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Electronics Production | August 22, 2007

Elektrobit posts Q2 net loss

Comparisons between the Continuing Operations figures for the second quarter of 2007 and the corresponding period in 2006: The company's net sales for the second quarter stood at EUR 33.5 million (EUR 31.6 million in the second quarter of 2006). The operating profit/loss amounted to EUR -6.6 million (EUR 2.8 million).
The net sales amounted to EUR 33.5 million (EUR 31.6 million; an increase of EUR 1.9 million or 5.9 %). The net sales of the Automotive Business Segment were EUR 11.2 million (EUR 8.8 million; an increase of EUR 2.4 million or 27.6 %). The net sales of the Wireless Business Segment were EUR 22.2 million (EUR 22.8 million; a decrease of EUR 0.6 million or 2.8 %).

Operating profit/ loss totalled EUR -6.6 million (EUR 2.8 million) and was distributed as follows: the Automotive Business Segment EUR -0.2 million (EUR 0.2 million), the Wireless Business Segment EUR -7.1 million (EUR 2.0 million) and the other businesses EUR 0.7 million (EUR 0.6 million). Net cash flow from operations amounted to EUR -6.2 million (EUR -2.9 million).

Comparisons between the Continuing Operations figures from January to June 2007 and the figures for the corresponding period a year earlier:

Net sales amounted to EUR 64.5 million (EUR 59.5 million, an increase of EUR 5.0 million or 8.3%). The net sales of the Automotive Business Segment were EUR 21.8 million (EUR 17.5 million, an increase of EUR 4.4 million or 25.0%) and the net sales of Wireless Business Segment were EUR 42.2 million (EUR 41.9 million, an increase of EUR 0.3 million or 0.8%).

Operating profit/loss amounted to EUR -13.8 million (EUR 1.8 million, a decrease of EUR 15.6 million) and was distributed as follows: the Automotive Business Segment EUR -0.8 million (EUR 0.8 million), the Wireless Business Segment EUR -13.5 million (EUR 0.8 million, a decrease of EUR 14.3 million) and other businesses EUR 0.4 million (EUR 0.2 million).

Cash flow from operations amounted to EUR -11.7 million (EUR -1.9 million). Equity ratio was 69.6 % (63.0%).

Elektrobit strategy was redefined in the spring 2006 as being one that focuses the business operations of EB and concentrates on clear growth businesses in the Automotive and Wireless Business Segments.

In accordance with this strategy, EB has sold its Production Solutions business as of June 1, 2007. Also according to the strategy, EB has been developing the System Test business separately and as the outcome of this has decided to focus its operations on advanced wireless emulation and engineering tools.

To better describe the refined focus of the System Test Business Unit, it was renamed as the Wireless Communications Tools Business Unit and transferred under the Wireless Business Segment in June. As the consequence of these two actions, the Test and Automation Business Segment has ceased to exist in EB business portfolio. The names of the Business Segments in focus were simplified to "Automotive" and "Wireless". Also, EB decided to formulate its RFID and related industrial wireless network solutions businesses into a business unit called Wireless Sensor Solutions within the Wireless Business Segment. EB has now reached the business portfolio and structure it was striving for, and this constitutes a solid base for developing the company forward.

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