Andmed seisuga: 22.07.2024 01:03 (GMT+3)
Eesti Telekom FINANCIAL RESULTS 02/05/2004
PRELIMINARY RESULTS OF 2003, EEK
Q403 Q402 % FY03 FY02 %
Revenues, mEEK 1,269 1,171 8 4,805 4,559 5
EBITDA, mEEK 449 480 -6 2,118 2,131 -1
EBITDA margin, % 35 41 44 47
EBIT, mEEK 233 238 -2 1,237 1,130 9
EBIT margin, % 18 20 26 25
Profit before 240 243 -1 1,326 1,132 17
taxes, mEEK
Net profit, mEEK 240 243 -2 1,036 1,040 0
EPS, EEK 1.74 1.77 -2 7.53 7.57 0
CAPEX, mEEK 257 294 -13 563 626 -10
Net gearing, % -33 -23 -33 -23
ROA % (annualised) 21 23 23 24
ROE % (annualised) 24 26 33 30
Financial results
The consolidated revenues of the Eesti Telekom Group for the
fourth quarter of 2003 amounted to 1,269 mln EEK, up by 8%,
compared to the fourth quarter of 2002. The fourth quarter
2002 consolidated revenues included a non-recurring item, a
9 mln EEK capital gain from the sale of real estate. The
elimination of this gain from the revenues of the base-
period would make the revenue growth to be 9%. Operating
expenses of the fourth quarter were up by 19%, amounting to
820 mln EEK. The EBITDA of the Group for the fourth quarter
amounted to 449 mln EEK and the EBITDA margin was 35%.
Non-core activities - construction and trade - gave the
largest contribution to the growth of the consolidated
revenues. In the construction area, revenues of both AS
Connecto (the parent company of the Connecto Group) and SIA
Connecto Latvia (a subsidiary of the Connecto Group) were
up. Also, the Connecto Group expanded, in 2003, with the
addition of two new subsidiaries - AS Reveko Telekom and AS
Eltel Networks. In the trade area, both the sale of
computers, and the wholesale and retail sale of mobile
handsets showed very good results.
The growth of mobile communications was strong in the fourth
quarter of 2003. Enlargement of the customer base
accelerated, as is customary, at the end of the year. Mobile
customers made more active use of both voice and data
communication services. The fourth quarter was also
successful for fixed data communications. An increase in the
Internet and data communication revenues did not fully
compensate for a decrease in voice communications, and the
total revenue from fixed communications was slightly down.
Non-core activities of the Eesti Telekom Group have lower
margins than traditional telecommunication services. Revenue
growth in the areas of construction and trade brought with
it the growth of operating expenses and lower profit margins
of the Eesti Telekom Group. Marketing costs of the core
business areas have always been up during the last quarter.
Higher voice and data communication volumes at the end of
the year were accompanied by higher interconnection costs
for the operators.
The net profit of the Eesti Telekom Group in the fourth
quarter of 2003 was 240 mln EEK or 1.74 EEK per share (the
fourth quarter of 2002: 243 mln EEK and 1.77 EEK
respectively).
The consolidated revenues of the Eesti Telekom Group for the
year 2003 amounted to 4,805 mln EEK, up by 5% compared to
2002. The 2002 consolidated revenues included a non-
recurring item, a 63 mln EEK capital gain from the sale of
real estate. The elimination of this gain from the revenues
of the base-period would make the revenue growth to be 7%.
The operating expenses of 2003 were 2,687 mln EEK, up by
11%. The EBITDA of the Eesti Telekom Group was 2,118 mln
EEK, down by 1% compared to 2002. The EBITDA margin was 44%.
The elimination of the abovementioned non-recurring item
from the revenues of 2002 would make the EBITDA growth to be
2%. The circumstances described when commenting the EBITDA
of the fourth quarter (growth in the non-core business
areas; higher ratio of Internet, IT, and data communication
revenues into the total revenues of fixed communications;
wider customer base in the are of mobile communications)
also had a strong impact on the EBITDA of the whole year.
The depreciation charge of the Eesti Telekom Group in 2003
amounted to 881 mln EEK, down by 120 mln EEK or by 12%,
compared to 2002. This decrease is caused by revised
depreciation rates applied by Elion Enterprises Ltd. at the
beginning of 2003, and by the relatively low CAPEX that the
Group has had during the past years, compared to earlier
periods.
The net financial result of 2003 was 88 mln EEK. Financial
revenues of the year include a 59 mln EEK capital gain from
the sale of 49% of the shares of AS Connecto. The net
interest revenue of the Group, in 2003, was 36 mln EEK
(2002: 17 mln EEK).
The net profit of the Eesti Telekom Group in 2003 was 1,036
mln EEK or 7.53 EEK per share (2002: 1,040 mln EEK or 7.57
EEK per share). The net profit of 2003 had been affected by
an amendment in the taxation regulations, which became
effective in 2003. In 2002, the dividend tax applied only to
dividend payments to private individuals and non-resident
legal entities. But in 2003, the dividend tax became
effective for all dividend payments. Thus, for the Eesti
Telekom Group, this amendment, together with a higher
dividend payout, brought with it a significant increase in
the dividend tax that had to be paid. The dividend tax, in
2003, amounted to 286 mln EEK, up by 195 mln EEK, compared
to 2002.
At the end of December 2003, the total assets of the Eesti
Telekom Group amounted to 4,599 mln EEK (2002: 4,441 mln
EEK). Non-current assets were reduced, from the beginning of
the year, by 322 mln EEK. Current assets were increased by
479 mln EEK. This enlargement was mainly the result of an
increase in cash and cash equivalents (bank accounts, units
of money-market funds) by 437 mln EEK. By the end of 2003,
the net debt of the Group amounted to -1,348 mln EEK and net
gearing was -33% (2002: -908 mln EEK and -23%).
The net operating cash flow of the Eesti Telekom Group in
2003 was 1,710 mln EEK (2002: 1,898 mln EEK). Cash outflow
into investments was 432 mln EEK (2002: 553 mln EEK). The
investing cash flow was affected by a 68 mln EEK cash inflow
from the sale of the minority ownership in AS Connecto, a 70
mln EEM payment for the UMTS licence, and by a large
investment into improving the quality of the GSM-network
that AS EMT made in the fourth quarter of 2003. The cash
outflow into financing was 840 mln EEK, including 824 mln
EEK paid as dividends (2002: 856 mln EEK, including 756 mln
EEK paid as dividends).
The ROA and ROE continued to be very high. ROE increased
from the previous year’s 30% to 33%. The ROA decreased from
24% to 23%, mostly due to the large portion of cash and cash
equivalents, and the low interest returns on those assets.
Elion Group
Q403 Q402 % FY03 FY02 %
Revenues,mEEK 678 639 6 2,575 2,562 1
EBITDA, mEEK 184 204 -10 866 960 -10
EBITDA margin, % 27 32 34 37
EBIT, mEEK 52 49 6 328 306 7
EBIT margin, % 8 8 13 12
Profit before 53 47 11 389 287 36
taxes, mEEK
Net profit , mEEK 52 47 10 318 287 11
CAPEX, mln EEK 98 150 -35 224 334 -33
ROA, % 10 8 14 12
ROE, % 11 11 22 18
The increase of the consolidated revenues of the Elion Group
continued in the fourth quarter of 2003. The consolidated
revenues of the Elion Group amounted to 678 mln EEK, showing
an increase of 6%, compared to the same period in 2002. The
consolidated revenues of the fourth quarter of 2002 contain
a capital gain from the sale of real estate in the amount of
9 mln EEK. The elimination of this capital gain would make
the revenues of the fourth quarter of 2003 8% higher than
the corresponding revenues of 2002.
This revenue growth was the result of various circumstances.
The Elion Group acquired several new subsidiaries in 2003 -
AS Reveko Telekom, AS Eltel Networks, and AS EsData (an
associated company of the Group until December 2003).
Revenues from non-core activities, construction (the
Connecto Group) and retail sales (AS Elion Esindus) were
substantially up. The revenues of Elion Enterprises Ltd.,
the parent company of the Elion Group, were down by 4%,
compared to the fourth quarter of 2002. The main factor
behind the decline was the revenue from voice
communications. The revenue from domestic calls decreased by
14%, compared to the same period in 2002. The revenue from
international calls was down by 10% and the revenue from
calls into mobile networks was down by 8%. The revenues from
phone installations and monthly fees were down by 3%. The
Internet revenue of the Elion Group for the fourth quarter
of 2003 was up by 26%. This increase was the result of the
new DSL connections made during 2003. Wireless Internet
expansion continues. In the fourth quarter of 2003, Elion
rolled out wireless hotspots in all Neste A24 gas stations.
The total number of Elion’s wireless hotspots more than
doubled. At the end of the year a new Internet content
service - ITV - was lunched. ITV makes it possible to watch
one’s favourite TV-programs via Internet at any time. It is
a digital media archive consisting of the best programs and
movies made in Estonia, plus the latest news and sports. The
revenues from IT and data communications were up by 33%.
Elion Enterprises’ successful participation in state tenders
has contributed to this increase. In the fourth quarter of
2003, Elion Enterprises Ltd. won the tender of the Tallinn
Education Authority for the procurement of 139 lap-top
computers for Tallinn’s schools. The company also signed a
procurement agreement with the Tallinn Education Authority
for the installation of 170 PC’s at Tallinn’s schools and
kindergartens.
The operating expenses of the fourth quarter of 2003 were up
by 14%, amounting to 494 mln EEK. This increase of the
operating expenses was the result of the acquisition of new
subsidiaries, and the higher volumes of construction and
trading activities. The operating expenses of the parent
company, Elion Enterprises Ltd., were up by 1%.
The EBITDA of the Elion Group, in the fourth quarter of
2003, was 184 mln EEK, down by 10%, compared to 2002. The
EBITDA margin for the quarter was 27%. The lowering of the
margin during the last quarters is the result of a higher
share of low-margin activities.
The net profit of the Elion Group, in the fourth quarter of
2003, was 52 mln EEK, up by 10%, compared to the fourth
quarter of 2002. This growth is largely the result of the
implementation of the revised depreciation rates from the
beginning of 2003. The new rates are more differentiated
than the previous ones. The useful lifetime of the various
categories of tangible assets is determined more accurately.
In addition to that, the losses due to depreciation have
started to decrease as a result of the relatively low CAPEX
that the Group has had during the last years, compared to
earlier periods.
The consolidated revenues of the Elion Group, in 2003,
amounted to 2,575 mln EEK, up by 1%, compared to the first
nine months of 2002. However, the consolidated revenues of
2002 contain a capital gain from the sale of real estate in
the amount of 63 mln EEK. The elimination of this capital
gain would make the revenues of 2003 3% higher than the
revenues of 2002. Operating expenses of the year were up by
7%, amounting to 1,709 mln EEK. The EBITDA of the Group was
866 mln EEK and the EBITDA margin was 34%. The net financing
item of the Group was 60 mln EEK (2002: -19 mln EEK). The
financial revenues of the year include a 59 mln EEK capital
gain from the sale of 49% of the shares of AS Connecto. The
interest expenses of the Group were down by 19 mln EEK. As a
result of amendments in the regulations concerning income
taxation, the Group declares a dividend income tax expense
of 67 mln EEK in its income statement. The net profit of the
Elion Group, for 2003, was 318 mln EEK, up by 11%, compared
to 2002.
The Elion Group invested 224 mln EEK during 2003 (2002: 334
mln EEK).
The number of main lines in use at the end of December was
444,661 (a penetration of 32.8 lines per 100 people). The
net decrease in the number of main lines, since the
beginning of 2003, was 15,600. This decrease was caused
mainly by private individuals. The number of main lines used
by business customers increased during 2003. The total
number of Internet permanent connections was 50,841 at the
end of December 2003. The total number of ADSL connections
was 49,448 (3.7 connections per 100 people. The net increase
in the number of ADSL connections since the beginning of
2003 was 19,000.
The market shares of Elion Enterprises Ltd. have been
stable. The company estimates its share of total call
minutes to be 87% (2002: 89%). The estimated market share of
domestic call minutes, international call minutes, and fixed
to mobile call minutes are 87% (88%), 67% (70%), and 76%
(75%) respectively. The estimated market share of dial-up
minutes is 95% (95%).
The number of employees of the Elion Group, at the end of
December 2003, was 2,014 (December 2002: 1,999). This
increase was caused by the Connecto Group, where the number
of employees increased by 57.
EMT Group
Q403 Q402 % FY03 FY02 %
Revenues,mEEK 736 658 12 2,730 2,457 11
EBITDA, mEEK 274 287 -5 1,279 1,197 7
EBITDA margin, % 37 44 47 49
EBIT, mEEK 190 201 -6 936 852 10
EBIT margin, % 26 31 34 35
Profit before 193 203 -5 948 857 11
taxes, mEEK
Net profit ,mEEK 193 203 -5 737 857 -14
CAPEX, mln EEK 159 146 9 340 294 16
ROA, % 43 50 41 51
ROE, % 49 56 59 57
The growth of the consolidated revenues of the EMT Group
continued in the fourth quarter of 2003. The revenues of the
fourth quarter amounted to 736 mln EEK, up by 12%, compared
to the fourth quarter of 2002. The revenues of AS EMT
Esindused, a subsidiary of the EMT Group, were up
significantly. In the area of mobile communications, the
revenues from SMS and data communications continued to have
the highest growth rate, showing an increase of 27%. The
revenues from domestic and international call charges were
up by 11%. The revenue from prepaid cards showed a moderate
growth as a result of several promotional campaigns at the
end of 2003. Prepaid revenue of the fourth quarter was up by
only 2%, compared to the same period in 2002. There was some
decrease in the revenue from monthly fees, compared to the
fourth quarter of 2002. In December 2003, the ARPU was 410
EEK (December 2002: 423 EEK). The lower ARPU was mainly
caused by an increase in the usage time of prepaid call-
cards. Prepaid customers now form 38% of the customer total,
compared to 34% at the end of 2002.
The operating expenses of the EMT Group, in the fourth
quarter of 2003, amounted to 462 mln EEK, up by 25%,
compared to the same period in 2002. The additional
operating expenses were partly the result of the higher
volume of the Group’s trade activities. In the mobile field,
the higher number of call minutes used by customers was
accompanied by an increase in interconnection costs.
Marketing costs of the Group have customarily been high at
the end of the year. In the fourth quarter of 2003, AS EMT
launched a new image promotion campaign for "Simpel", its
prepaid card. At the same time, the company prepared a
marketing campaign for the new, children-oriented brand,
"pop", that came out in January 2004. The operating expenses
of the fourth quarter of 2003 were also influenced by a
devaluation of assets at AS EMT.
The EBITDA of the fourth quarter of the EMT Group amounted
to 274 mln EEK, down by 5%, compared to the same period in
2002. The EBITDA margin was 37%. The net profit of the EMT
Group was 193 mln EEK, down by 5%.
The total number of EMT customers grew by 28 thousand during
the fourth quarter of 2003 (2002: 14 thousand). The number
of contractual customers was up by 12 thousand and the
number of prepaid customers was up by 16 thousand (2002: 11
thousand and 3 thousand respectively). This growth in the
number of prepaid customers was partly caused by changes in
the terms of the Simpel call-cards, which became effective 1
May 2003. Until that date, customers could use the calling
time stored on their cards in the course of two months for
calling out, plus, for one more month, they could receive
incoming calls. In accordance with the new terms, the
calling time stored on the card can be used for calling out
in the course of five months, plus, incoming calls can be
received for an additional month. Due to the change in
terms, EMT did not close any prepaid cards between August 2
and the end of October. The total number of AS EMT customers
reached 491 thousand by the end of December, up by 15%
compared to 2002. The number of contractual customers was
307 thousand, and the number of prepaid customers was 185
thousand (2002: total number of customers was 427 thousand,
the number of contractual customers was 280 thousand, the
number of prepaid customers was 147 thousand). EMT estimated
its market share to be around 47%. In the fourth quarter,
EMT was able to stop its market share slide, but at the
expense of reduced margins. Mobile penetration in Estonia
reached 77% (2002: 65%).
The consolidated revenues of the EMT Group, for 2003,
amounted to 2,730 mln EEK, up by 11%, compared to 2002.
Operating expenses of the year amounted to 1,451 mln EEK, up
by 15%. The EBITDA of the Group was 1,279 mln EEK, and the
EBITDA margin was 47%. Profit before tax was up by 11%
amounting to 948 mln EEK. As a result of amendments, which
were made to the regulations concerning the calculating of
income tax on dividends, the Group declared a dividend
income tax expense of 211 mln EEK in its income statement.
The net profit of the EMT Group in 2003 was 737 mln EEK.
The EMT Group invested 340 mln EEK during 2003 (2002: 294
mln EEK). 70 mln EEK were invested into acquiring a UMTS
licence. A large investment was made into improving the
quality of the GSM-network in the fourth quarter of 2003.
The number of employees of the EMT Group at the end of
December 2003 was 430 (in December 2002: 406).
Changes in the corporate structure of the Eesti Telekom
Group
In October 2003, AS Connecto bought 100% of the shares of
the Estonian company Eltel Networks AS from the Finnish
company Eltel Networks Corporation. The price of the
transaction was 11.5 mln EEK. Eltel Networks AS was founded
in 1999, and its main area of business is the construction
of electrical and telecommunication networks.
In November 2003, AS Esmofon changed its name to AS EMT
Esindused.
In December 2003, a merger agreement between AS Eltel
Networks and AS Connecto was signed. The merger supports the
company’s development plans that foresee combining the
resources and know-how in the field of electrical and
telecommunication networks, which provides an opportunity to
offer integrated network solutions for customers. After the
merger, the company’s name will be Eltel Networks AS. The
merger shall be completed by the spring of 2004, when the
corresponding entry will be made into the Commercial
Register.
In December 2003, Elion Enterprises Ltd. acquired all of the
shares of the associated company EsData Ltd., which offers
data communication and Internet services. In accordance with
the purchase and sale agreement, Elion Enterprises purchased
70% of the shares of EsData from TeliaSonera for 6.8 mln
EEK. Prior to the deal, Elion Enterprises owned 30% of the
shares of EsData. The aim of the acquisition was to
consolidate the Elion Group’s data communication and
Internet services, and to increase the synergy between the
two companies in both the network management and customer
service spheres.
On 12 January 2004, an agreement was signed for the purchase
of 100% of the shares of the Lithuanian company UAB Lidivos
Technologijos by AS Connecto. The volume of the transaction
concluded is 300 thousand EUR (4.7 million EEK). The primary
activity of the company being purchased is the installation
and maintenance of low-current and security systems. The
concluded transaction will support the expansion of the
activities of Connecto in the Baltic region.
Relations with state regulators
On November 18, the Communications Board declared Elion
Enterprises Ltd. to be an operator with significant market
power (SMP), in 2004, in the public telephone service
market, public leased line service market, and public
interconnection service market. AS EMT was declared to have
SMP, in 2004, in the public mobile telephone service market.
Elion Enterprises Ltd. was also declared to have SMP in
2001, 2002, and 2003. AS EMT was also declared to have SMP
in 2002 and 2003. The Communications Board based the
determination of operators with significant market power in
2004 upon the market share percentages of 2002. The market
share of Elion Enterprises Ltd. amounted to 87.32% of the
telephone services market, 73.22% of the leased line service
market, and 43.78% of the interconnection service market.
The market share of AS EMT amounted to 63.22% of the public
mobile telephone service market. Elion Enterprises Ltd. and
AS EMT have assumed in their prognoses that the
Communications Board will declare the firms to be operators
with significant market power in 2004.
The court case between Elion Enterprises Ltd. and the
Competition Board over the justification of rates, which
became effective 1 April 2001, for calls inside the network,
has been concluded. On 19 January Tallinn City Court
approved the agreement reached by the Estonian Competition
Board and Elion Enterprises Ltd. to end litigation over the
minute rates charged in Elion’s fixed telephone network. On
15 January the Competition Board and Elion Enterprises Ltd.
filed an application with Tallinn Administrative Court to
approve their Agreement on ending the lawsuit litigated by
all instances of court because over the years the case has
ceased to be an issue. In the Agreement Elion concedes that
the unified intra-network minute rates introduced on 1 April
2001 would have been too high at that time if speech
packages and volume discount had not been introduced. In its
turn the Competition Board acknowledges that Elion has been
complying with the requirements of the precept by
introducing price packages and volume discount, thus
reducing the average minute rates below the price level
established on 1 April 2001. The Competition Board is
explicit in the Agreement that its
decision and the issued precept were fully justified at that
time and it does not wish to annul them. It concedes,
however, that since then the telecommunications market has
changed irreversibly and it does not insist on any changes
in Elion’s intra-network voice tariffs. Besides, the
legislation on responsibility for malpractice of companies
with significant market power has been amended and therefore
it is impossible to impose any penalty.
For the above-mentioned reasons, including the fact that
Elion has taken the necessary measures and that the dispute
has lost its topicality, the Competition Board and Elion
have both lost interest in pursuing the case. Under the
Agreement Elion is to indemnify the Competition Board in the
amount of 440 000 EEK that covers partly the expenses
incurred.
The Communications Board issued a precept on 5 September
2003 where it obligated Elion Enterprises Ltd. to provide AS
Uninet a special access to Elion’s network at location and
manner determined by Uninet at its application. Elion
Enterprises Ltd. contested the precept at Tallinn
Administrative Court and applies for cancelling the
obligation. The next session of the Administrative Court is
scheduled on 23 March 2004. In case of an adverse solution
of the case, Elion Enterprise Ltd. must provide AS Uninet an
access to its ATM-ADSL equipment. That would have an impact
on competition in the area. However, it would have no
essential effect on financial results of the company.
AS EESTI TELEKOM AND SUBSIDIARY COMPANIES
INCOME STATEMENT, in thousands of EEK
2003 2002
Revenues
Net sales 4,774,699 4,467,311
Other revenues 30,404 91,737
Total revenues 4,805,103 4,559,048
Operating expenses
Change in work-in-progress 5,053 864
Materials, consumables, (1,663,987) (1,455,650)
supplies and services
Other operating expenses (457,256) (427,261)
Personnel expenses (531,629) (503,369)
Other expenses (39,164) (42,730)
Total operating expenses (2,686,983) (2,428,146)
EBITDA 2,118,120 2,130,902
Depreciation and amortisation (880,949) (1,000,468)
Profit from operations 1,237,171 1,130,434
Net financial income / 55,497 (5,153)
(expenses) from associates
Other net financing items 32,984 6,443
Profit before tax 1,325,652 1,131,724
Income tax on dividends (286,022) (91,298)
Minority interest (4,047) -
Net profit for the period 1,035,583 1,040,426
Basic EPS, EEK 7.53 7.57
Diluted EPS, EEK 7.53 7.57
BALANCE SHEET, in thousands of EEK
31 Dec 2003 31 Dec 2002
ASSETS
Non-current assets
Property, plant and equipment 2,275,868 2,673,673
Goodwill 10,287 3,687
Licenses, patents and trademarks 113,808 38,853
Investments in subs. and assoc. 16,673 22,696
Other investments 2,700 2,710
Other non-current assets 2,766 2,048
Total non-current assets 2,422,102 2,743,667
Current assets
Inventories 104,126 93,428
Trade receivables 486,165 430,330
Other receivables 216,703 210,971
Investments held for trading 48,709 79,054
Cash and cash equivalents 1 320,787 883,988
Total current assets 2,176,490 1,697,771
TOTAL ASSETS 4,598,592 4,441,438
EQUITY AND LIABILITIES
Equity
Issued capital 1,376,445 1,373,833
Reserves 468,410 447,348
Translation reserve (11) (25)
Retained earnings 1,254,670 1,038,553
Net profit for the period 1,035,583 1,040,426
Total equity 4,135,097 3,900,135
Minority interest 13,540 -
Non-current liabilities
Interest-bearing loans 12,471 19,761
Current liabilities
Trade payables 236,107 244,850
Other current liabilities 143,688 196,134
Tax liabilities 35,696 28,553
Interest-bearing loans 8,997 35,706
Provisions 12,996 16,299
Total current liabilities 437,484 521,542
TOTAL EQUITY AND LIABILITIES 4,598,592 4,441,438
CASH FLOW STATEMENT, in thousands of EEK
2003 2002 Restat.
Operating activities
Profit from operations 1,237,171 1,130,434
Adjustments for:
Depreciation and amortisation 880,949 1,000,468
(Profit) from sales and write-off of (6,231) (54,718)
fixed assets
Pension expenses 1,762 -
Operating cash flow before movements 2,113,651 2,076,184
in working capital
Change in current receivables (39,460) (90,201)
Change in inventories (8,060) 11,676
Change in current liabilities (68,423) (782)
Cash generated by operations 1,997,708 1,996,877
Interest paid (1,868) (7,663)
Income tax on dividends paid (286,022) (91,298)
Net cash from operating activities 1,709,818 1,897,916
Investing activities
Purchases of property, plant and (472,737) (592,798)
equipment
Purchases of licenses (90,702) (33,682)
Proceeds from sales of property, 30,684 85,421
plant and equipment
Acquisition of subsidiaries (24,592) -
Proceeds from sales of subsidiaries 68,137 -
Acquisition of associates - (10,000)
Purchases of trading investments (48,709) (236,942)
Proceeds on disposal of trading 79,079 218,868
investments
Loans granted (2,248) (440)
Cash receipt from repayment of loans 45 60
Dividends received 8 96
Interest received 28,941 16,736
Net cash used in investing activities (432,094) (552,681)
Financing activities
Proceeds from LT conv. debt - 484
Repayment of LT conv. debt (224) (10)
Proceeds from nonconv. LT debt 360 1,576
Repayment of nonconv. LT debt (13,976) (5,952)
Repayment of long-term borrowings (23,273) (79,238)
Repayment of obligations lease (1,066) (17,769)
Repayment of short-term borrowings (810) -
Shares issues (Rights Offering) 23,413 -
Dividends paid (824,309) (755,617)
Net cash used in financing activities (839,885) (856,526)
Net increase in cash and cash eq. 437,839 488,709
Cash and cash equivalents at boy 883,988 403,633
Effect of foreign exchange rate ch. (1,040) (8,354)
Cash and cash equivalents at eoy 1,320,787 883,988
Hille Võrk
Financial Manager
6272460
Sisukaart