ELISA?S Q2 PRE-TAX PROFIT AMOUNTED TO EU

ELISA CORPORATION             STOCK EXCHANGE RELEASE
                              5 AUGUST 2003 AT 8:00 a.m.

ELISA’S Q2 PRE-TAX PROFIT AMOUNTED TO EUR 7 MILLION

The Group’s April-June revenue amounted to EUR 391 million (406).
The key figures were as follows*):
·    EBITDA EUR 97 million (86)
·    EBIT EUR 17 million (-32), exclusive of amortisation on Group
     goodwill EUR 30 million (-12)
·    result before extraordinary items and taxes EUR 7 million
     (-48), exclusive of amortisation on Group goodwill EUR 20 
     million (-28).

Operative investments in fixed assets were EUR 39 million (49),
investments in shares amounted to EUR 2 million (2) and GSM
leasing liability buy-backs to EUR 8 million (21).

During the second quarter operative cash flow**) was EUR +48
million. Stable performance development and a moderate investment
level had a positive impact on the operative cash flow. The
financial position remained stable.

At the end of the review period:
·    net debt amounted to EUR 742 million (757 at the end of
     2002),
·    the Group’s equity ratio stood at 40 per cent (38.3 at the
     end of 2002).

CEO Veli-Matti Mattila, who assumed his duties on 1 July 2003,
expects the 2003 revenue to remain slightly less than in 2002, but
the result to grow at a steady pace compared with the previous
year.

"We will focus on improving our profitability and competitiveness
by enhancing cost efficiency. This will be achieved, for example,
by relocating the corporate headquarters, combining the sales
operations of Major Accounts and by reorganizing corporate staff
functions. In addition, a strategy review process has been
initiated. Our financial position will remain stable."

Information in this interim report is not audited.

*) Comparison figures from the year 2002 exclusive of non-
recurring items: EBITDA EUR 86 million, EBIT EUR 6 million, and
result before extraordinary items and taxes EUR -10 million. The
Q2 result does not include any substantial non-recurring items.

**) Operative cash flow = clean EBITDA - operative CAPEX - net
financial items; operative CAPEX = CAPEX excluding GSM network 
buy-backs.

ELISA CORPORATION
Jyrki Antikainen, Vice President, Communications

Additional information:

Mr Veli-Matti Mattila, President and CEO, tel. +358 10 262 2635
Mr Vesa-Pekka Silaskivi, CFO, tel. +358 10 262 2606
Mr Vesa Sahivirta, Vice President, IR, tel. +358 10 262 3036

Appendix:

Elisa Corporation’s Interim Report, April-June 2003

Distribution:
Helsinki Exchanges
Major media

ELISA CORPORATION’S INTERIM REPORT FOR APRIL-JUNE 2003

Revenue

The Group’s April-June revenue amounted to EUR 391 million (406).
Revenue decreased by 3.7 per cent compared with the corresponding
period last year. This was due to the disposals of non-core
businesses and changes in accounting practices, as well as volume
and price development.

Performance

The Group’s April-June EBIT was EUR 17 million (-32, exclusive of
non-recurring items the figure is 6). Without amortisation on
consolidated goodwill the April-June EBIT was EUR 30 million
(-12). The Q2 result does not include any substantial non-
recurring items.

Planned depreciation and value adjustments on fixed assets
totalled EUR 66 million (99, exclusive of non-recurring items the
figure is 63). The shortening of write-off periods for mobile
networks in early 2003 and buy-backs of mobile networks that
Radiolinja previously leased were reflected in increased
depreciation.

EUR 14 million (20, exclusive of non-recurring items the figure
is 14) amortisation was booked on consolidated goodwill. The
Group´s goodwill resulting from the acquisition of subsidiaries
amounted to EUR 553 million (583 at the end of 2002) at the end
of the period under review.

The Group's financial income and expenses for April-June totalled
EUR -10 million (-13).

The Group's share of associated companies' results amounted to
EUR 0.2 million (-3).

The April-June taxes were positive by EUR +31 million (+6). On
the basis of an advance ruling issued by the Tax Office for Major
Corporations, the Group's parent company, Elisa Corporation,
booked a EUR 142 million one-time write-off, conforming to
business tax legislation (Business Tax Act §42), on the value of
FMS Dravit Asset Management GmbH shares, the holding company of
the Germany-based business. Of this sum, approximately a EUR 41
million deferred tax asset was booked in the consolidated
financial statements. This had a positive effect on the Group's
performance and equity ratio in the second quarter of 2003.
This tax asset can be set against taxes levied in Finland over the
2003-2005 tax periods. As the write-off is an item to be
eliminated in the consolidated financial statements, it has no
impact on the Group's EBIT.

April-June performance:
·    result before extraordinary items and taxes amounted to EUR 7
     million (-48, exclusive of non-recurring items the figure is 
     -10)
     and exclusive of amortisation on Group goodwill EUR 20 
     million (-28)
·    earnings after taxes and minority interests were EUR 37
     million (-35)

The Group's April-June earnings per share stood at EUR 0.21
(-0.26).

Elisa Mobile business area

The Elisa Mobile business area's April-June results were:
·    revenue EUR 190 million (192)
·    EBITDA EUR 49 million (56)
·    EBIT EUR 12 million (-5) and exclusive of amortisation on
     Group goodwill EUR 22 million (5).

Compared to the previous year’s Q2, the revenue was largely
affected by the disconnection of Telia Mobile Finland post-paid
subscriptions from Radiolinja Origo's network in the summer of
2002. Furthermore, the continued fierce competition in the
Finnish mobile communications market was reflected in the
revenue development.

In addition to the disconnection of Telia Mobile Finland’s
subscriptions, the weakened EBITDA was also due to increased
interconnection traffic expenses. Due to the final write-off of
city networks and answering services, approximately EUR 4 million
in value adjustments were targeted in the second quarter. On the
other hand, profitability was improved by a larger number of
service operator subscriptions compared to the previous year.

The EBIT, EUR 12 million (-5), was higher compared to the
corresponding period in 2002. This was due to non-recurring value
adjustments (EUR 26 million), which had an impact on the 2002
EBIT.

At the end of June 2003, Radiolinja's network in Finland had
1 356 881 subscriptions (1 289 016). This number includes
Radiolinja's own subscriptions as well service operators’
subscriptions roaming on Radiolinja Origo's network.

Subscriptions of Radiolinja's service operator in Finland:
·    annualised churn for the review period was 13.4 per cent
     (12.7)
·    average monthly use per customer totalled 146 minutes (141),
     and customers sent 29 (27) SMS messages per month
·    average revenue per subscription (ARPU) amounted to EUR 41.7
     a month (43.5).

Radiolinja customers increased their use of mobile phones during
the second quarter. However, owing to lower customer tariffs in
the Finnish mobile market, revenue per subscription (ARPU) was at
a more modest level compared to the corresponding period of the
previous year.

As of 1 May 2003, Radiolinja’s service operator was incorporated
to form Radiolinja Suomi Oy. Mäkitorppa, Radiolinja Solutions as
well as Radiolinja Piste and Kamastore retail chains were also
integrated into this new company.

Radiolinja Origo Oy and the Swedish telecom operator Tele2 AB
signed a service operator agreement in June. Along with the
agreement, Tele2 customers will have access to Radiolinja Origo’s
Finland-wide mobile network services.

At the end of June, Radiolinja Eesti, Radiolinja's Estonian
subsidiary had 160 150 subscriptions (148 500).

Radiolinja Eesti reported the following figures for April-June:
·    revenue of EUR 15 million (15)
·    EBITDA EUR 4 million (4) and
·    EBIT EUR 2 million (2).

The April-June investments of the Elisa Mobile business area
amounted to EUR 29 million (43). The investments include GSM
leasing liability buy-backs from telcos of EUR 8 million (21).

On the basis of financial and production grounds plus business
restructuring in the Elisa Mobile business area, employee
negotiations were initiated in April. As a result of these
negotiations the number of personnel will decrease by about 290
through notices and other arrangements, such as resignations and
termination of fixed-term employment contracts. The employee
negotiations concern the entire business area and all personnel
groups. The measures are estimated to achieve approximately EUR 12
million in annual cost savings.

Fixed Network Business (ElisaCom and Elisa Networks business
areas)

Fixed network business' results for April-June were:
·    revenue was EUR 175 million (198)
·    EBITDA amounted to EUR 50 million (50)
·    EBIT totalled EUR 22 million (13).

The Q2 EBIT of the corresponding year 2002 includes network

writedowns of EUR 6 million. Comparison figures of the previous
year have been converted to correspond to the changes in group
structure.

At the end of June, the Group with its associated companies had
1.18 million fixed subscriptions (1.20) in total.

The number of broadband subscriptions was approximately 93 500
(45 000). There were 176 500 TV cable subscriptions (161 500) at
the end of June.

The new broadband price list of Elisa Networks was adopted on 1
April 2003. As a result of Elisa’s requests for measures submitted
to the Finnish Competition Authority, the gross prices of
competitors’ broadband products decreased during April-June. This
enhances the Group’s competitive edge in expanding the
geographical availability of broadband services.

ElisaCom signed several major extension agreements with its Major
Account customers. Elisa and Finnair, for example, agreed on
expanding their cooperation by signing an agreement on the
provision of telephony and data communication services in June.
The agreement is valid until the end of 2008.

Elisa Networks and Sonera Carrier Networks signed a reciprocal
blanket agreement on providing operator products and services. 
The aim of the agreement is to develop and harmonise the trade of
operator products between the companies.

Elisa Networks and Suomen 2G Oy have extended their agreement on
the provision of IN services in the fixed telephone network.

Germany-based Business (Elisa Kommunikation business area)

Operations in Germany reported for April-June:
·    revenue of EUR 35 million (28)
·    EBITDA was EUR 1 million (-4)
·    EBIT of EUR -9 million (-20, exclusive of non-recurring items
     the figure is -16) and exclusive of amortisation on Group 
     goodwill EUR -7 million (-12).

During the first half of the year revenue increased by
approximately 20 per cent despite the economic slump in Germany
and the weak market outlook. Improvement of EBITDA and reduction
of losses were due to increased revenue, streamlining operations
and labour cost saving measures.

Compared with the Q2 2002, the number of business customers grew
by approximately 40 per cent, amounting to 18 400 (13 200).

Other companies

Comptel Corporation disclosed its April-June interim report on 23
July 2003 and Yomi Plc on 31 July 2003. The key figures of these
listed companies in the April-June reports were:

Comptel Corporation
·    revenue EUR 16.7 million (13.3)
·    EBITDA EUR 2.7 million (0.5)
·    EBIT EUR 2.0 million (-0.4)

Yomi Group
·    revenue EUR 13.4 million (14.4)
·    EBITDA EUR 2.1 million (1.2)
·    EBIT EUR -0.7 million (-1.6)

Yomi´s subsidiaries Kestel Oy and Kesnet Oy operations are
associated with the fixed line business.

In addition, Estera Oy, also listed under ‘Other companies’
reported:
·    revenue EUR 4.8 million
·    EBITDA EUR 0.5 million
·    EBIT EUR 0.3 million.

Investments

The Group's gross investments in fixed assets in April-June
amounted to EUR 47 million (70), of which operative investments
accounted for EUR 39 million (49) and acquisition of shares 2
million (2).

Investments in fixed assets amounted to:
·    EUR 29 million in Radiolinja (purchases of EUR 6 million from
     other group companies)
·    EUR 18 million in the fixed network business, and
·    EUR 4 million in Germany-based business.

Radiolinja's investments include GSM leasing liability buy-backs
from telcos for the amount of EUR 8 million (21).

Financial position

The Group's financial position and liquidity remained stable. Net
debt amounted to EUR 742 million at the end of review period. The
Group's equity ratio stood at 40.0 per cent (38.3 per cent at the
end of 2002). Consolidated cash flow after investments was EUR 15
million. More detailed information on the financial position is
available on the attached table.

On 17 April 2003, the credit rating agency Standard & Poor’s
lowered its long-term credit rating of Elisa Corporation to
'BBB+' from 'A-'. The outlook of the credit rating is negative.
Standard & Poor’s affirmed its 'A-2' short-term corporate credit
rating on the company.

On 16 June, the Group arranged a five-year EUR 170 million
revolving credit facility. The loan arrangement is a committed
credit line and is for general corporate purposes. It replaces a
corresponding arrangement signed in November 1998. The Mandated
Lead Arrangers were Nordea Bank Finland Plc and Sampo Bank plc.

Shares

Elisa Corporation’s A share closed at EUR 7.48 on 30 June 2003.
The highest quotation in April-June was EUR 7.70 and the lowest
EUR 5.51. The average rate was EUR 6.71.

The company's number of shares was 138 011 757, all of which were
A Shares. On 30 June 2003, their market capitalisation stood at
EUR 1 026 million.

During the period from 1 April 2003 to 30 June 2003, a total of
18.7 million A Shares of the company were traded on the Helsinki
Exchanges for an aggregate value of EUR 125.7 million. The
exchange was 13.6 per cent of the number of A Shares on the
market.


The number of Elisa Corporation's A options for the year 2000 is
3 600 000. Between 1 April 2003 – 30 June 2003, the total number
of A options traded on the Helsinki Exchanges was 68 700 at a
total price of EUR 4 978 and their average rate was EUR 0.07. The
highest quotation of the A options in the April-June period was
EUR 0.12, and the lowest EUR 0.02. The closing rate of the A
option was EUR 0.02

Quotations of Elisa Corporation’s B options for the year 2000
started on the Helsinki Exchanges on 2 May 2003. The amount of B
options is 3 600 000. Between 2 May 2003 – 30 June 2003, the
total number of B options traded on the Helsinki Exchanges was
33 100 at a total price of EUR 7 235 and their average rate was
EUR 0.22. The highest quotation of the B options was EUR 0.26,
and the lowest EUR 0.19. The closing rate of the B option was EUR
0.21.

The total number of Elisa Corporation's A Shares owned by the
subsidiaries was 781 563 (781 563 at the end of 2002). The par
value of the shares totalled EUR 390 781.50, and their proportion
of the share capital and voting rights was 0.57 per cent. The
book value of these company shares has been deducted from the
distributable assets of the Group.

Moreover, the Group’s pension funds own 1 547 763 A shares.

Legal issues

The following changes have taken place in the legal processes
referred to in the company's annual report of 2002 and the interim
reports published thereafter:

With reference to the action for annulment against the decision
made at the Annual General Meeting of Oy Radiolinja Ab on 3 April
2000, and the ruling of 11 February 2003 by the Court of Appeal to
reject the action for annulment, the plaintiffs have submitted a
leave to appeal in the Supreme Court, which was in favour of the
plaintiffs.

Elisa Corporation has proposed a redemption claim in accordance
with Section 14 Paragraph 19 of the Companies Act to redeem the
minority shareholders of Riihimäen Puhelin Oy at the price of EUR
1 525 per share. With regard to this, the Redemption Board of the
Central Chamber of Commerce appointed Juha Kurkinen, Ph.D., M.Sc.
(Econ.) arbitrator at its meeting on 20 May 2003. Elisa submitted
on 10 June 2003 a statement of claim to the Court of Arbitration.
There are approximately 900 shares to be redeemed.

Annual General Meeting

The Annual General Meeting was held at Helsinki Fair Centre on 4
April 2003. In accordance with the proposal of the Board of
Directors, the Annual General Meeting decided that no dividend be
paid for 2002. The AGM confirmed the parent company's income
statement and balance sheet, and the consolidated income statement
and balance sheet. The members of the Board and the CEO were
discharged from liability for 2002, and the proposal of the Board
of Directors to amend Articles 1,3,4,7,11 and 13 of the Articles
of Association was approved. The amended Articles of Association
as a whole were published as an addendum to the AGM stock exchange
release given on 4 April 2003.

The number of the members of the Board of Directors was confirmed
at six (6), and the following members were elected for the
subsequent one-year term: Keijo Suila, Ossi Virolainen, Matti
Aura, Pekka Ketonen and Jere Lahti, plus a new member, Mika
Ihamuotila, Executive Vice President at Sampo Plc. In compliance
with the established practice, the monthly compensation of the
Board members is used for purchases of Elisa shares.
PricewaterhouseCoopers Oy (authorized public accountants, with APA
Henrik Sormunen as the responsible auditor) was appointed as the
company's auditor.

The Annual General Meeting approved the proposal of the Board of
Directors to authorize the Board of Directors within one year from
the Annual General Meeting to decide on increasing the company's
share capital. The Board was to achieve this through one or more
new issues, one or more convertible bonds and/or warrants so that
in a new issue or when issuing convertible bonds or warrants, a
maximum aggregate of 27.6 million of the company's A Shares can be
issued for subscription, and the company's share capital can be
increased by a maximum of EUR 13.8 million in total.

The Board of Directors, elected by the AGM of Elisa Corporation,
held its organisational meeting on 4 April 2003 and appointed CEO
Keijo Suila Chairman of the Board and Managing Director Ossi
Virolainen Deputy Chairman.

The amendments decided at the AGM, including changing the name to
Elisa Corporation, were entered in the Trade Register on 11 April
2003.

Changes in corporate management

On the proposal of CEO Veli-Matti Mattila, Elisa Corporation’s
Board of Directors appointed a new Executive Board on 16 June,
which comprises as follows:
·    Mr Veli-Matti Mattila, President and CEO
·    Mr Vesa-Pekka Silaskivi, CFO
·    Mr Pasi Lehmus, Executive Vice President, ElisaCom business
     area
·    Mr Tapio Karjalainen, Executive Vice President, Elisa Mobile
     business area
·    Mr Jukka Veteläsuo, Executive Vice President, Elisa Networks
     business area
·    Mr Hannu Turunen, Executive Vice President, Elisa
     Kommunikation business area
·    Mr Asko Känsälä, Executive Vice President, Business
     Development, R&D, IT and Communications (as of 16 August)
·    Mr Sami Ylikortes, Executive Vice President, Administration
     and HR.

All members of the Executive Board report to CEO Mattila.

Matti Mattheiszen (60), who stepped down as Elisa Corporation’s
CEO on 30 June, will continue working on special assignments for
the Board until his retirement on 1 September 2003. Jarmo Kalm,
Senior Executive Vice President and COO, will retire on 1 January
2004 as per his contract. Prior to his retirement, he will work on
special assignments for the CEO.

Ms Satu Eskelinen, M.Sc. (Eng.), was appointed Soon Com Ltd’s
Managing Director to succeed Pasi Lehmus.

Events after the review period

The Ministry of Justice and ElisaCom agreed on the provision of
voice and mobile solutions for the Ministry and its
administration. The agreement expands the long-term cooperation
between the Ministry of Justice and Elisa. During the agreement
period Elisa will gradually implement voice services for the 9 500
employees and over 350 offices of the Ministry of Justice by
deploying new VoIP technology.

Radiolinja Eesti acquired a 3G licence in the Estonian market for
EUR 4.5 million.

On 25 July, Münster's electricity utility used its right to sell
its 4.95 per cent stake in Tropolys GmbH to Elisa Corporation's
German subsidiary Elisa Kommunikation GmbH. Through the
transaction Elisa Kommunikation's holding in Tropolys rose to
70.85 per cent. Münster electricity utility's entitlement to sell
its stake is based on the agreement signed during the founding
stage of Tropolys GmbH in 2000.

Future outlook

The Group’s revenue for 2003 is estimated to remain slightly less
than in 2002. EBITDA and EBIT will grow moderately compared with
the previous year.

Owing to improved profitability and the moderate investment level
the Group's cash flow will remain positive and net debt will be
reduced. Operative investments are restricted to 15 per cent of
the revenue at the maximum. Restructuring of non-core businesses
will continue.

EBITDA of the Group's Germany-based business area is estimated to
be positive in 2003.


APPENDIX

ELISA CORPORATION

INTERIM REPORT 1 APRIL - 30 JUNE 2003
(Figures in this interim report are not audited)
                                                              Jan-
CONSOLIDATED INCOME STATEMENT      April-June   January-June   Dec
                                2003   2002   2003   2002     2002
EUR million
Revenue                          391    406    762    790    1 563
Other operating income             9      1     13      8       92
Operating expenses              -304   -321   -593   -634   -1 322
 Depreciation and value 
 adjustments:
  On fixed assets                -66    -99   -131   -175     -322
  On Corporation's goodwill      -14    -20    -28    -34      -59
EBIT                              17    -32     23    -45      -48
Financial income and expenses:
  Share of associated companies' 
  profits                          0     -3      0     -4       -5
  Other financial income and 
  expenses                       -10    -13    -20    -24      -50
Profit before extraordinary 
items                              7    -48      3    -73     -103
Extraordinary items                                     3        3
Profit after extraordinary items   7    -48      3    -70     -100
Income taxes                      31      6     27      0        3
Minority interest                 -1      7     -1     13       26
Net profit                        37    -35     29    -57      -71

CONSOLIDATED BALANCE SHEET                   30.6.  30.6.   31.12.
                                              2003   2002     2002
EUR million
Fixed assets
Intangible assets                               73     83       77
Consolidated goodwill                          553    634      583
Tangible assets                                896    965      962
Share in associated companies                   20     20       21
Other investments                               12     17       13
                                             1 554  1 719    1 656
Current assets
Inventories                                     18     24       21
Deferred tax receivable                         76      7       14
Receivables                                    338    355      334
Marketable securities                           12      3        2
Cash in hand and in banks                       62     95       71
                                               506    484      442
Total assets                                 2 060  2 203    2 098

Shareholders' equity
Share capital                                   69     69       69
Share premium account                          517    517      517
Contingency fund                                 3      3        3
Retained earnings                              126    181      198
Net profit                                      29    -57      -71
                                               744    713      716

Minority interests                              75    118       83

Provisions for liabilities and charges          52      1       71

Liabilities
Long-term creditors                            716    628      715
Short-term creditors                           473    743      513
                                             1 189  1 371    1 228
Total shareholders' equity and liabilities   2 060  2 203    2 098

Deviating from the year 2002 interim reports,
the Tropolys subgroup has applied an IAS-
compliant procedure for the acquisition of 
subsidiaries, which has affected 
the Corporation's goodwill and minority 
interest,
since the financial statements of 31 
December 2002.

                                                              Jan-
CONSOLIDATED CASH FLOW STATEMENT             January-June      Dec
                                               2003   2002    2002
EUR million
Cash inflow from operating activities
Net profit for the financial period              29    -57     -71

Adjustments:
Depreciation and value adjustments              159    209     381
Reduction in value of investments                                1
Sales profits from business operations            0      0     -48
Sales profits from the disposal of fixed
assets and shares                                 0      0      -5
Expense booking for GSM leasing liability                       70
Other adjustments                                 1     -9     -21
Change in deferred tax liability/receivable     -62    -26     -34
Change in working capital and other items       -38     37      32
                                                 60    117     376

Cash inflow from operating activities            89    154     305

Cash flow in investments
Investments in fixed assets                     -86   -138    -268
Disposal of fixed assets                          1      0       6
Investments in shares                            -3     -5      -7
Disposal of shares and business operations       14      5      53
Other investments
Cash flow in investments                        -74   -138    -216

Cash flow after investments                      15     16      89

Cash flow in financing
Change in long-term loans                         2     -9      75
Change in short-term loans                      -17    -12    -209
Dividends paid                                    0     -4      -4
Sale of own shares                                              18
Cash flow in financing                          -15    -25    -120

Change in financial assets                        0     -9     -31
Financial assets at the end of the
financial period                                 74     95      74

                                                              Jan-
                                   April-June   January-June   Dec
                                 2003   2002   2003   2002    2002
KEY FIGURES
Earnings/share (EPS), EUR        0,27  -0,26   0,21  -0,44   -0,54
Shareholders' equity/share, 
EUR                                            5,42   5,25    5,21
Gross investments in fixed 
assets                             47     70     86    138     269
Gross investments as % of 
revenue                          12,0   17,2   11,3   17,5    17,2
Purchase of shares                  2      2      3      6      16
Non-interest-bearing debt                       372    426     396
Average number of personnel                   7 319  8 612   8 115


LIABILITIES
Mortgages
For own                                          75     70      67
Pledges given
Deposits given as surety                          9     28      10
Guarantees given
For others                                       11     11      11
Leasing commitments                              80     73      72
Repurchase commitments                            3      5       3
Lease-leaseback agreement commitment
(QTE facility)                                  178    203     194
Other commitments                                47     58      52
Total liabilities                               403    448     409

GSM and data network lease agreement liabilities outside
the Corporation on 30 June 2003 amounted to approximately
EUR 232 million (EUR 216 million at the end
of 2002). For the future redemption of the
relevant GSM network financial agreements,
an obligatory reserve has been entered in the
balance sheet, which covers around
EUR 50 million of the remaining
lease agreement liability.


Derivative contracts
Forward contracts
Market value of underlying security              14      4      13
Market value                                      1      0       1
Interest and currency swaps
Market value of underlying security                      8       0
Market value                                             0       0

ADJUSTED GROUP KEY FIGURES
(exclusive of non-recurring items)
                                                              Jan-
                                     April-June   January-June Dec
                                 2003   2002   2003   2002    2002

Revenue                           391    406    762    790   1 563
EBITDA                             97     86    182    171     342
EBITDA, %                        24,8   21,2   23,9   21,6    21,9
EBIT                               17      6     23     17      32
EBIT, %                           4,3    1,5    3,0    2,2     2,0
Profit before extraordinary items   7    -10      3    -11     -23

Adjusted key figures have been 
calculated
without the following non-
recurring items:

Sales profits                                                   73
Expense booking for GSM network leasing liability              -77
Writedowns of the GSM network                   -26    -40     -51
Writedowns of Cityphone and
submarine cable networks                         -6     -6      -8
Other writedowns in Finland                                     -4
Rundown costs of Mäkitorppa GmbH                       -10      -8
Other writedowns in Germany                      -6     -6      -5

Non-recurring items, total                      -38    -62     -80
Impact on EBITDA                                        -7      -9
Impact on EBIT                                  -38    -62     -80
Impact on profit before extraordinary items     -38    -62     -80

Items presented in the interim report tables have been rounded up.


---------------------------------------


The corporation's revenue, EBITDA and EBIT by Business Area (BA), 
1 Jan - 30 June 2003*)
EUR million

Fixed network         Revenue         EBITDA               EBIT
                 1-6/03  1-6/02  1-6/03 1-6/02      1-6/03 1-6/02
Services            319     348      15     17          -4     -5
Network             148     160      87     84          52     43
Intra-BA sales     -122    -124
Corporation 
bookings                                                -2     -2

Total               345     384     102    101          46     36



Elisa Mobile          Revenue         EBITDA               EBIT
                 1-6/03  1-6/02  1-6/03 1-6/02      1-6/03 1-6/02
Radiolinja          365     366      91    107          37     21
Corporation 
bookings                                               -19    -19

Total               365     366      91    107          18      2

Germany               Revenue         EBITDA               EBIT
                 1-6/03  1-6/02  1-6/03 1-6/02      1-6/03 1-6/02
Carrier business     67      54       0    -12         -14    -26
Mäkitorppa GmbH               1             -7                -10
Corporation 
bookings                                                -5    -10

Total                67      55       0    -19         -19    -46


Other companies       Revenue         EBITDA               EBIT
                 1-6/03  1-6/02  1-6/03 1-6/02      1-6/03 1-6/02
Comptel              29      25       3     -1           2     -3
Other companies**    24      17      -2     -7          -5    -10
Intra-BA sales       -1
Corporation 
bookings                                                -1     -1

Total                52      42       1     -8          -4    -14
        
**Includes Yomi IT companies and the parent company of 
Yomi Group


Corporation 
functions            19      18     -12    -17         -18    -23

Corporation, 
total               762     790     182    164          23    -45

Revenue, EBITDA and EBIT by Business Area 
(exclusive of non-recurring items)

Business Area (BA)    Revenue         EBITDA              EBIT 
                    (adjusted)      (adjusted)         (adjusted)
                 1-6/03  1-6/02  1-6/03 1-6/02     1-6/03  1-6/02
Fixed network       345     384     102    101         46      42
Elisa Mobile        365     366      91    107         18      42
Germany              67      55       0    -12        -19     -30
Other functions      71      60     -11    -25        -22     -37
Sales between BAs   -86     -75

Corporation, 
total (adjusted)    762     790     182    171         23      17

*)Owing to structural changes in the fixed networks, the figures 
  are not fully comparable with the previous year.


-----------------------------------------


FINANCIAL SITUATION AS AT 30 JUNE 2003

EUR million    30.6.03 31.3.03 31.12.02  30.9.02  30.6.02  

Long-term loans
 Bonds and notes   572     572      572      472      472      
 Loans from 
 the Pension Funds  80      80       80       83       83       
 Loans from 
 financial 
 institutions       55      48       54       38       38       
Total              707     700      705      593      593      

Short-term loans
 Bonds and notes                     52       52      152      
 Loans from 
 financial 
 institutions        2       2        2       34       34       
 Committed credit 
 line 1)                                      40               
 Commercial 
 papers 2)          81     124       44      128      106      
 Others 3)          26      27       28       50       59       
Total              109     153      126      304      351      
Interest-bearing 
debt, total        816     853      831      897      944      

Securities          12       1        3        3        3        
Cash and bank       62      85       71       77       92      
Interest-bearing 
receivables         74      86       74       80       95      

Net debt 4)        742     767      757      817      849      

1) The committed credit line is a joint EUR 170 million revolving 
   credit facility with eight banks,which Elisa Corporation may 
   flexibly use on agreed pricing. The loan arrangement is valid 
   until 16 June 2008.
2) Elisa Corporation has agreed on a joint programme with six banks 
   on issuing commercial papers. The arrangement is not committed. 
   The maximum amount of the arrangement is EUR 150 million.
3) Radiolinja's redemption liability for minority shareholders 
   (EUR 16m) and deposits in the Financial Services Office
   (EUR 10m).
4) Net debt is interest-bearing debt less interest-bearing 
   receivables.

Key financial 
indicators    30.6.03  31.3.03 31.12.02  30.9.02  30.6.02  

Gearing          91 %     97 %     95 %    105 %    102 %     
Equity ratio     40 %     38 %     38 %     35 %     38 %     



About Us

Elisa is a pioneer in telecommunications and digital services. We serve approximately 2.8 million consumer, corporate and public administration organisation customers, and have over 6.3 million subscriptions in our extensive network. Cooperation with Vodafone and Tele2, among others, enables globally competitive services. Our core markets are Finland and Estonia, and we also provide digital services for international markets. Elisa’s shares are listed on the Nasdaq Helsinki. In 2019, our revenue was EUR 1.84 billion euros, and we employed 4,900 people. As a responsible Finnish market leader, our operations are guided by continuous improvement. We will be a carbon neutral company from 2020 onwards. Further information on www.elisa.com , Facebook (@elisasuomi) and Twitter (@ElisaOyj)

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