ELISA'S FINANCIAL STATEMENTS 2010

2/11/2011, 7:00 AM (Source: GlobeNewswire)

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ELISA STOCK EXCHANGE RELEASE 11 FEBRUARY 2011 AT 8:00am

Year 2010
* Revenue increased to EUR 1,463 million (1,430)
* EBITDA was EUR 485 million (484), EBIT was EUR 268 million (267)
* Profit before tax excluding non-recurring items amounted to EUR 237 million
(235)
* Earnings per share was EUR 0.96 (1.13)
* Cash flow after investments was EUR 172 million (252)
* The Board of Directors proposes a dividend of EUR 0.90 per share and request
 an authorisation from the AGM for an additional dividend of EUR 0.40


Fourth quarter 2010
* Revenue grew to EUR 383 million (365)
* EBITDA was EUR 123 million (121), EBIT EUR 69 million (64)
* Cash flow after investments was EUR 28 million (74)
* Mobile ARPU was EUR 20.7 (21.2 in the third quarter)
* Churn decreased to 15.0 per cent  (18.1 in the third quarter)
* The number of Elisa's mobile subscriptions increased by 144,400 during the
quarter, due in particular to the new 3G and 2G customers, as well as mobile
broadband customers
* The number of fixed broadband subscriptions increased by 3,400 on the
previous quarter


Key indicators:
EUR million 10-12/2010 10-12/2009 1-12/2010 1-12/2009
--------------------------------------------------------------------------------
Revenue 383 365 1,463 1,430

EBITDA 123 121 485 484

EBIT 69 64 268 267

Profit before tax 66 56 197 235

Profit before tax excl.non-recurring 61 56 237 235
item1)

Earnings per share, EUR 0.33 0.26 0.96 1.13

EPS excl. non-recurring items, EUR1) 0.31 0.26 1.15 1.13

Capital expenditures 56 61 184 171
--------------------------------------------------------------------------------
1) Non-recurring item: CDO guarantee settlement (see page 6)

Financial position and cash flow:
EUR million 31.12.2010 31.12.2009
------------------------------------------
Net debt 776 719

Net debt / EBITDA 1) 1.6 1.5

Gearing ratio, % 93.2 79.8

Equity ratio, % 42.5 46.1
------------------------------------------

EUR million 10-12/2010 10-12/2009 1-12/2010 1-12/2009
---------------------------------------------------------
Cash flow after
investments 2) 28 74 172 252
---------------------------------------------------------
1) (interest-bearing debt - financial assets) / (4 previous quarters' EBITDA
exclusive of non-recurring items)
2) Excluding the non-recurring CDO guarantee settlement of EUR 68m in
10-12/2010 and EUR 212m in 1-12/2010

The Board of Directors proposes to the Annual General Meeting a dividend of EUR
0.90 per share. The Board of Directors also proposes an authorisation of
additional dividend of EUR 0.40 per share to be distributed at a later date.
Furthermore, The Board of Directors decided to propose to the General Meeting an
authorisation to acquire maximum 5 million treasury shares, which corresponds to
3 per cent of the entire share capital.

Additional information regarding the Key Performance Indicators is available on
www.elisa.com/investors Elisa Quarterly Data.xls.


CEO Veli-Matti Mattila:

"Growth from new services; smartphones increasingly popular

In 2010, Elisa's revenue and EBITDA were at the previous year's level, in line
with our guidance. Revenues from the mobile business and new services increased.
Improved productivity ensured good profitability. The general uncertainty in the
economy was still reflected in the corporate customer business, although it
began to pick up towards the end of the year.

The competitive situation remained challenging in 2010, particularly in the
mobile broadband market. However, Elisa managed to strengthen both its market
position and competitiveness. The mobile subscription base grew by almost half a
million subscriptions during the year. During the last quarter, it grew by more
than 140,000 subscriptions, while the number of fixed network broadband
subscriptions increased by over 3,000.

The Consumer Customer business revenue developed well with the growth of mobile
revenues and new services. The popularity of smartphones, tablets and the use of
applications increased mobile revenue. Elisa launched several new smartphone
models at different price categories. Elisa Viihde IPTV service was the first in
the world to introduce exclusive and extensive NHL coverage. The use of Elisa
Viihde was also extended by an Android smartphone application, making the
recording and marking of program favorites even easier.

The Corporate Customer business developed well with the growth of ICT services.
Elisa continued to strengthen its ICT services portfolio for improving the
customer productivity and flexibility by acquiring video conference operator
Videra and Appelsiini, a company providing IT outsourcing services. Another
world first for Elisa was the introduction of corporate-standard video
conferences to smartphones and tablets. This application allows multi-point
conferences anywhere, anytime.

In 2010, we carried out major extensions to the capacity and speed of our 3G
network. An independent survey showed yet again that Elisa's 3G network has the
best coverage of all Finnish operators' networks. The investments to the network
are a response to the rapidly increasing data requirements of smartphones. Elisa
was the first operator in Finland to open a 4G network for corporate users.

Elisa donated EUR 650,000 to Finnish universities in support of science,
research and education. The largest donation, EUR 500,000, was received by Aalto
University. The other recipients were the universities of Jyväskylä, Turku and
Helsinki.

The general economic situation has continued its positive trend. Competition in
the Finnish telecommunications market remains challenging. We are determined to
continue improving customer satisfaction and productivity. The broadening
service offering enabling positive user experiences and productivity
improvements, as well as our strong investment capabilities provide a good basis
for the future."

Outlook for 2011

Positive trends in the general economy have continued. Risks are related to
nervousness caused by the budget deficits in several European countries and its
possible impacts on the general economic development. Competition in the Finnish
telecommunications market remains challenging.

Full year revenue is estimated to increase slightly from the previous year. The
use of mobile communications, especially mobile broadband services, and
equipment sales are continuing to rise. In addition, ICT and new online
services' revenue will grow. Full year EBITDA, excluding non-recurring items, is
expected to improve slightly from the last year. Full-year capital expenditure
is expected to be maximum 12 per cent of revenue.

In addition to its strong position as a network service provider, Elisa is
transforming itself to be able to provide its customers with exciting and
relevant new services. Among the factors contributing to long-term growth and
profitability improvement is 3G market growth, as well as new online and ICT
services. Elisa continues determinedly to employ its efficiency measures.
Elisa's financial position and liquidity are good.

New disclosure procedure

Elisa is now adopting the new disclosure procedure enabled by the Standard 5.2b
published by the Finnish Financial Supervision Authority. This is a summary of
Elisa's Financial Statements Review for 2010 and the complete report is attached
as a pdf-file to this release and is also available on our website at
www.elisa.com/investors.

ELISA CORPORATION

Additional information:

Mr. Veli-Matti Mattila, CEO, tel. +358 10 262 2635
Mr. Jari Kinnunen, CFO, tel. +358 10 262 9510
Mr. Vesa Sahivirta, Director, IR and Financial Communications,
tel. +358 10 262 3036

Distribution:
NASDAQ OMX Helsinki
Principal media
www.elisa.com




Elisa Q4 2010:
http://hugin.info/130630/R/1487959/423428.pdf




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Source: Elisa Oyj via Thomson Reuters ONE

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