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Eltel Group Interim report January - September 2021 Stockholm , Sweden , 3 November 2021 July - September 2021 Net sales EUR 193.8 million ( 226.7 ) . Total growth -14.5 % and organic growth¹ ) in segments -13.8 % Operative EBITA2 ) EUR 4.1 million ( 6.7 ) and operative EBITA margin 2.1 % ( 2.9 ) ● ● ● ● ● ● Operative EBITA2 ) in segments EUR 7.7 million ( 8.6 ) and operative EBITA margin in segments 4.4 % ( 4.3 ) Items affecting comparability EUR 0.0 million ( -0.7 ) Operating result ( EBIT ) EUR 4.0 million ( 5.8 ) and EBIT margin 2.1 % ( 2.6 ) ● Net result EUR 1.8 million ( 3.1 ) Earnings per share EUR 0.01 ( 0.02 ) , basic and diluted Cash flow from operating activities EUR -7.8 million ( -16.2 ) M € 1,200 1,000 800 600 400 200 0 Net sales and gross margin Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2019 020 2020 2020 2020 2021 2021 2021 Net sales , rolling 12 months ■ Gross margin , rolling 12 months Key figures EUR million Significant events during the reporting period On 20 August 2021 , the Finnish Supreme Administrative Court issued a decision by which it dismissed the Finnish Competition and Consumer Authority's ( FCCA ) proposal to impose on Eltel a fine for an alleged infringement of competition law . The decision brings an end to the proceedings that were opened by the FCCA in 2014 . On 27 August 2021 , it was announced that Eltel Norway had signed a project agreement with Telenor to upgrade Telenor's telecommunications network with 5G technology during 2022. The agreement is worth EUR 12-16 million . Net sales Net sales growth , % Operative EBITA² ) Operative EBITA margin , % Operative EBITA² ) , segments Operative EBITA margin , % , segments Operating result ( EBIT ) Return on operative capital employed ( ROCE ) , % Net working capital Net debt³ ) Number of employees , end of period % 12 10 8 6 4 0 January - September 2021 Net sales EUR 586.2 million ( 708.8 ) . Total growth -17.3 % and organic growth¹ ) in segments -14.9 % Operative EBITA² ) EUR 7.8 million ( 7.5 ) and operative EBITA margin 1.3 % ( 1.1 ) ● ● ● ● ● ● Jul - Sep 2021 193.8 -14.5 % 4.1 2.1 % 7.7 4.4 % 4.0 11.6 % 9.8 100.4 5,057 Operative EBITA2 ) in segments EUR 16.9 million ( 16.9 ) and operative EBITA margin in segments 3.2 % ( 2.7 ) Items affecting comparability EUR -0.1 million ( 19.8 ) from divestment of businesses Operating result ( EBIT ) EUR 7.5 million ( 26.7 ) and EBIT margin 1.3 % ( 3.8 ) Net result EUR 0.8 million ( 12.3 ) Earnings per share EUR 0.00 ( 0.08 ) , basic and diluted Cash flow from operating activities EUR -12.0 million ( -1.7 ) Net debt³ ) EUR 100.4 million ( 108.9 ) M € 10 5 0 -5 -10 ELTEL -15 Operative EBITA Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2019 2020 2020 2020 2020 2021 Operative EBITA , quarterly Operative EBITA margin , rolling 12 months -4.9 % 17.3 108.9 6,012 7.8 1.3 % 16.9 3.2 % 7.5 11.6 % 9.8 100.4 5,057 Q2 Q3 2021 2021 7.5 1.1 % 16.9 2.7 % 26.7 -4.9 % 17.3 108.9 6,012 % NOŅ 2 1 0 -1 Jul - Sep 2020 Jan - Sep 2021 Jan - Sep 2020 Jan - Dec 2020 226.7 586.2 708.8 938.0 -17.3 % -12.4 % -13.8 % -19.6 % 6.7 2.9 % 8.6 4.3 % 5.8 -2 -3 11.4 1.2 % 22.9 2.8 % 24.8 13.0 % -25.1 67.4 5,449 1 ) Adjusted for divested operations and currency effects . 2 ) Eltel follows the profitability of segments with Operative EBITA . Please see page 25 for definitions of the key ratios . 3 ) Refers to net debt excluding IFRS 16 leasing liabilities , as defined in financing agreement . See page 12 for calculation and page 25 for definition . 1 ( 27 )