ELISA'S INTERIM REPORT JANUARY-SEPTEMBER 2009
(Thomson Reuters ONE) - Third quarter 2009Revenue was EUR 360 million (374)EBITDA improved to EUR 131 million (129), EBIT was EUR 77 million(77)Profit before tax amounted to EUR 70 million (67)Earnings per share was EUR 0.34 (0.33)Cash flow after investments was EUR 43 million (51)Revenue per subscription (ARPU) in the mobile business was EUR 23.2(24.0 in the second quarter)Churn was at the same level, 14.5 per cent (14.7 in the secondquarter)The number of Elisa's mobile subscriptions increased by 65,000 duringthe quarter, due in particular to the new 3G and 2G customers, aswell as mobile broadband customersThe number of fixed broadband subscriptions decreased by 6,000 on theprevious quarterNet debt / EBITDA was 1.5 (1.7 at the end of 2008) and gearing 79 percent (93 at the end of 2008)January-September 2009Revenue was EUR 1,066 million (1,113)EBITDA was EUR 363 million (342), EBIT EUR 203 million (187)EBITDA excluding non-recurring items was EUR 363 million (349), EBITEUR 203 million (194)Cash flow after investments was EUR 178 million (176)Key indicators:EUR million 7-9/2009 7-9/2008 1-9/2009 1-9/2008Revenue 360 374 1,066 1,113EBITDA 131 129 363 342EBITDA excludingnon-recurring items 131 129 363 349EBIT 77 77 203 187Profit before tax 70 67 179 157Earnings per share, EUR 0.34 0.33 0.87 0.78Capital expenditures 40 42 111 120Financial position and cash flow:EUR million 30.9.2009 30.9.2008 31.12.2008Net debt 729 891 812Net debt / EBITDA 1) 1.5 1.9 1.7Gearing ratio, % 79.2 107.4 92.8Equity ratio, % 47.7 40.8 43.3+-------------------------------------------------------------+| EUR million | 7-9/2009 | 7-9/2008 | 1-9/2009 | 1-9/2008 ||-----------------+----------+----------+----------+----------|| Cash flow after | | | | || investments | 43 | 51 | 178 | 176 |+-------------------------------------------------------------+1) (interest-bearing debt - financial assets) / (4 previousquarters' EBITDA exclusive of non-recurring items)Additional information regarding the Key Performance Indicators isavailable on www.elisa.com/investors, in the section: Financial info,Financial Statements & Interim Reports: Elisa Quarterly Data.CEO Veli-Matti Mattila:"EBITDA guidance upgraded and additional profit distribution decidedElisa's profitability continued to be strong in the third quarter.Determined measures to improve productivity and service qualitycontinued to strengthen our competitiveness and profitability eventhough the overall economic environment has not improved. Cash flowcontinued to be strong. Revenue fell slightly from the previous year,which was mostly due to lower terminal sales volume as well asdecreased interconnection fees and roaming revenue.Despite a challenging competitive situation, Elisa continued tostrengthen its market position in its main market areas. In additionto improving productivity, the consumer business focused ondeveloping its service and product offering. Our modern, versatileIPTV service Elisa Viihde, which was well-received in the markets wasintroduced in two more cities: Tampere and Riihimäki.Corporate customers are increasingly seeking productivityimprovements. Elisa's service offering provides excellent solutionsfor these needs. For example the demand for modern virtual conferencesolutions increased and we established new customer relationships.Moreover, Elisa launched new ICT services to make business activitiesmore effective, such as a field force automation service whichpromotes the steering of mobile work.Construction of the 3G network continued. The widest coverage ofElisa's 3G network was confirmed by the Market Court in its decision.The strong growth in subscriptions further consolidates our positionas the 3G market leader.The general economic decline will continue to affect our business tosome extent. Determined productivity improvements in accordance withour strategy, an expanding service offering and our capability toinvest based on our strong cash flow create a good base for thefuture. We believe that our business activities will continue todevelop favourably in the coming years.We have upgraded our EBITDA outlook for 2009. Due to the favourabledevelopment in the company's result and financial position as well asmaintaining the company's capital structure targets, Elisa hasdecided to distribute an extraordinary capital repayment of EUR 0.40per share to the shareholders."ELISAVesa SahivirtaDirector, IR and Financial Communicationstel. +358 50 520 5555Additional information:Mr. Veli-Matti Mattila, CEO, tel. +358 10 262 2635Mr. Jari Kinnunen, CFO, tel. +358 10 262 9510Mr. Vesa Sahivirta, Director, IR and Financial Communications,tel. +358 50 520 5555Distribution:NASDAQ OMX HelsinkiPrincipal mediawww.elisa.comINTERIM REPORT JANUARY-SEPTEMBER 2009The Interim report has been prepared in accordance with the IFRSrecognition and measurement principles. The information presented inthis interim report is unaudited.Market situationThe general economic downturn has so far had only a marginal impacton the telecom operator business. The impact has been felt mainly inequipment sales, roaming revenues and corporate customer business.Elisa's Estonian business has also suffered more than in Finland.Although there have been some positive signs in the general economicenvironment, short term development is still unclear. Theunemployment rate is expected to increase and the corporate businessenvironment may deteriorate further. These could have a negativeimpact on the telecom sector.The competitive environment has been keen but stable in Finland. Thenumber of mobile subscriptions and the use of data services haveevolved favourably in Finland with 3G subscriptions comprising asignificant proportion of new subscriptions. The use of services madeavailable through 3G subscriptions has also increased. Another factorcontributing to the growth has been the use of multiple terminaldevices for different purposes and mobile broadband services. Churnin mobile subscriptions has been at a normal level, and competitionhas been mainly in services and campaigning.The number and usage of traditional fixed network subscriptionsdecreased from the previous year. The fixed broadband market hasmatured, while the strong subscription growth in mobile broadbandcontinued.Revenue, earnings and financial positionRevenue and earnings:EUR million 7-9/2009 7-9/2008 1-9/2009 1-9/2008Revenue 360 374 1,066 1,113EBITDA 131 129 363 342EBITDA-% 36 35 34 31EBITDA excl. non-recurring items 131 129 363 349EBITDA-% excl.non-recurring items 36 35 34 31EBIT 77 77 203 187EBIT excl. non-recurring items 77 77 203 194EBIT-% excl. non-recurring items 21 21 19 17Third quarter 2009Revenue decreased by 4 per cent mainly due to lower equipment salesvolumes, lower interconnection fees both in Finland and Estonia and adecrease in traditional fixed business.EBITDA improved by 2 per cent on the previous year. The improvementwas mainly due to improved efficiency measures. In 2008, extraimplementation costs of the billing and CRM system affected EBITDAnegatively.Financial income and expenses totalled EUR -8 million (-10). Thedecrease in financial expenses was mainly due to a decrease in netdebt and lower interest rates. Income taxes in the income statementamounted to EUR -17 million (-16). Elisa's earnings after taxes wereEUR 53 million (51). The Group's earnings per share (EPS) amounted toEUR 0.34 (0.33).January-September 2009Elisa's revenue decreased by 4 per cent on last year mainly given thesame reasons as in the third quarter.EBITDA improved by 6 per cent and EBITDA excluding non-recurringitems by 4 per cent on the previous year. The improvement was mainlydue to improved efficiency measures. In 2008, extra implementationcosts of the billing and CRM system, as well as revenue correctionaffected EBITDA negatively.Financial income and expenses totalled EUR -24 million (-30). Thedecrease in financial expenses was mainly attributed to a decrease innet debt and lower interest rates. Income taxes in the incomestatement amounted to EUR -43 million (-34). Elisa's earnings aftertaxes were EUR 136 million (123). The Group's earnings per share(EPS) amounted to EUR 0.87 (0.78).Financial position:EUR million 30.9.2009 30.9.2008 31.12.2008Net debt 729 891 812Net debt / EBITDA 1) 1.5 1.9 1.7Gearing ratio, % 79.2 107.4 92.8Equity ratio, % 47.7 40.8 43.3+-------------------------------------------------------------+| EUR million | 7-9/2009 | 7-9/2008 | 1-9/2009 | 1-9/2008 ||-----------------+----------+----------+----------+----------|| Cash flow after | | | | || investments | 43 | 51 | 178 | 176 |+-------------------------------------------------------------+1) (interest-bearing debt - financial assets) / (4 previous quarters'EBITDA exclusive of non-recurring items)Third quarter 2009Elisa's financial position and liquidity remained good. July -September cash flow after investments decreased from EUR 51 millionto EUR 43 million mainly due to the net working capital development.January-September 2009Elisa's net debt decreased from EUR 812 million to EUR 729 milliondue to positive cash flow. Cash flow after investments was at thesame level, EUR 178 million (176). There was a positive contributionto cash flow in 2008 given the change in net working capital fromdelayed billing in 2007.Changes in corporate structureJanuary-September 2009In February, Elisa acquired the entire share capital of Xenetic Oy.Xenetic is a hosting service company, the business of which consistsof data centres, monitoring, data communications and data securityservices and equipment, and application leasing among other things.In February, Elisa also acquired the business operations of TrackwayOy, which provides e.g., solutions for asset tracking.There were no major changes in the corporate structure in the thirdquarter 2009.Consumer Customer businessEUR million 7-9/2009 7-9/2008 1-9/2009 1-9/2008Revenue 220 225 631 665EBITDA 81 72 213 195EBITDA-% 36.8 32.0 33.8 29.3EBIT 50 42 122 106CAPEX 21 23 59 66Third quarter 2009The Consumer Customer business revenue was EUR 220 million (225) andEBITDA EUR 81 million (72). The decrease in revenue was mainly aresult of lower equipment sales volumes, lower interconnection feesboth in Finland and Estonia and a decrease in the traditional fixedvoice business. EBITDA was positively affected by productivityimprovement measures. The decrease in the Estonian business due tothe general economic downturn had a negative effect on EBITDA.January-September 2009The Consumer Customer business revenue was EUR 631 million (665) andEBITDA EUR 213 million (195). The decrease in revenue was mainlyattributable to the same reasons as in the third quarter. EBITDA waspositively affected by productivity improvement measures andinterconnection costs. The decrease in the Estonian business due tothe general economic downturn had a negative effect on EBITDA.Corporate Customer businessEUR million 7-9/2009 7-9/2008 1-9/2009 1-9/2008Revenue 139 149 435 448EBITDA 50 57 150 148EBITDA-% 36.0 38.3 34.5 33.0EBIT 27 35 82 81CAPEX 19 19 52 54Third quarter 2009Corporate Customers business revenue was EUR 139 million (149) andEBITDA EUR 50 million (57). The decrease in revenue was mainly due tolower roaming revenues, a decrease in mobile usage and a decrease inthe traditional fixed business. Growth in ICT services increasedrevenue. EBITDA was positively affected by productivity improvementmeasures and negatively by decreased revenue. Total OPEX decreased byEUR 3 million.January-September 2009Corporate Customers business revenue was EUR 435 million (448) andEBITDA EUR 150 million (148). The decrease in revenue was mainly dueto lower interconnection fees, decreased equipment sales volumes anda decrease in the traditional fixed business. Growth in ICT servicesincreased revenue. The increase in EBITDA was mainly attributable toproductivity improvement.PersonnelIn January-September, the average number of personnel at Elisa was3,181 (2,938).Personnel by segment at the end of the period: 30.9.2009 30.9.2008 31.12.2008Consumer Customers 1,592 1,540 1,522Corporate Customers 1,662 1,336 1,495Total 3,254 2,876 3,017The number of personnel increased by about 240 from the beginning ofthe year. Personnel growth mainly occurred in call centres as aresult of an increase in the customer service business. The callcentre headcount varies flexibly according to customer demand andbusiness activity.InvestmentsEUR million 7-9/2009 7-9/2008 1-9/2009 1-9/2008Capital expenditures, of which 40 42 111 120- Consumer Customers 21 23 59 66- Corporate Customers 19 19 52 54Shares 0 0 6 13Total 40 42 117 133The main capital expenditures relate to the mobile network,especially 3G, the fixed network including broadband and corporatenetworks, and IT investments.Financing arrangements and ratingsValid financing arrangements: Maximum amount In use on 30.9.2009EUR millionCommitted credit lines 300 0Commercial paper programme ¹) 250 62EMTN programme ²) 1,000 6001) The programme is not committed.2) European Medium Term Note programme, not committed.Long-term credit ratings:Credit rating agency Rating OutlookMoody's Investor Services Baa2 StableStandard & Poor's BBB StableThe Group's cash and undrawn committed credit lines totalled EUR 309million at 30 September 2009 (EUR 258 million at the end of 2008).There are no major refinancing needs expected before the year 2011.ShareTrading of shares 7-9/2009 7-9/2008 1-9/2009 1-9/2008Shares traded, millions 38.6 83.7 145.0 262.7Volume, EUR million 504.8 1,145.9 1,661.4 4,159.7% of shares 23.2 53.8 87.2 168.7Shares and market values 30.9.2009 30.9.2008 31.12.2008Total number of shares 166,307,586 166,307,586 166,307,586Treasury shares 10,688,629 10,688,629 10,688,629Outstanding shares 155,618,957 155,618,957 155,618,957Closing price, EUR 14.02 13.74 12.30Market capitalisation,EUR million 2,182 2,138 1,914Treasury shares, % 6.4 6.4 6.4On 29 September 2009, Elisa was notified, in accordance with Chapter2, Section 9 of the Finnish Securities Market Act, of a change in thecompany's ownership as follows:DNA Oy, Lännen Teletieto Oy and Oulun Puhelin Holding Oyj have soldall their Elisa shares.PHP Liiketoiminta Oyj's, KPY Sijoitus Oy's, Kuopion Puhelin Oy'saggregate ownership in Elisa shares and votes decreases below 5 percent.The Board of Directors' authorisationsOn 18 March 2009, the Annual General Meeting accepted the proposal toauthorize the Board of Directors to decide on the distribution offunds from the unrestricted equity to a maximum of EUR 150,000,000.The authorization is effective until the beginning of the followingAnnual General Meeting.The Annual General Meeting decided on the authorization to repurchaseor accept as pledge the company's own shares. The repurchase may bedirected. The amount of shares under this authorization is 15,000,000at maximum. The authorization is effective until June 30, 2010.The Annual General Meeting approved the proposal of the Board ofDirectors on the issuance of shares as well as the issuance ofspecial rights entitling to shares. The issue may be directed. Theauthorization is effective until June 30, 2013. A maximum aggregateof 50 million of the company's shares can be issued under theauthorization.Significant legal issuesThe Market Court of Finland, in its verdict on 29 September 2009, hasdecided that Elisa and Saunalahti have shown evidence to prove thatElisa's 3G network has the widest coverage in Finland. Based on thisdecision, Elisa may use this statement in its marketing activities.The Market Court also determined, however, that based on the studyElisa was not able to prove conclusively that its network isultimately "the best", and both companies are therefore prohibited tomake that claim in advertising.Substantial risks and uncertainties associated with Elisa'soperationsRisk management is part of Elisa's internal control system. It aimsto ensure that risks affecting the company's business are identified,influenced and monitored. The company classifies risks intostrategic, operational, accidental and financial risks.Strategic and operational risks:The telecommunications industry is under intense competition inElisa's main market areas, which may have an impact on Elisa'sbusiness. The telecommunications industry is subject to heavyregulation. Elisa and its businesses are monitored and regulated byseveral public authorities. This regulation also affects the pricelevel of some products and services offered by Elisa.The rapid developments in telecommunications technology may have asignificant impact on Elisa's business.Elisa's main market is Finland, where the number of mobile phones perinhabitant is among the highest in the world, which means that growthin subscriptions is limited. Furthermore, the volume of phone trafficin Elisa's fixed network has decreased in the past few years. Thesefactors may limit the opportunities for growth.The deterioration of the economic environment may impact the demandfor Elisa's services and products, and therefore growth prospects.However, a good demand for communication services is expected tocontinue also during a recession.Accident risks:The company's core operations are covered by insurance against damageand interruptions caused by accidents. Accident risks also includelitigations and claims.Financial risks:In order to manage interest rate risk, the Group's loans andinvestments are diversified in fixed- and variable-rate instruments.Interest rate swaps are used to manage interest rate risk.As most of Elisa Group's cash flow is denominated in Euros, theexchange rate risk is minor. Elisa's Estonian business, which isapproximately 6 per cent of the consolidated revenue is denominatedin Estonian crowns.The objective of liquidity risk management is to ensure the Group'sfinancing in all circumstances. The Group's cash and undrawncommitted credit lines totalled EUR 309 million at 30 September 2009(EUR 258 million at the end of 2008). Elisa has cash reserves,committed credit facilities and a sustainable cash flow to cover itsforeseeable financing needs.Liquid assets are invested within confirmed limits to investmenttargets with a good credit rating. Credit risk concentrations inaccounts receivable are minor as the customer base is wide.In connection to the counterparty risk hedging, Elisa provided amaximum USD 60 million guarantee for a credit derivative portfolio(CDO). The risk for the guarantee being called increased due to thecredit crisis in 2008, after which there have not been any materialchanges. The rating of the portfolio is level B1. The guarantee isvalid until 15 December 2012. The maximum liability of USD 60million, if realised, would mean cash payments of USD 0.5 million in2010, USD 33.0 million in 2011 and USD 26.5 million in 2012.A detailed description of the financial risk management can be foundin the 2008 Annual Report on page 15.Events after the financial periodElisa's Board of Directors decided on the additional distribution ofa capital repayment per share of EUR 0.40. The capital repaymentdistribution totals approximately EUR 62.2 million. No capitalrepayment will be paid on treasury shares held by Elisa. The ex-dateis 26 October 2009, the record date 28 October 2009, and the paymentwill occur starting on 6 November 2009.This decision is based on the favourable development of the company'sresult and financial position as well as on maintaining the company'scapital structure in line with the set financial targets.Outlook for 2009There have been some positive signs in the general economicenvironment. However, the unemployment rate is expected to increaseand the corporate business environment may deteriorate further. Thesefactors could continue to have a negative impact on the telecomsector. Competition in the Finnish telecommunications market remainschallenging.The general economic downturn has so far mainly impacted Elisa'sEstonian business and the Corporate Customer segment. The main risksstill relate to the development of the Estonian economy and thecorporate customer business.Full year revenue is estimated to be at the same or slightly lowerlevel than last year. The use of mobile communications and mobilebroadband products is continuing to rise. The equipment sales volumesand service sales in some customer segments may decrease. The outlookfor 2009 EBITDA has been updated: Full year EBITDA excludingnon-recurring items is expected to be at the same level as last year.Fourth quarter EBITDA is expected to be lower than in thecorresponding quarter last year due to higher than normal expensesrelating to market and service launch activities.Elisa will determinedly continue to stimulate demand for its servicesand continue to drive productivity improvements in its operations.Likewise, capital expenditure will be actively controlled to amaximum 12 per cent of revenue.The contributory factors for long-term growth and profitabilityimprovement include the 3G market growth and efficiency measures,which are continuing as expected. Elisa's financial position andliquidity are good. There are no major refinancing needs expectedbefore the year 2011.BOARD OF DIRECTORSElisa Corporation1.1. - 30.9.2009UnauditedCONSOLIDATED INCOMESTATEMENT 7-9 7-9 1-9 1-9 1-12EUR million Note 2009 2008 2009 2008 2008Revenue 1 359,6 374,4 1065,5 1112,9 1485,0Other operating income 0,2 1,5 2,2 3,5 6,5Materials and services -143,0 -165,7 -432,3 -493,4 -652,4Employee expenses -43,0 -32,3 -137,5 -119,3 -162,5Other operating expenses -42,5 -48,5 -135,3 -161,4 -205,0EBITDA 1 131,3 129,4 362,6 342,3 471,6Depreciation andamortisation -53,9 -52,5 -159,6 -155,0 -207,1EBIT 1 77,4 76,9 203,0 187,3 264,5Financial income 2,1 1,2 8,2 9,9 17,1Financial expense -10,0 -11,0 -32,5 -39,9 -54,0Share of associatedcompanies' profit 0,1 0,0 0,1 0,0 0,0Profit before tax 69,6 67,1 178,8 157,3 227,6Income taxes -17,0 -15,8 -42,7 -34,0 -50,6Profit for the period 52,6 51,3 136,1 123,3 177,0Attributable to: Owners of the parent 52,4 51,3 135,6 123,0 176,3 Non-controlling interests 0,2 0,0 0,5 0,3 0,7 52,6 51,3 136,1 123,3 177,0Earnings per share (EUR)Basic and diluted 0,34 0,33 0,87 0,78 1,12Average number ofoutstanding shares(1000 shares)Basic and diluted 155 619 157 451 155 619 158 065 157 450CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOMEProfit for the period 52,6 51,3 136,1 123,3 177,0Other comprehensiveincome, net of tax:Available-for-saleinvestments 1,8 -0,6 1,7 -2,4 -10,4Total comprehensiveincome 54,4 50,7 137,8 120,9 166,6Total comprehensiveincome attributable to: Owners of the parent 54,2 50,7 137,3 120,6 165,9 Non-controlling interests 0,2 0,0 0,5 0,3 0,7 54,4 50,7 137,8 120,9 166,6Elisa Corporation1.1. - 30.9.2009UnauditedCONSOLIDATED STATEMENT OF FINANCIAL POSITION 30.9. 31.12.EUR million 2009 2008Non-current assetsProperty, plant and equipment 606,0 630,5Goodwill 781,6 778,6Other intangible assets 156,4 177,5Investments in associated companies 0,1 0,1Available-for-sale investments 31,1 29,0Receivables 17,3 12,4Deferred tax assets 28,5 28,3 1621,0 1656,4Current assetsInventories 24,5 21,7Trade and other receivables 287,7 319,4Cash and cash equivalents 8,6 33,0 320,8 374,1Total assets 1941,8 2030,5Equity attributable to owners of the parent 919,8 873,4Non-controlling interests 0,6 1,6Total equity 920,4 875,0Non-current liabilitiesDeferred tax liabilities 25,8 30,9Provisions 4,2 5,6Interest-bearing debt 592,3 672,3Other non-current liabilities 13,8 14,0 636,1 722,8Current liabilitiesTrade and other payables 233,6 255,5Tax liabilities 5,7 3,4Provisions 0,8 1,5Interest-bearing debt 145,2 172,3 385,3 432,7Total equity and liabilities 1941,8 2030,5Elisa Corporation1.1. - 30.9.2009UnauditedCONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS 1-9 1-9 1-12EUR million 2009 2008 2008Cash flow from operatingactivitiesProfit before tax 178,8 157,3 227,6Adjustments Depreciation and amortisation 159,6 155,0 205,8 Other adjustments 22,0 26,4 32,1 181,6 181,4 237,9Change in workingcapital Change in trade and other receivables 26,3 104,6 132,5 Change in inventories -2,8 3,9 6,7 Change in trade and other payables -12,4 -58,1 -56,2 11,1 50,4 83,0Financial items, net -28,7 -35,1 -38,8Taxes paid -45,9 -48,8 -59,5Net cash flow fromoperating activities 296,9 305,2 450,2Cash flow from investingactivitiesCapital expenditure -109,7 -119,1 -179,2Purchase of shares -9,7 -10,6 -11,6Proceeds from assetdisposal 0,8 0,6 0,8Net cash used ininvesting activities -118,6 -129,1 -190,0Cash flow beforefinancing activities 178,3 176,1 260,2Cash flow from financingactivitiesPurchase of treasuryshares -43,3 -43,3Proceeds from long-termborrowings 80,0 80,0Repayment of long-termborrowings -36,0 -30,0 -30,0Change in short-termborrowings -69,2 109,0 38,6Repayment of financelease liabilities -3,6 -2,8 -4,0Dividends paid andcapital repayment -93,9 -284,8 -285,4Net cash used infinancing activities -202,7 -171,9 -244,1Change in cash andcash equivalents -24,4 4,2 16,1Cash and cashequivalents atbeginning ofperiod 33,0 16,9 16,9Cash and cashequivalents at end ofperiod 8,6 21,1 33,0ElisaCorporation1.1. -30.9.2009UnauditedSTATEMENT OF CHANGESIN EQUITY Reserve for invested non- Share Treasury Other restricted Retained Minority TotalEUR million capital shares reserves equity earnings interest equityBalance atJanuary 1,2008 83,0 -165,8 403,9 535,7 176,6 2,0 1035,4Capitalrepayment -284,9 -284,9Dividends -0,6 -0,6Purchase oftreasuryshares -43,3 -43,3Share-basedcompensation 7,1 -5,3 1,8Totalcomprehensiveincome -2,4 123,0 0,3 120,9Balance atSeptember 30,2008 83,0 -202,0 401,5 250,8 294,3 1,7 829,3EUR millionBalance atJanuary 1,2009 83,0 -202,0 393,5 250,8 348,1 1,6 875,0Dividendsand capitalrepayment -93,4 -1,5 -94,9Share-basedcompensation 2,5 2,5Totalcomprehensiveincome 1,7 135,6 0,5 137,8Balance atSeptember 30,2009 83,0 -202,0 395,2 250,8 392,8 0,6 920,4Elisa Corporation1.1. - 30.9.2009UnauditedNOTESBASIS OF PREPARATIONThe Interim Report has been prepared in accordancewith the IFRS recognition and measurement principles,althought all requirements of the IAS 34 standard havenot been followed The interim consolidated financialstatements have been prepared in accordance withInternational Financial Reporting Standards (IFRS)effective at the time of preparation and adopted foruse by the European Union.This Interim consolidated financial statements should be read in conjunction with the 2008 consolidatedfinancial statements.Except for accounting principle changes listed below,the accounting principles applied in this Interim reportare the same as in the Consolidated financial statementsat December 31, 2008.Changes inaccountingprinciplesThe Group adopted the following standards, amendments tostandards and interpretations as from 1 January 2009 onward:- IFRS 8 Operating Segments standard which requires segmentinformation to be presented on the basis of internal reportingprovided to management. Elisa's internal organizational andmanagement structure is based on a customer-oriented operatingmodel. The new operating segments to be presented are ConsumerCustomer and Corporate Customers. Accounting principles andcomparable figures for 2008 have been published on 17 April, 2009.- IAS 1 Presentation of Financial Statements. The amendmentsconcerning the income statement and statement of changes inequity have affected the presentation of Interim consolidatedfinancial statements.Following newly adopted standards and interpretations have nothad any effect on Interim consolidated financial statements.- Revised IAS 23 Borrowing Costs- Revised IFRS 2 Share-based Payment- IFRIC 13 Customer Loyalty Programmes- IFRIC 14 The Limit on a Defined Benefit Assets, Minimum Funding Requirements and their Interaction1. SEGMENTINFORMATION7-9/2009 Consumer Corporate Unallocated GroupEUR million Customers Customers Items TotalRevenue 220,4 139,2 359,6EBITDA 80,9 50,4 131,3Depreciation andamortisation -30,6 -23,3 -53,9EBIT 50,3 27,1 77,4Financial income 2,1 2,1Financial expense -10,0 -10,0Share of associatedcompanies' profit 0,1 0,1Profit before tax 69,6Investments 21,5 18,8 40,37-9/2008 Consumer Corporate Unallocated GroupEUR million Customers Customers Items TotalRevenue 225,4 149,0 374,4EBITDA 72,0 57,4 129,4Depreciation andamortisation -29,9 -22,6 -52,5EBIT 42,1 34,8 76,9Financial income 1,2 1,2Financial expense -11,0 -11,0Share of associatedcompanies' profit 0,0 0,0Profit before tax 67,1Investments 23,3 18,6 41,9Elisa Corporation1.1. - 30.9.2009Unaudited1-9/2009 Consumer Corporate Unallocated GroupEUR million Customers Customers Items TotalRevenue 630,6 434,9 1065,5EBITDA 212,6 150,0 362,6Depreciation and amortisation -91,1 -68,5 -159,6EBIT 121,5 81,5 203,0Financial income 8,2 8,2Financial expense -32,5 -32,5Share of associatedcompanies' profit 0,1 0,1Profit before tax 178,8Investments 58,7 51,8 110,51-9/2008 Consumer Corporate Unallocated GroupEUR million Customers Customers Items TotalRevenue 664,6 448,3 1112,9EBITDA 194,8 147,5 342,3Depreciation and amortisation -88,9 -66,1 -155,0EBIT 105,9 81,4 187,3Financial income 9,9 9,9Financial expense -39,9 -39,9Share of associated companies'profit 0,0 0,0Profit before tax 157,3Investments 66,1 54,1 120,21-12/2008 Consumer Corporate Unallocated GroupEUR million Customers Customers Items TotalRevenue 881,5 603,5 1485,0EBITDA 267,3 204,3 471,6Depreciation and amortisation -118,7 -88,4 -207,1EBIT 148,6 115,9 264,5Financial income 17,1 17,1Financial expense -54,0 -54,0Share of associated companies'profit 0,0 0,0Profit before tax 227,6Total assets 1143,3 780,8 106,4 2030,5Investments 101,8 82,1 183,9Elisa Corporation1.1. - 30.9.2009Unaudited2. OPERATING LEASE COMMITMENTS 30.9. 31.12.EUR million 2009 2008Due within 1 year 19,3 22,2Due after 1 year but within 5 years 34,8 36,8Due after 5 years 14,5 15,2Total 68,6 74,23. CONTINGENT LIABILITIES 30.9. 31.12.EUR million 2009 2008MortgagesFor own and group companies 0,4Pledges givenPledges given as surety 0,7 0,8Guarantees givenFor others (* 41,8 44,3Mortgages, pledges and guaranteestotal 42,5 45,5Other commitments Repurchase commitments 0,0 0,1*) EUR 41.0 million is related to theguarantee given on a CDO portfolio.4. DERIVATIVE INSTRUMENTS 30.9. 31.12.EUR million 2009 2008Interest rate swaps Nominal value 150,0 150,0 Fair value recognised in thebalance sheet 1,6 1,0Credit default swaps (* Nominal value 43,3 47,4*) CDS is related to hedging of the guarantor bank in the QTE-arrangement. In 2008 Elisa wrote down the fair value of the CDS agreement.Elisa Corporation1.1. - 30.9.2009UnauditedKEY FIGURES 1-9 1-9 1-12EUR million 2009 2008 2008Shareholders' equity per share, EUR 5,91 5,32 5,61Interest bearing net debt 729,0 890,9 811,6Gearing 79,2% 107,4% 92,8%Equity ratio 47,7% 40,8% 43,3%Return on investment (ROI) *) 17,0% 15,7% 15,6%Gross investments in fixed assets 110,5 120,2 183,9of which finance lease investments 0,8 1,0 4,7Gross investments as % of revenue 10,4% 10,8% 12,4%Investments in shares 6,3 12,9 14,8Average number of employees 3181 2938 2946*) rolling 12 months profit precedingthe reporting dateFormulae for financial indicatorsGearing %Interest-bearing debt -cash and cash equivalents------------------------------------ x 100Total equityEquity ratio %Total equity-------------------------------x 100Balance sheet total -advances receivedReturn on investment % (ROI)Profit before taxes +interest and otherfinancial expenses------------------------------------------x 100Total equity +interest bearing liabilities (average)Net debtInterest-bearing debt -cash and cash equivalentsShareholders' equity per shareEquity attributable to equity holdersof the parent------------------------------------------------Number of shares outstandingat end of periodEarnings/shareProfit for the period attributable toequity holders of parent---------------------------------------------------Average number of outstanding shareshttp://hugin.info/130630/R/1349671/325338.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.10.2009 - 07:30 Uhr
Sprache: Deutsch
News-ID 7314
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London
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"ELISA'S INTERIM REPORT JANUARY-SEPTEMBER 2009"
steht unter der journalistisch-redaktionellen Verantwortung von
Elisa Oyj (Nachricht senden)
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