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    TEL1L   LT0000123911

TELIA LIETUVA, AB

(TEL1L)
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Telia Lietuva : Quarterly Earnings

04/21/2021 | 06:00pm EDT

TELIA LIETUVA, AB

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS' PERIOD ENDED 31 MARCH 2021 (UNAUDITED)

Beginning of the financial year

1 January 2021

End of reporting period

31 March 2021

Name of the company

Telia Lietuva, AB (hereinafter - "Telia Lietuva" or "the Company")

Legal form

public company (joint-stock company)

Date of registration

6 February 1992

Code of enterprise

121215434

LEI code

5299007A0LO7C2YYI075

Name of Register of Legal Entities

State Enterprise Centre of Registers

Registered office

Saltoniškių str. 7A, LT-03501 Vilnius, Lithuania

Telephone number

+370 5 262 1511

Fax number

+370 5 212 6665

E-mail address

info@telia.lt

Internet address

www.telia.lt

Main activities

Integrated telecommunication, IT and TV services to residential and

business customers in Lithuania

Telia Lietuva, AB Consolidated Financial Statements for the 3 months' period ended 31 March 2021

2

TABLE OF CONTENT

MANAGEMENT REPORT ..............................................................................................................................................

3

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .............................................................................

12

CONSOLIDATED STATEMENT OF FINANCIAL POSITION .......................................................................................

13

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .......................................................................................

14

CONSOLIDATED STATEMENT OF CASH FLOW.......................................................................................................

15

NOTES TO THE FINANCIAL STATEMENTS ..............................................................................................................

16

Accounting policies ..................................................................................................................................................

16

Property, plant and equipment, intangible assets and right-of-use-asset.................................................................

16

Investments in subsidiaries and associates .............................................................................................................

17

Share capital ............................................................................................................................................................

17

Provisions ................................................................................................................................................................

17

Income tax ...............................................................................................................................................................

18

Earnings per share...................................................................................................................................................

18

Dividends per share .................................................................................................................................................

18

Related party transactions .......................................................................................................................................

19

MANAGEMENT CONFIRMATION OF THE CONSOLIDATED FINANCIAL STATEMENTS .......................................

19

Telia Lietuva, AB Consolidated Financial Statements for the 3 months' period ended 31 March 2021

3

MANAGEMENT REPORT

First quarter of 2021:

  • Total revenue amounted to EUR 99.7 million, an increase by 8.2 per cent over the revenue of EUR 92.1 million for the first quarter of 2020.
  • EBITDA was EUR 34.8 million, an increase by 6.1 per cent over EBITDA of EUR 32.8 million a year ago.
  • Adjusted EBITDA (excluding non-recurring items) amounted to EUR 34 million and was 2.9 per cent higher than adjusted EBITDA of EUR 33 million during the first three months of 2020.
  • Profit for the period was EUR 13.1 million, up by 4.4 per cent over the profit of EUR 12.5 million a year ago.
  • Free cash flow amounted to EUR 22.4 million and was 3.8 per cent lower than for the first quarter of 2020 when it amounted to 23.3 million.

Management comment:

During the first three months of 2021 we continued to operate under second COVID-19 quarantine imposed in Lithuania since November 2020 with our retail outlets partially closed and providing only vital services that could not be offered online. Online sale and remote customer care became extremely important during the pandemic. Closed shops effected sale of mobile devises and cross-border travelling restrictions have a negative impact on revenue from roaming services.

Majority of the Company's employees continue to work from home nevertheless we are preparing for the post-pandemic way of working by introducing the workcation - a possibility to work from any EU country up to one month per year.

The Bank of Lithuania forecasts that the country's GDP during 2021 will increase by 2.9 per cent and during 2022 - by 5.1 per cent, while inflation in 2021 will amount to 1.6 per cent and in 2022 - to 1.9 per cent.

The pandemic revealed the importance of connectivity quality and speed. Our continuous investments into upgrade and expansion of both fixed and mobile networks reflects in growing number of customers and the highest average speed of mobile Internet in the country - 93.5 Mbps. In response to increased demand for IT services and solutions we expanded and modernised one of our data centre in Vilnius. EUR 2 million was allocated for this project.

Also we have started a strategic project to upgrade our mobile network with Ericsson equipment throughout Lithuania. About 2,000 base stations will be installed over the next three years, making Telia Lietuva network more sustainable, secure and ready for commercial 5G deployment in the future. This will be one of the biggest investment projects ever.

In February, we've launched eSIM services using the most advance VoLTE technology. We kicked-off with Samsung smartphones and watches, but soon eSIM service will be available with devices of other vendors.

By the end of March we already had 80 thousand of households appreciating benefits of unique on the market converged service offer, Telia1. Over the last twelve months:

  • number of mobile service subscriptions increase by 2.7 per cent up to 1,385,
  • number of IPTV users grew by 2.8 per cent up to 253 thousand,
  • number of FTTH Internet customers was up by 1.5 per cent up to 299 thousand.

Intake of new customers in combination with the persisting demand for quality connectivity and content as well as IT solutions drives revenue up. Compared with first quarter of 2020 over the year:

  • revenue from IT services surged by 26.5 per cent,
  • revenue from TV services grew by 11.6 per cent,
  • revenue from broadband Internet services increased by 8.7 per cent,
  • revenue from billed mobile communication services went up by 5.2 per cent.

Higher revenue and control of operating expenses resulted in higher earnings in 2021 that a year ago. Also, during the first quarter of 2021 we sold our office building in Kaunas and recorded a EUR 1.2 million gain from this sale.

We remain committed to our sustainability agenda. Together with the colleagues from Estonia we are the first in Telia Company Group to reached parity of male and female employed and equal number of male and female managers. Our efforts were recognised during National Responsible Business Awards - Telia Lietuva was named as the Best Employer in 2020 among the large corporations. We are also number one operator in Lithuania according to Sustainable Brand Index rating. As a proof, in March we offered refurbished phones - used but tested smartphones for affordable price.

The Company's Board proposed to the Annual General Meeting of Shareholders that will be held on 27 April 2021 to allocate a record amount of EUR 58.3 million for payment of dividend for the year 2020 (EUR 0.10 dividend per share).

Telia Lietuva, AB Consolidated Financial Statements for the 3 months' period ended 31 March 2021

4

(All tabular amounts are in EUR '000 unless otherwise stated)

KEY FIGURES OF THE GROUP

January-March

Financial figures

2021

2020

Change (%)

Revenue

99,655

92,138

8.2

EBITDA excluding non-recurring items

33,956

32,999

2.9

EBITDA margin excluding non-recurring items (%)

34.1

35.8

EBITDA

34,776

32,765

6.1

EBITDA margin (%)

34.9

35.6

Operating profit (EBIT) excluding non-recurring items

14,342

15,140

(5.3)

EBIT margin excluding non-recurring items (%)

14.4

16.4

Operating profit (EBIT)

15,162

14,906

1.7

EBIT margin (%)

15.2

16.2

Profit before income tax

14,712

14,049

4.7

Profit before income tax margin (%)

14.8

15.2

Profit for the period

13,070

12,516

4.4

Profit for the period margin (%)

13.1

13.6

Earnings per share (EUR)

0.022

0.021

Number of shares (thousand)

582,613

582,613

-

Share price at the end of period (EUR)

2.04

1.23

65.9

Market capitalisation at the end of period

1,188,530

716,614

65.9

Cash flow from operations

32,049

34,241

(6.4)

Operating free cash flow

22,420

23,315

(3.8)

Operating figures

31-03-2021

31-03-2020

Change (%)

Mobile service subscriptions, in total (thousand)

1,385

1,349

2.7

-

Post-paid (thousand)

1,117

1,081

3.3

-

Pre-paid (thousand)

268

268

-

Broadband Internet connections, in total (thousand)

418

412

1.5

-

Fiber-optic (FTTH/B) (thousand)

299

290

3.1

-

Copper (DSL) (thousand)

119

122

(2.5)

Fixed telephone lines in service (thousand)

253

286

(11.5)

IPTV service customers (thousand)

253

246

2.8

Number of personnel (head-counts)

2,136

2,241

(4.7)

Number of full-time employees

1,984

2,050

(3.2)

Financial ratios*

31-03-2021

31-03-2020

Return on capital employed (%)

15.1

13.7

Return on average assets (%)

11.0

10.1

Return on shareholders' equity (%)

17.5

17.4

Operating cash flow to sales (%)

32.1

34.8

Capex to sales (%)

13.7

12.2

Net debt to EBITDA ratio

0.34

0.55

Gearing ratio (%)

13.6

20.9

Debt to equity ratio (%)

36.2

37.1

Current ratio (%)

127.2

127.6

Rate of turnover of assets (%)

68.6

65.4

Equity to assets ratio (%)

55.8

56.1

Price to earnings (P/E) ratio

21.1

12.9

Notes: * Description of financial ratios and their calculation is provided at https://www.telia.lt/eng/investors/financial-results

Telia Lietuva, AB Consolidated Financial Statements for the 3 months' period ended 31 March 2021

4

Disclaimer

Telia Lietuva AB published this content on 22 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2021 08:19:07 UTC.


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Financials
Sales 2020 398 M 471 M 471 M
Net income 2020 55,9 M 66,1 M 66,1 M
Net Debt 2020 126 M 149 M 149 M
P/E ratio 2020 19,0x
Yield 2020 5,48%
Capitalization 1 200 M 1 421 M 1 419 M
EV / Sales 2019 2,29x
EV / Sales 2020 2,99x
Nbr of Employees 2 044
Free-Float 11,9%
Chart TELIA LIETUVA, AB
Duration : Period :
Telia Lietuva, AB Technical Analysis Chart | TEL1L | LT0000123911 | MarketScreener
Income Statement Evolution
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Dan Olov Stromberg Chief Executive Officer
Arunas Linge Head-Finance
Douglas Gordon Lubbe Chairman
Andrius ŐemeÜkevicius Head-Technology Infrastructure
Claes Johan Ingemar Nycander Independent Director
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