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ELEKTROBIT CORPORATION (EB) INTERIM REPORT JANUARY - JUNE 2013 - Part 2

Thu 8th August, 2013 6:02am
- Part 2: For the preceding part double click  ID:nHUGWbqRGa 

is also possible that during the appellate process, the
parties may settle this matter.

STATEMENT OF FINANCIAL POSITION AND FINANCING 

The figures presented in the statement of financial position of June 30, 2013, are compared with
the statement of the financial position of December 31, 2012 (MEUR). 
 
                                              6/2013   12/2012 
                                                      restated 
                                                               
                                                               
                                                               
                                                               
 Non-current assets                             46.5      46.8 
 Current assets                                100.5      77.6 
 Assets classified as held for sale                        7.7 
 Total assets                                  146.9     132.2 
 Share capital                                  12.9      12.9 
 Other equity                                   76.6      53.7 
 Non-controlling interests                                     
 Total shareholders' equity                     89.5      66.6 
 Non-current liabilities                         7.8       7.9 
 Current liabilities                            49.6      53.2 
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
 Liabilities classified as held for sale                   4.5 
 Total shareholders' equity and liabilities    146.9     132.2 
 
 
Net cash flow from operations during the period under review: 
 
 + net profit +/- adjustment of accrual basis items  EUR   +6.1 million  
 +/- change in net working capital                   EUR   +0.2 million  
 - interest, taxes and dividends                     EUR   -1.0 million  
 = cash generated from operations                    EUR   +5.4 million  
 - net cash used in investment activities            EUR +26.3 million   
 - net cash used in financing                        EUR  -3.9 million   
 = net change in cash and cash equivalents           EUR +27.8 million   
 
 
The amount of accounts receivable and other receivables, booked in current receivables, was EUR
58.0 million (EUR 63.0 million on December 31, 2012). Accounts payable and other payables, booked
in interest-free current liabilities, were EUR 38.2 million (EUR 40.5 million on December 31,
2012). The amount of non-depreciated consolidation goodwill at the end of the period under review
was EUR 19.3 million (EUR 19.3 million on December 31, 2012).

The amount of gross investments in the period under review was EUR 3.9 million. Net investments
for the reporting period totaled EUR 3.5 million. The total amount of depreciation of continuing
operations during the period under review was EUR 4.4 million, including EUR 0.5 million of
depreciation owing to business acquisitions in Automotive Business Segment.

The amount of interest-bearing debt, including  finance lease liabilities, at the end of the
reporting period was EUR 16.4 million (EUR 18.1 million on December 31, 2012). The distribution of
net financing expenses on the income statement of continuing operations was as follows: 
 
 interest dividend and other financial income    EUR  0.1 million   
 interest expenses and other financial expenses  EUR -0.3 million   
 foreign exchange gains and losses               EUR  -0.4 million  
 
 
EB's equity ratio at the end of the period was 64.0% (55.0 % on December 31, 2012). The increase
in equity ratio is mainly due to the sale of the Test Tools product business. The transaction
resulted in a net profit of about EUR 23 million.

Cash and other liquid assets at the end of the reporting period were EUR 42.1 million (EUR 14.3
million on December 31, 2012). The increase in cash reserves is mainly due to the sale of the Test
Tools product business. EB has from Nordea Bank plc a committed credit facility agreement and a
revolving credit facility agreement of altogether EUR 20 million, valid until June 30, 2014. EUR
10.1 million of these facilities was used at the end of the reporting period.

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 9.0 million. 

PERSONNEL

The parent company of the group and its subsidiaries employed an average of 1608 people between
January and June 2013. In addition, e.solutions GmbH, the jointly owned company of EB and AUDI
employed 283 people. At the end of June, the parent company of the group and its subsidiaries had
1648 employees and e.solutions GmbH 303 employees (1583 in group's parent company and subsidiaries
and e.solutions GmbH 233 at the end of 2012). A significant part of EB's personnel are R&D
engineers.  

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

After the reporting period, on July 5, 2013, EB told that a total of 97,500 new shares in
Elektrobit Corporation were subscribed between April 2 and June 20, 2013 by virtue of the option
rights 2008A. The share subscription price, EUR 17,550, was recorded in the Company's invested
non-restricted equity fund. The corresponding increase in the number of the Company's shares was
entered into the Finnish Trade Register on July 5, 2013. Trading with the newly registered shares
started on July 8, 2013 in NASDAQ OMX Helsinki Ltd. After the registration of the new shares, the
number of shares in Elektrobit Corporation's totals 129,510,190. More information and the terms
and conditions of stock options 2008 are available in www.elektrobit.com/investors in the
Company's web pages.

EB announced today, on August 8, 2013 to start personnel negotiations in Wireless Business Segment
to adjust its cost level to correspond the weakened demand outlook for the rest of the year. With
temporary layoffs EB aims at EUR 1.5 million cost savings, which are expected to materialize
mainly during the fourth quarter. In order to achieve the targeted cost savings, EB plans to
temporarily lay off 150 employees at the maximum, for 90 days at the maximum, part-time or
full-time. The negotiations concern employees working in Elektrobit Wireless Communications Ltd.
Currently 548 employees are working in Wireless Business Segment. The underlying reasons for the
planned layoffs are the decreased order volume for the second half of 2013 from a large customer
of EB, and delays in some special terminal projects. The weakened demand outlook for the rest of
the year and the aimed cost savings resulting from the temporary layoffs have been taken into
account in the outlook for 2013 given in this interim report. 

CHANGING THE CONSOLIDATION OF THE JOINTLY OWNED COMPANY OF EB AND AUDI AS OF JANUARY 1, 2013

EB will start to apply the new IFRS10 and IFRS11 standards from the beginning of 2013 and will
consolidate e.solutions GmbH, a jointly owned company with Audi Electronics Venture GmbH (AEV),
applying the proportionate consolidation method. As a result of the change in the method of
consolidation, the proportion of net sales and operating result of e.solutions GmbH consolidated
into Elektrobit group's financial statements will decrease from the previous 100% to 51%. The
change in the consolidation method has no effect on EB's net result. According to the rules of
proportionate consolidation method, the consolidated statement will also include 49% of the net
sales of other Elektrobit group companies to e.solutions GmbH. 

In 2012, the Elektrobit group net sales from continuing operations was EUR 185.4 million and the
operating profit from continuing operations was EUR 2.5 million. If the proportionate
consolidation method would have been applied for e.solutions GmbH already in 2012, the
consolidated net sales of Elektrobit group would have been EUR 11.6 million and the operating
profit EUR 1.4 million less than was the case when the full consolidation method was applied, as
presented above. In 2012, the external net sales of e.solutions GmbH was EUR 34.6 million and the
operating profit EUR 2.9 million. In the financial reports of 2013, EB presents the year-on-year
information of income statement and balance sheet on restated comparable basis, assuming that
e.solutions GmbH would have been consolidated to EB group according to the rules of proportionate
consolidation already in 2012.

Elektrobit Corporation's subsidiary company Elektrobit Automotive GmbH holds a 51% stake in
e.solutions GmbH, with AEV holding the remaining 49%. Previously, since its establishment in 2009,
e.solutions GmbH has been brought into the consolidated statements as subsidiary and its net sales
and operating result have been consolidated in the Elektrobit group's financial statements in
full.

The new IFRS10 and IFRS 11 standards for consolidated financial statements and joint arrangements
will take effect on 1st of January 2014, but they may be applied as of 1st of January 2013. The
accounting standard IFRS 10 sets out the rules for presenting and preparing consolidated financial
statements when an entity controls one or more other entities. IFRS11 establishes principles for
financial reporting by parties to a joint arrangement. According to the standard, joint
arrangements are defined either as "joint ventures" or "joint operations". e.solutions GmbH is
deemed to fulfil the criteria of a "joint operation", whereby it is required that a proportionate
consolidation method be applied at the latest when the new standard takes effect. 

Oulu, August 8, 2013

Elektrobit Corporation

The Board of Directors

Further Information:

Jukka Harju

CEO

Tel. +358 40 344 5466

Distribution:

NASDAQ OMX Helsinki

Major media

ELEKTROBIT CORPORATION (EB)

CONDENSED FINANCIAL STATEMENTS AND NOTES JANUARY- JUNE 2013

(unaudited)

The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting. 
 
 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (MEUR)        1-6/2013  1-6/2012  1-12/2012 
                                                              6 months  6 months  12 months 
                                                                        restated   restated 
                                                                                            
 Continuing operations                                                                      
 NET SALES                                                        94.1      84.2      173.9 
 Other operating income                                            2.0       1.1        2.4 
 Change in work in progress and finished goods                    -0.0      -0.1       -0.2 
 Work performed by the undertaking for its own purpose                       0.0        0.5 
 
 and capitalized                                                                          
 Raw materials                                                    -4.2      -3.8       -7.3 
 Personnel expenses                                              -57.7     -49.9     -101.1 
 Depreciation                                                     -4.4      -3.3       -7.1 
 Other operating expenses                                        -28.4     -28.5      -60.2 
 OPERATING PROFIT (LOSS)                                           1.4      -0.4        1.1 
 Financial income and expenses                                    -0.6       0.1       -0.5 
 PROFIT BEFORE TAX                                                 0.8      -0.3        0.6 
 Income tax                                                       -0.0      -0.2        0.5 
 PROFIT FOR THE PERIOD FROM CONTINUING                             0.8      -0.5        1.1 
 
 OPERATIONS                                                                               
 Discontinued operations                                                                    
 Profit for the year from discontinued operations                 23.6       0.4        1.2 
 PROFIT FOR THE PERIOD                                            24.4      -0.1        2.3 
 Other comprehensive income:                                                                
 Items that may be reclassified subsequently to the                                         
 statement of income                                                                        
 Exchange differences on translating foreign operations            0.2       0.0        0.2 
 Other comprehensive income for the period total                   0.2       0.0        0.2 
 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                        24.6      -0.1        2.5 
                                                                                            
 Profit for the year attributable to                                                        
 Equity holders of the parent                                     24.4      -0.1        2.3 
 Non-controlling interests                                                                  
                                                                                            
 Total comprehensive income for the period attributable to                                  
 Equity holders of the parent                                     24.6      -0.1        2.5 
 Non-controlling interests                                                                  
                                                                                            
 Earnings per share from continuing operations, EUR                                         
 Basic earnings per share                                        0.006    -0.004      0.008 
 Diluted earnings per share                                      0.006    -0.004      0.008 
                                                                                            
 Earnings per share from discontinued operations, EUR                                       
 Basic earnings per share                                        0.182     0.003      0.009 
 Diluted earnings per share                                      0.181     0.003      0.009 
                                                                                            
 Earnings per share from continuing and                                                     
 discontinued operations, EUR                                                               
 Basic earnings per share                                        0.189    -0.001      0.018 
 Diluted earnings per share                                      0.187    -0.001      0.017 
                                                                                            
 Average number of shares, 1000 pcs                            129 413   129 413    129 413 
 Average number of shares, diluted, 1000 pcs                   130 338   130 230    130 238 
                                                                                            
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (MEUR)          June 30,  June 30,   Dec. 31, 
                                                                 
2013     
2012      
2012 
                                                                        restated   restated 
                                                                                            
 ASSETS                                                                                     
 Non-current assets                                                                         
 Property, plant and equipment                                     9.3       9.3        8.7 
 Goodwill                                                         19.3      19.3       19.3 
 Intangible assets                                                16.5      17.8       17.8 
 Other financial assets                                            0.1       0.1        0.1 
 Deferred tax assets                                               1.1       0.1        0.9 
 Non-current assets total                                         46.4      46.6       46.8 
 Current assets                                                                             
 Inventories                                                       0.5       2.5        0.4 
 Trade and other receivables                                      58.0      65.6       63.0 
 Financial assets at fair value through profit or loss            34.8                  9.7 
 Cash and short term deposits                                      7.3       5.8        4.6 
 Current assets total                                            100.5      73.9       77.6 
 Assets classified as held for sale                                                     7.7 
 TOTAL ASSETS                                                    146.9     120.5      132.2 
                                                                                            
 EQUITY AND LIABILITIES                                                                     
 Equity attributable to equity holders of the parent                                        
 Share capital                                                    12.9      12.9       12.9 
 Invested non-restricted equity fund                              38.7      38.7       38.7 
 Translation difference                                            0.8       0.4        0.6 
 Retained earnings                                                37.0      13.4       14.3 
 Non-controlling interests                                                                  
 Total equity                                                     89.5      65.5       66.6 
 Non-current liabilities                                                                    
 Deferred tax liabilities                                          0.5       0.9        0.7 
 Pension obligations                                               2.0       1.3        1.4 
 Provisions                                                        0.4       0.5        0.5 
 Interest-bearing liabilities                                      5.0       4.9        5.4 
 Non-current liabilities total                                     7.8       7.5        7.9 
 Current liabilities                                                                        
 Trade and other payables                                         36.0      36.5       38.3 
 Financial liabilities at fair value through profit or loss                  0.1        0.0 
 Provisions                                                        2.1       1.4        2.2 
 Interest-bearing loans and borrowings                            11.4       9.4       12.7 
 Current liabilities total                                        49.6      47.4       53.2 
 Liabilities classified as held for sale                                                4.5 
 Total liabilities                                                57.4      55.0       65.6 
 TOTAL EQUITY AND LIABILITIES                                    146.9     120.5      132.2 
 
 
 CONSOLIDATED STATEMENT OF CASH FLOWS  (MEUR)         1-6/2013  1-6/2012  1-12/2012 
                                                      6 months  6 months  12 months 
                                                                restated   restated 
                                                                                    
 CASH FLOW FROM OPERATING ACTIVITIES                                                
 Profit for the year from continuing operations            0.8      -0.5        1.1 
 Profit for the year from discontinued operations         23.6       0.4        1.2 
 Adjustment of accrual basis items                       -18.3       4.7        8.7 
 Change in net working capital                             0.2      -6.1       -3.0 
 Interest paid on operating activities                    -0.7      -0.6       -0.9 
 Interest received from operating activities               0.1       0.0        0.1 
 Other financial income and expenses, net received         0.0       0.0        0.0 
 Income taxes paid                                        -0.3      -0.2       -0.3 
 NET CASH FROM OPERATING ACTIVITIES                        5.4      -2.4        6.8 
                                                                                    
 CASH FLOW FROM INVESTING ACTIVITIES                                                
 Acquisition of business unit, net of cash acquired       29.2                      
 Purchase of property, plant and equipment                -2.2      -1.1       -2.8 
 Purchase of intangible assets                            -0.8      -3.6       -5.4 
 Purchase of other investments                                                      
 Sale of property, plant and equipment                     0.2       0.3        0.4 
 Sale of intangible assets                                 0.0       0.0        0.0 
 Proceeds from sale of investments                                              0.0 
 NET CASH FROM INVESTING ACTIVITIES                       26.3      -4.4       -7.8 
                                                                                    
 CASH FLOW FROM FINANCING ACTIVITIES                                                
 Share-option plans exercised                              0.0                      
 Proceeds from borrowing                                  14.3       5.9       16.6 
 Repayment of borrowing                                  -15,4      -1.2       -7.5 
 Payment of finance liabilities                           -1.6      -1.4       -2.9 
 Dividend paid                                            -1.3                      
 NET CASH FROM FINANCING ACTIVITIES                       -3.9       3.4        6.1 
                                                                                    
 NET CHANGE IN CASH AND CASH EQUIVALENTS                  27.8      -3.5        5.1 
 Cash and cash equivalents at beginning of period         14.3       9.2        9.2 
 Cash and cash equivalents at end of period               42.1       5.8       14.3 
 
 
 CONSOLIDATED STATEMENT OF                                                            
 
CHANGES IN  EQUITY  (MEUR)                                                          
                                                                                      
 A = Share capital                                                                    
 B = Invested non-restricted equity fund                                              
 C = Translation difference                                                           
 D = Retained earnings                                                                
 E = Total                                                                            
 F = Non-controlling interests                                                        
 G = Total equity                                                                     
                                                                                      
                                                  A     B    C     D     E    F     G 
 restated                                                                             
 Shareholders equity on January 1, 2012        12.9  38.7  0.4  13.4  65.5  0.0  65.5 
 Comprehensive income for the period                                                  
 Profit for the period                                          -0.1  -0.1       -0.1 
 Exchange differences on translating                                                  
 foreign operations                                        0.0         0.0        0.0 
 Total comprehensive income for the period                 0.0  -0.1  -0.1       -0.1 
 Transactions between the shareholders                                                
 Share-related compensation                                      0.2   0.2        0.2 
 Other changes                                                  -0.1  -0.1       -0.1 
 Shareholders equity on June 30, 2012          12.9  38.7  0.4  13.4  65.5  0.0  65.5 
                                                                                      
 restated                                                                             
 Shareholders equity on December 31, 2012      12.9  38.7  0.6  14.3  66.6  0.0  66.6 
 Change in accounting policy (IAS 19)                           -0.6  -0.6       -0.6 
 Shareholders equity on January 1, 2013                                               
 restated                                      12.9  38.7  0.6  13.8  66.0  0.0  66.0 
 Comprehensive income for the period                                                  
 Profit for the period                                          24.4  24.4       24.4 
 Exchange differences on translating                       0.2         0.2        0.2 
 foreign operations                                                                   
 Total comprehensive income for the period                 0.2  24.4  24.6       24.6 
 Transactions between the shareholders                                                
 Dividend distribution                                          -1.3  -1.3       -1.3 
 Share option plans exercised                         0.0              0.0        0.0 
 Share-related compensation                                      0.1   0.1        0.1 
 Total transactions between the shareholders          0.0       -1.2  -1.2       -1.2 
 Other changes                                                  -0.0  -0.0       -0.0 
 Shareholders equity on June 30, 2013          12.9  38.7  0.8  37.0  89.5  0.0  89.5 
 
 
NOTES TO THE INTERIM FINANCIAL REPORTING

Accounting principles for the interim financial reporting:

IFRS amendments

IFRS 10 and IFRS 11

From the beginning of 2013 EB has applied the new IFRS10 and IFRS11 standards. As a result the
proportion of net sales and operating result of e.solutions GmbH, a jointly owned company of EB
and AUDI, to be consolidated into Elektrobit group's consolidated financial statements will
decrease compared to previous consolidation method. The change will have no impact on consolidated
net profit. For comparability, all figures presented for comparison are restated assuming that the
proportionate consolidation method according to the above mentioned standards would have been
applied already in 2012.

IAS 19 Employee benefits

From the beginning of 2013 EB has applied the revised IAS 19 Employee benefits -standard. The
impact on the equity in the opening balance 2013 was EUR -0.6 million. Pension obligations
increased by EUR 0.6 million.

The revised standards have impact on the condensed 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.

Discontinued operations

EB's figures are divided between Continuing and Discontinued Operations as provided by the IFRS5
standard. In this interim report, Test Tools product business, sold on January 31, 2013, is
classified as Discontinued Operations.

Payment of dividend:

The Annual General Meeting held on April 11, 2013 decided in accordance with the proposal of the
Board of Directors to pay EUR 0.01 per share as dividend based on the balance sheet adopted for
the financial period January 1, 2012 - December 31, 2012.

SEGMENT INFORMATION (MEUR) 
 
 OPERATING SEGMENTS                1-6/2013  1-6/2012  1-12/2012 
                                   6 months  6 months  12 months 
                                             restated   restated 
 Automotive                                                      
 Net sales to external customers       63.0      51.3      110.5 
 Net sales to other segments            0.1       0.0        0.1 
 Net sales total                       63.0      51.3      110.6 
                                                                 
 Operating profit (loss)                1.2       0.7        3.3 
                                                                 
 Wireless                                                        
 Net sales to external customers       31.2      32.8       63.3 
 Net sales to other segments            0.1       0.2        0.3 
 Net sales total                       31.2      33.0       63.5 
                                                                 
 Operating profit (loss)                0.1      -1.0       -2.2 
                                                                 
 OTHER ITEMS                                                     
                                                                 
 Other items                                                     
 Net sales to external customers        0.0       0.0        0.1 
 Operating profit (loss)                0.1      -0.0        0.0 
                                                                 
 Eliminations                                                    
 Net sales to other segments           -0.1      -0.2       -0.3 
 Operating profit (loss)                0.0       0.0        0.0 
                                                                 
 Group total                                                     
 Net sales to external customers       94.1      84.2      173.9 
 Operating profit (loss)                1.4      -0.4        1.1 
 
 
 Net sales of geographical areas (MEUR)   1-6/2013  1-6/2012  1-12/2012 
                                          6 months  6 months  12 months 
                                                    restated   restated 
 Net sales                                                              
 Europe                                       77.9      66.5      136.7 
 Americas                                     12.6      14.6       28.6 
 Asia                                          3.7       3.0        8.5 
 Net sales total                              94.1      84.2      173.9 
 
 
 Related party transactions:                      1-6/2013  1-6/2012  1-12/2012 
                                                  6 months  6 months  12 months 
 Employee benefits for key management and stock        0.6       0.6        1.3 
 
 option expenses total                                                        
 
 
 CONSOLIDATED STATEMENT OF                                4-6/       1-3/    10-12/       7-9/      4-6/ 
 COMPREHENSIVE INCOME                                     2013       2013      2012       2012      2012 
 BY QUARTER (MEUR)                                    3 months   3 months  3 months   3 months  3 months 
                                                                           restated   restated  restated 
 Continuing operations                                                                                   
 NET SALES                                                47.9       46.2      48.2       41.5      41.5 
 Other operating income                                    1.0        0.9       0.7        0.7       0.6 
 Change in work in progress and                           -0.1        0.1      -0.1        0.1       0.1 
 
 finished goods                                                                                        
 Work performed by the undertaking                                              0.4        0.1       0.0 
 
 for its own purpose and capitalized                                                                   
 Raw materials                                            -1.9       -2.3      -2.1       -1.4      -2.3 
 Personnel expenses                                      -28.9      -28.9     -27.1      -24.1     -24.3 
 Depreciation                                             -2.2       -2.2      -2.0       -1.7      -1.7 
 Other operating expenses                                -15.2      -13.2     -18.5      -13.2     -14.8 
 OPERATING PROFIT (LOSS)                                   0.7        0.7      -0.5        2.0      -0.9 
 Financial income and expenses                            -0.5       -0.1      -0.4       -0.2       0.4 
 PROFIT BEFORE TAX                                         0.2        0.6      -0.9        1.8      -0.5 
 Income tax                                                0.0       -0.0       0.8       -0.1      -0.1 
 PROFIT FOR THE PERIOD FROM                                0.2        0.6      -0.1        1.7      -0.6 
 
 CONTINUING OPERATIONS                                                                                 
 Discontinued operations                                                                                 
 Profit for the period from discontinued operations        0.0       23.6       0.9       -0.1       0.3 
 PROFIT FOR THE PERIOD                                     0.2       24.2       0.8        1.6      -0.3 
 Other comprehensive income                                0.2       -0.0       0.2       -0.0      -0.0 
 TOTAL COMPREHENSIVE                                                                                     
 INCOME FOR THE PERIOD                                     0.4       24.2       1.0        1.6      -0.3 
                                                                                                         
 Profit for the period attributable to:                                                                  
 Equity holders of the parent                              0.2       24.2       0.8        1.6      -0.3 
 Non-controlling interests                                                                               
                                                                                                         
 Total comprehensive income                                                                              
 for the period attributable to:                                                                         
 Equity holders of the parent                              0.4       24.2       1.0        1.6      -0.3 
 Non-controlling interests                                                                               
                                                                                                         
 CONSOLIDATED STATEMENT OF                            June 30,  March 31,  Dec. 31,  Sept. 30,  June 30, 
 FINANCIAL POSITION (MEUR)                                2013       2013      2012       2012      2012 
                                                                           restated   restated  restated 
 ASSETS                                                                                                  
 Non-current assets                                                                                      
 Property, plant and equipment                             9.3        8.6       8.7        9.4       9.3 
 Goodwill                                                 19.3       19.3      19.3       19.3      19.3 
 Intangible assets                                        16.5       17.4      17.8       17.7      17.8 
 Other financial assets                                    0.1        0.1       0.1        0.1       0.1 
 Deferred tax assets                                       1.1        1.0       0.9        0.0       0.1 
 Non-current assets total                                 46.4       46.5      46.8       46.6      46.6 
 Current assets                                                                                          
 Inventories                                               0.5        0.5       0.4        2.7       2.5 
 Trade and other receivables                              58.0       59.9      63.0       68.6      65.6 
 Financial assets at fair value                                                                          
 through profit or loss                                   34.8       34.7       9.7        0.1           
 Cash and short term deposits                              7.3        8.8       4.6       15.7       5.8 
 Current assets total                                    100.5      104.0      77.6       87.0      73.9 
 Assets classified as held for sale                                             7.7                      
 TOTAL ASSETS                                            146.9      150.5     132.2      133.6     120.5 
                                                                                                         
 EQUITY AND LIABILITIES                                                                                  
 Equity attributable to equity holders                                                                   
 of the parent                                                                                           
 Share capital                                            12.9       12.9      12.9       12.9      12.9 
 Invested non-restricted equity fund                      38.7       38.7      38.7       38.7      38.7 
 Translation difference                                    0.8        0.6       0.6        0.4       0.4 
 Retained earnings                                        37.0       38.0      14.3       15.1      13.4 
 Non-controlling interests                                                                               
 Total equity                                             89.5       90.2      66.6       67.2      65.5 
 Non-current liabilities                                                                                 
 Deferred tax liabilities                                  0.5        0.5       0.7        0.8       0.9 
 Pension obligations                                       2.0        2.0       1.4        1.3       1.3 
 Provisions                                                0.4        0.4       0.5        0.4       0.5 
 Interest-bearing liabilities                              5.0        9.2       5.4       10.8       4.9 
 Non-current liabilities total                             7.8       12.1       7.9       13.3       7.5 
 Current liabilities                                                                                     
 Trade and other payables                                 36.0       35.4      38.3       38.4      36.5 
 Financial liabilities at fair value                                                                     
 through profit or loss                                               0.2       0.0                  0.1 
 Provisions                                                2.1        2.9       2.2        1.7       1.4 
 Interest-bearing loans and                                                                              
 borrowings (non-current)                                 11.4        9.6      12.7       13.0       9.4 
 Current liabilities total                                49.6       48.1      53.2       53.1      47.4 
 Liabilities classified as held for sale                                        4.5                      
 Total liabilities                                        57.4       60.2      65.6       66.4      55.0 
 TOTAL EQUITY AND LIABILITIES                            146.9      150.5     132.2      133.6     120.5 
 
 
 CONSOLIDATED STATEMENT                   4-6/      1-3/    10-12/      7-9/      4-6/ 
 OF CASH FLOWS BY QUARTER                 2013      2013      2012      2012      2012 
                                      3 months  3 months  3 months  3 months  3 months 
                                                          restated  restated  restated 
 Net cash from operating activities        4.1       1.3       7.0       2.2      -0.3 
 Net cash from investing activities       -1.5      27.8      -2.2      -1.2      -2.0 
 Net cash from financing activities       -4.1       0.2      -6.1       8.9       2.6 
 Net change in cash and cash                                                           
 equivalents                              -1.5      29.3      -1.4       9.9       0.3 
 
 
 FINANCIAL PERFORMANCE RELATED RATIOS                           1-6/2013  1-6/2012  1-12/2012 
                                                                6 months  6 months  12 months 
                                                                          restated   restated 
 STATEMENT OF COMPREHENSIVE INCOME (MEUR)                                                     
 Net sales                                                          94.1      84.2      173.9 
 Operating profit (loss)                                             1.4      -0.4        1.1 
 Operating profit (loss), % of net sales                             1.5      -0.5        0.6 
 Profit before taxes                                                 0.8      -0.3        0.6 
 Profit before taxes, % of net sales                                 0.9      -0.4        0.3 
 Profit for the period                                               0.8      -0.5        1.1 
                                                                                              
 PROFITABILITY AND OTHER KEY FIGURES                                                          
 Interest-bearing net liabilities, (MEUR)                          -25.7       8.6        4.0 
 Net gearing, -%                                                   -28.7      13.1        6.1 
 Equity ratio, %                                                    64.0      58.1       55.0 
 Gross investments, (MEUR)                                           3.9       6.8       12.2 
 Average personnel during the period, parent and subsidiaries       1608      1496       1528 
 Personnel at the period end, parent and subsidiaries               1648      1544       1583 
 Average personnel during the period, jointly owned company          283       109        132 
 Personnel at the period end, jointly owned company                  303       113        233 
                                                                                              
                                                                                              
 AMOUNT OF SHARE ISSUE ADJUSTMENT                               June 30,  June 30,   Dec. 31, 
 (1,000 pcs)                                                        2013      2012       2012 
                                                                                              
 At the end of period                                            129 413   129 413    129 413 
 Average for the period                                          129 413   129 413    129 413 
 Average for the period diluted with stock options               130 338   130 230    130 238 
                                                                                              
 STOCK-RELATED FINANCIAL RATIOS (EUR)                           1-6/2013  1-6/2012  1-12/2012 
                                                                6 months  6 months  12 months 
                                                                          restated   restated 
 Earnings per share from continuing operations, EUR                                           
 Basic earnings per share                                          0.006    -0.004      0.008 
 Diluted earnings per share                                        0.006    -0.004      0.008 
                                                                                              
 Earnings per share from discontinued operations, EUR                                         
 Basic earnings per share                                          0.182     0.003      0.009 
 Diluted earnings per share                                        0.181     0.003      0.009 
                                                                                              
 Earnings per share from continuing and                                                       
 discontinued operations, EUR                                                                 
 Basic earnings per share                                          0.189    -0.001      0.018 
 Diluted earnings per share                                        0.187    -0.001      0.017 
                                                                                              
 Equity *) per share                                                0.69      0.51       0.51 
                                                                                              
 *) Equity attributable to equity holders of the parent                                       
                                                                                              
 
 
 MARKET VALUES OF SHARES (EUR)                   1-6/2013  1-6/2012  1-12/2012 
                                                 6 months  6 months  12 months 
                                                                               
 Highest                                             1.06      0.79       0.79 
 Lowest                                              0.64      0.38       0.38 
 Average                                             0.85      0.63       0.64 
 At the end of period                                1.03      0.62       0.65 
                                                                               
 Market value of the stock, (MEUR)                  133.3      80.2       84.1 
 Trading value of shares, (MEUR)                      7.6       5.1        6.9 
 Number of shares traded, (1,000 pcs)               8 965     8 222     10 750 
 Related to average number of shares %                6.9       6.4        8.3 
                                                                               
 SECURITIES AND CONTINGENT LIABILITIES           June 30,  June 30,   Dec. 31, 
 (MEUR)                                              2013      2012       2012 
                                                                               
 AGAINST OWN LIABILITIES                                                       
 Floating charges                                    18.0      18.1       18.1 
 Guarantees                                          13.8      23.5       17.7 
 Rental liabilities                                                            
 Falling due in the next year                         6.7       6.8        7.0 
 Falling due after one year                          14.7      16.6       16.2 
 Other contractual liabilities                                                 
 Falling due in the next year                         1.4       2.3        1.3 
 Falling due after one year                           0.3       0.0        0.0 
                                                                               
 Mortgages are pledged for liabilities totaled       13.1       9.7       14.5 
                                                                               
 NOMINAL VALUE OF CURRENCY DERIVATIVES           June 30,  June 30,   Dec. 31, 
 (MEUR)                                              2013      2012       2012 
                                                                               
 Foreign exchange forward contracts                                            
 Market value                                         0.0       0.0        0.0 
 Nominal value                                        5.0       4.0        5.0 
                                                                               
 Purchased currency options                                                    
 Market value                                         0.1       0.0        0.0 
 Nominal value                                        4.0       5.0        2.0 
                                                                               
 Sold currency options                                                         
 Market value                                        -0.1      -0.2       -0.0 
 Nominal value                                        8.0      10.0        2.0 
 
 
Elektrobit Corporation Interim Report January-June 2013
http://hugin.info/120213/R/1721885/573562.pdf 


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Source: Elektrobit Oyj via Thomson Reuters ONE


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