ELISA CORPORATION STOCK EXCHANGE RELEASE 25 April 2006 AT 8.30 am
ELISA'S
JANUARY-MARCH PRE-TAX PROFIT AMOUNTED TO EUR 39 MILLION
January-March
pre-tax profit amounted to EUR 39 million (39).
Revenue was EUR 348 million
(333).
Excluding non-recurring items, the EBITDA for the period
under
review improved from EUR 89 million to EUR 103 million.
Compared with the
previous quarter, the churn in Elisa's
mobile communications decreased from 23
per cent to 19 per cent
and the market position continued unchanged
The
sales of broadband subscriptions continued robustly; the
number of
subscriptions increased by approximately 40,000 from the
beginning of the
year
The financial position remained stable: at the end of March,
the
equity ratio was 61.5 per cent (61.7 per cent at the end of
2005) and net debt
at EUR 293 million (293 at the end of 2005)
In January-March, Elisa's key
indicators were as follows:
Income statement 1-3/2006
1-3/2005 1-12/2005
EUR million
Revenue 348
333 1,337
EBITDA 99 1) 97 2) 446
3)
EBIT 43 45 233
Profit
before taxes 39 39 212
Earnings per share,
EUR 0.18 0.23 1.22
Capital expenditures
43 42 204
1) Comparable EBITDA EUR 103 million
(restructuring provision
EUR -4 million)
2) Comparable EBITDA EUR 89
million
3) Comparable EBITDA EUR 346 million
Figures describing the
financial position and cash flow:
Financial position 31.3.2006
31.3.2005 31.12.2005
Net debt 293 489
293
Equity ratio, % 61.5 49 61.7
Cash flow statement
1-3/2006 1-3/2005 1-12/2005
Cash flow after
investments 13 26 308
CEO
Veli-Matti Mattila:
The 3G service bundles got off to a very strong
start
Our telecommunications market is taking strong steps towards
service
competition. The number of 3G handsets, which support
improved services, has
already doubled during April.
3G service bundles, allowed since 1 April,
make it easy to
implement and use new services. The packages enable such
new
services as e.g. video calls, very fast data connections, data
lines and
mobile TV.
The 3G service bundles sale is expected to improve
profitability
in the long-term, but will initially strain the
profitability
owing to e.g. increasing marketing investments.
The regional
coverage of telecommunications services is important
in developing the
information society. The authorities could speed
up the expansion of 3G
coverage by enabling the use of 900 MHz
frequency for 3G services. The
spreading of coverage would thus be
much more cost efficient.
The number of
subscriptions to Elisa services continued to
increase in the first quarter. We
strengthened our leading
position in the broadband market, achieving 40,000
new
subscriptions.
Besides the growth of the subscription base, another
significant
factor was the decrease in the churn in mobile
communications.
Within a year, the churn has dropped from over 30 per cent to
less
than 20 per cent. This indicates that operators are focusing on
their
existing customers and service-based competition. It is more
and more
important that the product and service function
seamlessly together.
We
determinedly continue to improve profitability and to offer
better services
for our customers.
ELISA CORPORATION
Vesa Sahivirta
Director, IR and
Financial Communication
Further information:
Mr Veli-Matti Mattila,
President and CEO, tel. +358 10 262 2635
Mr Jari Kinnunen, CFO, tel. +358 10
262 9510
Mr Vesa Sahivirta, Director, IR and Financial Communication,
tel.
+358 10 262 3036
Distribution:
Helsinki Stock Exchange
Principal
media
Interim report for January-March 2006
This interim report has been
prepared in accordance with the IFRS
recognition and measurement principles.
The information presented
in this interim report is unaudited.
Market
situation
Average minute prices continued to fall. However, in the
mobile
communication business, competition is expanding from prices
to
services. At the end of March, Elisa launched its new 3G service
packages,
which make it easy to use new services. The number of
mobile network
subscriptions continued its positive development,
and usage of subscriptions
increased.
In the fixed network business, the number of
broadband
subscriptions continued its strong growth. The number and usage
of
traditional subscriptions decreased.
Revenue
EUR million
1-3/2006 1-3/2005 Change, %
Mobile communications 192
179 7
Fixed network 180 162
11
Other businesses 0 21 -100
Sales
between segments -24 -29 -17
Total
348 333 5
Elisa's revenue for January-March
was up 5 per cent compared with
the same period in 2005. Revenue in the mobile
communication
business increased by 7 per cent and in the fixed network
business
by 11 per cent. In the mobile communication business, revenue
was
positively affected by the additional traffic generated by
Saunalahti,
and in the fixed network business, the increase in the
number of broadband
subscriptions.
Performance
EUR million 1-3/2006
1-3/2005 Change, %
Mobile communications
EBITDA 53 49 8
EBITDA,
% 28% 27%
EBIT
30 27 11
Fixed network
EBITDA 46 40
15
EBITDA, % 26% 25%
EBIT
15 13 15
Other business and
corporate functions
EBITDA -1 8
EBIT -2 5
Group, total
EBITDA
99* 97** 2
EBITDA, % 28% 29%
EBIT 43 45
-4
* EBITDA includes a restructuring provision of EUR -4 million
**
Comparable EBITDA EUR 89 million
Elisa's EBITDA showed growth of 2 per cent
from the corresponding
period in 2005. This increase was attributable to
improved
profitability and the additional revenue created by the
acquisition
of Saunalahti.
The groups other financial income and expenses totalled EUR
-4
million (-6). Reduced financial expenses were mainly due to a
decrease in
net debt.
Income taxes in the income statement amounted to EUR -9 million
(-6).
The groups January-December result after taxes stood at EUR
30
million (33). The groups earnings per share (EPS) amounted to EUR
0.18
(0.23). At the end of March, the group shareholders' equity
per share was EUR
7.54 (8.06 at the end of 2005).
Changes in corporate structure
On 28
March 2006, Elisa deposited a security, as referred to in
Chapter 14, section
21 of the Companies Act, with regard to
Saunalahti Group Oyjs shares that are
to be redeemed. As a
result, Elisa's ownership in Saunalahti increased to 100
per cent
and public quotation of Saunalahti shares terminated.
Elisa's
wholly-owned subsidiaries, Tikka Communications Oy and
Jyväsviestintä Oy, have
resolved to merge with Elisa. The mergers
are scheduled for the summer
2006.
Mobile communication business
Number of subscriptions
31.3.2006 31.3.2005 31.12.2005
Total number of subscriptions
(Finland and
Estonia) 2,261,421 1,674,102 2,228,101
Number of subscriptions in
Finland * 1,983,921 1,438,452 1,962,101
Subscriptions in Estonia 277,500 235,650 266,000
* Elisa's
network operator in Finland
Operative figures in Finland** 1-3/2006
1-3/2005 2005
Revenue/subscription**(ARPU), 28.0 34.6
32.5
Churn**, % 19.0 33.5 28.4
Usage,
million minutes* 1,087 714 3,509
Usage,
187 158 172
min/subscription/month**
SMS, million
msg* 265 162 827
SMS,
msg/subscription/month** 46 36 38
Value-added
services/revenue, % 16 15 16
* Elisa's network
operator in Finland (the 2005 figures partly
exclude the Saunalahti
subscriptions)
** Elisa's service operators in Finland (the 2005 figures
exclude
the Saunalahti subscriptions)
Elisas network operator increased
the number of its subscriptions
by some 545,500 subscriptions during the year,
partially as the
result of Saunalahti shifting its subscriptions to
Elisas
network. The first-quarter increase was approximately
22,000
subscriptions.
The call minutes per subscription of Elisa's own
service operator
rose by approximately 18 per cent and the number of SMS
messages
increased by approximately 28 per cent on the corresponding
period
in 2005. The call minutes of the network operator rose by 52 per
cent
and SMS messages by 64 per cent. The increase was
substantially affected by
the additional traffic generated by
Saunalahti.
Revenue per subscription
(ARPU) decreased by approximately 19 per
cent from the corresponding period.
This was due to the price
erosion in consumer and interconnection fees in June
2005. The
increased usage per subscription failed to completely
compensate
for the decrease due to price erosion.
The business operations
of Elisa's subsidiary in Estonia continued
to grow rapidly, both in terms of
revenue and number of
subscriptions. Revenue was up 17 per cent at EUR 22.3
million
(19.0) and the number of customers grew by 18 per cent to
277,500
(235,650). Profitability also improved: EBITDA was up 17 per
cent,
amounting to EUR 6.8 million (5.8), and revenue increased by 26
per
cent to EUR 4.4 million (3.5).
In March, Elisa introduced a new pricing
model for wireless
subscriptions that is based on a monthly fee similar to
broadband
connections.
Fixed network business
Number of subscriptions
31.3.2006 31.3.2005 31.12.2005
Broadband subscriptions 459,827
269,232 420,465
ISDN channels 121,169 149,339
128,665
Cable TV subscriptions 217,600 200,864
214,054
Analogue and other
subscriptions
557,859 626,740 578,002
Subscriptions, total 1,356,455
1,246,175 1,341,186
The demand for broadband subscriptions continued
strong in the
first quarter. The number of subscriptions increased
by
approximately 40,000 subscriptions from the beginning of the year.
Growth
occurred somewhat more heavily in Elisa's own subscriber
network areas, but
was also significant in external growth areas.
The number of traditional
subscriptions continued to decrease
steadily as voice calls shifted to the
mobile communication
network and data transfers to broadband
subscriptions.
In March, Elisa initiated the renewal of its
telecommunications
network, which comprises renewal of the technology and
equipment
of Elisas whole broadband and backbone network. The
network
renewal continues Elisas investments, thanks to which the
broadband
connection speeds have increased continuously and the
availability of
broadband connections has become more extensive
throughout Finland. Elisa is
also updating its intelligent network
services targeted at corporate
customers. This will allow
efficient use of new technologies and faster
migration to IP-based
services.
Elisa's Annual General Meeting on 27 March
2006
Elisa's Annual General Meeting confirmed the financial statements
and
discharged the members of the Board of Directors and the CEO
from liability
for 2005. The Annual General Meeting also decided
to pay a dividend of EUR
0.70 per share for 2005.
The number of members of the Board of Directors was
confirmed at
five (5), and the following members were re-elected for the
term,
ending at the closing of the next Annual General Meeting: Mr
Mika
Ihamuotila, Mr Pekka Ketonen, Mr Lasse Kurkilahti, Mr Matti Manner
and
Mr Ossi Virolainen.
The Board of Directors elected by the Annual General
Meeting held
its organising meeting on 27 March 2006, electing Mr Pekka
Ketonen
as Chairman of the Board and Mr Mika Ihamuotila as Deputy
Chairman.
Mr Pekka Ketonen (Chairman), Mr Mika Ihamuotila and Mr
Lasse Kurkilahti were
appointed to the Committee for Remuneration
Evaluation and Appointments, and
Mr Ossi Virolainen (Chairman) and
Mr Matti Manner were appointed to the
Committee for Auditing.
KPMG Oy Ab, Authorised Public Accountants, with APA
Pekka Pajamo
as the responsible auditor, was appointed to act as the
companys
auditor.
The Annual General Meeting authorised the Board of
Directors to
decide on increasing the company's share capital.
The
authorisation is valid for one year. A maximum aggregate of 33.2
million
of the companys shares can be issued, and the companys
share capital can be
increased by a maximum of EUR 16,600,000 in
total.
The Annual General
Meeting authorised the Board of Directors to
acquire and assign treasury
shares. The authorisation applies to a
maximum of 16,000,000 treasury
shares.
Personnel
During January-March, the average number of personnel
at Elisa was
4,496 (an average of 4,989 in 2005).
31.3.2006 31.3.2005 31.12.2005
Mobile communications 1,506
1,604 1,629
Fixed network 2,816 2,924
3,001
Other business - 604
-
operations
Corporate functions 45 73
51
Total 4,367 5,205 4,681
Elisa
continued its business reorganisation, transferring outbound
telemarketing
services to Manpower Business Solutions Oy. In
connection with the business
transfer, 134 employees transferred
to Manpower Business Solutions Oy. In
addition, Elisa and
Henkilöstövuokraus Barona Oy agreed on the outsourcing of
a part
of Elisa's order processing and invoicing functions to Barona.
In
connection with the business transfer, a total 119 employees
transferred
from Elisa to Barona.
In March, Elisa's Board of Directors approved a new
share-based
incentive plan for the Elisa key personnel. The potential
reward
from the plan will be based on the total shareholder return in
2006
2008. The reward will be partly paid in company shares and
partly as a cash
payment in 2008 and 2010.
Investments
EUR million
1-3/2006 1-3/2005 1-12/2005
Capital expenditures, of which 43
42 204
- mobile communication business 15 13
86
- GSM leasing liability buy-backs 2 4 4
- fixed
network business 26 24 112
- others
0 1 2
Shares
0 3 415
- of which achieved through an
exchange of shares
361
Total
43 45 619
Financial position
Elisa's financial position and
liquidity remained stable. This was
particularly attributable to the positive
performance. The group's
January-March cash flow after investments amounted to
EUR 13
million (26).
Financial key indicators
EUR million
31.3.2006 31.3.2005 31.12.2005
Net debt 293
489 293
Gearing, % 23.2 55.0
21.7
Equity ratio, % 61.5 49.3 61.7
1-3/2006 1-3/2005 1-12/2005
Cash flow after investments 13
26 308
Valid financing arrangements
EUR million
Maximum In use on
amount 31.3.2006
Committed credit line 170
0
Commercial paper
programme1) 150 0
EMTN
programme2) 1,000 316
1) The programme
is not committed
2) European Medium Term Note programme, not
committed.
Long-term credit ratings
Credit rating agency
Rating Outlook
Moodys Investor Services Baa2
Stable
Standard & Poors BBB
Negative
Share
At the end of March, the company's total number of shares
was
166,066,016. The companys market capitalisation on 31 March
2006
amounted to EUR 2,718 million.
In January-March, a total of 72.4
million shares were traded on
the Helsinki Stock Exchange for an aggregate of
EUR 1,216.6
million. The exchange was 43.6 per cent of the number
of
outstanding shares.
Treasury shares
The Annual General Meeting
authorised the Board of Directors to
acquire and assign treasury shares. The
authorisation has not been
used. On 31 March 2006, the companies consolidated
in the Elisa
Group's financial statements held 125,000 Elisa
Corporation
shares.
Significant legal issues
Since the publication of
Elisa's Annual Report 2005, the following
legal developments concerning Elisa
have taken place:
The Helsinki Court of Appeal issued a ruling in favour of
Elisa
and dismissed the action for annulment of the decision made at
the
former Oy Radiolinja Ab's Annual General Meeting in spring 2000.
If the
Court gives its permission, the decision may be appealed to
the Supreme
Court.
Events after the reporting period
Elisa has launched new service
packages, which combine both
services and a phone into one package. As a
result of the new
legislation, customers can now acquire a phone with a
service
package connected to it.
In accordance with the terms of Elisa's
Saunalahti deal as set by
the Finnish Competition Authority, Saunalahti sold
the Saunaverkko
network required for the implementation of broadband services
and
its customer contracts in the Tampere, Jyväskylä and Riihimäki
regions.
Saunalahti also sold the Saunaverkko network without
customer contracts in the
Helsinki region. The deals have no
substantial effect on Elisa's financial
performance.
Elisa was the first company in the Nordic region to triple
the
speed of mobile phone networks, introducing a maximum speed of 1
megabit
(1 Mbit/s). This allows ever larger files to be downloaded
in the mobile phone
network with speeds similar to fixed broadband
connections.
Elisa launched
a service targeted at business customers which
includes a mobile communication
terminal, accessories and
additional services subject to a monthly fee. For
businesses the
service offers convenience and cost-efficiency as they can
acquire
mobile phones and related services without having to make
any
investments of their own.
Elisa's and Saunalahti's long distance
networks will be
integrated, and Saunalahti's phone traffic will transfer
to
Elisa's long distance network. The integration brings cost
savings
relating to transit fees, transmission network costs and
other
synergy benefits. The shared network will be available by the end
of
2006.
Outlook for 2006
Competition in the Finnish telecommunications
market remains
challenging, while the focus is increasingly shifting to
services.
The use of mobile communications and broadband products
continues
to increase. Elisa's aim is to further reinforce its position
as
the leading service supplier.
Elisa's revenue is expected to increase
markedly on the previous
year. The growth will be partially attributable to an
increase in
terminal device sales. EBITDA and EBIT excluding
non-recurring
items are expected to improve on the previous year. This will
be
due to, e.g. synergy benefits created by the acquisition of
Saunalahti and
Elisa's rationalisation procedures.
Capital expenditures during the year are
estimated to total 13-15
per cent of revenue, and cash flow will be clearly
positive.
Certain non-recurring items related to IT and production
system
reforms, which will support the "One Elisa" operational model,
are
scheduled for 2006.
BOARD OF DIRECTORS
Figures are not
audited.
CONSOLIDATED INCOME STATEMENT
EUR million
1-3 1-3 1-12
2006 2005 2005
Revenue
348,4 332,9 1337,3
Other operating income
2,8 11,2 113,9
Operating expenses
-252,7 -247,0 -1005,1
EBITDA 98,5
97,1 446,1
Depreciation and amortisation -55,3
-52,4 -213,2
EBIT 43,2 44,7
232,9
Share of associated companies' profit 0,0 0,7
1,2
Financial income and expenses -4,3 -6,5
-22,2
Profit before tax 38,9 38,9
211,9
Income taxes -9,0 -5,9
-34,1
Profit for the period 29,9 33,0
177,8
Attributable to:
Equity holders of the parent
29,6 32,1 176,2
Minority interest 0,3
0,9 1,6
Profit for the period 29,9 33,0
177,8
Earnings per share (EUR)
Basic
0,18 0,23 1,22
Diluted
0,18 0,23 1,22
Average number of outstanding shares
(1000
shares)
Basic 165917 141778
144807
Diluted 165917 141778
144807
REVENUE BY BUSINESS SEGMENTS
EUR million
1-3 1-3 1-12
2006 2005 2005
Mobile
191,9 179,0 739,9
Fixed Network
179,9 161,5 670,9
Other Companies
20,9 38,2
Unallocated
Intra-segment sales elimination
-23,4 -28,5 -111,7
Corporation total
348,4 332,9 1337,3
EBITDA BY BUSINESS SEGMENTS
EUR million
1-3 1-3 1-12
2006 2005 2005
Mobile
53,3 49,2 220,1
Fixed Network
46,4 39,6 159,6
Other Companies
10,4 55,8
Unallocated -1,2
-2,1 10,5
Corporation total 98,5 97,1
446,1
EBIT BY BUSINESS SEGMENTS
EUR million
1-3 1-3 1-12
2006 2005 2005
Mobile 30,2
26,7 129,9
Fixed Network 15,1
13,3 44,8
Other Companies 6,7
47,3
Unallocated -2,1 -2,0
10,9
Corporation total 43,2 44,7
232,9
CONSOLIDATED BALANCE SHEET
EUR million
31.3. 31.3. 31.12.
2006 2005 2005
Non-current assets
Property, plant and
equipment 643,1 706,9 660,6
Goodwill
771,1 472,5 770,6
Other intangible assets
181,2 69,1 178,7
Investments in associated companies
0,4 12,4 0,4
Available-for-sale investments
44,6 9,8 44,2
Other receivables 10,3
50,4 10,6
Deferred tax receivable 44,2
42,3 42,5
1694,9 1363,4
1707,6
Current assets
Inventories 23,8
14,9 20,3
Trade and other receivables 254,3
328,7 261,8
Cash and cash equivalents 96,3 114,7
212,7
374,4 458,3
494,8
Total assets 2069,3 1821,7
2202,4
Equity attributable to equity holders
of the parent
1251,8 860,6 1337,3
Minority interest
12,7 28,9 12,4
Total equity
1264,5 889,5 1349,7
Non-current liabilities
Deferred tax
liabilities 39,5 29,7 40,6
Provisions
8,8 24,0 9,4
Interest-bearing debt
370,1 468,8 393,7
Other non-current liabilities
12,2 9,9 12,7
430,6 532,4 456,4
Current liabilities
Current liabilities
349,2 263,5 280,5
Provisions
5,4 1,1 3,4
Interest-bearing debt
19,6 135,2 112,4
374,2 399,8 396,3
Total equity and liabilities
2069,3 1821,7 2202,4
STATEMENT OF CHANGES IN EQUITY
EUR million
Share
Share issue Treasury Other Retained
Minority Total
capital premium shares reserves earnings
interest equity
Total equity
at 31.12.2004 71,0 530,4 -3,1 34,5
250,8 31,0 914,5
Cash flow hedges
Gains/Losses
taken to equity
-0,1
Other changes -0,1
3,6 0,6 4,1
Items recognised
directly in
equity -0,1
0,0 0,0 -0,1 3,6 0,6 4,1
Profit for
the period
32,1 0,9 33,0
Total recognised
income
and
expenses for the
period -0,1 0,0 0,0 -0,1
35,7 1,5 37,0
Dividends
-56,8 -3,6 -60,4
Purchase of
treasury shares -1,7
-1,7
Total equity
at 31.3.2005 70,9 530,4
-4,8 34,4 229,7 28,9 889,5
Total equity
at 31.12.2005 83,0
530,4 -2,5 418,9 307,5 12,4 1349,7
Available for
sale
investments 1,1 1,1
Other
changes -0,2 -0,6 -0,8
Items
recognised
directly in
equity 0,0 0,9
-0,6 0,0 0,3
Profit for
the period
29,6 0,3 29,9
Total recognised
income and
expense for the
period 0,0 0,9 29,0
0,3 30,2
Dividends -116,2
-116,2
Sales of
treasury shares 0,8
0,8
Total equity
at 31.3.2006 83,0 530,4 -1,7 419,8
220,3 12,7 1264,5
CONSOLIDATED CASH FLOW STATEMENT
EUR million
1-3 1-3 1-12
2006 2005 2005
Cash flow from
operating activities
Profit before tax 38,9
38,9 211,9
Depreciation and amortisation 55,3 52,4
213,9
Other adjustments to profit before tax 4,1 -0,9
-66,3
Change in working capital -39,4 -30,1
-23,7
Cash flow from operating activities 58,9 60,3
335,1
Received dividends and interests and
interest paid
-6,2 -7,1 -20,5
Taxes paid
-0,9 -0,6 -5,1
Net cash flow from operating activities
51,8 52,6 309,5
Cash flow from investments
Capital expenditure
-43,1 -40,6 -194,9
Investments in shares and
other investments -2,5 0,9 -4,1
Proceeds from asset disposal
6,8 13,0 197,5
Net cash used in investment
-38,8 -26,7 -1,5
Cash flow after investments
13,0 25,9 308,0
Cash flow from financing
Proceeds from treasury
shares 0,9 0,8
Change in interest-bearing
receivables 0,8
Repayment of long-term debt
-122,4 -15,0 -102,4
Change in short-term debt
0,5 -18,6
Repayment of financing leases
-2,9 -4,4 -16,7
Dividends paid -5,0
-55,1 -122,0
Net cash used in financing -129,4
-74,0 -258,1
Change in cash and cash equivalents -116,4
-48,1 49,9
Cash and cash equivalents at beginning of
period
212,7 162,8 162,8
Cash and cash equivalents
at end of period 96,3 114,7 212,7
LIABILITIES
EUR million
31.3. 31.3. 31.12.
2006 2005 2005
Mortgages, pledges
and guarantees
Mortgages
For own and group companies
6,0 19,0 18,7
Pledges given
Pledges given as surety
0,9 0,9 0,9
Guarantees given
For others
3,5 3,1
Mortgages, pledges and guarantees
total 10,4 19,9 22,6
Derivative contracts
Forward
contracts and swap agreements
Nominal value of underlying instrument
11,8
Leasing contracts and
other commitments
Leasing commitments
13,9 17,3 14,3
Repurchase commitments
0,6 0,9 0,7
Real estate leases
62,8 73,1 63,3
Lease liabilities total
77,3 91,3 78,3
Other commitments
Lease-leaseback agreement
(QTE facility)
Termination risk 20,2 21,4
23,5
Total value of the arrangement 167,2 156,6
171,5
Other commitments 0,6 5,2
0,6
KEY FIGURES
EUR million
1-3 1-3 1-12
2006 2005 2005
Shareholders' equity/share, EUR 7,54
6,07 8,06
Net debt 293,4
489,3 293,5
Gearing 23,2 % 55,0 %
21,7 %
Equity ratio 61,5 % 49,3 % 61,7
%
Gross investments in fixed assets 43,5 42,0 204,4
of
which finance lease investments 0,3 1,4 9,5
Gross
investments as % of revenue 12,5 % 12,6 % 15,3 %
Investments
in shares, 2,9 414,8
of which paid in
equity issue 361,2
Average number of
personnel 4496 5426 4989
Formulae for financial
indicators
Gearing %
Interest-bearing debt - cash and
cash equivalents
--------------------------------------------------x 100
Total equity
Equity ratio %
Total
equity
------------------------------------------------ x
100
Balance sheet total - advances received
Net debt
Interest-bearing debt - cash and
cash equivalents
Shareholders' equity/share
Equity
attributable to equity holders of the parent
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Number of shares outstanding at end of period
Earnings/share
Profit for the period attributable to equity holders of parent
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Average number of outstanding
shares
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