Stock Exchange Bulletins
BackElisa's Financial Statements 2009
STOCK EXCHANGE RELEASE 12 FEBRUARY 2010 AT 8:30 am
Year 2009
· Revenue was EUR 1,430 million (1,485)
· EBITDA improved to EUR 484 million (472), EBIT was EUR 267 million (264)
· Profit before tax amounted to EUR 235 million (228)
· Earnings per share was EUR 1.13 (1.12)
· Cash flow after investments was EUR 252 million (260)
· Net debt / EBITDA was 1.5 (1.7) and gearing 80 per cent (93)
· The Board of Directors proposes a profit distribution of EUR 0.92 per share
Fourth quarter 2009
· Revenue was EUR 365 million (372)
· EBITDA was EUR 121 million (129), EBIT EUR 64 million (77)
· Cash flow after investments was EUR 74 million (84)
· Revenue per subscription (ARPU) in the mobile business was EUR 22.9 (23.2 in the third quarter)
· Churn was 14.7 per cent (14.5 in the third quarter)
· The number of Elisa’s mobile subscriptions increased by 111,300 during the quarter, due in particular to the new 3G and 2G customers, as well as mobile broadband customers
· The number of fixed broadband subscriptions decreased by 8,500 on the previous quarter
Key indicators:
|
EUR million |
10-12/2009 |
10-12/2008 |
1-12/2009 |
1-12/2008 |
|
Revenue |
365 |
372 |
1,430 |
1,485 |
|
EBITDA |
121 |
129 |
484 |
472 |
|
EBITDA excluding non-recurring items |
121 |
129 |
484 |
478 |
|
EBIT |
64 |
77 |
267 |
264 |
|
Profit before tax |
56 |
70 |
235 |
228 |
|
Earnings per share, EUR |
0.26 |
0.34 |
1.13 |
1.12 |
|
Capital expenditures |
61 |
64 |
171 |
184 |
Financial position and cash flow:
|
EUR million |
31.12.2009 |
31.12.2008 |
|
Net debt |
719 |
812 |
|
Net debt / EBITDA 1) |
1.5 |
1.7 |
|
Gearing ratio, % |
79.8 |
92.8 |
|
Equity ratio, % |
46.1 |
43.3 |
|
EUR million |
10-12/2009 |
10-12/2008 |
1-12/2009 |
1-12/2008 |
|
Cash flow after investments |
74 |
84 |
252 |
260 |
1) (interest-bearing debt – financial assets) / (4 previous quarters’ EBITDA exclusive of non-recurring items)
The Board of Directors proposes to the General Meeting as profit distribution a capital repayment of EUR 0.92 per share, of which EUR 0.68 is an ordinary profit distribution and EUR 0.24 anextraordinary distribution. The Board of Directors also proposes an authorisation to distribute funds out of the retained earnings account or the reserve for invested non-restricted equity to a maximum of EUR 100 million. Furthermore, The Board of Directors decided to propose to the General Meeting an authorisation to acquire maximum 10 million treasury shares, which corresponds to 6 per cent of the entire share capital.
Additional information regarding the Key Performance Indicators is available on www.elisa.com/investors, in the section: Financial info, Financial Statements & Interim Reports: Elisa Quarterly Data.
CEO Veli-Matti Mattila:
"New service launches taking off well
Elisa’s profitability and result developed favorably in 2009. The steep decline in the Finnish economy had some impact on the use of communications services. The recession was mostly reflected in corporate customer operations, equipment sales and roaming revenue. In Estonia, the recession had a stronger impact on business operations than in Finland.
Financial results developed favorably, which together with a strong cash flow and balance sheet, guarantee an excellent capacity for profit distribution. The competitive environment was keen but stable in 2009. Despite the challenging situation, we managed to strengthen our competitiveness and market position.
In 2009, Elisa exceeded the threshold of three million mobile subscriptions. A significant number of the new subscriptions consisted of 3G subscriptions. During the fourth quarter, new subscriptions increased by more than 110,000. The number of traditional fixed network subscriptions decreased in line with previous years. The fixed broadband market has matured, while the strong growth in mobile broadband subscriptions has continued.
We were able to offer more to our customers than traditional network services. The brand new IPTV service, Elisa Viihde, offered to our consumer customers, and the Internet-based security service, Elisa Vahti, succeeded well. Corporate and public sector customers welcomed our productivity-improving ICT services, including outsourcing of customer services, field work control and virtual meeting services.
We continued to invest in the 3G network in order to enhance its coverage and speed. Elisa’s 3G network now covers almost 300 locations and more than 90 per cent of Finland’s population, delivering a maximum mobile broadband speed up to 10 Mbps in all locations. As confirmed by Finland's Market Court, Elisa provides the widest 3G coverage in the country.
Although there have been some signs of recovery, uncertainties still exist in the development of the general economy. Competition in the Finnish telecommunications market also continues to be challenging. In 2010, we will determinedly continue to develop our operations to improve customer satisfaction and productivity even further. An expanding service offering and our capability to invest create a good base for the future.?
ELISA CORPORATION
Vesa Sahivirta
Director, IR and Financial Communications
Additional information:
Mr. Veli-Matti Mattila, CEO, tel. +358 10 262 2635
Mr. Jari Kinnunen, CFO, tel. +358 10 262 9510
Mr. Vesa Sahivirta, Director, IR and Financial Communications, tel. +358 50 520 5555
Distribution:
NASDAQ OMX Helsinki
Principal media
www.elisa.com
Elisa's Financial Statements 2009