Bittium“s net sales in 2015 grew by 7.8 percent year-on-year to EUR 56.8 million (EUR 52.7 million, in 2014). The growth in net sales was mainly driven by the deliveries of special terminal products and related R&D services, as well as other products for authorities use.
The share of the product-based net sales was EUR 13.1 million (EUR 14.1 million, in 2014), which resulted mainly from the product deliveries of the tactical communication system to the Finnish Defence Forces and from a similar but small pilot system delivery for a customer abroad, as well as from the deliveries of other terminal products for the authority use. The decrease in the product-based net sales was caused by the decrease in the amount of product deliveries to the Finnish Defence Forces compared to the previous year.
Operating profit from continuing operations was EUR 2.3 million (EUR 0.8 million, in 2014, including the non-recurring income of EUR 1.1 million resulting from the reorganization cases of the TerreStar Companies, approximately EUR 0.6 million non-recurring costs resulting from Wireless Business Segment“s personnel layoffs and from the acquisition costs of SafeMove business). The operating profit includes EUR 0.4 million
costs related to the change of the company name. The improvement in the operating result was due to the growth in the net sales and slightly higher gross margin than usually.
Cash flow from operating activities in 2015 was EUR 2.1 million (EUR 10.5 million, in 2014). The cash flow includes the operating cash flow of the Automotive business until June 30, 2015. Net cash flow was EUR 79.5 million (EUR 0.3 million, in 2014). Net cash flow includes the dividend payment of EUR 5.3 million in April, the cash flow of the Automotive business until June 30, 2015, and the cash flows related to the sale of the Automotive business and cancelled demerger process, as well as cash flows resulting from the voluntary public tender offer for the company“s own shares and stock options and from the costs resulting from the process. Equity ratio was 90.5 percent (62.3 percent, December 31, 2014). Net gearing was -88.2 percent (-37.4 percent, December 31, 2014).