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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 (EUR)
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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 0.67 eurot aktsia kohta ehk kokku 92,6 miljonit eurot. Dividendid maksti välja 16. juunil 2009. aastal aktsionäride nimekirja alusel, mis fikseeriti 5. juuni 2009. aasta kella 23.59 seisuga. 61,7 miljonit eurot 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 4,81 eurot ning kvartali lõpus 4,34 eurot. Kõrgeim ja madalaim aktsia hind aruandeperioodi jooksul olid vastavalt 5,45 eurot ning 4,28 eurot. Aruandeperioodi käibeks kujunes 10,7 miljonit eurot. 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 EUR | 86,2 | 100,1 | (13,9) | 171,6 | 195,0 | (12,0) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 34,3 | 39,2 | (12,6) | 67,3 | 76,0 | (11,5) | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 39,7 | 39,1 | | 39,2 | 39,0 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 24,6 | 29,9 | (17,7) | 47,6 | 57,8 | (17,6) | -------------------------------------------------------------------------------- | Marginaal, % | 28,6 | 29,9 | | 27,7 | 29,6 | | -------------------------------------------------------------------------------- | Kasum enne | 25,9 | 31,1 | (16,7) | 50,0 | 60,0 | (16,7) | | tulumaksustamist, mln | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 0,4 | 6,5 | | 24,4 | 35,4 | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia | 0,003 | 0,05 | | 0,18 | 0,26 | | | kohta, EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 0,4 | 6,5 | | 24,4 | 35,4 | | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 8,0 | 11,8 | (32,2) | 15,8 | 19,4 | (18,3) | | EUR | | | | | | | -------------------------------------------------------------------------------- | 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 EUR | 49,1 | 60,0 | (18,1) | 96,4 | 115,8 | (16,8) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 19,1 | 23,3 | (18,1) | 36,6 | 44,3 | (17,5) | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 38,9 | 38,9 | | 38,0 | 38,3 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 14,8 | 19,1 | (22,5) | 28,0 | 36,1 | (22,6) | -------------------------------------------------------------------------------- | Marginaal, % | 30,1 | 31,8 | | 29,0 | 31,2 | | -------------------------------------------------------------------------------- | Kasum enne | 15,7 | 19,7 | (20,7) | 29,5 | 37,2 | (20,7) | | tulumaksustamist, mln | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 0,6 | 5,6 | | 14,5 | 23,0 | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 0,6 | 5,6 | | 14,5 | 23,0 | | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 3,7 | 4,6 | (17,7) | 8,5 | 8,2 | 3,9 | | EUR | | | | | | | -------------------------------------------------------------------------------- | 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 EUR | 47,1 | 51,4 | (8,3) | 93,6 | 100,2 | (6,6) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 14,9 | 15,7 | (5,1) | 30,8 | 31,5 | (2,3) | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 31,7 | 30,6 | | 32,9 | 31,4 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 10,0 | 11,1 | (9,8) | 20,9 | 22,3 | (6,2) | -------------------------------------------------------------------------------- | Marginaal, % | 21,2 | 21,5 | | 22,4 | 22,3 | | -------------------------------------------------------------------------------- | Kasum enne | 10,1 | 11,2 | (9,6) | 21,1 | 22,6 | (6,6) | | tulumaksustamist, mln | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | (0,4) | 2,7 | | 10,5 | 14,1 | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | (0,4) | 2,7 | | 10,5 | 14,1 | | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 4,1 | 6,9 | (40,7) | 7,0 | 10,5 | (33,8) | | EUR | | | | | | | -------------------------------------------------------------------------------- | 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 EUR | 4,4 | 5,6 | (20,1) | 8,4 | 10,6 | (21,0) | -------------------------------------------------------------------------------- | Ärikasum enne kulumit, | 0,5 | 0,5 | 15,6 | 0,3 | 0,7 | (55,7) | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Marginaal, % | 11,7 | 8,1 | | 3,7 | 6,6 | | -------------------------------------------------------------------------------- | Ärikasum, mln EUR | 0,1 | 0,1 | 94,5 | (0,9) | (0,1) | N/A | -------------------------------------------------------------------------------- | Marginaal, % | 3,0 | 1,2 | | (10,3) | (0,7) | | -------------------------------------------------------------------------------- | Kasum enne | 0,1 | 0,0 | 169,3 | (0,9) | (0,1) | N/A | | tulumaksustamist, mln | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi kasum, mln | 0,1 | 0,0 | | (0,9) | (0,1) | | | EUR | | | | | | | -------------------------------------------------------------------------------- | Perioodi koondkasum, | 0,1 | 0,0 | | (0,9) | (0,1) | | | mln EUR | | | | | | | -------------------------------------------------------------------------------- | Kapitalimahutused, mln | 0,1 | 0,3 | (58,1) | 0,3 | 0,6 | (49,7) | | EUR | | | | | | | -------------------------------------------------------------------------------- | 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 86,2 miljoni euroni (2. kvartal 2008: 100,1 miljonit eurot), ning oli peamiselt mõjutatud regulatsioonidest, mis tulevad mobiilisektorile Euroopa Liidust ning majanduse jahenemisest. Mobiilside teenuste segmendi 2009. aasta teise kvartali konsolideeritud käive ulatus 49,1 miljoni euroni, kahanedes 2008. aasta teise kvartaliga võrreldes 18% (2. kvartal 2008: 60,0 miljonit eurot). Kogutulude languse taga oli jae- ja sidumishindade langusest tingitud kõneteenuste tulude vähenemine, mida kompenseeris osaliselt mobiilse andmeside kasv ja allhanketeenuste mahu kasv. Samuti on 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 0,11 eurot. Perioodiks 01.07.2008-30.06.2009 on kehtestanud Sideameti õigusjärglane Konkurentsiamet AS-ile EMT, Elisa Eesti AS-ile ja Tele2 Eesti AS-ile oma mobiiltelefoni-võrkudes häälkõne lõpetamise tasuks 0,09 eurot minut. 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 0,09 eurot 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 47,1 miljoni euroni (2. kvartal 2008: 51,4 miljonit eurot). 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 1,0 miljonit eurot. 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 0,9 miljonit eurot. 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 0,4 miljonit eurot 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 1,7 ja 1,9 miljonit eurot, millele lisandub viivistasu. IT-teenuste segmendi müügitulu ulatus 2009. aasta teises kvartalis 4,4 miljoni euroni (2. kvartal 2008: 5,6 miljonit eurot). 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 500 miljoni euro 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 52,4 miljoni euroni (2. kvartal 2008: 61,4 miljonit eurot). Mobiilside teenuste segmendi tegevuskulud vähenesid 2008. aasta teises kvartaliga võrreldes 18%, jäädes 30,1 miljoni euro tasemele (2. kvartal 2008: 36,8 miljonit eurot). 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 32,2 miljoni euroni (2. kvartal 2008: 36,0 miljonit eurot). 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 4,2 miljoni euroni (2. kvartal 2008: 5,1 miljonit eurot). 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 34,3 miljoni euroni (2. kvartal 2008: 39,2 miljonit eurot). 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 14,9 miljoni euroni (2. kvartal 2008: 15,7 miljonit eurot). IT-teenuste segmendi ärikasum enne kulumit oli 2009. aasta teises kvartalis 0,5 miljonit eurot (2. kvartal 2008: 0,5 miljonit eurot). 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 9,6 miljoni euroni, suurenedes 2008. aasta sama perioodiga võrreldes 4% (2. kvartal 2008: 9,3 miljonit eurot). Eesti Telekom Grupp teenis teises kvartalis ärikasumit 24,6 miljonit eurot, kahanedes eelmise aasta sama perioodiga võrreldes 18% (2. kvartal 2008: 29,9 miljonit eurot) ning maksustamiseelset kasumit 25,9 miljonit eurot (2. kvartal 2008: 31,1 miljonit eurot). Tänavu 16. juunil maksis AS Eesti Telekom oma aktsionäridele dividende sarnaselt eelmisele aastale 0,67 eurot aktsia kohta, kogusummas 92,6 miljonit eurot (2008. aasta: 92,6 miljonit eurot). Võimaldamaks dividendide väljamakset AS-i Eesti Telekom aktsionäridele maksis AS EMT emaettevõtjale dividende 56,2 miljonit eurot (2. kvartal 2008: 52,4 miljonit eurot) ja Elion Ettevõtted AS 39,6 miljonit eurot (2. kvartal 2008: 32,0 miljonit eurot). Dividendide maksmisega kaasnes dividendide tulumaksu kulu 25,5 miljonit eurot (2. kvartal 2008: 24,7 miljonit eurot), millest AS EMT osa moodustab 15,0 miljonit eurot (2. kvartal 2008: 14,2 miljonit eurot) ja Elion Ettevõtted AS osa 10,5 miljonit eurot (2. kvartal 2008: 8,5 miljonit eurot). Eesti Telekom Grupi 2009. aasta esimese poolasta kasum oli 24,4 miljonit eurot (1. poolaasta 2008: 35,4 miljonit eurot). Tulu aktsia kohta teeniti 0,18 eurot (1. poolaasta 2008: 0,26 eurot). Grupi 2009. aasta esimese poolaasta koondkasum oli 24,4 miljonit eurot (1. poolaasta 2008: 35,4 miljonit eurot). Finantsseisundi aruanne ja rahavood Eesti Telekom Grupi bilansimaht oli 30. juuni 2009. aasta seisuga 265,8 miljonit eurot (31. detsember 2008: 319,5 miljonit eurot). Aasta algusega võrreldes on 5,7 miljoni euro võrra kahanenud põhivara, mille jääk teise kvartali lõpus ulatus 181,3 miljoni euroni. Grupi käibevara on poole aastaga kahanenud 48,1 miljoni euro võrra, ulatudes juunikuu lõpus 84,5 miljoni euroni (31. detsember 2008: 132,6 miljonit eurot). Raha ja raha ekvivalentide ning lühiajaliste finantsinvesteeringute jääk on kahanenud 39,2 miljoni euro võrra ja seda seoses juunikuus väljamakstud dividendidega. Eesti Telekom Grupi omakapital oli 30. juuni 2009. aasta seisuga 206,0 miljonit eurot, mis on 68,5 miljonit eurot vähem kui 2008. aasta lõpus (31. detsember 2008: 274,5 miljonit eurot). Omakapitali vähenemine on seotud dividendide maksmisega 92,6 miljoni euro ulatuses. Samas on omakapitali kasvatanud 2009. aasta esimese poolaasta 24,4 miljoni euro suurune kasum. Grupil oli juuni lõpu seisuga pikaajalisi kohustusi 2,0 miljonit eurot (31. detsember 2008: 2,1 miljonit eurot) ja lühiajalisi võlakohustusi 57,8 miljonit eurot (31. detsember 2008: 42,9 miljonit eurot). Lühiajaliste võlakohustuste kasv tuleneb juulikuus maksmisele kuuluvast 25,5 miljoni euro suurusest dividendide tulumaksukohustusest. Eesti Telekom Grupi netovõlg oli teise kvartali lõpus -15,5 miljonit eurot ja netovõla suhe omakapitali -7,5% (31. detsember 2008: -54,5 miljonit eurot ja -20%). Eesti Telekom Grupi äritegevuse rahavoog oli 2009. aasta esimesel poolaastal 66,1 miljonit eurot (1. poolaasta 2008: 73,1 miljonit eurot). Grupi investeerimistegevuse rahavoog oli 19,7 miljonit eurot (1. poolaasta 2008: 25,5 miljonit eurot). Rahavoog materiaalse ja immateriaalse põhivara soetamisse oli esimesel poolaastal 15,8 miljonit eurot (1. poolaasta 2008: 19,4 miljonit eurot). Mobiilside teenuste segment on 2009. aasta esimese kuue kuuga investeerinud 8,5 miljonit eurot (1. poolaasta 2008: 8,2 miljonit eurot). Mobiilsides oli lisaks pidevale GSM-võrgu arendusele arenguprioriteediks kiiret mobiilset andmesidet toetavate tehnoloogiate rakendamine. Enamus EMT klientide andmeside kasutusest tehakse 3G võrgus, mis võimaldab kasutada kvaliteetset ja kiiret ADSLi lähedase kiirusega internetiühendust mugavalt kontrollitavate kuludega. Kuna EMT-l töötab ainsana Eestis EDGE andmeside kogu GSM levialas, siis uued tugijaamade investeeringud on suunatud põhiliselt 3G välis- ja siselevi laiendamiseks linnades ja asulates. Samas endiselt jätkus pidev GSM võrgu täiustamine. Lairiba teenuste segmendi investeeringud põhivarasse ulatusid 7,0 miljoni euroni (1. poolaasta 2008: 10,5 miljonit eurot). 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 0,3 miljonit eurot (1. poolaasta 2008: 0,6 miljonit eurot). Eesti Telekom Grupi rahavoog finantseerimistegevusse oli tänavu esimesel poolaastal 93,1 miljonit eurot, sellest dividendide maksmiseks AS-i Eesti Telekom aktsionäridele kasutati 92,6 miljonit eurot (1. poolaasta 2008 vastavalt 92,7 miljonit eurot ja 92,6 miljonit eurot) ning vähemusosa osanikele (Serenda Invest OÜ vähemusosanikud) 0,4 miljonit eurot (1. poolaasta 2008: 0,5 miljonit eurot). 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) | 86 227 | 100 131 | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1 (a) | (47 646) | (56 322) | -------------------------------------------------------------------------------- | Brutokasum | 2.1 (a) | 38 581 | 43 809 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud ning | 2.1 (a) | (14 379) | (14 333) | | uurimis- ja arendusväljaminekud | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1 (a) | 463 | 511 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1 (a) | (45) | (81) | -------------------------------------------------------------------------------- | Ärikasum | 2.1 (a) | 24 620 | 29 906 | -------------------------------------------------------------------------------- | Finantstulud | | 1 252 | 1 318 | -------------------------------------------------------------------------------- | Finantskulud | | (19) | (38) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1 (a) | 1 233 | 1 280 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1 (a) | 93 | (52) | | sidusettevõtjate aktsiatelt ja | | | | | osadelt, neto | | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 2.1 (a) | 25 946 | 31 134 | -------------------------------------------------------------------------------- | Dividendide tulumaks | 2.1 (a) | (25 548) | (24 652) | -------------------------------------------------------------------------------- | Perioodi kasum | 2.1 (a) | 398 | 6 482 | -------------------------------------------------------------------------------- | Muu koondkasum | | | | -------------------------------------------------------------------------------- | Valuutakursi vahed | 2.1 (a) | 2 | - | | välisettevõtete ümberarvestusel | | | | -------------------------------------------------------------------------------- | Perioodi muu koondkasum | 2.1 (a) | 2 | - | -------------------------------------------------------------------------------- | Perioodi koondkasum kokku | 2.1 (a) | 400 | 6 482 | -------------------------------------------------------------------------------- | Perioodi kasumi jaotus: | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus kasumis | 2.1 (a) | 457 | 6 474 | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1 (a) | (59) | 8 | -------------------------------------------------------------------------------- | | | 398 | 6 482 | -------------------------------------------------------------------------------- | Perioodi koondkasumi jaotus: | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus koondkasumis | 2.1 (a) | 459 | 6 474 | -------------------------------------------------------------------------------- | Vähemusosa osalus koondkasumis | 2.1 (a) | (59) | 8 | -------------------------------------------------------------------------------- | | | 400 | 6 482 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsia puhaskasum, arvestatud | 7 (f) | | | | emaettevõtja osalusest | | | | | aruandeperioodi kasumis | | | | | (eurodes) | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta | | 0,003 | 0,05 | -------------------------------------------------------------------------------- | Lahustatud kasum aktsia kohta | | 0,003 | 0,05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1 (a) | 34 257 | 39 183 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1 (a) | (9 637) | (9 277) | -------------------------------------------------------------------------------- I POOLAASTA KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------------------------- | | Lisad | I | I | 2008 | | | | poolaasta | poolaasta | | | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Müügitulu | 2.1 (b), | 171 644 | 194 988 | 395 588 | | | 2.3 | | | | -------------------------------------------------------------------------------- | Müüdud toodangu kulud | 2.1 (b) | (96 304) | (109 400) | (225 777) | -------------------------------------------------------------------------------- | Brutokasum | 2.1 (b) | 75 340 | 85 588 | 169 811 | -------------------------------------------------------------------------------- | Turustus-, üldhalduskulud | 2.1 (b) | (28 474) | (28 520) | (57 972) | | ning uurimis- ja | | | | | | arendusväljaminekud | | | | | -------------------------------------------------------------------------------- | Muud äritulud | 2.1 (b) | 946 | 913 | 2 001 | -------------------------------------------------------------------------------- | Muud ärikulud | 2.1 (b) | (209) | (180) | (543) | -------------------------------------------------------------------------------- | Ärikasum | 2.1 (b) | 47 603 | 57 801 | 113 297 | -------------------------------------------------------------------------------- | Finantstulud | | 2 364 | 2 452 | 3 527 | -------------------------------------------------------------------------------- | Finantskulud | | (41) | (75) | (56) | -------------------------------------------------------------------------------- | Finantstulud, neto | 2.1 (b) | 2 323 | 2 377 | 3 471 | -------------------------------------------------------------------------------- | Finantstulud / (-kulud) | 2.1 (b) | 40 | (159) | (182) | | sidusettevõtjate | | | | | | aktsiatelt ja osadelt, | | | | | | neto | | | | | -------------------------------------------------------------------------------- | Kasum enne | 2.1 (b) | 49 966 | 60 019 | 116 586 | | tulumaksustamist | | | | | -------------------------------------------------------------------------------- | Dividendide tulumaks | 2.1 (b) | (25 548) | (24 652) | (24 664) | -------------------------------------------------------------------------------- | Perioodi kasum | 2.1 (b) | 24 418 | 35 367 | 91 922 | -------------------------------------------------------------------------------- | Muu koondkasum | | | | | -------------------------------------------------------------------------------- | Valuutakursi vahed | 2.1 (b) | 1 | - | 1 | | välisettevõtete | | | | | | ümberarvestusel | | | | | -------------------------------------------------------------------------------- | Perioodi muu koondkasum | 2.1 (b) | 1 | - | 1 | -------------------------------------------------------------------------------- | Perioodi koondkasum kokku | 2.1 (b) | 24 419 | 35 367 | 91 923 | -------------------------------------------------------------------------------- | Perioodi kasumi jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1 (b) | 24 450 | 35 277 | 91 703 | | kasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus kasumis | 2.1 (b) | (32) | 90 | 219 | -------------------------------------------------------------------------------- | | | 24 418 | 35 367 | 91 922 | -------------------------------------------------------------------------------- | Perioodi koondkasumi | | | | | | jaotus: | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 2.1 (b) | 24 451 | 35 277 | 91 704 | | koondkasumis | | | | | -------------------------------------------------------------------------------- | Vähemusosa osalus | 2.1 (b) | (32) | 90 | 219 | | koondkasumis | | | | | -------------------------------------------------------------------------------- | | | 24 419 | 35 367 | 91 923 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Aktsia puhaskasum, | 7 (f) | | | | | arvestatud emaettevõtja | | | | | | osalusest aruandeperioodi | | | | | | kasumis (eurodes) | | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta | | 0,18 | 0,26 | 0,66 | -------------------------------------------------------------------------------- | Lahustatud kasum aktsia | | 0,18 | 0,26 | 0,66 | | kohta | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum enne kulumit | 2.1 (b) | 67 283 | 76 020 | 150 088 | -------------------------------------------------------------------------------- | Kulum ja väärtuse langus | 2.1 (b), | (19 680) | (18 219) | (36 791) | | | 3 | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE -------------------------------------------------------------------------------- | | Lisad | 30. juuni | 31. dets. | 30.juuni | | | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | AKTIVA | | | | | -------------------------------------------------------------------------------- | Põhivara | | | | | -------------------------------------------------------------------------------- | Materiaalne põhivara | 3 | 162 564 | 165 542 | 155 438 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 3 | 13 625 | 14 592 | 13 222 | -------------------------------------------------------------------------------- | Investeeringud | 2.2, 5 | 716 | 676 | 699 | | sidusettevõtjatesse | | | | | -------------------------------------------------------------------------------- | Mitmesugused pikaajalised | | 4 366 | 6 115 | 6 777 | | nõuded | | | | | -------------------------------------------------------------------------------- | Põhivara kokku | 2.2 | 181 271 | 186 925 | 176 136 | -------------------------------------------------------------------------------- | Käbevara | | | | | -------------------------------------------------------------------------------- | Varud | 6 | 9 270 | 10 861 | 10 917 | -------------------------------------------------------------------------------- | Nõuded ostjate vastu ja | | 59 327 | 66 576 | 70 288 | | muud lühiajalised nõuded | | | | | -------------------------------------------------------------------------------- | Lühiajalised | | - | 31 956 | - | | finantsinvesteeringud | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | 15 939 | 23 206 | 31 243 | -------------------------------------------------------------------------------- | Käibevara kokku | 2.2 | 84 536 | 132 599 | 112 448 | -------------------------------------------------------------------------------- | AKTIVA KOKKU | 2.2 | 265 807 | 319 524 | 288 584 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | | | | | -------------------------------------------------------------------------------- | Omakapital | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | 7 | | | | | omakapitalis | | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 88 169 | 88 169 | 88 169 | -------------------------------------------------------------------------------- | Ülekurss | | 22 753 | 22 753 | 22 753 | -------------------------------------------------------------------------------- | Kohustuslik reserv | | 8 817 | 8 817 | 8 817 | -------------------------------------------------------------------------------- | Realiseerimata kursivahed | | 2 | 1 | - | -------------------------------------------------------------------------------- | Eelmiste perioodide | | 86 147 | 154 274 | 97 965 | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Emaettevõtja osalus | | 205 888 | 274 014 | 217 704 | | omakapitalis kokku | | | | | -------------------------------------------------------------------------------- | Vähemusosa | 2.2, 7 | 116 | 513 | 342 | -------------------------------------------------------------------------------- | Omakapital kokku | | 206 004 | 274 527 | 218 046 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 288 | 375 | 4 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 105 | 138 | 172 | -------------------------------------------------------------------------------- | Eraldised | 10 | 1 443 | 1 443 | 1 355 | -------------------------------------------------------------------------------- | Intressi mittekandvad | | 120 | 127 | 123 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 2.2 | 1 956 | 2 083 | 1 654 | | kokku | | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Võlad tarnijatele ja muud | | 57 594 | 42 399 | 68 491 | | lühiajalised kohustused | | | | | -------------------------------------------------------------------------------- | Intressikandvad laenud ja | 8 | 178 | 259 | 156 | | võlakohustused | | | | | -------------------------------------------------------------------------------- | Pensionikohustused | 9 | 66 | 66 | 64 | -------------------------------------------------------------------------------- | Eraldised | 10 | 9 | 190 | 173 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 2.2 | 57 847 | 42 914 | 68 884 | | kokku | | | | | -------------------------------------------------------------------------------- | Kohustused kokku | | 59 803 | 44 997 | 70 538 | -------------------------------------------------------------------------------- | OMAKAPITAL JA KOHUSTUSED | 2.2 | 265 807 | 319 524 | 288 584 | | KOKKU | | | | | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE -------------------------------------------------------------------------------- | | Lisad | I poolaasta | I poolaasta | | | | 2009 | 2008 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest | | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | | 24 418 | 35 367 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 2.1 | 19 680 | 18 219 | | | (b), 3 | | | -------------------------------------------------------------------------------- | (Kasum) / kahjum põhivara müügist | | (188) | (445) | -------------------------------------------------------------------------------- | Neto (tulud) / kulud | | (40) | 159 | | sidusettevõtjatelt | | | | -------------------------------------------------------------------------------- | Eraldised | | (181) | (362) | -------------------------------------------------------------------------------- | (Finantstulud) / kulud | | (3 062) | (3 573) | -------------------------------------------------------------------------------- | Dividendide tulumaks | | 25 548 | 24 652 | -------------------------------------------------------------------------------- | Muud mitterahalised korrigeerimised | | (284) | 5 | -------------------------------------------------------------------------------- | Rahavoog äritegevusest enne | | 65 891 | 74 022 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja | | 4 865 | (6 346) | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Varude muutus | | 1 591 | 631 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | | (10 257) | 458 | | ettemaksete muutus | | | | -------------------------------------------------------------------------------- | Käibekapitali muutus | | (3 801) | (5 257) | -------------------------------------------------------------------------------- | Rahavood äritegevusest peale | | 62 090 | 68 765 | | käibekapitali muutusi | | | | -------------------------------------------------------------------------------- | Saadud intressid | | 4 250 | 4 451 | -------------------------------------------------------------------------------- | Makstud intressid | | (244) | (158) | -------------------------------------------------------------------------------- | Rahavoog äritegevusest kokku | 2.2 | 66 096 | 73 058 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | | -------------------------------------------------------------------------------- | Materiaalse ning immateriaalse | 2.2, 3 | (15 805) | (19 355) | | põhivara soetamine | | | | -------------------------------------------------------------------------------- | Materiaalse ja immateriaalse | | 281 | 555 | | põhivara müük | | | | -------------------------------------------------------------------------------- | Lühiajaliste finantsinvesteeringute | | 31 956 | 47 917 | | muutus, neto | | | | -------------------------------------------------------------------------------- | Muude pikaajaliste nõuete muutus, | | 3 303 | (3 642) | | neto | | | | -------------------------------------------------------------------------------- | Rahavoog investeerimistegevusest | 2.2 | 19 735 | 25 475 | | kokku | | | | -------------------------------------------------------------------------------- | Rahavood enne finantseerimistegevust | | 85 831 | 98 533 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | | -------------------------------------------------------------------------------- | Makstud dividendid | 7 (e) | (92 942) | (92 577) | -------------------------------------------------------------------------------- | Kapitalirendi põhiosa tagasimaksed | 8 | (155) | (84) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | 2.2 | (93 097) | (92 661) | | kokku | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalentide muutus | 2.2 | (7 266) | 5 872 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid aasta | 2.2 | 23 206 | 25 359 | | alguses | | | | -------------------------------------------------------------------------------- | Raha ja rahaekvivalentide muutus | 2.2 | (7 266) | 5 872 | -------------------------------------------------------------------------------- | Valuutakursi muutuste mõju | 2.2 | (1) | 12 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi | 2.2 | 15 939 | 31 243 | | lõpus | | | | --------------------------------------------------------------------------------
Pealkiri
Consolidated Interim Report of AS Eesti Telekom II Quarter and I Half Year 2009 (EUR)
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 0.67 EUR per share, or a total of 92.6 million EUR, 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 61.7 million EUR 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:
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| | 30 June 2009 |
--------------------------------------------------------------------------------
| | No of shares | Participation |
--------------------------------------------------------------------------------
| | Changes since |
| | 31 March 2009 |
--------------------------------------------------------------------------------
| Baltic Tele AB | 82, | 60.12% | - |
| | 936,299 | | |
--------------------------------------------------------------------------------
| Ministry of Finance | 33,346,46 | 24.17% | - |
| | 4 | | |
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| Development Fund | 4,138,636 | 3.00% | - |
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| SEB clients | 2,349,205 | 1.70% | (469,541) |
--------------------------------------------------------------------------------
| ING Luxembourg S.A. | 2,137,813 | 1.55% | 82,030 |
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| 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 | | | |
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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 4.81 EUR and 4.34 EUR
at the end of the quarter. The highest and lowest share prices during the
reporting period were 5.45 EUR and 4.28 EUR respectively. The turnover for the
reporting period was 10.7 million EUR.
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
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| | Q2 | Q2 | Chang | HY1 | HY1 | Change |
| | 2009 | 2008 | e, % | 2009 | 2008 | , % |
--------------------------------------------------------------------------------
| Total revenues, million | 86.2 | 100.1 | (13.9 | 171.6 | 195.0 | (12.0) |
| EUR | | | ) | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 34.3 | 39.2 | (12.6 | 67.3 | 76.0 | (11.5) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Margin, % | 39.7 | 39.1 | | 39.2 | 39.0 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 24.6 | 29.9 | (17.7 | 47.6 | 57.8 | (17.6) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Margin, % | 28.6 | 29.9 | | 27.7 | 29.6 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 25.9 | 31.1 | (16.7 | 50.0 | 60.0 | (16.7) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Profit for the period, | 0.4 | 6.5 | | 24.4 | 35.4 | |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share, | 0.003 | 0.05 | | 0.18 | 0.26 | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income for | 0.4 | 6.5 | | 24.4 | 35.4 | |
| the period, | | | | | | |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 8.0 | 11.8 | (32.2 | 15.8 | 19.4 | (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 | |
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Mobile communications segment
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| | Q2 | Q2 | Chang | HY1 | HY1 | Change |
| | 2009 | 2008 | e, % | 2009 | 2008 | , % |
--------------------------------------------------------------------------------
| Total revenues, million | 49.1 | 60.0 | (18.1 | 96.4 | 115.8 | (16.8) |
| EUR | | | ) | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 19.1 | 23.3 | (18.1 | 36.6 | 44.3 | (17.5) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Margin, % | 38.9 | 38.9 | | 38.0 | 38.3 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 14.8 | 19.1 | (22.5 | 28.0 | 36.1 | (22.6) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Margin, % | 30.1 | 31.8 | | 29.0 | 31.2 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 15.7 | 19.7 | (20.7 | 29.5 | 37.2 | (20.7) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| Profit for the period, | 0.6 | 5.6 | | 14.5 | 23.0 | |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income for | 0.6 | 5.6 | | 14.5 | 23.0 | |
| the period, | | | | | | |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 3.7 | 4.6 | (17.7 | 8.5 | 8.2 | 3.9 |
| | | | ) | | | |
--------------------------------------------------------------------------------
| ROA, % | 0.5 | 4.1 | | 11.4 | 17.8 | |
--------------------------------------------------------------------------------
| ROE, % | 16.0 | 20.4 | | 32.4 | 42.1 | |
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Broadband services segment
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| | Q2 | Q2 | Chang | HY1 | HY1 | Change |
| | 2009 | 2008 | e, % | 2009 | 2008 | , % |
--------------------------------------------------------------------------------
| Total revenues, million | 47.1 | 51.4 | (8.3) | 93.6 | 100.2 | (6.6) |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 14.9 | 15.7 | (5.1) | 30.8 | 31.5 | (2.3) |
--------------------------------------------------------------------------------
| Margin, % | 31.7 | 30.6 | | 32.9 | 31.4 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 10.0 | 11.1 | (9.8) | 20.9 | 22.3 | (6.2) |
--------------------------------------------------------------------------------
| Margin, % | 21.2 | 21.5 | | 22.4 | 22.3 | |
--------------------------------------------------------------------------------
| EBT, million EUR | 10.1 | 11.2 | (9.6) | 21.1 | 22.6 | (6.6) |
--------------------------------------------------------------------------------
| Profit for the period, | (0.4) | 2.7 | | 10.5 | 14.1 | |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income for | (0.4) | 2.7 | | 10.5 | 14.1 | |
| the period, | | | | | | |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 4.1 | 6.9 | (40.7 | 7.0 | 10.5 | (33.8) |
| | | | ) | | | |
--------------------------------------------------------------------------------
| ROA, % | (0.2) | 1.6 | | 6.4 | 8.3 | |
--------------------------------------------------------------------------------
| ROE, % | 8.3 | 8.8 | | 18.1 | 18.5 | |
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IT services segment
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| | Q2 | Q2 | Chang | HY1 | HY1 | Change |
| | 2009 | 2008 | e, % | 2009 | 2008 | , % |
--------------------------------------------------------------------------------
| Total revenues, million | 4.4 | 5.6 | (20.1 | 8.4 | 10.6 | (21.0) |
| EUR | | | ) | | | |
--------------------------------------------------------------------------------
| EBITDA, million EUR | 0.5 | 0.5 | 15.6 | 0.3 | 0.7 | (55.7) |
--------------------------------------------------------------------------------
| Margin, % | 11.7 | 8.1 | | 3.7 | 6.6 | |
--------------------------------------------------------------------------------
| EBIT, million EUR | 0.1 | 0.1 | 94.5 | (0.9) | (0.1) | N/A |
--------------------------------------------------------------------------------
| Margin, % | 3.0 | 1.2 | | (10.3 | (0.7) | |
| | | | | ) | | |
--------------------------------------------------------------------------------
| EBT, million EUR | 0.1 | 0.0 | 169.3 | (0.9) | (0.1) | N/A |
--------------------------------------------------------------------------------
| Profit for the period, | 0.1 | 0.0 | | (0.9) | (0.1) | |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income for | 0.1 | 0.0 | | (0.9) | (0.1) | |
| the period, | | | | | | |
| million EUR | | | | | | |
--------------------------------------------------------------------------------
| CAPEX, million EUR | 0.1 | 0.3 | (58.1 | 0.3 | 0.6 | (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 86.2 million
EUR (2nd quarter 2008:
100.1 million EUR), 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
49.1 million EUR, decreasing 18% compared to the second quarter
of 2008 (2nd quarter 2008: 60.0 million EUR). The reason for the decrease in
total revenues was a reduction in revenues from call services caused by
a drop
in retail and interconnection prices, which was partially compensated by the
growth of volumes for mobile data communications and subcontracting services.
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 0.11 EUR for the
period 1 July 2007 to 30 June 2008. For the period 1 July 2008 to 30 June 2009,
the Competition Board, which is the legal successor to the Communications Board,
established a fee of 0.09 EUR per minute for the termination of voice calls in
the mobile phone networks of AS EMT, Elisa Eesti AS and Tele2 Eesti AS. 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 0.09 EUR per minute the
maximum tariff to be applicable as of 1 July 2009. The maximum rate for
interconnection fees to be established for the periods 1 July 2010 to 30 June
2011 and 1 July 2011 to 30 June 2012 will be announced by the Competition Board
at least 2 months before the beginning of the corresponding period, but pursuant
to the decision, the decrease or increase in the interconnection fees to be
applied shall not be more than 10%.
The broadband services segment's sales revenues reached 47.1 million EUR in the
second quarter
(2nd quarter 2008: 51.4 million EUR). 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 1.0 million EUR 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 0.9 million EUR.
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 0.4
million EUR 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 1.7 and 1.9 million EUR
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
4.4 million EUR (2nd quarter 2008: 5.6 million EUR). 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 500 million EUR 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 52.4 million EUR
(2nd quarter 2008: 61.4 million EUR).
The operating costs in the mobile communications segment decreased by 18%
compared to the second quarter of 2008, reaching 30.1 million EUR (2nd quarter
2008: 36.8 million EUR). 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 32.2 million EUR
(2nd quarter 2008: 36.0 million EUR). 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 4.2 million EUR (2nd quarter 2008: 5.1 million EUR). 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 34.3 million EUR (2nd
quarter 2008: 39.2 million EUR). 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 14.9
million EUR (2nd quarter 2008:
15.7 million EUR). The EBITDA for the IT
services segment in the second quarter of 2009 was 0.5 million EUR (2nd quarter
2008: 0.5 million EUR). 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 9.6 million EUR in the second quarter of
2009, increasing 4% compared to the same period in 2008 (2nd quarter 2008: 9.3
million EUR).
In the second quarter, the Eesti Telekom Group earned EBIT of 24.6 million EUR,
which was a decrease of 18% compared to the same period in the previous year
(2nd quarter 2008: 29.9 million EUR) and pre-tax profits of 25.9 million EUR
(2nd quarter 2008: 31.1 million EUR).
On 16 June of this year, AS Eesti Telekom paid its shareholders dividends of
0.67 EUR per share totaling
92.6 million EUR, which is similar to last year
(2008: 92.6 million EUR). In order to facilitate the payment to AS Eesti Telekom
shareholders, AS EMT paid the parent company dividends of 56.2 million EUR (2nd
quarter 2008: 52.4 million EUR) and Elion Enterprises paid 39.6 million EUR (2nd
quarter 2008: 32.0 million EUR). The payment of dividends was accompanied by an
income tax cost for the dividends of 25.5 million EUR (2nd quarter 2008: 24.7
million EUR), of which AS EMT pays 15.0 million EUR (2nd quarter 2008:
14.2
million EUR) and Elion Enterprise paid 10.5 million EUR (2nd quarter 2008: 8.5
million EUR).
The profit for the Eesti Telekom Group for the first half-year of 2009 totaled
24.4 million EUR (first half-year of 2008: 35.4 million EUR). The earnings per
share were 0.18 EUR (first half-year of 2008:
0.26 EUR). The total
comprehensive income of the Group for the first half-year of 2009 was 24.4
million EUR (first half-year of 2008: 35.4 million EUR).
Statement of financial position and cash flows
As of 30 June 2009, the Eesti Telekom Group balance sheet totaled 265.8 million
EUR (31 December 2008: 319.5 million EUR). Compared to the beginning of the
year, the non-current assets have decreased by
5.7 million EUR, the balance of
which reached 181.3 million EUR by the end of the quarter. The Group's current
assets decreased by 48.1 million EUR during the first half-year, reaching 84.5
million EUR by the end of June (31 December 2008: 132.6 million EUR). Cash and
cash equivalents, as well as short-term financial investments, have decreased by
39.2 million EUR in connection with the dividend paid out in June.
As of 30 June 2009, the Eesti Telekom Group equity was 206.0 million EUR, which
is 68.5 million EUR less than at the end of 2008 (31 December 2008: 274.5
million EUR). The reduction in equity is related to the payment of dividends
totaling 92.6 million EUR. At the same time, equity has been increased by a
profit of 24.4 million EUR in the first half-year of 2009. As of the end of
June, long-term obligations totaled 2.0 million EUR (31 December 2008: 2.1
million EUR) and short-term debt obligations totaled 57.8 million EUR
(31
December 2008: 42.9 million EUR). The growth of short-term debt obligations
results from the income tax liability for the 25.5 million EUR worth of
dividends to be paid in July.
The net debt of the Eesti Telekom Group at the end of the second quarter was
-15.5 million EUR and the net gearing ratio was -7.5% (31 December 2008: -54.5
million EUR and -20%).
The Eesti Telekom Group cash flow from operations during the first half-year of
2009 was 66.1 million EUR
(first half-year of 2008: 73.1 million EUR). The
Group's investment cash flow was 19.7 million EUR (first half-year of 2008: 25.5
million EUR). The cash flow into the acquisition of tangible and intangible
fixed assets during the first half-year was 15.8 million EUR (first half-year of
2008: 19.4 million EUR). In the first six months of 2009, the mobile
communications segment invested 8.5 million EUR (first half-year of 2008:
8.2
million EUR). In mobile communications, in addition to the constant development
of the GSM network,
a developmental priority was the implementation of
technologies to support high-speed mobile data communications. The majority of
data communications usage by EMT customers occurs in the 3G network, which
enables the use of high-quality and rapid Internet connections at speeds
approaching those of ADSL at conveniently manageable prices. Since EMT is the
only operator in Estonia that provides EDGE data communications throughout its
GSM coverage area, then investments in new base stations is primarily directed
at expanding external and internal 3G coverage in cities and town. At the same
time, the constant improvement of the GSM network continued. Investments into
the broadband services segment totaled 7.0 million EUR (first half-year of 2008:
10.5 million EUR). 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 0.3 million EUR into fixed assets (first half-year of 2008: 0.6 million
EUR).
In the first six months of this year, the Eesti Telekom Group cash flow into
financial activities was
93.1 million EUR, of which 92.6 million EUR was used
to pay dividends for AS Eesti Telekom shareholders (in the first six months of
2008, these amounts were 92.7 million EUR and 92.6 million EUR) and dividends
totalling 0.4 million EUR (6 months of 2008: 0.5 million EUR) 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) | 86,227 | 100,131 |
--------------------------------------------------------------------------------
| Cost of production | 2.1 (a) | (47,646) | (56,322) |
--------------------------------------------------------------------------------
| Gross profit | 2.1 (a) | 38,581 | 43,809 |
--------------------------------------------------------------------------------
| Sales, administrative, and | 2.1 (a) | (14,379) | (14,333) |
| research & development expenses | | | |
--------------------------------------------------------------------------------
| Other operating revenues | 2.1 (a) | 463 | 511 |
--------------------------------------------------------------------------------
| Other operating expenses | 2.1 (a) | (45) | (81) |
--------------------------------------------------------------------------------
| Operating profit | 2.1 (a) | 24,620 | 29,906 |
--------------------------------------------------------------------------------
| Finance income | | 1,252 | 1,318 |
--------------------------------------------------------------------------------
| Finance costs | | (19) | (38) |
--------------------------------------------------------------------------------
| Finance income, net | 2.1 (a) | 1,233 | 1,280 |
--------------------------------------------------------------------------------
| Net income / (expenses) from | 2.1 (a) | 93 | (52) |
| associated companies | | | |
--------------------------------------------------------------------------------
| Profit before tax | 2.1 (a) | 25,946 | 31,134 |
--------------------------------------------------------------------------------
| Income tax on dividends | 2.1 (a) | (25,548) | (24,652) |
--------------------------------------------------------------------------------
| Profit for the period | 2.1 (a) | 398 | 6,482 |
--------------------------------------------------------------------------------
| Other comprehensive income | | | |
--------------------------------------------------------------------------------
| Exchange differences on | 2.1 (a) | 2 | - |
| translating foreign subsidiaries | | | |
--------------------------------------------------------------------------------
| Other comprehensive income for | 2.1 (a) | 2 | - |
| the period | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | 2.1 (a) | 400 | 6,482 |
--------------------------------------------------------------------------------
| Profit attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1 (a) | 457 | 6,474 |
--------------------------------------------------------------------------------
| Minority interest | 2.1 (a) | (59) | 8 |
--------------------------------------------------------------------------------
| | | 398 | 6,482 |
--------------------------------------------------------------------------------
| Comprehensive income attributable | | | |
| to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1 (a) | 459 | 6,474 |
--------------------------------------------------------------------------------
| Minority interest | 2.1 (a) | (59) | 8 |
--------------------------------------------------------------------------------
| | | 400 | 6,482 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share for profit | 7 (f) | | |
| attributable to the equity | | | |
| holders of the parent during the | | | |
| reporting period (expressed in | | | |
| EUR) | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 0.003 | 0.05 |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 0.003 | 0.05 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 2.1 (a) | 34,257 | 39,183 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | 2.1 (a) | (9,637) | (9,277) |
| write-downs | | | |
--------------------------------------------------------------------------------
I HALF YEAR CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| | Notes | I HY 2009 | I HY 2008 | 2008 |
--------------------------------------------------------------------------------
| Net sales | 2.1 | 171,644 | 194,988 | 395,588 |
| | (b), | | | |
| | 2.3 | | | |
--------------------------------------------------------------------------------
| Cost of production | 2.1 (b) | (96,304) | (109,400) | (225,777) |
--------------------------------------------------------------------------------
| Gross profit | 2.1 (b) | 75,340 | 85,588 | 169,811 |
--------------------------------------------------------------------------------
| Sales, administrative, and | 2.1 (b) | (28,474) | (28,520) | (57,972) |
| research & development | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other operating revenues | 2.1 (b) | 946 | 913 | 2,001 |
--------------------------------------------------------------------------------
| Other operating expenses | 2.1 (b) | (209) | (180) | (543) |
--------------------------------------------------------------------------------
| Operating profit | 2.1 (b) | 47,603 | 57,801 | 113,297 |
--------------------------------------------------------------------------------
| Finance income | | 2,364 | 2,452 | 3,527 |
--------------------------------------------------------------------------------
| Finance costs | | (41) | (75) | (56) |
--------------------------------------------------------------------------------
| Finance income, net | 2.1 (b) | 2,323 | 2,377 | 3,471 |
--------------------------------------------------------------------------------
| Net income / (expenses) from | 2.1 (b) | 40 | (159) | (182) |
| associated companies | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 2.1 (b) | 49,966 | 60,019 | 116,586 |
--------------------------------------------------------------------------------
| Income tax on dividends | 2.1 (b) | (25,548) | (24,652) | (24,664) |
--------------------------------------------------------------------------------
| Profit for the period | 2.1 (b) | 24,418 | 35,367 | 91,922 |
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | 2.1 (b) | 1 | - | 1 |
| translating foreign | | | | |
| subsidiaries | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income | 2.1 (b) | 1 | - | 1 |
| for the period | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | 2.1 (b) | 24,419 | 35,367 | 91,923 |
--------------------------------------------------------------------------------
| Profit attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1 (b) | 24,450 | 35,277 | 91,703 |
--------------------------------------------------------------------------------
| Minority interest | 2.1 (b) | (32) | 90 | 219 |
--------------------------------------------------------------------------------
| | | 24,418 | 35,367 | 91,922 |
--------------------------------------------------------------------------------
| Comprehensive income | | | | |
| attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 2.1 (b) | 24,451 | 35,277 | 91,704 |
--------------------------------------------------------------------------------
| Minority interest | 2.1 (b) | (32) | 90 | 219 |
--------------------------------------------------------------------------------
| | | 24,419 | 35,367 | 91,923 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Earnings per share for | 7 (f) | | | |
| profit attributable to the | | | | |
| equity holders of the parent | | | | |
| during the reporting period | | | | |
| (expressed in EUR) | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | 0.18 | 0.26 | 0.66 |
--------------------------------------------------------------------------------
| Diluted earnings per share | | 0.18 | 0.26 | 0.66 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 2.1 (b) | 67,283 | 76,020 | 150,088 |
--------------------------------------------------------------------------------
| Depreciation, amortization | 2.1 | (19,680) | (18,219) | (36,791) |
| 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 | 162,564 | 165,542 | 155,438 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible fixed assets | 3 | 13,625 | 14,592 | 13,222 |
--------------------------------------------------------------------------------
| Investments in associates | 2.2, 5 | 716 | 676 | 699 |
--------------------------------------------------------------------------------
| Other financial fixed | | 4,366 | 6,115 | 6,777 |
| assets | | | | |
--------------------------------------------------------------------------------
| Total non-current assets | 2.2 | 181,271 | 186,925 | 176,136 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 6 | 9,270 | 10,861 | 10,917 |
--------------------------------------------------------------------------------
| Trade and other | | 59,327 | 66,576 | 70,288 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Short-term investments | | - | 31,956 | - |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 15,939 | 23,206 | 31,243 |
--------------------------------------------------------------------------------
| Total current assets | 2.2 | 84,536 | 132,599 | 112,448 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2.2 | 265,807 | 319,524 | 288,584 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Equity | | | | |
--------------------------------------------------------------------------------
| Capital and reserves | 7 | | | |
| attributable to equity | | | | |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Share capital | | 88,169 | 88,169 | 88,169 |
--------------------------------------------------------------------------------
| Share premium | | 22,753 | 22,753 | 22,753 |
--------------------------------------------------------------------------------
| Statutory legal reserve | | 8,817 | 8,817 | 8,817 |
--------------------------------------------------------------------------------
| Retained earnings | | 2 | 1 | - |
--------------------------------------------------------------------------------
| Net profit for the period | | 86,147 | 154,274 | 97,965 |
--------------------------------------------------------------------------------
| Total capital and reserves | | 205,888 | 274,014 | 217,704 |
| attributable to equity | | | | |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | 2.2, 7 | 116 | 513 | 342 |
--------------------------------------------------------------------------------
| Total equity | | 206,004 | 274,527 | 218,046 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest bearing loans and | 8 | 288 | 375 | 4 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Retirement benefit | 9 | 105 | 138 | 172 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 1,443 | 1,443 | 1,355 |
--------------------------------------------------------------------------------
| Non-interest bearing | | 120 | 127 | 123 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total non-current | 2.2 | 1,956 | 2,083 | 1,654 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | | 57,594 | 42,399 | 68,491 |
--------------------------------------------------------------------------------
| Interest bearing loans and | 8 | 178 | 259 | 156 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Retirement benefit | 9 | 66 | 66 | 64 |
| obligations | | | | |
--------------------------------------------------------------------------------
| Provisions | 10 | 9 | 190 | 173 |
--------------------------------------------------------------------------------
| Total current liabilities | 2.2 | 57,847 | 42,914 | 68,884 |
--------------------------------------------------------------------------------
| Total liabilities | | 59,803 | 44,997 | 70,538 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 2.2 | 265,807 | 319,524 | 288,584 |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | Notes | I HY 2009 | I HY 2008 |
--------------------------------------------------------------------------------
| Operating activities | | | |
--------------------------------------------------------------------------------
| Net profit for the period | | 24,418 | 35,367 |
--------------------------------------------------------------------------------
| Adjustments for: | | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 2.1, 3 | 19,680 | 18,219 |
| impairment of fixed and intangible | | | |
| assets | | | |
--------------------------------------------------------------------------------
| (Profit) / loss from sales and | | (188) | (445) |
| discards of fixed assets | | | |
--------------------------------------------------------------------------------
| Net (income) / expenses from | | (40) | 159 |
| associated companies | | | |
--------------------------------------------------------------------------------
| Provisions | | (181) | (362) |
--------------------------------------------------------------------------------
| Financial items | | (3,062) | (3,573) |
--------------------------------------------------------------------------------
| Income tax on dividends | | 25,548 | 24,652 |
--------------------------------------------------------------------------------
| Miscellaneous non-cash items | | (284) | 5 |
--------------------------------------------------------------------------------
| Cash flow before change in working | | 65,891 | 74,022 |
| capital | | | |
--------------------------------------------------------------------------------
| Change in current receivables | | 4,865 | (6,346) |
--------------------------------------------------------------------------------
| Change in inventories | | 1,591 | 631 |
--------------------------------------------------------------------------------
| Change in current liabilities | | (10,257) | 458 |
--------------------------------------------------------------------------------
| Change in working capital | | (3,801) | (5,257) |
--------------------------------------------------------------------------------
| Cash flow after changes in working | | 62,090 | 68,765 |
| capital | | | |
--------------------------------------------------------------------------------
| Interest received | | 4,250 | 4,451 |
--------------------------------------------------------------------------------
| Interest paid | | (244) | (158) |
--------------------------------------------------------------------------------
| Cash flow from operating activities | 2.2 | 66,096 | 73,058 |
--------------------------------------------------------------------------------
| Investing activities | | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | 2.2, 3 | (15,805) | (19,355) |
| acquired | | | |
--------------------------------------------------------------------------------
| Intangible and tangible fixed assets | | 281 | 555 |
| divested | | | |
--------------------------------------------------------------------------------
| Net change in interest-receivables | | 31,956 | 47,917 |
| short maturities | | | |
--------------------------------------------------------------------------------
| Net cash changes of other long-term | | 3,303 | (3,642) |
| receivables | | | |
--------------------------------------------------------------------------------
| Cash flow from investing activities | 2.2 | 19,735 | 25,475 |
--------------------------------------------------------------------------------
| Cash flow before financing | | 85,831 | 98,533 |
| activities | | | |
--------------------------------------------------------------------------------
| Financing activities | | | |
--------------------------------------------------------------------------------
| Dividends paid | 7 (e) | (92,942) | (92,577) |
--------------------------------------------------------------------------------
| Repayment of finance lease | 8 | (155) | (84) |
| liabilities | | | |
--------------------------------------------------------------------------------
| Cash flow used in financing | 2.2 | (93,097) | (92,661) |
| activities | | | |
--------------------------------------------------------------------------------
| Cash flow for the year | 2.2 | (7,266) | 5,872 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 2.2 | 23,206 | 25,359 |
| beginning of year | | | |
--------------------------------------------------------------------------------
| Cash flow for the year | 2.2 | (7,266) | 5,872 |
--------------------------------------------------------------------------------
| Effect of foreign exchange rate | 2.2 | (1) | 12 |
| changes | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of | 2.2 | 15,939 | 31,243 |
| period | | | |
--------------------------------------------------------------------------------