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17.07.2009 09:00:00
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AS-i Eesti Telekom 2009. aasta II kvartali ja I poolaasta konsolideeritud vahearuanne (EEK)
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TEGEVUSE VAHEARUANNE ÜLDINFO Eesti Telekom Grupi, mille emaettevõtja on AS Eesti Telekom (registreerimisnumber 10234957; aadress: Valge 16, 19095 Tallinn), peamiseks tegevusalaks on telekommunikatsiooniteenuste osutamine. AS-i Eesti Telekom aktsiad on alates 1999. aastast noteeritud Tallinna ja Londoni väärtpaberibörsidel (OMX: ETLAT / LSE: EETD). Muudatused Eesti Telekom Grupi struktuuris AS-i Eesti Telekom nõukogu on andnud heakskiidu ühinemise alustamiseks ja ühinemislepingute sõlmimiseks juhatuste poolt eesmärgiga Eesti Telekom Grupi struktuuri lihtsustada ning ühendada AS-iga EMT viimase 100% tütarettevõtjad EMT Esindused AS ja AS Mobile Wholesale ning Elion Ettevõtted AS-iga viimase 100% tütarettevõtja Elion Esindus AS. Ühendamiste eesmärk on saavutada suuremat efektiivsust äriprotsessides. Ühendamised loodetakse lõpule viia hiljemalt 2009. aasta augustis. Finantsaruandluses plaanitav ühendamine muutusi kaasa ei too, kuna EMT Grupi ja Elion Grupi tulemused on esitatud konsolideerituna ka praegu. Juunis 2009 müüs AS-i Eesti Telekom 100% tütarettevõtja AS MicroLink Eesti majandustarkvara ja tarkvaraarenduse ärivaldkonna AS-ile Helmes. AS MicroLink Eesti keskendub edaspidi IT püsiteenuste osutamisele, pakkudes ettevõtetele infohalduse, IT süsteemide majutus- ja haldusteenuseid ning arvutikasutajate ja tippspetsialistide koolitust. AS-i Eesti Telekom majandustulemustele tütarettevõtja vähemolulise ärivaldkonna müük olulist mõju ei avalda. Aktsionäride üldkoosolek AS-i Eesti Telekom aktsionäride korraline üldkoosolek toimus 20. mail 2009. aastal. Üldkoosolek kinnitas 2008. a. majandusaasta aruande ja kasumi jaotamise ettepaneku. AS-i Eesti Telekom aktsionäridele maksti möödunud majandusaasta eest dividende 10,50 krooni aktsia kohta ehk kokku 1 449 miljonit krooni. Dividendid maksti välja 16. juunil 2009. aastal aktsionäride nimekirja alusel, mis fikseeriti 5. juuni 2009. aasta kella 23.59 seisuga. 965 miljonit krooni akumuleerunud kasumit jäeti jaotamata. Üldkoosolek kutsus tagasi AS-i Eesti Telekom senise nõukogu ja valis uude nõukogusse järgmised liikmed: Mats Salomonsson, Juha-Pekka Weckström, Freenasp Mobedjina, Lars Gunnar Klasson, Tarmo Porgand, Jüri Raatma ja Aare Tark. Üldkoosolek valis AS-i Eesti Telekom audiitoriks 2009. majandusaastal AS PricewaterhouseCoopers (reg. kood 10142876). Audiitorteenuste teostamine ja teenuste eest tasumine toimub audiitorfirmaga sõlmitava lepingu alusel. AS-i Eesti Telekom omanike struktuur 2009. aasta teise 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. Teise kvartali lõpu seisuga oli vabalt kaubeldavate aktsiate osakaal 12,71% aktsiate koguarvust. Neist 10,33% oli konverteeritud Londoni Börsil kaubeldavateks GDR-ideks. AS-i Eesti Telekom 10 suuremat aktsionäri 30. juuni 2009. aasta seisuga olid: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 30. juuni 2009 | -------------------------------------------------------------------------------- | | Väärtpaberite arv | Osalus | -------------------------------------------------------------------------------- | | Muutus | | | võrreldes 31. | | | märts 2009 | -------------------------------------------------------------------------------- | Baltic Tele AB | 82 936 299 | 60,12% | - | -------------------------------------------------------------------------------- | Rahandusministeerium | 33 346 464 | 24,17% | - | -------------------------------------------------------------------------------- | Eesti Arengufond | 4 138 636 | 3,00% | - | -------------------------------------------------------------------------------- | SEB kliendid | 2 349 205 | 1,70% | (469 541) | -------------------------------------------------------------------------------- | ING Luxembourg S.A. | 2 137 813 | 1,55% | 82 030 | -------------------------------------------------------------------------------- | Deutsche Bank (GDRide kontod) | 1 810 971 | 1,31% | (435 867) | -------------------------------------------------------------------------------- | Clearstream Banking Luxembourg | 623 158 | 0,45% | 44 857 | | S.A. kliendid | | | | -------------------------------------------------------------------------------- | Mellon Treaty Omnibus | 496 473 | 0,36% | 133 000 | -------------------------------------------------------------------------------- | UniCredit Bank Austria AG | 439 918 | 0,32% | (32 230) | -------------------------------------------------------------------------------- | State Street Bank and Trust | 381 045 | 0,28% | 45 100 | | Omnibus Account | | | | -------------------------------------------------------------------------------- AS-i Eesti Telekom aktsia AS-i Eesti Telekom aktsia hind langes 2009. aasta teises kvartalis 9,77%. Aktsia hind kvartali alguses oli 75,26 krooni ning kvartali lõpus 67,91 krooni. Kõrgeim ja madalaim aktsia hind aruandeperioodi jooksul olid vastavalt 85,27 krooni ning 66,97 krooni. Aruandeperioodi käibeks kujunes 168 miljonit krooni. ÄRITEGEVUS Juhatuse kommentaar: Grupi müügitulu teises kvartalis oli peamiselt mõjutatud regulatsioonidest (mobiilsektorile Euroopa Liidust) ning majanduse jahenemisest (kauba müügi vähenemine ja tarbijakäitumise muutumine). Samas jätkus juurdekasv mobiilside lepinguliste klientide, mobiilse ja fikseeritud lairiba klientide ning TV klientide hulgas. Olulisemad finantsnäitajad Eesti Telekom grupp -------------------------------------------------------------------------------- | | II kv. | II kv. | Muutus | I p/a | I p/a | Muutus | | | 2009 | 2008 | , % | 2009 | 2008 | , % | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 1 349 | 1 567 | (13,9) | 2 686 | 3 051 | (12,0) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 536 | 613 | (12,6) | 1 053 | 1 189 | (11,5) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 39,7 | 39,1 | | 39,2 | 39,0 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 385 | 468 | (17,7) | 745 | 904 | (17,6) | -------------------------------------------------------------------------------- | Marginaal, % | 28,6 | 29,9 | | 27,7 | 29,6 | | -------------------------------------------------------------------------------- | Kasum enne | 406 | 487 | (16,7) | 782 | 939 | (16,7) | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 6 | 101 | | 382 | 553 | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia | 0,05 | 0,73 | | 2,77 | 4,00 | | | kohta, EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 6 | 101 | | 382 | 553 | | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 125 | 184 | (32,2) | 247 | 303 | (18,3) | | EEK | | | | | | | -------------------------------------------------------------------------------- | Netovõla suhe | (7,5) | (14,3) | | (7,5) | (14,3) | | | omakapitali, % | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 0,1 | 2,1 | | 8,3 | 11,6 | | -------------------------------------------------------------------------------- | ROE, % | 10,3 | 11,9 | | 20,8 | 24,3 | | -------------------------------------------------------------------------------- Mobiilside teenuste segment -------------------------------------------------------------------------------- | | II kv. | II kv. | Muutus | I p/a | I p/a | Muutus | | | 2009 | 2008 | , % | 2009 | 2008 | , % | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 768 | 938 | (18,1) | 1 508 | 1 812 | (16,8) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 299 | 365 | (18,1) | 572 | 694 | (17,5) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 38,9 | 38,9 | | 38,0 | 38,3 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 231 | 299 | (22,5) | 437 | 565 | (22,6) | -------------------------------------------------------------------------------- | Marginaal, % | 30,1 | 31,8 | | 29,0 | 31,2 | | -------------------------------------------------------------------------------- | Kasum enne | 245 | 309 | (20,7) | 461 | 582 | (20,7) | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 10 | 87 | | 226 | 360 | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 10 | 87 | | 226 | 360 | | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 59 | 71 | (17,7) | 133 | 128 | 3,9 | | EEK | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 0,5 | 4,1 | | 11,4 | 17,8 | | -------------------------------------------------------------------------------- | ROE, % | 16,0 | 20,4 | | 32,4 | 42,1 | | -------------------------------------------------------------------------------- Lairiba teenuste segment -------------------------------------------------------------------------------- | | II kv. | II kv. | Muutus | I p/a | I p/a | Muutus | | | 2009 | 2008 | , % | 2009 | 2008 | , % | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 737 | 804 | (8,3) | 1 464 | 1 568 | (6,6) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 233 | 246 | (5,1) | 481 | 493 | (2,3) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 31,7 | 30,6 | | 32,9 | 31,4 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 156 | 173 | (9,8) | 328 | 349 | (6,2) | -------------------------------------------------------------------------------- | Marginaal, % | 21,2 | 21,5 | | 22,4 | 22,3 | | -------------------------------------------------------------------------------- | Kasum enne | 159 | 176 | (9,6) | 330 | 353 | (6,6) | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | (6) | 43 | | 165 | 220 | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | (6) | 43 | | 165 | 220 | | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 64 | 108 | (40,7) | 109 | 164 | (33,8) | | EEK | | | | | | | -------------------------------------------------------------------------------- | ROA, % | (0,2) | 1,6 | | 6,4 | 8,3 | | -------------------------------------------------------------------------------- | ROE, % | 8,3 | 8,8 | | 18,1 | 18,5 | | -------------------------------------------------------------------------------- IT-teenuste segment -------------------------------------------------------------------------------- | | II kv. | II kv. | Muutus | I p/a | I p/a | Muutus | | | 2009 | 2008 | , % | 2009 | 2008 | , % | -------------------------------------------------------------------------------- | Müügitulu, mln EEK | 69 | 87 | (20,1) | 131 | 166 | (21,0) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 8 | 7 | 15,6 | 5 | 11 | (55,7) | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 11,7 | 8,1 | | 3,7 | 6,6 | | -------------------------------------------------------------------------------- | Ärikasum, mln EEK | 2 | 1 | 94,5 | (14) | (1) | N/A | -------------------------------------------------------------------------------- | Marginaal, % | 3,0 | 1,2 | | (10,3) | (0,7) | | -------------------------------------------------------------------------------- | Kasum enne | 2 | 1 | 169,3 | (14) | (2) | N/A | | tulumaksustamist, mln | | | | | | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 2 | 1 | | (14) | (2) | | | EEK | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 2 | 1 | | (14) | (2) | | | mln EEK | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 2 | 4 | (58,1) | 5 | 10 | (49,7) | | EEK | | | | | | | -------------------------------------------------------------------------------- | ROA, % | 1,3 | 0,6 | | (7,8) | (1,4) | | -------------------------------------------------------------------------------- | ROE, % | 1,9 | 1,4 | | (12,1) | (3,4) | | -------------------------------------------------------------------------------- Müügitulud, tegevuskulud ja kasum Grupi müügitulu ulatus 2009. aasta teises kvartalis 1349 miljoni kroonini (2. kvartal 2008: 1567 miljonit krooni), ning oli peamiselt mõjutatud regulatsioonidest, mis tulevad mobiilisektorile Euroopa Liidust ning majanduse jahenemisest. Mobiilside teenuste segmendi 2009. aasta teise kvartali konsolideeritud käive ulatus 768 miljoni kroonini, kahanedes 2008. aasta teise kvartaliga võrreldes 18% (2. kvartal 2008: 938 miljonit krooni). Kogutulude languse taga oli jae- ja sidumishindade langusest tingitud kõneteenuste tulude vähenemine, mida kompenseeris osaliselt mobiilse andmeside kasv ja allhanketeenuste mahu kasv. Samuti on teises kvartalis võrreldes aastataguse ajaga vähenenud telekommunikatsioonikaupade jae- ja hulgimüügist saadavad tulud, mis on tingitud muutunud tarbijakäitumisest. Lisaks jäi klientide poolt algatatud kõneminutite arv 7% võrra väiksemaks ja EMT võrku sisenevate vastuvõetud kõneminutite arv 4% võrra väiksemaks võrreldes 2008. aasta teise kvartaliga, mis tuleneb klientide kokkuhoiusoovist tarbimist piirata. AS-i EMT kliendibaas oli 2009. aasta 2. kvartali lõpuks 9 tuhande võrra väiksem võrreldes aasta varasema ajaga, ulatudes 746 tuhande aktiivse SIM-kaardini (30. juuni 2008: 755 tuhat kaarti). Võrreldes aastatagusega on lepinguliste klientide arv kasvanud 4 tuhande võrra, ulatudes 2009. aasta 2. kvartali lõpu seisuga 484 tuhandeni, samal ajal kui aktiivsete ettemaksega kaartide kasutajate arv on vähenenud 13 tuhande võrra, jäädes 262 tuhande tasemele. EMT hindab oma turuosa aktiivsete SIM-kaartide põhjal stabiilseks 47%-le. Hinnanguline aktiivsete kaartide penetratsioon Eestis on 118%. Alates maist pakub EMT oma klientidele uudset MinuEMT mobiili- ja internetipaketi, kus kliendil on võimalus valida ise millises mahus ta soovib kasutada kolme mobiilside põhiteenust - kõnesid, sõnumeid ja internetti. MinuEMT lahendus on klientide poolt hästi vastu võetud kuna ta sisaldab paindlikkust ja personaalset lähenemist erinevatele kliendi segmentidele. Vastavalt Sideameti otsustele oli fikseeritud AS EMT-le, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile perioodiks 01.07.2007-30.06.2008 sidumistasuks 1,66 krooni. Perioodiks 01.07.2008-30.06.2009 on kehtestanud Sideameti õigusjärglane Konkurentsiamet AS-ile EMT, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile oma mobiiltelefoni-võrkudes häälkõne lõpetamise tasuks 1,37 krooni minut. 26.03.2009 otsuse alusel tegi Konkurentsiamet teatavaks uue turuanalüüsi tulemused, mille kohaselt tunnistati olulise turujõuga ettevõtjaks oma mobiiltelefonivõrgus häälkõne lõpetamise turul lisaks AS-ile EMT, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile ka ProGroup Holding OÜ. Otsuse kohaselt kohustatakse viidatud ettevõtjaid hinnakontrolli kohustuse raames rakendama kuni 30.06.2012 benchmark´il põhinevat Euroopa riikide keskmist sidumistasu, mis teeb alates 01.07.2009 rakendatavaks maksimaalseks tariifiks 1,36 krooni minut. Perioodideks 01.07.2010-30.06.2011 ja 01.07.2011-2012 kehtestatavad sidumistasu maksimaalmäärad teeb Konkurentsiamet teatavaks hiljemalt 2 kuud enne vastavate perioodide algust, kuid otsuse kohaselt ei tohi rakendatava sidumistasu langus või tõus olla suurem kui 10%. Lairiba teenuste segmendi müügitulud ulatusid teises kvartalis 737 miljoni kroonini (2. kvartal 2008: 804 miljonit krooni). Võrreldes eelmise aasta sama perioodiga vähenes lairibateenuste segmendi käive kokku 8%. Käibe langus oli eelkõige seotud telekommunikatsiooni- ja IT-kaupade müügimahu vähenemisega ning kõneteenuste minutimahu langusega. Jaekaupade müügikäive kahanes mahu langusest tulenevalt 38% ning lõppklientidelt teenitavad riigisiseste kõneteenuste tulud vähenesid minutimahtude üldise languse tõttu Eesti turul 17%. Rahvusvaheliste kõneteenuste käive langes 25%, mis oli peamiselt seotud mobiilivõrkudest algatatud rahvusvaheliste kõnede minutimahu vähenemisega. Kõneside allhanketeenuste käive langes lisateenuste vähenemise tõttu 7%. Samas kasvasid ühenduste müügist teenitavad tulud 1,4%. Enim suurenesid terviklahenduste kuutasudest saadavad tulud, mis kasvasid eelmise aastaga võrreldes 15 miljoni krooni. Andmesidelahenduste müügikäive ning püsiliinide renditulud suurenesid vastavalt 7% ja 5%. Tulenevalt jätkuvast trendist asendada kõneside- või internetiühenduse üksiktoode terviklahenduse tootega, kahanesid nimetatud üksiktoodete tulud kokku 14 miljonit krooni. Esimese kvartali lõpus algatatud erakliendi terviklahenduste tooteportfelli kohandamine klientide muutunud vajadustele ning uuendatud Kodulahenduse toodete ja Stardipaketi turuletoomine on Elioni jaoks läinud edukalt. Uuendatud Kodulahenduse toodete raames pakutakse Elioni klientidele tasuta teist vaatamiskohta ning WiFi kasutusvõimalust Elioni 800-s WiFi võrgus üle Eesti. Teises kvartalis suurenes Elioni kolmikpakettide kasutajate arv 5000 võrra, ulatudes 30. juuni seisuga 87,1 tuhandeni (30. juuni 2008: 62,3 tuhat). Teise kvartali lõpuks oli Elionil 88,4 tuhat IP- ja kaabeltelevisiooni klienti (30. juuni 2008: 67,7 tuhat). Elioni hinnangul on ettevõtja turuosa Eesti kaabelleviturul aastaga suurenenud 5%, ulatudes teise kvartali lõpuks 29%-ni (30. juuni 2008: 24%). Elioni interneti püsiühenduse klientide koguarv kasvas aasta varasema ajaga võrreldes 6,9 tuhande võrra, ulatudes juuni lõpuks 175,2 tuhandeni (30. juuni 2008: 168,3 tuhat). Mõningane langus ühenduste arvus on tingitud võlgnevuse tõttu suletud toodete arvu kasvust. Ettevõtja hinnangul Elioni turuosa Eesti interneti püsiühenduste turul ei muutunud, moodustades jätkuvalt 54%. Teise kvartali lõpuks ulatus Elioni aktiivsete kõneliideste arv 460 tuhandeni (30. juuni 2008: 473 tuhat liidest). Kõneliideste vähenemine tuleneb telefoniühenduste arvu oodatud kahanemisest era- ja ärisegmendis ning taksofonide arvu vähendamisest üle Eesti. Elion hindab oma turuosa fikseeritud võrgus algatatud kõneminutitest 80%-liseks (30. juuni 2008: 81%). Turuosa kohalike kõnede minutitest on 82% (30. juuni 2008: 83%), rahvusvaheliste kõnede minutitest 69% (30. juuni 2008: 66%) ning mobiiltelefonidele tehtavate kõnede minutitest 70% (30. juuni 2008: 71%). Rahvusvaheliste kõnede turuosa tõus on seletatav arvestusmetoodika muutusega. Ettevõtja hinnangul on nimetatud turuosa püsinud viimase aasta jooksul samal tasemel. Teise kvartali alguses algatasid Elion, EMT ja MicroLink koostöös Vaata Maailma SA-ga mastaapse inimeste internetti kaasamise projekti “Ole Kaasas”. Projekt kutsuti ellu selleks, et vähendada infokihistumist ühiskonnas, mis tuleneb suures osas sellest, et 300 000 Eestis elaval täiskasvanul puudub täna ligipääs internetile. Projekti eesmärk on korraldada arvutialane baas- ja täiendõpe 100 000 inimesele ja tuua internetti kasutama täiendavalt 50 000 peret järgneva 3 aasta jooksul. Juunis allkirjastas Elion koostöölepingu SA-ga Tallinna Ettevõtlusinkubaatorid, mis võimaldab alustatavatel ettevõtetel soodsamalt tarbida Elioni poolt pakutavaid IT- ja sideteenuseid. Koostöö eesmärk on soodustada alustatavate ettevõtete konkurentsivõimet, pakkudes lisaks soodsamale hinnale ettevõtte vajadustele vastavaid kaasaegseid infotehnoloogilisi lahendusi ning nõustamist pädevate spetsialistide poolt. Juunis sõlmis Elion koostöölepingu Venemaa ühe mõjukaima telekomiettevõte Synterra CJSC-iga, mis loob aluse Eesti ja Venemaa tihedaks koostööks infoühiskonna teenuste osas. Koostöö võimaldab Eesti internetikasutajatel kiiremat ligipääsu Venemaa internetiressurssidele ja vastupidi. Järgmistes etappides on kavas teha koostööd IP-teenuste osas, et neid kummagi ettevõtte klientidele pakkuda, lisaks alustatakse koostööd IP-transiitliikluse vahendamiseks Venemaa ja Euroopa vahel. Synterra Grupi ettevõtted pakuvad kõne- ja andmeside teenuseid, telemaatikateenuseid ning omavad ühendusi üle Venemaa. Grupp on keskendunud peamiselt suurte infrastruktuuriettevõtete, riiklike ettevõtete ja riigiasutuste teenindamisele. Grupi konsolideeritud tulud oli 2008. aastal enam kui 527 miljonit dollarit. Aprillis esitas AS Starman Harju Maakohtule hagi Elioni vastu summas 6 miljonit krooni pluss intress perioodil 1.02.2006 kuni 1.01.2008 justkui enammakstud kaablikanalisatsiooni renditasuna. Elion tõstis renditasu 1.02.2006 ja langetas seda 1.01.2008 lähtudes muutunud regulatsioonist. Elion esitas kohtule hagid Elisa ja Tele2 vastu aastatel 2006-2007 enammakstud sidumistasu nõudes summades vastavalt 27 ja 29 miljonit krooni, millele lisandub viivistasu. IT-teenuste segmendi müügitulu ulatus 2009. aasta teises kvartalis 69 miljoni kroonini (2. kvartal 2008: 87 miljonit krooni). Võrreldes eelmise aasta sama perioodiga vähenes müügitulu 20%, seejuures IT-kaupade osas langes müügitulu 45,1%, projektimüügi teenuste osas tõusis 16% ja püsiteenuste osas langes müügitulu 4,3% võrra. 2009. aasta riigieelarve vähendamine 8 miljardi krooni võrra avaldas olulist mõju Eesti IT-sektorile. Paljud hanked on edasi lükatud või juba toimunud hangete tulemused tühistatakse. Samas oli teises kvartalis tunda positiivset mõju Euroopa Liidu Struktuurfondide finantseerimise aktiviseerimisest. Infrastruktuurilahenduste müügitulu oli teises kvartalis oluliselt väiksem kui eelmise aasta samal perioodil. Põhjuseks on üldine langus IT-turul. Samasugust langustrendi täheldavad hetkel kõik IT-haru ettevõtted, kes tegelevad kaubamüügiga. Ärilahenduste valdkonnas oli oluliseks projektiks teises kvartalis IncidentMonitori juurutamine Eesti Energias, erinevate infosüsteemide juurutused ja edasiarenduse projektid Maksu- ja Tolliametis, Kaitseministeeriumis ning mõned suuremad litsentside müügid. Seoses keskendumisega IT püsiteenuste pakkumisele väljus MicroLink Eesti 2009. aasta juuni lõpus majandustarkvara juurutamise ja tarkvaraarenduse ärivaldkondadest. MicroLinki majandustarkvara ja tarkvaraarenduse klientidele edaspidiseks kvaliteetse teenuse tagamiseks valis MicroLink usaldusväärseks ja sobivaks partneriks Helmese. MicroLinki majandustarkvara (Dynamics AX ja SAP) ärivaldkond jätkab Helmese 100% tütarettevõttena. Tarkvara arenduse ärivaldkond liidetakse Helmesega. MicroLink keskendub IT püsiteenuste osutamisele pakkudes ettevõtetele infohalduse, IT süsteemide majutuse ja haldusteenuseid, arvutikasutajate ja tippspetsialistide koolitust ning konsultatsiooniteenuseid (ITIL, ISKE jm). Püsiteenuste valdkonnas võitis AS MicroLink Eesti teises kvartalis Sotsiaalministeeriumi poolt korraldatud tööjaamade halduse hanke. Lisaks jätkas MicroLink Eesti teisest kvartalist tööjaamade haldusteenuse osutamist Tallinna Linnavalitusele. Püsiteenuste müügitulu jäi teises kvartalis samale tasemele võrreldes ka esimese kvartaliga. Eesti Telekom Grupi tegevuskulud vähenesid 2009. aasta teises kvartalis 2008. aasta sama perioodiga võrreldes 15%, ulatudes 820 miljoni kroonini (2. kvartal 2008: 960 miljonit krooni). Mobiilside teenuste segmendi tegevuskulud vähenesid 2008. aasta teises kvartaliga võrreldes 18%, jäädes 472 miljoni kroonini tasemele (2. kvartal 2008: 576 miljonit krooni). Enim on vähenenud jae- ja hulgikaubandusega seotud tegevuskulud, mis on kooskõlas kaubanduse müügikäibe langusega. Samuti on vähenenud sidumishindade langusest tingitud sidumiskulud. Kulude vähenemisele aitas kaasa ka efektiivsuskavade edukas rakendamine. Lairiba teenuste segmendi tegevuskulud kahanesid lõppenud kvartalis 2008. aasta sama perioodiga võrreldes 10%, ulatudes 505 miljoni kroonini (2. kvartal 2008: 563 miljonit krooni). Valdav osa tegevuskulude vähenemisest tulenes kaupade jaemüügimahtude, kõneteenuste minutimahtude ning kõneside allhanketeenuste mahu kahanemisega seotud otsemüügikulude langusest. Olulist mõju tegevuskulude langusele avaldasid ka eelmisel aastal algatatud efektiivsusprojektid, mis olid seotud võrguressursi hoolduskulude, personalikulude, IT kulude, arvete väljastamise kulude ning transpordikulude vähendamisega. IT-teenuste segmendi tegevuskulud kahanesid teises kvartalis võrreldes eelmise aasta sama perioodiga 18%, ulatudes 65 miljoni kroonini (2. kvartal 2008: 80 miljonit krooni). Kvartali tegevuskulusid mõjutas ühelt poolt äritegevuse laiendamine ning teiselt poolt kaasnesid väiksema kaubamüügikäibega ka väiksemad kaubaostukulud, lisaks on mõlemad grupi ettevõtted suutnud vähendada muid tegevuskulusid (sh. MicroLink Eesti muud tegevuskulud eraldiseisva ettevõttena 11,6% võrra). Eesti Telekom Grupi ärikasum enne kulumit kahanes 2009. aasta teises kvartalis eelmise aasta sama perioodiga võrreldes 13%, ulatudes 536 miljoni kroonini (2. kvartal 2008: 613 miljonit krooni). Mobiilside teenuste segmendi ärikasum enne kulumit vähenes teises kvartalis võrreldes eelmise aasta sama perioodiga 18% võrra. Kuna tegevuskulude langus on olnud peaaegu samas proportsioonis käibe vähenemisega, siis mobiilside segmendi tegevuskasumi marginaal on jäänud samale tasemele eelmise aasta sama perioodiga. Lairiba teenuste segmendi ärikasum enne kulumit vähenes teises kvartalis eelmise aasta sama perioodiga võrreldes 5%, ulatudes 233 miljoni kroonini (2. kvartal 2008: 246 miljonit krooni). IT-teenuste segmendi ärikasum enne kulumit oli 2009. aasta teises kvartalis 8 miljonit krooni (2. kvartal 2008: 7 miljonit krooni). Grupi ärikasumi enne kulumit marginaal oli 2009. aasta teises kvartalis 40%, olles 1% võrra kõrgem eelmise aasta sama perioodi vastava marginaalist. Grupi amortisatsioonikulu ulatus 2009. aasta teises kvartalis 151 miljoni kroonini, suurenedes 2008. aasta sama perioodiga võrreldes 4% (2. kvartal 2008: 145 miljonit krooni). Eesti Telekom Grupp teenis teises kvartalis ärikasumit 385 miljonit krooni, kahanedes eelmise aasta sama perioodiga võrreldes 18% (2. kvartal 2008: 468 miljonit krooni) ning maksustamiseelset kasumit 406 miljonit krooni (2. kvartal 2008: 487 miljonit krooni). Tänavu 16. juunil maksis AS Eesti Telekom oma aktsionäridele dividende sarnaselt eelmisele aastale 10,50 krooni aktsia kohta, kogusummas 1449 miljonit krooni (2008. aasta: 1449 miljonit krooni). Võimaldamaks dividendide väljamakset AS-i Eesti Telekom aktsionäridele maksis AS EMT emaettevõtjale dividende 880 miljonit krooni (2. kvartal 2008: 820 miljonit krooni) ja Elion Ettevõtted AS 620 miljonit krooni (2. kvartal 2008: 500 miljonit krooni). Dividendide maksmisega kaasnes dividendide tulumaksu kulu 400 miljonit krooni (2. kvartal 2008: 386 miljonit krooni), millest AS EMT osa moodustab 235 miljonit krooni (2. kvartal 2008: 222 miljonit krooni) ja Elion Ettevõtted AS osa 165 miljonit krooni (2. kvartal 2008: 133 miljonit krooni). Eesti Telekom Grupi 2009. aasta esimese poolasta kasum oli 382 miljonit krooni (1. poolaasta 2008: 553 miljonit krooni). Tulu aktsia kohta teeniti 2,77 krooni (1. poolaasta 2008: 4,00 krooni). Grupi 2009. aasta esimese poolaasta koondkasum oli 382 miljonit krooni (1. poolaasta 2008: 553 miljonit krooni). Finantsseisundi aruanne ja rahavood Eesti Telekom Grupi bilansimaht oli 30. juuni 2009. aasta seisuga 4159 miljonit krooni (31. detsember 2008: 4999 miljonit krooni). Aasta algusega võrreldes on 89 miljoni krooni võrra kahanenud põhivara, mille jääk teise kvartali lõpus ulatus 2836 miljoni kroonini. Grupi käibevara on poole aastaga kahanenud 752 miljoni krooni võrra, ulatudes juunikuu lõpus 1323 miljoni kroonini (31. detsember 2008: 2075 miljonit krooni). Raha ja raha ekvivalentide ning lühiajaliste finantsinvesteeringute jääk on kahanenud 614 miljoni krooni võrra ja seda seoses juunikuus väljamakstud dividendidega. Eesti Telekom Grupi omakapital oli 30. juuni 2009. aasta seisuga 3223 miljonit krooni, mis on 1072 miljonit krooni vähem kui 2008. aasta lõpus (31. detsember 2008: 4295 miljonit krooni). Omakapitali vähenemine on seotud dividendide maksmisega 1449 miljoni krooni ulatuses. Samas on omakapitali kasvatanud 2009. aasta esimese poolaasta 382 miljoni krooni suurune kasum. Grupil oli juuni lõpu seisuga pikaajalisi kohustusi 31 miljonit krooni (31. detsember 2008: 33 miljonit krooni) ja lühiajalisi võlakohustusi 905 miljonit krooni (31. detsember 2008: 671 miljonit krooni). Lühiajaliste võlakohustuste kasv tuleneb juulikuus maksmisele kuuluvast 400 miljoni krooni suurusest dividendide tulumaksukohustusest. Eesti Telekom Grupi netovõlg oli teise kvartali lõpus -242 miljonit krooni ja netovõla suhe omakapitali -7,5% (31. detsember 2008: -853 miljonit krooni ja -20%). Eesti Telekom Grupi äritegevuse rahavoog oli 2009. aasta esimesel poolaastal 1034 miljonit krooni (1. poolaasta 2008: 1143 miljonit krooni). Grupi investeerimistegevuse rahavoog oli 309 miljonit krooni (1. poolaasta 2008: 399 miljonit krooni). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli esimesel poolaastal 247 miljonit krooni (1. poolaasta 2008: 303 miljonit krooni). Mobiilside teenuste segment on 2009. aasta esimese kuue kuuga investeerinud 133 miljonit krooni (1. poolaasta 2008: 128 miljonit krooni). Mobiilsides oli lisaks pidevale GSM-võrgu arendusele arenguprioriteediks kiiret mobiilset andmesidet toetavate tehnoloogiate rakendamine. Enamus EMT klientide andmeside kasutusest tehakse 3G võrgus, mis võimaldab kasutada kvaliteetset ja kiiret ADSLi lähedase kiirusega internetiühendust mugavalt kontrollitavate kuludega. Kuna EMT-l töötab ainsana Eestis EDGE andmeside kogu GSM levialas, siis uued tugijaamade investeeringud on suunatud põhiliselt 3G välis- ja siselevi laiendamiseks linnades ja asulates. Samas endiselt jätkus pidev GSM võrgu täiustamine. Lairiba teenuste segmendi investeeringud põhivarasse ulatusid 109 miljoni kroonini (1. poolaasta 2008: 164 miljonit krooni). Põhiosa kapitalimahutustest olid jätkuvalt seotud võrguressursi arendamisega, erakliendi tooteportfelli muudatustega ning kolmikteenuse kvaliteedi parandamise ja kättesaadavuse laiendamisega. IT-teenuste segment investeeris 2009. aasta esimesel poolaastal põhivarasse 5 miljonit krooni (1. poolaasta 2008: 10 miljonit krooni). Eesti Telekom Grupi rahavoog finantseerimistegevusse oli tänavu esimesel poolaastal 1457 miljonit krooni, sellest dividendide maksmiseks AS-i Eesti Telekom aktsionäridele kasutati 1449 miljonit krooni (1. poolaasta 2008 vastavalt 1450 miljonit krooni ja 1449 miljonit krooni) ning vähemusosa osanikele (Serenda Invest OÜ vähemusosanikud) 6 miljonit krooni (1. poolaasta 2008: 8 miljonit krooni). Definitsioonid Kulumieelse ärikasumi marginaal = põhivara kulumieelne ärikasum / müügitulu x 100% Ärikasumi marginaal = ärikasum / müügitulu x 100% Netovõlg = pika- ja lühiajalised intressikandvad laenud ja võlakohustused - raha ja raha ekvivalendid -lühiajalised investeeringud Netovõla suhe omakapitali = netovõlg / omakapital x 100% ROA = aruandeperioodi kasum / keskmine varade väärtus x 100% ROE = kasum enne maksustamist /keskmine omakapital x 100% Tava kasum aktsia kohta = aruandeperioodi kasum / keskmine aktsiate arv II KVARTALI KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------------------------- | | Lisad | II kvartal | II kvartal | | | | 2009 | 2008 | -------------------------------------------------------------------------------- | Müügitulu | 2.1 (a) | 1 349 147 | 1 566 708 | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1 (a) | (745 492) | (881 242) | -------------------------------------------------------------------------------- | Brutokasum | 2.1 (a) | 603 655 | 685 466 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud ning | 2.1 (a) | (224 983) | (224 265) | | uurimis- ja arendusväljaminekud | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1 (a) | 7 250 | 8 000 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1 (a) | (694) | (1 267) | -------------------------------------------------------------------------------- | Ärikasum | 2.1 (a) | 385 228 | 467 934 | -------------------------------------------------------------------------------- | Finantstulud | | 19 604 | 20 627 | -------------------------------------------------------------------------------- | Finantskulud | | (298) | (588) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1 (a) | 19 306 | 20 039 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1 (a) | 1 450 | (800) | | sidusettevõtjate aktsiatelt ja | | | | | osadelt, neto | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 2.1 (a) | 405 984 | 487 173 | -------------------------------------------------------------------------------- | Dividendide tulumaks | 2.1 (a) | (399 746) | (385 721) | -------------------------------------------------------------------------------- | Perioodi kasum | 2.1 (a) | 6 238 | 101 452 | -------------------------------------------------------------------------------- | Muu koondkasum | | | | -------------------------------------------------------------------------------- | Valuutakursi vahed | 2.1 (a) | 37 | - | | välisettevõtete ümberarvestusel | | | | -------------------------------------------------------------------------------- | Perioodi muu koondkasum | 2.1 (a) | 37 | - | -------------------------------------------------------------------------------- | Perioodi koondkasum kokku | 2.1 (a) | 6 275 | 101 452 | -------------------------------------------------------------------------------- | Perioodi kasumi jaotus: | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus kasumis | 2.1 (a) | 7 171 | 101 315 | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1 (a) | (933) | 137 | -------------------------------------------------------------------------------- | | | 6 238 | 101 452 | -------------------------------------------------------------------------------- | Perioodi koondkasumi jaotus: | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus koondkasumis | 2.1 (a) | 7 202 | 101 315 | -------------------------------------------------------------------------------- | Vähemusosa osalus koondkasumis | 2.1 (a) | (927) | 137 | -------------------------------------------------------------------------------- | | | 6 275 | 101 452 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Aktsia puhaskasum, arvestatud | 7 (f) | | | | emaettevõtja osalusest | | | | | aruandeperioodi kasumis | | | | | (kroonides) | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta | | 0,05 | 0,73 | -------------------------------------------------------------------------------- | Lahustatud kasum aktsia kohta | | 0,05 | 0,73 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1 (a) | 536 021 | 613 078 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1 (a) | (150 793) | (145 144) | -------------------------------------------------------------------------------- I POOLAASTA KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------------------------- | | Lisad | I | I | 2008 | | | | poolaasta | poolaasta | | | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Müügitulu | 2.1 (b), | 2 685 639 | 3 050 889 | 6 189 597 | | | 2.3 | | | | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1 (b) | (1 506 | (1 711 | (3 532 | | | | 826) | 737) | 648) | -------------------------------------------------------------------------------- | Brutokasum | 2.1 (b) | 1 178 813 | 1 339 152 | 2 656 949 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud | 2.1 (b) | (445 520) | (446 247) | (907 058) | | ning uurimis- ja | | | | | | arendusväljaminekud | | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1 (b) | 14 802 | 14 285 | 31 317 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1 (b) | (3 264) | (2 821) | (8 498) | -------------------------------------------------------------------------------- | Ärikasum | 2.1 (b) | 744 831 | 904 369 | 1 772 710 | -------------------------------------------------------------------------------- | Finantstulud | | 36 999 | 38 378 | 55 185 | -------------------------------------------------------------------------------- | Finantskulud | | (647) | (1 172) | (871) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1 (b) | 36 352 | 37 206 | 54 314 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1 (b) | 626 | (2 480) | (2 847) | | sidusettevõtjate | | | | | | aktsiatelt ja osadelt, | | | | | | neto | | | | | -------------------------------------------------------------------------------- | Kasum enne | 2.1 (b) | 781 809 | 939 095 | 1 824 177 | | tulumaksustamist | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | 2.1 (b) | (399 746) | (385 721) | (385 912) | -------------------------------------------------------------------------------- | Perioodi kasum | 2.1 (b) | 382 063 | 553 374 | 1 438 265 | -------------------------------------------------------------------------------- | Muu koondkasum | | | | | -------------------------------------------------------------------------------- | Valuutakursi vahed | 2.1 (b) | 25 | - | 17 | | välisettevõtete | | | | | | ümberarvestusel | | | | | -------------------------------------------------------------------------------- | Perioodi muu koondkasum | 2.1 (b) | 25 | - | 17 | -------------------------------------------------------------------------------- | Perioodi koondkasum kokku | 2.1 (b) | 382 088 | 553 374 | 1 438 282 | -------------------------------------------------------------------------------- | Perioodi kasumi jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1 (b) | 382 575 | 551 966 | 1 434 835 | | kasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1 (b) | (512) | 1 408 | 3 430 | -------------------------------------------------------------------------------- | | | 382 063 | 553 374 | 1 438 265 | -------------------------------------------------------------------------------- | Perioodi koondkasumi | | | | | | jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1 (b) | 382 596 | 551 966 | 1 434 849 | | koondkasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus | 2.1 (b) | (508) | 1 408 | 3 433 | | koondkasumis | | | | | -------------------------------------------------------------------------------- | | | 382 088 | 553 374 | 1 438 282 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Aktsia puhaskasum, | 7 (f) | | | | | arvestatud emaettevõtja | | | | | | osalusest aruandeperioodi | | | | | | kasumis (kroonides) | | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta | | 2,77 | 4,00 | 10,40 | -------------------------------------------------------------------------------- | Lahustatud kasum aktsia | | 2,77 | 4,00 | 10,40 | | kohta | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1 (b) | 1 052 761 | 1 189 430 | 2 348 360 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1 (b), | (307 930) | (285 061) | (575 650) | | | 3 | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE -------------------------------------------------------------------------------- | | Lisad | 30. juuni | 31. dets. | 30.juuni | | | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | AKTIVA | | | | | -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 3 | 2 543 579 | 2 590 170 | 2 432 084 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 | 213 191 | 228 312 | 206 877 | -------------------------------------------------------------------------------- | Investeeringud | 2.2, 5 | 11 201 | 10 575 | 10 942 | | sidusettevõtjatesse | | | | | -------------------------------------------------------------------------------- | Mitmesugused pikaajalised | | 68 315 | 95 680 | 106 041 | | nõuded | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | 2.2 | 2 836 286 | 2 924 737 | 2 755 944 | -------------------------------------------------------------------------------- | Käbevara | | | | | -------------------------------------------------------------------------------- | Varud | 6 | 145 042 | 169 943 | 170 820 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja | | 928 255 | 1 041 685 | 1 099 761 | | muud lühiajalised nõuded | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | - | 500 000 | - | | finantsinvesteeringud | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | 249 392 | 363 099 | 488 850 | -------------------------------------------------------------------------------- | Käibevara kokku | 2.2 | 1 322 689 | 2 074 727 | 1 759 431 | -------------------------------------------------------------------------------- | AKTIVA KOKKU | 2.2 | 4 158 975 | 4 999 464 | 4 515 375 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | | | | | -------------------------------------------------------------------------------- | Omakapital | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 7 | | | | | omakapitalis | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 1 379 545 | 1 379 545 | 1 379 545 | -------------------------------------------------------------------------------- | Ülekurss | | 356 018 | 356 018 | 356 018 | -------------------------------------------------------------------------------- | Kohustuslik reserv | | 137 955 | 137 955 | 137 955 | -------------------------------------------------------------------------------- | Realiseerimata kursivahed | | 35 | 14 | - | -------------------------------------------------------------------------------- | Eelmiste perioodide | | 1 347 895 | 2 413 843 | 1 532 804 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | | 3 221 448 | 4 287 375 | 3 406 322 | | omakapitalis kokku | | | | | -------------------------------------------------------------------------------- | Vähemusosa | 2.2, 7 | 1 820 | 8 035 | 5 357 | -------------------------------------------------------------------------------- | Omakapital kokku | | 3 223 268 | 4 295 410 | 3 411 679 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 4 499 | 5 872 | 67 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 1 644 | 2 158 | 2 696 | -------------------------------------------------------------------------------- | Eraldised | 10 | 22 571 | 22 571 | 21 201 | -------------------------------------------------------------------------------- | Intressi mittekandvad | | 1 877 | 1 989 | 1 920 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 2.2 | 30 591 | 32 590 | 25 884 | | kokku | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | | 901 132 | 663 396 | 1 071 667 | | lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 2 808 | 4 061 | 2 444 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 1 032 | 1 032 | 1 001 | -------------------------------------------------------------------------------- | Eraldised | 10 | 144 | 2 975 | 2 700 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 2.2 | 905 116 | 671 464 | 1 077 812 | | kokku | | | | | -------------------------------------------------------------------------------- | Kohustused kokku | | 935 707 | 704 054 | 1 103 696 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | 2.2 | 4 158 975 | 4 999 464 | 4 515 375 | | KOKKU | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE -------------------------------------------------------------------------------- | | Lisad | I poolaasta | I poolaasta | | | | 2009 | 2008 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest | | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | | 382 063 | 553 374 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 2.1 | 307 930 | 285 061 | | | (b), 3 | | | -------------------------------------------------------------------------------- | (Kasum) / kahjum põhivara müügist | | (2 939) | (6 957) | -------------------------------------------------------------------------------- | Neto (tulud) / kulud | | (626) | 2 480 | | sidusettevõtjatelt | | | | -------------------------------------------------------------------------------- | Eraldised | | (2 831) | (5 667) | -------------------------------------------------------------------------------- | (Finantstulud) / kulud | | (47 910) | (55 909) | -------------------------------------------------------------------------------- | Dividendide tulumaks | | 399 746 | 385 721 | -------------------------------------------------------------------------------- | Muud mitterahalised korrigeerimised | | (4 451) | 90 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest enne | | 1 030 982 | 1 158 193 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja | | 76 121 | (99 289) | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Varude muutus | | 24 901 | 9 875 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | | (160 489) | 7 183 | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Käibekapitali muutus | | (59 467) | (82 231) | -------------------------------------------------------------------------------- | Rahavood äritegevusest peale | | 971 515 | 1 075 962 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Saadud intressid | | 66 500 | 69 646 | -------------------------------------------------------------------------------- | Makstud intressid | | (3 823) | (2 472) | -------------------------------------------------------------------------------- | Rahavoog äritegevusest kokku | 2.2 | 1 034 192 | 1 143 136 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | | -------------------------------------------------------------------------------- | Materiaalse ning immateriaalse | 2.2, 3 | (247 299) | (302 847) | | põhivara soetamine | | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse | | 4 398 | 8 691 | | põhivara müük | | | | -------------------------------------------------------------------------------- | Lühiajaliste finantsinvesteeringute | | 500 000 | 749 734 | | muutus, neto | | | | -------------------------------------------------------------------------------- | Muude pikaajaliste nõuete muutus, | | 51 684 | (56 989) | | neto | | | | -------------------------------------------------------------------------------- | Rahavoog investeerimistegevusest | 2.2 | 308 783 | 398 589 | | kokku | | | | -------------------------------------------------------------------------------- | Rahavood enne finantseerimistegevust | | 1 342 975 | 1 541 725 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | | -------------------------------------------------------------------------------- | Makstud dividendid | 7 (e) | (1 454 230) | (1 448 523) | -------------------------------------------------------------------------------- | Kapitalirendi põhiosa tagasimaksed | 8 | (2 429) | (1 315) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | 2.2 | (1 456 659) | (1 449 838) | | kokku | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | 2.2 | (113 684) | 91 887 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid aasta | 2.2 | 363 099 | 396 778 | | alguses | | | | -------------------------------------------------------------------------------- | Raha ja rahaekvivalentide muutus | 2.2 | (113 684) | 91 887 | -------------------------------------------------------------------------------- | Valuutakursi muutuste mõju | 2.2 | (23) | 185 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi | 2.2 | 249 392 | 488 850 | | lõpus | | | | --------------------------------------------------------------------------------
Pealkiri
Consolidated Interim Report of AS Eesti Telekom II Quarter and I Half Year 2009 (EEK)
Teade
(Translation of the Estonian original)
MANAGEMENT REPORT
GENERAL INFORMATION
The principal activity of Eesti Telekom Group, the parent company of which is AS
Eesti Telekom (registration number 10234957; address: Valge 16, 19095 Tallinn),
is the provision of telecommunications services.
Since 1999, the shares of AS Eesti Telekom have been listed on the Tallinn and
London securities markets (OMX: ETLAT / LSE: EETD).
Changes in the Eesti Telekom Group structure
AS Eesti Telekom Council has given the Board approval to initiate mergers and
enter into relevant agreements with the goal to simplify Eesti Telekom Group
structure, by merging AS EMT with its 100% subsidiaries EMT Esindused AS and AS
Mobile Wholesale, and Elion Ettevõtted AS with its 100% subsidiary Elion Esindus
AS. The aim is to achieve greater efficiency in business processes. The mergers
are planned to be concluded by August 2009 at the latest. The planned merger
will not cause any changes in financial reporting as the results of EMT Group
and Elion Group are already consolidated.
In June 2009, AS MicroLink Eesti, wholly owned by AS Eesti Telekom, sold its
enterprise resource planning and software development operations to AS Helmes.
From now on, AS MicroLink Eesti will concentrate on providing ICT outsourcing,
such as information management, IT systems hosting and management for businesses
as well as training computer users and top specialists. The sale of dispensable
operations of its subsidiary will not have great impact on AS Eesti Telekom
economic results.
Shareholders' general meeting
The regular general meeting of the AS Eesti Telekom shareholders took place on
20 May 2009. The general meeting approved the 2008 Annual Report and the
Proposal for the Distribution of Profits. The AS Eesti Telekom shareholders were
paid a dividend of 10.50 EEK per share, or a total of 1,449 million EEK, for the
previous financial year. The dividends were paid out on 16 June 2009 based on
the list of shareholders that was fixed as of 5 June 2009 at 11:59 pm.
Accumulated profits of 965 million EEK were retained.
The general meeting recalled the current AS Eesti Telekom supervisory board and
elected the following as members of the new supervisory board: Mats Salomonsson,
Juha-Pekka Weckström, Freenasp Mobedjina, Lars Gunnar Klasson, Tarmo Porgand,
Jüri Raatma and Aare Tark.
The general meeting selected AS PricewaterhouseCoopers (reg. code 10142876) as
the AS Eesti Telekom auditor for the 2009 financial year. The provision of and
payment for the auditing services shall take place based on a contract to be
concluded with the auditing firm.
Ownership structure of AS Eesti Telekom
During the second quarter of 2009, there were no significant changes in the
structure of the AS Eesti Telekom shareholders. The Eesti Telekom majority
shareholder TeliaSonera AB (through Baltic Tele AB) continues to own 60.12% of
the company's shares.
As of the end of the second quarter, the ratio of freely traded shares converted
to GDRs was 12.71%. Of these, 10.33% were converted into GDRs traded on the
London Stock Exchange.
As of 30 June 2009, the 10 largest shareholders in AS Eesti Telekom were:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 30 June 2009 |
--------------------------------------------------------------------------------
| | No of shares | Participation |
--------------------------------------------------------------------------------
| | Changes since |
| | 31 March 2009 |
--------------------------------------------------------------------------------
| Baltic Tele AB | 82,936,29 | 60.12% | - |
| | 9 | | |
--------------------------------------------------------------------------------
| Ministry of Finance | 33,346,46 | 24.17% | - |
| | 4 | | |
--------------------------------------------------------------------------------
| Development Fund | 4,138,636 | 3.00% | - |
--------------------------------------------------------------------------------
| SEB clients | 2,349,205 | 1.70% | (469,541) |
--------------------------------------------------------------------------------
| ING Luxembourg S.A. | 2,137,813 | 1.55% | 82,030 |
--------------------------------------------------------------------------------
| Deutsche Bank (GDR accounts) | 1,810,971 | 1.31% | (435,867) |
--------------------------------------------------------------------------------
| Clearstream Banking Luxembourg | 623,158 | 0.45% | 44,857 |
| S.A. clients | | | |
--------------------------------------------------------------------------------
| Mellon Treaty Omnibus | 496,473 | 0.36% | 133,000 |
--------------------------------------------------------------------------------
| UniCredit Bank Austria AG | 439,918 | 0.32% | (32,230) |
--------------------------------------------------------------------------------
| State Street Bank and Trust | 381,045 | 0.28% | 45,100 |
| Omnibus Account | | | |
--------------------------------------------------------------------------------
AS Eesti Telekom shares
In the second quarter of 2009, the price of AS Eesti Telekom shares decreased by
9.77%. The share price at the beginning of the quarter was 75.26 EEK and 67.91
EEK at the end of the quarter. The highest and lowest share prices during the
reporting period were 85.27 EEK and 66.97 EEK respectively. The turnover for the
reporting period was 168 million EEK.
BUSINESS ACTIVITIES
Management commentary: The Group's sales revenues in the second quarter were
primarily impacted by regulations (European Union regulations applied on the
mobile sector) and the economic downturn (reduction of sales of goods and
changes in consumer behavior). At the same time, there is a continuing growth of
mobile postpaid, mobile and fixed broadband and TV customers.
Significant financial indicators
Eesti Telekom Group
--------------------------------------------------------------------------------
| | Q2 | Q2 | Chang | HY1 | HY1 | Change |
| | 2009 | 2008 | e, % | 2009 | 2008 | , % |
--------------------------------------------------------------------------------
| Total revenues, million | 1,349 | 1,567 | (13.9 | 2,686 | 3,051 | (12.0) |
| EEK | | | ) | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 536 | 613 | (12.6 | 1,053 | 1,189 | (11.5) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Margin, % | 39.7 | 39.1 | | 39.2 | 39.0 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 385 | 468 | (17.7 | 745 | 904 | (17.6) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Margin, % | 28.6 | 29.9 | | 27.7 | 29.6 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 406 | 487 | (16.7 | 782 | 939 | (16.7) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Profit for the period, | 6 | 101 | | 382 | 553 | |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share, | 0.05 | 0.73 | | 2.77 | 4.00 | |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income for | 6 | 101 | | 382 | 553 | |
| the period, | | | | | | |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 125 | 184 | (32.2 | 247 | 303 | (18.3) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Net gearing, % | (7.5) | (14.3 | | (7.5) | (14.3) | |
| | | ) | | | | |
--------------------------------------------------------------------------------
| ROA, % | 0.1 | 2.1 | | 8.3 | 11.6 | |
--------------------------------------------------------------------------------
| ROE, % | 10.3 | 11.9 | | 20.8 | 24.3 | |
--------------------------------------------------------------------------------
Mobile communications segment
--------------------------------------------------------------------------------
| | Q2 | Q2 | Chang | HY1 | HY1 | Change |
| | 2009 | 2008 | e, % | 2009 | 2008 | , % |
--------------------------------------------------------------------------------
| Total revenues, million | 768 | 938 | (18.1 | 1, | 1,812 | (16.8) |
| EEK | | | ) | 508 | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 299 | 365 | (18.1 | 572 | 694 | (17.5) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Margin, % | 38.9 | 38.9 | | 38.0 | 38.3 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 231 | 299 | (22.5 | 437 | 565 | (22.6) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Margin, % | 30.1 | 31.8 | | 29.0 | 31.2 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 245 | 309 | (20.7 | 461 | 582 | (20.7) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Profit for the period, | 10 | 87 | | 226 | 360 | |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income for | 10 | 87 | | 226 | 360 | |
| the period, | | | | | | |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 59 | 71 | (17.7 | 133 | 128 | 3.9 |
| | | | ) | | | |
--------------------------------------------------------------------------------
| ROA, % | 0.5 | 4.1 | | 11.4 | 17.8 | |
--------------------------------------------------------------------------------
| ROE, % | 16.0 | 20.4 | | 32.4 | 42.1 | |
--------------------------------------------------------------------------------
Broadband services segment
--------------------------------------------------------------------------------
| | Q2 | Q2 | Chang | HY1 | HY1 | Change |
| | 2009 | 2008 | e, % | 2009 | 2008 | , % |
--------------------------------------------------------------------------------
| Total revenues, million | 737 | 804 | (8.3) | 1,464 | 1,568 | (6.6) |
| EEK | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 233 | 246 | (5.1) | 481 | 493 | (2.3) |
--------------------------------------------------------------------------------
| Margin, % | 31.7 | 30.6 | | 32.9 | 31.4 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 156 | 173 | (9.8) | 328 | 349 | (6.2) |
--------------------------------------------------------------------------------
| Margin, % | 21.2 | 21.5 | | 22.4 | 22.3 | |
--------------------------------------------------------------------------------
| EBT, million EEK | 159 | 176 | (9.6) | 330 | 353 | (6.6) |
--------------------------------------------------------------------------------
| Profit for the period, | (6) | 43 | | 165 | 220 | |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income for | (6) | 43 | | 165 | 220 | |
| the period, | | | | | | |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 64 | 108 | (40.7 | 109 | 164 | (33.8) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| ROA, % | (0.2) | 1.6 | | 6.4 | 8.3 | |
--------------------------------------------------------------------------------
| ROE, % | 8.3 | 8.8 | | 18.1 | 18.5 | |
--------------------------------------------------------------------------------
IT services segment
--------------------------------------------------------------------------------
| | Q2 | Q2 | Chang | HY1 | HY1 | Change |
| | 2009 | 2008 | e, % | 2009 | 2008 | , % |
--------------------------------------------------------------------------------
| Total revenues, million | 69 | 87 | (20.1 | 131 | 166 | (21.0) |
| EEK | | | ) | | | |
--------------------------------------------------------------------------------
| EBITDA, million EEK | 8 | 7 | 15.6 | 5 | 11 | (55.7) |
--------------------------------------------------------------------------------
| Margin, % | 11.7 | 8.1 | | 3.7 | 6.6 | |
--------------------------------------------------------------------------------
| EBIT, million EEK | 2 | 1 | 94.5 | (14) | (1) | N/A |
--------------------------------------------------------------------------------
| Margin, % | 3.0 | 1.2 | | (10.3 | (0.7) | |
| | | | | ) | | |
--------------------------------------------------------------------------------
| EBT, million EEK | 2 | 1 | 169.3 | (14) | (2) | N/A |
--------------------------------------------------------------------------------
| Profit for the period, | 2 | 1 | | (14) | (2) | |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income for | 2 | 1 | | (14) | (2) | |
| the period, | | | | | | |
| million EEK | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EEK | 2 | 4 | (58.1 | 5 | 10 | (49.7) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| ROA, % | 1.3 | 0.6 | | (7.8) | (1.4) | |
--------------------------------------------------------------------------------
| ROE, % | 1.9 | 1.4 | | (12.1 | (3.4) | |
| | | | | ) | | |
--------------------------------------------------------------------------------
Sales revenues, operating costs, and profit
The Group's sales revenues in the second quarter of 2009 reached 1,349 million
EEK (2nd quarter 2008:
1,567 million EEK), and was impacted primarily by
regulations imposed on the mobile sector by the European Union and the cooling
of the economy.
The mobile communications segment's consolidated turnover for the second quarter
of 2009 reached
768 million EEK, decreasing 18% compared to the second quarter
of 2008 (2nd quarter 2008: 938 million EEK). The reason for the decrease in
total revenues was a reduction in revenues from call services caused by a drop
in retail and interconnection prices, which was partially compensated by the
growth of volumes for mobile data communications and subcontracting services.
During the second quarter, a decrease was also experienced in revenues received
from retailing and wholesaling compared to a year ago, which was caused by
changes in consumer behavior. In addition, call minutes initiated by the
customers decreased by 7% and the number of call minutes entering the EMT
network decreased by 4% compared to the second quarter of 2008, which resulted
from the customers' wish to limit consumption.
As of the end of the second quarter of 2009, the EMT customer base was smaller
by 9 thousand compared to the previous year, declining to 746 thousand active
SIM cards (30 June 2008: 755 thousand cards). Compared to the previous year, the
number of contractual customers increased by 4 thousand, reaching 484 thousand
by the end of the second quarter of 2009; at the same time, the number of active
users of prepaid cards decreased by 13 thousand to 262 thousand. EMT assesses
its market share of active SIM cards to be 47%. The estimated penetration of
active cards in Estonia is 118%.
As of May, EMT provides a new MinuEMT (MyEMT) mobile and Internet package to its
customers, whereby the customer can choose the volumes of the three basic mobile
communications - calls, text messages, and Internet - that he or she wishes to
use. The MinuEMT solution was well-received by the customers since it includes
flexible and personal approaches for various customer segments.
Pursuant to a resolution of the Communications Board, the interconnection fee
for AS EMT, Elisa Eesti AS and Tele2 Eesti AS was fixed at 1.66 EEK for the
period 1 July 2007 to 30 June 2008. For the period 1 July 2008 to 30 June 2009,
the Competition Board, which is the legal successor to the Communications Board,
established a fee of 1.37 EEK per minute for the termination of voice calls in
the mobile phone networks of AS EMT, Elisa Eesti AS and Tele2 Eesti AS. Based on
a decision dated 26 March 2009, the Competition Board announced new market
analysis results, based on which ProGroup Holding OÜ, in addition to AS EMT,
Elisa Eesti AS and Tele2 Eesti AS, was declared an undertaking with significant
market power in the market for the termination of voice calls in its mobile
phone network. According to the resolution, within the framework of the price
control obligation, the given companies will be obligated to apply
benchmark-based interconnection fees that correspond to the average in the
European countries until 30 June 2012, which makes 1.36 EEK per minute the
maximum tariff to be applicable as of 1 July 2009. The maximum rate for
interconnection fees to be established for the periods 1 July 2010 to 30 June
2011 and 1 July 2011 to 30 June 2012 will be announced by the Competition Board
at least 2 months before the beginning of the corresponding period, but pursuant
to the decision, the decrease or increase in the interconnection fees to be
applied shall not be more than 10%.
The broadband services segment's sales revenues reached 737 million EEK in the
second quarter
(2nd quarter 2008: 804 million EEK). Compared to the same period
of the previous year, the decrease of revenues in the broadband services segment
totaled 8%. The decrease in revenues was related primarily to a reduction in the
sales volumes of telecommunications and IT goods, as well as the reduction of
minute volumes of call services. As a result of the drop in volumes, retail
sales revenues decreased by 38% and the revenues earned from end consumers for
domestic call services decreased by 17%, due to the general drop in minute
volumes in the Estonian market. The turnover for international call services
decreased by 25%, which is related primarily to a reduction in the minute
volumes for international calls initiated in mobile networks. The turnover for
subcontracted call communications services decreased by 7% based on a reduction
in additional services. At the same time, the revenues earned from the sale of
connections increased by 1.4%. The greatest increase was in monthly fees
received for triple-play solutions, which grew by 15 million EEK compared to the
previous year. The sales turnover for data communications solutions and leasing
revenues from permanent lines increased 7% and 5% respectively. As a result of
the continuing trend of replacing individual call communications and Internet
services with triple-play service packages, the revenues from the given
individual products decreased by 14 million EEK.
The adjustment of the triple-play product portfolio for private customers
initiated at the end of the first quarter, as well as the introduction of
updated Kodulahendus products and the Start package has been successful for
Elion. Within the framework of the updated Kodulahendus products, Elion
customers are provided with a free second viewing location and WiFi access in
the 800 Elion WiFi networks throughout Estonia. In the second quarter, the
number of users of the Elion triple-play package increased by 5,000, reaching
87.1 thousand as of 30 June (30 June 2008: 62.3 thousand). As of the end of the
second quarter, Elion had 88.4 thousand IP and cable-TV (30 June 2008: 67.7
thousand). Elion assesses that the company's market share in the cable market
increased by 5% during the year, reaching 29% by the end of the second quarter
(30 June 2008: 24%).
The total number of Elion customers with permanent Internet connections
increased by 6.9 thousand compared to the previous year, reaching 175.2 thousand
by the end of June (30 June 2008: 168.3 thousand). The slight reduction in the
number of connections is caused by an increase in the number of products
disconnected due to arrears accounts. The company's assessment is that Elion's
market share of the permanent Internet connection market in Estonia has not
changed, and continues to be 54%.
By the end of the second quarter, the number of Elion's total means of
communication totaled 460 thousand
(30 June 2008: 473 thousand interfaces). The
reduction in number of total means of communications resulted from an expected
reduction in the number of telephone connections in the private and business
segments, as well as a reduction in the number of pay phones throughout Estonia.
Elion assesses its market share for call minutes initiated in the fixed network
to be 80% (30 June 2008: 81%). The market share for local call minutes is 82%
(30 June 2008: 83%), 69% for international call minutes
(30 June 2008: 66%),
and 70% for call minutes made to mobile phones (30 June 2008: 71%). The increase
of the international call market share is explained by a change in accounting
methods. The company assesses that the given market share has remained at the
same level for the last few years.
At the beginning of the second quarter, Elion, EMT, and MicroLink in cooperation
with the Behold the World! Foundation started a large-scale project to introduce
people to the Internet, entitled “Join Us!”. The project was initiated in order
to reduce the information stratification of the society, which results to a
great extent from the fact that 300,000 adults living Estonia today lack access
to the Internet. The purpose of the project is to organize computer-related
basic training and refresher courses for 100,000 people and to increase the
number of Internet users by 50,000 families during the next three years.
In June, Elion signed a cooperation agreement with the Tallinn Business
Incubators Foundation, which enables start-up businesses to use IT and
communications services provided by Elion under favorable conditions. The
purpose of the cooperation is to promote the competitiveness of start-up
businesses by providing companies with modern information technology solutions
and consultations by competent specialists that correspond to the company's
needs, in addition to discounted prices.
In June, Elion signed a cooperation agreement with one of Russia's most
influential telecommunications companies, Synterra CJSC, which creates a basis
for close cooperation between Estonia and Russia related to services for an
information society. The cooperation enables Estonian Internet users to have
faster access to Russian Internet resources and vice versa. In subsequent
stages, there are plans to cooperate in the field of
IP services, in order to
provide access to the customers of both companies; cooperation will also be
initiated to broker IP transit traffic between Russia and Europe. The companies
in the Synterra Group provide call and data communications services, and have
connections throughout Russia. The Group is primarily focused on servicing large
infrastructure companies, state companies and government institutions. In 2008,
the Group's consolidated revenues were more than 527 million dollars.
In April, AS Starman filed an action against Elion in Harju County Court for 6
million EEK plus interest for the amount allegedly overpaid as a rental fee for
cable conduits between 1 February 2006 and 1 January 2008. Elion increased the
rental fee on 1 February 2006 and decreased it on 1 January 2008 based on
amended regulations.
Elion filed actions against Elisa and Tele2 for 27 and 29 million EEK
respectively, which is also subject to late penalties, for overpaid connection
fees paid in 2006-2007.
The IT services segment's sales revenues in the second quarter of 2009 reached
69 million EEK (2nd quarter 2008: 87 million EEK). Compared to the same period
in the previous year, the sales revenues decreased by 20%, whereas the sales
revenues for IT merchandise decreased by 45.1%; the sales revenues for
project-based services increased by 16%; and the sales revenues for permanent
services decreased by 4.3%.
The reduction of the 2009 national budget by 8 billion EEK had a significant
impact on Estonia's IT sector. Several procurements have been postponed and the
results of completed procurements have been cancelled. At the same time, the
activation of European Union Structural Fund financing had a positive impact in
the second quarter.
The sales revenues from infrastructure solutions were significantly smaller in
the second quarter than in the same period last year. The reason is the general
decline in the IT market. Currently, the same recessionary trend is being
experienced by all IT companies that deal with merchandise sales.
In the field of business solutions, the important projects in the second quarter
included the introduction of IncidentMonitori at Eesti Energia, the introduction
of various information systems and development projects at the Tax and Customs
Board and Ministry of Defense, as well as the sale of some large licenses.
At the end of June 2009, in connection with its focus on the provisions on
permanent IT services, MicroLink Eesti withdrew from the fields of financial
software installation and software development. In order to guarantee
MicroLink's financial software and software development clients with continued
high-quality service, MicroLink chose Helmes as a reliable and suitable partner.
MicroLink's financial software business (Dynamics AX and SAP) will continue as a
100% subsidiary of Helmes. The software development business will be merged with
Helmes. MicroLink will focus on providing permanent IT services, by providing
information management, IT system hosting and management services, training for
computer users and top specialists, as well as consultations services (ITIL,
ISKE, etc.).
In the field of permanent services, during the second quarter, AS MicroLink
Eesti won the procurement organized by the Ministry of Social Affairs for the
management of workstations. In the second quarter MicroLink Eesti also continued
to provide management services for work stations at the Tallinn City Government.
The sales revenues for permanent services in the second quarter remained at the
same level as during the first quarter.
The operating costs of the Eesti Telekom Group decreased by 15% in the second
quarter of 2009 compared to the same period in 2008, reaching 820 million EEK
(2nd quarter 2008: 960 million EEK).
The operating costs in the mobile communications segment decreased by 18%
compared to the second quarter of 2008, reaching 472 million EEK (2nd quarter
2008: 576 million EEK). The greatest decrease was in operating costs related to
retailing and wholesaling, which corresponds to the drop in merchandise sales
turnovers. A decrease was also experienced in interconnection costs based on a
drop in interconnection prices. The successful implementation of efficiency
plans also helped to reduce costs.
The operating costs in the broadband services segment decreased during the last
quarter by 10% compared to the same period in 2008, reaching 505 million EEK
(2nd quarter 2008: 563 million EEK). Most of the reduction in operating costs
resulted from a drop in direct costs, which was related to the decreases in
retail sales volumes, call minute volumes and the volumes for call
communications subcontracting services.
A significant impact on the decrease in
operating costs also resulted from the efficiency projects initiated last year,
which are related to a reduction in maintenance costs for network resources,
personnel costs, IT costs, invoice issuance costs and transport costs.
The operating costs in the IT services segment decreased in the second quarter
by 18% reaching 65 million EEK (2nd quarter 2008: 80 million EEK). The operating
costs for the quarter were affected on the one hand by the expansion of business
activities, and on the other hand, by the lower purchasing costs for merchandise
that accompanied lower sales turnovers; in addition both of the Group's
companies have succeeded in reducing other operating costs (including a
reduction of 11.6% in the other operating costs of MicroLink Eesti as an
independent company).
The Eesti Telekom Group EBITDA decreased in the second quarter of 2009 by 13%
compared to the same period in the previous year, reaching 536 million EEK (2nd
quarter 2008: 613 million EEK). The EBITDA in
the mobile communications services
segment decreased by 18% in the second quarter compared to the same period last
year. Since the decrease in the operating costs was almost proportional to the
reduction in turnover, the EBITDA margin for the mobile communications services
segment remained at the same level as the corresponding period in the previous
year. In the second quarter, the EBITDA for the broadband segment has decreased
by 5% compared to the same period last year, reaching 233 million EEK (2nd
quarter 2008:
246 million EEK). The EBITDA for the IT services segment in the
second quarter of 2009 was 8 million EEK (2nd quarter 2008: 7 million EEK). The
Group's EBITDA margin in the second quarter of 2009 was 40%, which was 1% higher
than the corresponding margin for the same period last year.
The Group's depreciation costs reached 151 million EEK in the second quarter of
2009, increasing 4% compared to the same period in 2008 (2nd quarter 2008: 145
million EEK).
In the second quarter, the Eesti Telekom Group earned EBIT of 385 million EEK,
which was a decrease of 18% compared to the same period in the previous year
(2nd quarter 2008: 468 million EEK) and pre-tax profits of 406 million EEK (2nd
quarter 2008: 487 million EEK).
On 16 June of this year, AS Eesti Telekom paid its shareholders dividends of
10.50 EEK per share totaling 1,449 million EEK, which is similar to last year
(2008: 1,449 million EEK). In order to facilitate the payment to AS Eesti
Telekom shareholders, AS EMT paid the parent company dividends of 880 million
EEK (2nd quarter 2008: 820 million EEK) and Elion Enterprises paid 620 million
EEK (2nd quarter 2008: 500 million EEK). The payment of dividends was
accompanied by an income tax cost for the dividends of 400 million EEK (2nd
quarter 2008: 386 million EEK), of which AS EMT pays 235 million EEK (2nd
quarter 2008:
222 million EEK) and Elion Enterprise 165 million EEK (2nd
quarter 2008: 133 million EEK).
The profit for the Eesti Telekom Group for the first half-year of 2009 totaled
382 million EEK (first half-year of 2008: 553 million EEK). The earnings per
share were 2.77 EEK (first half-year of 2008: 4.00 EEK). The total comprehensive
income of the Group for the first half-year of 2009 was 382 million EEK (first
half-year of 2008: 553 million EEK).
Statement of financial position and cash flows
As of 30 June 2009, the Eesti Telekom Group balance sheet totaled 4,159 million
EEK (31 December 2008: 4,999 million EEK). Compared to the beginning of the
year, the non-current assets have decreased by
89 million EEK, the balance of
which reached 2,836 million EEK by the end of the quarter. The Group's current
assets decreased by 752 million EEK during the first half-year, reaching 1,323
million EEK by the end of June (31 December 2008: 2,075 million EEK). Cash and
cash equivalents, as well as short-term financial investments, have decreased by
614 million EEK in connection with the dividend paid out in June.
As of 30 June 2009, the Eesti Telekom Group equity was 3,223 million EEK, which
is 1,072 million EEK less than at the end of 2008 (31 December 2008: 4,295
million EEK). The reduction in equity is related to the payment of dividends
totaling 1,449 million EEK. At the same time, equity has been increased by a
profit of 382 million EEK in the first half-year of 2009. As of the end of June,
long-term obligations totaled 31 million EEK (31 December 2008: 33 million EEK)
and short-term debt obligations totaled 905 million EEK
(31 December 2008: 671
million EEK). The growth of short-term debt obligations results from the income
tax liability for the 400 million EEK worth of dividends to be paid in July.
The net debt of the Eesti Telekom Group at the end of the second quarter was
-242 million EEK and the net gearing ratio was -7.5% (31 December 2008: -853
million EEK and -20%).
The Eesti Telekom Group cash flow from operations during the first half-year of
2009 was 1,034 million EEK
(first half-year of 2008: 1143 million EEK). The
Group's investment cash flow was 309 million EEK (first half-year of 2008: 399
million EEK). The cash flow into the acquisition of tangible and intangible
fixed assets
during the first half-year was 247 million EEK (first half-year of
2008: 303 million EEK). In the first six months of 2009, the mobile
communications segment invested 133 million EEK (first half-year of 2008:
128
million EEK). In mobile communications, in addition to the constant development
of the GSM network,
a developmental priority was the implementation of
technologies to support high-speed mobile data communications. The majority of
data communications usage by EMT customers occurs in the 3G network, which
enables the use of high-quality and rapid Internet connections at speeds
approaching those of ADSL at conveniently manageable prices. Since EMT is the
only operator in Estonia that provides EDGE data communications throughout its
GSM coverage area, then investments in new base stations is primarily directed
at expanding external and internal 3G coverage in cities and town. At the same
time, the constant improvement of the GSM network continued. Investments into
the broadband services segment totaled
109 million EEK (first half-year of
2008: 164 million EEK). The principal part of the capital volumes was related to
the development of network resources, changes in the private customers' product
portfolio, and the improvement of and expansion of the availability of the
triple-service packages. In the first half-year of 2009, the IT services segment
invested 5 million EEK into fixed assets (first half-year of 2008: 10 million
EEK).
In the first six months of this year, the Eesti Telekom Group cash flow into
financial activities was
1,457 million EEK, of which 1,449 million EEK was used
to pay dividends for AS Eesti Telekom shareholders (in the first six months of
2008, these amounts were 1,450 million EEK and 1,449 million EEK) and dividends
totalling 6 million EEK (6 months of 2008: 8 million EEK) were paid to minority
shareholders (Serenda Invest OÜ minority shareholders).
Definitions
EBITDA margin = EBITDA / Net sales x 100%
EBIT margin = EBIT / Net sales x 100%
Net debt = Interest bearing liabilities - cash and cash equivalents - short term
investments
Net gearing = Net debt / Owner's equity x 100%
ROA = Profit for the period / Average total assets x 100%
ROE = Profit before tax / Average equity x 100%
Basic earnings per share = Profit for the period / Average number of shares
II QUARTER CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| | Notes | II Quarter | II Quarter |
| | | 2009 | 2008 |
--------------------------------------------------------------------------------
| Net sales | 2.1 (a) | 1,349,147 | 1,566,708 |
--------------------------------------------------------------------------------
| Cost of production | 2.1 (a) | (745,492) | (881,242) |
--------------------------------------------------------------------------------
| Gross profit | 2.1 (a) | 603,655 | 685,466 |
--------------------------------------------------------------------------------
| Sales, administrative, and | 2.1 (a) | (224,983) | (224,265) |
| research & development expenses | | | |
--------------------------------------------------------------------------------
| Other operating revenues | 2.1 (a) | 7,250 | 8,000 |
--------------------------------------------------------------------------------
| Other operating expenses | 2.1 (a) | (694) | (1,267) |
--------------------------------------------------------------------------------
| Operating profit | 2.1 (a) | 385,228 | 467,934 |
--------------------------------------------------------------------------------
| Finance income | | 19,604 | 20,627 |
--------------------------------------------------------------------------------
| Finance costs | | (298) | (588) |
--------------------------------------------------------------------------------
| Finance income, net | 2.1 (a) | 19,306 | 20,039 |
--------------------------------------------------------------------------------
| Net income / (expenses) from | 2.1 (a) | 1,450 | (800) |
| associated companies | | | |
--------------------------------------------------------------------------------
| Profit before tax | 2.1 (a) | 405,984 | 487,173 |
--------------------------------------------------------------------------------
| Income tax on dividends | 2.1 (a) | (399,746) | (385,721) |
--------------------------------------------------------------------------------
| Profit for the period | 2.1 (a) | 6,238 | 101,452 |
--------------------------------------------------------------------------------
| Other comprehensive income | | | |
--------------------------------------------------------------------------------
| Exchange differences on | 2.1 (a) | 37 | - |
| translating foreign subsidiaries | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for | 2.1 (a) | 37 | - |
| the period | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | 2.1 (a) | 6,275 | 101,452 |
--------------------------------------------------------------------------------
| Profit attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1 (a) | 7,171 | 101,315 | |
--------------------------------------------------------------------------------
| Minority interest | 2.1 (a) | (933) | 137 | |
--------------------------------------------------------------------------------
| | | 6,238 | 101,452 | |
--------------------------------------------------------------------------------
| Comprehensive income | | | | |
| attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1 (a) | 7,202 | 101,315 | |
--------------------------------------------------------------------------------
| Minority interest | 2.1 (a) | (927) | 137 | |
--------------------------------------------------------------------------------
| | | 6,275 | 101,452 | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Earnings per share for profit | 7 (f) | | | |
| attributable to the equity | | | | |
| holders of the parent during the | | | | |
| reporting period (expressed in | | | | |
| EEK) | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 0.05 | 0.73 | |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 0.05 | 0.73 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 2.1 (a) | 536,021 | 613,078 | |
--------------------------------------------------------------------------------
| Depreciation, amortization and | 2.1 (a) | (150,793) | (145,144) | |
| write-downs | | | | |
--------------------------------------------------------------------------------
I HALF YEAR CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| | Notes | I HY 2009 | I HY 2008 | 2008 |
--------------------------------------------------------------------------------
| Net sales | 2.1 | 2,685,639 | 3,050,889 | 6,189,597 |
| | (b), | | | |
| | 2.3 | | | |
--------------------------------------------------------------------------------
| Cost of production | 2.1 (b) | (1,506,826 | (1,711,737 | (3,532,64 |
| | | ) | ) | 8) |
--------------------------------------------------------------------------------
| Gross profit | 2.1 (b) | 1,178,813 | 1,339,152 | 2,656,949 |
--------------------------------------------------------------------------------
| Sales, administrative, and | 2.1 (b) | (445,520) | (446,247) | (907,058) |
| research & development | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other operating revenues | 2.1 (b) | 14,802 | 14,285 | 31,317 |
--------------------------------------------------------------------------------
| Other operating expenses | 2.1 (b) | (3,264) | (2,821) | (8,498) |
--------------------------------------------------------------------------------
| Operating profit | 2.1 (b) | 744,831 | 904,369 | 1,772,710 |
--------------------------------------------------------------------------------
| Finance income | | 36,999 | 38,378 | 55,185 |
--------------------------------------------------------------------------------
| Finance costs | | (647) | (1,172) | (871) |
--------------------------------------------------------------------------------
| Finance income, net | 2.1 (b) | 36,352 | 37,206 | 54,314 |
--------------------------------------------------------------------------------
| Net income / (expenses) from | 2.1 (b) | 626 | (2,480) | (2,847) |
| associated companies | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 2.1 (b) | 781,809 | 939,095 | 1,824,177 |
--------------------------------------------------------------------------------
| Income tax on dividends | 2.1 (b) | (399,746) | (385,721) | (385,912) |
--------------------------------------------------------------------------------
| Profit for the period | 2.1 (b) | 382,063 | 553,374 | 1,438,265 |
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | 2.1 (b) | 25 | - | 17 |
| translating foreign | | | | |
| subsidiaries | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income | 2.1 (b) | 25 | - | 17 |
| for the period | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | 2.1 (b) | 382,088 | 553,374 | 1,438,282 |
--------------------------------------------------------------------------------
| Profit attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1 (b) | 382,575 | 551,966 | 1,434,835 |
--------------------------------------------------------------------------------
| Minority interest | 2.1 (b) | (512) | 1,408 | 3,430 |
--------------------------------------------------------------------------------
| | | 382,063 | 553,374 | 1,438,265 |
--------------------------------------------------------------------------------
| Comprehensive income | | | | |
| attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1 (b) | 382,596 | 551,966 | 1,434,849 |
--------------------------------------------------------------------------------
| Minority interest | 2.1 (b) | (508) | 1,408 | 3,433 |
--------------------------------------------------------------------------------
| | | 382,088 | 553,374 | 1,438,282 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Earnings per share for | 7 (f) | | | |
| profit attributable to the | | | | |
| equity holders of the parent | | | | |
| during the reporting period | | | | |
| (expressed in EEK) | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 2.77 | 4.00 | 10.40 |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 2.77 | 4.00 | 10.40 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 2.1 (b) | 1,052,761 | 1,189,430 | 2,348,360 |
--------------------------------------------------------------------------------
| Depreciation, amortization | 2.1 | (307,930) | (285,061) | (575,650) |
| and write-downs | (b), 3 | | | |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
--------------------------------------------------------------------------------
| | Notes | 30 June | 31 December | 30 June |
| | | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 3 | 2,543,579 | 2,590,170 | 2,432,084 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible fixed assets | 3 | 213,191 | 228,312 | 206,877 |
--------------------------------------------------------------------------------
| Investments in associates | 2.2, 5 | 11,201 | 10,575 | 10,942 |
--------------------------------------------------------------------------------
| Other financial fixed | | 68,315 | 95,680 | 106,041 |
| assets | | | | |
--------------------------------------------------------------------------------
| Total non-current assets | 2.2 | 2,836,286 | 2,924,737 | 2,755,944 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 6 | 145,042 | 169,943 | 170,820 |
--------------------------------------------------------------------------------
| Trade and other | | 928,255 | 1,041,685 | 1,099,761 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Short-term investments | | - | 500,000 | - |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 249,392 | 363,099 | 488,850 |
--------------------------------------------------------------------------------
| Total current assets | 2.2 | 1,322,689 | 2,074,727 | 1,759,431 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2.2 | 4,158,975 | 4,999,464 | 4,515,375 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Equity | | | | |
--------------------------------------------------------------------------------
| Capital and reserves | 7 | | | |
| attributable to equity | | | | |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Share capital | | 1,379,545 | 1,379,545 | 1,379,545 |
--------------------------------------------------------------------------------
| Share premium | | 356,018 | 356,018 | 356,018 |
--------------------------------------------------------------------------------
| Statutory legal reserve | | 137,955 | 137,955 | 137,955 |
--------------------------------------------------------------------------------
| Retained earnings | | 35 | 14 | - |
--------------------------------------------------------------------------------
| Net profit for the period | | 1,347,895 | 2,413,843 | 1,532,804 |
--------------------------------------------------------------------------------
| Total capital and reserves | | 3,221,448 | 4,287,375 | 3,406,322 |
| attributable to equity | | | | |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | 2.2, 7 | 1,820 | 8,035 | 5,357 |
--------------------------------------------------------------------------------
| Total equity | | 3,223,268 | 4,295,410 | 3,411,679 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans and | 8 | 4,499 | 5,872 | 67 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Retirement benefit | 9 | 1,644 | 2,158 | 2,696 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 22,571 | 22,571 | 21,201 |
--------------------------------------------------------------------------------
| Non-interest bearing | | 1,877 | 1,989 | 1,920 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total non-current | 2.2 | 30,591 | 32,590 | 25,884 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | | 901,132 | 663,396 | 1,071,667 |
--------------------------------------------------------------------------------
| Interest bearing loans and | 8 | 2,808 | 4,061 | 2,444 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Retirement benefit | 9 | 1,032 | 1,032 | 1,001 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 144 | 2,975 | 2,700 |
--------------------------------------------------------------------------------
| Total current liabilities | 2.2 | 905,116 | 671,464 | 1,077,812 |
--------------------------------------------------------------------------------
| Total liabilities | | 935,707 | 704,054 | 1,103,696 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 2.2 | 4,158,975 | 4,999,464 | 4,515,375 |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | Notes | I HY 2009 | I HY 2008 |
--------------------------------------------------------------------------------
| Operating activities | | | |
--------------------------------------------------------------------------------
| Net profit for the period | | 382,063 | 553,374 |
--------------------------------------------------------------------------------
| Adjustments for: | | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 2.1, 3 | 307,930 | 285,061 |
| impairment of fixed and intangible | | | |
| assets | | | |
--------------------------------------------------------------------------------
| (Profit) / loss from sales and | | (2,939) | (6,957) |
| discards of fixed assets | | | |
--------------------------------------------------------------------------------
| Net (income) / expenses from | | (626) | 2,480 |
| associated companies | | | |
--------------------------------------------------------------------------------
| Provisions | | (2,831) | (5,667) |
--------------------------------------------------------------------------------
| Financial items | | (47,910) | (55,909) |
--------------------------------------------------------------------------------
| Income tax on dividends | | 399,746 | 385,721 |
--------------------------------------------------------------------------------
| Miscellaneous non-cash items | | (4,451) | 90 |
--------------------------------------------------------------------------------
| Cash flow before change in working | | 1,030,982 | 1,158,193 |
| capital | | | |
--------------------------------------------------------------------------------
| Change in current receivables | | 76,121 | (99,289) |
--------------------------------------------------------------------------------
| Change in inventories | | 24,901 | 9,875 |
--------------------------------------------------------------------------------
| Change in current liabilities | | (160,489) | 7,183 |
--------------------------------------------------------------------------------
| Change in working capital | | (59,467) | (82,231) |
--------------------------------------------------------------------------------
| Cash flow after changes in working | | 971,515 | 1,075,962 |
| capital | | | |
--------------------------------------------------------------------------------
| Interest received | | 66,500 | 69,646 |
--------------------------------------------------------------------------------
| Interest paid | | (3,823) | (2,472) |
--------------------------------------------------------------------------------
| Cash flow from operating activities | 2.2 | 1,034,192 | 1,143,136 |
--------------------------------------------------------------------------------
| Investing activities | | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | 2.2, 3 | (247,299) | (302,847) |
| acquired | | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | | 4,398 | 8,691 |
| divested | | | |
--------------------------------------------------------------------------------
| Net change in interest-receivables | | 500,000 | 749,734 |
| short maturities | | | |
--------------------------------------------------------------------------------
| Net cash changes of other long-term | | 51,684 | (56,989) |
| receivables | | | |
--------------------------------------------------------------------------------
| Cash flow from investing activities | 2.2 | 308,783 | 398,589 |
--------------------------------------------------------------------------------
| Cash flow before financing | | 1 342,975 | 1,541,725 |
| activities | | | |
--------------------------------------------------------------------------------
| Financing activities | | | |
--------------------------------------------------------------------------------
| Dividends paid | 7 (e) | (1,454,230) | (1,448,523) |
--------------------------------------------------------------------------------
| Repayment of finance lease | 8 | (2,429) | (1,315) |
| liabilities | | | |
--------------------------------------------------------------------------------
| Cash flow used in financing | 2.2 | (1,456,659) | (1,449,838) |
| activities | | | |
--------------------------------------------------------------------------------
| Cash flow for the year | 2.2 | (113,684) | 91,887 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 2.2 | 363,099 | 396,778 |
| beginning of year | | | |
--------------------------------------------------------------------------------
| Cash flow for the year | 2.2 | (113,684) | 91,887 |
--------------------------------------------------------------------------------
| Effect of foreign exchange rate | 2.2 | (23) | 185 |
| changes | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of | 2.2 | 249,392 | 488,850 |
| period | | | |
--------------------------------------------------------------------------------