2011-02-17 06:59:00 CET
2011-02-17 06:59:52 CET
REGULATED INFORMATION
Elektrobit Oyj - Financial Statement Release
EB, ELEKTROBIT CORPORATION, FINANCIAL STATEMENT BULLETIN 2010
STOCK EXCHANGE RELEASE
Free for publication on February 17, 2011, at 8.00 a.m. (CET+1)
EB, ELEKTROBIT CORPORATION, FINANCIAL STATEMENT BULLETIN 2010
NET SALES GREW FROM LAST YEAR DUE TO STRONG GROWTH IN THE AUTOMOTIVE BUSINESS
SEGMENT, OPERATING LOSS SIGNIFICANT DUE TO IMPAIRMENT OF ACCOUNTS RECEIVABLES
AND RESTRUCTURING COSTS IN THE WIRELESS BUSINESS SEGMENT
SUMMARY OCTOBER-DECEMBER 2010
- Net sales for the period amounted to EUR 41.8 million (EUR 40.1 million,
4Q 2009), representing an increase of 4.5% year-on-year.
- Operating loss was EUR -7.7 million (EUR 0.5 million, 4Q 2009). Non-recurring
costs totaled to EUR 4.5 million; operating loss excluding non-recurring items
was EUR -3.2 million (EUR 0.8 million, 4Q 2009).
- EBITDA was EUR -5.6 million (EUR 2.7 million, 4Q 2009).
- Operating cash flow was EUR -4.9 million (EUR -0.5 million, 4Q 2009). The net
cash flow was EUR -9.3 million (EUR -3.1 million, 4Q 2009).
- Cash and other liquid assets totaled EUR 20.5 million (EUR 59.1 million,
4Q 2009).
- Equity ratio remained strong at 62.6% (71.5%, 4Q 2009).
- Earnings per share were EUR -0.04 (EUR 0.00, 4Q 2009).
SUMMARY 2010
- Net sales amounted to EUR 161.8 million (EUR 153.8 million in 2009),
representing an increase of 5.2% year-on-year.
- Operating loss was EUR -17.3 million (EUR -1.4 million in 2009). Operating
loss included non-recurring costs and impairments of EUR 12.7 million; excluding
the non-recurring items the operating loss was EUR -4.6 million (EUR 0.5 million
in 2009).
- EBITDA was EUR -8.8 million (EUR 8.3 million in 2009).
- Operating cash flow was EUR 1.5 million (EUR 0.4 million in 2009). Net cash
flow was EUR -38.5 million (EUR -9.5 million in 2009). The decrease was mainly
attributable to the distribution of EUR 25.9 million from the share premium fund
on September 2, 2010.
- Cash and other liquid assets totaled to EUR 20.5 million (EUR 59.1 million in
2009).
- Equity ratio remained strong at 62.6% (71.5% in 2009).
- Earnings per share were EUR -0.12 (EUR -0.03 in 2009).
- The Board of Directors proposes to the General Meeting that no dividend shall
be distributed.
EB'S CEO JUKKA HARJU:"The main objective in 2010 was to continue the clear profitability improvement
started the previous year. During the first half of the year the financial
performance improved as planned but during the second half of the year the
operating profit was strongly negative due to the challenges in the satellite
terminal business in the Wireless Business Segment. TerreStar Networks Inc., a
significant customer of EB, filed for reorganization in the United States, which
led to a decreased business level in the Wireless Business Segment during the
second half of the year. Due to the risk of losing accounts receivables, EB
booked an impairment of accounts receivables during the third quarter of the
year. The amount of personnel was adjusted to correspond to the lower sales
volumes and sales outlook at the end of the year.
In the Automotive Business Segment the market recovered from the downturn in
2009 and the sales increased considerably. The Automotive Business Segment's
operating profit improved from last year and it was positive.
The objective for 2011 is to achieve a positive operating profit and
profitability development."
OUTLOOK FOR THE FIRST HALF OF 2011
The demand for software products and services is estimated to grow in the
automotive industry and EB's net sales is expected to increase in the Automotive
Business Segment. The technological changes, driving the demand, are expected to
continue in the wireless communications market. The net sales of EB's Wireless
Business Segment is expected to remain in the same level than in the second half
of 2010. The continuing challenges of TerreStar Networks Inc., a significant
customer of EB, in obtaining funding has resulted in payment delays. TerreStar
Network and certain affiliates of TerreStar Corporation have filed for voluntary
petitions for reorganization to strengthen their financial position on October
19, 2010. Despite the filing for reorganization and the legal proceedings
initiated by EB against TerreStar Corporation, the risk of credit losses may
still increase during the first half of 2011. More specific market outlook is
presented under the "Business Segments' development during October-December
2010 and market outlook" section, and uncertainties regarding the TerreStar
Networks filing for reorganization, collecting the receivables, and other
uncertainties regarding the outlook under "Risks and Uncertainties" section.
EB expects for the first half of 2011 that net sales will be lower than in the
first half of 2010 (EUR 86.2 million) and operating profit will be lower than in
the first half of 2010 (EUR 1.8 million). The profit estimate for the first half
of 2011 is based on the assumption that there will not be further bookings of
impairments of EB's accounts receivables from TerreStar Networks. It is possible
that, based on later information related to TerreStar Networks' reorganization
and EB's legal proceedings against TerreStar Corporation, this outlook may need
to be reconsidered.
Information on the development of TerreStar Networks' filing for reorganization
and EB's initiated legal proceedings against TerreStar Corporation are presented
in the October 20 and 25, November 20, and December 30, 2010 stock exchange
releases at www.elektrobit.com.
INVITATION TO A PRESS CONFERENCE
EB will hold a press conference on the Financial statements 2010 for media,
analysts and institutional investors in Finland, Oulu, Tutkijantie 8, meeting
room NH1 on Thursday, February 17, 2011, at 11.00 a.m. (CET+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 on joining the conference please go to
www.elektrobit.com/investors.
EB, Elektrobit Corporation
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. The net sales for the year 2010 totaled MEUR
161.8. Elektrobit Corporation is listed on NASDAQ OMX
Helsinki.www.elektrobit.com
EB, ELEKTROBIT CORPORATION, FINANCIAL STATEMENTS JANUARY-DECEMBER 2010
FINANCIAL PERFORMANCE DURING JANUARY-DECEMBER 2010
(Corresponding figures are for January-December 2009 unless otherwise indicated)
EB's net sales during January-December 2010 increased by 5.2 per cent to EUR
161.8 million (EUR 153.8 million in 2009). Operating loss was EUR -17.3 million
(EUR -1.4 million). Operating loss was impacted by non-recurring costs and
impairments of EUR 12.7 million during the second half of the year. Excluding
the non-recurring items operating loss was EUR -4.6 million (0.5 million).
The Automotive Business Segment's net sales during January-December 2010
amounted to EUR 80.1 million (EUR 61.5 million), representing 30.2% growth.
Operating profit was EUR 1.9 million (EUR -3.8 million). The profitability
improvement year-on-year was mainly attributable to the increased net sales and
solid overall market demand for EB's software products and services following
the market recovery.
The Wireless Business Segment's net sales during January-December 2010 decreased
to EUR 80.9 million (EUR 91.6 million), representing a decline of -11.7%
compared to the previous year. Operating loss was EUR -19.3 million (EUR 1.0
million). The decline was mostly attributable to the filing for reorganization
of a significant customer and hence resulting impairment of account receivables,
lower sales volumes, and restructuring costs. The sales of radio channel
emulators and related services increased compared to the previous year.
Excluding the non-recurring costs and impairments the operating loss of the
Wireless segment was EUR -7.0 million (EUR 2.6 million).
During the last quarter restructuring measures were taken in Wireless Business
Segment and the amount of personnel was adjusted to correspond to the lower
sales volumes. As the result of the personnel negotiations EB dismissed 60 and
temporarily dismissed 85 employees in Wireless Solution Business and EB
corporate functions based on financial and production-related reasons. In the
stock exchange release on December 13, 2011, EB estimated that the expected cost
savings resulting from the dismissals and temporary dismissals, if fully
executed, would be approximately EUR 4 million and the cost savings from the
other related measures approximately 1 million by the end of the first half of
2011. Based on the current understanding the temporary dismissals will not be
executed in full in order to secure resources for the received project orders.
The total R&D investments during the reporting period grew to EUR 21.6 million
(EUR 14.7 million), equaling 13.3% of the net sales (9.6%).
+----------------------------------------------------------+---------+---------+
|CONSOLIDATED INCOME STATEMENT (MEUR) |1-12 2010|1-12 2009|
+----------------------------------------------------------+---------+---------+
| |12 months|12 months|
+----------------------------------------------------------+---------+---------+
|NET SALES | 161.8| 153.8|
+----------------------------------------------------------+---------+---------+
|OPERATING PROFIT (LOSS) | -17.3| -1.4|
+----------------------------------------------------------+---------+---------+
|Financial income and expenses | -1.3| -0.6|
+----------------------------------------------------------+---------+---------+
|RESULT BEFORE TAX | -18.6| -2.0|
+----------------------------------------------------------+---------+---------+
|RESULT FOR THE PERIOD FROM CONTINUING OPERATIONS | -15.7| -3.3|
+----------------------------------------------------------+---------+---------+
|Profit after tax for the year from discontinued operations| | 1.3|
+----------------------------------------------------------+---------+---------+
|RESULT FOR THE PERIOD | -15.7| -2.0|
+----------------------------------------------------------+---------+---------+
|TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | -14.9| -2.4|
+----------------------------------------------------------+---------+---------+
| | | |
+----------------------------------------------------------+---------+---------+
|Result for the period attributable to: | | |
+----------------------------------------------------------+---------+---------+
| Equity holders of the parent | -16.1| -2.2|
+----------------------------------------------------------+---------+---------+
| Minority interest | 0.5| 0.2|
+----------------------------------------------------------+---------+---------+
|Total comprehensive income for the period attributable to:| | |
+----------------------------------------------------------+---------+---------+
| Equity holder of the parent | -15.4| -2.5|
+----------------------------------------------------------+---------+---------+
| Minority interest | 0.5| 0.2|
+----------------------------------------------------------+---------+---------+
| | | |
+----------------------------------------------------------+---------+---------+
|Earnings per share EUR continuing operations | -0.12| -0.03|
+----------------------------------------------------------+---------+---------+
|Earnings per share EUR discontinued operations | | 0.01|
+----------------------------------------------------------+---------+---------+
|Earnings per share EUR continuing and discontinued | -0.12| -0.02|
|operations | | |
+----------------------------------------------------------+---------+---------+
- Cash flow from business operations was EUR 1.5 million (EUR 0.4 million).
- Equity ratio was 62.6% (71.5%).
- Net gearing was -10.2% (-37.6%).
QUARTERLY FIGURES
The distribution of the Group's overall net sales and profit, MEUR:
+-------------------------------------------------+----+-----+-----+-----+-----+
| |4Q10|3Q 10|2Q 10|1Q 10|4Q 09|
+-------------------------------------------------+----+-----+-----+-----+-----+
|Net sales |41.8| 33.7| 44.7| 41.5| 40.1|
+-------------------------------------------------+----+-----+-----+-----+-----+
|Operating profit (loss) |-7.7|-11.5| 0.1| 1.7| 0.5|
+-------------------------------------------------+----+-----+-----+-----+-----+
|Operating profit (loss) without non-recurring |-3.2| -3.2| 0.1| 1.7| 0.8|
|costs | | | | | |
+-------------------------------------------------+----+-----+-----+-----+-----+
|Result before taxes |-8.0|-10.6| -0.7| 0.7| 0.1|
+-------------------------------------------------+----+-----+-----+-----+-----+
|Result for the period |-5.4| -9.0| -0.9| -0.3| -0.3|
+-------------------------------------------------+----+-----+-----+-----+-----+
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 the
management considers 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.
The distribution of net sales by Business Segments, MEUR:
+-----------------+-----+-----+-----+-----+-----+
| |4Q 10|3Q 10|2Q 10|1Q 10|4Q 09|
+-----------------+-----+-----+-----+-----+-----+
|Automotive | 23.1| 19.9| 18.6| 18.5| 16.8|
+-----------------+-----+-----+-----+-----+-----+
|Wireless | 18.6| 13.7| 25.9| 22.8| 23.0|
+-----------------+-----+-----+-----+-----+-----+
|Corporation total| 41.8| 33.7| 44.7| 41.5| 40.1|
+-----------------+-----+-----+-----+-----+-----+
The distribution of net sales by market areas, MEUR and %:
+--------+---------+-----+-----+-----+-----+
| | 4Q 10|3Q 10|2Q 10|1Q 10|4Q 09|
+--------+---------+-----+-----+-----+-----+
|Asia |4.4 10.6%| 1.8| 2.6| 2.7| 4.4|
| | | 5.4%| 5.9%| 6.5%|11.0%|
+--------+---------+-----+-----+-----+-----+
|Americas| 10.8| 9.4| 17.4| 15.8| 13.7|
| | 25.8%|27.7%|39.0%|38.1%|34.2%|
+--------+---------+-----+-----+-----+-----+
|Europe | 26.6| 22.5| 24.6| 23.0| 22.0|
| | 63.6%|66.8%|55.2%|55.4%|54.8%|
+--------+---------+-----+-----+-----+-----+
Net sales (external) and operating profit development by Business Segments and
Other businesses, MEUR:
+-----------------------+-----+-----+-----+-----+-----+
| |4Q 10|3Q 10|2Q 10|1Q 10|4Q 09|
+-----------------------+-----+-----+-----+-----+-----+
|Automotive | | | | | |
|Net sales | 23.1| 19.9| 18.6| 18.5| 16.8|
|Operating profit (loss)| 1.1| 0.1| -0.2| 0.9| 0.3|
+-----------------------+-----+-----+-----+-----+-----+
|Wireless | | | | | |
|Net sales | 18.6| 13.7| 25.9| 22.8| 23.0|
|Operating profit (loss)| -8.8|-11.7| 0.3| 0.9| -0.3|
+-----------------------+-----+-----+-----+-----+-----+
|Other businesses | | | | | |
|Net sales | 0.2| 0.2| 0.2| 0.2| 0.2|
|Operating profit (loss)| 0.1| 0.1| 0.0| -0.1| 0.5|
+-----------------------+-----+-----+-----+-----+-----+
|Total | | | | | |
|Net sales | 41.8| 33.7| 44.7| 41.5| 40.1|
|Operating profit (loss)| -7.7|-11.5| 0.1| 1.7| 0.5|
+-----------------------+-----+-----+-----+-----+-----+
BUSINESS SEGMENTS' DEVELOPMENT DURING OCTOBER-DECEMBER 2010 AND MARKET OUTLOOK
EB's reporting is based on the Automotive and Wireless Business Segments.
AUTOMOTIVE
The Automotive Business Segment's product offering consists of in-car software
products, navigation software for after market devices and development services
for the automotive industry with leading car manufacturers, car electronics
suppliers and automotive chipset suppliers as customers. By combining its
software products and R&D services EB is creating unique, customized solutions
for its automotive customers.
During the fourth quarter of 2010, net sales of the Automotive Business Segment
amounted to EUR 23.1 million (EUR 16.8 million, 4Q 2009), representing strong
36.8% growth year-on-year. The operating profit was EUR 1.1 million (EUR 0.3
million, 4Q 2009). The profitability improvement year-on-year was mainly
attributable to the market recovery resulting in increased net sales and solid
overall market demand for EB's software products, services and solutions based
on own automotive grade software products adapted and integrated to the customer
specific requirements.
EB made progress during the fourth quarter both in the Infotainment and ECU
(Electronic Control Unit) software markets. In Infotainment market the projects
with several car manufacturers and their electronic component suppliers
targeting to market releases in 2011 and 2012 proceeded according to the plans.
The development of Infotainment Software Suite, Volkswagen Group's next
generation high-end infotainment platform, proceeded as planned by e.solutions
(EB and Audi Joint Venture), and it was noticeable mentioned in Audi's
presentation at the International Consumer Electronics Show (CES) in Las Vegas
in January 2011. In ECU market EB got new customers for its AUTOSAR-standard
based solutions. EB continued to develop Driver Assistance applications in order
to increase its business in that area. EB launched a new version of its
integrated HMI development environment EB Guide. EB Guide 5.0 offers significant
improvements to enhance development of advanced graphical elements and offers
growth potential in the future in the market of fully configurable cluster
instruments.
Automotive Market Outlook
The majority of the innovation and differentiation in the automotive industry is
brought about by software and electronics. The share of electronics and software
in cars has grown significantly during the past years. It is expected that the
use of software in automotives continues to increase. The estimated annual
automotive software market long-term growth rate in passenger cars is some 15%
(Frost & Sullivan). The underlying world automotive market is also expected to
grow steadily with a yearly rate of about 6% between 2010 and 2015 (CSM).
The increasingly sophisticated and networked features and growing performance
increase the complexity of automotive electronics. The increasing complexity is
driving the industry towards gradual separation of software and hardware in the
electronics solutions. It is necessary for managing the architectural software
layer appropriately and for efficiency in innovation and implementation. The use
of standard software solutions is expected to increase in the automotive
industry. This enables faster innovation, improves quality and development
efficiency and reduces complexity related to deployment of software.
The fundamental industry migration and consequent growth of the automotive
software market will continue. Cost pressures of the automotive industry are
expected to accelerate the need of productized and efficient software solutions
EB is offering.
EB's net sales cumulating from the automotive industry are currently primarily
driven by the development of software and software platforms for new cars. Hence
the dependency of EB's net sales on car production volumes is currently limited,
however, the direct dependency is expected to increase as a result of the EB's
transition towards software product business models over the forthcoming years.
WIRELESS
The Wireless Business Segment comprises the following businesses:
- Wireless Solutions provides customized solutions and R&D services for wireless
industry and other industries utilizing wireless technologies.
- Wireless Communications Tools provides test tools for measuring, modeling and
emulating radio channel environments.
Net sales for the Wireless Business Segment during the fourth quarter of 2010
was EUR 18.6 million (EUR 23.0 million, 4Q 2009), representing a fall of 19.2%
year-on-year. Operating loss was EUR -8.8 million (EUR -0.3 million, 4Q 2009).
This was mostly due to filing for reorganization of a significant customer,
TerreStar Networks Inc., which resulted in restructuring costs and lower sales
volumes. Operating loss excluding non-recurring costs and impairments was EUR
-4.8 million (EUR 0.1 million, 4Q 2009) in the Wireless Business Segment. The
sales of radio channel emulators and related services increased compared to the
previous year, and the business with Defense & Security customers developed
well. EB continued to strengthen its competence development in Open Source
Software area.
EB announced in October to start personnel negotiations to improve profitability
and to decrease the amount of personnel to correspond to the decreased sales
volumes and sales outlook in Wireless Solutions business. As the result of the
negotiations EB dismissed 60 and temporarily dismissed 85 employees. Based on
the current understanding the temporary dismissals will not be executed in full
in order to secure resources for the received project orders.
EB continued its investments in radio channel emulators and introduced more
powerful EB Propsim F8 radio channel emulator. EB announced a new affordable
baseline hardware configuration of EB Propsim F8 in November.
The growth of demand for smartphones and transitions in the related software
architectures and platforms are expected to continue during 2011. In the mobile
infrastructure market the use of LTE standard, which improves the performance of
radio channel and mobile phone networks, is expected to continue to gain
strength. EB's business driven by LTE is expected to increase. Mastering of
multi-radio technologies and end-to-end system architectures covering both
terminals and networks has gained importance in the complex wireless technology
industry. Fast implementation of LTE technology and a wide spectrum of bandwidth
needed are creating opportunities for EB.
The mobile satellite communication service industry is introducing new data and
mobile communication services with new operators being formed and traditional
ones upgrading their solutions and offerings. The Satellite Terrestrial and
Mobile Satellite Services (MMS) market demand is expected to move from the
current reference design phase towards the launch of commercial products and
services during the next few years. The filing for reorganization of TerreStar
Networks Inc. has delayed and brought uncertainties to the development of demand
of the satellite terrestrial "Genus" terminal. Potential implications due to the
filing for reorganization to the business relations between the two parties
cannot be currently evaluated in a precise manner but based on the current
understanding the total business volume between the two parties will not be
significant in the near future.
The market for communications, interference and intelligence solutions targeted
for public authorities is estimated to remain stable. The systems used by
authorities are expected to be based on commercial technology in the future.
EB's competence on commercial technologies and mastering the radio channel and
software radio solutions are creating opportunities for EB.
The R&D services market for wireless communications continues to be challenging
and the continuing price pressure drives increasing off-shoring in the industry.
However, OEMs are expected to increase their R&D flexibility that can create new
partnering opportunities for EB. New open software architectures and platforms
are creating opportunities for companies such as EB with strong integration
capabilities.
The performance of radio channel is going to increase quickly when introducing
new LTE-technologies. This will create demand for advanced development tools
during the next few years. EB provides world leading channel emulation tools
for the development of MIMO based LTE, LTE-Advanced and other advanced radio
technologies.
RESEARCH AND DEVELOPMENT
EB continued its investments in R&D in the automotive software products and
tools, in radio channel emulation products and in Wireless Solutions' product
platforms.
The total R&D investments during the fourth quarter of 2010 were EUR 6.1 million
(EUR 4.2 million, 4Q 2009), equaling 14.6% of the net sales (10.6%, 4Q 2009).
EUR 2.3 million of R&D investments were capitalized.
OUTLOOK FOR THE FIRST HALF OF 2011
The demand for software products and services is estimated to grow in the
automotive industry and EB's net sales is expected to increase in the Automotive
Business Segment. The technological changes, driving the demand, are expected to
continue in the wireless communications market. The net sales of EB's Wireless
Business Segment is expected to remain in the same level than in the second half
of 2010. The continuing challenges of TerreStar Networks Inc., a significant
customer of EB, in obtaining funding has resulted in payment delays. TerreStar
Network and certain affiliates of TerreStar Corporation have filed for voluntary
petitions for reorganization to strengthen their financial position on October
19, 2010. Despite the filing for reorganization and the legal proceedings
initiated by EB against TerreStar Corporation, the risk of credit losses may
still increase during the first half of 2011. More specific market outlook is
presented under the "Business Segments' development during October-December
2010 and market outlook" section, and uncertainties regarding the TerreStar
Networks filing for reorganization, collecting the receivables, and other
uncertainties regarding the outlook under "Risks and Uncertainties" section.
EB expects for the first half of 2011 that net sales will be lower than in the
first half of 2010 (EUR 86.2 million) and operating profit will be lower than in
the first half of 2010 (EUR 1.8 million). The profit estimate for the first half
of 2011 is based on the assumption that there will not be further bookings of
impairments of EB's accounts receivables from TerreStar Networks. It is possible
that, based on later information related to TerreStar Networks' reorganization
and EB's legal proceedings against TerreStar Corporation, this outlook may need
to be reconsidered.
Information on the development of TerreStar Networks' filing for reorganization
and EB's initiated legal proceedings against TerreStar Corporation are presented
in the October 20 and 25, November 20, and December 30, 2010 stock exchange
releases at www.elektrobit.com.
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. Those of the
greatest significance on a short term are those affecting the utilization and
chargeability levels and average hourly prices of R&D services. On the ongoing
financial period the global economic uncertainty may affect the demand for EB's
services, solutions and products and provide pressure on e.g. volumes and
pricing. It may also increase the risk for credit losses.
Challenges in obtaining funding have resulted in payment delays by TerreStar
Networks, a significant customer of EB's subsidiary Elektrobit Inc., and
increased the risk of credit losses. While TerreStar Networks and certain other
affiliates of TerreStar have on October 19, 2010, in order to strengthen their
financial position, filed voluntary petitions for reorganization under Chapter
11 of the United States Bankruptcy Code, the credit risk may still grow during
the first half of 2011. Chapter 11 establishes a process for reorganizing
financially troubled companies. Under such reorganization process, payment by
TerreStar Networks of amounts owed to its creditors will require approval by the
United States Bankruptcy Court and, if made pursuant to a plan of
reorganization, an affirmative vote of TerreStar Networks' creditors. The plan
of reorganization filed by TerreStar Networks and its affiliated debtors
suggests that payment of EB's receivables may take the form of newly issued
common stock in the reorganized debtors.
As previously published, on November 20, 2010, EB initiated legal proceedings
against TerreStar Corporation. The claim is partly based on a guarantee issued
by TerreStar Corporation for EB's accounts receivables from TerreStar Networks
and partly based on TerreStar Corporation's direct contractual obligations
towards EB. Currently TerreStar Corporation is not part of the reorganization
proceedings initiated by TerreStar Networks. According to the court filings
relating to the reorganization proceedings, it is contemplated by TerreStar
Networks that TerreStar Corporation (and its subsidiary TerreStar Holdings Inc.)
will file their own voluntary petitions for reorganization under Chapter 11 of
the United States Bankruptcy Code in the near term. It is EB's understanding
that if TerreStar Corporation did file for reorganization, the legal proceedings
brought by EB against TerreStar Corporation would be stayed under the United
States bankruptcy law, but EB could bring the claim to the reorganization
process.
On February 15, 2011, EB's receivables from TerreStar Networks amounted to
approximately USD 25.8 million (EUR 19.1 million as per exchange rate of
February 15, 2011). Due to uncertainties related to the accounts receivables EB
booked an impairment of the accounts receivables in the amount of EUR 8.3
million during the second half of 2010. Based on EB's current understanding
there is no reason to believe that there would be further impairments losses on
EB's receivables from TerreStar Networks. EB aims to collect the amounts owed to
it in full through the reorganization process of TerreStar Networks or through
legal proceedings against TerreStar Corporation initiated on November 20, 2010,
and/or for example through selling of the earlier mentioned accounts
receivables.
More exact implications of the customer's reorganization process for the
parties' future business relations cannot be currently evaluated. Based on the
current understanding it is likely that TerreStar Networks may, in an exercise
of its business judgment (and subject to Court approval) determine that it will
not comply with its contractual obligations towards EB as provided by EB. Such
determination would result termination of the parties' further obligations under
the current contracts between them, but this does not change the EB's current
view that there would not be further impairment losses on EB's receivables from
TerreStar Networks. At worst, TerreStar Networks' reorganization process and
challenges in obtaining funding may, however, result in significant credit
losses for EB. Should the business relationship completely terminate in short
term and the accounts receivables not be collected, either from TerreStar
Networks or TerreStar Corporation, this would additionally lower EB's operating
profit non-recurringly by approximately EUR 11 million, at maximum (USD-
nominated items as per exchange rate of February 15, 2011). However, this would
not have any significant negative effect on the EB's cash flow. Further, it is
possible that under Chapter 11 reorganization process, debtors may seek to
recover payments made prior to their bankruptcy filing. In addition to the
above, the risk of potential recovery claims by TerreStar Networks against EB
cannot be out ruled at this time.
It is possible that based on later information related to the TerreStar
Networks' reorganization and to the legal proceedings against TerreStar
Corporation, the view may need to be reconsidered.
As the EB's customer base consists mainly of companies operating in the fields
of automotive and telecommunications, the company is exposed to market changes
in these industries. EB believes that expanding the customer base will reduce
dependence on individual companies and that the company will thereby be mainly
affected by the general business climate in automotive and telecommunication
industries. However, some parts of EB's business are more sensitive to customer
dependency than others. Respectively, this may translate as accumulation of risk
with respect to outstanding receivables and ultimately with respect to credit
losses. The more specific market outlook is presented under the "Business
Segments' development during the fourth quarter 2010 and market outlook"
section.
EB's operative business risks are mainly related to following items:
uncertainties and short visibility on customers' product program decisions,
their make or buy decisions and on the other hand, their decisions to continue,
downsize or terminate current product programs, ramping up and down project
resources, timing and on the other hand successful utilization of the most
important technologies and components, competitive situation and potential
delays in the markets, timely closing of customer and supplier contracts with
reasonable commercial terms, delays in R&D projects, activations based on
customer contracts, obsolescence of inventories and technology risks in product
development causing higher than planned R&D costs. In addition there are
typical industry warranty and liability risks involved in selling EB's services,
solutions and products. Product delivery business model includes such risks as
high dependency on actual product volumes, development of the cost of materials
and production yields. The abovementioned risks may manifest themselves as
higher cost of product delivery, and ultimately, as lower profit. Revenues
expected to come from new products for existing and new customers include normal
timing risks.
More information on the risks and uncertainties affecting EB can be found on the
Company's website at www.elektrobit.com
STATEMENT OF FINANCIAL POSITION AND FINANCING
The figures presented in the statement of financial position of December
31, 2010, are compared with the statement of the financial position of December
31, 2009 (MEUR). The figures for the period under review contain provision of
EUR 3.4 million.
12/2010 12/2009
Non-current assets 41.2 39.4
Current assets 83.7 120.8
Total assets 124.9 160.2
Share capital 12.9 12.9
Other equity 58.3 99.5
Non-controlling interests 1.3 0.4
Total shareholders' equity 72.5 112.8
Non-current liabilities 11.6 16.2
Current liabilities 40.8 31.2
Total shareholders' equity and liabilities 124.9 160.2
Net cash flow from operations during the period under review:
+ net profit +/- adjustment of accrual basis items EUR +1.8 million
+ decrease in net working capital EUR +3.5 million
- interest, taxes and dividends EUR -3.8 million
= cash generated from operations EUR +1.5 million
- net cash used in investment activities EUR -7.9 million
- net cash used in financing EUR -32.1 million
= net change in cash and cash equivalents EUR -38.5 million
The amount of accounts and other receivables, booked in current receivables, was
EUR 61.3 million (EUR 59.3 million on December 31, 2009). As announced on
December 8, 2010, EB adjusted the balance sheet posting of the statutory
provision in the amount of approximately EUR 8.3 million related to its
receivables from TerreStar Networks Inc. by replacing the statutory provision
with the impairment that will directly reduce the carrying value of accounts
receivable in the Financial Statements. Accounts and other payables, booked in
interest-free current liabilities, were EUR 35.7 million (EUR 26.3 million on
December 31, 2009). The amount of non-depreciated consolidation goodwill at the
end of the period under review was EUR 18.5 million (EUR 18.5 million on
December 31, 2009).
The amount of gross investments in the period under review was EUR 10.7 million,
consisting of replacement investments. Net investments for the reporting period
totaled EUR 10.5 million. The total amount of depreciation during the period
under review was EUR 8.5 million, including EUR 2.2 million of depreciation
owing to business acquisitions.
The amount of interest-bearing debt at the end of the reporting period was EUR
13.1 million. The distribution of net financing expenses on the income statement
was as follows:
interest, dividend and other financial income EUR 0.7 million
interest expenses and other financial expenses EUR -0.9 million
foreign exchange gains and losses EUR -1.0 million
EB's equity ratio at the end of the period was 62.6% (71.5% at the end of 2009).
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 16.0 million.
PERSONNEL
EB employed an average of 1,561 people between January and December 2010. At the
end of December, EB had 1,539 employees (1,528 at the end of 2009). A
significant part of EB's personnel are product development engineers.
CHANGE IN COMPANY'S MANAGEMENT
Hannu Huttunen (M. Econ.), 44, was appointed President of the Wireless Business
Segment and Managing Director of Elektrobit Technologies Ltd. effective November
1, 2010.
EB announced on December 15, 2010, the employment of Jarkko Sairanen (MSc.(
Eng), MBA), the President of the Automotive Business Segment and Managing
Director of Elektrobit Automotive GmbH, will end on March 31, 2011.
EB's Board of Directors and Corporate Executive Board can be found from the
Company's website at: www.elektrobit.com/corporate_governance.
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
The company has no significant events subsequent to the reporting period.
PROPOSAL BY THE BOARD OF DIRECTORS ON THE USE OF THE PROFIT SHOWN ON THE BALANCE
SHEET DAND THE PAYMENT OF DIVIDEND
According to the parent company's balance sheet at December 31, 2010, the
distributable assets of the parent company are EUR 105,294,341.06 of which the
profit of the financial year is EUR 50,596.03.
The Board of Directors proposes to the General Meeting to be held on March
31, 2011, that no dividend shall be paid.
ANNUAL GENERAL MEETING AND ANNUAL REPORT
Elektrobit Corporation's Annual General Meeting will be held on Thursday, March
31, 2011, at 1 pm at the University of Oulu, Saalastinsali, Pentti Kaiteran katu
1, 90590 Oulu, Finland. Elektrobit Corporation's Annual Report, including the
Annual Accounts, the report by the Board of Directors and the Auditor's report
as well as Corporate Governance Statement, is available on the company's website
no later than March 4, 2011.
Oulu, February 17, 2011
EB, Elektrobit Corporation
The Board of Directors
Further Information:
Jukka Harju
CEO
Tel. +358 40 344 5466
Distribution:
NASDAQ OMX Helsinki
Major media
EB, ELEKTROBIT CORPORATION, FINANCIAL STATEMENT BULLETIN 2010
The consolidated financial statement has been prepared in accordance with
International Financial reporting Standards (IFRS). The Financial Statement of
2010 has been audited and the auditing report has been dated on February
16, 2011.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1-12/2010 1-12/2009
(MEUR)
12 months 12 months
NET SALES 161.8 153.8
Other operating income 2.4 4.0
Change in work in progress and finished goods -0.2 -0.9
Work performed by the undertaking for its own
purpose
and capitalized 0.2 0.4
Raw materials -15.4 -8.3
Personnel expenses -97.7 -90.9
Depreciation -8.5 -9.7
Other operating expenses -59.8 -49.8
OPERATING PROFIT (LOSS) -17.3 -1.4
Financial income and expenses -1.3 -0.6
RESULT BEFORE TAXES -18.6 -2.0
Income taxes 2.9 -1.3
RESULT FOR THE PERIOD FROM CONTINUING
OPERATIONS -15.7 -3.3
Result after taxes for the period from
discontinued
operations 1.3
RESULT FOR THE PERIOD -15.7 -2.0
Other comprehensive income:
Exchange differences on translating foreign
operations 0.8 -0.3
Other comprehensive income for the period total 0.8 -0.3
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -14.9 -2.4
Result for the period attributable to
Equity holders of the parent -16.1 -2.2
Non-controlling interests 0.5 0.2
Total comprehensive income attributable to
Equity holders of the parent -15.4 -2.5
Non-controlling interests 0.5 0.2
Earnings per share EUR continuing operations
Basic earnings per share -0.12 -0.03
Diluted earnings per share -0.12 -0.03
Earnings per share EUR discontinued operations
Basic earnings per share 0.01
Diluted earnings per share 0.01
Earnings per share EUR continuing and discontinued
Operations
Basic earnings per share -0.12 -0.02
Diluted earnings per share -0.12 -0.02
Average number of shares, 1000 pcs 129 413 129 413
Average number of shares, diluted, 1000 pcs 130 277 129 580
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Dec. 31, 2010 Dec. 31, 2009
(MEUR)
ASSETS
Non-current assets
Property, plant and equipment 10.5 11.4
Goodwill 18.5 18.5
Intangible assets 11.6 8.7
Other financial assets 0.2 0.3
Receivables 0.3 0.4
Deferred tax assets 0.1 0.1
Non-current assets total 41.2 39.4
Current assets
Inventories 1.9 2.4
Trade and other receivables 61.3 59.3
Financial assets at fair value through profit or
loss 7.7 40.2
Cash and short term deposits 12.9 18.8
Current assets total 83.7 120.8
TOTAL ASSETS 124.9 160.2
EQUITY AND LIABILITIES
Equity attributable to equity holders of the
parent
Share capital 12.9 12.9
Share premium 64.6
Invested non-restricted equity fund 38.7
Translation difference 0.6 -0.1
Retained earnings 19.0 35.0
Non-controlling interests 1.3 0.4
Total equity 72.5 112.8
Non-current liabilities
Deferred tax liabilities 1.4 2.3
Pension obligations 1.2 1.2
Provisions 1.0 0.9
Interest-bearing liabilities 8.0 11.8
Non-current liabilities total 11.6 16.2
Current liabilities
Trade and other payables 33.3 24.4
Financial liabilities at fair value through
profit or loss 0.4
Provisions 2.4 1.5
Interest-bearing loans and borrowings 5.1 4.9
Current liabilities total 40.8 31.2
Total liabilities 52.4 47.3
TOTAL EQUITY AND LIABILITIES 124.9 160.2
CONSOLIDATED STATEMENT OF CASH FLOWS (MEUR) 1-12/2010 1-12/2009
12 months 12 months
CASH FLOW FROM OPERATING ACTIVITIES
Result for the period -15.7 -2.0
Adjustment of accrual basis items 17.5 7.7
Change in net working capital 3.5 -3.8
Interest paid on operating activities -2.3 -2.0
Interest received from operating activities 0.6 1.6
Other financial income and expenses, net received 0.0 0.0
Income taxes paid -2.2 -1.1
NET CASH FROM OPERATING ACTIVITIES 1.5 0.4
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of business unit, net of cash acquired -0.3 -0.7
Disposal of business unit, net of cash acquired -0.6
Purchase of property, plant and equipment -1.7 -1.2
Purchase of intangible assets -6.2 -1.5
Purchase of other investments -0.0 -0.1
Sale of property, plant and equipment 0.1 0.3
Sale of intangible assets 0.0 0.1
Proceeds from sale of investments 0.1 0.2
NET CASH FROM INVESTING ACTIVITIES -7.9 -3.4
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from borrowing 1.6
Repayment of borrowing -2.8 -3.9
Payment of finance liabilities -3.4 -4.1
Distribution of funds from the share premium fund -25.9
NET CASH FROM FINANCING ACTIVITIES -32.1 -6.5
NET CHANGE IN CASH AND CASH EQUIVALENTS -38.5 -9.5
Cash and cash equivalents at beginning of period 59.1 68.6
Cash and cash equivalents at end of period 20.5 59.1
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY (MEUR)
A = Share capital
B = Share premium
C = Invested non-restricted equity fund
D = Retained earnings
E = Non-controlling interests
F = Total equity
A B C D E F
Equity on January 1, 2009 12.9 64.6 37.6 115.1
Share-related compensation 0.3 0.3
Total comprehensive income for the period -2.5 -2.5
Other items -0.5 0.4 -0.0
Equity on December 31, 2009 12.9 64.6 34.9 0.4 112.8
Equity on January 1, 2010 12.9 64.6 34.9 0.4 112.8
Distribution of funds from the share
premium fund -25.9 -25.9
Transfer from the share premium fund -38.7 38.7 0.0
Share-related compensation 0.6 0.6
Total comprehensive income for the period -15.4 -15.4
Other items -0.5 0.8 0.3
Equity on December 31, 2010 12.9 0.0 38.7 19.6 1.3 72.5
NOTES TO THE FINANCIAL STATEMENT BULLETIN
Accounting principles for the Financial Statement Bulletin:
The same accounting policies and methods of computation are followed in the
financial statement bulletin as compared with annual financial statements.
Explanatory comments about the seasonality or cyclicality of reporting period
operations:
The Company operates in business areas which are subject to seasonal
fluctuations.
The nature and amount of items affecting assets, liabilities, equity, net
income, or cash flows which are unusual because of their nature, size or
incidence:
Distribution of funds from the share premium fund:
The General Meeting held on March 25, 2010 decided in accordance with the
proposal of the Board of Directors that the shareholders will be distributed EUR
0.20 per share from the parent company's share premium fund, corresponding at
the date of the General Meeting an aggregate amount of EUR 25,882,538 based on
the number of shares. The resolution was booked in group in March 2010.
Transfer of the funds from the share premium fund to the invested non-restricted
equity fund:
The General Meeting decided in accordance with the proposal of the Board of
Directors that the share premium fund in the parent company's balance sheet as
at 31 December 2009 will be decreased by transferring to the company's invested
non-restricted equity fund all the funds remaining in the share premium fund
after the distribution of the share premium fund The resolution was booked in
group in March 2010.
The distribution and decrease required an authorization by the Finnish National
Board of Patents and Registration. The Finnish National Board of Patents and
Registration gave its consent on August 12, 2010 for the distribution of the
share premium fund and the transfer of the funds from the share premium fund to
the invested non-restricted equity fund. On September 2, 2010, the shareholders
were distributed EUR 25,882,538.00 in total from the share premium fund, and
after the distribution, EUR 38,696,853.50 remaining in the share premium fund
was transferred to the invested unrestricted equity fund of the company.
During the financial year group has booked accounts receivable impairment losses
in value for approximately 10.3 million euros.
Payment of dividend:
The General Meeting held on March 25, 2010 decided in accordance with the
proposal of the Board of Directors that no dividend shall be distributed.
SEGMENT INFORMATION (MEUR)
OPERATING SEGMENTS 1-12/2010 1-12/2009
12 months 12 months
Automotive
Net sales to external customers 80.1 61.5
Net sales to other segments 0.0 0.0
Net sales total 80.1 61.5
Operating profit (loss) 1.9 -3.8
Wireless
Net sales to external customers 80.9 91.6
Net sales to other segments 0.0 0.2
Net sales total 81.0 91.8
Operating profit (loss) -19.3 1.0
OTHER ITEMS
Other items
Net sales to external customers 0.8 0.6
Operating profit (loss) 0.1 1.3
Eliminations
Net sales to other segments -0.0 -0.2
Operating profit (loss) 0.0 0.0
Group total
Net sales to external customers 161.8 153.8
Operating profit (loss) -17.3 -1.4
Net sales of geographical areas (MEUR) 1-12/2010 1-12/2009
12 months 12 months
Net sales
Europe 96.8 91.4
Americas 53.4 49.2
Asia 11.6 13.2
Net sales total 161.8 153.8
Material events subsequent to the end of the interim period not reflected in the
financial statements for the interim period:
There are no such material events subsequent to the end of the interim report
period that have not been reflected in this report.
Related party transactions: 1-12/2010 1-12/2009
Employee benefits for key management and stock
option expenses total 2.1 2.2
CONSOLIDATED STATEMENT OF 10-12/ 7-9/ 4-6/ 1-3/ 10-12/
COMPREHENSIVE INCOME 2010 2010 2010 2010 2009
BY QUARTER (MEUR) 3 months 3 months 3 months 3 months 3 months
NET SALES 41.8 33.7 44.7 41.5 40.1
Other operating income 0.6 0.4 0.8 0.6 1.2
Change in work in progress and
finished goods -0.5 0.2 -0.1 0.1 -0.1
Work performed by the undertaking
for its own purpose and
capitalized 0.0 0.1 0.1 0.0 0.0
Raw materials -6.1 -2.8 -3.2 -3.3 -2.5
Personnel expenses -26.1 -22.5 -24.9 -24.2 -23.3
Depreciation -2.1 -2.2 -2.2 -2.0 -2.2
Other operating expenses -15.3 -18.4 -15.0 -11.1 -12.7
OPERATING PROFIT (LOSS) -7.7 -11.5 0.1 1.7 0.5
Financial income and expenses -0.3 0.9 -0.8 -1.0 -0.3
RESULT BEFORE TAXES -8.0 -10.6 -0.7 0.7 0.1
Income taxes 2.6 1.6 -0.2 -1.1 -0.4
RESULT FOR THE PERIOD FROM
CONTINUING OPERATIONS -5.4 -9.0 -0.9 -0.3 -0.3
Result after taxes for the period
from discontinued operations 1.0
RESULT FOR THE PERIOD -5.4 -9.0 -0.9 -0.3 0.7
Other comprehensive income
for the period total 0.3 -1.4 1.2 0.7 0.3
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD -5.1 -10.4 0.3 0.3 1.0
Result for the period
attributable to:
Equity holders of the parent -5.5 -9.0 -0.9 -0.6 0.6
Non-controlling interests 0.1 0.0 0.0 0.3 0.1
Total comprehensive income
for the period attributable to:
Equity holders of the parent -5.2 -10.5 0.3 0.0 0.9
Non-controlling interests 0.1 0.0 0.0 0.3 0.1
CONSOLIDATED STATEMENT OF Dec. 31, Sept. 30, June 30, March 31, Dec. 31,
FINANCIAL POSITION (MEUR) 2010 2010 2010 2010 2009
ASSETS
Non-current assets
Property, plant and equipment 10.5 10.6 10.8 10.4 11.4
Goodwill 18.5 18.5 18.5 18.5 18.5
Intangible assets 11.6 10.0 9.1 8.8 8.7
Other financial assets 0.2 0.1 0.1 0.3 0.3
Receivables 0.3 0.4 0.4 0.4 0.4
Deferred tax assets 0.1 0.1 0.1 0.1 0.1
Non-current assets total 41.2 39.7 39.1 38.5 39.4
Current assets
Inventories 1.9 2.9 2.5 2.4 2.4
Trade and other receivables 61.3 53.8 65.6 57.3 59.3
Financial assets at fair value
through profit or loss 7.7 15.8 45.5 50.4 40.2
Cash and short term deposits 12.9 15.0 14.4 16.7 18.8
Current assets total 83.7 87.5 128.0 126.8 120.8
TOTAL ASSETS 124.9 127.2 167.1 165.3 160.2
EQUITY AND LIABILITIES
Equity attributable to equity
holders
of the parent
Share capital 12.9 12.9 12.9 12.9 12.9
Share premium 64.6
Invested non-restricted equity
fund 38.7 38.7 38.7 38.7
Translation difference 0.6 0.3 1.7 0.5 -0.1
Retained earnings 19.0 24.3 33.3 34.5 35.0
Non-controlling interests 1.3 1.2 1.1 0.7 0.4
Total equity 72.5 77.4 87.8 87.4 112.8
Non-current liabilities
Deferred tax liabilities 1.4 1.2 1.7 2.3 2.3
Pension obligations 1.2 1.2 1.1 1.2 1.2
Provisions 1.0 0.6 0.6 0.8 0.9
Interest-bearing liabilities 8.0 8.9 10.5 10.4 11.8
Non-current liabilities total 11.6 11.8 13.9 14.8 16.2
Current liabilities
Trade and other payables 33.3 32.1 59.3 56.9 24.4
Financial liabilities at fair
value
through profit or loss 0.0 0.4 0.4
Provisions 2.4 0.8 1.1 1.2 1.5
Interest-bearing loans and
Borrowings (non-current) 5.1 5.1 5.0 4.6 4.9
Current liabilities total 40.8 38.0 65.4 63.1 31.2
Total liabilities 52.4 49.9 79.3 77.9 47.3
TOTAL EQUITY AND LIABILITIES 124.9 127.2 167.1 165.3 160.2
10-12/ 7-9/ 4-6/ 1-3/ 10-12/
CONSOLIDATED STATEMENT
OF CASH FLOWS BY QUARTER 2010 2010 2010 2010 2009
3 months 3 months 3 months 3 months 3 months
Net cash from operating
activities -4.9 0.2 -4.5 10.6 -0.5
Net cash from investing
activities -2.9 -2.6 -1.4 -0.9 -0.7
Net cash from financing
activities -1.5 -27.8 -1.1 -1.7 -1.9
Net change in cash and cash
equivalents -9.3 -30.1 -7.1 8.0 -3.1
FINANCIAL PERFORMANCE RELATED RATIOS 1-12/2010 1-12/2009
12 months 12 months
STATEMENT OF COMPREHENSIVE INCOME (MEUR)
Net sales 161.8 153.8
Operating profit (loss) -17.3 -1.4 Operating profit (loss), % of net sales -10.7 -0.9
Result before taxes -18.6 -2.0
Result before taxes, % of net sales -11.5 -1.3
Result for the period -15.7 -3.3
PROFITABILITY AND OTHER KEY FIGURES
Interest-bearing net liabilities, (MEUR) -7.4 -42.4
Net gearing, -% -10.2 -37.6
Equity ratio, % 62.6 71.5
Gross investments, (MEUR) 10.7 4.0
Average personnel during the period 1561 1589
Personnel at the period end 1539 1528
AMOUNT OF SHARE ISSUE ADJUSTMENT Dec. 31, Dec. 31,
(1,000 pcs) 2010 2009
At the end of period 129 413 129 413
Average for the period 129 413 129 413
Average for the period diluted with stock options 130 277 129 580
1-12/2010 1-12/2009
STOCK-RELATED FINANCIAL RATIOS (EUR)
12 months 12 months
Basic earnings per share -0.12 -0.03
Diluted earnings per share -0.12 -0.03
Equity *) per share 0.55 0.87
*) Equity attributable to equity holders of the parent
MARKET VALUES OF SHARES (EUR) 1-12/2010 1-12/2009
Highest 1.25 1.40
Lowest 0.66 0.33
Average 0.92 0.62
At the end of period 0.67 0.94
Market value of the stock, (MEUR) 86.7 121.6
Trading value of shares, (MEUR) 16.8 11.1
Number of shares traded, (1,000 pcs) 18 190 17 822
Related to average number of shares % 14.1 13.8
SECURITIES AND CONTINGENT LIABILITIES Dec. 31, Dec. 31,
(MEUR) 2010 2009
AGAINST OWN LIABILITIES
Floating charges 3.1 3.1
Pledges 2.3 1.0
Mortgages are pledged for liabilities totaled 6.3 8.6
AGAINST OTHER LIABILITIES
Guarantees 2.0 3.8
Other liabilities 10.1
OTHER DIRECT AND CONTINGENT LIABILITIES
Rental liabilities
Falling due in the next year 6.0 5.9
Falling due after one year 15.0 17.9
Other contractual liabilities
Falling due in the next year 3.9 4.3
Falling due after one year 2.1 0.7
NOMINAL VALUE OF CURRENCY DERIVATIVES Dec. 31, Dec. 31,
(MEUR) 2010 2009
Foreign exchange forward contracts
Market value -0.0 -0.3
Nominal value 11.0 11.0
Purchased currency options
Market value 0.1 0.1
Nominal value 5.0 11.5
Sold currency options
Market value -0.1 -0.1
Nominal value 10.0 23.0
[HUG#1489928]
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