TELESTE OYJ TELESTE CORPORATION HALF YEAR FINANCIAL REPORT 12 AUGUST 2021 AT 8:30
TELESTE CORPORATION HALF YEAR FINANCIAL REPORT 1 JANUARY TO
April-
- Net sales amounted to
- Adjusted operating result was
- Operating result amounted to
- Earnings per share including discontinued operations amounted to
- Cash flow from operations, including discontinued operations, was
- Orders received totalled
- Order backlog at period-end totalled
January-
- Net sales amounted to
- Adjusted operating result stood at
- Operating result amounted to
- Earnings per share including discontinued operations amounted to
- Cash flow from operations, including discontinued operations, was
- Orders received totalled
The income statement figures presented in this half year financial 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
“The development of key figures during the second quarter was favourable compared to the reference period, which was influenced by the COVID-19 pandemic last year. Orders received increased substantially during the second quarter and elevated the order backlog to a record-high level. Orders received increased in public transport information solutions and video security solutions. Net sales increased year-on-year in public transport information solutions, video security solutions and access network products. The operating result improved due to the increase in net sales. While the pandemic is not yet over in our markets, business is gradually returning to normal unless new COVID-19 variants complicate the situation again. Through careful precautions,
Data communications operators' distributed access architecture deployment projects are in the start-up stage. During the second quarter, we received orders for distributed network architecture products from our significant customers and announced a cooperation agreement with Liberty Global. In many industries, the rapid recovery of the global economy has had a negative impact on the availability of raw materials. In electronics components, in particular, the continued allocation situation has increased the prices of components. Ensuring the ability to deliver products and keep costs under control has become more challenging than usual. So far, we have managed to solve the component availability problems relatively well, but the situation will still require special attention during the second half of the year. The availability of components will, to some degree, limit the deliveries of products during the remainder of the year. Consequently, the effect of the deliveries of distributed architecture products on net sales and operating result for this year will also be limited.
In video security solutions and public transport information solutions, we received significant new orders, such as video security solutions for Alstom's train project in
The focus areas for this year include the development of next-generation access architecture products and the necessary capabilities, progress in the North American market as well as growth and improved profitability in public transport information solutions and video security solutions. Managing the risks associated with the development of the pandemic, the global component shortage and the increase in the price of materials and freight will require special attention during the remainder of the year.”
Group Operations April-
| Key figures | 4-6/2021 | 4-6/2020 | Change |
| Net sales, EUR million | 35.8 | 33.5 | +6.8% |
| Adjusted EBIT, EUR million 1) | 1.1 | 0.1 | +674.1% |
| Adjusted EBIT, % 1) | 3.2% | 0.4% | |
| EBIT, EUR million | 1.1 | -0.4 | |
| EBIT, % | 3.2% | -1.2% | |
| Result for the period, EUR million | 0.8 | -1.0 | |
| Result for the period, EUR million 2) | 0.8 | -2.0 | |
| Earnings per share, EUR | 0.04 | -0.05 | |
| Earnings per share, EUR 2) | 0.04 | -0.11 | |
| Cash flow from operations, EUR million 2) | 9.6 | 11.1 | -13.6% |
| Orders received, EUR million | 43.9 | 30.0 | +46.0% |
1) An alternative performance measure defined in the tables section of the report.
2) Including discontinued operations
Orders received by the Group in the second quarter totalled
Expenses for material and manufacturing services amounted to
Cash flow from operations, including discontinued operations, was
R&D expenses amounted to
Group Operations, January-
| Key figures | 1-6/2021 | 1-6/2020 | Change | 1-12/2020 |
| Net sales, EUR million | 72.8 | 70.1 | +3.9% | 145.0 |
| Adjusted EBIT, EUR million 1) | 2.6 | 1.6 | +67.6% | 5.1 |
| Adjusted EBIT, % 1) | 3.6% | 2.2% | 3.5% | |
| EBIT, EUR million | 5.8 | 1.0 | +472.0% | 4.5 |
| EBIT, % | 8.0% | 1.5% | 3.1% | |
| Result for the period, EUR million | 4.5 | 0.2 | +2349% | 2.8 |
| Result for the period, EUR million 2) | 4.5 | -3.4 | -8.0 | |
| Earnings per share, EUR | 0.25 | 0.02 | +1559% | 0.16 |
| Earnings per share, EUR 2) | 0.25 | -0.18 | -0.43 | |
| Cash flow from operations, EUR million 2) | 12.2 | 11.2 | +9.2% | 13.1 |
| Net gearing, % 2) | 13.9% | 25.4% | 17.0% | |
| Equity ratio, % 2) | 51.0% | 48.4% | 48.8% | |
| Orders received, EUR million | 79.9 | 75.9 | +5.3% | 148.8 |
| Order backlog, EUR million | 84.2 | 79.0 | +6.5% | 77.1 |
| Personnel at period-end | 884 | 849 | +4.2% | 858 |
1) An alternative performance measure defined in the tables section of the report.
2) Including discontinued operations
Orders received by the Group increased by 5.3% to
Expenses for material and manufacturing services decreased by 1.1% to
Cash flow from operations was
R&D expenses amounted to
Personnel and organisation January-
The Group's continuing operations employed 854 (856) people on average during the period under review. At the end of the review period, the Group employed 884 (849) people, of whom 45% (46%) worked abroad. Approximately 3% (3%) of the Group's employees were working outside
Personnel expenses amounted to
Investments and product development in January-
Investments by the Group totalled
Product development projects focused on distributed access architecture and next-generation amplifiers, including solutions designed for the US market, situational awareness and video security solutions, public transport information solutions and customer-specific projects.
Financing and capital structure January-
Cash flow from operations was
At period-end, the Group's interest-bearing debt stood at
Discontinued operations
The services business of the
Key risks faced by the business areas
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. Fluctuations in demand in the global economy may lead to sudden price increases for raw materials, components and freight, whose negative impact on the gross margin
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
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
At the end of June, the Group held 768,194 (776,419) of its own shares, all held by the parent company
On
Valid authorisations at the end of the review period:
- 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.
- These authorisations are valid until
Decisions by the Annual 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 the purchase of the company's own shares in accordance with the proposal of the Board. According to the authorisation, 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
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.
Events after the end of the review period
On
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 image and automate operating processes in exceptional situations. We estimate that the market growth 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 half year financial 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) | 4-6/2021 | 4-6/2020 | Change % | 1-12/2020 | |
| Continued operations | |||||
| 35,782 | 33,516 | 6.8 % | 144,983 | ||
| Other operating income | 365 | 504 | -27.6 % | 1,783 | |
| Materials and services | -16,384 | -17,222 | -4.9 % | -72,039 | |
| Personnel expenses | -12,233 | -11,155 | 9.7 % | -45,156 | |
| Depreciation | -1,764 | -1,707 | 3.3 % | -7,241 | |
| Other operating expenses | -4,632 | -4,339 | 6.7 % | -17,814 | |
| Operating profit | 1,135 | -404 | n/a | 4,516 | |
| Financial income | 243 | 88 | 175.5 % | 836 | |
| Financial expenses | -295 | -692 | -57.3 % | -1,670 | |
| Profit after financial items | 1,083 | -1,007 | n/a | 3,681 | |
| Profit before taxes | 1,083 | -1,007 | n/a | 3,681 | |
| Taxes | -286 | 11 | -2600.5 % | -905 | |
| Net profit of continued operations | 798 | -995 | n/a | 2,777 | |
| Discontinued operations | |||||
| Net profit of discontinued operations | 0 | -984 | n/a | -10,812 | |
| Net profit | 798 | -1,979 | n/a | -8,035 | |
| Attributable to: | |||||
| Equity holders of the parent | 804 | -1,946 | n/a | -7,827 | |
| Non-controlling interests | -6 | -33 | n/a | -209 | |
| 798 | -1,979 | 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 | 0.04 | -0.11 | n/a | -0.43 | |
| Diluted | 0.04 | -0.11 | 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 | 0.04 | -0.05 | n/a | 0.16 | |
| Diluted | 0.04 | -0.05 | n/a | 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 | -0.05 | n/a | -0.59 | |
| Diluted | 0.00 | -0.05 | n/a | -0.59 | |
| Total comprehensive income for the period (tEUR) | |||||
| Net profit | 798 | -1,979 | n/a | -8,035 | |
| Possible items with future net profit effect | |||||
| Translation differences | 225 | 298 | -24.5 % | -606 | |
| Cash flow hedges | 0 | 22 | -100.0 % | 62 | |
| Total comprehensive income for the period | 1,022 | -1,659 | n/a | -8,579 | |
| Attributable to: | |||||
| Equity holders of the parent | 1,032 | -1,618 | n/a | -8,344 | |
| Non-controlling interests | -10 | -41 | n/a | -235 | |
| 1,022 | -1,659 | n/a | -8,579 | ||
| Continued operations | 1-6/2021 | 1-6/2020 | Change % | 1-12/2020 | |
| 72,792 | 70,079 | 3.9 % | 144,983 | ||
| Other operating income | 3,955 | 1,046 | 278.0 % | 1,783 | |
| Materials and services | -34,289 | -34,673 | -1.1 % | -72,039 | |
| Personnel expenses | -24,321 | -22,842 | 6.5 % | -45,156 | |
| Depreciation | -3,503 | -3,377 | 3.7 % | -7,241 | |
| Other operating expenses | -8,804 | -9,213 | -4.4 % | -17,814 | |
| Operating profit | 5,830 | 1,019 | 472.0 % | 4,516 | |
| Financial income | 559 | 429 | 30.5 % | 836 | |
| Financial expenses | -493 | -717 | -31.3 % | -1,670 | |
| Profit after financial items | 5,897 | 731 | 706.6 % | 3,681 | |
| Profit before taxes | 5,897 | 731 | 706.6 % | 3,681 | |
| Taxes | -1,423 | -548 | 159.4 % | -905 | |
| Net profit of continued operations | 4,474 | 183 | 2349.2 % | 2,777 | |
| Discontinued operations | |||||
| Net profit of discontinued operations | 0 | -3,574 | n/a | -10,812 | |
| Net profit | 4,474 | -3,391 | n/a | -8,035 | |
| Attributable to: | |||||
| Equity holders of the parent | 4,560 | -3,299 | n/a | -7,827 | |
| Non-controlling interests | -86 | -92 | n/a | -209 | |
| 4,474 | -3,391 | 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 | 0.25 | -0.18 | n/a | -0.43 | |
| Diluted | 0.25 | -0.18 | 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 | 0.25 | 0.02 | 1558.5 % | 0.16 | |
| Diluted | 0.25 | 0.02 | 1559.0 % | 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 | -0.20 | n/a | -0.59 | |
| Diluted | 0.00 | -0.20 | n/a | -0.59 | |
| Total comprehensive income for the period (tEUR) | |||||
| Net profit | 4,474 | -3,391 | n/a | -8,035 | |
| Possible items with future net profit effect | |||||
| Translation differences | 415 | -869 | -147.7 % | -606 | |
| Cash flow hedges | 0 | 34 | -100.0 % | 62 | |
| Total comprehensive income for the period | 4,889 | -4,226 | n/a | -8,579 | |
| Attributable to: | |||||
| Equity holders of the parent | 4,966 | -4,132 | n/a | -8,344 | |
| Non-controlling interests | -76 | -95 | n/a | -235 | |
| Equity holders of the parent | 4,889 | -4,226 | n/a | -8,579 | |
| STATEMENT OF FINANCIAL POSITION (tEUR) | Change % | ||||
| Non-current assets | |||||
| Intangible assets | 13,178 | 13,317 | -1.0 % | 12,816 | |
| 30,642 | 30,299 | 1.1 % | 30,502 | ||
| Property, plant, equipment | 10,145 | 10,387 | -2.3 % | 9,052 | |
| Other non-current financial assets | 749 | 633 | 18.5 % | 698 | |
| Deferred tax asset | 1,797 | 1,381 | 30.1 % | 2,203 | |
| 56,511 | 56,016 | 0.9 % | 55,270 | ||
| Current assets | |||||
| Inventories | 25,720 | 21,759 | 18.2 % | 28,225 | |
| Trade and other receivables | 30,090 | 31,019 | -3.0 % | 28,867 | |
| Tax Receivable, income tax | 350 | 630 | -44.3 % | 428 | |
| Cash and cash equivalents | 21,987 | 14,354 | 53.2 % | 20,224 | |
| 78,147 | 67,763 | 15.3 % | 77,745 | ||
| Assets reported in discontinued operations | 0 | 22,259 | 0 | ||
| Total assets | 134,658 | 146,037 | -7.8 % | 133,015 | |
| Shareholder's equity and liabilities | |||||
| Share capital | 6,967 | 6,967 | 0.0 % | 6,967 | |
| Other equity | 58,802 | 61,511 | -4.4 % | 55,803 | |
| Owners of the parent company | 65,769 | 68,478 | -4.0 % | 62,770 | |
| Non-controlling interests | 244 | 473 | -48.5 % | 320 | |
| EQUITY | 66,013 | 68,951 | -4.3 % | 63,090 | |
| Non-current liabilities | |||||
| Deferred tax liability | 1,790 | 1,679 | 6.6 % | 1,518 | |
| Non-current liabilities, interest-bearing | 25,092 | 23,828 | 5.3 % | 24,716 | |
| Non-current interest-free liabilities | 781 | 492 | 58.7 % | 832 | |
| Non-current provisions | 392 | 45 | 767.4 % | 119 | |
| 28,055 | 26,044 | 7.7 % | 27,184 | ||
| Current liabilities | |||||
| Current interest-bearing liabilities | 6,061 | 5,707 | 6.2 % | 6,256 | |
| Trade Payables and Other Liabilities | 32,855 | 31,049 | 5.8 % | 33,893 | |
| Tax liability, income tax | 661 | 1,408 | -53.0 % | 880 | |
| Current provisions | 1,012 | 1,339 | -24.4 % | 1,711 | |
| 40,590 | 39,502 | 2.8 % | 42,741 | ||
| Liabilities reported in discontinued operations | 0 | 11,540 | 0 | ||
| Total shareholder's equity and liabilities | 134,658 | 146,037 | -7.8 % | 133,015 | |
| CONSOLIDATED CASH FLOW STATEMENT (tEUR) | 1-6/2021 | 1-6/2020 | Change % | 1-12/2020 | |
| Cash flows from operating activities | |||||
| Profit for the period | 4,474 | -3,391 | n/a | -8,035 | |
| Adjustments | 4,495 | 6,556 | -31.4 % | 17,293 | |
| Interest and other financial expenses and incomes | -145 | -375 | -61.2 % | -993 | |
| Paid Taxes | -882 | -505 | 74.7 % | -1,255 | |
| Change in working capital | 4,298 | 8,926 | -51.8 % | 6,062 | |
| Cash flow from operating activities | 12,241 | 11,212 | 9.2 % | 13,071 | |
| Cash flow from investing activities | |||||
| Purchase of tangible and intangible assets | -2,643 | -3,086 | -14.4 % | -5,130 | |
| Proceeds from sales of PPE | 39 | 28 | 41.6 % | 171 | |
| Divestment of subsidiaries, net of cash disposed | -3,749 | 0 | n/a | 6,276 | |
| Purchase of investments | 0 | 6 | -100.0 % | -77 | |
| Net cash used in investing activities | -6,353 | -3,052 | n/a | 1,239 | |
| Cash flow from financing activities | |||||
| Proceeds from borrowings | 0 | 500 | -100.0 % | 6,466 | |
| Payments of borrowings | -750 | -567 | 32.3 % | -3,569 | |
| Payment of leasing liabilities | -1,067 | -2,091 | -49.0 % | -3,794 | |
| Dividends paid | -2,330 | 0 | n/a | -1,685 | |
| Changes in non-controlling interest | 0 | 362 | -100.0 % | 349 | |
| Net cash used in financing activities | -4,147 | -1,796 | n/a | -2,232 | |
| Change in cash | |||||
| Cash in the beginning | 20,225 | 8,249 | 145.2 % | 8,249 | |
| Effect of currency changes | 22 | -23 | -196.1 % | -103 | |
| Change | 1,741 | 6,363 | -72.6 % | 12,078 | |
| Cash at the end | 21,987 | 14,590 | 50.7 % | 20,225 | |
| 1-6/2021 | 1-6/2020 | Change % | 1-12/2020 | ||
| Operating profit, continued operations | 5,830 | 1,019 | 472.0 % | 4,516 | |
| Earnings per share, EUR | 0.25 | -0.18 | n/a | -0.43 | |
| Earnings per share fully diluted, EUR | 0.25 | -0.18 | n/a | -0.43 | |
| Shareholders' equity per share, EUR | 3.48 | 3.63 | -4.3 % | 3.46 | |
| Return on equity | 13.9 % | -9.6 % | n/a | -11.8 % | |
| Return on capital employed | 13.3 % | -2.4 % | n/a | -4.5 % | |
| Equity ratio | 51.0 % | 48.4 % | 5.4 % | 48.8 % | |
| Gearing | 13.9 % | 25.4 % | -45.3 % | 17.0 % | |
| Investments, tEUR | 4,847 | 4,285 | 13.1 % | 6,588 | |
| Investments % of net sales | 6.7 % | 4.1 % | 61.7 % | 4.5 % | |
| Order backlog, tEUR | 84,196 | 79,033 | 6.5 % | 77,086 | |
| Personnel, average | 854 | 856 | -0.2 % | 856 | |
| Number of shares (thousands) | 18,986 | 18,986 | 0.0 % | 18,986 | |
| including own shares | |||||
| Highest share price, EUR | 6.66 | 5.78 | 15.2 % | 5.78 | |
| Lowest share price, EUR | 4.47 | 3.51 | 27.4 % | 3.51 | |
| Average share price, EUR | 5.46 | 4.62 | 18.2 % | 4.40 | |
| Turnover, in million shares | 1.8 | 1.3 | 38.5 % | 3.1 | |
| Turnover, in MEUR | 9.8 | 6.1 | 61.2 % | 13.8 | |
| ALTERNATIVE PERFORMANCE MEASURES | 4-6/2021 | 4-6/2020 | Change% | 1-6/2021 | 1-6/2020 | Change% | 1-12/2020 | |
| Adjusted operating profit, continued operations | 1,135 | 147 | 674.1% | 2,630 | 1,569 | 67.6 % | 5,066 | |
| Adjusted earning per share, EUR | 0.04 | -0.08 | n/a | 0.07 | -0.15 | n/a | -0.06 | |
| BRIDGE OF CALCULATION | ||||||||
| Operating profit, continued opearations | 1,135 | -404 | n/a | 5,830 | 1,019 | 472.0% | 4,516 | |
| Other non-recurring items | 0 | 0 | n/a | -3,200 | 0 | n/a | 0 | |
| Business reorganization | 0 | 550 | -100.0% | 0 | 550 | -100.0% | 550 | |
| Adjusted operating profit, continued operations | 1,135 | 147 | 674.1% | 2,630 | 1,569 | 67.6 % | 5,066 | |
| Net profit/loss to equity holder | 804 | -1,946 | n/a | 4,560 | -3,299 | n/a | -7,827 | |
| Outstanding shares during the quarter | 18,217 | 18,209 | 0.0 % | 18,215 | 18,198 | 0.1 % | 18,204 | |
| Earnings per share, basic | 0.04 | -0.11 | n/a | 0.25 | -0.18 | n/a | -0.43 | |
| Net profit/loss to equity holder | 804 | -1,946 | n/a | 4,560 | -3,299 | n/a | -7,827 | |
| Other non-recurring items | 0 | 0 | n/a | -3,200 | 0 | n/a | 0 | |
| Business reorganization | 0 | 550 | -100.0% | 0 | 550 | -100.0% | 550 | |
| Business disposals | 0 | 0 | n/a | 0 | 0 | n/a | 6,106 | |
| Outstanding shares during the quarter | 18,217 | 18,209 | 0.0 % | 18,215 | 18,198 | 0.1 % | 18,204 | |
| Adjusted earnings per share, EUR | 0.04 | -0.08 | n/a | 0.07 | -0.15 | 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 | 927 | 878 | 5.6 % | 921 | |
| Derivative instruments (tEUR) | |||||
| Value of underlying forward contracts | 20,317 | 19,515 | 4.1 % | 18,515 | |
| Market value of forward contracts | 211 | 161 | 30.8 % | -473 | |
| Interest rate swap | 0 | 10,000 | -100.0 % | 0 | |
| Market value of interest swap | 0 | -28 | -100.0 % | 0 | |
| Taxes are computed on the basis of the tax on the profit for the period. | |||||
| Net sales by category | 1-6/2021 | 1-6/2020 | Change % | 1-12/2020 | |
| Goods | 60,740 | 56,730 | 7.1 % | 118,524 | |
| Service | 12,052 | 13,349 | -9.7 % | 26,458 | |
| Total | 72,792 | 70,079 | 3.9 % | 144,983 | |
| Change % | |||||
| Order backlog, tEUR | 84,196 | 79,033 | 6.5 % | 77,086 | |
| Information per quarter (tEUR) | 4-6/21 | 1-3/21 | 10-12/20 | 7-9/20 | 4-6/20 | 7/2020-6/2021 | |
| Orders received | 43,861 | 36,042 | 43,186 | 29,770 | 30,032 | 152,858 | |
| Net sales | 35,782 | 37,010 | 39,200 | 35,704 | 33,516 | 147,696 | |
| EBIT | 1,135 | 4,695 | 1,274 | 2,223 | -404 | 9,327 | |
| EBIT% | 3.2 % | 12.7 % | 3.3 % | 6.2 % | -1.2 % | 6.3 % | |
| 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 | 4,560 | 4,560 | -86 | 4,474 | |||||
| Dividend distribution | -2,186 | -2,186 | -2,186 | ||||||
| Equity-settled share-based payments | 220 | 220 | 220 | ||||||
| Translation differences | 83 | 323 | 406 | 9 | 415 | ||||
| Shareholder's equity | 6,967 | 1,504 | -1,474 | 55,633 | 3,140 | 0 | 65,769 | 243 | 66,013 |
| Shareholder's equity | 6,967 | 1,504 | -1,594 | 62,616 | 3,140 | -62 | 72,573 | 206 | 72,779 |
| New standards and other changes | -139 | -139 | -139 | ||||||
| Total comprehensive income for the period | -3,299 | -3,299 | -92 | -3,391 | |||||
| Equity-settled share-based payments | 146 | 146 | 0 | 146 | |||||
| Translation differences | -221 | -615 | -836 | -3 | -838 | ||||
| Cash flow hedges | 0 | 34 | 34 | 0 | 34 | ||||
| Changes of non-controlling interests without change in control | 0 | 0 | 362 | 362 | |||||
| Shareholder's equity | 6,967 | 1,504 | -1,815 | 58,709 | 3,140 | -28 | 68,477 | 473 | 68,951 |
CALCULATION OF KEY FIGURES
| 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 | |
| 4,748,298 | 25.0 | |
| 1,683,900 | 8.9 | |
| 899,475 | 4.7 | |
| 824,641 | 4.3 | |
| 768,194 | 4.0 | |
| 608,584 | 3.2 | |
| 600,000 | 3.2 | |
| 521,150 | 2.7 | |
| 500,000 | 2.6 | |
| 240,408 | 1.3 | |
| Shareholders by sector | Nbr. of shareholders | % of Owners | Shares | % of shares |
| Households | 5,420 | 94.4 | 5,073,771 | 26.7 |
| Public sector institutions | 3 | 0.1 | 1,920,625 | 10.1 |
| Financial and insurance institutions | 18 | 0.3 | 3,517,260 | 18.5 |
| Corporations | 251 | 4.4 | 8,221,568 | 43.3 |
| Non-profit institutions | 20 | 0.3 | 43,918 | 0.2 |
| Foreign | 32 | 0.6 | 208,446 | 1.1 |
| Total | 5,744 | 100.00 | 18,985,588 | 100.0 |
| Of which nominee registered | 10 | 0.2 | 603,597 | 3.2 |
| Major shareholders by distribution of shares | ||||
| Number of shares | Nbr. of shareholders | % of shareholders | Nbr. of shares | % of shares |
| 1-100 | 1,696 | 29.5 | 92,311 | 0.5 |
| 101-500 | 2,308 | 40.2 | 618,545 | 3.3 |
| 501-1,000 | 804 | 14.0 | 651,778 | 3.4 |
| 1,001-5,000 | 738 | 12.8 | 1,662,958 | 8.8 |
| 5,001-10,000 | 92 | 1.6 | 647,027 | 3.4 |
| 10,001-50,000 | 78 | 1.4 | 1,568,855 | 8.3 |
| 50,001-100,000 | 8 | 0.1 | 601,247 | 3.2 |
| 100,001-500,000 | 12 | 0.2 | 2,488,625 | 13.1 |
| 500,001-& above | 8 | 0.1 | 10,654,242 | 56.1 |
| Total | 5,744 | 100.0 | 18,985,588 | 100.0 |
| of which nominee registered | 10 | 0.2 | 603,597 | 3.2 |
ADDITIONAL INFORMATION:
CEO
DISTRIBUTION:
Nasdaq Helsinki
Main Media
www.teleste.com
Attachment
Teleste H1 2021 EN
© OMX, source
