Elektrobit Group Oyj - Bittium Corporation has published its Interim Financial Statements from the period January 1 - July 1, 2015
August 24, 2015
Bittium Corporation has published its Interim Financial Statements from the period January 1 - July 1, 2015
Stock Exchange Release
Free for publication on August 24, 2015 at 8.02 a.m.
Bittium Corporation has published its Interim Financial Statements from the period January 1 - July 1, 2015
As part of the arrangement to distribute the net proceeds from the sale of its Automotive business to its shareholders, Bittium Corporation has prepared its interim financial statements from the period of January 1 - July 1, 2015. The audited interim financial statements that includes parent company's and Group's consolidated statement of comprehensive income, consolidated balance sheet, consolidated cash flow statement, notes to the financial statements and report by the board of directors, are attached in whole to this release and are available also at company's internet pages at www.bittium.com .
The interim financial statement includes the profits from the Automotive business and the costs from the transaction of the sale of Automotive business and from the discontinued demerger process. The distributable assets of the parent company in the interim financial statements were EUR 631.5 million, of which the profit of the financial year and retained earnings were EUR 605.8 million. On July 1, 2015 the cash and other liquid assets of the Parent Company were EUR 619.4 million. On July 1, 2015 the Group's cash and other liquid assets were EUR 622.1 million, and interest bearing debt were EUR 7.4 million, of which leasing liabilities represent EUR 1.3 million.
According to the stock exchange release announced today, the Board of Directors of Bittium Corporation proposes to the Extraordinary General Meeting that the net proceeds from the sale of Automotive Business, a maximum of EUR 595 million, will be distributed to its shareholders by repurchasing own shares and option rights in a voluntary public tender offer directed to all shareholders and option right owners of the company. A more specific description of the public tender offer and its conditions is presented in the stock exchange release published today.
Bittium Corporation, balance sheet of the parent company July 1, 2015, FAS, million euros
| ASSETS | 1.7.2015 | 31.12.2014 |
| Non-current assets | | |
| Intangible assets | 0.0 | 0.1 |
| Tangible assets | 0.1 | 0.1 |
| Investments | 39.7 | 86.5 |
| Non-current assets total | 39.8 | 86.6 |
| | | |
| Current assets | | |
| Receivables | | |
| Non-current receivables | 0.0 | 0.0 |
| Current receivables | 0.2 | 2.5 |
| Current assets total | 0.2 | 2.5 |
| Financing securities | 15.8 | 21.0 |
| Cash and bank deposits | 603.6 | 0.9 |
| Current assets total | 619.6 | 24.4 |
| TOTAL ASSETS | 659.4 | 111.1 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 1.7.2015 | 31.12.2014 |
| Shareholders' equity | | |
| Share capital | 12.9 | 12.9 |
| Invested non-restricted equity fund | 25.8 | 25.1 |
| Retained earnings | 59.4 | 67.1 |
| Net profit for the period | 546.4 | -2.4 |
| Shareholders' equity total | 644.5 | 102.7 |
| | | |
| Provisions | | |
| Provisions, non-current | 1.0 | 0.0 |
| Provisions, current | 3.1 | 0.1 |
| | | |
| Liabilities | | |
| Non-current liabilities | 0.0 | 0.0 |
| Current liabilities | 10.8 | 7.9 |
| Liabilities total | 10.8 | 8.2 |
| SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL | 659.4 | 111.1 |
Bittium Corporation, consolidated balance sheet of the Group July 1, 2015, IFRS, million euros
| ASSETS | 1.7.2015 | 31.12.2014 |
| Non-current assets | | |
| Property, plant and equipment | 3.9 | 10.7 |
| Goodwill | 1.4 | 19.3 |
| Intangible assets | 6.6 | 17.0 |
| Other financial assets | 0.1 | 0.1 |
| Deferred tax assets | 0.9 | 1.7 |
| Non-current assets total | 13.0 | 48.8 |
| | | |
| Current assets | | |
| Inventories | 1.8 | 2.2 |
| Trade and other receivables | 22.0 | 72.5 |
| Financial assets at fair value through profit or loss | 15.9 | 21.0 |
| Cash and short-term deposits | 606.2 | 22.3 |
| | 645.9 | 118.0 |
| | | |
| TOTAL ASSETS | 658.8 | 166.8 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 1.7.2015 | 31.12.2014 |
| Equity attributable to equity holders of the parent | | |
| Share capital | 12.9 | 12.9 |
| Translation differences | 1.2 | 1.5 |
| Invested non-restricted equity fund | 25.8 | 25.1 |
| Retained earnings | 588.9 | 53.8 |
| | 628.8 | 93.4 |
| | | |
| Non-controlling interests | | |
| Total equity | 628.8 | 93.4 |
| | | |
| Non-current liabilities | | |
| Deferred tax liabilities | 0.1 | 0.5 |
| Pension obligations | 0.0 | 3.0 |
| Interest-bearing loans and borrowings (non-current) | 0.7 | 3.8 |
| Provisions | 1.2 | 0.2 |
| | 2.0 | 7.6 |
| Current liabilities | | |
| Trade and other payables | 16.4 | 58.5 |
| Financial liabilities at fair value through profit or loss | 0.0 | 0.2 |
| Provisions | 5.0 | 2.6 |
| Interest-bearing loans and borrowings | 6.7 | 4.5 |
| | 28.0 | 65.8 |
| | | |
| Total liabilities | 30.0 | 73.4 |
| | | |
| Total equity and liabilities | 658.8 | 166.8 |
Oulu, August 24, 2015
Bittium Corporation
Board of Directors
Further Information:
Veli-Pekka Paloranta
CFO
Bittium Corporation
Tel. +358 40 344 5466
Distribution:
NASDAQ Helsinki
Main media
Bittium
Bittium is specialized in developing reliable and secure communications and connectivity solutions using the latest technologies and deep knowledge on radio technology. Bittium provides innovative products and customized solutions based on its product platforms, and R&D services for customers in various industries. Bittium also offers high quality information security solutions for mobile devices and portable computers. Net sales of continuing operations in 2014 was EUR 52.7 million and operating profit was EUR 0.8 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com
Appendix: Bittium Corporation Interim Financial Statements July 1, 2015
