TELESTE OYJ TELESTE CORPORATION INTERIM REPORT
NET SALES ON PAR WITH THE REFERENCE PERIOD, ADJUSTED OPERATING RESULT INCREASED
First quarter of 2021
- Net sales amounted to
- Adjusted operating result stood at
- Operating result amounted to
- Earnings per share were
- Cash flow from operations was
- Orders received totalled
- Order backlog totalled
The income statement figures presented in this interim report only include continuing operations, except where otherwise noted. The figures in the balance sheet and the cash flow statement include both continuing and discontinued operations.
Outlook for 2021
However, the COVID-19 pandemic continues to cause uncertainty among
Comments by CEO
“In spite of the pandemic, the first quarter of 2021 started relatively favourably as net sales grew and adjusted operating result improved slightly year-on-year. Net sales grew in access network products and public transport information solutions but decreased in access network services. The adjusted operating result increased year-on-year due to lower fixed costs and as access network product deliveries were focused on products with higher gross margins. Fixed costs were reduced by the adaptation measures implemented last year as well as the reduction in marketing events and business travel caused by the COVID-19 pandemic. Orders received in the first quarter decreased from the high level seen in the comparison period in access network products for traditional HFC network infrastructure and public transport information solutions. The order backlog was particularly affected by the postponement of certain decisions on orders by rail traffic customers. The order backlog remains at a good level in spite of the decrease in orders received.
The utilisation rate of broadband services by European data communications operators remained high due to the increase in teleworking during the COVID-19 pandemic and the increased consumption of streaming entertainment services. The operators' network capacity has mostly been sufficient for service delivery because networks in
The market for video security and public transport information systems decreased last year due the reduction in the use of public transport caused by the COVID-19 pandemic as well as delays in investments and projects. However, it is our view that the planned investments have not been cancelled. Rather, project start-ups have been delayed, which was reflected in the orders received in the first quarter. Our order backlog remains promising and we believe the market will turn to growth this year. One significant event in our customer base in the first quarter was Alstom's acquisition of Bombardier Transportation's rolling stock business. This created one of the world's leading suppliers of rolling stock, which represents a significant customer account and growth opportunity for
The income statement figures presented in this interim report only include continuing operations, except where otherwise noted. The figures in the balance sheet and the cash flow statement include both continuing and discontinued operations.
Group Operations January-
| Key figures | 1-3/2021 | 1-3/2020 | Change, % | 1-12/2020 |
| Net sales, EUR million | 37.0 | 36.6 | +1.2% | 145.0 |
| Adjusted EBIT, EUR million 1) | 1.5 | 1.4 | +5.1% | 5.1 |
| Adjusted EBIT, % 1) | 4.0% | 3.9% | 3.5% | |
| EBIT, EUR million | 4.7 | 1.4 | +230.0% | 4.5 |
| EBIT, % | 12.7% | 3.9% | 3.1% | |
| Result for the period, EUR million | 3.7 | 1.2 | +212.1% | 2.8 |
| Result for the period, EUR million 2) | 3.7 | -1.4 | -8.0 | |
| Earnings per share, EUR | 0.21 | 0.07 | +203.3% | 0.16 |
| Earnings per share, EUR 2) | 0.21 | -0.07 | -0.43 | |
| Cash flow from operations, EUR million 2) | 2.6 | 0.1 | +3,779.7% | 13.1 |
| Net gearing, % 2) | 20.0% | 39.6% | 17.0% | |
| Equity ratio, % 2) | 52.3% | 46.9% | 48.8% | |
| Orders received, EUR million | 36.0 | 45.9 | -21.4% | 148.8 |
| Order backlog, EUR million | 76.1 | 82.6 | -7.8% | 77.1 |
| Personnel at period-end | 863 | 859 | +0.5% | 858 |
1) An alternative performance measure defined in the tables section of the report.
2) Including discontinued operations
Orders received in the first quarter totalled
Expenses for material and production services were
Cash flow from operations, including discontinued operations, was
R&D expenses amounted to
Discontinued operations
The services business of the
Personnel and organisation January-
The Group employed 862 (860) people on average during the period under review. At the end of the review period, the Group employed 863 (859) people, of whom 46% (45%) worked abroad. Approximately 3% of the Group's employees were working outside
Personnel expenses increased by 3.4% year-on-year to
Investments and product development in January-
Investments by the Group totalled
Investments in product development amounted to
Financing and capital structure January-
Cash flow from operations was
On
Key risks related to business operations
In the technology and product business, client-specific and integrated deliveries of solutions create favourable conditions for growth, even if the involved resource allocation and technical implementation pose a challenge and therefore also involve reasonable risks. Data communications operators' network investments vary according to the development of technology, customers' need to upgrade networks and their capacity to invest. The demand for video security and information solutions also fluctuates on the basis of large individual project deliveries. End-to-end deliveries of systems and projects may be large in size and take place over several years, setting high demands for the project quotation calculation and management and, consequently, involve risks. Increased competition created by the new service providers may undermine the cable operators' ability to invest. Various technologies are used in
Various information systems are critical to the development, manufacture and supply of products to customers. The maintenance of information systems and deployment of new systems involve risks that may affect ability to deliver products and services. Information systems are also exposed to external threats and we strive to protect ourselves from these threats through technical solutions and by increasing the security competence of our personnel.
The consequences of natural phenomena and global disruptions, such as a pandemic, or accidents, such as a fire or a flood, may reduce the availability of components in the order-delivery chain of the electronics industry or suspend our own manufacturing operations. The challenges related to the availability of raw materials and components that began last year are still ongoing. The company estimates that the risks associated with availability may lead to delays in deliveries, but these delays are not expected to last long. Customs levies imposed by different countries and changes or restrictions on exports or imports may have a negative effect on component supply chains and the profitability of products. Many competitors in the provision of access network technologies come from
The COVID-19 pandemic presents risks to
The Board of Directors annually reviews essential business risks and their management. Risk management constitutes an integral part of the strategic and operational activities of the business areas. Risks are reported to the Audit Committee and the Board of Directors on a regular basis.
In the period under review, no such legal proceedings or judicial procedures were pending that would have had any essential significance for the Group's operations.
Group structure, including discontinued operations
The parent company has a branch office in
Shares and changes in share capital
Pursuant to the authorisation issued by the Annual General Meeting,
On
In the period under review, the lowest price of the company's share was
On
On
Valid authorisations on
- The Board of Directors may acquire 1,200,000 own shares of the company otherwise than in proportion to the holdings of the shareholders with unrestricted equity through trading on the regulated market organised by Nasdaq Helsinki at the market price of the time of the purchase.
- The Board of Directors may decide on issuing new shares and/or transferring the company's own shares held by the company, so that the maximum total number of shares issued and/or transferred is 2,000,000.
- The total number of new shares to be subscribed for under the special rights granted by the company and own shares held by the company to be transferred may not exceed 1,000,000 shares, which number is included in the above maximum number concerning new shares and the Group's own shares held by the company.
- The new authorisations resolved upon by the Annual General Meeting of
Events after the end of the review period
General Meeting
The Annual General Meeting (AGM) of
The AGM decided that the Board of Directors shall consist of six members.
It was decided that the annual remuneration of the members of the Board of Directors will remain unchanged:
The AGM decided to choose one auditor for
The AGM approved the company's Remuneration Report for 2020.
The AGM decided to authorise the Board of Directors to decide on issuing new shares and/or transferring the company's own shares held by the company and/or granting special rights referred to in Chapter 10, Section 1 of the Limited Liability Companies Act, in accordance with the Board's proposal.
The new shares may be issued and the company's own shares held by the company may be conveyed either against payment or for free. New shares may be issued and the company's own shares held by the company may be conveyed to the company's shareholders in proportion to their current shareholdings in the company, or by waiving the shareholder's pre-emption right, through a directed share issue if the company has a weighty financial reason to do so. The new shares may also be issued in a free share issue to the company itself.
Under the authorisation, the Board of Directors has the right to decide on issuances of new shares and/or transferring the company's own shares held by the company, so that the maximum total number of shares issued and/or transferred is 2,000,000.
The total number of new shares to be subscribed for under the special rights granted by the company and own shares held by the company to be transferred may not exceed 1,000,000 shares, which number is included in the above maximum number concerning new shares and the Group's own shares held by the company.
The authorisations decided on by the AGM are valid for eighteen (18) months from the resolution of the AGM. The authorisations override any previous authorisations to decide on issuances of new shares and on granting stock option rights or other special rights entitling to shares.
Operating environment in 2021
The demand for broadband services by data communications operators continues to grow. Household broadband traffic has grown at an annual rate of 30-40% in recent years. Broadband traffic has increased sharply during the COVID-19 pandemic due to the growth of teleworking and online education and the higher consumption of streaming services. It is possible that part of the growth created by the pandemic will remain a permanent phenomenon, which could accelerate network investments when the restrictions imposed due to the pandemic are lifted. European cable operators have been able to competitively respond to the increasing demand by investing in DOCSIS 3.1 standard-compliant 1.2 GHz frequency range network upgrades during the past few years. Investments in the expansion of the traditional HFC network infrastructure frequency range continue, but with a lower volume than in the past few years. Operators are already planning investment in next-generation distributed access architecture network solutions as set out in the DOCSIS 4.0 standard. The vision is to offer up to 10 Gbps connections to households. For years now, the cable industry, including
Growing urban environments and their safety, the increase of public transport services and the increasing popularity of smart digital systems for a smoother life provide a foundation for growing business in the coming years. Public transport operators and other authorities must ensure smooth operation of services and infrastructure as well as the safety of people. Public transport information systems are continuously developing to be increasingly smart and real-time. The intelligence of video security solutions increases and a need is arising in the market for comprehensive situational awareness systems that include management of other sensor-level data flows in addition to video and automate operating processes in exceptional situations. We estimate that the market of public transport information systems has decreased in 2020 by the reduction in the use of public transport caused by the COVID-19 pandemic as well as delays in investments and projects. However, the market is expected to return to growth at the end of 2021 provided that the prolongation of the pandemic does not lead to a new negative movement in the market. Ensuring competitiveness requires
Outlook for 2021
However, the COVID-19 pandemic continues to cause uncertainty among
Teleste Corporation
Board of Directors President and CEO
This interim report has been compiled in compliance with IAS 34, as it is accepted within EU, using the recognition and valuation principles with those used in the Annual Report.
| STATEMENT OF COMPREHENSIVE INCOME (tEUR) | 1-3/2021 | 1-3/2020 | Change % | 1-12/2020 | |
| Continuing operations | |||||
| 37,010 | 36,562 | 1.2 % | 144,983 | ||
| Other operating income | 3,590 | 542 | 562.2 % | 1,783 | |
| Materials and services | -17,905 | -17,451 | 2.6 % | -72,039 | |
| Personnel expenses | -12,088 | -11,687 | 3.4 % | -45,156 | |
| Depreciation | -1,739 | -1,670 | 4.1 % | -7,241 | |
| Other operating expenses | -4,173 | -4,874 | -14.4 % | -17,814 | |
| Operating profit | 4,695 | 1,423 | 230.0 % | 4.516 | |
| Financial income | 316 | 340 | -7.1 % | 836 | |
| Financial expenses | -198 | -25 | 681.0 % | -1,670 | |
| Profit after financial items | 4,814 | 1,738 | 177.0 % | 3,681 | |
| Profit before taxes | 4,814 | 1,738 | 177.0 % | 3,681 | |
| Taxes | -1,137 | -560 | 103.1 % | -905 | |
| Net profit of continued operations | 3,677 | 1,178 | 212.1 % | 2,777 | |
| Discontinued operations | |||||
| Net profit of discontinued operations | 0 | -2,590 | n/a | -10,812 | |
| Net profit | 3,677 | -1,412 | n/a | -8,035 | |
| Attributable to: | |||||
| Equity holders of the parent | 3,756 | -1,353 | n/a | -7,827 | |
| Non-controlling interests | -79 | -59 | n/a | -209 | |
| 3,677 | -1,412 | n/a | -8,035 | ||
| Earnings per share for result of the year attributable to the equity holders of the parent | |||||
| (expressed in euro per share) | |||||
| Basic | 0.21 | -0.07 | n/a | -0.43 | |
| Diluted | 0.21 | -0.07 | n/a | -0.43 | |
| Earnings per share for result of the year of continued operations attributable to the equity holders of the parent | |||||
| (expressed in euro per share) | |||||
| Basic | 0.21 | 0.07 | 203.3 % | 0.16 | |
| Diluted | 0.21 | 0.07 | 203.3 % | 0.16 | |
| Earnings per share for result of the year of discontinued operations attributable to the equity holders of the parent | |||||
| (expressed in euro per share) | |||||
| Basic | 0.00 | -0.14 | n/a | -0.59 | |
| Diluted | 0.00 | -0.14 | n/a | -0.59 | |
| Total comprehensive income for the period (tEUR) | |||||
| Net profit | 3,677 | -1,412 | n/a | -8,035 | |
| Possible items with future net profit effect | |||||
| Translation differences | 190 | -1,167 | n/a | -606 | |
| Cash flow hedges | 0 | 11 | -100.0 % | 62 | |
| Total comprehensive income for the period | 3,867 | -2,567 | n/a | -8,579 | |
| Attributable to: | |||||
| Equity holders of the parent | 3,934 | -2,513 | n/a | -8,344 | |
| Non-controlling interests | -67 | -54 | n/a | -235 | |
| Equity holders of the parent | 3,867 | -2,567 | n/a | -8,579 | |
| STATEMENT OF FINANCIAL POSITION (tEUR) | Change % | ||||
| Non-current assets | |||||
| Intangible assets | 12,930 | 13,229 | -2.3 % | 12,816 | |
| 30,609 | 30,109 | 1.7 % | 30,502 | ||
| Property, plant, equipment | 8,934 | 10,010 | -10.8 % | 9,052 | |
| Other non-current financial assets | 748 | 650 | 15.1 % | 698 | |
| Deferred tax asset | 1,489 | 1,014 | 46.9 % | 2,203 | |
| 54,711 | 55,011 | -0.5 % | 55,270 | ||
| Current assets | |||||
| Inventories | 30,254 | 22,687 | 33.4 % | 28,225 | |
| Trade and other receivables | 30,416 | 38,134 | -20.2 % | 28,867 | |
| Tax Receivable, income tax | 531 | 657 | -19.1 % | 428 | |
| Cash and cash equivalents | 16,380 | 6,080 | 169.4 % | 20,224 | |
| 77,582 | 67,558 | 14.8 % | 77,745 | ||
| Assets reported in discontinued operations | 0 | 27,957 | -100.0 % | 0 | |
| Total assets | 132,293 | 150,526 | -12.1 % | 133,015 | |
| Shareholder's equity and liabilities | |||||
| Share capital | 6,967 | 6,967 | 0.0 % | 6,967 | |
| Other equity | 59,957 | 63,239 | -5.2 % | 55,803 | |
| Owners of the parent company | 66,924 | 70,205 | -4.7 % | 62,770 | |
| Non-controlling interests | 253 | 152 | 66.5 % | 320 | |
| EQUITY | 67,177 | 70,356 | -4.5 % | 63,090 | |
| Non-current liabilities | |||||
| Deferred tax liability | 1,740 | 1,611 | 8.0 % | 1,518 | |
| Non-current liabilities, interest-bearing | 23,894 | 25,250 | -5.4 % | 24,716 | |
| Non-current interest-free liabilities | 813 | 73 | 1006.8 % | 832 | |
| Non-current provisions | 311 | 6 | 5535.4 % | 119 | |
| 26,758 | 26,941 | -0.7 % | 27,184 | ||
| Current liabilities | |||||
| Current interest-bearing liabilities | 5,952 | 5,900 | 0.9 % | 6,256 | |
| Trade Payables and Other Liabilities | 30,666 | 31,869 | -3.8 % | 33,893 | |
| Tax liability, income tax | 714 | 1,122 | -36.4 % | 880 | |
| Current provisions | 1,026 | 1,337 | -23.3 % | 1,711 | |
| 38,357 | 40,228 | -4.7 % | 42,741 | ||
| Liabilities reported in discontinued operations | 0 | 13,001 | -100.0 % | 0 | |
| Total shareholder's equity and liabilities | 132,293 | 150,526 | -12.1 % | 133,015 | |
| CONSOLIDATED CASH FLOW STATEMENT (tEUR) | 1-3/2021 | 1-3/2020 | Change % | 1-12/2020 | |
| Cash flows from operating activities | |||||
| Profit for the period | 3,677 | -1,412 | n/a | -8,035 | |
| Adjustments | 2,159 | 3,545 | -39.1 % | 17,293 | |
| Interest and other financial expenses and incomes | 0 | 315 | -100.0 % | -993 | |
| Paid Taxes | -462 | -518 | -10.8 % | -1,255 | |
| Change in working capital | -2,756 | -1,863 | 48.0 % | 6,062 | |
| Cash flow from operating activities | 2,617 | 67 | 3779.7 % | 13,071 | |
| Cash flow from investing activities | |||||
| Purchase of tangible and intangible assets | -1,326 | -2,129 | -37.7 % | -5,130 | |
| Proceeds from sales of PPE | 12 | 16 | -22.1 % | 171 | |
| Acquisition of subsidiaries. net of cash acquired | -3,749 | 0 | n/a | 6,276 | |
| Purchase of investments | 0 | 101 | n/a | -77 | |
| Net cash used in investing activities | -5,062 | -2,012 | 151.6 % | 1,239 | |
| Cash flow from financing activities | |||||
| Proceeds from borrowings | 0 | 1,158 | -100.0% | 6,466 | |
| Payments of borrowings | -750 | 0 | n/a | -3,569 | |
| Payment of leasing liabilities | -539 | -1,224 | -56.0 % | -3,794 | |
| Dividends paid | -135 | 0 | n/a | -1,685 | |
| Capital investment by non-controlling interests | 0 | 0 | n/a | 349 | |
| Net cash used in financing activities | -1,424 | -67 | 2038.3 % | -2,232 | |
| Change in cash | |||||
| Cash in the beginning | 20,225 | 8,249 | 145.2 % | 8,249 | |
| Effect of currency changes | 25 | 21 | 24.0 % | -103 | |
| Change | -3,870 | -2,011 | 92.4 % | 12,078 | |
| Cash at the end | 16,381 | 6,258 | 161.8 % | 20,225 | |
| 1-3/2021 | 1-3/2020 | Change % | 1-12/2020 | ||
| Operating profit | 4,695 | 1,423 | 230.0 % | 4,516 | |
| Earnings per share, EUR | 0.21 | -0.07 | n/a | -0.43 | |
| Earnings per share fully diluted, EUR | 0.21 | -0.07 | n/a | -0.43 | |
| Shareholders' equity per share, EUR | 3.54 | 3.71 | -4.5 % | 3.46 | |
| Return on equity | 22.6 % | -7.9 % | -385.8 % | -11.8 % | |
| Return on capital employed | 20.9 % | 0.9 % | 2332.7 % | -4.5 % | |
| Equity ratio | 52.3 % | 46.9 % | 11.4 % | 48.8 % | |
| Gearing | 20.0 % | 39.6 % | -49.4 % | 17.0 % | |
| Investments, tEUR | 1,709 | 2,846 | -39.9 % | 6,588 | |
| Investments % of net sales | 4.6 % | 5.3 % | -13.6 % | 4.5 % | |
| Order backlog, tEUR | 76,142 | 82,558 | -7.8 % | 77,086 | |
| Personnel, average | 862 | 1,327 | -35.1 % | 856 | |
| Number of shares (thousands) | 18,986 | 18,986 | 0.0 % | 18,986 | |
| including own shares | |||||
| Highest share price, EUR | 5.34 | 5.78 | -7.6 % | 5.78 | |
| Lowest share price, EUR | 4.47 | 3.51 | 27.4 % | 3.51 | |
| Average share price, EUR | 4.97 | 4.79 | 3.8 % | 4.40 | |
| Turnover, in million shares | 0.9 | 0.8 | 16.0 % | 3.1 | |
| Turnover, in MEUR | 4.5 | 3.9 | 16.0 % | 13.8 | |
| ALTERNATIVE PERFORMANCE MEASURES | |||||
| Adjusted operating profit | 1,495 | 1,423 | 5.1 % | 5,066 | |
| Adjusted earning per share, EUR | 0.03 | -0.07 | n/a | -0.06 | |
| BRIDGE OF CALCULATION | |||||
| Operating profit | 4,695 | 1,423 | 230.0 % | 4,516 | |
| Other Non-recurring item | -3,200 | 0 | n/a | 0 | |
| Business reorganization | 0 | 0 | n/a | 550 | |
| Adjusted operating profit | 1,495 | 1,423 | 5.1 % | 5,066 | |
| Net profit/loss to equity holder | 3,756 | -1,353 | n/a | -7,827 | |
| Outstanding shares during the quarter | 18,212 | 18,164 | 0.3 % | 18,204 | |
| Earnings per share, basic | 0.21 | -0.07 | n/a | -0.43 | |
| Net profit/loss to equity holder | 3,756 | -1,353 | n/a | -7,827 | |
| Other Non-recurring item | -3,200 | 0 | n/a | 0 | |
| Business reorganization | 0 | 0 | n/a | 550 | |
| Business disposals | 0 | 0 | n/a | 6,106 | |
| Outstanding shares during the quarter | 18,212 | 18,164 | 0.3 % | 18,204 | |
| Adjusted earnings per share, EUR | 0.03 | -0.07 | n/a | -0.06 | |
| Number | % of | % of | |||
| of shares | shares | votes | |||
| Possession of company's own shares | 768,194 | 4.05 % | 4.05 % | ||
| Contingent liabilities and pledged assets (tEUR) | |||||
| Leasing and rent liabilities | 966 | 903 | 6.9 % | 921 | |
| Derivative instruments (tEUR) | |||||
| Value of underlying forward contracts | 22,050 | 17,390 | 26.8 % | 18,515 | |
| Market value of forward contracts | 267 | 409 | -34.7 % | -473 | |
| Interest rate swap | 0 | 10,000 | -100.0 % | 0 | |
| Market value of interest swap | 0 | -50 | -100.0 % | 0 | |
| Taxes are computed on the basis of the tax on the profit for the period. | |||||
| Net sales by category | 1-3/2021 | 1-3/2020 | Change % | 1-12/2020 | |
| Goods | 31,000 | 30,215 | 2.6 % | 118,524 | |
| Service | 6,010 | 6,347 | -5.3 % | 26,458 | |
| Total | 37,010 | 36,562 | 1.2 % | 144,983 | |
| Change % | |||||
| Order backlog, tEUR | 76,142 | 82,558 | -7.8 % | 77,086 |
| Information per quarter (tEUR) | 1-3/21 | 10-12/20 | 7-9/20 | 4-6/20 | 1-3/20 | 4/2020-3/2021 | |
| Orders received | 36,042 | 43,186 | 29,770 | 30,032 | 45,857 | 139,030 | |
| Net sales | 37,010 | 39,200 | 35,704 | 33,516 | 36,562 | 145,430 | |
| EBIT | 4,695 | 1,274 | 2,223 | -404 | 1,423 | 7,788 | |
| EBIT% | 12.7 % | 3.3 % | 6.2 % | -1.2 % | 3.9 % | 5.4 % | |
| Consolidated statement of changes in equity,1000 euros | |||||||||
| Attributable to equity holders of the parent (tEUR) | |||||||||
| A | Share capital | ||||||||
| B | Share premium | ||||||||
| C | Translation differences | ||||||||
| D | Retained earnings | ||||||||
| E | Invested free capital | ||||||||
| F | Other funds | ||||||||
| G | Owners of the parent company | ||||||||
| H | Non-controlling interests | ||||||||
| I | Total equity | ||||||||
| A | B | C | D | E | F | G | H | I | |
| Shareholder's equity | 6,967 | 1,504 | -1,557 | 52,716 | 3,140 | 0 | 62,770 | 319 | 63,090 |
| Total comprehensive income for the period | 3,756 | 3,756 | -79 | 3,677 | |||||
| Equity-settled share-based payments | 169 | 169 | 169 | ||||||
| Translation differences | 73 | 156 | 229 | 13 | 242 | ||||
| Shareholder's equity | 6,967 | 1,504 | -1,484 | 56,797 | 3,140 | 0 | 66,925 | 253 | 67,177 |
| Shareholder's equity | 6,967 | 1,504 | -1,594 | 62,616 | 3,140 | -62 | 72,573 | 206 | 72,779 |
| Total comprehensive income for the period | -1,353 | -1,353 | -59 | -1,412 | |||||
Equity-settled share-based payments | 146 | 146 | 0 | 146 | |||||
| Translation differences | -507 | -665 | -1,171 | 5 | -1,167 | ||||
| Cash flow hedges | 11 | 11 | 0 | 11 | |||||
| Shareholder's equity | 6,967 | 1,504 | -2,101 | 60,744 | 3,140 | -50 | 70,204 | 152 | 70,356 |
CALCULATION OF
| Return on equity: | Profit/loss for the financial period ------------------------------ * 100 Shareholders’ equity (average) |
| Return on capital employed: | Profit/loss for the period after financial items + financing charges ------------------------------ * 100 Total assets - non-interest-bearing Liabilities (average) |
| Equity ratio: | Shareholders' equity ----------------------------- * 100 Total assets - advances received |
| Gearing: | Interest bearing liabilities - cash in hand and in bank - interest bearing assets ----------------------------- * 100 Shareholders' equity |
| Earnings per share: | Profit for the period attributable to equity holder of the parent ---------------------------------------------- Weighted average number of ordinary shares outstanding during the period |
| Earnings per share, diluted: | Profit for the period attributable to equity holder of the parent (diluted) ----------------------------------------------- Average number of shares - own shares + number of options at the period-end |
ALTERNATIVE PERFORMANCE MEASURES
Effective from the beginning of 2019.
| Adjusted operating profit | Operating profit is adjusted with items which are non-recurring or infrequently. |
| Adjusted earnings per share: | Adjusted Profit for the period attributable to equity holder of the parent ---------------------------------------------- Weighted average number of ordinary shares outstanding during the period |
| Major shareholders, as sorted by number of shares - | ||
| Number of shares | % of shares | |
| 4,595,277 | 24.2 | |
| 1,683,900 | 8.9 | |
| 899,475 | 4.7 | |
| 824,641 | 4.3 | |
| 768,194 | 4.0 | |
| 650,000 | 3.4 | |
| 521,150 | 2.7 | |
| 500,000 | 2.6 | |
| Wipunen varainhallinta Oy | 500,000 | 2.6 |
| 240,408 | 1.3 | |
| Shareholders by sector | Nbr. of shareholders | % of Owners | Shares | % of shares |
| Households | 5,560 | 94.2 | 5,291,424 | 27.9 |
| Public sector institutions | 3 | 0.1 | 1,920,625 | 10.1 |
| Financial and insurance institutions | 20 | 0.3 | 3,472,167 | 18.3 |
| Corporations | 270 | 4.6 | 8,061,488 | 42.5 |
| Non-profit institutions | 20 | 0.3 | 43,918 | 0.2 |
| Foreign | 29 | 0.5 | 195,966 | 1.0 |
| Total | 5,902 | 100.0 | 18,985,588 | 100.0 |
| Of which nominee registered | 10 | 0.2 | 542,242 | 2.9 |
| Major shareholders by distribution of shares | ||||
| Number of shares | Nbr. of shareholders | % of shareholders | Nbr. of shares | % of shares |
| 1-100 | 1,701 | 28.8 | 94,655 | 0.5 |
| 101-500 | 2,391 | 40.5 | 645,271 | 3.4 |
| 501-1,000 | 825 | 14.0 | 666,649 | 3.5 |
| 1,001-5,000 | 785 | 13.3 | 1,750,512 | 9.2 |
| 5,001-10,000 | 91 | 1.5 | 633,667 | 3.3 |
| 10,001-50,000 | 81 | 1.4 | 1,654,953 | 8.7 |
| 50,001-100,000 | 7 | 0.1 | 518,454 | 2.7 |
| 100,001-500,000 | 14 | 0.2 | 3,078,790 | 16.2 |
| 500,001-& above | 7 | 0.1 | 9,942,637 | 52.4 |
| Total | 5,902 | 100.0 | 18,985,588 | 100.0 |
| of which nominee registered | 10 | 0.2 | 542,242 | 2.9 |
ADDITIONAL INFORMATION:
CEO
DISTRIBUTION:
Nasdaq Helsinki
Main Media
www.teleste.com
Attachment
Teleste Q1 2021 EN
© OMX, source
