TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 31 MARCH 2012

Turku, Finland, 2012-04-26 07:30 CEST (GLOBE NEWSWIRE) --
 

TELESTE CORPORATION INTERIM REPORT 26 APRIL 2012 AT 08:30                                
                                                                      

TELESTE CORPORATION INTERIM REPORT 1 JANUARY TO 31 MARCH 2012  

A SIGNIFICANT IMPROVEMENT IN GROWTH AND PROFITABILITY

Q1 of 2012

- Orders received increased by 22.1% and were EUR 49.1 (40.2) million
- Net sales increased 23.8% to EUR 51.1 (41.3) million
- Operating profit grew by 441.9% equaling EUR 2.9 (0.5) million
- Undiluted result per share stood at EUR 0.12 (EUR 0.02)
- Orders received by Video and Broadband Solutions increased by 51.0% from the comparative period (Q1/2011), and equaled EUR 26.4 (17.5) million
- Orders received by Network Services were at par with the comparative period, i.e. EUR 22.7 (22.8) million
- Operating cash flow stood at EUR 5.0 (-1.0) million

 

Key figures (EUR million) 1-3/2012 1-3/2011 Change% 1-12/2011
   ----------  --------  ---------  ---------
Orders received 49.1 40.2 22.1% 188.1
Net sales 51.1 41.3 23.8% 183.6
Operating profit 2.9 0.5 441.9% 9.4
Operating profit, % 5.7% 1.3%   5.1%
Net profit 2.0 0.3 622.4% 6.3
   ----------  --------  -------  ---------
Other important key figures        
Earnings per share, EUR 0.12 0.02 622.4% 0.36
Cash flow from operations 5.0 -1.0 n/a 2.1
Net gearing, % 23.8% 30.6% -22.3% 32.20%
Equity ratio, % 43.5% 43.9% -0.9% 41.6%
Personnel at period-end 1,321 1,266 4.3% 1,310

 

Outlook for 2012

We estimate the 2012 net sales and operating profit to increase from the level of 2011.

Comments on Q1 of 2012 by CEO Jukka Rinnevaara

"On the whole, the early year was good and the development of our key financial indicators was highly positive in the first quarter. The demand for equipment supplied by Video and Broadband Solutions grew significantly over the comparative period. New video services such as video-on-demand and Internet TV increased the need for cable network capacity. We estimate that the major sporting events scheduled for the summer of 2012 had a positive effect on the demand for our network products.

Deliveries by Network Services increased to some degree. Operating profit improved over the comparative period. The development program for the German services operations began to pay off and we will press on with the improvement measures to further enhance profitability. Profitability of the fiber projects was weakened by cost overruns related to sub-contracting."

Group Operations in January to March 2012

The year-on-year demand in our target markets for network products provided by Teleste grew significantly. Digitization of cable networks continued and operators increased their service offerings. The first-quarter orders received by Teleste Corporation increased by 22.1% and stood at EUR 49.1 (40.2) million. The year-on-year order backlog grew by 27.9% and totaled EUR 19.2 (15.0) million.

Net sales grew by 23.8% amounting to EUR 51.1 (41.3) million. With the increase in net sales, operating profit increased by 441.9% to EUR 2.9 (0.5) million, or 5.7% (1.3%) of net sales. The year-on-year materials margin improved by 2.1 percentage points, which was mainly caused by the increased share of net sales brought in by Video and Broadband Solutions in relative terms.

Wages and salaries increased by 20.8% over the comparative period and totaled EUR 15.1 (12.5) million. This increase was mainly due to growth in the number of personnel and accruals of remuneration schemes. Financial expenses totaled EUR 0.1 (0.2) and taxes 0.8 (0.1) million. The Group's tax rate was 28.1% (28.0%). Undiluted result per share was EUR 0.12 (0.02).

Video and Broadband Solutions in January to March 2012

Economic Development of Video and Broadband Solutions:

  Q1/2012 Q1/2011 Change% 1-12/2011
  ------------ ----------- ---------- -----------
Orders received 26,390 17,473 51.0% 93,274
Net sales 27,500 18,554 48.2% 89,716
Operating profit 2,524 406 521.7% 8,220
Operating profit, % 9.2% 2.2%   9.2%

Orders received improved by 51.0% standing at EUR 26.4 (17.5) million. Order backlog totaled EUR 19.2 (15.0) million.

Net sales grew by 48.2% amounting to EUR 27.5 (18.6) million. In particular, net sales of optical network equipment and amplifiers increased from the comparative period. Deliveries of the Luminato headend were at par with the comparative period.

Operating profit stood at EUR 2.5 (0.4) million making 9.2% (2.2%) of net sales. This improvement in the operating profit can mainly be attributed to increased net sales.

Research and development expenses were 2.8 (2.8) million, or 10.2% (15.2%) of the business area's net sales. Approximately one half of the R&D expenses involved further development and maintenance of the product platforms in production as well as customer-specific product applications. EUR 0.3 (0.5) million of the R&D expenses were activated for the Luminato video processing system. Depreciation on activated R&D expenses amounted to EUR 0.5 (0.5) million.          

Network Services in January to March 2012

Economic Development of Network Services:                                  

  Q1/2012 Q1/2011 Change% 1-12/2011
  --------- ---------- ----------- ------------
Orders received 22,731 22,756 -0.1% 94,800
Net sales 23,631 22,756 3.8% 93,900
Operating profit 413 136 203.7% 1,160
Operating profit, % 1.7% 0.6%   1.2%

Orders received in Q1 stood at EUR 22.7 (22.8) million. Net sales grew by 3.8% amounting to EUR 23.6 (22.8) million.

Operating profit stood at EUR 0.4 (0.1) million making 1.7% (0.6%) of net sales. This favorable development in the operating profit was mainly brought about by increased net sales and improvement in the materials margin.

The turnaround profitability program in Germany progressed as planned and will continue with regard to, amongst others, information system projects. Profitability of the fiber projects was weakened by cost overruns related to sub-contracting.

Personnel and Organization

In the period under review, the Group had an annual average of 1,316 people (1,252/2011 1,221/2010), of whom 560 (558) were employed by Video and Broadband Solutions, and 756 (694) by Network Services. At the end of the review period, the figure totaled 1,321 (1,266/2011, 1,223/2010) of whom 72% (70%/2011, 68%/2010) were stationed overseas. Employees stationed outside Europe accounted for less than 5% of the Group's personnel.

The year-on-year employee benefits expenses increased by 20.8% and totaled EUR 15.1 (12.5/January to March/2011, 12.3/January to March/2010) million. This growth in labor costs was attributable to factors such as increase in the number of personnel employed by Network Services and accruals of remuneration schemes.

The number of rented workforce in the Finnish production averaged 32 (0) people. Costs involving rented workforce have been entered under the material costs.

Investments

Investments by the Group for the period under review totaled EUR 1.4 (1.6) million accounting for 2.7% (4.0%) of net sales. Investments in product development equaled EUR 0.3 (0.5) million. Other investments involved information systems, production machinery and equipment as well as equipment for the services business. As to investments for the period, EUR 0.6 (0.1) million was carried out by means of financial leasing. 

Financing and Capital Structure

Operating cash flow stood at EUR 5.0 (-1.0) million. At the end of the period under review, the amount of unused binding stand-by credits amounted to EUR 10.5 (13.5) million. The current binding stand-by credits of EUR 40.0 million run till November 2013.

The Group’s equity ratio equaled 43.5% (43.9%) and net gearing 23.8% (30.6%). Interest bearing debt on 31 March 2012 stood at EUR 30.7 (27.6) million.

Essential Operational Risks of Business Areas

Founded in 1954, Teleste is a technology and services company consisting of two business areas: Video and Broadband Solutions and Network Services. With Europe as the main market area, our most significant clients include European cable operators and selected organizations in the public sector.

As to Video and Broadband Solutions, client-specific and integrated deliveries of solutions create favorable conditions for growth, even if the involved resource allocation and technical implementation pose a challenge involving, therefore, also reasonable risks. Network investments carried out by the clients vary based on their need for upgrading and their capital structure. Many competitors of the business area come from the USA so the exchange rate of euro up against the US dollar affects our competitiveness. Also the exchange rate development of the Chinese renminbi to euro affects our material costs. The company hedges against short-term currency exposure by means of forward contracts. The tight financial market in Europe may slow down the implementation of our customers' investment plans. Availability of components is subject to natural phenomena, such as floods and earthquakes. Correct technological choices and their timing are vital for our success.

Net sales for Network Services comes, for the most part, from a small number of large European customers, so a significant change in the demand for services by any one of them is reflected in the actual deliveries. To ensure quality of services and cost-efficiency along with efficient service process management, customer satisfaction and improvements in productivity require innovative solutions in terms of processes, products and logistics. Smooth operation of cable networks requires effective technical management and functional hardware solutions in accordance with contractual obligations. This, in turn, demands continuous and determined development of skill levels in Teleste's own personnel as well as those of our subcontractors. In addition, availability of capacity in our network of subcontractors may limit our ability to supply.

It is important for our business areas to take into account any market developments such as consolidations taking place among the clientele and competition. The threats to information systems must be minimized to ensure business continuity. Severe weather conditions have an impact on the business areas' ability to deliver products and services.

The Board of Directors annually reviews any essential risks related to the company operation and the management thereof. Risk management constitutes an integral part of the strategic and operative practices of our business areas. Risks and their probability are reported to the Board by regular monthly reports.

The company has covered any major risks of loss related to the business areas through insurance policies. These insurances do not cover credit loss risks. In the period under review, no such risks materialized, and no such legal proceedings or judicial procedures were pending that would have had any essential significance for the Group operation.

Group Structure

Parent company Teleste has branch offices in Australia, the Netherlands, China and Denmark with subsidiaries in 12 countries outside Finland. On account of financial arrangements, Teleste Management Oy, established in March 2010, and Teleste Management II Oy, established in December 2011, have been consolidated into Teleste Corporation's figures.

Decisions by the Annual General Meeting

The Annual General Meeting (AGM) of Teleste Corporation held on 3 April 2012 confirmed the financial statements for 2011 and discharged the Board of Directors and the CEO from liability for the financial period. The AGM confirmed the dividend of EUR 0.14 per share proposed by the Board. The dividend was paid out on 17 April 2012.

Ms. Marjo Miettinen, Mr. Pertti Ervi, Mr. Pertti Raatikainen, Mr. Kai Telanne and Mr. Petteri Walldén continue in Teleste's Board of Directors. Mr. Esa Harju was elected a new member while the membership of Mr. Tero Laaksonen ended. Ms. Marjo Miettinen was elected Chair of the Board in the organizational meeting held immediately after the AGM.

Authorized Public Accountants KPMG Oy Ab continue as the auditor until the next AGM. Mr. Esa Kailiala, accountant authorized by the Central Chamber of Commerce of Finland, was chosen auditor-in-charge.

The AGM authorized the Board to acquire the maximum of 1,400,000 of the company’s own shares and to convey the maximum of 1,779,985 company’s own shares. On 8 April 2011, the AGM authorized the Board of Directors to issue 5,000,000 new shares; this authorization will be valid until the Annual General Meeting of 2014. Pursuant to the special rights provided by the Company, the maximum number of significant shares is 2,500,000; these special rights are included in the authorization to issue 5,000,000 new shares.

Shares and Changes in Share Capital

On 31 March 2012, EM Group Oy was the largest single shareholder with a holding of 21.08%.

In the period under review, the lowest company share price was EUR 3.04 (4.02) and the highest was EUR 4.44 (4.82). Closing price on 31 March 2012 stood at EUR 4.20 (4.41). According to Euroclear Finland Ltd the number of shareholders at the end of the period under review was 5,089 (5,232). Foreign ownership accounted for 8.2% (8.1%). From 1 January to 31 March 2012, trading with Teleste share at NASDAQ OMX Helsinki amounted to EUR 2.2 (2.2) million. In the period under review, 0.6 (0.5) million Teleste shares were traded on the stock exchange.

At the end of March 2012, the number of own shares in the Group possession stood at 1,302,985 (760,985) out of which parent company Teleste Corporation had none (0) while other Group or controlled companies had 1,302,985 shares, respectively. At the end of the period, the Group’s holding of the total amount of shares amounted to 6.96% (4.18%).

On 31 March 2012, the registered share capital of Teleste stood at EUR 6,966,932.80 divided in 18,728,590 shares.

Trading with stock options 2007B and 2007C on the NASDAQ OMX Helsinki Ltd began on 2 April 2012. These options allow subscription of a maximum of 560,000 Teleste shares.

Outlook for 2012  

We estimate that deliveries of equipment and solutions for the operator clientele of Video and Broadband Solutions will increase from the 2011 level. European telecom operators are about to launch their investments into the TV distribution infrastructure, and we believe that our video headend and optical network products will be competitive in this new emerging market. Also, the network capacity will continue to increase driven by the new video services provided by the operators. The big sports events to be held in summer 2012 may slow down the upgrading of networks in the second and third quarters.

On the annual basis, demand by our current clientele for the services provided by Network Services will remain relatively stable. In the main market area of Germany, we expect profitability to improve from the 2011 level with the gradual introduction of the efficiency measures.

We estimate the 2012 net sales and operating profit to increase from the level of 2011.

 

25 April 2012

Teleste Corporation     Jukka Rinnevaara
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. The data stated in this report is unaudited.

 

 

STATEMENT OF COMPREHENSIVE INCOME (TEUR) 1-3/2012 1-3/2011 Change % 1-12/2011
           
Net Sales 51,130 41,310 23.8% 183,616
  Other operating income 332 412 -19.4% 2,112
  Materials and services -25,854 -21,791 18.6% -90,990
  Personnel expenses -15,084 -12,486 20.8% -54,560
  Other operating expenses -6,210 -5,555 11.8% -25,426
  Depreciation -1,377 -1,348 2.2% -5,372
Operating profit 2,937 542 441.9% 9,380
           
  Financial income and expenses -137 -155 -11.6% -541
Profit after financial items 2,800 387 623.5% 8,839
           
           
Profit before taxes 2,800 387 623.5% 8,839
           
  Taxes -787 -108 626.3% -2,540
           
Net profit 2,013 279 622.4% 6,299
           
Attributable to:        
  Equity holders of the parent 2,013 279 622.4% 6,299
           
Earnings per share for result of the year attributable       
to the equity holders of the parent        
(expressed in EUR per share)        
  Basic 0.12 0.02 622.4% 0.36
  Diluted 0.11 0.02 622.7% 0.36
           
Total comprehensive         
income for the period (tEUR)        
Net profit 2,013 279 622.4% 6,299
Translation differences 269 -84 n/a 149
Fair value reserve 14 108 -87.0% 20
Total comprehensive income for the period 2,296 303 658.6% 6,468
           
Attributable to:        
  Equity holders of the parent 2,296 303 658.6% 6,468

 

  

STATEMENT OF FINANCIAL POSITION  (TEUR) 31.3.2012 31.3.2011 Change % 31.12.2011
Non-current assets        
  Property,plant,equipment 10,261 9,512 7.9% 9,364
  Goodwill 31,131 30,959 0.6% 31,277
  Intangible assets 5,784 6,301 -8.2% 6,338
  Deferred tax assets 1,910 n/a n/a 1,714
  Investments 710 713 -0.4% 713
    49,796 47,485 4.9% 49,406
Current assets        
  Inventories 23,075 19,170 20.4% 24,075
  Other current assets 43,143 37,579 14.8% 44,326
  Liquid funds 16,942 12,023 40.9% 15,404
    83,160 68,772 20.9% 83,805
           
Total assets 132,956 116,257 14.4% 133,211
           
Shareholder's equity and liabilities        
  Share capital 6,967 6,967 0.0% 6,967
  Other equity 50,057 43,500 15.1% 47,688
  Non-controlling interest 605 292 107.2% 623
    57,629 50,759 13.5% 55,278
           
Non-current liabilities        
  Provisions 605 511 18.4% 605
  Deferred tax liabilities 2,071 511 305.3% 1,946
  Non interest bearing liabilities 4,015 3,925 2.3% 4,140
  Interest bearing liabilities 12,347 11,847 4.2% 11,940
    19,038 16,794 13.4% 18,631
Short-term liabilities        
  Trade payables and other s-t liabilities 36,775 31,686 16.1% 36,818
  Provisions 1,211 1,313 -7.8% 1,211
  S-t interest bearing liabilities 18,303 15,705 16.5% 21,273
    56,289 48,704 15.6% 59,302
           
Total shareholder's equity and liabilities 132,956 116,257 14.4% 133,211

 

  

CONSOLIDATED CASH FLOW STATEMENT (TEUR) 1-3/2012 1-3/2011 Change %  1-12/2011
Cash flows from operating activities        
  Profit for the period 2,013 279 622.4% 6,299
  Adjustments 2,355 1,665 41.4% 8,633
  Interest and other financial expenses and incomes -137 -155 -11.6% -541
  Paid taxes -987 -1,050 -6.0% -2,471
  Change in working capital 1,710 -1,755 n/a -9,857
Cash flow from operating activities 4,954 -1,016 n/a 2,063
Cash flow from investing activities        
  Acquisition of subsidiary, net of cash acquired 300 0 n/a 0
  Purchases of property, plant and equipment (PPE) -582 -991 -41.3% -2,632
  Purchases of intangible assets -280 -551 -49.2% -2,729
Net cash used in investing activities -562 -1,542 -63.6% -5,361
Cash flow from financing activities        
  Proceeds from borrowings 0 0 n/a 6,000
  Payments of borrowings -3,123 -538 480.5% -877
  Dividends paid 0 0 n/a -2,091
  Proceeds from issuance of ordinary shares 0 0 n/a 319
Net cash used in financing activities -3,123 -538 480.5% 3,351
           
Change in cash        
  Cash in the beginning 15,404 15,203 1.3% 15,203
  Effect of currency changes 269 -84 n/a 149
  Cash at the end 16,942 12,023 40.9% 15,404

  

KEY FIGURES 1-3/2012 1-3/2011 Change %  1-12/2011
  Earnings per share, EUR 0.12 0.02 622.4% 0.36
  Earnings per share fully diluted, EUR 0.11 0.02 622.7% 0.36
  Shareholders' equity per share, EUR 3.31 2.91 13.6% 3.17
           
  Return on equity 14.30% 2.20% 547.6% 11.90%
  Return on capital employed 13.60% 2.80% 391.1% 11.50%
  Equity ratio 43.50% 43.90% -0.9% 41.60%
  Gearing 23.80% 30.60% -22.3% 32.20%
           
  Investments, tEUR 1,374 1,643 -16.4% 5,240
  Investments % of net sales 2.70% 4.00% -32.4% 2.90%
  Order backlog, tEUR 19,191 15,009 27.9% 21,200
  Personnel, average 1,316 1,252 5.1% 1,297
           
  Number of shares (thousands) 18,729 18,187 3.0% 18,190
    including own shares        
  Highest share price, EUR 4.44 4.82 -7.9% 4.82
  Lowest share price, EUR 3.04 4.02 -24.4% 2.5
  Average share price, EUR 3.98 4.54 -12.3% 3
           
  Turnover, in million shares 0.6 0.5 18.8% 1.7
  Turnover, in MEUR 2.2 2.2 3.7% 6.2
           
Treasury shares        
    Number   % of % of
    of shares   shares votes
           
  Teleste companies own  shares 31.3.2012 1,302,985   6.96% 6.96%
           
Contingent liabilities and pledged assets (tEUR)        
           
For own debt        
Other securities 0 640 n/a 0
Leasing and rent liabilities 8,594 6,949 23.7% 8,124
    8,594 7,589 13.2% 8,124
           
Derivative instruments (tEUR)        
  Value of underlying forward contracts 8,054 4,709 71.0% 7,434
  Market value of forward contracts -220 -239 -7.9% -99
  Interest rate swap 11,500 11,500 0.0% 11,500
  Market value of interest swap -152 -116 31.0% -167
           
Taxes are computed on the basis of the tax on the profit for the period.    

  

OPERATING SEGMENTS (TEUR)  1-3/2012  1-3/2011 Change %  1-12/2011
           
Video and Broadband Solutions
  Order intake 26,390 17,473 51.0% 93,274
  Net sales 27,500 18,554 48.2% 89,716
  EBIT 2,524 406 521.7% 8,220
  EBIT% 9.20% 2.20% 319.4% 9.20%
           
Network Services
  Order intake 22,731 22,756 -0.1% 94,800
  Net sales 23,631 22,756 3.8% 93,900
  EBIT 413 136 203.7% 1,160
  EBIT% 1.7% 0.6% 192.4% 1.2%
Total        
  Order intake 49,121 40,229 22.1% 188,074
  Net sales 51,130 41,310 23.8% 183,616
  EBIT 2,937 542 441.9% 9,380
  EBIT% 5.7% 1.3% 337.8% 5.1%
  Financial items -137 -155 -11.6% -541
  Operating segments net profit before taxes 2,800 387 623.5% 8,839

  

Information per quarter (TEUR)  1-3/12  10-12/11  7-9/11  4-6/11  1-3/11  4/2011-3/2012
 
               
Video and Broadband Solutions
  Order intake 26,390 28,674 22,300 24,827 17,473 102,191
  Net sales 27,499 27,698 23,947 19,517 18,554 98,661
  EBIT 2,524 3,062 3,420 1,332 406 10,338
  EBIT % 9.2% 11.1% 14.3% 6.8% 2.2% 10.5%
               
Network Services
  Order intake 22,731 24,797 21,503 25,744 22,756 94,775
  Net sales 23,631 25,735 23,013 22,396 22,756 94,775
  EBIT 413 1,070 376 -422 136 1,437
  EBIT % 1.7% 4.2% 1.6% -1.9% 0.6% 1.5%
               
Total            
  Order intake 49,121 53,471 43,803 50,571 40,229 196,966
  Net sales 51,130 53,433 46,960 41,913 41,310 193,436
  EBIT 2,937 4,132 3,796 910 542 11,775
  EBIT % 5.7% 7.7% 8.1% 2.2% 1.3% 6.1%

  

Attribut-able to equity holders of the parent (tEUR)
  A B C D E F G H I
Shareholder's equity 1.1.2012 6,967 1,504 54 43,559 2,737 -166 54,655 623 55,278
Total comprehensive income for the period     269 2,013   14 2,296 0 2,296
Equity-settled share-based payments       73 0 0 73 -18 55
Shareholder's equity 31.3.2012 6,967 1,504 323 45,645 2,737 -152 57,024 605 57,629
                   
                   
Shareholder's equity 1.1.2011 6,967 1,504 -95 39,183 2,737 -186 50,110 292 50,402
Profit of the period     -84 279   108 303 0 303
Equity-settled share-based payments       54 0 0 54 0 54
Shareholder's equity 31.3.2011 6,967 1,504 -179 39,516 2,737 -78 50,467 292 50,759
                   
A Share capital
B Share premium
C Translation differences
D Retained earnings
E Invested free capital
F Other funds
G Total
H Share of non controlling interest
I Total equity

  

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
 

 

Major shareholders 31.3.2012 Shares %
EM Group Oy 3,948,513 21.08
Mandatum Life 1,679,200 8.97
Ilmarinen Mutual Pension Insurance Company 936,776 5.00
Kaleva Mutual Pension Insurance Company 824,641 4.40
Teleste Management II Oy 542,000 2.89
Varma Mutual Pension Insurance Company 521,150 2.78
Op-Suomi Small Cap 520,620 2.78
State Pension Fund 500,000 2.67
Aktia Capital Mutual Fund 450,000 2.40
Skagen Vekst Verdipapierfond 429,000 2.29

  

Sector Dispersion 31.3.2012 Shareholders % Shares %
Corporations 285 5.60 6,474,758 34.57
Financial and insurance corporations 10 0.19 3,541,641 18.91
Public institutions 8 0.15 2,327,926 12.42
Non-profit institutions 36 0.70 370,589 1.97
Households 4,701 92.37 4,477,260 23.90
Foreign countries and nominee registered 49 0.96 1,536,416 8.20
Total 5,089 100.00 18,728,590 100.00

  

Amount 31.3.2012 Shareholders % Shares %
0 - 100 1,122 22.04 77,166 0.41
101 – 1,000 2,978 58.51 1,261,810 6.73
1,001 – 10,000 895 17.58 2,529,714 13.50
10,001 – 100,000 73 1.43 1,801,453 9.61
100,001 – 1,000,000 19 0.37 7,430,734 39.67
1,000,001 - 2 0.03 5,627,713 30.04
Total 5,089 100.00 18,728,590 100.00

 

ADDITIONAL INFORMATION:
CEO Jukka Rinnevaara, phone: +358 2 2605 866 or +358 400 747 488

 

DISTRIBUTION:
Nasdaq OMX Helsinki
Main Media
www.teleste.com