Elektrobit Group Oyj - ELEKTROBIT GROUP PLC'S INTERIM REPORT JANUARY TO MARCH 2004
May 05, 2004
ELEKTROBIT GROUP PLC'S INTERIM REPORT JANUARY TO MARCH 2004
Net sales for the first quarter of 2004 amounted to 36.7 million euro, which was in line with earlier estimates and slightly up from the first quarter of 2003 (35.4 million euro). Operating profit for the first quarter of 2004 stood at 4.6 million euro, which included 0.4 million euro of non-recurring profit improvement due to inventory valuation principles. This means that the operating profit for the quarter was in line with earlier estimates and substantially at the same level as the corresponding figure for the first quarter of 2003 (3.6 million euro).
Comparisons between the figures of the first quarter of 2004 and the figures for the corresponding period a year earlier:
Net sales amounted to 36.7 million euro (35.4 million euro; this represented an increase of 1.3 million euro or 3.6%). Net sales of the Testing business unit remained at the level of the corresponding period in the previous year. Net sales of the Contract R&D business unit increased from the previous year's level, while net sales of the Automation Solutions business unit decreased from the previous year's level. Regarding the acquisitions completed in the first quarter, 3SOFT GmbH has been consolidated with Elektrobit Group's figures since March 8, 2004, and CIM-Technologies Group has been consolidated since March 1, 2004.
Operating profit amounted to 4.6 million euro, including non-recurring income due to a change in the valuation of inventories of 0.4 million euro (3.6 million euro, representing an increase of 1.0 million euro or 27.1%; excluding the change in the valuation of inventories, the increase is 0.5 million euro or 16.7%).
The equity ratio was 59.0% (54.8%).
Cash flow from operating activities amounted to 16.8 million euro (-1.8 million euro).
During the period under review the Group acquired a majority of 3SOFT GmbH (80%) and the entire stock of CIM-Tech Oy. In accordance with its strategy, Elektrobit Group aims to outperform the average growth of the telecommunications industry, for example by expanding its clientele in both telecommunications and other industries.
