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    TEL1L   LT0000123911

TELIA LIETUVA, AB

(TEL1L)
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Telia Lietuva : Quarterly Earnings

07/21/2021 | 07:09am EDT

TELIA LIETUVA, AB

CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND CONSOLIDATED INTERIM REPORT

FOR THE SIX MONTHS' PERIOD ENDED 30 JUNE 2021 (UNAUDITED)

Beginning of the financial year

1 January 2021

End of reporting period

30 June 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 and Interim Report for the 6 months' period ended 30 June 2021

2

TABLE OF CONTENT

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

4

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

14

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

15

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

16

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

17

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

18

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

18

Property, plant and equipment and intangible assets ..............................................................................................

18

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

19

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

19

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

19

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

20

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

20

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

20

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

21

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

21

INTERIM CONSOLIDATED REPORT..........................................................................................................................

22

Telia Lietuva, AB Consolidated Financial Statements and Interim Report for the 6 months' period ended 30 June 2021

3

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

MANAGEMENT REPORT

Second quarter of 2021:

  • Total revenue amounted to EUR 101.6 million, up by 4.6 per cent over the revenue of EUR 97.1 million in the second quarter of 2020.
  • EBITDA was EUR 34 million, an increase by 2.6 per cent over EBITDA of EUR 33.1 million a year ago.
  • Adjusted EBITDA (excluding non-recurring items) amounted to EUR 34.1 million and was 2.2 per cent higher than adjusted EBITDA of EUR 33.3 million for the second quarter of 2020.
  • Profit for the quarter was EUR 12.3 million, up by 8.2 per cent over the profit of EUR 11.4 million a year ago.

First half of 2021:

  • Total revenue amounted to EUR 201.3 million, an increase by 6.3 per cent over the revenue of EUR 189.3 million for the first half of 2020.
  • EBITDA reached EUR 68.8 million and was 4.4 per cent higher than EBITDA of EUR 65.9 million a year ago.
  • Adjusted EBITDA (excluding non-recurring items) amounted to EUR 68 million, an increase by 2.6 per cent over adjusted EBITDA of EUR 66.3 million for the first six months of 2020.
  • Profit for the period was EUR 25.4 million, up by 6.2 per cent over the profit of EUR 23.9 million a year ago.
  • Free cash flow amounted to EUR 34.8 million, a decrease by 23.3 per cent over the free cash flow of EUR 45.3 million a year ago.

Management comment:

The importance of high-quality connectivity remained high during the first half of 2021 as COVID-19 related lockdowns continued. The second quarantine is officially over as of 1 July 2021. As a result, demand for solutions supporting flexible working as well as for entertainment was strong. To respond to the increased customer preference for video-on-demand, our already appreciated content library was further strengthened. To be in the forefront of innovation we launched new eSIM solutions for smart watches and currently are the only operator in Lithuania to offer eSIM for Apple watches.

In order to enhance focus as well as achieve increased clarity on goals and expectations the customer channels organization was restructured into the Dare - Care model. Implying a Dare organization with focus on driving sales results and a Care organization focused on improving efficiency and providing superior customer care.

We have launched, for the first time a TV campaign dedicated to new and tailored offerings for SOHO and SME customers. This in combination with an increased sales focus targeting newly established businesses resulted in new customers intake in the SOHO/SME segment. During the pandemic demand for Cloud solutions surged by 40 per cent and more business customers choose equipment rent and work place management services.

Our converged offer, Telia1, is enjoyed in 82 thousand of households. Over the last twelve months:

  • number of mobile service subscriptions increase by 4 per cent up to 1,409,
  • number of FTTH Internet customers was up by 2.7 per cent up to 300 thousand,
  • number of IPTV users grew by 2 per cent up to 254 thousand.

Increased customer base, demand for IT solutions and higher usage of mobile data were pushing revenue up. Over the year, comparing the six months' period of 2021 with the same period in 2020:

  • revenue from IT services surged by 21.4 per cent,
  • revenue from equipment sale grew by 14.5 per cent,
  • revenue from TV revenue services increased by 12 per cent,
  • revenue from broadband Internet services went up by 10.6 per cent,
  • revenue from billed mobile services was up by 8.9 per cent.

To ensure network leadership in terms of speed and quality, we persistently invest into upgrade of mobile network. Total capital investments during the first half of 2021 were by almost one third higher than a year ago and exceeded EUR 31 million. As a result, Telia Lietuva leads mobile Internet speed race in Lithuania with average speed of 93.6 Mbps and already has 32 base stations providing non-commercial 5G connectivity of up to 1.8 Gbps speed.

In May, the Company paid-out a record high EUR 58.3 million (0.10 euro per share) dividends following the decision of the Annual General Meeting of shareholders. Shareholders for a new two-years term elected the Board of the Company: five members of the previous Board were re-elected (including one independent) and another independent new member of the Board, Dovilė Grigienė, was elected. Douglas Lubbe was re-elected as the Chair of the Board.

Telia Lietuva, AB Consolidated Financial Statements and Interim Report for the 6 months' period ended 30 June 2021

4

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

KEY FIGURES OF THE GROUP

January-June

Financial figures

2021

2020

Change (%)

Revenue

201,293

189,283

6.3

EBITDA excluding non-recurring items

68,034

66,337

2.6

EBITDA margin excluding non-recurring items (%)

33.8

35.0

EBITDA

68,787

65,909

4.4

EBITDA margin (%)

34.2

34.8

Operating profit (EBIT) excluding non-recurring items

29,494

30,713

(4.0)

EBIT margin excluding non-recurring items (%)

14.7

16.2

Operating profit (EBIT)

30,247

30,285

(0.1)

EBIT margin (%)

15.0

16.0

Profit before income tax

29,290

28,736

1.9

Profit before income tax margin (%)

14.6

15.2

Profit for the period

25,381

23,898

6.2

Profit for the period margin (%)

12.6

12.6

Earnings per share (EUR)

0.044

0.041

Number of shares (thousand)

582,613

582,613

-

Share price at the end of period (EUR)

2.01

1.41

42.6

Market capitalisation at the end of period

1,171,052

821,485

42.6

Cash flow from operations

56,606

67,835

(16.6)

Operating free cash flow

34,760

45,296

(23.3)

Operating figures

30-06-2021

30-06-2020

Change (%)

Mobile service subscriptions, in total (thousand)

1,409

1,355

4.0

-

Post-paid (thousand)

1,136

1,088

4.4

-

Pre-paid (thousand)

273

267

2.2

Broadband Internet connections, in total (thousand)

417

414

0.7

-

Fiber-optic (FTTH/B) (thousand)

300

292

2.7

-

Copper (DSL) (thousand)

117

122

(4.1)

Fixed telephone lines in service (thousand)

246

277

(11.2)

IPTV service customers (thousand)

254

249

2.0

Number of personnel (head-counts)

2,124

2,247

(5.5)

Number of full-time employees

1,963

2,059

(4.7)

Financial ratios*

30-06-2021

30-06-2020

Return on capital employed (%)

14.8

14.2

Return on average assets (%)

10.8

10.4

Return on shareholders' equity (%)

17.8

16.9

Operating cash flow to sales (%)

29.6

36.8

Capex to sales (%)

14.9

11.4

Net debt to EBITDA ratio

0.71

0.78

Gearing ratio (%)

32.9

34.5

Debt to equity ratio (%)

48.1

42.0

Current ratio (%)

91.6

98.2

Rate of turnover of assets (%)

68.5

66.5

Equity to assets ratio (%)

50.4

53.0

Price to earnings (P/E) ratio

20.4

15.2

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

Telia Lietuva, AB Consolidated Financial Statements and Interim Report for the 6 months' period ended 30 June 2021

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Telia Lietuva AB published this content on 21 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 11:08:07 UTC.


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Financials
Sales 2020 398 M 466 M 466 M
Net income 2020 55,9 M 65,5 M 65,5 M
Net Debt 2020 126 M 147 M 147 M
P/E ratio 2020 19,0x
Yield 2020 5,48%
Capitalization 1 194 M 1 399 M 1 400 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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