|Exam Name||:||Symantec Technical Foundations- Security(R) Solutions 1.0|
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|Updated On||:||February 15, 2019|
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ST0-095 exam Dumps Source : Symantec Technical Foundations- Security(R) Solutions 1.0
Test Code : ST0-095
Test Name : Symantec Technical Foundations- Security(R) Solutions 1.0
Vendor Name : Symantec
Q&A : 142 Real Questions
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this text become firstly published on ETFTrends.com.
Cybersecurity shares and sector-connected ETFs popped Friday on fourth quarter salary beats from gamers in the industry, including Symantec (SYMC) and Proofpoint (PFPT).
On Friday, the ETFMG leading Cyber security ETF (HACK) , the primary change traded fund dedicated to the quick-becoming cyber security house, expanded 1.5% and the First believe NASDAQ CEA Cybersecurity ETF (CIBR) , which also tracks organizations engaged in the cybersecurity segment of the tech and industrials sectors, received 1.5%.
Fueling the gains in the category, software maker Proofpoint printed revenue that topped estimates, together with a moderate earnings beat for the fourth quarter. meanwhile a few analysts have raised their outlook on the company.
as an instance, club raised Proofpoint from a “dangle” to a “buy”. whereas Wells Fargo & Co decreased their rate target on Proofpoint, the financial institution had a “outperform” rating for the business. Morgan Stanley decreased additionally their rate target on Proofpoint but set a “buy” score for the business, in accordance with Fairfield present.
PFPT shares jumped 11.6% Friday. PFPT makes up 3.9% of HACK's underlying portfolio and 3.1% of CIBR's portfolio.
Symantec Shares Surge
additionally, Symantec shares jumped 9.0% Friday after asserting quarterly income that surpassed expectations. the business pronounced salary of $65 million or 10 cents a share, in comparison with a profit of $1.34 billion, or $2.01 a share, a year ago, based on The street.
one by one, Symantec' Chief fiscal Officer Nicholas Noviello will be stepping all the way down to pursue other opportunities, a circulate that follows the conclusion of an accounting probe ultimate yr, the monetary times reports.
“Nick’s fiscal abilities, tireless efforts to force integration and transformation throughout the enterprise, and focal point on enhancing our business systems and operational methods have laid a powerful basis for Symantec’s future,” chief government Greg Clark referred to in a press release.
SYMC makes up 3.four% of HACK's portfolio and a pair of.9% of CIBR.
For extra counsel on the tech sector, discuss with our technology class.
accepted ARTICLES AND elements FROM ETFTRENDS.COM
read more AT ETFTRENDS.COM >
Google, which has accused Symantec and its partners of misissuing tens of thousands of certificates for encrypted web connections, quietly introduced Thursday that it’s downgrading the degree and length of trust Chrome will location in certificates issued by Symantec.
Encrypted net connections — HTTPS connections like these on banking websites, login pages or news sites like this one — are enabled by means of certificates Authorities, which determine the identity of the web page proprietor and problem them a certificate authenticating that they are who they say they are. feel of a certificate Authority like a passport agency and the certificates they subject like passports. with out the CA’s authentication of a domain owner’s id, clients can’t have confidence that the web site on the different conclusion of their HTTPS connection is truly their bank.
Symantec is an enormous on earth of CAs — its certificates vouched for roughly 30 % of the net in 2015. however Google claims that Symantec hasn’t been taking its duties seriously and has issued at least 30,000 certificates with out appropriately verifying the web sites that got them. It’s a major allegation that undermines the have confidence clients can area within the encrypted net, and Google says it'll start the manner of distrusting Symantec certificates in its Chrome browser. Symantec lashed out at Google’s claims, calling them “irresponsible” and “exaggerated and misleading.”
“in view that January 19, the Google Chrome group has been investigating a collection of screw ups by using Symantec company to accurately validate certificates. Over the path of this investigation, the explanations supplied by means of Symantec have printed a normally increasing scope of misissuance with each and every set of questions from members of the Google Chrome crew; an initial set of reportedly 127 certificates has expanded to include at least 30,000 certificates, issued over a length spanning several years,” Google application engineer Ryan Sleevi wrote in a forum publish outlining the case in opposition t Symantec. “here is additionally coupled with a collection of screw ups following the previous set of misissued certificates from Symantec, inflicting us to no longer have confidence in the certificate issuance guidelines and practices of Symantec over the past several years.”
To treatment the circumstance, Sleevi talked about that Chrome would in the reduction of the size of time the browser trusts a Symantec-issued certificates and, over time, would require websites to change historic Symantec certificates with more recent, depended on ones.
Sleevi stated that Symantec’s habits failed to meet the baseline requirements for a certificate Authority, developing what he called “large possibility for Google Chrome users.” He delivered:
Symantec allowed as a minimum 4 parties entry to their infrastructure in a method to cause certificate issuance, didn't sufficiently oversee these capabilities as required and anticipated, and when offered with facts of these companies’ failure to abide to the applicable standard of care, did not reveal such assistance in a timely method or to identify the significance of the issues suggested to them.
These issues, and the corresponding failure of applicable oversight, spanned a length of a few years, and were trivially identifiable from the information publicly accessible or that Symantec shared.
Chrome’s spat with Symantec stretches returned over greater than a 12 months. In October 2015, Google found out that Symantec has misissued certificates for Google itself and for Opera application.
Symantec investigated the concern and claimed that the entire misissued certificates had been issued as part of hobbies trying out. “Our investigation uncovered no facts of malicious intent, nor damage to any one,” Symantec pointed out on the time.
Symantec pushed lower back on Google’s current allegations Friday, announcing that Google had singled out Symantec and had exaggerated the number of misissued certificates resulting in the problem in the first region.
“Google’s statements about our issuance practices and the scope of our past mis-issuances are exaggerated and deceptive. as an instance, Google’s claim that we now have mis-issued 30,000 SSL/TLS certificates isn't actual. in the experience Google is regarding, 127 certificates — now not 30,000 — had been recognized as mis-issued, and they resulted in no client damage,” Symantec wrote in a blog post. “whereas all most important CAs have experienced SSL/TLS certificate mis-issuance events, Google has singled out the Symantec certificate Authority in its notion besides the fact that the mis-issuance experience recognized in Google’s blog publish concerned several CAs.”
Google’s Sleevi observed in an additional publish that Symantec partnered with different CAs — CrossCert (Korea digital certificate Authority), Certisign Certificatadora Digital, Certsuperior S. de R. L. de C.V., and Certisur S.A. — that did not follow proper verification techniques, which led to the misissuance of 30,000 certificates.
“Symantec has stated they were actively privy to this for at least one birthday party, didn't divulge this to root programs, and did not sever the connection with this celebration,” he wrote. “at least 30,000 certificates have been issued by these events, without a independent method to assess the compliance of these events to the anticipated specifications. extra, these certificates can not be technically identified or individual from certificates where Symantec carried out the validation role.”
while Google and Symantec continue their fight — Symantec pointed out it's “open to discussing the depend with Google in an effort to unravel the condition” — site house owners that use Symantec to investigate their HTTPS connections will need to start taking steps to be certain Chrome clients can access their websites devoid of getting hit with security warnings.
Symantec has severed ties with the four enterprises associated with the misissued certificates, so Chrome will believe new Symantec certificates going forward — web site owners just deserve to swap out their historical certificates for brand new ones.
here’s the time table, in keeping with Sleevi:
To balance the compatibility hazards versus the security hazards, we suggest a gradual distrust of all existing Symantec-issued certificates, requiring that they be replaced over time with new, entirely revalidated certificates, compliant with the current Baseline necessities. This can be completed via progressively lowering the ‘highest age’ of Symantec-issued certificates over a series of releases, distrusting certificates whose validity length (the difference of notBefore to notAfter) exceeds the exact maximum.
The proposed schedule is as follows:
Chrome 59 (Dev, Beta, strong): 33 months validity (1023 days)
Chrome 60 (Dev, Beta, solid): 27 months validity (837 days)
Chrome sixty one (Dev, Beta, strong): 21 months validity (651 days)
Chrome sixty two (Dev, Beta, stable): 15 months validity (465 days)
Chrome 63 (Dev, Beta): 9 months validity (279 days)
Chrome 63 (reliable): 15 months validity (465 days)
Chrome sixty four (Dev, Beta, stable): 9 months validity (279 days)
Symantec, for its half, looks hopeful that Google will again off and never require any adjustments in any respect. “We want to reassure our valued clientele and all consumers that they could proceed to have faith Symantec SSL/TLS certificates. Symantec will vigorously safeguard the secure and productive use of the cyber web, together with minimizing any advantage disruption brought about via the notion in Google’s blog submit,” the business observed.
Symantec Corp. Thursday fired its CEO, Steve Bennett, after less than two years on the job.
The Mountain View, Calif.-based mostly security vendor has appointed Michael Brown, a member of its board of directors, as its period in-between president and CEO. Bennett additionally stepped down from Symantec's board of directors.
"We respect Steve's contributions to Symantec, including developing and main a series of a hit initiatives focused on organizational realignment, charge discount and manner effectiveness. These adjustments have helped establish an exceptional groundwork for Symantec's future," talked about Symantec board chairman Daniel Schulman in a press release.
In looking for its next CEO, Schulman stated the enterprise's precedence is to identify a pacesetter who can leverage Symantec's belongings and leadership crew to force the next stage of product innovation and boom.
Bennett assumed the appropriate job at Symantec in July 2012, presently after the business's board removed its outdated CEO, Enrique Salem.
"This considered decision turned into the outcomes of an ongoing deliberative method," said Schulman, "and never precipitated by any event or impropriety."
just remaining week in an interview with CRN, Bennett designated his plans for growing to be massive Yellow's market share in key advice security product segments, emphasizing the so-called "Symantec four.0" approach that protected new highway maps for its assistance safety, information management and mobility product traces.
however, many have puzzled Symantec's strategy in fresh years as companies have shifted away from endpoint safety items, Symantec's core market, instead favoring a mixture of rising network safety items.
The enterprise is also dealing with a Justice branch investigation related to no matter if its sales practices violated the U.S. False Claims Act. Symantec mentioned efforts regarding the investigation are likely to charge the company close to $one hundred fifty million.
Symantec pointed out it's convening a distinct committee of its board of administrators to start an instantaneous search for a permanent CEO, with counsel from an govt search enterprise.
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TELESTE CORPORATION FINANCIAL STATEMENTS 7.2.2019 AT 08:30 EET
FINANCIAL STATEMENTS OF TELESTE CORPORATION 1 JANUARY TO 31 DECEMBER 2018
RESULT IMPROVED CLEARLY, RECORD-HIGH ORDER BACKLOG
Fourth quarter of 2018
- Net sales amounted to EUR 66.5 (58.7) million, an increase of 13.3%- Operating result stood at EUR 2.2 (0.3) million, an increase of 779%- Undiluted earnings per share were EUR 0.09 (-0.01)- Orders received totalled EUR 81.0 (66.7) million, an increase of 21.4%- Cash flow from operations was EUR 4.6 (6.4) million, a decrease of 27.0%
January - December 2018
- Net sales amounted to EUR 250.3 (234.6) million, an increase of 6.7%- Operating result stood at EUR 9.7 (-7.5) million- Undiluted earnings per share were EUR 0.38 (-0.50)- Orders received totalled EUR 264.0 (262.9) million, an increase of 0.4%- Cash flow from operations was EUR 15.0 (19.3) million, a decrease of 22.0%
The Board of Directors proposes a dividend of EUR 0.20 (0.10) per outstanding share.
Outlook for 2019
Teleste expects the company's net sales to remain at the level of 2018 (EUR 250.3 million). Operating result is expected to increase compared with 2018 (EUR 9.7 million).
Comments by CEO Jukka Rinnevaara:
"Orders received in the fourth quarter increased significantly year-on-year and quarter-on-quarter. Order backlog increased, reaching the highest level in Teleste's history. Net sales were up year-on-year in both business areas. Operating result also increased in both business areas.
Orders received by Video and Broadband Solutions increased year-on-year. In particular, orders for access network products increased clearly compared with the previous quarters. Denmark, Belgium and Austria were growth markets. We continued to invest in the development of next-generation distributed access architecture solutions. Our product range is becoming ready for new deployments in Europe and America. We progressed to the testing phase with the first customers. In 2018, we won many significant deals for video security and information solutions, and our order backlog was high at the turn of the year, forecasting strong growth also in 2019. In addition, we won a strategically significant order to deliver the situational awareness system for the Helsinki metro. The system is based on Teleste's S-AWARE platform. Approximately 75 per cent of the orders in Teleste's highest ever order backlog will be delivered in 2019. Net sales increased particularly in video security and information solutions in France, Finland and Canada. Because of the increased net sales, operating result also increased year-on-year. The launching of distributed access architecture-based network investments has been delayed, but it will provide opportunities for growth in the years to come.
Net sales of Network Services improved in Germany, because of the main customer's special projects and the new frame agreement signed in spring. The operating result of the business area increased as a result of higher net sales year-on-year. The services business in Germany is still challenged by the loss made in certain subcontracted services. However, there is significant improvement potential in the management of our own operations and the subcontractor network, and we continue to systematically develop the operations. Business in the other service markets progressed mainly favourably.
In 2018, we progressed according to plan in the company's strategic areas. The strategic priorities in 2019 include development of the distributed access architecture offering and successful launch of sales in the North American cable operator market; significant growth of net sales and improved performance in video security and information solutions; and development of operations and improved profitability in the services business in Germany. We believe that the measures we chosen will ensure continued profitable growth also in the years to come. In 2019, the technological transition in access networks and its timing will affect demand for our products. We expect demand for traditional HFC technology to slow down and investment in next generation distributed access architecture to increase. We predict that these investments will be launched in stages towards the end of 2019, first in North America and then in Europe. The timetable for the launches of the new architecture is difficult to predict, which is why we expect Teleste's net sales to remain on par with 2018."
Group Operations October - December 2018Key figures (EUR million) 10–12/2018 10–12/2017 Change Orders received 81.0 66.7 +21.4% Net sales 66.5 58.7 +13.3% EBIT 2.2 0.3 +779.6% EBIT, % 3.4% 0.4% Result for the period 1.6 -0.2 Other important key figures Earnings per share, EUR 0.09 -0.01 Cash flow from operations, EUR million 4.6 6.4 -27.0%
Orders received by the Group in the fourth quarter increased by 21.4% to EUR 81.0 (66.7) million. Order backlog increased during the quarter by 25.6% to EUR 71.0 (57.4) million, which is the highest order backlog in Teleste's history. Net sales increased by 13.3% to EUR 66.5 (58.7) million.
Expenses for material and manufacturing services increased by 18.3% to EUR 36.2 (30.6) million. Personnel expenses increased by 0.9% to EUR 17.9 (17.8) million. Depreciation, amortisation and other operating expenses increased by 0.2% to EUR 10.5 (10.5) million. Operating result increased by 779.6% to EUR 2.2 (0.3) million, representing 3.4% (0.4%) of net sales. The result for the reference period included EUR 0.8 million of restructuring expenses. Net financial expenses were EUR 0.1 (0.2) million. Taxes were EUR 0.5 (0.3) million. Undiluted earnings per share were EUR 0.09 (-0.01). Cash flow from operations was EUR 4.6 (6.4) million, a decrease of 27.0% resulting from changes in net working capital.
Group Operations January - December 2018Key figures (EUR million) 1–12/2018 1–12/2017 Change Orders received 264.0 262.9 +0.4% Net sales 250.3 234.6 +6.7% EBIT 9.7 -7.5 EBIT, % 3.9% -3.2% Result for the period 6.8 -9.1 Other important key figures Earnings per share, EUR 0.38 -0.50 Cash flow from operations, M€ 15.0 19.3 -22.0% Net gearing, % 5.9% 16.8% Equity ratio, % 51.7% 48.3% Personnel at period-end 1,353 1,446 -6.5%
Orders received by the Group increased by 0.4% to EUR 264.0 (262.9) million, the highest level in Teleste's history. Net sales increased by 6.7% to EUR 250.3 (234.6) million.
Operating result was EUR 9.7 million, while operating result for the reference period was EUR 7.5 million negative. Operating result represented 3.9% (-3.2%) of net sales. Result for the reference period included the goodwill impairment of EUR 7.7 million related to the services business in Germany as well as the restructuring provisions of EUR 2.4 million in Germany and Finland. Operating result improved in both Video and Broadband Solutions and Network Services. Expenses for material and manufacturing services increased by 8.0% to EUR 137.9 (127.7) million. Personnel expenses decreased by 4.9% and were EUR 66.0 (69.4) million. The decrease resulted from the decreased number of personnel. Depreciation, amortisation and other operating expenses decreased by 1.1% to EUR 38.5 (38.9) million. Net financial expenses were EUR 0.7 (0.9) million. Taxes for the Group amounted to EUR 2.2 (0.7) million, and effective tax rate was 24.5%. Undiluted earnings per share were EUR 0.38 (-0.50). Cash flow from operations was EUR 15.0 (19.3) million. Cash flow in the reference period was significantly improved by new, shorter payment terms for clients, obtained through a supplier financing programme.
Video and Broadband Solutions October - December 2018EUR 1,000 10–12/2018 10–12/2017 Change Orders received 51,142 43,424 +17.8% Net sales 36,691 35,429 +3.6% EBIT 1,942 480 +304.9% Operating result, % 5.3% 1.4%
Orders received increased by 17.8% year-on-year to EUR 51.1 (43.4) million. Orders received increased both in access network products and in video security and information solutions. Order backlog increased during the quarter by 25.6% and was EUR 71.0 (57.4) million at quarter-end.
Net sales increased by 3.6% to EUR 36.7 (35.4) million. Net sales increased in video security and information solutions, but decreased in access network products. Operating result increased by 304.9%, standing at EUR 1.9 (0.5) million and representing 5.3% (1.4%) of net sales. Operating result was improved by the increased net sales of video security and information solutions.
R&D expenses amounted to EUR 3.4 (3.2) million, representing 9.2% (9.0%) of net sales in the business area. Product development projects focused on distributed access architecture (including solutions designed for the US market), situational awareness and video security solutions, passenger information systems and customer-specific projects. Capitalised R&D expenses amounted to EUR 1.2 (0.8) million. Depreciation on capitalised R&D expenses was EUR 0.6 (0.5) million.
Video and Broadband Solutions January - December 2018EUR 1,000 1–12/2018 1–12/2017 Change Orders received 152,307 170,359 -10.6% Net sales 138,677 142,082 -2.4% EBIT 7,738 4,888 +58.3% EBIT, % 5.6% 3.4%
Orders received decreased year-on-year by 10.6% to EUR 152.3 (170.4) million. The biggest decrease in orders received was seen in access network products. Net sales decreased by 2.4% to EUR 138.7 (142.1) million. Net sales decreased in access network products and increased in video security and information solutions. Operating result increased by 58.3%, standing at EUR 7.7 (4.9) million and representing 5.6% (3.4%) of net sales. Operating result was improved by the increased net sales of video security and information solutions. Operating result for the reference period was burdened by the EUR 0.8 million restructuring provision related to personnel reduction.
R&D expenses amounted to EUR 12.5 (12.1) million, representing 9.0% (8.5%) of net sales. Product development projects focused on distributed access architecture, network products complying with the DOCSIS 3.1 standard (including solutions designed for the US market), situational awareness and video security solutions, passenger information systems and customer-specific projects. Capitalised R&D expenses amounted to EUR 4.8 (3.5) million. Depreciation on capitalised R&D expenses was EUR 2.2 (1.5) million.
Network Services October - December 2018EUR 1,000 10–12/2018 10–12/2017 Change Orders received 29,829 23,273 +28.2% Net sales 29,829 23,273 +28.2% EBIT 291 -226 EBIT, % 1.0% -1.0%
Orders received and net sales increased by 28.2% year-on-year to EUR 29.8 (23.3) million. Net sales were increased in Germany by deliveries for a large project and the service rates of the frame agreement signed with our main customer early in 2018. Operating result increased by EUR 0.5 million year-on-year to EUR 0.3 (-0.2) million. Operating result represented 1.0% (-1.0%) of net sales. Operating result improved as a result of increased net sales in Germany, but decreased in England.
Network Services January - December 2018EUR 1,000 1–12/2018 1–12/2017 Change Orders received 111,669 92,507 +20.7% Net sales 111,669 92,507 +20.7% EBIT 1,983 -12,437 EBIT, % 1.8% -13.4%
Orders received and net sales increased by 20.7% to EUR 111.7 (92.5) million. In particular, net sales were increased in Germany by deliveries for a large project and the service rates of the frame agreement signed with our main customer early in 2018. Operating result was EUR 2.0 million, while operating result for the reference period was EUR 12.4 million negative. The negative operating result for the reference period included the goodwill impairment and restructuring provision for the services business in Germany, totalling EUR 9.3 million.
Personnel and organisation January - December 2018
In the period under review, the average number of people employed by the Group was 1,393 (1,492/2017, 1,514/2016). Of these, 700 (763) were employed by Video and Broadband Solutions and 693 (729) by Network Services. At the end of the review period, the Group employed 1,353 people (1,446/2017, 1,511/2016), of whom 65% (65%/2017, 66%/2016) were stationed abroad. Approximately 2% of the Group's employees were working outside Europe.
Personnel expenses decreased by 4.9% year-on-year and were EUR 66.0 (69.4/2017, 72.6/2016) million. The decrease in personnel expenses was due to a lower number of personnel year-on-year. The average number of personnel decreased by 6.7%. The number of personnel decreased in both Video and Broadband Solutions and Network Services.
Investments January - December 2018
Investments by the Group totalled EUR 7.0 (7.5) million, representing 2.8% (3.2%) of net sales. Of the investments, EUR 4.8 (3.5) million were related to product development. No company acquisitions were made during the financial period. Of the investments made in the previous financial period, EUR 2.1 million were related to a company acquisition. Other investments were related to machines, equipment and information systems. Of the investments, EUR 0.2 (0.4) million were carried out under financial lease arrangements.
Product development projects focused on distributed access architecture, network products complying with the DOCSIS 3.1 standard (including solutions designed for the US market), situational awareness and video security solutions, passenger information systems and customer-specific projects.
Financing and Capital Structure January - December 2018
Cash flow from operations was EUR 15.0 (19.3) million. In the reference period, cash flow from operations was improved by the introduction of the supplier financing programme.
Teleste Corporation has credit and loan facilities with a combined total value of EUR 50.0 million. The EUR 20.0 million credit facility will run until the end of August 2020 and involves a 1+1-year extension option. The five-year loan facility of EUR 30.0 million will mature in August 2022. The loan is repaid in annual instalments of EUR 3.0 million. At the end of the period under review, the amount of unused binding credit facilities was EUR 20.0 (20.0) million. On 31 December 2018, the Group's interest-bearing debt stood at EUR 26.8 (33.2) million.
The Group's equity ratio was 51.7% (48.3%) and net gearing ratio 5.9% (16.8%).
Key risks faced by the business areas
Founded in 1954, Teleste is a technology and services company consisting of two business areas: Video and Broadband Solutions and Network Services. Europe is the main market and business area, but the company aims to expand its business particularly in North America. Teleste’s customers include cable operators, public transport operators, rolling stock manufacturers and specified organisations in the public sector.
In Video and Broadband Solutions, customer-specific and integrated deliveries of solutions create favourable conditions for growth. On the other hand, the allocation of resources to the deliveries and the technical implementation are demanding tasks, which is why there are also risks involved. Our operator customers' network investments vary according to the development of technology, customers' need to upgrade and their financial structure. End-to-end deliveries of video security and information solution systems may be large in size, setting high demands for the project quotation calculation and management and, consequently, involving risks. Increased competition created by the new service providers may undermine the cable operators' ability to invest. Correct technological choices, product development and their timing are vital to our success. Various technologies are used in our products and solutions, and the intellectual property rights associated with the application of these technologies can be interpreted in different ways by different parties. Such difficulties of interpretation may lead to costly investigations or court proceedings. Customers have very demanding requirements for the performance of products, their durability in challenging conditions and their compatibility with other components of integrated systems. Regardless of careful planning and quality assurance, complex products may fail in the customer's network and lead to expensive repair obligations. The consequences of natural phenomena or accidents, such as fire, may reduce the availability of components in the order-delivery chain of the electronics industry or suspend our own manufacturing operations. Many competitors in the business area come from the USA, which is why the exchange rate of the euro against the US dollar has an effect on our competitiveness. In particular, the development of the exchange rates of the US dollar and the Chinese renminbi against the euro influences our product costs. The company hedges against short-term currency exposure by means of forward exchange contracts.
Net sales of Network Services come mainly from a small number of large European customers. Therefore, a significant change in the demand for our services by any one of them is reflected in the actual deliveries and profitability. The improvement of customer satisfaction and productivity requires efficient service process management, as well as innovative process, product and logistics solutions to ensure the quality and cost-efficiency of services. The smooth functioning of cable networks requires efficient technical management of the networks and suitable equipment solutions in accordance with contractual obligations. This, in turn, requires continuous development of the skills and knowledge of our personnel and subcontractors. In addition, the sufficiency and usage rates of our personnel and subcontractor network influence the company's delivery capacity and profitability. Subcontractors' costs may increase faster than it is possible for Teleste to increase the prices of its services to its own customers. In larger projects with overall responsibility, tender calculation and project management are complex tasks that involve risks. Severe weather conditions may affect our ability to deliver services.
Teleste's strategy involves risks and uncertainties: new business opportunities may fail to be identified or successfully used. The business areas must take into account market movements, such as consolidations among our customers and competitors. Periods of technological transition, such as operators migrating to distributed access architecture, may significantly change the competitive positions of the current suppliers and attract new competitors to the market. Intensified competition may decrease the prices of products and solutions faster than we are able to reduce our products' manufacturing and delivery costs.
Various information systems are critical to the development, manufacture and supply of products to our customers. The maintenance of information systems and deployment of new systems involve risks that may affect our ability to deliver products and services. Information systems may also be exposed to external threats and we need to protect them. Recruiting and maintaining skilled personnel requires encouragement, development and recruitment efforts, which can fail.
The Board of Directors annually reviews essential business risks and their management. Risk management constitutes an integral part of the strategic and operational activities of the business areas. Risks are reported to the Board on a regular basis.
On 23 December 2016, a competitor of Teleste filed two complaints against Teleste Limited, demanding damages from the company for the infringement of two patents. Teleste has denied the patent infringements. On 29 January 2019, the court issued its decision on one of the complaints. The decision was favourable for Teleste. The decision will be final after the appeal period, unless it is appealed. The other litigation is still pending. According to the assessment by Teleste's management, the results of these litigations are not expected to have a material effect on Teleste's financial position.
The parent company has a branch office in the Netherlands and subsidiaries in 14 countries outside Finland.
Shares and changes in share capital
On 31 December 2018, Tianta Oy was the largest single shareholder with a holding of 23.2%.
In the period under review, the lowest company share price was EUR 5.12 (6.51) and the highest was EUR 7.58 (9.62). Closing price on 31 December 2018 stood at EUR 5.26 (6.68). According to Euroclear Finland Ltd, the number of shareholders at the end of the period under review was 5,531 (5,618). Foreign and nominee-registered holdings accounted for 6.2% (6.6%) of the holdings. The value of Teleste's shares traded on the Nasdaq Helsinki from 1 January to 31 December 2018 was EUR 13.3 (16.8) million. In the period under review, 2.0 (2.0) million Teleste shares were traded on the stock exchange. Teleste's share is quoted in the technology section of Nasdaq Helsinki.
On 5 April 2018, Teleste Corporation's Board of Directors decided on a directed share issue without consideration, relating to the payment of the reward for the 2015-2017 performance period of Teleste Group's share-based incentive plan 2015. In the share issue, a total of 42,771 Teleste Corporation shares in the possession of Teleste Corporation were conveyed without consideration to key persons included in the share-based incentive plan, in accordance with the terms of the plan. On 31 December 2018, the Group held 821,182 (863,953) of its own shares, all held by the parent company Teleste Corporation. At the end of the review period, the Group's holding of the total number of shares amounted to 4.3% (4.6%).
On 31 December 2018, the company's registered share capital stood at EUR 6,966,932.80, divided into 18,985,588 shares.
Valid authorisations at the end of the review period:- The Board of Directors may acquire 1,200,000 own shares of the company otherwise than in proportion to the holdings of the shareholders with unrestricted equity through trading on the regulated market organised by Nasdaq Helsinki at the market price of the time of the purchase.- The Board of Directors may decide on issuing new shares and/or transferring the company's own shares held by the company, so that the maximum total number of shares issued and/or transferred is 2,000,000.- The total number of new shares to subscribe for under the special rights granted by the Company and own shares held by the Company to be transferred may not exceed 1,000,000 shares, which number is included in the above maximum number concerning new shares and the Group's own shares held by the Company.- These authorisations are valid until 5 October 2019.
Decisions by the Annual General Meeting
The Annual General Meeting (AGM) of Teleste Corporation held on 5 April 2018 adopted the financial statements and consolidated financial statements for 2017 and discharged the Board of Directors and the CEO from liability for the financial period 2017. The AGM confirmed the dividend of EUR 0.10 per share as proposed by the Board. The dividend was paid on 16 April 2018 on shares other than own shares held by the Company.
The AGM decided that the Board of Directors shall consist of six members. Pertti Ervi, Jannica Fagerholm, Timo Miettinen, Timo Luukkainen and Kai Telanne were re-elected as members of Teleste Corporation's Board of Directors, and Heikki Mäkijärvi was elected as a new Board member. Pertti Ervi was elected Chair of the Board in the organising meeting held after the AGM. The Board of Directors decided to establish an audit committee. Jannica Fagerholm was elected Chair of the Audit Committee, and Pertti Ervi and Kai Telanne were elected as members.
The AGM decided to elect one auditor for Teleste Corporation. Audit firm KPMG Oy Ab was chosen as the company's auditor. The auditor has appointed Petri Kettunen, APA, as the auditor in charge.
The Annual General Meeting decided to authorise the Board of Directors to decide on the purchase of the company's own shares. According to the authorisation, the Board of Directors may acquire 1,200,000 own shares of the company otherwise than in proportion to the holdings of the shareholders with unrestricted equity through trading on the regulated market organised by Nasdaq Helsinki Ltd at the market price of the time of the purchase. This authorisation is valid for 18 months from the date of the AGM's decision. The authorisation overrides any previous authorisations to purchase the company's own shares.
The Annual General Meeting decided to authorise the Board of Directors to decide on issuing new shares and/or transferring the Company's own shares held by the Company and/or granting special rights referred to in Chapter 10, section 1 of the Limited Liability Companies Act, in accordance with the Board's proposal. Under the authorisation, the Board of Directors has the right to decide on issuances of new shares and/or transferring the Company's own shares held by the Company, so that the maximum total number of shares issued and/or transferred is 2,000,000. The total number of new shares to subscribe for under the special rights granted by the Company and own shares held by the Company to be transferred may not exceed 1,000,000 shares, which number is included in the above maximum number concerning new shares and the Group's own shares held by the Company.
The authorisations are valid for 18 months from the date of the AGM's decision. The authorisations override any previous authorisations to decide on issuances of new shares and on granting stock option rights or other special rights entitling to shares.
Outlook for 2019
The business objective of Video and Broadband Solutions is to maintain its strong market position in Europe and to strengthen this market position particularly in Northern America.
Demand for broadband services by cable operators continues to grow. Household broadband services are estimated to grow by 30-40 per cent a year. European cable operators have been able to competitively respond to the increasing demand by investing in DOCSIS 3.1 standard-compliant 1.2 GHz frequency range network upgrades. Investments in expansion of the traditional HFC network infrastructure frequency range continue, but operators are already planning investment in next-generation distributed access architecture network solutions. For years now, the cable industry, including Teleste, has been preparing for the next technology wave with which investment in cable network infrastructure can be competitively continued also in the years to come. We expect that new investment projects that are based on distributed access architecture will be launched in Europe and North America in 2019. The transition to the new access architecture requires careful preparation, and we expect that upgrade projects will increase and more and more operators will launch distributed architecture investment projects in 2020. Transition to distributed architecture provides Teleste with growth opportunities, but it also involves risks. Growth is enabled by the increased value of access network optical products as well as the possibility to use the technological transition to expand business into the North American markets. Achieving interoperability with the cable network central systems is the most significant risk. We estimate that net sales from access network products in 2019 will be on par with the previous year, including the launch of distributed architecture product sales.
Ensuring safety in city environments, increase of public transport services and the increasing popularity of smart digital systems for a smoother life provide a foundation for growing business. Public transport operators must ensure smooth running of services and infrastructure as well as passenger safety. Supply of real-time information for passengers is essential for flexible public transport. The public transport information systems market as well as video security and situational awareness systems market are expected to grow in 2019. The prices of traditional video security systems have fallen and competition has increased considerably. Video security solutions are becoming increasingly smart, including pattern recognition and artificial intelligence. Furthermore, a need is arising in the market for comprehensive situational awareness systems that include management of other sensor-level data flows in addition to video image and automate operating processes in exceptional situations. Ensuring competitiveness requires Teleste to continuously make R&D investments in new intelligent solutions. In addition, it is necessary to improve the productivity and cost-efficiency of business. The order backlog of video security and information solutions increased in 2018. Characteristic for the business, a considerable proportion of deliveries will be distributed over several years. We estimate that net sales for video security and information solutions will continue to increase in 2019 from the previous year.
In Network Services, operators will increase their demand for various services as a result of changes in access architectures. As to Network Services, our business objective is to further develop operational efficiency and increase the share of those services that provide our customers with higher added value. In our largest market area, Germany, we will continue to improve the efficiency of operations, strengthen the capabilities of the organisation and renew the subcontractor network. In addition, we will invest in the continuous improvement of customer satisfaction. In 2018, we completed an important delivery project in Germany, and the forecast for 2019 does not include a similar project. Therefore, we estimate that net sales of Network Services will decrease in 2019 compared with the previous year.
Teleste expects the company's net sales to remain at the level of 2018 (EUR 250.3 million). Operating result is expected to increase compared with 2018 (EUR 9.7 million).
6 February 2019
Teleste Corporation Jukka RinnevaaraBoard of Directors President and CEO
Teleste's Annual Report for 2018, which includes the audited financial statements, will be published no later than week 11 2019. The Company will issue a statement of its corporate governance as a separate report, which will be published together with the Annual Report, and will be simultaneously available on the Company's web site.
This interim report has been compiled in compliance with IAS 34, as it is accepted within EU, using the recognition and valuation principles with those used in the Annual Report. The data stated in this report is audited.STATEMENT OF COMPREHENSIVE INCOME, 1000 euros 10-12/2018 10-12/2017 Change % Net sales 66,519 58,702 13.3 % Other operating income 421 474 -11.2 % Raw material and consumables used -36,224 -30,626 18.3 % Employee benefits expense -17,939 -17,772 0.9 % Depreciations -1,497 -1,313 14.0 % Other operating expenses -9,047 -9,210 -1.8 % Operating profit 2,233 254 779.6 % Financial income 55 123 -55.1 % Financial expenses -160 -331 -51.8 % Profit before taxes 2,129 46 4505.8 % Taxes -494 -259 90.8 % Profit for the period 1,635 -213 n/a Profit attributable to: Owners of the parent company 1,658 -173 n/a Non-controlling interests -23 -40 1,635 -213 n/a Earnings per share for profit of the year attributable to the equity holders of the parent Basic (expressed in euro per share) 0.09 -0.01 n/a Diluted (expressed in euro per share) 0.09 -0.01 n/a Total comprehensive income for the period, 1000 euros Net profit 1,635 -213 n/a Items that may be reclassified to profit or loss: Translation differences -124 -56 122.6 % Fair value reserve -12 58 n/a Total comprehensive income for the period 1,498 -211 n/a Total comprehensive income attributable to: Owners of the parent company 1,515 -133 n/a Non-controlling interests -17 -78 -78.2 % 1,498 -211 n/a STATEMENT OF COMPREHENSIVE INCOME, 1000 euros 1-12/2018 1-12/2017 Change % Net sales 250,346 234,589 6.7 % Other operating income 1,766 1,531 15.3 % Raw material and consumables used -137,905 -127,673 8.0 % Employee benefits expense -66,014 -69,406 -4.9 % Depreciation -5,980 -5,263 13.6 % Impairment on goodwill 0 -7,705 -100.0 % Other operating expenses -32,492 -33,623 -3.4 % Operating profit 9,721 -7,549 n/a Financial income 325 537 -39.4 % Financial expenses -986 -1,458 -32.4 % Profit before taxes 9,060 -8,470 n/a Taxes -2,219 -675 228.5 % Profit for the period 6,841 -9,145 n/a Profit attributable to: Owners of the parent company 6,975 -9,106 n/a Non-controlling interests -133 -40 6,841 -9,145 n/a Earnings per share for profit of the year attributable to the equity holders of the parent Basic (expressed in euro per share) 0.38 -0.50 n/a Diluted (expressed in euro per share) 0.38 -0.50 n/a Total comprehensive income for the period (tEUR) Net profit 6,841 -9,145 n/a Items that may be reclassified to profit or loss: Translation differences -241 -423 -43.1% Fair value reserve -3 58 n/a Total comprehensive income for the period 6,598 -9,511 n/a Total comprehensive income attributable to: Owners of the parent company 6,705 -9,432 n/a Non-controlling interests -108 -78 37.6 % 6,598 -9,511 n/a STATEMENT OF FINANCIAL POSITION, 1000 euros Assets 1000 euros 31.12.2018 31.12.2017 Change % Non-current assets Property, plant and equipment 11,268 9,469 19.0 % Goodwill 30,573 30,814 -0.8 % Other intangible assets 8,601 9,637 -10.7 % Other non-current financial assets 561 693 -19.0 % Deferred tax assets 2,131 2,061 3.4 % Total 53,135 52,674 0.9 % Current assets Inventories 32,833 33,689 -2.5 % Trade and other receivables 50,500 45,520 10.9 % Income tax receivables 288 362 -20.2 % Cash 22,240 21,230 4.8 % Total 105,861 100,801 5.0 % Total assets 158,996 153,475 3.6 % Equity and liabilities Equity attributable to equity holders of the parent Share capital 6,967 6,967 0.0 % Share premium 1,504 1,504 0.0 % Translation differences -1,570 -1,404 11.8 % Invested non restricted equity 3,048 3,062 -0.5 % Retained profits 66,691 60,593 10.1 % Non-controlling interests 522 630 -17.1 % Total 77,163 71,352 8.1 % Non-current liabilities Interest-bearing liabilities 22,590 28,394 -20.4 % Other liabilities 81 1,159 -93.0 % Deferred tax liabilities 1,607 1,429 12.5 % Provisions 266 619 -56.9 % Total 24,545 31,601 -22.3 % Current liabilities Trade and other liabilities 51,089 43,763 16.7 % Current tax payable 966 719 34.3 % Provisions 1,012 1,186 -14.7 % Interest-bearing liabilities 4,222 4,853 -13.0 % Total 57,288 50,522 13.4 % Total liabilities 81,833 82,123 -0.4 % Equity and liabilities total 158,996 153,475 3.6 % CONSOLIDATED CASH FLOW STATEMENT, 1000 euros 1.1.-31.12. 1.1.-31.12. Change % 2018 2017 Cash flows from operating activities Profit for the period 6,841 -9,145 n/a Adjustments for: Depreciation, amortisation and impairment 5,980 12,968 -53.9 % Other non-cash items 850 1,529 -44.4 % Financial income and expenses 662 921 -28.1 % Dividends -4 -6 -33.3 % Taxes 2,219 675 228.5 % Change in working capital Increase/decrease in trade and other receivables -4,980 14,749 n/a Increase/decrease in inventories 857 -145 n/a Increase/decrease in trade and other payables 4,514 260 1636.2 % Increase/decrease in provisions 527 134 293.0 % Paid interests and other financial expenses -986 -1,458 -32.4 % Received interests and dividends 325 537 -39.4 % Paid taxes -1,796 -1,765 1.8 % Cash flow from operating activities 15,009 19,254 -22.0 % Cash flow from investing activities Purchases of property, plant and equipment (PPE) -825 -1,975 -58.2 % Proceeds from sales of PPE 166 210 -21.0 % Purchases of intangible assets -4,843 -3,123 55.1 % Purchase of investments -143 0 n/a Acquisition of subsidiary, net of cash acquired 0 -996 n/a Net cash used in investing activities -5,645 -5,884 -4.1 % Cash flow from financing activities Proceeds from borrowings 4,087 4,000 2.2 % Payments of borrowings -10,009 -1,138 779.5 % Payment of finance lease liabilities -655 -638 2.7 % Dividends paid -1,816 -4,530 -59.9 % Capital investment by non-controlling interests 0 708 n/a Net cash used in financing activities -8,393 -1,598 425.2 % Change in cash Cash and cash equivalents 1.1. 21,230 9,496 123.6 % Effect of currency changes 39 -38 n/a Cash and cash equivalents 31.12. 22,240 21,230 4.8 % Consolidated statement of changes in equity,1000 euros Attributable to equity holders of the parent (tEUR) A Share capital B Share premium C Translation differences D Retained earnings E Invested free capital F Other funds G Total H Share of non-controlling interest I Total equity A B C D E F G H I Equity 31.12.2017 6,967 1,504 -1,404 60,592 3,140 -78 70,722 630 71,352 New standards & other changes 179 179 179 Total comprehensive income for the period 0 0 6,975 0 0 6,975 -133 6,841 Dividends 0 0 0 -1,816 0 0 -1,816 0 -1,816 Equity-settled share-based payments 850 850 0 850 Translation differences 0 0 -165 -86 0 -15 -266 25 -241 Equity 31.12.2018 6,967 1,504 -1,569 66,691 3,140 -92 76,640 522 77,163 Business segments 2018, 1000 euros Video andBroadbandSolutios NetworkServices Group External sales Services 4,687 111,669 116,356 Goods 133,990 0 133,990 External sales total 138,677 111,669 250,346 Operating profit of segments 7,738 1,983 9,721 Financial items -661 Profit before taxes 9,060 Business segments 2017, 1000 euros Video andBroadbandSolutions NetworkServices Group External sales Services 7,567 92,507 100,074 Goods 134,515 0 134,515 External sales total 142,082 92,507 234,589 Operating profits of the segments 4,888 -12,437 -7,549 Financial items -921 Profit before taxes -8,470 Geographical segments 2018, 1000 euros Nordic countries Other Europe Finland Others Group Sales by origin 24,606 201,367 15,172 9,201 250,346 Assets 348 7,013 43,520 122 51,003 Capital expenditure for the period 228 1,618 5,143 0 6,989 Geographical segments 2017, 1000 euros Nordic countries Other Europe Finland Others Group Sales by origin 28,634 179,884 13,296 12,774 234,589 Assets 154 6,398 43,806 255 50,613 Capital expenditure for the period 80 3,101 4,168 134 7,482 Segment information per quarter, 1000 euro 10-12/18 7-9/18 4-6/18 1-3/18 10-12/17 1-12/2018 1-12/2017
Video and Broadband SolutionsOrder intake 51,142 29,032 32,189 39,945 43,424 152,307 170,359 Net sales 36,691 32,191 37,199 32,596 35,429 138,677 142,082 EBIT 1,942 2,737 2,642 417 480 7,738 4,888 EBIT % 5.3 % 8.5 % 7.1 % 1.3 % 1.4 % 5.6 % 3.4 %
Network ServicesOrder intake 29,829 27,179 27,963 26,698 23,273 111,669 92,507 Net sales 29,829 27,179 27,963 26,698 23,273 111,669 92,507 EBIT 291 460 828 404 -226 1,983 -12,437 EBIT % 1.0 % 1.7 % 3.0 % 1.5 % -1.0 % 1.8 % -13.4 %
TotalOrder intake 80,970 56,211 60,152 66,643 66,697 263,976 262,866 Net sales 66,519 59,370 65,163 59,294 58,702 250,346 234,589 EBIT 2,233 3,197 3,470 821 254 9,721 -7,549 EBIT % 3.4 % 5.4 % 5.3 % 1.4 % 0.4 % 3.9 % -3.2 % New Standards Teleste has adopted IFRS 15 Revenue from Contracts with Customers as of January 1, 2018. The cumulative effect of the new standard was recorded in the opening balance and it increased the equity with 73 thousand euro. All changeds was allocated to VBS segment. Net sales by category, thousand euro 10-12/18 7-9/18 4-6/18 1-3/18 10-12/17 1-12/2018 1-12/2017 Goods 35,617 31,499 35,480 31,394 33,123 133,990 134,223 Service 30,903 27,871 29,682 27,900 25,579 116,356 100,367 Total 66,519 59,370 65,163 59,294 58,702 250,346 234,589 Order backlog Teleste is reporting order backlog for the VBS segment. The value of order backlog is open orders to be delivered in the future. At December 31, 2018 about 73.1 % of the order backlog will be delivered during the next 12 months. Teleste has not restated the order backlog for year 2017 as the effect IFRS 15 is not material. Thousand euro 12/18 9/18 6/18 3/18 12/17 VBS order backlog end of period 71,017 56,652 59,721 64,918 57 383
Teleste on has adopted IFRS 9 Financial Instruments as of January 1, 2018. The cumulative effect of the new standard was recorded in the opening balance and it increased the equity with 22 thousand euro. The main effect of IFRS 9 concerns timing of expected credit losses.
Teleste has adopted amendment of IFRS 2 Share based payments as of January 1, 2018.Commitments and contingencies, 1000 euros 2018 2017 Change % Rental liabilities 3,675 3,699 -0.7 % Lease liabilities 3,698 4,656 -20.6 % Value of underlying forward contracts 20,674 23,169 -10.8 % Market value of forward contracts 227 -204 n/a Interest rate swap 10,000 10,000 0.0 % Market value of interest swap -81 -78 3.8 % Guarantees 2,812 4,479 -37.2 % The number of employees broken down by following categories 31.12. 2018 2017 Change % Research and development 148 150 -1.3 % Production and material management 937 1,026 -8.7 % Sales and marketing 190 194 -2.1 % Administration 78 76 2.6 % Total 1,353 1,446 -6.4 % KEY FIGURES IFRS IFRS IFRS IFRS IFRS Profit and loss account, balance sheet 2018 2017 2016 2015 2014 Net sales, Meur 250.3 234.6 259.5 247.8 197.2 Change % 6.7 % -9.6 % 4.8 % 25.7 % 2.3 % Sales outside Finland, % 93.9 % 94.3 % 93.3 % 95.1 % 92.5 % Operating profit, Meur 9.7 -7.5 15.6 14.3 11.1 % of net sales 3.9 % -3.2 % 6.0 % 5.8 % 5.6 % Profit after financial items, Meur 9.1 -8.5 14.8 13.9 10.8 % of net sales 3.6 % -3.6 % 5.7 % 5.6 % 5.5 % Profit before taxes, Meur 9.1 -8.5 14.8 13.9 10.8 % of net sales 3.6 % -3.6 % 5.7 % 5.6 % 5.5 % Profit for the financial period, Meur 6.8 -9.1 11.8 11.0 8.5 % of net sales 2.7 % -3.9 % 4.6 % 4.4 % 4.3 % R&D expenditure, Meur 12.5 12.1 11.1 11.0 10.3 % of net sales 5.0 % 5.1 % 4.3 % 4.4 % 5.2 % Gross investments, Meur 7.0 7.5 5.5 16.9 3.7 % of net sales 2.8 % 3.2 % 2.1 % 6.8 % 1.9 % Interest bearing liabilities, Meur 26.8 33.2 30.6 33.0 24.4 Shareholder's equity, Meur 77.2 71.4 84.4 77.5 70.7 Total assets, Meur 159.0 153.5 162.1 164.5 132.5 Personnel and orders Average personnel 1,393 1,492 1,514 1,485 1,302 Order backlog at year end, Meur 71.0 57.4 26.9 42.2 15.2 Orders received, Meur 264.0 262.9 244.3 251.3 199.3 Key metrics Return on equity, % 9.2 % -11.7 % 14.6 % 14.9 % 12.5 % Return on capital employed, % 9.3 % -6.6 % 14.8 % 14.2 % 12.2 % Equity ratio, % 51.7 % 48.3 % 52.5 % 48.3 % 53.4 % Net gearing, % 5.9 % 16.8 % 25.0 % 26.3 % 9.5 % Earnings per share, euro 0.38 -0.50 0.65 0.61 0.48 Earnings per share fully diluted, euro 0.38 -0.50 0.65 0.61 0.48 Shareholders equity per share, euro 4.25 3.94 4.66 4.28 3.94 Teleste share Highest price, euro 7.58 9.62 10.24 9.88 5.29 Lowest price, euro 5.12 6.51 7.29 5.32 4.25 Closing price, euro 5.26 6.68 8.86 9.80 5.27 Average price, euro 6.72 8.19 8.69 7.42 4.67 Price per earnings 13.8 -13.3 13.6 16.1 11.0 Market capitalization, Meur 99.9 126.8 160.6 177.6 98.7 Stock turnover, Meur 13.3 16.8 30.6 24.6 10.9 Turnover, number in millions 2.0 2.0 3.5 3.3 2.3 Turnover, % of share capital 10.4 % 10.8 % 18.5 % 17.5 % 12.5 % Average number of shares 18985588 18985588 18985588 18985588 18918869 Number of shares at the year-end 18985588 18985588 18985588 18985588 18985588 Average number of shares, diluted w/o own shares 18168088 18202396 18169002 18036667 17729215 Number of shares at the year-end, diluted w/o own shares 18155300 18172350 18216369 18121635 17795934 Paid dividend, Meur 3.6 1.8 4.5 4.2 3.6 Dividend per share, euro 0.20* 0.10 0.25 0.23 0.20 Dividend per net result, % 53.1 % neg. 38.3 % 37.7 % 41.7 % Effective dividend yield, % 3.8 % 1.5 % 2.8 % 2.3 % 3.8 % * The Board's proposal to the AGM Treasury shares Number ofshares % of shares % of votes Teleste companies own shares 31.12.2018 821,182 4.33 % 4.33 % Largest shareholders 31.12.2018 Number of shares % of shares Tianta Oy 4,409,712 23.2 Mandatum Life Insurance Company Limited 1,679,200 8.8 Ilmarinen Mutual Pension Insurance Company 899,475 4.7 Kaleva Mutual Insurance Company 824,641 4.3 Teleste Oyj 821,182 4.3 Varma Mutual Pension Insurance Company 521,150 2.7 The State Pension Fund 500,000 2.6 Wipunen varainhallinta Oy 300,000 1.6 Mariatorp Oy 300,000 1.6 OP-Finland Small Firms Fund 280,737 1.5 Shareholders by sector 31.12.2018 Number of shareholders % of Owners Number of shares % of shares Households 5,172 93.5 4,664,942 24.6 Public sector institutions 4 0.1 1,930,725 10.2 Financial and insurance institutions 26 0.5 4,874,221 25.7 Corporations 264 4.8 7,358,769 38.8 Non-profit institutions 26 0.5 63,285 0.3 Foreign and nominee registered owners 39 0.7 93,646 0.5 Total 5,531 100.0 18,985,588 100.0 Of which nominee registered 10 0.2 1,081,051 5.7 Number of shares 31.12.2018 Number of shareholders % of share-holders Number of shares % of shares 1 - 100 1,482 26.8 89,028 0.5 101 - 500 2,357 42.6 632,853 3.3 501 – 1 000 752 13.6 602,916 3.2 1 001 – 5 000 738 13.3 1,622,693 8.5 5 001 – 10 000 93 1.7 657,385 3.5 10 001 – 50 000 80 1.4 1,618,498 8.5 50 001 – 100 000 7 0.1 535,142 2.8 100 001 – 500 000 15 0.3 3,319,704 17.5 500 001 - 7 0.1 9,907,369 52.2 Total 5,531 100.0 18,985,588 100.0 of which nominee registered 10 0.2 1,081,051 5.7
CALCULATION OF KEY FIGURESReturn on equity: Profit/loss for the financial period------------------------------ * 100Shareholders’ equity (average) Return on capital employed: Profit/loss for the period after financial items + financing charges------------------------------ * 100Total assets - non-interest-bearing liabilities (average) Equity ratio: Shareholders' equity----------------------------- * 100Total assets - advances received Gearing: Interest bearing liabilities - cash in hand and in bank - interest bearing assets----------------------------- * 100Shareholders' equity Earnings per share: Profit for the period attributable to equity holder of the parent----------------------------------------------Weighted average number of ordinary shares outstanding during the period Earnings per share, diluted: Profit for the period attributable to equity holder of the parent (diluted)-----------------------------------------------Average number of shares - own shares + number of options at the period-end
ADDITIONAL INFORMATION:CEO Jukka Rinnevaara, phone +358 2 2605 611
DISTRIBUTION:Nasdaq HelsinkiMain Mediawww.teleste.com
ITHACA, N.Y. -- Cornell University will be part of a nationwide initiative to develop long-term solutions to computer security problems, the National Science Foundation (NSF) has announced. The NSF expects to provide almost $19 million in funding for the program over five years, with about $3 million coming to Cornell.
The plan creates a new Science and Technology Center that will bring together researchers with a strong background in security research from eight academic institutions along with industrial and government partners. Fred Schneider, Cornell professor of computer science, will be chief scientist; S. Shankar Sastry, professor of electrical engineering and computer sciences at the University of California-Berkeley, will be principal investigator and director of the new center. Stephen Wicker, Cornell professor of electrical and computer engineering, leads the participating team of Cornell faculty and will be a member of the center's governing board.
The researchers have named the consortium TRUST, for Team for Research in Ubiquitous Secure Technology. The aim of TRUST's research is to create new technologies -- and perhaps even new social institutions -- that will make it possible to build computer software and networks that are inherently secure. "Security" here means not only protection against outside attacks, but also reliability of service and preservation of data.
"It's an extremely strong group, and it's going to be very exciting working with them. I expect to see some great work resulting from this collaboration. I expect to learn a lot, too," said Schneider, who is director of the Information Assurance Institute, a joint project of Cornell and U.S. Air Force researchers. He also is a founder and board member of the Griffiss Institute, a New York state security consortium. From 1998 to 2000, Schneider chaired the National Academy of Sciences' study committee on information systems trustworthiness. The committee's work led to the publication of the book Trust in Cyberspace, which Schneider edited.
Four other Cornell faculty members also will participate in the effort. They are: Kenneth Birman, professor of computer science; Rajit Manohar, associate professor of electrical and computer engineering; Emin Gun Sirer, assistant professor of computer science; and Lang Tong, professor of electrical and computer engineering.
The funding comes from NSF's Science and Technology Centers: Integrative Partnerships program, which creates collaborations among academic institutions, national laboratories, industrial organizations and others for research and education projects of national importance. Although funding for new centers under the program was scheduled to be cut, Congressman Sherwood Boehlert (R-N.Y.), chairman of the House Science Committee, worked to have it reinstated.
"This is wonderful news for Cornell University and for upstate New York, proving once again that our region is on the forefront of information security research," Boehlert said. "I congratulate Dr. Fred Schneider, Dr. Shankar Sastry and the all the members of the TRUST consortium for winning this award. They represent the dream team of information assurance and complex systems research, and their partnership is exactly the type of collaboration that was envisioned by the Cybersecurity Research and Development Act of 2002 that I authored. I am also pleased that the TRUST consortium will be working closely with the Air Force Research Laboratory -- Information Directorate at Rome, N.Y., to develop the next generation of secure, robust and reliable information systems."
As computing and communication become ever more important to the nation's financial, energy distribution, telecommunication and transportation infrastructures, attacks on computer systems have rapidly increased at all levels, the researchers point out. Since the essence of most attacks is to fool a computer into running a program surreptitiously loaded by an outsider, Schneider and others have proposed new software technology that would allow computers to determine whether a program is trustworthy and will do what it claims to do.
In addition to protecting computers against attacks, TRUST will consider ways to ensure that stored data remains intact and computer networks operate smoothly. Businesses increasingly rely on distributed sensors and controls to monitor and direct manufacturing and shipment of goods, but the networks used today remain vulnerable to breakdowns and intrusion. The electric power grid is a prime example and will be a key test bed for the research. "We need to learn how lightning storms in Ohio can lead to lights going out at JFK airport," Wicker explained.
Privacy, legal, societal and usability issues will be built into the technology as it is developed rather than added on as an afterthought, the researchers said in their proposal. "The best security in the world is useless unless you have a protocol for making sure people don't do something stupid," Wicker said. "We also plan to put more societal issues into our technical courses so students will understand how user behavior affects security."
The team's long-term approach includes creating programming languages and other tools with which secure systems can be built in the future and educating today's students in the use of those tools. The team will create courses in security and in building trustworthy systems, which will first be taught at the affiliated institutions and later made available to schools outside the team.
The other academic institutions involved are Carnegie Mellon University, Mills College, San Jose State University, Smith College, Stanford University and Vanderbilt University. Industrial and other partners are Bellsouth, Cisco Systems, ESCHER (a research consortium that includes Boeing, General Motors and Raytheon), Hewlett-Packard, IBM, Intel, Microsoft, Oak Ridge National Laboratory, Qualcomm, Sun Microsystems and Symantec.Related World Wide Web sites: The following sites provide additional information on this news release. Some might not be part of the Cornell University community, and Cornell has no control over their content or availability.
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