TELESTE CORPORATION STOCK EXCHANGE RELEASE 6.3.2019 AT 14:50 EET
PROFIT WARNING: THERE HAS BEEN A CRIME AGAINST A SUBSIDIARY OF TELESTE, AS A RESULT OF WHICH TELESTE RECORDS NON-RECURRING COSTS OF APPROXIMATELY EUR 7 MILLION. TELESTE GIVES A MORE PRECISE FINANCIAL OUTLOOK FOR 2019
A foreign subsidiary of Teleste is suspected to have become the target of a crime, causing losses that are non-recurring costs. A separate release concerning this matter has been issued on 6th March 2019.
As Teleste is at this stage unable to estimate the total amount of potential insurance compensations and recovered losses, the company will at this stage record in full a non-recurring cost of approximately EUR 7 million, which will be reported in other operating expenses in the first quarter of the current year. Due to this, Teleste begins to report an adjusted operating result as an alternative performance measure, in which an approximately EUR 7 million item caused by the potential crime is eliminated, and Teleste also gives a more precise financial outlook for the current year.
New guidance for the 2019 outlook
Teleste expects the company's net sales to remain at the level of 2018 (EUR 250.3 million). Adjusted operating result is expected to increase compared with 2018 (EUR 9.7 million).
Earlier guidance for the 2019 outlook
Teleste expects the company's net sales to remain at the level of 2018 (EUR 250.3 million). Operating result is expected to increase compared with 2018 (EUR 9.7 million).
Teleste offers an integrated product and service portfolio that makes it possible to build and run a better networked society. Our solutions bring television and broadband services to your home, secure your safety in public places and guide your use of public transport. With solid industry experience and drive for innovations, we are a leading international company in broadband, security and information technologies and related services. We connect with our customers through a global network of offices and partners. In 2018, Teleste's net sales reached EUR 250 million and on average it had approximately 1,400 employees. Teleste is listed on Nasdaq Helsinki.
President and CEO
CEO Jukka Rinnevaara, phone +358 2 2605 611