Bittium Oyj logo

BITTI - Bittium Oyj News Story

€6.54 -0.1  -1.7%

Last Trade - 9:54am

Small Cap
Market Cap £203.9m
Enterprise Value £202.1m
Revenue £67.3m
Position in Universe 708th / 1835

BRIEF-Elektrobit sells Automotive Business to Continental AG, updates outlook

Tue 19th May, 2015 6:01am
May 19 (Reuters) - Elektrobit Oyj  EBC1V.HE : 
    * Elektrobit sells its Automotive Business to Continental AG for a purchase price of 600 
million euros ($678.66 million) 
    * Expects that transaction has a non-recurring positive effect of approximately 530 million 
euros on net profit and approximately 575 million euros positive effect on net cash flow in year 
    * Cancels ongoing demerger process, and it will continue to carry on Wireless business 
within existing Elektrobit Corporation 
    * Will change its name to Bittium Corporation, as Elektrobit brand will be included as a 
part of transaction 
    * Will continue listing on Nasdaq Helsinki with the new name 
    * Expects that in 2015 from continuing operations net sales will grow and operating profit 
will be at same level or higher than in previous year for Wireless Business Segment (net sales 
of 53.0 million euros and operating profit of 1.0 million euros in 2014) 
    * The previous outlook for EB given on May 7, 2015 including the Automotive Business Segment 
was: For the year 2015 EB expects that the net sales and operating result will grow from the 
previous year (net sales of 224.1 million euros and operating profit of 16.8 million euros, in 
2014). Net sales growth rate in 2015 is expected to be higher than in the previous year (net 
sales growth of 12.5 pct, 2014) 
    Source text for Eikon:  ID:nHUGc6q6bc  
    Further company coverage:  EBC1V.HE  
    ($1 = 0.8841 euros) 
 (Gdynia Newsroom) 
 ((; +48 58 698 3920;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.