2015-05-07 07:00:00 CEST
2015-05-07 07:00:52 CEST
REGULATED INFORMATION
Elektrobit Oyj - Interim report (Q1 and Q3)
ELEKTROBIT CORPORATION'S (EB) INTERIM REPORT JANUARY-MARCH 2015
Stock exchange release
Free for publication on May 7, 2015 at 8.00 a.m. (CEST+1)
Elektrobit Corporation's (EB) interim report January-March 2015
NET SALES OF FIRST QUARTER 2015 GREW AND OPERATING PROFIT IMPROVED FROM THE
PREVIOUS YEAR
SUMMARY JANUARY - MARCH 2015
* Net sales grew to EUR 64.3 million (EUR 51.7 million, 1Q 2014), representing
an increase of 24.4 % year-on-year.
* Operating profit was EUR 3.4 million (EUR 1.9 million, 1Q 2014), including
non-recurring costs of EUR 0.3 million resulting from the planned partial
demerger.
* Net cash flow was EUR 7.3 million (EUR -0.5 million, 1Q 2014).
* Earnings per share were EUR 0.014 (EUR 0.013, 1Q 2014).
* The number of EB's shares increased by altogether 95 366 new shares
subscribed by virtue of the stock option rights 2008B and 2008C. At the end
of the period, the number of shares in Elektrobit Corporation totaled
131 588 510.
* In January EB strengthened its competences in safety technologies in its
Wireless Business Segment by acquiring SafeMove business from Birdstep
Technology ASA.
* In January Parrot SA, a component supplier of e.solutions GmbH, the jointly
owned company of EB and AUDI, filed a request for arbitration against
e.solutions at the International Court of Arbitration of the International
Chamber of Commerce seeking remuneration and/or damages currently in an
amount of approximately EUR 9.4 million in connection with an automotive
supply contract. Based on the current analysis, the arbitral proceedings
will not cause any financial obligation to e.solutions or to EB that would
affect EB's profit outlook and financial position.
* The Board of Directors of Elektrobit Corporation has on February 18, 2015
approved a plan for partial demerger of the company and intends to list
Bittium Corporation as a separate entity at Nasdaq Helsinki. The Board of
Directors of EB has also updated the strategic guidelines and financial
targets of EB's Business Segments for the years 2015 -2017. The partial
demerger needs to be approved by an extraordinary general meeting, convened
to be held on June 11, 2015. The planned effective date for the demerger is
June 30, 2015.
* The Annual General Meeting held on April 15, 2015 decided in accordance with
the proposal of the Board of Directors to pay EUR 0.04 per share as dividend
based on the balance sheet adopted for the financial period January 1, 2014
- December 31, 2014.
Group (MEUR) 1Q 15 1Q 14 2014
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NET SALES 64.3 51.7 224.1
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Change of net sales, % 24.4 % 11.8 % 12.5 %
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OPERATING PROFIT / LOSS 3.4 1.9 16.8
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Operating profit / loss, % of net sales 5.3 % 3.7 % 7.5 %
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Operating profit /loss without non-recurring items 3.7 1.9 16.3
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EBITDA 5.6 4.1 25.5
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CASH AND OTHER LIQUID ASSETS 50.6 42.5 43.3
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EQUITY RATIO (%) 65.0 64.8 % 62.3 %
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EARNINGS PER SHARE (EUR) 0.014 0.013 0.093
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Automotive Business Segment (MEUR) 1Q 15 1Q 14 2014
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NET SALES 49.1 37.5 171.4
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Change of net sales, % 31.1 % 22.9 % 24.0 %
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OPERATING PROFIT / LOSS 3.0 2.9 16.0
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Operating profit / loss, % of net sales 6.2 % 7.7 % 9.3 %
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Operating profit / loss without non-recurring items 3.3 2.9 16.0
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EBITDA 4.6 4.5 22.4
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Wireless Business Segment (MEUR) 1Q 15 1Q 14 2014
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NET SALES 15.3 14.2 53.0
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Change of net sales, % 7.6 % -10.1 % -13.4 %
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OPERATING PROFIT / LOSS 0.3 -1.1 1.0
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Operating profit / loss, % of net sales 2.2 % -7.8 % 1.9 %
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Operating profit /loss without non-recurring items 0.4 -1.1 0.5
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EBITDA 0.9 -0.5 3.4
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EB'S CEO JUKKA HARJU"EB's net sales and operating profit continued to grow during the first quarter.
The net sales grew strongly, 24.4 % year-on-year, and the operating profit grew
and was 5.3 % of the net sales.
In the Automotive Business Segment, the demand for EB's software products and
R&D services remained good and net sales grew strongly by 31.1 % from the
previous year. Net sales grew widely within the whole business segment,
including the jointly owned company e.solutions GmbH. Operating profit was at
the same level as in the previous year and was 6.2 % of the net sales. The
slight decrease in the operating profit percentage was caused by the higher than
estimated costs in certain customer projects and the increased R&D costs. R&D
investments were increased in new product features and technologies needed in
the future connected car and autonomous driving applications.
The net sales of the Wireless Business Segment increased by 7.6 % from the
previous year thanks to the increased product sales. The product-based net sales
was generated mainly from the deliveries of tactical communication systems to
the Finnish Defence Forces and from the delivery of special terminal products
for the authority use to a customer abroad. The operating result improved from
the previous year and was positive due to the improved sales margin. R&D
investments were increased for products for the use by authorities, and the
biggest R&D investments were made in the specialized device platform and the new
EB Tough Mobile LTE smart phone that will be brought to the markets in the
latter half of 2015. The SafeMove business that EB acquired in January 2015
provides high-quality information security solutions for mobile devices and
portable computers, and strengthens Wireless Business Segment's competitiveness
as a provider of secure communication solutions for defence, public safety and
other authority markets.
In the beginning of May we announced a significant agreement with the Ministry
of Mexican Communication and Transportation regarding the development of three
types of android-based mobile devices for satellite and terrestrial
communications networks for the SCT's Mexsat program. These mobile devices will
be based on EB's Specialized Device Platform, a customized Android-based
platform designed especially for public safety and cyber security markets. The
value of this development agreement is approximately EUR 19.5 million and the
revenues will be recognized gradually in 2015 and 2016 depending on the progress
of the development work.
In accordance with the strategic guidelines, published on February 19, 2015, the
markets of both Automotive and Wireless Business Segments offer EB good growth
potential in the coming years. In both Business Segments, our goal is to grow
the net sales and continue good profitability development during 2015 - 2017. In
2015 our goal is to grow EB's net sales and operating profit from the previous
year.
On February 18, 2015 EB's Board of Directors accepted the partial demerger plan
of Elektrobit Corporation and the listing of Wireless Business Segment as
Bittium Corporation on the Nasdaq Helsinki stock exchange. In case the
extraordinary general meeting, convened to be held on June 11, 2015, approves
the plan, the demerger will come effective on June 30, 2015. Automotive business
would remain in the current company, which will continue to be listed as before."
OUTLOOK FOR 2015
For the year 2015 EB expects that the net sales and the operating result will
grow from the previous year (net sales of EUR 224.1 million and operating profit
of EUR 16.8 million, in 2014). Net sales growth rate in 2015 is expected to be
higher than in the previous year (net sales growth of 12.5 %, 2014).
The demand for R&D services and software products of the Automotive Business
Segment is expected to continue as good. Net sales growth is expected to be
almost at the same level as in the previous year (net sales growth of 24.0 per
cent in 2014) and operating profit is expected to be at least at the same level
as in the previous year (operating profit of EUR 16.0 million, in 2014).
In the Wireless Business Segment, the demand for R&D services and products is
expected to develop positively especially in the authority markets and in
various applications where wireless connectivity is needed. The net sales and
the operating profit are expected to grow from the previous year (net sales of
EUR 53.0 million and operating profit of EUR 1.0 million in 2014).
The operating profit outlooks above do not include non-recurring costs resulting
from the planned partial demerger, which amount of non-recurring costs is
estimated to be approximately between EUR 2.5 million and 3.0 EUR million in
2015 in case the planned partial demerger will be implemented.
A more specific market outlook is presented under the sections "Market outlook
for the Automotive Business Segment" and "Market outlook for the Wireless
Business Segment".
More information about other uncertainties regarding the outlook is presented in
the sections "Risks and uncertainties" and "Events after the review period".
INVITATION TO A PRESS CONFERENCE
EB will hold a press conference on the Interim Report January-March 2015 for
media, analysts and institutional investors in Restaurant Savoy, Eteläesplanadi
14, Helsinki, Finland, on Thursday, May 7, 2015, at 11.00 a.m. (CEST+1). The
conference will also be held as a conference call and the presentation will be
shown simultaneously in the Internet through WebEx. The conference will be held
in English. For more information please go to www.elektrobit.com/investors.
ELEKTROBIT CORPORATION (EB)
EB creates advanced technology and turns it into enriching end-user experiences.
EB is specialized in demanding embedded software and hardware solutions for
wireless and automotive industries. In 2014, the net sales totaled EUR 224.1
million and operating profit was EUR 16.8 million. Elektrobit Corporation is
listed on NASDAQ OMX Helsinki. www.elektrobit.com.
ELEKTROBIT CORPORATION (EB) INTERIM REPORT JANUARY-MARCH 2015
FINANCIAL PERFORMANCE DURING JANUARY-MARCH 2015
EB's net sales during January-March 2015 grew by 24.4 per cent year-on-year to
EUR 64.3 million (EUR 51.7 million, in January-March 2014). Operating profit was
EUR 3.4 million including non-recurring costs of EUR 0.3 million resulting from
the planned partial demerger (EUR 1.9 million, in January-March 2014).
Net sales of the Automotive Business Segment grew to EUR 49.1 million (EUR 37.5
million, in January-March 2014), representing 31.1 per cent growth year-on-year.
Net sales grew widely across the segment including e.solutions GmbH, the jointly
owned company of EB and AUDI. Operating profit was EUR 3.0 million, including
non-recurring costs or EUR 0.2 million resulting from the planned partial
demerger (EUR 2.9 million, in January-March 2014). Operating profit was 6.2% of
net sales (7.7%, January-March 2014). The slight decrease in operating profit
percentage was caused by the higher than estimated project costs in certain
customer projects and increased R&D costs.
The Wireless Business Segment's net sales increased by 7.6% per cent year-on-
year, to EUR 15.3 million (EUR 14.2 million, in January-March 2014). The share
of the product-based net sales was EUR 4.5 million (EUR 3.6 million in January-
March 2014), which resulted mainly from the product deliveries of the tactical
communication system to the Finnish Defence Forces and from the delivery of
special terminal products for the authority use to customers abroad. The
operating profit of the Wireless Business Segment was EUR 0.3 million, including
non-recurring costs or EUR 0.1 million resulting from the planned partial
demerger (operating loss of EUR -1.1 million, in January-March 2014). The
operating result improved from the previous year and was positive due to the
better sales margin.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (MEUR) 1-3 2015 1-3 2014
3 months 3 months
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CONTINUING OPERATIONS
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Net sales 64.3 51.7
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Operating profit / loss 3.4 1.9
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Financial income and expenses -0.5 0.0
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Result before tax 3.0 1.9
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RESULT FOR THE PERIOD FROM CONTINUING OPERATIONS 1.8 1.7
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RESULT FOR THE PERIOD FROM DISCONTINUING OPERATIONS
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RESULT FOR THE PERIOD 1.8 1.7
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TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3.1 1.6
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Result for the period attributable to:
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Equity holders of the parent 1.8 1.7
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Non-controlling interests
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Total comprehensive income for the period attributable to:
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Equity holder of the parent 3.1 1.6
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Non-controlling interests
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Earnings per share from continuing operations, EUR 0.014 0.013
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* Cash flow from operating activities was EUR 10.9 million (EUR -5.7 million,
in January-March 2014).
* Net cash flow was EUR 7.3 million (EUR -0.5 million, in January-March 2014).
* Equity ratio was 65.0 % (64.8 %, March 31, 2014).
* Net gearing was -43.2 % (-37.2 %, March 31, 2014).
QUARTERLY FIGURES
Elektrobit Group's net sales and operating result, MEUR:
1Q 15 4Q 14 3Q 14 2Q 14 1Q 14
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Net sales 64.3 67.8 52.5 52.2 51.7
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Operating profit (loss) 3.4 7.2 4.6 3.1 1.9
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Operating profit (loss) without non-recurring 3.7 7.8 3.5 3.1 1.9
costs
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Result before taxes 3.0 6.5 4.2 2.8 1.9
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Result for the period 1.8 6.4 2.6 1.8 1.7
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Non-recurring items are exceptional gains and costs that are not related to
normal business operations and occur only seldom. These items include capital
gains or losses, significant changes in asset values such as write-downs or
reversals of write-downs, significant restructuring costs, or other items that
the management considers to be non-recurring. When evaluating a non-recurring
item, the euro translation value of the item is considered, and in case of a
change in an asset value, it is measured against the total value of the asset.
In 2014 and 2015 EB's result reported non-recurring items as follows:
* non-recurring income of approximately EUR 1.1 million in Wireless Business
Segment resulting from the reorganization cases of TerreStar companies
during the third quarter of 2014;
* a total of EUR 0.6 million of non-recurring costs resulting from Wireless
Business Segment's personnel layoffs and from the acquisition costs of
SafeMove during the last quarter of 2014;
* a total of EUR 0.3 million of non-recurring costs resulting from the planned
partial demerger during the first quarter of 2015.
Net sales and operating profit development by Business Segments and other
businesses, MEUR:
1Q 15 4Q 14 3Q 14 2Q 14 1Q 14
--------------------------------------------------------------
Automotive
Net sales to external customers 49.1 51.6 42.5 39.8 37.5
Net sales to other segments 0.0 0.0 0.0 0.0 0.0
Operating profit (loss) 3.0 5.4 3.5 4.2 2.9
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Wireless
Net sales to external customers 15.1 16.1 10.0 12.4 14.2
Net sales to other segments 0.1 0.2 0.1 0.0 0.0
Operating profit (loss) 0.3 2.0 1.1 -0.9 -1.1
--------------------------------------------------------------
Other businesses
Net sales to external customers
Operating profit (loss) 0.1 -0.2 -0.0 -0.2 0.1
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Total
Net sales 64.3 67.8 52.5 52.2 51.7
Operating profit (loss) 3.4 7.2 4.6 3.1 1.9
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The distribution of net sales by market areas, MEUR and %:
1Q 15 4Q 14 3Q 14 2Q 14 1Q 14
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Asia 3.0 2.1 2.6 1.8 2.5
4.7% 3.1 % 5.0 % 3.5 % 4.9 %
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Americas 10.2 10.1 7.6 6.6 7.2
15.8% 14.9 % 14.5 % 12.7 % 13.8 %
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Europe 51.1 55.6 42.3 43.8 42.0
79.5% 82.0 % 80.6 % 83.8 % 81.3 %
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SIGNIFICANT EVENTS DURING THE REPORTING PERIOD
On January 2, 2015 Elektrobit Technologies Ltd, a subsidiary of Elektrobit
Corporation acquired 100 per cent of the shares of Birdstep Technology Oy, which
was a fully owned Finnish subsidiary of Birdstep Technology ASA, based in
Norway. The acquisition strengthened the competitiveness of EB's Wireless
Business Segment as a provider of secure communication solutions for defence,
safety and other authorities markets. Birdstep Technology Oy provides its
customers high quality information security solutions for mobile devices and
portable computers. Birdstep Technology Oy's (SafeMove Oy from 2nd of January
2015 onwards) net sales was EUR 2.5 million in 2013 and in January-September
2014 EUR 2.1 million. The company employs 19 persons located in Espoo, Finland.
The debt free cash purchase price is EUR 2.0 million. The acquisition has no
significant impact on EB's balance sheet, net sales and financial position. The
company will be reported as part of EB's Wireless Business Segment from January
1, 2015 onwards.
In January EB received information that Parrot SA (Parrot) filed a request for
arbitration against e.solutions GmbH at the International Court of Arbitration
of the International Chamber of Commerce seeking remuneration and/or damages
currently in an amount of approximately EUR 9.4 million in connection with an
automotive supply contract. Based on e.solutions' initial legal analysis the
claim is without merit both in terms of the grounds and the amount of the claim.
Based on the current analysis, the arbitral proceedings will not cause any
financial obligation to e.solutions or to EB that would affect EB's profit
outlook and financial position. It is possible that, based on later information,
this view may need to be reconsidered. At the worst, Parrot's claim could have
significant negative impact on e.solutions' and EB's profit, cash flow and
financial position.
A total of 95 366 new shares in Elektrobit Corporation were subscribed between
December 15, 2014 and January 26, 2015 by virtue of the option rights 2008B and
2008C. The share subscription price, EUR 61,719.94, was recorded in the
Company's invested non-restricted equity fund. The corresponding increase in the
number of the Company's shares was entered into the Finnish Trade Register on
February 6, 2015. Trading with the newly registered shares started on February
9, 2015 in NASDAQ OMX Helsinki Ltd. After the registration of the new shares,
the number of shares in Elektrobit Corporation's totals 131,588,510.
The Board of Directors of Elektrobit Corporation approved on February 18, 2015 a
plan for partial demerger of the company and intends to list Bittium Corporation
as a separate entity at Nasdaq Helsinki. The Board of Directors of EB also
updated the strategic guidelines and financial targets of EB's Business Segments
for the years 2015 -2017. Based on the demerger plan, the assets and liabilities
related to EB's Wireless Business Segment will be transferred to Bittium
Corporation, an entity to be newly established in the partial demerger that will
be listed at Nasdaq Helsinki. EB's Automotive Business Segment remains as a part
of the current EB, which will continue its listing at Nasdaq Helsinki. The
partial demerger will need to be approved by an extraordinary general meeting,
to be held on June 11, 2015. The planned effective date for the demerger is June
30, 2015.
BUSINESS SEGMENTS' DEVELOPMENT DURING JANUARY-MARCH 2015 AND MARKET OUTLOOK
EB's reporting is based on two segments which are the Automotive and Wireless
Business Segments.
AUTOMOTIVE
In the Automotive Business Segment, EB offers a range of software products and
R&D services for in-car embedded software, as well as professional tools that
support the whole process of the in-car software development. Our customers are
carmakers, car electronics suppliers and other suppliers to the automotive
industry. The offering includes secure & safe technologies and solutions for
Connected Car Infrastructure, Driver Assistance and Infotainment solutions
containing navigation and human machine interfaces (HMI) technologies. By
combining its software products and R&D services, EB is creating unique,
customized solutions for the automotive industry. EB's software products are: EB
street director navigation software, EB GUIDE HMI development and speech
dialogue platform, EB tresos product line of software components used in ECUs
and tools for their configuration, and EB Assist, an extensive product line with
tooling and a software development kit for driver assistance solutions. These
software products generate license fees, often combined with supply of R&D
services for customized solutions.
EB and AUDI AG's subsidiary, Audi Electronics Venture GmbH (AEV), have a jointly
owned company e.solutions GmbH that is currently developing infotainment
software and provides systems engineering and systems integration services for
Volkswagen Group car models. EB also delivers products and R&D services to the
joint venture. EB owns 51% and AEV 49% of e.solutions GmbH. e.solutions GmbH is
consolidated in EB group's financial statements by applying proportionate
consolidation method.
Development of the Automotive Business Segment in January - March 2015
The demand for EB's software products and R&D services continued to be good. Net
sales of the Automotive Business Segment grew to EUR 49.1 million (EUR 37.5
million, in January-March 2014), representing 31.1 per cent growth year-on-year.
Net sales grew widely across the segment including the jointly owned company
e.solutions GmbH. Operating profit was EUR 3.0 million, including non-recurring
costs or EUR 0.2 million resulting from the planned partial demerger (EUR 2.9
million, in January-March 2014). Operating profit was 6.2% of net sales (7.7%,
January-March 2014). The slight decrease in operating profit percentage was
caused by the higher than estimated project costs in certain customer projects
and increased R&D costs.
The R&D investments were EUR 3.7 million (EUR 2.5 million, January-March 2014).
The increase in the R&D investments came mainly from new product features and
technologies needed in the future connected car and autonomous driving
applications.
In January EB opened an automotive software Innovation Lab in Silicon Valley to
extend and establish the company's software and systems innovations for in-car
connectivity and autonomous driving. The EB Automotive Innovation Lab will focus
on research and development associated with furthering the company's software
solutions toward connected and autonomous driving.
At CES 2015 in Las Vegas EB demonstrated its automotive software in a concept
car and showcased with the automotive OS leader and BlackBerry subsidiary, QNX
Software Systems, a vision for safe and comfortable driving in two state-of-the-
art demonstration vehicles that were integrated with the latest in EB's ADAS
technologies and gave CES attendees a unique opportunity to "test-drive" the
automated safety and security features available in next-generation cars.
Automotive Business Segment market outlook
The global car market is expected to grow in 2015 between 2% according to the
forecast made by VDA (Verband der Automobilindustrie) and 4% according to the
study "The global automotive market" by Euler Hermes. The carmakers continue to
invest in automotive software for new car models and the market for software
products and services is estimated to continue growing during 2015. The demand
for EB's products and services is estimated to develop positively year-on-year
during 2015 in the Automotive Business Segment.
The market for electronics and software for cars is estimated to continue
growing in the long term. The study "Future Industry Structure of Automotive
(FAST) Electronics 2025" from Berylls assumes a growth of automotive electronics
from EUR 215 billion in 2012 to EUR 456 billion in 2025 (CAGR 6%).
Growth in the automotive software market in 2015 and beyond, and growth for EB,
is expected to be driven mainly by:
* The majority of in-vehicle innovations come from electronics and software.
Using software as a differentiator, carmakers are able to develop feature-
rich vehicles, and differentiate in the areas of comfort, safety and
security, information and entertainment, power train and communication. The
trend of separating hardware from software continues in 2015 and beyond,
allowing carmakers to speed up innovation and to improve the quality and
cost-efficiency of their vehicles. As a software provider, this direction
gives EB an opportunity to work directly with the major car makers,
providing them with software development services, products and tools
according to their individual requirements. EB also offers software
integration services to integrate software applications and modules from
various suppliers.
* Car makers continue to work on global modular car platforms to achieve
scalability as well as good ability to handle the complexity of a growing
number of car models and variants. This means volumes for software platforms
will increase and software development programs will become global and
include localization for all regions.
* The increasing complexity of car electronics and software is resulting in
increasing efforts to provide safety-compliant systems.
* e.solutions GmbH, EB's jointly owned company with AUDI, is developing high-
end infotainment software solutions for the Volkswagen group companies.
During 2015, development of software will continue and deliveries from
e.solutions are planned for several new car models of Volkswagen group.
* Consumers expect to have in the car the same richness of features and user
experience they have learned to know from the Internet and mobile devices,
and therefore infotainment systems become increasingly common in all car
price categories. This is expected to create continuing demand for
development of infotainment software and software development tools, such as
EB GUIDE.
* Mobile connectivity will become one of the fastest-growing Internet-
connected device platforms among other connected consumer electronics
devices, such as media tablets and smartphones. Gartner estimates that by
2016, the majority of car buyers in the automotive markets, such as in the
U.S. and the Western Europe, will view the availability of in-vehicle, web-
enabled dynamic content as a key buying criterion when considering a
standard brand car.
* Connected Car solutions and cloud connections enable the introduction of new
applications and enhancements to car functions, for example real-time
traffic information or map updates for navigation. The increasing demand to
better integrate mobile devices with the car has been reflected in the
announcements by consumer electronics companies, such as Apple's "CarPlay"
or Google's Open Automotive Alliance. These drivers are creating demand for
software integration services.
* New Active Safety Systems and Driver Assistance applications are being
brought to the market, as automated driving is one of the key trends and an
area with significant investments. Car makers are preparing highly automated
driving systems for their new car models to be available in the market in
the coming years.
WIRELESS
In the Wireless Business Segment EB offers innovative products and solutions
based on EB's own platforms for defense, public safety and other authorities
markets, IoT markets (Internet of Things) as well as for industrial use. For the
wireless communication markets and other companies who need wireless
connectivity to their products, EB offers R&D services based on the latest
wireless technologies and applications. EB also offers high quality information
security solutions for mobile devices and portable computers.
Wireless Business Segment's products are: EB Tough Mobile LTE smartphone for
demanding Mobile Security and Public Safety needs, EB Tactical Wireless IP
Network, EB Tough VoIP products and EB Tactical LTE Access Point for tactical
communications. EB's product platforms are EB Special Device Platform for
Android-based devices and EB IoT Device Platform for development of different
kind of products that need wireless connectivity and various sensors. EB
SafeMove solutions enable secure, seamless connectivity for mobile workforce.
Development of the Wireless Business Segment in January - March 2015
The Wireless Business Segment's net sales increased by 7.6 per cent year-on-
year, to EUR 15.3 million (EUR 14.2 million, in January-March 2014). The share
of the product-based net sales was EUR 4.5 million (EUR 3.6 million in January-
March 2014), which resulted mainly from the tactical communication system
deliveries to the Finnish Defence Forces and from the delivery of special
terminal products for the authority use to customers abroad. The operating
profit of the Wireless Business Segment was EUR 0.3 million, including non-
recurring costs or EUR 0.1 million resulting from the planned partial demerger
(operating loss of EUR -1.1 million, in January-March 2014). The operating
result improved from the previous year due to the better sales margin.
R&D investments in the first quarter were EUR 2.0 million (EUR 1.6 million,
1Q 2014). R&D investments were increased for products for the use by
authorities.
On January 2, 2015 EB strengthened the competitiveness of EB's Wireless Business
Segment as a provider of secure communication solutions for defense, safety and
other authorities markets by acquiring the SafeMove business from Birdstep
Technology ASA, based in Norway. The acquired Birdstep Technology Oy provides
its customers high quality information security solutions for mobile devices and
portable computers. EB's product portfolio expanded from the existing
information secure device solutions with the protection of data communications.
SafeMove software can be utilized in several EB's products and product
platforms, such as in EB Tough Mobile secure smart phone and in EB IoT Device
Platform as well as in defence products. The debt free cash purchase price was
EUR 2.0 million. The acquisition has no significant impact on EB's balance
sheet, net sales and financial position. The company will be reported as part of
EB's Wireless Business Segment from January 1, 2015 onwards.
In February EB announced to have integrated an information security solution to
its EB IoT Device Platform that enables secure connectivity from the IoT device
to the customer's cloud services. The EB IoT Device Platform, launched in
November, is a compact and powerful platform, which enables development of
different kind of products that have wireless connectivity and various sensors
for the Wearable, Healthcare, Machine-to-Machine communication and Industrial
Internet markets. The integrated security software protects the IoT devices from
network attacks and secures connections between the devices and services. This
comprehensive solution enables building a secure, wireless sensor network in
industry, healthcare as well as in smart buildings.
EB aims at bringing its products to the global defense and other authority
markets and continued its sales and marketing efforts and R&D investments into
these markets. During the first quarter EB participated in several exhibitions
showcasing its tactical communication products and solutions, secure EB Tough
Mobile LTE smartphone, EB IoT Device Platform and EB SafeMove software. These
trade fairs were IDEX 2015 in Abu Dhabi, United Arab Emirates, Mobile World
Congress 2015 in Barcelona, Spain, UK Health Week 2015 in London, CeBIT 2015 in
Hannover, Germany, and Mobile Government Summit 2015 conference in London,
England.
Wireless Business Segment Market Outlook
In the Wireless Business Segment, EB's customers operate in various industries,
each of them having their own industry specific factors driving the demand. A
common factor creating demand among the whole customer base is the growing need
for even higher speed and higher quality communications and data transfer.
The following factors are expected to create demand for EB's products and
services in 2015 and beyond:
* In the mobile infrastructure equipment market the use of LTE technology is
expected to continue strong. This creates the need for services in LTE base
station development. There is a wide range of frequencies allocated for LTE
globally thus creating the need to develop multiple products to cover the
market and creating demand for R&D services for development of product
variants.
* The trend of using new commercial technologies, such as LTE, smart phones
and their applications, is expected to continue in special verticals such as
public safety creating demand for customized LTE devices, such as EB's
specialized terminals and communication modules. EB Tough Mobile LTE smart
phone, launched in 2014, creates the basis for new customer orders in the
markets for public authorities and mobile safety phones.
* Due to the long history in developing smart phones and mobile communication
devices, EB is in a good position to offer solutions, where e.g. mastering
of multi-radio technologies and end-to-end system architectures covering
both terminals and networks is needed.
* The demand for devices for secure communications is expected to grow in the
near future. EB SafeMove product family is expected to increase the
performance and suitability of EB's products in the information security
markets.
* IoT (Internet of Things) has become a significant development area in many
industries. This creates needs for R&D services for connected devices such
as various wearable devices for sports and leisure time for consumer use and
for industrial use, which provide connections with internet or other
devices. In the tactical defense communication market the need for larger
amounts of information data grows, generating demand for broadband networks,
such as EB's IP (Internet Protocol) based tactical communications solutions.
The general cost savings of the mobile telecommunications network equipment
companies is reflected as increasing price competition in the R&D services.
Despite of that the demand for EB's R&D services is expected to remain steady
during 2015.EB continues the product development and deliveries of products and services to
the Finnish Defence Forces in 2015, and expects to get initial sales from the
global defence markets.
The defense, national security and other authority markets are slowly developing
markets by their nature. They are characterized by long sales cycles driven by
purchasing programs of national governments, and the purchases of the selected
products take place over several years.
RESEARCH AND DEVELOPMENT
EB continued its investments in R&D for automotive software products and tools
in the Automotive Business Segment, and in products and product platforms for
the defense and public safety markets in the Wireless Business Segment.
The total R&D investments during January-March 2015 were EUR 5.8 million (EUR
4.1 million, in January-March 2014), equaling 9.0% of the net sales (7.9%, in
January-March 2014). The share of R&D investments in the Automotive Business
Segment was EUR 3.7 million (EUR 2.5 million, in January-March 2014) and in the
Wireless Business Segment EUR 2.0 million (EUR 1.6 million, in January-March
2014).
EUR 1.0 million of R&D investments was capitalized (EUR 0.2 million, in January-
March 2014), and these capitalizations were made in the Wireless Business
Segment. The amount of capitalized R&D investments at the end of March 2015 was
EUR 13.0 million (EUR 11.8 million, March 31, 2014). A significant part of these
capitalized R&D investments is related to customer agreements in the Automotive
Business Segment, where future license fees, based on the actual car delivery
volumes, are expected to accumulate in the coming years. Depreciations of R&D
investments were EUR 0.5 million during the reporting period (EUR 0.4 million,
in January-March 2014).
The total negative effect, caused from research and development investments,
their capitalizations and their depreciation, on EB's income statement in
January-March 2015 was EUR -5.2 million (EUR -4.3 million, in January-March
2014).
OUTLOOK FOR 2015
For the year 2015 EB expects that the net sales and operating result will grow
from the previous year (net sales of EUR 224.1 million and operating profit of
EUR 16.8 million, in 2014). Net sales growth rate in 2015 is expected to be
higher than in the previous year (net sales growth of 12.5 %, 2014).
The demand for R&D services and software products of the Automotive Business
Segment is expected to continue as good. Net sales growth is expected to be
almost at the same level as in the previous year (net sales growth of 24.0 per
cent in 2014) and operating profit is expected to be at least at the same level
than in the previous year (operating profit of EUR 16.0 million, in 2014).
In the Wireless Business Segment, the demand for R&D services and products is
expected to develop positively especially in the authority markets and in
various applications where wireless connectivity is needed. The net sales and
operating profit are expected to grow from the previous year (net sales of EUR
53.0 million and operating profit of EUR 1.0 million in 2014).
The operating profit outlooks above do not include non-recurring costs resulting
from the planned partial demerger, which amount of non-recurring costs is
estimated to be approximately between EUR 2.5 million and 3.0 EUR million in
2015 in case the planned partial demerger will be implemented.
A more specific market outlook is presented under the sections "Market outlook
for the Automotive Business Segment" and "Market outlook for the Wireless
Business Segment".
More information about other uncertainties regarding the outlook is presented in
the sections "Risks and uncertainties" and "Events after the review period".
RISKS AND UNCERTAINTIES
EB has identified a number of business, market and finance related risk factors
and uncertainties that can affect the level of sales and profits.
The Board of Directors of Elektrobit Corporation has on February 18, 2015
approved a demerger plan which has been registered with the Trade Register of
the Finnish Patent and Registration Office on February 19, 2015. Implementation
of the demerger is subject to an approval by the Extraordinary General Meeting
of Elektrobit Corporation and the implementation will be registered with the
Finnish Trade Register after the completion of the creditor protection procedure
in accordance with Finnish Companies Act. There are various risks related to the
demerger that will be presented in the demerger prospectus estimated to be
published in the beginning of June 2015.
EB announced in its stock exchange release in May 2, 2015 that Elektrobit
Wireless Communications Ltd, a subsidiary of Elektrobit Corporation, and the
Ministry of Mexican Communication and Transportation (Secreteria de
Comunicaciones y Transportes, SCT) have signed an agreement regarding the
development of three types of android-based L-band mobile devices: satellite-
terrestrial smartphone, a satellite-terrestrial rugged enhanced phone and a
satellite rugged basic phone, for the SCT's Mexsat program. The development
agreement contains termination conditions customarily applied in the industry,
providing for example, SCT a possibility to terminate the agreement with a short
notice by paying a ramp down fee. The development work comprises also typical
risks related to fixed price projects, such as execution and management of the
project in the agreed schedule and with the planned resources.
A more detailed description of the short-term risks and uncertainties is
available in the report by the Board of Directors 2014. More information about
EB's risks and uncertainties at www.elektrobit.com.
STATEMENT OF FINANCIAL POSITION AND FINANCING
The figures presented in the statement of financial position of March 31, 2015,
are compared with the statement of the financial position of December 31, 2014
(MEUR).
31.3.2015 31.12.2014
----------------------------------------------------------------
Non-current assets 51.3 48.8
----------------------------------------------------------------
Current assets 121.1 118.0
----------------------------------------------------------------
Total assets 172.4 166.8
----------------------------------------------------------------
Share capital 12.9 12.9
----------------------------------------------------------------
Other equity 84.0 80.5
----------------------------------------------------------------
Total shareholders' equity 97.0 93.4
----------------------------------------------------------------
Non-current liabilities 8.1 7.6
----------------------------------------------------------------
Current liabilities 67.4 65.8
----------------------------------------------------------------
Total shareholders' equity and liabilities 172.4 166.8
----------------------------------------------------------------
The cash flows during the period under review:
---------------------------------------------------------------------
+ net profit +/- adjustment of accrual basis items EUR +5.6 million
---------------------------------------------------------------------
+/- change in net working capital EUR +6.7 million
---------------------------------------------------------------------
- interest, taxes and dividends EUR -1.4 million
---------------------------------------------------------------------
= cash generated from operations EUR +10.9 million
---------------------------------------------------------------------
- net cash used in investment activities EUR -4.1 million
---------------------------------------------------------------------
- net cash used in financing EUR +0.4 million
---------------------------------------------------------------------
= net change in cash and cash equivalents EUR +7.3 million
---------------------------------------------------------------------
The decrease in net working capital during the review period resulted mainly
from the decrease in non-interest bearing receivables.
The amount of accounts receivable and other receivables, booked in current
receivables, was EUR 69.0 million (EUR 72.5 million on December 31, 2014).
Accounts payable and other payables, booked in interest-free current
liabilities, were EUR 62.8 million (EUR 61.3 million on December 31, 2014). The
amount of non-depreciated consolidation goodwill at the end of the period under
review was EUR 20.6 million (EUR 19.3 million on December 31, 2014).
The amount of gross investments in the period under review was EUR 2.7 million.
Net investments for the reporting period totaled EUR 2.7 million. The total
amount of depreciation during the period under review was EUR 2.2 million. The
amount of interest-bearing debt, including finance lease liabilities, at the end
of the reporting period was EUR 8.7 million (EUR 8.3 million on December
31, 2014). The distribution of net financing expenses on the income statement
was as follows:
----------------------------------------------------------------
Interest, dividend and other financial income EUR 0.2 million
----------------------------------------------------------------
Interest expenses and other financial expenses EUR -0.1 million
----------------------------------------------------------------
foreign exchange gains and losses EUR -0.5 million
----------------------------------------------------------------
EB's equity ratio at the end of the period was 65.0% (62.3 % on December
31, 2014).
Cash and other liquid assets at the end of the reporting period were EUR 50.6
million (EUR 43.3 million on December 31, 2014). In July EB signed a EUR 10
million credit facility agreement with Nordea Bank Finland Plc. and a EUR 10
million credit facility agreement with Pohjola Bank Plc. These agreements,
intended for general financing purposes, are valid until June 30, 2017. At the
end of the review period, EUR 3.3 million of these facilities was in use.
EB follows a hedging strategy, the objective of which is to ensure the margins
of business operations in changing market circumstances by minimizing the
influence of exchange rates. In accordance with the hedging strategy, the agreed
customer commitments net cash flow of the currency in question is hedged. The
net cash flow is determined on the basis of sales receivables, payables, the
order book and the budgeted net currency cash flow. The hedged foreign currency
exposure at the end of the review period was equivalent to EUR 8.0 million.
PERSONNEL
The parent company of the group and its subsidiaries employed an average of
1859 people between January and March 2015. In addition, e.solutions GmbH, the
jointly owned company of EB and AUDI, employed 451 people. At the end of March,
the parent company of the group and its subsidiaries had 1868 employees and
e.solutions GmbH 459 employees (1804 in group's parent company and subsidiaries
and e.solutions GmbH 380 at the end of 2014). A significant part of EB's
personnel are R&D engineers.
FLAGGING NOTIFICATIONS
There were no changes in ownership during the period under review that would
have caused flagging notifications which are
obligations for disclosure in accordance with Chapter 2, section 9 of the
Securities Market Act.
EVENTS AFTER THE REVIEW PERIOD
A total of 671,514 new shares in Elektrobit Corporation (EB) were subscribed for
between February 10, 2015 and March 31, 2015, pursuant to series 2008B-C stock
options. The share subscription price, EUR 440,074.86 has been recorded in the
Company's invested non-restricted equity fund. The corresponding increase in the
number of the Company's shares was entered into the Finnish Trade Register on
April 14, 2015. Shareholder rights by virtue of the new shares commence as of
the abovementioned registration entry date. Trading with the newly registered
shares has started on April 15, 2015 as an additional lot of Elektrobit
Corporation's shares in NASDAQ OMX Helsinki Ltd. After the registration of the
new shares, the number of shares in Elektrobit Corporation totals to
132,260,024.
On April 29, 2015 a notice has been given to the shareholders of Elektrobit
Corporation to an Extraordinary General Meeting to be held on Thursday, 11 June
2015 at 1 pm. at the University of Oulu, Saalastinsali, at the address Pentti
Kaiteran katu 1, 90570 Oulu, Finland.
Elektrobit Wireless Communications Ltd (EB), a subsidiary of Elektrobit
Corporation, and the Ministry of Mexican Communication and Transportation
(Secreteria de Comunicaciones y Transportes, SCT) have signed an agreement
regarding the development of three types of Android-based L-band mobile devices
for the SCT's Mexsat program. These mobile devices will be based on EB's
Specialized Device Platform, a customized Android-based platform designed
especially for public safety and cyber security markets. The value of this
development agreement is approximately USD 21.9 million (approximately EUR 19.5
million as per exchange rate of May 1, 2015) with revenues recognized gradually
in 2015 and 2016 depending on the progress of the development work. More than
half of the contract value is expected to be recognized as revenue during 2016.
The revenues expected to be generated under this agreement during 2015 have
already been anticipated in EB's outlook for 2015 and will thus not cause
changes to the 2015 outlook published on February 19, 2015 in EB's Financial
Statement Bulletin 2014.
DECISIONS OF THE ANNUAL GENERAL MEETING
The Annual General Meeting held on April 15, 2015 approved the annual accounts
for the financial year 2014, discharged the Company's management from liability
decided on the following topics:
USE OF THE PROFITS SHOWN ON THE BALANCE SHEET AND PAYMENT OF DIVIDED
The Annual General Meeting decided in accordance with the proposal of the Board
of Directors to pay EUR 0.04 per share as dividend based on the balance sheet
adopted for the financial period January 1, 2014 - December 31, 2014. The
dividend will be paid to the shareholders who are registered in the
shareholders' register maintained by Euroclear Finland Ltd on the dividend
record date Friday, April 17, 2015. The dividend will be paid on Friday, April
24, 2015.
ELECTION AND REMUNERATION OF THE MEMBERS OF THE BOARD OF DIRECTORS
The Annual General Meeting decided that the Board of Directors shall comprise
five (5) members. Mr. Jorma Halonen, Mr. Juha Hulkko, Mr. Seppo Laine, Mr.
Staffan Simberg and Mr. Erkki Veikkolainen were elected members of the Board of
Directors for a term of office expiring at the end of the next Annual General
Meeting.
At its assembly meeting held on April 15, 2015, the Board of Directors has
elected Mr. Seppo Laine Chairman of the Board. Further, the Board has resolved
to keep the Audit and Financial Committee with Mr. Staffan Simberg (Chairman of
the committee), Mr. Seppo Laine and Mr. Erkki Veikkolainen as committee members.
The following monthly remuneration shall be paid to the members of the Board of
Directors: to the chairman of the Board of Directors EUR 3,500 and to the other
members of the Board of Directors EUR 2,000 each. In addition, the members of
the Board of Directors are entitled to a compensation for attending Board
Committee meetings as follows: the chairman of the Committee EUR 600 for each
meeting and other Committee members EUR 400 for each meeting. The members of the
Board of Directors, who also act as Board members of other companies belonging
to the Elektrobit Group, are also entitled to compensation for attending Board
meetings of such other group companies as follows: EUR 1,200 for each meeting.
Travel expenses of the members of the Board of Directors shall be reimbursed in
accordance with the Company's travel policy.
ELECTION AND REMUNERATION OF THE AUDITOR AND DEPUTY AUDITOR
Ernst & Young Ltd, authorized public accountants, was re-elected auditor of the
Company for a term of office ending at the end of the next Annual General
Meeting. Ernst & Young Ltd has notified that Mr. Juhani Rönkkö, authorized
public accountant, will act as the responsible auditor. It was decided that the
remuneration to the auditor shall be paid against the auditor's reasonable
invoice.
AUTHORIZING THE BOARD OF DIRECTORS TO DECIDE ON THE REPURCHASE OF THE COMPANY'S
OWN SHARES
The Annual General Meeting authorized the Board of Directors to decide on the
repurchase of the Company's own shares as follows.
The amount of own shares to be repurchased shall not exceed 12,500,000 shares,
which corresponds to approximately 9.50 per cent of all of the shares in the
company. Only the unrestricted equity of the company can be used to repurchase
own shares on the basis of the authorization.
Own shares can be repurchased at a price formed in public trading on the date of
the repurchase or otherwise at a price formed on the market.
The Board of Directors decides how own shares will be repurchased. Own shares
can be repurchased using, inter alia, derivatives. Own shares can be repurchased
otherwise than in proportion to the shareholdings of the shareholders (directed
repurchase).
The authorization cancels the authorization given by the General Meeting on
April 10, 2014 to decide on the repurchase of the company's own shares.
The authorization is effective until June 30, 2016.
AUTHORIZING THE BOARD OF DIRECTORS TO DECIDE ON THE ISSUANCE OF SHARES AS WELL
AS THE ISSUANCE OF SPECIAL RIGHTS ENTITLING TO SHARES
The Annual General Meeting authorized the Board of Directors to decide on the
issuance of shares and other special rights entitling to shares referred to in
chapter 10 section 1 of the Companies Act as follows.
The amount of shares to be issued shall not exceed 25,000,000 shares, which
corresponds to approximately 19.00 per cent of all of the shares in the company.
The Board of Directors decides on all the conditions of the issuance of shares
and of special rights entitling to shares. The authorization concerns both the
issuance of new shares as well as the transfer of treasury shares. The issuance
of shares and of special rights entitling to shares may be carried out in
deviation from the shareholders' pre-emptive rights (directed issue).
The authorization cancels the authorization given by the General Meeting on
April 10, 2014 to decide on the issuance of shares as well as the issuance of
other special rights entitling to shares referred to in Chapter 10 Section 1 of
the Companies Act.
The authorization is effective until June 30, 2016.
EXTRAORDINARY GENERAL MEETING
Notice is given to the shareholders of Elektrobit Corporation to an
Extraordinary General Meeting to be held on Thursday, 11 June 2015 at 1 pm. at
the University of Oulu, Saalastinsali, at the address Pentti Kaiteran katu
1, 90570 Oulu, Finland. The notice and instructions to participate the meeting
can be found at www.elektrobit.com. The rest of the proposals by the Board of
Directors for the Extraordinary General Meeting will be published at the latest
on May 21, 2015.
Oulu May 7, 2015
Elektrobit Corporation
The Board of Members
Further Information:
Jukka Harju
CEO
Tel. +358 40 344 5466
Distribution:
NASDAQ OMX Helsinki
Major media
ELEKTROBIT CORPORATION (EB)
CONDENSED FINANCIAL STATEMENTS and notes january - march 2015
(unaudited)
The Interim Report has been prepared in accordance with IAS 34 Interim Financial
Reporting.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1-3/2015 1-3/2014 1-12/2014
(MEUR) 3 months 3 months 12 months
Continuing operations
-------------------------------------------------------------------------------
NET SALES 64.3 51.7 224.1
-------------------------------------------------------------------------------
Other operating income 0.9 0.6 4.7
-------------------------------------------------------------------------------
Change in work in progress and finished goods 0.0 0.0 0.0
-------------------------------------------------------------------------------
Work performed by the undertaking for its own 0.1 0.1
purpose and capitalized
-------------------------------------------------------------------------------
Raw materials -5.9 -5.1 -16.3
-------------------------------------------------------------------------------
Personnel expenses -35.7 -31.4 -125.6
-------------------------------------------------------------------------------
Depreciation -2.2 -2.2 -8.7
-------------------------------------------------------------------------------
Other operating expenses -18.2 -11.8 -61.5
-------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) 3.4 1.9 16.8
-------------------------------------------------------------------------------
Financial income and expenses -0.5 0.0 -1.3
-------------------------------------------------------------------------------
PROFIT BEFORE TAX 3.0 1.9 15.5
-------------------------------------------------------------------------------
Income tax -1.1 -0.2 -3.3
-------------------------------------------------------------------------------
PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS 1.8 1.7 12.3
-------------------------------------------------------------------------------
Discontinued operations
-------------------------------------------------------------------------------
Profit for the year from discontinued operations 0.2
-------------------------------------------------------------------------------
PROFIT FOR THE PERIOD 1.8 1.7 12.5
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other comprehensive income:
-------------------------------------------------------------------------------
Items that will not be reclassified to statement
of income
-------------------------------------------------------------------------------
Re-measurement gains (losses) on defined benefit -0.8
plans
-------------------------------------------------------------------------------
Income tax effect 0.2
-------------------------------------------------------------------------------
Items that may be reclassified subsequently to the
statement of income
-------------------------------------------------------------------------------
Exchange differences on translating foreign 1.2 -0.1 0.9
operations
-------------------------------------------------------------------------------
Other comprehensive income for the period total 1.2 -0.1 0.4
-------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3.1 1.6 12.9
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit for the year attributable to
-------------------------------------------------------------------------------
Equity holders of the parent 1.8 1.7 12.5
-------------------------------------------------------------------------------
Non-controlling interests
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income for the period
attributable to
-------------------------------------------------------------------------------
Equity holders of the parent 3.1 1.6 12.9
-------------------------------------------------------------------------------
Non-controlling interests
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Earnings per share from continuing operations, EUR
-------------------------------------------------------------------------------
Basic earnings per share 0.014 0.013 0.094
-------------------------------------------------------------------------------
Diluted earnings per share 0.014 0.013 0.093
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Earnings per share from discontinued operations,
EUR
-------------------------------------------------------------------------------
Basic earnings per share 0.002
-------------------------------------------------------------------------------
Diluted earnings per share 0.002
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Earnings per share from continuing and
discontinued operations, EUR
-------------------------------------------------------------------------------
Basic earnings per share 0.014 0.013 0.096
-------------------------------------------------------------------------------
Diluted earnings per share 0.014 0.013 0.095
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Average number of shares, 1000 pcs 131 549 130 378 130 975
-------------------------------------------------------------------------------
Average number of shares, diluted, 1000 pcs 132 252 131 290 131 663
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF March 31, 2015 March 31, 2014 Dec. 31, 2014
FINANCIAL POSITION (MEUR)
-------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Property, plant and equipment 10.8 9.3 10.7
-------------------------------------------------------------------------------
Goodwill 20.6 19.4 19.3
-------------------------------------------------------------------------------
Intangible assets 18.2 14.8 17.0
-------------------------------------------------------------------------------
Other financial assets 0.1 0.1 0.1
-------------------------------------------------------------------------------
Deferred tax assets 1.5 1.5 1.7
-------------------------------------------------------------------------------
Non-current assets total 51.3 45.1 48.8
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Inventories 1.6 0.9 2.2
-------------------------------------------------------------------------------
Trade and other receivables 69.0 55.3 72.5
-------------------------------------------------------------------------------
Financial assets at fair value 21.1 20.8 21.0
through profit or loss
-------------------------------------------------------------------------------
Cash and short term deposits 29.4 21.8 22.3
-------------------------------------------------------------------------------
Current assets total 121.1 98.8 118.0
-------------------------------------------------------------------------------
TOTAL ASSETS 172.4 144.0 166.8
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
EQUITY AND LIABILITIES
-------------------------------------------------------------------------------
Equity attributable to equity
holders of the parent
-------------------------------------------------------------------------------
Share capital 12.9 12.9 12.9
-------------------------------------------------------------------------------
Invested non-restricted equity 25.6 24.8 25.1
fund
-------------------------------------------------------------------------------
Translation difference 2.8 0.5 1.5
-------------------------------------------------------------------------------
Retained earnings 55.7 45.4 53.8
-------------------------------------------------------------------------------
Non-controlling interests
-------------------------------------------------------------------------------
Total equity 97.0 83.7 93.4
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Deferred tax liabilities 0.8 0.5 0.5
-------------------------------------------------------------------------------
Pension obligations 3.0 2.1 3.0
-------------------------------------------------------------------------------
Provisions 0.2 0.5 0.2
-------------------------------------------------------------------------------
Interest-bearing liabilities 4.1 3.0 3.8
-------------------------------------------------------------------------------
Non-current liabilities total 8.1 6.1 7.6
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Trade and other payables 59.9 43.5 58.5
-------------------------------------------------------------------------------
Financial liabilities at fair 0.2 0.2
value through profit or loss
-------------------------------------------------------------------------------
Provisions 2.7 2.3 2.6
-------------------------------------------------------------------------------
Interest-bearing loans and 4.6 8.3 4.5
borrowings
-------------------------------------------------------------------------------
Current liabilities total 67.4 54.1 65.8
-------------------------------------------------------------------------------
Total liabilities 75.4 60.3 73.4
-------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 172.4 144.0 166.8
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS (MEUR) 1-3/2015 1-3/2014 1-12/2014
3 months 3 months 12 months
-------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
-------------------------------------------------------------------------------
Profit for the year from continuing operations 1.8 1.7 12.3
-------------------------------------------------------------------------------
Profit for the year from discontinued operations 0.2
-------------------------------------------------------------------------------
Adjustment of accrual basis items 3.8 2.8 14.9
-------------------------------------------------------------------------------
Change in net working capital 6.7 -9.4 -12.1
-------------------------------------------------------------------------------
Interest paid on operating activities -0.6 -0.0 -1.3
-------------------------------------------------------------------------------
Interest received from operating activities 0.2 0.1 0.4
-------------------------------------------------------------------------------
Other financial income and expenses, net received 0.0
-------------------------------------------------------------------------------
Income taxes paid -1.0 -0.9 -3.8
-------------------------------------------------------------------------------
NET CASH FROM OPERATING ACTIVITIES 10.9 -5.7 10.5
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
-------------------------------------------------------------------------------
Acquisition of business unit, net of cash acquired -1.8
-------------------------------------------------------------------------------
Purchase of property, plant and equipment -0.9 -0.5 -3.6
-------------------------------------------------------------------------------
Purchase of intangible assets -1.4 -0.5 -5.7
-------------------------------------------------------------------------------
Sale of property, plant and equipment 0.0 0.1
-------------------------------------------------------------------------------
Sale of intangible assets 0.0
-------------------------------------------------------------------------------
Proceeds from sale of investments 0.0 0.0
-------------------------------------------------------------------------------
NET CASH FROM INVESTING ACTIVITIES -4.1 -1.0 -9.2
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
-------------------------------------------------------------------------------
Share-option plans exercised 0.5 0.3 0.6
-------------------------------------------------------------------------------
Proceeds from borrowing 3.4 6.7 19.4
-------------------------------------------------------------------------------
Repayment of borrowing -3.0 -0.3 -16.6
-------------------------------------------------------------------------------
Payment of finance liabilities -0.5 -0.5 -1.8
-------------------------------------------------------------------------------
Dividend paid and repayment of capital -2.6
-------------------------------------------------------------------------------
NET CASH FROM FINANCING ACTIVITIES 0.4 6.2 -1.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS 7.3 -0.5 0.3
-------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period 43.3 43.0 43.0
-------------------------------------------------------------------------------
Cash and cash equivalents at end of period 50.6 42.5 43.3
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (MEUR)
----------------------------------------------------
A = Share capital
----------------------------------------------------
B = Invested non-restricted equity fund
----------------------------------------------------
C = Translation difference
----------------------------------------------------
D = Retained earnings
----------------------------------------------------
E = Non-controlling interests
----------------------------------------------------
F = Total equity
----------------------------------------------------
Restated A B C D E F
-------------------------------------------------------------------------
Shareholders equity on Jan. 1, 2014 12.9 24.5 0.6 43.7 81.7
-------------------------------------------------------------------------
Comprehensive income for the period
-------------------------------------------------------------------------
Profit for the period 1.7 1.7
-------------------------------------------------------------------------
Exchange differences on translating foreign -0.1 -0.1
operations
-------------------------------------------------------------------------
Total comprehensive income for the period -0.1 1.7 1.6
-------------------------------------------------------------------------
Transactions between the shareholders
-------------------------------------------------------------------------
Share option plans exercised 0.3 0.3
-------------------------------------------------------------------------
Share-related compensation 0.0 0.0
-------------------------------------------------------------------------
Total transactions between the shareholders 0.3 0.0 0.3
-------------------------------------------------------------------------
Other changes 0.1 0.1
-------------------------------------------------------------------------
Shareholders equity on March 31, 2014 12.9 24.8 0.5 45.4 83.7
-------------------------------------------------------------------------
A B C D E F
------------------------------------------------------------------------
Shareholders equity on Jan. 1, 2015 12.9 25.1 1.5 53.8 93.4
------------------------------------------------------------------------
Comprehensive income for the period
------------------------------------------------------------------------
Profit for the period 1.8 1.8
------------------------------------------------------------------------
Exchange differences on translating foreign 1.2 1.2
operations
------------------------------------------------------------------------
Total comprehensive income for the period 1.2 1.8 3.1
------------------------------------------------------------------------
Transactions between the shareholders
------------------------------------------------------------------------
Share option plans exercised 0.5 0.5
------------------------------------------------------------------------
Total transactions between the shareholders 0.5 0.5
------------------------------------------------------------------------
Other changes -0.0 -0.0
------------------------------------------------------------------------
Shareholders equity on March 31, 2015 12.9 25.6 2.8 55.7 97.0
------------------------------------------------------------------------
NOTES TO THE interim Financial reporting
Accounting principles for the interim financial reporting:
The Interim Report has been prepared in accordance with IAS 34 Interim Financial
Reporting. Elektrobit Corporation has applied the same accounting principles in
the preparation of this Interim Report as in its Financial Statements for 2014,
except for the adoption of new standards and interpretations effective during
2015. The changes did not have material impact on the Interim Report.
SEGMENT-INFORMATIOn (MEUR)
OPERATING SEGMENTS 1-3/2015 1-3/2014 1-12/2014
3 months 3 months 12 months
--------------------------------------------------------------
Automotive
--------------------------------------------------------------
Net sales to external customers 49.1 37.5 171.4
--------------------------------------------------------------
Net sales to other segments 0.0 0.0
--------------------------------------------------------------
Net sales total 49.1 37.5 171.4
--------------------------------------------------------------
--------------------------------------------------------------
Operating profit (loss) 3.0 2.9 16.0
--------------------------------------------------------------
--------------------------------------------------------------
Wireless
--------------------------------------------------------------
Net sales to external customers 15.1 14.2 52.7
--------------------------------------------------------------
Net sales to other segments 0.1 0.0 0.3
--------------------------------------------------------------
Net sales total 15.3 14.2 53.0
--------------------------------------------------------------
--------------------------------------------------------------
Operating profit (loss) 0.3 -1.1 1.0
--------------------------------------------------------------
--------------------------------------------------------------
OTHER ITEMS
--------------------------------------------------------------
--------------------------------------------------------------
Other items
--------------------------------------------------------------
Net sales to external customers
--------------------------------------------------------------
Operating profit (loss) 0.1 0.1 -0.2
--------------------------------------------------------------
--------------------------------------------------------------
Eliminations
--------------------------------------------------------------
Net sales to other segments -0.1 -0.0 -0.3
--------------------------------------------------------------
Operating profit (loss) 0.0 0.0 0.0
--------------------------------------------------------------
--------------------------------------------------------------
Group total
--------------------------------------------------------------
Net sales to external customers 64.3 51.7 224.1
--------------------------------------------------------------
Operating profit (loss) 3.4 1.9 16.8
--------------------------------------------------------------
Net sales of geographical areas (MEUR) 1-3/2015 1-3/2014 1-12/2014
3 months 3 months 12 months
-------------------------------------------------------------------
Net sales
-------------------------------------------------------------------
Europe 51.1 42.0 183.6
-------------------------------------------------------------------
Americas 10.2 7.2 31.5
-------------------------------------------------------------------
Asia 3.0 2.5 9.0
-------------------------------------------------------------------
Net sales total 64.3 51.7 224.1
-------------------------------------------------------------------
Related party transactions 1-3/2015 1-3/2014 1-12/2014
3 months 3 months 12 months
-------------------------------------------------------------------------------
Employee benefits for key management and stock 0.7 0.4 1.9
options expenses total
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF 1-3/2015 10-12/2014 7-9/2014 4-6/2014 1-3/2014
COMPREHENSIVE INCOME BY QUARTER 3 months 3 months 3 months 3 months 3 months
(MEUR)
Continuing operations
-------------------------------------------------------------------------------
NET SALES 64.3 67.8 52.5 52.2 51.7
-------------------------------------------------------------------------------
Other operating income 0.9 1.8 1.1 1.1 0.6
-------------------------------------------------------------------------------
Change in work in progress and 0.0 -0.0 0.0 0.0 0.0
finished goods
-------------------------------------------------------------------------------
Work performed by the 0.1 0.0 0.0 0.1
undertaking for its own purpose
and capitalized
-------------------------------------------------------------------------------
Raw materials -5.9 -5.8 -1.9 -3.6 -5.1
-------------------------------------------------------------------------------
Personnel expenses -35.7 -34.0 -29.8 -30.5 -31.4
-------------------------------------------------------------------------------
Depreciation -2.2 -2.4 -2.1 -2.1 -2.2
-------------------------------------------------------------------------------
Other operating expenses -18.2 -20.2 -15.2 -14.2 -11.8
-------------------------------------------------------------------------------
OPERATING PROFIT (LOSS) 3.4 7.2 4.6 3.1 1.9
-------------------------------------------------------------------------------
Financial income and expenses -0.5 -0.7 -0.4 -0.3 0.0
-------------------------------------------------------------------------------
PROFIT BEFORE TAX 3.0 6.5 4.2 2.8 1.9
-------------------------------------------------------------------------------
Income tax -1.1 -0.4 -1.6 -1.0 -0.2
-------------------------------------------------------------------------------
PROFIT FOR THE PERIOD FROM 1.8 6.1 2.6 1.8 1.7
CONTINUING OPERATIONS
-------------------------------------------------------------------------------
Discontinued operations
-------------------------------------------------------------------------------
Profit for the period from
discontinued operations 0.2
-------------------------------------------------------------------------------
PROFIT FOR THE PERIOD 1.8 6.4 2.6 1.8 1.7
-------------------------------------------------------------------------------
Other comprehensive income 1.2 -0.1 0.2 0.3 -0.1
-------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR 3.1 6.3 2.8 2.1 1.6
THE PERIOD
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit for the period
attributable to:
-------------------------------------------------------------------------------
Equity holders of the parent 1.8 6.4 2.6 1.8 1.7
-------------------------------------------------------------------------------
Non-controlling interests
-------------------------------------------------------------------------------
Total comprehensive income for
the period attributable to:
-------------------------------------------------------------------------------
Equity holders of the parent 3.1 6.3 2.8 2.1 1.6
-------------------------------------------------------------------------------
Non-controlling interests
-------------------------------------------------------------------------------
CONSOLIDATED Mar. Dec. Sept. Jun. Mar.
STATEMENT OF 31, 2015 31, 2014 30, 2014 30, 2014 31, 2014
FINANCIAL
POSITION (MEUR)
-------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Non-current
assets
-------------------------------------------------------------------------------
Property, 10.8 10.7 9.2 9.1 9.3
plant and
equipment
-------------------------------------------------------------------------------
Goodwill 20.6 19.3 19.4 19.4 19.4
-------------------------------------------------------------------------------
Intangible 18.2 17.0 16.8 14.7 14.8
assets
-------------------------------------------------------------------------------
Other 0.1 0.1 0.1 0.1 0.1
financial assets
-------------------------------------------------------------------------------
Deferred tax 1.5 1.7 1.6 1.5 1.5
assets
-------------------------------------------------------------------------------
Non-current 51.3 48.8 47.1 44.9 45.1
assets total
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Inventories 1.6 2.2 1.5 1.0 0.9
-------------------------------------------------------------------------------
Trade and 69.0 72.5 60.9 71.6 55.3
other
receivables
-------------------------------------------------------------------------------
Financial
assets at fair 21.1 21.0 20.9 20.9 20.8
value through
profit or loss
-------------------------------------------------------------------------------
Cash and short 29.4 22.3 19.8 10.0 21.8
term deposits
-------------------------------------------------------------------------------
Current assets 121.1 118.0 103.1 103.5 98.8
total
-------------------------------------------------------------------------------
TOTAL ASSETS 172.4 166.8 150.2 148.4 144.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
EQUITY AND
LIABILITIES
-------------------------------------------------------------------------------
Equity
attributable to
equity holders
of the parent
-------------------------------------------------------------------------------
Share capital 12.9 12.9 12.9 12.9 12.9
-------------------------------------------------------------------------------
Invested non- 25.6 25.1 24.9 24.9 24.8
restricted
equity fund
-------------------------------------------------------------------------------
Translation 2.8 1.5 1.0 0.8 0.5
difference
-------------------------------------------------------------------------------
Retained 55.7 53.8 47.0 44.7 45.4
earnings
-------------------------------------------------------------------------------
Non-
controlling
interests
-------------------------------------------------------------------------------
Total equity 97.0 93.4 85.9 83.3 83.7
-------------------------------------------------------------------------------
Non-current
liabilities
-------------------------------------------------------------------------------
Deferred tax 0.8 0.5 0.5 0.5 0.5
liabilities
-------------------------------------------------------------------------------
Pension 3.0 3.0 2.2 2.1 2.1
obligations
-------------------------------------------------------------------------------
Provisions 0.2 0.2 0.2 0.3 0.5
-------------------------------------------------------------------------------
Interest- 4.1 3.8 3.0 2.9 3.0
bearing
liabilities
-------------------------------------------------------------------------------
Non-current 8.1 7.6 5.9 5.8 6.1
liabilities
total
-------------------------------------------------------------------------------
Current
liabilities
-------------------------------------------------------------------------------
Trade and 59.9 58.5 51.2 45.4 43.5
other payables
-------------------------------------------------------------------------------
Financial 0.2 0.2 0.4 0.0
liabilities at
fair value
through
profit or loss
-------------------------------------------------------------------------------
Provisions 2.7 2.6 2.5 3.0 2.3
-------------------------------------------------------------------------------
Interest- 4.6 4.5 4.3 10.9 8.3
bearing loans
and borrowings
-------------------------------------------------------------------------------
Current 67.4 65.8 58.3 59.3 54.1
liabilities
total
-------------------------------------------------------------------------------
Total 75.4 73.4 64.3 65.1 60.3
liabilities
-------------------------------------------------------------------------------
TOTAL EQUITY AND 172.4 166.8 150.2 148.4 144.0
LIABILITIES
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH 1-3/2015 10-12/2014 7-9/2014 4-6/2014 1-3/2014
FLOWS BY QUARTER 3 months 3 months 3 months 3 months 3 months
-------------------------------------------------------------------------------
Net cash from operating 10.9 5.4 20.5 -9.7 -5.7
activities
-------------------------------------------------------------------------------
Net cash from investing -4.1 -2.6 -3.9 -1.7 -1.0
activities
-------------------------------------------------------------------------------
Net cash from financing 0.4 -0.2 -6.7 -0.3 6.2
activities
-------------------------------------------------------------------------------
Net change in cash and cash 7.3 2.5 9.8 -11.6 -0.5
equivalents
-------------------------------------------------------------------------------
FINANCIAL PERFORMANCE RELATED RATIOS 1-3/2015 1-3/2014 1-12/2014
3 months 3 months 12 months
-------------------------------------------------------------------------------
STATEMENT OF COMPREHENSIVE INCOME (MEUR)
-------------------------------------------------------------------------------
Net sales 64.3 51.7 224.1
-------------------------------------------------------------------------------
Operating profit (loss) 3.4 1.9 16.8
-------------------------------------------------------------------------------
Operating profit (loss), % of net sales 5.3 3.7 7.5
-------------------------------------------------------------------------------
Profit before taxes 3.0 1.9 15.5
-------------------------------------------------------------------------------
Profit before taxes, % of net sales 4.6 3.8 6.9
-------------------------------------------------------------------------------
Profit for the period 1.8 1.7 12.3
-------------------------------------------------------------------------------
PROFITABILITY AND OTHER KEY FIGURES
-------------------------------------------------------------------------------
Interest-bearing net liabilities, (MEUR) -41.9 -31.2 -35.0
-------------------------------------------------------------------------------
Net gearing, -% -43.2 -37.2 -37.4
-------------------------------------------------------------------------------
Equity ratio, % 65.0 64.8 62.3
-------------------------------------------------------------------------------
Gross investments, (MEUR) 2.7 1.1 11.4
-------------------------------------------------------------------------------
Average personnel during the period, parent and 1859 1663 1699
subsidiaries
-------------------------------------------------------------------------------
Personnel at the period end, parent and 1868 1661 1804
subsidiaries
-------------------------------------------------------------------------------
Average personnel during the period, jointly owned 451 337 380
company
-------------------------------------------------------------------------------
Personnel at the period end, jointly owned company 459 342 431
-------------------------------------------------------------------------------
AMOUNT OF SHARE ISSUE ADJUSTMENT Mar. 31, 2015 Mar. 31, 2014 Dec. 31, 2014
(1,000 pcs)
-------------------------------------------------------------------------------
At the end of period 131 589 130 610 131 493
-------------------------------------------------------------------------------
Average for the period 131 549 130 378 130 975
-------------------------------------------------------------------------------
Average for the period diluted with 132 252 131 290 131 663
stock options
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1-3/2015 1-3/2014 1-12/2014
STOCK-RELATED FINANCIAL RATIOS 3 months 3 months 12 months
(EUR)
-------------------------------------------------------------------------------
Earnings per share from continuing
operations, EUR
-------------------------------------------------------------------------------
Basic earnings per share 0.014 0.013 0.094
-------------------------------------------------------------------------------
Diluted earnings per share 0.014 0.013 0.093
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Earnings per share from discontinued
operations, EUR
-------------------------------------------------------------------------------
Basic earnings per share 0.002
-------------------------------------------------------------------------------
Diluted earnings per share 0.002
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Earnings per share from continuing
and discontinued operations, EUR
-------------------------------------------------------------------------------
Basic earnings per share 0.014 0.013 0.096
-------------------------------------------------------------------------------
Diluted earnings per share 0.014 0.013 0.095
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Equity *) per share 0.74 0.64 0.71
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
*) Equity attributable to equity
holders of the parent
-------------------------------------------------------------------------------
MARKET VALUES OF SHARES (EUR) 1-3/2015 1-3/2014 1-12/2014
3 months 3 months 12 months
------------------------------------------------------------------
Highest 5.03 3.23 3.83
------------------------------------------------------------------
Lowest 3.27 2.46 2.30
------------------------------------------------------------------
Average 4.18 2.77 2.85
------------------------------------------------------------------
At the end of period 3.90 2.59 3.36
------------------------------------------------------------------
------------------------------------------------------------------
Market value of the stock, (MEUR) 513.2 338.3 441.8
------------------------------------------------------------------
Trading value of shares, (MEUR) 93.8 68.3 188.0
------------------------------------------------------------------
Number of shares traded, (1,000 pcs) 22 441 24 685 66 019
------------------------------------------------------------------
Related to average number of shares % 17.1 18.9 50.4
------------------------------------------------------------------
SECURITIES AND CONTINGENT Mar. 31, 2015 Mar. 31, 2014 Dec. 31, 2014
LIABILITIES (MEUR)
-------------------------------------------------------------------------------
AGAINST OWN LIABILITIES
-------------------------------------------------------------------------------
Floating charges 1.0 18.0 1.0
-------------------------------------------------------------------------------
Guarantees 6.7 14.1 6.4
-------------------------------------------------------------------------------
Rental liabilities
-------------------------------------------------------------------------------
Falling due in the next year 7.1 7.4 7.2
-------------------------------------------------------------------------------
Falling due after one year 12.6 16.5 13.0
-------------------------------------------------------------------------------
Other contractual liabilities
-------------------------------------------------------------------------------
Falling due in the next year 2.6 0.8 2.1
-------------------------------------------------------------------------------
Falling due after one year 0.5 0.5 0.7
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Mortgages are pledged for 2.6 2.1 2.6
liabilities totaled
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
NOMINAL VALUE OF CURRENCY Mar. 31, 2015 Mar. 31, 2014 Dec. 31, 2014
DERIVATIVES (MEUR)
-------------------------------------------------------------------------------
Foreign exchange forward contracts
-------------------------------------------------------------------------------
Market value -0.0 0.0 -0.1
-------------------------------------------------------------------------------
Nominal value 2.0 6.0 3.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Purchased currency options
-------------------------------------------------------------------------------
Market value 0.1 0.1 0.0
-------------------------------------------------------------------------------
Nominal value 6.0 5.5 5.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Sold currency options
-------------------------------------------------------------------------------
Market value -0.2 -0.0 -0.1
-------------------------------------------------------------------------------
Nominal value 12.0 10.0 10.0
-------------------------------------------------------------------------------
[HUG#1919427]
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