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Annual Report
2021
The reliable partner for
securing infranets
Eltel and the world around us
The year in brief 1
This is Eltel 2
CEO’s review 4
Strategy 6
Market trends 8
Our operations
Services 10
Segments 12
§
Sustainability
Highlights 2021 23
Our approach 24
Health and safety 26
Environment and climate 27
People and society 29
Supply chain 30
Business ethics 31
Board of Directors’ report 32
Risk Management 37
Corporate Governance report 41
Board of Directors 48
Group Management Team 49
Financial reports
Consolidated nancial statements 51
Notes to the consolidated nancial statements 55
Parent Company nancial statements 89
Notes to the Parent Company nancial statements 93
Auditor’s report 97
Other information
The Eltel share 102
Five-year summary and quarterly gures 104
Denitions and key ratios 106
Financial calendar and contact information 107
Content
Eltel is a leading Nordic eld service
provider for communication and
power networks enabling a more
sustainable and connected world
today and for future generations.
1.8%
Operative EBITA margin
812.6
Net sales, EUR million
14.8
Operative EBITA,
EUR million
5,046
Number of employees
The year in brief
Key gures2021 Highlights
Eltel improved productivity and protability in 2021 and made progress
on its strategic objectives. A divestment furthered Eltel’s strategy
to focus on the Nordics as it continued to build a more stable and
protable business. There were challenges in the market, and Eltel
adapted to market developments to ensure it continued to deliver
quality services to its customers.
 Improved productivity and protability
Productivity and protability improved even though net sales
decreased compared with the year before. The operative
EBITA margin increased to 1.8% in 2021.
 Continued Nordic strategy
In line with Eltel’s strategy, focus was maintained on the
Nordic markets, where the company has a leading market
position, high competence and where the business model is
repetitive and primarily targeted towards build, service and
maintenance. During the year, Eltel divested its high voltage
business in Germany and closed its operations in the UK,
Georgia and Mozambique.
 Sustainability in focus
In 2021, Eltel improved its safety performance, committed to
the Science Based Targets initiative and improved the CDP
Climate Change score for taking coordinated actions on
climate issues.
COVID-19
The pandemic reduced customer investments, delayed
projects, and increased material and logistics costs during
the year. However, the infranet markets are robust and all
Country Units (CU) responded well to the challenges, despite
quarantine requirements and increasing employee sick-leave
rates towards the end of the year.
Year over year we were in
line with the net debt levels,
while the return on operative
capital employed clearly
improved.
– Casimir Lindholm
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
ELTEL Annual Report 2021 | 1
We are Eltel
Eltel is a leading Nordic eld service provider for critical
communication and power networks – infranets.
Securing the lifelines of modern society
Everyone depends on stable communication and power
networks. Eltel builds, maintains and upgrades these essential
lifelines of modern society for national network operators and
owners.
We enable a more sustainable society
The infranet solutions that Eltel provides enable the transition to
a robust, resilient and carbon-neutral society. For example, Eltel
provides infrastructure that allows renewable energy generation,
electric vehicle charging and high-capacity communication
networks. This enables the electrication and digitalisation of
society, and new ways of living and interacting.
Our services and offering
We deliver a comprehensive range of communication and
power services – from project delivery to maintenance and
upgrade solutions – primarily for the owners of communication
and power networks. We typically offer a 24/7 and comp-
rehensive geographical presence in our home markets.
Most of our work is conducted through long-term frame-
work agreements that enable us to collaborate with customers
to achieve their objectives. We accomplish this through
our business strategy, which focuses on delivering on our
customer promises, streamlining our operations and improving
productivity. Read more about our strategy on page 6.
In 2021, we continued to focus on our core activities and
Nordic markets, as well as our strategic transformation.
Why invest in Eltel?
We keep society working by securing good commun-
ication connections and by ensuring power can be
supplied to end users. Our services make society
more robust with well-managed and state-of-the-art
communication and power networks.
• We are the Nordic market leader
• Market trends support the growth of our business
• We enable a sustainable society and minimise our
negative climate impact by setting science-based
targets
• We focus on operational excellence, cost efciency
and sustainable protable growth
• We are a quality-focused organisation
• We enable cross-border synergies
This is Eltel
2 | ELTEL Annual Report 2021
Services Offerings Markets Customers Net sales 2021
Communication
The market leader in the
Nordic region.
Read more about our
communication services
on page 10.
• Maintenance of mobile and xed
networks
• Upgrades to mobile and xed
networks
• The Nordics
• Lithuania
• Telecom operators
• Local industrial
customers and the
public sector
Power
Large regional stakeholder
active in the Nordics, Poland
and Germany.
Read more about our
power services on page11.
• Maintenance in electricity
distribution and transmission
• Upgrades in electricity distribution
• High Voltage projects
• Smart Grids
• Power Transmission projects
outside Europe
1)
• The Nordics
• Poland
• Germany
• Network operators
• Local industrial
customers and the
public sector
• Utility companies
FINLAND
Net sales:
EUR 299.6 MILLION
SWEDEN
Net sales:
EUR 182.2 MILLION
NORWAY
Net sales:
EUR 160.5 MILLION
DENMARK
Net sales:
EUR 87.9 MILLION
OTHER BUSINESS
Net sales:
EUR 91.9 MILLION
Number of employees:
1,496
Number of employees:
914
Number of employees:
939
Number of employees:
461
Number of employees:
1,085
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
1)
Under ramp down.
62%
37%
ELTEL Annual Report 2021 | 3
CEO’s review
Continuing to deliver on our
long-term strategic journey
Eltel President and CEO Casimir Lindholm looks back on another year of
improvement as the company embarks on the next step in its strategic
journey in 2022.
Eltel is well positioned to
gear up and focus on
sustainable protable
growth.
What were the key developments for Eltel in 2021?
2021 was another year with improved productivity and prot-
ability in the Nordics and we made good progress on our
strategic objectives. We continued to build a more stable and
protable business with a Nordic focus as we divested our high
voltage business in Germany and closed our operations in the
UK, Georgia and Mozambique. This further decreased our net
sales according to plan and we have now reached our new
base line for growth in the Nordics.
During the year, we faced challenges regarding postponed
projects, higher material and logistics costs due to the ongoing
pandemic, and high ination. However, I am satised with how
we managed these challenges to continue to deliver quality
services to our customers.
We made signicant progress on sustainability as we
committed to the Science Based Targets initiative and began
developing our science-based climate targets, which will be
announced later this year. I am also proud of our improved score
on the CDP Climate questionnaire for taking coordinated action
on climate issues.
How would you summarise the Operational Excellence
strategy period from 2019–2021?
After executing operational excellence projects in Finland,
Norway and Denmark, we saw positive impacts from these
efforts in 2021 with reduced costs and improved productivity in
these as a result. During the year, we accelerated operational
excellence initiatives in Sweden that we expect to yield similar
benets in the coming years.
How has Eltel changed since it began its
“Transformation Journey” ve years ago?
Importantly, we have laid the foundation for growth, substan-
tially reduced our net debt and improved our cash ow. Eltel is
now nancially a much healthier and more stable company. This
transformation was essential for us as a company to be able to
deliver according to the strategy and our long-term goals.
We have reduced the number of large projects from 120
to ve as we have transformed Eltel into more of a service
company. And in line with our Nordic strategy, we are now active
in seven countries compared to eleven ve years ago.
How would you summarise Eltel’s nancial
performance in 2021?
Our improved productivity and protability in the Nordics is
reected in our improved operative EBITA margin of 1.8%.
However, our EBITA was negatively affected by lower net
sales, ongoing challenges in the Polish High Voltage business
and increased material prices. Year over year we were in line
with the net debt levels, while we improved our return on
operative capital employed from 13.0 to 23.6%.
Lower net sales than expected were caused by two main
issues: the loss of two major agreements and reduced
customer investments because of COVID-19. In response,
we are sharpening our offering and pursuing organic growth
opportunities.
What does the next phase of Eltel’s strategy “Investing
in Sustainable Protable Growth 2022–2023” mean for
the company?
Following our focus on protability in the Nordic markets
in recent years, we will now strive for growth in these home
markets – both organic and through M&A – as we aim to
re- establish Eltel as a company with over EUR 1 billion in
annual net sales in the long term.
How is the general market situation?
Our core markets are healthy, and we continue to be a
communication leader throughout the Nordics and a leader
in the Finnish power market. 5G and bre are the main drivers
of the communication market, as well as work to dismantle
3G and copper networks. In power, there is a clear demand to
upgrade and modernise power grids in the Nordics.
4 | ELTEL Annual Report 2021
2021 was another year with
improved productivity and
protability in the Nordics.
What does the Science Based Targets initiative
commitment mean for Eltel?
It steps up our climate work in the long term, we continue to
reduce emissions from our vehicle eet, switch to renewable
energy in our premises and focuses on reducing climate impact
from our supply chain. I believe it also sends a clear message
to our customers as we aspire to become a climate leader that
can help solve their challenges as sustainably as possible.
What other sustainability progress was made in 2021?
We have a holistic sustainability strategy that supports the ten
principles of the UN Global Compact and the UN Sustainable
Development Goals. I feel we made particularly good progress
in safety during the year as our Lost Time Injury Frequency Rate
per million hours worked fell from 4.9 in 2020 to 3.8 in 2021. In
our employee engagement survey, our employees highlighted
that they appreciate that we take their safety seriously.
What do you see as the main challenges and
opportunities in 2022?
One of our priorities is to turn around Sweden – where we have
opportunities to work with operational excellence and drive
growth in our ongoing smart meter roll out projects. We also
aim to achieve organic growth of between 2–4% throughout
the Nordics and will look to fully implement our Nordic strategy
by nding alternatives for our Polish and German operations.
Additionally, I see opportunities for consolidation of the market,
and for Eltel to make small to medium-sized mergers and
acquisitions in the Nordics going forward.
Do you have any concluding remarks?
I am grateful to all our employees for their efforts during the
year, and to our customers, shareholders and other stake-
holders for all the good collaboration.
Casimir Lindholm
President and CEO
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
ELTEL Annual Report 2021 | 5
Strategy
Our strategy – towards
sustainable protable growth
In 2021, we completed the Operational Excellence phase of our strategy.
Our strategic focus is now on investing in Sustainable Protable Growth
until the end of 2023 as our strategic transformation continues.
After getting our “House in Order” in
2017 and 2018, which involved focusing
on our core markets and mitigating
business risk, we completed our
Operational Excellence phase in 2021.
We have delivered on what we have
promised in recent years, and Eltel is
now in a solid nancial position and
well positioned to gear up and focus on
sustainable protable growth.
Delivering on Operational Excellence 2019–2021
Our strategic transformation – a Nordic
and sustainability focus
Eltel is transforming into a Nordic company, based in countries
in which it has a market-leading position. A Nordic focus with
lower risk and fewer capital-intensive projects will enable Eltel
to continue to develop, grow and invest in order to ensure
long-term value creation for the company, its shareholders and
society at large.
Sustainability is key to our success and an integral part of
our strategy. For Eltel, this means building a strong protable
company for the future and delivering lasting nancial, social
and environmental value.
During 2021, Eltel stepped up its climate work ambitions by
committing to the Science Based Targets initiative. This global
initiative helps companies put science-based climate targets in
line with the Paris Agreement (see page 24–25 for more on our
approach to sustainability).
The way forward: Investing in
Sustainable Protable Growth
2022–2023
From 2022, our focus is on investing in Sustainable
Protable Growth. This involves:
• Increasing market share in the Nordics
• Innovation and new market development
• Replicating existing business models
• Pursuing M&As in the Nordics
• Industry sustainability leadership
Successful divestments
We sold non-core business,
incl. unprotable and capital
intensive businesses.
4
Increased Nordic focus
We have strength-
ened our focus on
core markets, and
closed operations
in the UK, Georgia,
Ethiopia, Mozam-
bique, Rwanda and
Liberia.
Businesses
divested
6 | ELTEL Annual Report 2021
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
Eltel’s long-term goals
Our strategy is based on three long-term goals that are mutually supportive and contribute
to our success. The three goals directly relate to environmental, social and economic
sustainability and guide our way of working:
Eltel’s targets by end of 2023
Rewarded owners
Group operative EBITA margin 5%
Annual growth in the Nordics from 2022 onwards 2–4%
Leverage 1.5–2.5x net debt/EBITDA
Dividend payout Subject to leverage target
Satised customers
Customer satisfaction index >75
Engaged Employees
Employee satisfaction & motivation >3.75
Lost time injury frequency Goal zero
Short-term sick leave <2.5%
Satised
customers
Engaged
employees
Rewarded
owners
Improved balance sheet
Net debt Net working capital
0
50
100
150
200
202120202019
123.8
75.3
67.4
58.3
69.2
53.3
Net debt, 2021 nancing agreement, MEUR
IFRS 16 lease liabilities, MEUR
-25
-20
-15
-10
-5
0
202120202019
-6.3
-25.1
-16.0
-11,3
MEUR
Improved protability
Operative EBITA and EBITA margin
-10
0
10
20
202120202019
MEUR %
-11.3
11.4
14.8
ELTEL Annual Report 2021 | 7
The market trends transforming
the infranet sector
Market trends present both challenges and opportunities and
shape the outlook for players in the infranet sector.
The inuence of global megatrends on society
Overarching megatrends such as digitalisation, electrication,
urbanisation and climate change drive the demand to install,
upgrade, maintain and secure communication and power
networks. Infranets are therefore increasingly essential life-
lines for modern society that meet the day-to-day needs of
businesses and individuals.
Infranets enable a more sustainable and low-carbon society.
They provide the infrastructure for electric vehicles and
renewable energy, and build communication networks that
support the digitalisation of society.
Market trends Impact on the sector Sector response
Changing consumption
behaviour
• Increased digitisation and data usage
• Societal shift to electrication, including
industry and road transport
• Infrastructure upgrades – including 3G
dismantling and HetNet/LAN/access roll-outs
(ahead of 5G/IoT roll out)
• Investments in power networks and
infrastructure
Increased use of
renewable energy
• Demand for Renewable Energy Sources (RES) • Investments in wind and solar energy
• Network investments in load management
Transition to smart
energy solutions
• Demand for energy efcient solutions • Large national smart meter roll outs and
other energy efcient solutions (e.g. LED
lighting)
Increased demands on
delivery reliability
• The EU is driving harmonisation and setting
targets for minimum broadband capacity and
availability
• Governments across Europe are demanding
reliable power networks and RES
• Mandatory automated meter management
• Fibre roll out
• Network investments in improved operations
and service levels to meet stringent
requirements
Ageing power
infrastructure
• Current power networks are approaching the
end of their technical life
• Upgrades of infrastructure/load
management/smart grids
• Network investments
Market trends
Market trends shape our sector
The infranet sector is constantly changing. The table below
summarises the key market trends, their impact on the sector
and how the infranet sector is responding.
8 | ELTEL Annual Report 2021
Market summary and Eltel’s outlook
Eltel’s home markets in the Nordics are stable with good opportunities for growth in the coming
years. We continuously monitor market trends and our surrounding environment to identify
and adapt to potential threats and opportunities. Sustainability continues to be increasingly
important in our markets for both customers and end users.
Fibre
Fibre penetration is high in Sweden and partly in Norway.
However, as it remains a growth area in Denmark and Finland,
it continues to be important to our business.
5G
Eltel is a frontrunner in the sizable 5G mobile communication
roll out market in the Nordics. The 5G market is expected to be
a growth market in the coming years as roll out continues along
with the need to densify and further enhance the network.
Fixed communication
Fixed wireless access will continue to grow, and we also see
increasing opportunities in services related to private networks.
Power grid upgrades
The demand to upgrade outdated power grids remains strong.
A signicant driver for upgrading regional networks is the need
for connecting renewable energy sources and electric vehicle
charging stations.
Smart meters
The roll out of smart meters continues in various phases in our
markets. This includes major ongoing roll outs and a pipeline
for future projects.
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
ELTEL Annual Report 2021 | 9
Communication
We optimise communication networks and help meet societal needs
for greater digitalisation, which is revolutionising how we live, work
and play.
Services
Modern and high-capacity communication networks support
the digitalisation of society and enable people to interact in
new ways. This reduces the need to travel and creates new
opportunities for people and businesses.
Our communication offering
Eltel’s communication offering provides a broad range of
services from designing and planning to the building, installing,
upgrading, operating and servicing of mobile and xed
communication networks. Communication constitutes around
two thirds of Group revenue.
Our main customers are large telecom operators and
communication network owners. Eltel’s business generally
involves long-term relationships with a steady inow of orders
generated by framework agreements.
Communication opportunities
We are capitalising on market growth in 5G, which will
continue in the next few years along with Fixed Wireless
Access (FWA), and both public and private indoor
communication infra structure solutions such as Distributed
Antenna Systems (DAS). There are also ongoing opportunities
for us in the bre market.
We continue to develop and provide services for both new
and existing customers that complement our core business
offering. This includes services related to indoor coverage,
private 5G networks, Network Operations Centres (NOCs) and
OTIT (Operation Technology IT) solutions. We are also enjoying
increased opportunities relating to IoT sensors as more devices
are connected to the internet and as customers become
increasingly interested in smart solutions.
10 | ELTEL Annual Report 2021
Power
Our power services enable the electrication of society, which
is essential for more sustainable energy systems and national
carbon-neutrality objectives.
A resilient and robust power infrastructure allows renewable
energy generation, electric vehicle charging and the smarter
use of electricity. These are all building blocks for a carbon-
neutral society.
Our power offering
The power market can be roughly divided into three areas:
maintenance, projects and turnkey projects, in which Eltel is
responsible for design as well as planning and construction of
the projects. Our main customers are power companies and
large network owners. Power constitutes around one third of
Group revenue.
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
Power opportunities
The demand for increased network capacity and capabilities
is a major driver in the power market that will continue in the
coming years. We are also tapping into the ongoing need
to upgrade outdated power grids and install smart meters.
Renewable energy, particularly wind power investments, is
also driving the market. Areas such as charging infrastructure
for electric vehicles and solar panel installation are growing,
although from a low level.
We continue to sign more long-term partnership contracts.
Such contracts not only provide long-term stability, they also
help Eltel expand its share of the value chain.
ELTEL Annual Report 2021 | 11
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
Segments
Eltel Finland
Eltel Finland serves a diverse market of network owners and
system operators. The CU is the leading infranet service
provider in Finland and is a trusted partner with around 60
ofces offering a nationwide presence. It can take on complex
projects and quickly mobilise hundreds of repair technicians in
the event of a storm or other type of emergency.
Developments in 2021
In 2021, Eltel Finland improved its protability thanks to greater
efciency through better daily performance management and
the establishment of forward-looking KPIs and performance
monitoring systems.
In order to reduce risk, Eltel Finland began pursuing more
service agreements rather than large power projects. Eltel
Finland is also increasingly serving industrial customers.
Sales growth in communication is being driven by bre to the
home (FTTH) and 5G. This growth is expected to compensate
for an anticipated decrease in power distribution investments
in 2022 due to a new energy market law.
Eltel Finland offers all of Eltel’s services – including power,
communication and smart grids. The CU installs power transmission
lines, substations, bre, 5G and streetlighting, and manages fault
repair and maintenance contracts.
Sustainability progress
Safety is the top priority and weekly meetings at team level
have been introduced in order to promote and review safety
reporting. By regularly considering safety, the weekly meetings
keep safety in focus. Safety reporting was enhanced and
overall safety performance improved over the year.
Eltel Finland works in partnership with customers to pilot
new solutions such as electric excavators and microtrenching,
which is faster and reduces emissions, disruptions and costs.
The CU has created a roadmap for replacing its eet of
700 vans into electric vehicles. The rst 50 electric vans were
ordered in 2021. A route optimisation tool that promotes
the efciency of individual technicians and reduces vehicle
emissions was piloted in the spring before being rolled out
nationwide.
Market outlook
Fibre and 5G continue to be the drivers of the communication
market and Eltel Finland is the market leader in both. Indoor
communication networks and private 5G networks are also
becoming an important offering for Eltel in Finland. These
include private networks for hospitals, shopping centres and
large industrial facilities.
The power distribution market is likely to see reduced
investment from 2022 due to new regulations, but growth in
the power transmission market continues. An ongoing trend in
Finland is the increased need for upgrading regional network
connections due to the establishment of more wind farms in
the country.
Competitors
• Voimatel
• Enersence
• ENP
• Elvera
• TLT
Major agreements awarded in 2021
• Power transmission lines for OX2
• Electricity network development in Ostrobothnia for Caruna
FINANCIAL PERFORMANCE
2021 2020
Net sales (EUR million) 299.6 300.2
Operative EBITA (EUR million) 12.7 7.2
Operative EBITA margin (%) 4.2 2.4
Number of employees 1,496 1,470
Net sales 2021
Communication  Power
12 | ELTEL Annual Report 2021
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
Case
Connecting Finland’s
largest wind farm
As the Finnish market leader in the construction of
transmission lines and a major player in substation
construction and services, Eltel supports the growing
wind power sector, which is driving Finland towards
climate neutrality.
W
ind power is booming in Finland as the country
works towards becoming carbon neutral by
2035. In 2021, around 21,300 MW of wind
power projects were under development.
Providing wind power transmission lines
and substations
Wind farms require high-capacity transmission lines
and new substations. Eltel is the market leader in
constructing transmission lines in Finland and is a major
player in substation construction and services.
“We are a reliable nationwide partner that network
operators and wind power companies can rely on to
connect their wind farms throughout Finland,” says
Tuomas Antikainen, Sales Director – Transmission, Wind
and Cabling at Eltel Finland. “Wind power customers
appreciate our unique ability to not only be able to
deliver both transmission lines and substations, but also
medium voltage cables and bre network connections.
Only Eltel offers this in Finland.”
Connecting Finland’s largest wind farm
When completed, the new wind farm in Lestijärvi, Central
Ostrobothnia, will comprise 69 turbines in three wind
farms with a total capacity of 400 MW.
“We are constructing an approximately 60 km long
400 kV transmission line and an approximately 25 km
long 110 kV line,” says Antikainen. “Once completed,
the wind farm will be Finland’s largest and will meet the
equivalent annual electricity needs of around 73,000
Finnish family homes.”
Key facts
Client: OX2
Services: transmission lines
Period: 2022 – 2024
Value: EUR 22 million
ELTEL Annual Report 2021 | 13
Segments
Eltel Sweden
Eltel Sweden’s power business focuses on the low to medium
voltage distribution segment and substation cabling. Smart
meter installation is a signicant part of the business with large
ongoing roll out projects. The CU has a national presence and
the capability to deliver complex frame agreements with a
skilled workforce.
Developments in 2021
Eltel Sweden experienced a weak start to the year due to harsh
winter conditions, but the result improved after the summer
and some challenging long-term projects were nalised in
2021.
To improve protability and align with one national operative
model, project “Ett Eltel” (One Eltel) was launched. Ett Eltel also
aims to ensure that national customers recognise Eltel as one
company, as well as strengthen Eltel as a good employer.
In smart meter installation, Eltel Sweden strengthened its
market leading position. Sharing best practices and stream-
lining processes have been key success factors in scaling
smart meter installation capabilities in partnership with key
stakeholders.
The communication business accounts for around 90% of Eltel’s turn over in
Sweden. Eltel installs and maintains 5G and bre networks and is a major player
in the bre to the home (FTTH) market. The CU works with indoor, xed and Wi-Fi
networks, as well as radio communications and public infrastructure. Customers
include national operators, network and infrastructure owners and municipalities.
Sustainability progress
Eltel Sweden aims to reduce vehicle emissions by 50%
between 2019 and 2025 by using renewable diesel in vans and
excavators, and phasing in electric vehicles from 2022. Around
10% of vehicle fuel is now fossil free and most of the remaining
fuel is biodiesel with up to 42% renewable content.
Waste is another focus area with the target to reduce non-
recyclable waste by 50% from approximately 43% 2019 by
2025. During the year, a new contract was signed with a waste
recycling partner and recycling stations at Eltel premises were
improved with more alternatives.
Market outlook
Eltel Sweden is looking into new public infrastructure
opportunities, such as smart level crossings and roadside
weather station sensors (see Case Story on page 15).
Going forward, Eltel Sweden is focusing on broadening the
collaboration with existing customers and offering current
services to new customers, such as indoor, xed/Wi-Fi to real
estate owners and helping them to build and improve their
network coverage, capacity and quality.
Competitors
• Transtema
• OneCo
• Scanmast
• Netel
Major agreements awarded in 2021
• 5G installation for Tele 2 and Telenor
• 3G demolishing projects for Tele 2 and Telia
FINANCIAL PERFORMANCE
2021 2020
Net sales (EUR million) 182.2 224.5
Operative EBITA (EUR million) -1.8 -3.7
Operative EBITA margin (%) -1.0 -1.6
Number of employees 914 1,003
Net sales 2021
Communication  Power
14 | ELTEL Annual Report 2021
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Case
Eltel secures key Swedish
transport infrastructure
Eltel is conducting a full weather station upgrade
in Central and Northern Sweden that will enable
better weather forecasting, monitoring and planning
capabilities – and ultimately promote road safety.
Modernising critical infrastructure
In March 2021, Eltel won a four-year contract to carry out
a full sensor upgrade for 266 roadside weather stations
in Northern and Central Sweden. The stations collect
information on winter road conditions and allow the
Swedish Transport Administration to predict potentially
disruptive weather conditions.
“The existing sensors were 8–10 years old and had
reached the end of their operational life,” says Magnus
Rosenberg, National Sales Infrastructure Manager at
Eltel Sweden. “The state-of-the-art hardware we are
installing is more accurate and provides higher quality
data, such as high-denition video, while enabling higher
data speed and capacity connections.”
Promoting road safety is a top priority
Improved road safety is the main objective of the project
as the upgrade will enable the Swedish Transport
Administration to provide better weather forecasting,
monitoring and planning for their road network. This will
promote road safety by optimising the use of resources
and issuing accurate warnings of potentially dangerous
driving conditions.
“Eltel is a natural partner when organisations want to
install different kinds of sensor solutions as we have the
expertise, skills and scale to deliver any kind of project –
as this partnership illustrates,” says Rosenberg.
Key facts
Client: the Swedish Transport Administration
(Trakverket)
Services: sensor upgrade
Period: summer months 2021-2024
ELTEL Annual Report 2021 | 15
SegmentsSegments
Eltel Norway
Eltel Norway is the leading service provider with the competence
and capacity to deliver throughout the entire value chain, includ-
ing turnkey projects and innovative solutions for ensuring cost
efciency and quality. The CU also draws on Eltel’s cross-border
workforce to meet demand during typical peak business periods
and ensure cost effectiveness (see Case Story on page 20).
Developments in 2021
The COVID-19 pandemic impacted Eltel Norway more than in
2020 with postponements in customer investments and project
implementation. This reduced net sales, although the market
remains strong and is expected to stabilise in 2022. In order
to improve efciency, productivity and quality, a number of
developments were made during 2021.
Eltel Norway invested in the creation of a Project
Management Ofce comprising senior project managers to
oversee all projects over EUR 1 million and ensure protability.
Additionally, a “5G Factory” was created to share best practice
on how to deploy a centralised roll out of 5G solutions.
The implementation of the digital order management system
(EOS) was completed along with the centralised dispatching
of technicians. This led to optimisation of the dispatch process
by promoting better use of technicians and decreasing fuel
consumption.
Eltel Norway is the market leader in the communication market, offering everything
from installing to maintaining xed and mobile communication networks. This includes
design, planning, project management, testing and documentation. The CU serves
operators, utility companies, regional bre operators and private companies.
Sustainability progress
During the year, Eltel Norway focused on electrifying its vehicle
eet and promoting low-carbon excavation techniques. The
CU committed to replace all of its approximately 600 vehicles
to electric vehicles by 2026. The rst 120 vehicles will be
delivered in 2022.
In 2021, 8–10% of all Eltel’s excavation work in Norway,
mainly for bre to the home (FTTH), was conducted using
microtrenching. As the solution avoids the need for diesel
excavators, it reduces CO
2
emissions, noise, local disruption
and cost.
Market outlook
In mobile communication, 5G roll out and densication
is expected to drive growth in the coming years. In xed
communication, bre investments are expected to decrease
while xed wireless access will continue to grow as a result of
copper decommissioning and access to 5G coverage.
The growth in electric vehicles in Norway has created a
large demand for electric vehicle charging station installation
services. There are also signicant opportunities in IoT sensor
solutions in multiple industries.
Eltel Norway sees several opportunities to work higher up
the value chain, for example, by taking more responsibility for
planning projects and offering consultancy services – as well as
its core installation and maintenance offering.
Competitors
• OneCo
• Netel
• UBConnect
• Sitecom
• Site Service
Major agreements awarded in 2021
• Telenor 5G upgrade – in several counties
FINANCIAL PERFORMANCE
2021 2020
Net sales (EUR million) 160.5 177.7
Operative EBITA (EUR million) 9.2 14.3
Operative EBITA margin (%) 5.7 8.0
Number of employees 939 943
Net sales 2021
Communication  Power
16 | ELTEL Annual Report 2021
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Case
Preferred nationwide 5G and
FWA partner in Norway
Eltel is working with Telenor and Telia in Norway to
install the latest network solutions.
I
n Norway, Eltel has been a vital part of the 5G roll out
from the very beginning, participating in eld pilots
back in early 2019. A large-scale 5G roll out has started
in all major cities and is expected to cover the entire
country by 2024.
Fixed Wireless Access (FWA) – a game changer for
wireless broadband
Currently, FWA mainly runs on 4G, but this is rapidly
changing as network operators gradually upgrade to 5G
– making FWA a fully-edged alternative to bre. FWA is
particularly useful in rural areas and can provide every-
one with cost-effective and high-speed communication.
“Eltel is proud to be the preferred partner and main
provider of 5G and FWA for the largest telecom operators
in Norway,” says Joakim Johansen, FWA Expert at Eltel
Norway. “Upgrading to 5G enables more stable FWA net-
works offering greater speed, capacity and opportunities
for additional services.”
Societal benet
“As FWA does not require excavations in order to lay
cables, it reduces environmental impact and speeds up
the connection process,” says Johansen. “Most of the
equipment we have in Norway is also 5G-ready, which
means we don’t need to replace it with new hardware.”
Networks enhanced by 5G and FWA will enable more
people to work from home and travel less, while also
benetting from greater connectivity and the Internet of
Things.
Key facts
Clients: Telenor and Telia
Services: 5G and FWA installation
Period: ongoing
ELTEL Annual Report 2021 | 17
SegmentsSegments
Eltel Denmark
In the power market, Eltel Denmark primarily deals with
medium and low voltage systems – such as modernising the
Danish power network for renewable energy, electric bus
charging systems in Copenhagen and upgrades to municipal
LED lighting.
Developments in 2021
Following a strong rst six months, Eltel Denmark experienced
a weaker second half of 2021 after the completion of a large
communication project and the insourcing by a major customer
of an agreement. The CU restructured its business to adapt to
the new market situation and worked proactively to develop its
business and identify growth opportunities.
This resulted in new orders, such as the rst water meter
replacement contract for a customer in the northern part of
Jutland. Such new opportunities will continue in 2022 and are
expected to have a positive impact on the business.
In addition, the CU increased its focus on the power market.
Denmark’s aging power network needs upgrading and
reinforcing to cope with the roll out of vehicle charging stations
and renewable energy.
The communication market accounts for around 75% of Eltel’s revenue in Denmark.
Eltel is a market leader in the country’s peaking bre market and operates in the
mobile network market, such as 5G. Eltel Denmark also works on communication
projects for the national rail network and the emergency services.
Sustainability progress
The sustainability focus in Denmark has been on monitoring
vehicle emissions and trialling new models of small electric
vans in Eltel’s operations, sourcing efcient and hybrid vehicles,
and installing vehicle charging stations at Eltel’s ofces and in
employees’ homes. The CU won a vehicle industry award for
its work during the year. Eltel Denmark also renegotiated its
electricity contract to be 100% renewable in 2021.
Switching to electric and more efcient vehicles is the CU’s
greatest sustainability opportunity. The challenge is identifying
the optimal timing for investments, which will differ in urban
and rural areas and may reduce operational efciency if
investments are made too early or too late.
Market outlook
5G installation for major customers will continue to increase
as Eltel works on approximately 4,000 sites around Denmark.
The bre market may have peaked in 2021, but the market will
remain strong in the coming years.
The entire Danish power market will grow in 2022 and
beyond as vehicle charging and renewable energy continues
to expand. Eltel has a strong presence in the Eastern Denmark
and has signicant potential to expand in the power market in
Western Denmark.
Competitors
• Kemp & Lauritzen
• Bravida
• Atea
• Intego
Major agreements awarded in 2021
• Aarhus municipality – installation and maintenance of bre
and electricity supplies in municipality-owned properties
• Banedanmark – consultancy and infrastructure design
FINANCIAL PERFORMANCE
2021 2020
Net sales (EUR million) 87.9 118.1
Operative EBITA (EUR million) 4.2 5.0
Operative EBITA margin (%) 4.8 4.3
Number of employees 461 637
Net sales 2021
Communication  Power
18 | ELTEL Annual Report 2021
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Case
Securing train operation and
passenger comfort in Denmark
Eltel maintains power conversion stations in
Copenhagen and preheater stations throughout
Denmark to ensure trains run smoothly while
promoting passenger comfort.
T
he two 4-year contracts for Banedanmark were
won in 2021 to maintain and service power con-
vertor stations for the commuter S-train (Danish:
S-tog) in Copenhagen and train preheater stations
throughout the Danish railway network.
“We are very proud to manage these prestigious
and essential servicing contracts,” says Claus
Metzsch Jensen, Managing Director at Eltel Denmark.
“The project allows us to demonstrate our skills and
capa bilities, while playing our part in keeping trains
running and promoting passenger comfort.”
Safeguarding key public transport infrastructure
The Copenhagen S-train is a key part of public transport
in the city. Eltel services and maintains all 37 of the
conversion stations that convert the 10 kV high voltage
power supply to the required 1.65 kV to power the trains.
It also conducts all scheduled maintenance and resolves
any issues.
Promoting rail passenger comfort throughout
Denmark
The preheater contract involves the servicing and
maintenance of all 15 train preheater stations located
throughout Denmark. The stations pre-heat or cool
passenger carriages before use to ensure they are at
the right temperature for passengers. They also pre-
heat locomotives to ensure they are ready to run when
needed.
Key facts
Client: Banedanmark
Services: Maintenance and servicing of rail power
infrastructure
Period: 2021-2025 (plus potential 2-year extension)
Photo: Robert Attermann / RED STAR
Source: Banedanmark
ELTEL Annual Report 2021| 19
Case
Cross-border workforce
provides Eltel with a unique
competitive edge
Eltel has two highly skilled cross-border work forces.
One team comprises high voltage transmission line
technicians based in Poland and the other team
comprises communication technicians based in
Lithuania. These teams provide great exibility to
quickly meet changing market needs throughout the
Nordics.
E
ltel’s approximately 170 cross-border employees
based in Lithuania and Poland are all directly
employed by the company. This highly
competent and experienced international workforce
provides Eltel with a unique competitive edge.
“Having a permanent cross-border workforce enables
us to be sure that all our employees are well-trained
and know how we work – including the use of the latest
techno logical solutions and our safety practices,” says
Juha Luusua, Managing Director of Eltel Finland.
Ensuring a skilled and exible workforce
The lack of highly skilled technicians is an issue for all
the Nordic countries. A cross-border workforce is also
more exible and able to work where needed.
“It’s difcult to hire skilled 5G technicians in the
Nordics right now, but we have many of them in our
cross-border workforce,” says Luusua. “For Eltel,
this is incredibly valuable us to be able to meet any
urgent need for highly skilled technicians in the Nordic
region. This exibility gives us a huge competitive
edge compared to if we were to build a local team from
scratch by hiring and training new employees.”
Other business
Eltel has a project-based high voltage business that operates
in Poland and a smart grids business in Germany. Eltel also has
a small but strong communication business in Lithuania that
provides the Nordic countries with highly skilled technicians –
our cross-border workforce.
In 2021, Eltel divested its high voltage business in Germany
as it continues to focus on the Nordic market.
Segments
20 | ELTEL Annual Report 2021
It’s difcult to hire skilled 5G
technicians in the Nordics
right now, but we have many
of them in our cross-border
workforce.
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
ELTEL Annual Report 2021 | 21
Sustainability
Case
A robust safety culture
Eltel achieved its all-time best safety performance in
2021, which is the result of its long-term commitment
to promoting safety throughout the business.
D
uring the year, Eltel’s Lost Time Injury Frequency
Rate (LTIFR) per million working hours for its own
employees decreased to 3.8 – compared to 4.9
in 2020 and 6.2 in 2019. This trend of improving safety
performance is the result of a robust safety culture that
has been developed in recent years along with concrete
actions out in the eld.
Towards zero injuries
Recent safety initiatives include improving personal
protective equipment, safety knowledge sharing and
running annual safety campaigns and management
safety walks. A global digital reporting tool has also been
launched to increase transparency, foster the reporting
of safety observations and help Eltel’s eld personnel
analyse safety risks in a systematic way.
“Our ultimate vision is zero injuries,” explains Safety
Manager Seppo Rytilä. “We are proud of our progress
and are aiming to achieve consecutive months with no
lost time injuries in 2022 as we strive towards our zero
injury vision.”
22 | ELTEL Annual Report 2021
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100%
All CUs continue to hold
ISO 9001, OHSAS 18001/
ISO 45001 and ISO 14001
certicates.
3.8
 22.4%
LTIFR per million working
hours. Eltel employees.
(2020 LTIFR 4.9)
89%
Code of Conduct
training completion rate
24.6%
 5,012,748 kg CO
2
-eq
reduced emissions in
scope 1.
Sustainability
Key guresHighlights 2021
For Eltel, sustainability is about building a strong protable company
for the future, and delivering lasting nancial, social and environmental
value to Eltel’s stakeholders and society at large.
 Improved safety performance
An increased focus on monitoring and preventing minor
injuries helped to further educe the Lost Time Injury
Frequency Rate (LTIFR).
 Commitment to the Science Based Targets initiative
Eltel’s commitment to the SBTi has underlined the company’s
level of ambition to tackle the global climate crisis. Eltel is
currently developing climate targets to submit to the SBTi.
 CDP Climate Change
In 2021, we stepped up our climate work at Eltel by further
developing our climate reporting. Our progress was
recognised in the improved score on the CDP Climate
questionnaire where we achieved a Management score (B-)
for taking coordinated action on climate issues.
 COVID-19, protecting employees’ health
Eltel continued social distancing and other measures to
protect the health of its employees, customers and other
partners.
 EU taxonomy
The taxonomy-eligible economic activities relevant to Eltel
were identied. These are estimated to account for 32% of the
turnover. Read more on page 35–36.
ELTEL Annual Report 2021| 23
Integrated into our way of working
Our ambition is to be a leader in sustainability. There are two aspects to our approach –
creating shared value by enabling a sustainable society – and ensuring a responsible business
practice. We focus on our sustainability priority areas to minimize our negative impact and
maximize our positive impact on people and the environment.
Stakeholder dialogue guides our approach
We regularly engage with a variety of stakeholders at different levels across the Group. Stakeholder dialogue on the
relevant topics is used to shape our strategic decision making and Eltel’s Sustainability Plan. By meeting stakeholder
expectations, we remain relevant as a partner, employer and investment opportunity.
Sustainability
Stakeholder group Channels of dialogue Key topics raised 2021
Employees Ongoing employee dialogue, town hall meetings,
internal channels (intranet, newsletters, e-mail, etc),
employee engagement survey, workshops
Safety and work environment, remuneration and benets, training,
daily performance management, leadership, Code of Conduct, skills
development
Customers Continuous customer dialogue, delivery monitoring,
customer surveys, market surveys, workshops
Quality, specic customer requirements, collaboration/partnerships,
science-based targets, safety and work environment, innovation
Shareholders Annual General Meeting, quarterly earnings calls,
investor dialogue, press releases
Business performance including short and long-term implications
Suppliers Continual supplier dialogue, local supplier meetings,
audits, delivery monitoring
Pricing and terms, ethics and values, environment, safety and work
environment, waste management, climate target setting
Trade unions Meetings, negotiations Labour law issues, remuneration, work environment, health and safety
Authorities Structured monitoring, specialist network GDPR, sustainability (reporting requirements), EU taxonomy, general
compliance with laws, ordinances and regulations
Industry and stake-
holder organisations,
specialist networks
Membership, participation on the board,
conferences, training, network meetings
Digitalisation, electrication, sustainability, workplace safety
Society Sustainability reporting, information and contacts on
website and in social media
Ethics and values, environment, COVID-19 information
Priority area Material topics 2021–2023 Achievements in 2021
Health and Safety Zero fatality and disability cases
Reduce injury frequency (LTIFR and TRIFR) including
subcontractor employees
Foster a proactive safety culture
Increased focus on monitoring and preventing minor injuries, further
reduced Lost Time Injury Frequency Rate (LTIFR). Manager trainings to
analyse the root causes of incidents, safety training, manager safety walks,
COVID-19 measures.
Environment Reduce the average CO
2
emissions of cars and vans
Establish a roadmap to become fossil free
Promote the positive impact of Eltel’s customer
solutions
Annual decrease of share of purchased fossil energy
Commitment to the Science Based Target initiative (SBTi), improved the
CDP Climate Change disclosure rating, increased focus on reducing
emissions from our vehicle eet and piloting low-carbon solutions together
with customers.
People and society Be the industry’s most attractive workplace
Contribute to sustainable development and welfare
Continued implementation of the leadership framework, ongoing regular
performance and development dialogues with netuned dialogue
template, annual employee engagement survey.
Supply chain Secure the HSEQ performance and compliance
with Eltel’s Code of Conduct Policy by monitoring of
strategic partners
Regular supply chain audits, supplier and contractor engagement on
safety, quality, Code of Conduct, policy and ISO compliance.
Initial mapping of the top emitting suppliers on climate targets setting.
Business ethics Be compliant with all relevant laws and regulations,
internal policies and agreements with customers and
suppliers
Code of Conduct and policy trainings
Minimum social safeguards assessment in alignment with the EU
taxonomy. Mandatory Code of Conduct trainings. Updated procedure
according to the EU whistleblowing directive. Annual communication on
progress to UN Global Compact.
24 | ELTEL Annual Report 2021
Sustainability topics at Eltel are managed by a
Sustainability Committee that includes business
representatives from all Country Units, and a Sustainability
Steering Group. Both report directly to the Group
Management Team and the President and CEO, who is
ultimately responsible for sustainability at Eltel.
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
Our global commitment
Since many years, Eltel is committed to a number of sustainability frameworks. Together
with stakeholder dialogue on the relevant topics used to shape our strategic decision-
making, this provides the road map to remain relevant as a partner, employer and
i nvestment opportunity.
Science Based Targets initiative (2021)
Eltel has announced its commitment to set science-based
targets for signicant reductions in our greenhouse gas (GHG)
emissions by 2030. Eltel’s targets are being developed and will
be validated against the latest climate science by the Science
Based Targets initiative (SBTi).
UN Global Compact (2014)
Since 2014, Eltel has been a signatory of the UN Global
Compact and its ten principles on
• Human rights
• Labour
• Environment
• Anti-corruption
The principles are embedded into our strategy, policies and
procedures, and related processes. We report annually on our
sustainability performance in line with the Communication on
Progress process as dened by the UN Global Compact.
CDP Climate Change (2016)
Eltel reports to the CDP Climate Change programme every
year and has done so since 2016. The information gathered is
designed to improve transparency for our stakeholders as well
as drive positive change throughout our organisation – to reduce
our greenhouse gas emissions and mitigate climate change risk.
As a sustainability leader in the infranet industry, we believe
that we can make the biggest contribution to:
SDG 7: Affordable and clean energy
Eltel’s power services enable access to reliable
electricity and the incorporation of renewable
energy into the power grid.
SDG 8: Decent work and economic growth
Eltel provides decent work for its employees and
contributes to economic growth in the countries
where it operates.
SDG 9: Industry innovation and infrastructure
Eltel secures resilient communication and power
networks, and work in partnership with customers
to pilot innovative solutions.
SDG 13: Climate action
The infranet solutions that Eltel provides enable
the transition to a robust, resilient and carbon-
neutral society. Eltel works actively to reduce the
climate impact of its operations.
UN Sustainable Development Goals (SDGs)
The SDGs provide a roadmap for how we can collectively work
to overcome the global challenges related to economic, social
and environmental sustainability.
Other SDGs relevant to our business are SDGs 5, 10, 11 and 12.
ELTEL Annual Report 2021| 25
Health and safety
Ensuring that our employees return home safely every day is our top priority. At Eltel, safety
is not just about personal protective equipment, incident reports and adjusting to the current
pandemic challenge – it is a mindset that we choose to adopt every day.
Sustainability
Progress in 2021
Given our reduced Lost Time Injury Frequency Rate (LTIFR)
in recent years, we have continued to monitor the Total
Recordable Injury Frequency Rate (TRIFR), which includes all
lost time injuries, medical treatment cases and occupational
illnesses. We strive to prevent the most serious injuries from
occurring by investigating the root causes of minor injuries
and serious near misses. We actively mitigate risk by training
managers to analyse the root causes of incidents by pro-
moting more proactive reporting and executing on-site risk
assessments. The KPI for the TRIFR was monitored in line with
industry practice.
Other important activities in 2021 included safety training,
safety walks by our managers, internal safety bulletins and
campaigns. In addition to our safety focus, the COVID-19
measures, follow-up dialogue with employees who are ill and
rehabilitation support for employees on long-term sick leave
are also important measures to reduce absence due to illness.
Health and safety risks
Eltel has clearly dened the health and safety risks for our
people. High-risk activities related to day-to-day operations
include electrical safety, working at height, managing ageing
infrastructure, and road safety. Road safety is a particularly
important area for Eltel as teams spend a lot of time on the
road driving from site to site. Eltel is constantly seeking to
identify and implement more modern and safer solutions and
processes to reduce risk.
KPIs 2021 2020
Absence due to illness, including long-term illness,
Eltel employees, % 5.3 5.4
Lost time injuries per million working hours (LTIFR),
Eltel employees 3.8 4.9
Total Recordable Injury Frequency per million
working hours (TRIFR), Eltel employees 25.0 24.8
Number of fatal accidents: Eltel and
subcontractor employees 0 0
Lost time injury frequency rate
 22.4%
LTIFR per million working hours.
Eltel employees.
(2020 LTIFR 4.9)
Absence due to illness
 0.1%
Including long-term illness.
Eltel employees.
(2020 5.4%)
Fatal accidents
Eltel employees and
subcontractors.
3.8 5.3% 0
Policies Guiding frameworks
HSSEQ Policy
Code of Conduct
OHSAS 18001/ISO 45001
SDG 5, 8
26 | ELTEL Annual Report 2021
Environment and climate
Eltel is active in an industry that plays a key role in the transformation to a low-carbon society.
By supporting our customers to develop innovative infranet solutions, we help society to
mitigate, adapt and become more resilient to the effects of climate change. We strive to
minimise the environmental impacts of our operations.
Our progress in 2021
Eltel’s commitment to the Science Based Targets initiative
underlines the company’s long-term ambition to tackle the
global climate crisis. Another example of this increased
ambition is the improved rating of Eltel’s CDP Climate Change
disclosure in 2021 (read more on page 23 and 25).
The most signicant environmental impact from our own
operations are the emissions from our vehicle eet (scope 1).
Thus, our main focus is to minimise the average CO
2
emissions
from our cars and vans. We continue to establish a roadmap to
become fossil free by gradually switching to vehicles that are
electric, hybrid or that run on renewable fuel.
Collaboration with our suppliers and customers is an impor-
tant part of reducing our emissions, given the considerable size
of our scope 3 emissions. Together with our customers, we
worked actively to pilot low-carbon solutions, such as electrical
excavators and microtrenching, in order to reduce the impact
during excavation work (read more in Case Story on page 28).
The process of collecting, validating and calculating
environmental data in alignment with the Greenhouse Gas
Protocol (GHG) has been evaluated and improved during the
year. Signicant progress was made in our environmental data
in scope 3, indirect emissions from Eltel’s suppliers, which
now covers 100% of the indirect emissions from our supply
chain. To enable us to work efciently on our engagement and
reduction efforts, we are actively working on sourcing and
integrating activity data.
Other important and prioritised environmental topics include
waste management and the responsible sourcing of materials.
We work to minimise our physical environmental impact,
disruption and noise from work sites.
KPIs 2021 2020
1)
Vehicles in entire eet 2,895 3,208
Share of zero- and low-emission vehicles
(cars and vans), % 1.9 1.1
Total fuel consumption of entire eet, litres 6,147,285 7,381,713
Total CO
2
emissions, kg CO
2
-eq, scope 1 15,372,013 20,384,761
1)
The 2020 carbon emissions are recalculated using the new improved calculation methodology.
What are Eltel’s scope 1, 2 & 3?
Scope 1 – Direct emissions resulting from fuel use within
Eltel’s car eet and onsite energy use (heating).
Scope 2 – Indirect emissions resulting from the generation
of purchased energy used within Eltel ofce premises.
Scope 3 – All other indirect emissions that occur in Eltel’s
supply chain and are not already included within scope 2.
Eltel and the world around us Our operations Sustainability Board of Directors’ report Corporate Governance report Financial reports Other information
Reduced CO
2
emissions
(scope 1)
 5,012,748 kg CO
2
-eq
Environmental risks
Working to minimise vehicle emissions, we face external
challenges related to access to electric vehicles, lack of charging
stations in rural areas and increasing biodiesel prices. Large
electric excavators are not currently available, but we tested
smaller excavators in 2021 and the area is developing rapidly.
Share of renewable
energy (scope 2)
 8% (2020 23%)
Scope breakdown of total
emissions, %
24.6% 31%
Scope 1, 10.8%
 Scope 2, 1.1%
 Scope 3, 88.1%
Policies Guiding frameworks
HSSEQ Policy
Code of Conduct
ISO 14001
UN Global Compact Principles 7, 8, 9
SDG 7, 12, 13
CDP Climate Change
Science Based target initiative
ELTEL Annual Report 2021| 27