). The net debt of the Eesti
Telekom Group at the end of the fourth quarter was -54.5 million EUR and the net
debt to equity ratio was -20% (31 December 2007: -69.5 million EUR and -25%).
The Eesti Telekom Group cash flow from operations in 2008 was 126.7 million EUR
(2007: 121.6 million EUR). The Group's cash flow used in investment activities
in 2008 was 36.3 million EUR (2007: 33.1 million EUR). The cash flow into the
acquisition of tangible and intangible fixed assets in 2008 was 48.2 million EUR
(2007: 55.1 million EUR). In 2008, the mobile communications segment invested
19.0 million EUR (2007: 21.1 million EUR). In mobile communications, in addition
to the constant development of the GSM network, a developmental priority was the
implementation of technologies to support high-speed mobile data communications.
In 2008, the investments into the broadband services segment totaled 27.3
million EUR (2007: 32.8 million EUR). The majority of the investments were made
in order to develop the necessary network resources (IP core and fiber-optic
cable networks) and to improve the triple-service packages and increase its
availability. In 2008, the IT services segment invested 1.9 million EUR into
fixed assets (2007: 2.1 million EUR).
In 2008, the Eesti Telekom Group cash flow into financial activities was 92.6
million EUR, of which
93.1 million EUR was used to pay dividends (in 2007, 83.8
million EUR and 83.8 million EUR respectively).
Definitions
Net debt - Long- and short-term interest-bearing borrowings, less cash and cash
equivalents and short-term investments
ROA -Net profit for the last four quarters divided by the average total assets
for the same period
ROE - Pre-tax profit for last four quarters divided by the average equity for
the same period
IV QUARTER CONSOLIDATED INCOME STATEMENT
In thousand of EUR
--------------------------------------------------------------------------------
| | IV Quarter | IV Quarter |
| | 2008 | 2007 |
--------------------------------------------------------------------------------
| Net sales | 100,512 | 100,316 |
--------------------------------------------------------------------------------
| Cost of sales | (60,349) | (59,201) |
--------------------------------------------------------------------------------
| Gross profit | 40,163 | 41,115 |
--------------------------------------------------------------------------------
| Selling, marketing, administrative and | (15,944) | (13,402) |
| research & development expenses | | |
--------------------------------------------------------------------------------
| Other operating revenues | 744 | 849 |
--------------------------------------------------------------------------------
| Other operating expenses | (230) | (171) |
--------------------------------------------------------------------------------
| Operating profit | 24,733 | 28,391 |
--------------------------------------------------------------------------------
| Finance income | 791 | 799 |
--------------------------------------------------------------------------------
| Finance costs | 43 | (34) |
--------------------------------------------------------------------------------
| Finance income, net | 834 | 765 |
--------------------------------------------------------------------------------
| Net income / (expenses) from associated | (6) | (89) |
| companies | | |
--------------------------------------------------------------------------------
| Profit before tax | 25,561 | 29,067 |
--------------------------------------------------------------------------------
| Income tax on dividends and on income | (12) | - |
--------------------------------------------------------------------------------
| Net profit for the period | 25,549 | 29,067 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 25,506 | 28,961 |
--------------------------------------------------------------------------------
| Minority interest | 43 | 106 |
--------------------------------------------------------------------------------
| | 25,549 | 29,067 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for profit attributable | | |
| to the equity holders of the parent during | | |
| the reporting period (expressed in EUR) | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0.18 | 0.21 |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0.18 | 0.21 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 33,918 | 36,837 |
--------------------------------------------------------------------------------
| Depreciation, amortization and write-downs | (9,185) | (8,446) |
--------------------------------------------------------------------------------
YEAR CONSOLIDATED INCOME STATEMENT
In thousand of EUR
--------------------------------------------------------------------------------
| | 2008 | 2007 |
--------------------------------------------------------------------------------
| Net sales | 395,588 | 400,151 |
--------------------------------------------------------------------------------
| Cost of sales | (225,777) | (226,426) |
--------------------------------------------------------------------------------
| Gross profit | 169,811 | 173,725 |
--------------------------------------------------------------------------------
| Selling, marketing, administrative and | (57,972) | (57,521) |
| research & development expenses | | |
--------------------------------------------------------------------------------
| Other operating revenues | 2,001 | 1,797 |
--------------------------------------------------------------------------------
| Other operating expenses | (543) | (404) |
--------------------------------------------------------------------------------
| Operating profit | 113,297 | 117,597 |
--------------------------------------------------------------------------------
| Finance income | 3,527 | 3,108 |
--------------------------------------------------------------------------------
| Finance costs | (56) | (150) |
--------------------------------------------------------------------------------
| Finance income, net | 3,471 | 2,958 |
--------------------------------------------------------------------------------
| Net income / (expenses) from associated | (182) | (244) |
| companies | | |
--------------------------------------------------------------------------------
| Profit before tax | 116,586 | 120,311 |
--------------------------------------------------------------------------------
| Income tax on dividends and on income | (24,664) | (23,705) |
--------------------------------------------------------------------------------
| Net profit for the period | 91,922 | 96,606 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 91,703 | 96,194 |
--------------------------------------------------------------------------------
| Minority interest | 219 | 412 |
--------------------------------------------------------------------------------
| | 91,922 | 96,606 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Earnings per share for profit attributable | | |
| to the equity holders of the parent during | | |
| the reporting period (expressed in EUR) | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0.66 | 0.70 |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0.66 | 0.70 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 150,088 | 149,315 |
--------------------------------------------------------------------------------
| Depreciation, amortization and write-downs | (36,791) | (31,718) |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
In thousand of EUR
--------------------------------------------------------------------------------
| | 31 December | 31 December |
| | 2008 | 2007 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 165,542 | 153,715 |
--------------------------------------------------------------------------------
| Intangible fixed assets | 14,669 | 13,807 |
--------------------------------------------------------------------------------
| Investments in associates | 676 | 858 |
--------------------------------------------------------------------------------
| Other financial fixed assets | 6,200 | 7,352 |
--------------------------------------------------------------------------------
| Total non-current assets | 187,087 | 175,732 |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Assets classified as held-for-sale | - | 111 |
--------------------------------------------------------------------------------
| Inventories | 10,861 | 11,989 |
--------------------------------------------------------------------------------
| Trade and other receivables | 66,491 | 63,460 |
--------------------------------------------------------------------------------
| Short-term investments | 31,956 | 44,357 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 23,206 | 25,359 |
--------------------------------------------------------------------------------
| Total current assets | 132,514 | 145,276 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 319,601 | 321,008 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Capital and reserves attributable to | | |
| equity holders | | |
| of the parent | | |
--------------------------------------------------------------------------------
| Share capital | 88,169 | 88,169 |
--------------------------------------------------------------------------------
| Share premium | 22,753 | 22,753 |
--------------------------------------------------------------------------------
| Statutory legal reserve | 8,817 | 8,817 |
--------------------------------------------------------------------------------
| Translation reserve | 1 | - |
--------------------------------------------------------------------------------
| Retained earnings | 62,598 | 59,071 |
--------------------------------------------------------------------------------
| Net profit for the period | 91,703 | 96,194 |
--------------------------------------------------------------------------------
| Total capital and reserves attributable | 274,041 | 275,004 |
| to equity | | |
| holders of the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 513 | 733 |
--------------------------------------------------------------------------------
| Total equity | 274,554 | 275,737 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 375 | 85 |
--------------------------------------------------------------------------------
| Retirement benefit obligations | 138 | 208 |
--------------------------------------------------------------------------------
| Provisions | 1,443 | 1,321 |
--------------------------------------------------------------------------------
| Non-interest bearing liabilities | 177 | - |
--------------------------------------------------------------------------------
| Total non-current liabilities | 2,133 | 1,614 |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Trade and other payables | 42,399 | 42,885 |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 259 | 178 |
--------------------------------------------------------------------------------
| Retirement benefit obligations | 66 | 308 |
--------------------------------------------------------------------------------
| Provisions | 190 | 286 |
--------------------------------------------------------------------------------
| Total current liabilities | 42,914 | 43,657 |
--------------------------------------------------------------------------------
| Total liabilities | 45,047 | 45,271 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 319,601 | 321,008 |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
In thousand of EUR
--------------------------------------------------------------------------------
| | 2008 | 2007 |
--------------------------------------------------------------------------------
| Operating activities | | |
--------------------------------------------------------------------------------
| Net profit for the period | 91,922 | 96,606 |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and impairment | 36,791 | 31,718 |
| of fixed and intangible assets | | |
--------------------------------------------------------------------------------
| (Profit) / loss from sales and discards of | (845) | (808) |
| fixed assets | | |
--------------------------------------------------------------------------------
| Net (income) / expenses from associated | 182 | 244 |
| companies | | |
--------------------------------------------------------------------------------
| Provisions | (251) | (180) |
--------------------------------------------------------------------------------
| Financial items | (2,702) | (2,983) |
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| Income tax | (17) | - |
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| Miscellaneous non-cash items | (395) | 36 |
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| Cash flow before change in working capital | 124,685 | 124,633 |
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| Change in current receivables | (709) | (4,889) |
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| Change in inventories | 687 | (2,431) |
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| Change in current liabilities | (1,048) | 1,053 |
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| Change in working capital | (1,070) | (6,267) |
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| Cash flow after changes in working capital | 123,615 | 118,366 |
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| Interest received | 3,456 | 3,326 |
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| Interest paid | (335) | (132) |
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| Cash flow from operating activities | 126,736 | 121,560 |
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| Investing activities | | |
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| Intangible and tangible fixed assets | (47,506) | (55,059) |
| acquired | | |
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| Intangible and tangible fixed assets | 653 | 944 |
| divested | | |
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| Acquisition of business combinations net | (1,545) | (315) |
| of cash acquired and settlements of | | |
| deferred consideration | | |
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| Net change in interest-receivables short | 12,402 | 23,631 |
| maturities | | |
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| Net cash changes of other long-term | (276) | (2,305) |
| receivables | | |
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| Cash flow from investing activities | (36,272) | (33,104) |
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| Cash flow before financing activities | 90,464 | 88,456 |
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| Financing activities | | |
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| Proceeds from non-convertible debts | 579 | 65 |
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| Repayment of finance lease liabilities | (154) | (116) |
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| Dividends paid | (93,058) | (83,761) |
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| Cash flow used in financing activities | (92,633) | (83,812) |
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| Cash flow for the year | (2,169) | 4,644 |
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| | | |
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| Cash and cash equivalents at beginning of | 25,359 | 20,733 |
| year | | |
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| Cash flow for the year | (2,169) | 4,644 |
--------------------------------------------------------------------------------
| Effect of foreign exchange rate changes | 16 | (18) |
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| Cash and cash equivalents at end of period | 23,206 | 25,359 |
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Gunnar Hannus
AS Eesti Telekom, Financial Manager
phone +372 6 111 472
e-mail: gunnar.hannus@telekom.ee