EB, ELEKTROBIT CORPORATION, FINANCIAL STATEMENT BULLETIN 2009

(Thomson Reuters ONE) - STOCK EXCHANGE RELEASEFree for publication on February 16, 2010 at 8.00 am (CET+1)EB, ELEKTROBIT CORPORATION, FINANCIAL STATEMENT BULLETIN 20092009 OPERATING RESULT WITHOUT NON-RECURRING ITEMS WAS POSITIVESUMMARY 4Q 2009- Net sales amounted to EUR 40.1 million (EUR 49.5 million, 4Q 2008),representing a -19.1 per cent decrease year-on-year.- Operating profit from business operations improved to EUR 0.8 million and thenon-recurring costs totaled to EUR -0.3 million, resulting in a total operatingprofit of EUR 0.5 million (EUR -8.5 million, 4Q 2008).- Operating cash flow amounted to EUR -0.5 million (EUR -0.5 million, 4Q 2008).The net cash flow amounted to EUR -3.1 million (EUR 1.4 million, 4Q 2008).- Earnings per share were EUR 0.00 (EUR -0.11, 4Q 2008)SUMMARY 2009- Net sales amounted to EUR 153.8 million (EUR 172.3 million in 2008),representing a -10.7 per cent decrease year-on-year.- Operating profit from business operations improved to EUR 0.5 million and thenon-recurring costs totaled to EUR -1.9 million, resulting in a total operatingloss of EUR -1.4 million (EUR -42.7 million in 2008).- Operating cash flow from business operations amounted to EUR 0.4 million (EUR-24.7 million in 2008). The net cash flow amounted to EUR -6.5 million (EUR-10.5 million in 2008).- Cash and other liquid assets totaled to EUR 59.1 million (EUR 68.6 million in2008)- Equity ratio remained at a high level of 71.5% (64.9% in 2008)- Earnings per share were EUR -0.03 (EUR -0.38 in 2008)- The Board of Directors proposes to the General Meeting that no dividend shallbe distributed.EB'S CEO JUKKA HARJU:"Despite the challenging market environment EB's operating result withoutnon-recurring items from January - December 2009 was slightly positive: EUR 0.5million (EUR -29.1 million in 2008). The Automotive market showed early signs ofrecovery during the 4Q 2009 by generating positive operating result. In theWireless Segment we succeeded in delivering positive operating result for 2009despite of slightly negative operating result in 4Q 2009. Our primary short termfocus remains to be improving profitability further."FINANCIAL PERFORMANCE DURING JANUARY - DECEMBER 2009(Comparisons are given to January-December 2008, unless otherwise indicated)EB's net sales during January - December 2009 decreased -10.7 per cent to EUR153.8 million (EUR 172.3 million). Operating profit from business operationsamounted to EUR 0.5 million and the non-recurring costs totaled to EUR -1.9million, resulting to the operating loss of EUR -1.4 million (EUR -42.7million).The Automotive Business Segment's net sales during January - December 2009amounted to EUR 61.5 million (EUR 63.3 million) representing a modest decreaseof -2.8 per cent. The operating loss reduced to EUR -3.8 million (EUR -12.1million). The significant improvement of operating result with slightly reducedturnover reflects the operative profitability improvement measures taken.The Wireless Business Segment's net sales during January - December 2009amounted to EUR 91.6 million (EUR 108.6 million), representing a decline of-15.6 per cent. Operating result from business operations amounted to EUR 2.6million and the non-recurring costs totaled to EUR -1.6 million, resulting tothe operating profit of EUR 1.0 million (EUR -28.5 million). The significantimprovement of operating result with lower turnover year-on-year was mainly dueto the execution of the earlier announced profitability improvement program.The total R&D investments during the reporting period were EUR 14.7 million (EUR37.9 million), equaling 9.6 per cent of the net sales (22.0 per cent). Thesignificant reduction of the R&D investments was mostly due to the change of thebusiness model (and consequent exit from developing own products) in MobileWiMAX in October 2008 and exit from RFID technology business in February 2009. CONSOLIDATED INCOME STATEMENT (MEUR) 1-12 2009 1-12 2008   12 months 12 months NET SALES 153.8 172.3 OPERATING PROFIT (LOSS) -1.4 -42.7 Financial income and expenses -0.6 -4.7 RESULT BEFORE TAX -2.0 -47.4 RESULT FOR THE PERIOD FROM CONTINUING OPERATIONS -3.3 -49.8 Profit after tax for the year from discontinued operations 1.3 0.3 RESULT FOR THE PERIOD -2.0 -49.5 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -2.4 -48.9 Result for the period attributable to:   Equity holders of the parent -2.2 -49.5   Minority interest 0.2 Total comprehensive income for the period attributable to:   Equity holder of the parent -2.5 -48.9   Minority interest 0.2 Earnings per share EUR continuing operations -0.03 -0.38 Earnings per share EUR discontinued operations 0.01 0.00 Earnings per share EUR continuing and discontinued -0.02 operations -0.38- Cash flow from Business Operations amounted to EUR 0.4 million (EUR -24.7million).- Equity ratio was 71.5% (64.9%).- Net gearing was -37.6% (-40.2%).QUARTERLY FIGURESThe distribution of the Group's overall net sales and profit, MEUR:+------------------------------------------------+-----+-----+-----+-----+-----+|  |4Q 09|3Q 09|2Q 09|1Q 09|4Q 08|+------------------------------------------------+-----+-----+-----+-----+-----+|Net sales | 40.1| 33.5| 37.4| 42.8| 49.5|+------------------------------------------------+-----+-----+-----+-----+-----+|Operating profit (loss) | 0.5| -0.8| -1.1| 0.0| -8.5|+------------------------------------------------+-----+-----+-----+-----+-----+|Operating profit (loss) without non-recurring | 0.8| -0.8| -0.4| 0.9| -2.8||costs | | | | | |+------------------------------------------------+-----+-----+-----+-----+-----+|Result before taxes | 0.1| -0.6| -0.7| -0.9|-11.8|+------------------------------------------------+-----+-----+-----+-----+-----+|Result for the period | -0.3| -0.5| -1.6| -1.1|-14.0|+------------------------------------------------+-----+-----+-----+-----+-----+The distribution of the net sales by Business Segments, MEUR:+-----------------+-----+-----+-----+-----+-----+|  |4Q 09|3Q 09|2Q 09|1Q 09|4Q 08|+-----------------+-----+-----+-----+-----+-----+|Automotive | 16.8| 14.8| 13.5| 16.4| 18.7|+-----------------+-----+-----+-----+-----+-----+|Wireless | 23.0| 18.6| 23.7| 26.3| 30.7|+-----------------+-----+-----+-----+-----+-----+|Corporation total| 40.1| 33.5| 37.4| 42.8| 49.5|+-----------------+-----+-----+-----+-----+-----+The distribution of the net sales by market areas, MEUR and %:+--------+-----+-----+-----+-----+-----+|  |4Q 09|3Q 09|2Q 09|1Q 09|4Q 08|+--------+-----+-----+-----+-----+-----+|Asia | 4.4| 1.8| 2.5| 4.4| 3.1|| | | | | | || |11.0%| 5.5%| 6.8%|10.3%| 6.2%|+--------+-----+-----+-----+-----+-----+|Americas| 13.7| 11.1| 12.5| 11.9| 10.9|| | | | | | || |34.2%|33.1%|33.5%|27.7%|22.0%|+--------+-----+-----+-----+-----+-----+|Europe | 22.0| 20.6| 22.3| 26.6| 35.5|| | | | | | || |54.8%|61.4%|59.7%|62.1%|71.8%|+--------+-----+-----+-----+-----+-----+Net sales (external) and operating profit development by Business Segments andOther businesses, MEUR:+-----------------------+-----+-----+-----+-----+-----+|  |4Q 09|3Q 09|2Q 09|1Q 09|4Q 08|+-----------------------+-----+-----+-----+-----+-----+|Automotive |  |  |  |  |  || | | | | | ||Net sales | 16.8| 14.8| 13.5| 16.4| 18.7|| | | | | | ||Operating profit (loss)| 0.3| -0.9| -2.5| -0.7| -2.3|+-----------------------+-----+-----+-----+-----+-----+|Wireless |  |  |  |  |  || | | | | | ||Net sales | 23.0| 18.6| 23.7| 26.3| 30.7|| | | | | | ||Operating profit (loss)| -0.3| -0.1| 0.9| 0.5| -4.9|+-----------------------+-----+-----+-----+-----+-----+|Other businesses |  |  |  |  |  || | | | | | ||Net sales | 0.2| 0.2| 0.2| 0.1| 0.1|| | | | | | ||Operating profit (loss)| 0.5| 0.2| 0.4| 0.2| -1.3|+-----------------------+-----+-----+-----+-----+-----+|Total |  |  |  |  |  || | | | | | ||Net sales | 40.1| 33.5| 37.4| 42.8| 49.5|| | | | | | ||Operating profit (loss)| 0.5| -0.8| -1.1| 0.0| -8.5|+-----------------------+-----+-----+-----+-----+-----+BUSINESS SEGMENTS' MAIN EVENTS DURING 4Q 2009EB's reporting is based on the Automotive and Wireless Business Segments.AUTOMOTIVEThe Automotive Business Segment consists of in-car software products, navigationsoftware for after market devices and development services for the automotiveindustry with leading car manufacturers, car electronics suppliers andautomotive chipset suppliers as customers. By combining its software productsand R&D services EB is creating unique, customized solutions for its automotivecustomers.During the fourth quarter of 2009, the net sales of the Automotive BusinessSegment amounted to EUR 16.8 million (EUR 18.7 million, 4Q 2008), representing ayear-on-year decline of -10.0 per cent. The decline in net sales reflects thechallenging automotive market conditions in which customers constrained theirR&D investments. Despite of the decline in net sales, the operating resultimproved to EUR 0.3 million (EUR -2.3 million, 4Q 2008) due to the takenprofitability improvement measures and strong focus in service projectperformance. Taken profitability measures did not, however, imply any changes tothe strategy or ongoing investments into own software products or development ofthe global solution services to its customers.EB continued executing its strategy in automotive software products. In theelectronic control units domain (ECU) EB launched new releases of EB tresosBusmirror and EB tresos Inspector to support effective emulation of automotivecommunication protocols, such as control area network (CAN) and FlexRay. EB alsoannounced cooperation with Freescale, optimizing EB's automotive softwareproducts for Freescale microcontrollers and enabling efficient development ofapplication software. In the infotainment domain EB added support for userinterfaces developed in Adobe® Flash® as well as Microsoft Expression Blend withits latest release of EB GUIDE StudioAs recognition to EB's creative and versatile automotive software productsportfolio, EB was awarded the "Frost & Sullivan 2009 European AutomotiveTelematics and Infotainment Product Line Strategy Award". As a provider of R&Dservices and innovative customized solutions for automotive customers, EB wasrecognized in Microsoft's Windows Embedded Partner Excellence Awards as the"EMEA Consumer Partner of the Year".WIRELESSThe Wireless Business Segment comprises the following businesses:- Wireless Solutions provides customized solutions and R&D services for wirelessindustry and other industries utilizing wireless technologies.- Wireless Communications Tools provides test tools for measuring, modeling andemulating radio channel environments.During the fourth quarter of 2009, the net sales of the Wireless BusinessSegment amounted to EUR 23.0 million (EUR 30.7 million, 4Q 2008), representing adecrease of 25.0 per cent. The significant reduction year-on-year in net salesis caused by the exit of RFID technology business in 1Q 2009 and by lower demandfor R&D services in the mobile infrastructure market.Operating profit from business operations amounted to EUR 0.1 million and thenon-recurring costs totaled to EUR -0.4 million, resulting to the operating lossof EUR -0.3 million (EUR -4.9 million, 4Q 2008). The significant improvement ofoperating result with 25,0 per cent lower net sales level year-on-year wasmainly due to the execution of the earlier announced profitability improvementprogram.The demand for satellite-terrestrial network device solutions continued to bestrong during 4Q09.During the fourth quarter the Wireless Communications Tools business focused onsupporting new MIMO (Multiple Input and Multiple Output) OTA (Over-The-Air)solutions in addition to LTE systems and devices.In December EB announced that it will deliver TerreStar satellite-terrestrialsmartphones. Elektrobit Inc., a subsidiary of Elektrobit Corporation, andTerreStar Corporation (TerreStar) signed a frame supply agreement regarding thedelivery of satellite-terrestrial smartphones for TerreStar. According to theagreement EB will be responsible for delivering complete products to TerreStarbased on the EB-designed satellite-terrestrial reference device, which includesmanufacturing, forward and reverse logistics, and after market services support.EB has sub-contracted with leading Electronics Manufacturing Services (EMS)provider Flextronics to help provide these product delivery services.Through the agreement with TerreStar, EB's Wireless Solutions businessintroduced a product delivery business model, where it provides completeproducts to its customers by subcontracting the production of EB-designeddevices from selected Electronic Manufacturing Services (EMS) companies. Thisbusiness model both strengthens EB's position as turnkey solution provider forits customers and enables EB's Wireless Solutions business to address newbusiness opportunities, according to its strategy.MARKET OUTLOOKAs a consequence of the general economic environment, both automotive andwireless communication market growth is unlikely before the global economicenvironment starts to improve. However, there has been growing signs of recoveryduring the latter part of 2009.The share of electronics and software in cars has grown significantly during thepast years and it is expected that the trend of increased use of software inautomotive continues to prevail in the market. The majority of the innovationand differentiation in the automotive industry is brought about by software andelectronics. In order to enable faster innovation, to improve quality anddevelopment efficiency and to reduce complexity related to software, the use ofstandard software solutions is expected to increase. The estimated automotivesoftware general market growth rate of some 15 per cent (Frost & Sullivan) hasbeen in the short term negatively affected by the current downturn of theautomotive industry. Due to the global recession, the global market forautomotive electronic systems was forecasted to fall in 2009 (StrategyAnalytics). However, the underlying growth of the automotive software market isexpected to continue past the crisis and the cost pressures of the automotiveindustry are expected to accelerate the need of productized, efficient softwaresolutions EB is offering. While customers remain very cost conscious there aresigns that the demand starts to recover. EB's net sales currently cumulatingfrom the automotive industry is primarily driven by the development of new carsand platforms and is not directly dependent on production volumes of the carindustry.The global mobile phone market decreased in volume in 2009, yet the mobile phonemarket volumes are expected to start to increase again in 2010. The value shareis expected to move towards higher-end due to the increased demand for newfeatures and services. New open software architectures and platforms arecreating opportunities for companies such as EB with strong integrationcapabilities. The global mobile infrastructure market is expected to be flatduring 2010 and the consolidation of the industry may continue. LTE standard isgaining strength while the momentum of Mobile WiMAX standard has beendecreasing. Going forward, EB's business driven by LTE is increasing while EB'sfuture sales revenues are not materially dependent on Mobile WiMAX technology.The mobile satellite communication service industry is introducing new data andmobile communication services with new operators being formed and traditionalones upgrading their solutions and offerings. Mastering of multi-radiotechnologies and end-to-end system architectures covering both terminal andnetwork technologies, has gained importance in the complex wireless technologyindustry. The demand for EB's satellite-terrestrial device solutions is expectedto continue. The satellite-terrestrial and Mobile Satellite Services (MSS)market demand is expected to start moving from the current reference designphase towards the launch of commercial products and services. This can createnew service and product related business opportunities for EB.The mobile communication R&D services market continues to be challenging and thecontinuing price pressure drives increasing off-shoring in the industry.However, attractive niches continue to exist (OVUM forecast). Because of theeconomical slowdown, companies are expected to adjust their R&D investments andproject portfolios resulting in reduction of the overall R&D expenditures andactivities during the next couple of years, resulting in less demand forexternal R&D services. However, OEMs are expected to increase their R&Dflexibility that can create new opportunities for partnering for EB.The current economic downturn did not have a significant effect on the overallwireless communications tools market. There is a need for advanced developmenttools 3GPP LTE technology and that need is expected to remain as a driver forthe demand in the medium and long term. EB provides world leading channelemulation tools for the development of MIMO based 3GPP LTE and other advancedradio technologies.RESEARCH AND DEVELOPMENT DURING 4Q 2009EB continued to invest in R&D in the automotive software products and tools andradio channel emulation products.The total R&D investments during the fourth quarter of 2009 were EUR 4.2 million(EUR 7.4 million, 4Q 2008), equaling 10.6 per cent of the net sales (14.9 percent in 2008). EUR 0.7 million of R&D investments were capitalized.The reduction compared to previous year was mostly due to the change of thebusiness model (and consequent exit from developing own products) in MobileWiMAX in October 2008 and exit from RFID technology business in February 2009.OUTLOOK FOR THE FIRST HALF OF 2010The more general market outlook by the businesses is presented under the MarketOutlook section.Our main focus for the first half of 2010 is to improve profitability furtherand achieve a positive operating result development.EB expects that:·          the turnover of the first half of 2010 is higher than in the secondhalf of 2009 (EUR 73.6 million), and that·          the operating profit of the first half of 2010 is higher than theoperating profit of the second half of 2009 (EUR 0.0 million).RISKS AND UNCERTAINTIESEB has identified a number of business, market and finance related factors thatcan affect the level of sales and profits. Those of the greatest significance ona short term are those affecting the utilization and chargeability levels andaverage hourly prices of R&D services. On the ongoing financial period theglobal economic slowdown may affect the demand for the EB's services, solutionsand products and provide pressure on e.g. volumes and pricing. It may alsoincrease the risk for credit losses.  As the EB's customer base consists mainlyof companies operating in the fields of automotive and telecommunications, thecompany is exposed to market changes in these industries. EB believes thatexpanding the customer base will reduce dependence on individual companies andthat the company will thereby be mainly affected by the general business climatein automotive and telecommunication industries. However, some parts of EB'sbusiness are more sensitive to customer dependency than others. The more generalmarket outlook by the businesses is presented under the Market Outlook section.EB's operative business risks are mainly related to following items:uncertainties and short visibility on customers' product program decisions,their make or buy decisions and on the other hand, their decisions to continue,downsize or terminate current product programs, ramping up and down projectresources, timing and on the other hand successful utilization of the mostimportant technologies and components, competitive situation and potentialdelays in the markets, timely closing of customer and supplier contracts withreasonable commercial terms, delays in R&D projects, activations based oncustomer contracts, obsolescence of inventories and technology risks in productdevelopment causing higher than planned R&D costs.  In addition there aretypical industry warranty and liability risks involved in selling EB's services,solutions and products. Product delivery business model includes such risks ashigh dependency on actual product volumes, development of the cost of materialsand production yields. The abovementioned risks may manifest themselves ashigher cost of product delivery, and ultimately, as lower profit. Revenuesexpected to come from new products for existing and new customers include normaltiming risks.More information on the risks and uncertainties affecting EB can be found on theCompany's website at www.elektrobit.com STATEMENT OF FINANCIAL POSITION AND FINANCINGThe figures presented in the statement of financial position of December31, 2009, are compared with the statement of financial position of December31, 2008 (EUR 1,000).   12/2009 12/2008 Non-current assets 39,407 46,724 Current assets 120,765 133,797 Total assets 160,172 180,520 Share capital 12,941 12,941 Other equity 99,454 102,181 Minority interest 437 Total shareholders' equity 112,833 115,123 Non-current liabilities 14,967 19,690 Current liabilities 32,372 45,708 Total shareholders' equity and liabilities 160,172 180,520Net cash flow from operations during the period under review: + net profit +/- adjustment of accrual basis items EUR +5.6 million - increase in net working capital EUR  -3.8 million - interest, taxes and dividends EUR  -1.4 million = cash generated from operations EUR   0,4 million - net cash used in investment activities EUR -3.4  million - net cash used in financing EUR -6.5 million = net change in cash and cash equivalents EUR -9.5 millionThe amount of accounts and other receivables, booked in current receivables, wasEUR 59.3 million (EUR 61.9 million on December 31, 2008). Accounts and otherpayables, booked in interest-free current liabilities, were EUR 27.5 million(EUR 38.7 million on December 31, 2008).The amount of non-depreciated consolidation goodwill at the end of the periodunder review was EUR 18.5 million (EUR 18.3 million on December 31, 2008).The amount of gross investments in the period under review was EUR 4.0 million,consisting of replacement investments. Net investments for the reporting periodtotaled EUR 2.8 million. The total amount of depreciation during the periodunder review was EUR 9.7 million, including EUR 2.2 million of depreciationowing to business acquisitions.The amount of interest-bearing debt at the end of the reporting period was EUR16.7 million. The distribution of net financing expenses on the income statementwas as follows: interest, dividend and other financial income EUR  0.9 million interest expenses and other financial expenses EUR -1.0 million foreign exchange gains and losses EUR -0.5 millionEB's equity ratio at the end of the period was 71.5 per cent (64.9 per cent atthe end of 2008).The figures from the period under review includes the statutory reserves EUR2.4 million.EB follows a hedging strategy, the objective of which is to ensure the marginsof business operations in changing market circumstances by minimizing theinfluence of exchange rates. In accordance with the hedging strategy, the agreedcustomer commitments net cash flow of the currency in question is hedged. Thenet cash flow is determined on the basis of sales receivables, payables, theorder book and the budgeted net currency cash flow. The hedged foreign currencyexposure at the end of the review period was equivalent to EUR 22.5 million.PERSONNELEB employed an average of 1589 people between January and December 2009. At theend of December, EB had 1528 employees (1735 at the end of 2008). A significantpart of EB's personnel are product development engineers.CHANGES IN COMPANY'S MANAGEMENTEB appointed M.Sc (Eng.), M.Sc (Econ.) Jukka Harju as CEO of the Company as ofJune 4, 2009. Along with the appointment Harju resigned from the membership ofthe EB's Board of Directors and from the Chairmanship of the Board's committeefor Automotive Segment. Jorma Halonen, member of EB's Board of Directors, waselected as the new Chairman of the Automotive committee. In addition to Halonen,Seppo Laine, Staffan Simberg and Erkki Veikkolainen continued to serve as EBBoard members and Juha Hulkko continued as the Chairman of the Board.CEO Pertti Korhonen resigned from EB as of June 3, 2009.EB's Board of Directors and Corporate Executive Board can be found from theCompany's website at: www.elektrobit.com/corporate_governance.FLAGGING NOTIFICATIONSThere were no changes in ownership during the period under review that wouldhave caused flagging notifications which are obligations for disclosure inaccordance with Chapter 2, section 9 of the Securities Market Act.PROPOSAL BY THE BOARD OF DIRECTORS ON THE USE OF THE PROFIT SHOWN ON THE BALANCESHEET AND THE PAYMENT OF DIVIDENDAccording to the parent company's balance sheet at December 31, 2009, thedistributable assets of the parent company are EUR 66,546,891.53 of which theprofit of the financial year is EUR 44,210,929.40.The Board of Directors proposes to the General Meeting to be held on March25, 2010 that no dividend shall be paid.ANNUAL GENERAL MEETING AND ANNUAL REPORTElektrobit Corporation's Annual General Meeting will be held on Thursday 25March 2010 at 1 pm at the University of Oulu, Saalastinsali, Pentti Kaiterankatu 1, 90570 Oulu, Finland. Elektrobit Corporation's Annual report, includingthe Annual Accounts, the report by the Board of Directors and the Auditor'sreport as well as Corporate Governance Statement, is available on the company'swebsite no later than 4 March 2010.Oulu, February 16, 2010EB, Elektrobit CorporationThe Board of DirectorsFurther Information:Jukka HarjuCEOTel. +358 40 344 5466Panu MiettinenCFOTel. +358 40 344 5338Distribution:NASDAQ OMX HelsinkiPrincipal mediaINVITATION TO PRESS CONFERENCE ON EB'S FINANCIAL STATEMENT 2009EB, Elektrobit Corporation's Financial Statement Bulletin 2009 will be publishedon Tuesday, February 16, 2010 at 8.00 am (CET+1). The release will be availableat EB's website immediately after that.EB will hold a press conference for media, analysts and institutional investorson February 16, 2010 at 11.00 am (CET+1)in EspooKeilasatama 5meeting room Kotisatama, 2(nd) floor.The conference will also be held as a conference call and the presentation willbe shown simultaneously in the Internet through WebEx. The conference will beheld in English.To join the conference call please dial +358 20 699 101. The access code is757344#To follow the presentation online through WebEx, please go towww.elektrobit.com/investors . In technicalproblems, please go to www.elektrobit.com/webcast or call number +358 40 344 5148.The recording of the conference and the presentation will be available after theconference on EB's website www.elektrobit.com/investors.February 9, 2010EB, Elektrobit CorporationCorporate CommunicationsEB, ELEKTROBIT CORPORATION, FINANCIAL STATEMENT BULLETIN 2009The consolidated financial statement has been prepared in accordance withInternational Financial reporting Standards (IFRS). The Financial Statement of2009 has been audited and the auditing report has been dated on February15, 2010. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME   1-12/2009 1-12/2008 (MEUR)     12 months 12 months NET SALES   153.8 172.3 Other operating income   4.0 6.2 Change in work in progress and finished goods   -0.9 -2.8 Work performed by the undertaking for its own purpose and capitalized   0.4 0.1 Raw materials   -8.3 -18.0 Personnel expenses   -90.9 -104.0 Depreciation   -9.7 -16.4 Other operating expenses   -49.8 -80.1 OPERATING PROFIT (LOSS)   -1.4 -42.7 Financial income and expenses   -0.6 -4.7 RESULT BEFORE TAXES   -2.0 -47.4 Income taxes   -1.3 -2.4 RESULT FOR THE PERIOD FROM CONTINUING OPERATIONS   -3.3 -49.8 Result after taxes for the period from discontinued operations   1.3 0.3 RESULT FOR THE PERIOD   -2.0 -49.5 Other comprehensive income:   Exchange differences on translating foreign operations   -0.3 0.6 Other comprehensive income for the period total   -0.3 0.6 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD   -2.4 -48.9 Result for the period attributable to   Equity holders of the parent   -2.2 -49.5   Minority interest   0.2 Total comprehensive income attributable to   Equity holders of the parent   -2.5 -48.9   Minority interest   0.2 Earnings per share EUR continuing operations   Basic earnings per share   -0.03 -0.38   Diluted earnings per share   -0.03 -0.38 Earnings per share EUR discontinued operations   Basic earnings per share   0.01 0.00   Diluted earnings per share   0.01 0.00 Earnings per share EUR continuing and discontinued Operations   Basic earnings per share   -0.02 -0.38   Diluted earnings per share   -0.02 -0.38 Average number of shares, 1000 pcs   129 413 129 413 Average number of shares, diluted, 1000 pcs   129 580 129 413 CONSOLIDATED STATEMENT OF FINANCIAL POSITION   Dec. 31 2009 Dec. 31, 2008 (MEUR) ASSETS Non-current assets   Property, plant and equipment   11.4 16.2   Goodwill   18.5 18.3   Intangible assets   8.7 11.0   Other financial assets   0.3 0.4   Receivables   0.4 0.8   Deferred tax assets   0.1 0.1 Non-current assets total   39.4 46.7 Current assets   Inventories   2.4 3.3   Trade and other receivables   59.3 61.9   Financial assets at fair value through profit or loss   40.2   Cash and short term deposits   18.8 68.6 Current assets total   120.8 133.8 TOTAL ASSETS   160.2 180.5 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent   Share capital   12.9 12.9   Share premium   64.6 64.6   Translation difference   -0.1 0.2   Retained earnings   35.0 37.4   Minority interest   0.4 Total equity   112.8 115.1 Non-current liabilities   Deferred tax liabilities   2.3 2.6   Provisions   0.9 1.0   Interest-bearing liabilities   11.8 15.4   Other liabilities   0.0 0.7 Non-current liabilities total   15.0 19.7 Current liabilities  Trade and other payables   24.4 35.1  Financial liabilities at fair value through profit or loss   0.4 0.1  Pension obligations   1.2 1.0  Provisions   1.5 2.5  Interest-bearing loans and borrowings   4.9 7.0 Current liabilities total   32.4 45.7 Total liabilities   47.3 65.4 TOTAL EQUITY AND LIABILITIES   160.2 180.5 CONSOLIDATED STATEMENT OF CASH FLOWS  (MEUR)   1-12/2009 1-12/2008     12 months 12 months CASH FLOW FROM OPERATING ACTIVITIES Result for the period   -2.0 -49.5 Adjustment of accrual basis items   7.7 27.0 Change in net working capital   -3.8 2.4 Interest paid on operating activities   -2.0 -7.3 Interest received from operating activities   1.6 4.4 Other financial income and expenses, net received   0.0 0.0 Income taxes paid   -1.1 -1.7 NET CASH FROM OPERATING ACTIVITIES   0.4 -24.7 CASH FLOW FROM INVESTING ACTIVITIES Acquisition of business unit, net of cash acquired   -0.7 -0.9 Disposal of business unit, net of cash acquired   -0.6 26.8 Purchase of property, plant and equipment   -1.2 -1.8 Purchase of intangible assets   -1.5 -2.6 Purchase of other investments   -0.1 -0.5 Sale of property, plant and equipment   0.3 0.2 Sale of intangible assets   0.1 Proceeds from sale of investments   0.2 10.6 NET CASH FROM INVESTING ACTIVITIES   -3.4 31.8 CASH FLOW FROM FINANCING ACTIVITIES Proceeds from borrowing   1.6 0.1 Repayment of borrowing   -3.9 -1.9 Payment of finance liabilities   -4.1 -6.0 Dividends paid     -2.6 NET CASH FROM FINANCING ACTIVITIES   -6.5 -10.5 NET CHANGE IN CASH AND CASH EQUIVALENTS   -9.5 -3.3 Cash and cash equivalents at beginning of period   68.6 71.9 Cash and cash equivalents at end of period   59.1 68.6 CONSOLIDATED STATEMENT OF CHANGES IN  EQUITY  (MEUR) A = Share capital B = Share premium C = Retained earnings D = Minority share E = Total equity   A B C D E Equity on January 1, 2008 12.9 64.6 88.1   165.7   Dividend distribution     -2,6   -2,6   Share-related compensation     1.0   1.0   Total comprehensive income for the period     -48.9   -48.9   Other items     -0.0   -0.0 Equity on December 31, 2008 12.9 64.6 37.6   115.1 Equity on January 1, 2009 12.9 64.6 37.6   115.1   Share-related compensation     0.3   0.3   Total comprehensive income for the period     -2.5   -2.5   Other items     -0.5 0.4 -0.0 Equity on December 31, 2009 12.9 64.6 34.9 0.4 112.8NOTES TO THE FINANCIAL STATEMENT BULLETINAccounting principles for the Financial Statement Bulletin:The same accounting policies and methods of computation are followed in thefinancial statement bulletin as compared with annual financial statements.Explanatory comments about the seasonality or cyclicality of reporting periodoperations:The Company operates in business areas which are subject to seasonalfluctuations.The nature and amount of items affecting assets, liabilities, equity, netincome, or cash flows which are unusual because of their nature, size orincidence:The result of the reporting period comprises non-recurring restructuring costsof EUR -1.9 million.Dividends paid:The General Meeting held on March 19, 2009 decided in accordance with theproposal of the Board of Directors that no dividend shall be distributed.SEGMENT INFORMATION (MEUR) OPERATING SEGMENTS    1-12/2009 1-12/2008     12 months 12 months Automotive   Net sales to external customers   61.5 63.3   Net sales to other segments   0.0 0.1   Net sales total   61.5 63.4   Operating profit (loss)   -3.8 -12.1 Wireless   Net sales to external customers   91.6 108.6   Net sales to other segments   0.2 0.1   Net sales total   91.8 108.6   Operating profit (loss)   1.0 -28.5 OTHER ITEMS Other items   Net sales to external customers   0.6 0.4   Operating profit (loss)   1.3 -2.1 Eliminations   Net sales to other segments   -0.2 -0.2   Operating profit (loss)   0.0 0.0 Group total   Net sales to external customers   153.8 172.3   Operating profit (loss)   -1.4 -42.7 Net sales of geographical areas (MEUR)   1-12/2009 1-12/2008     12 months 12 months Net sales   Europe   91.4 114.9   Americas   49.2 49.2   Asia   13.2 8.1 Net sales total   153.8 172.3Material events subsequent to the end of the interim period not reflected in thefinancial statements for the interim period:There are no such material events subsequent to the end of the interim reportperiod that have not been reflected in this report.The effect of changes in the composition of the group structure during thereporting period:On February 2, 2009 EB exited from RFID technology business by selling 7iDTechnologies GmbH to the acting management of the said company in Austria.On June 22, 2009 EB and AEV (Audi Electronics Venture GmbH) established a jointventure named e.solutions GmbH. EB holds a 51% stake of the new company, andthus it will be recorded as EB's subsidiary in the consolidated financialstatement. AEV holds the remaining 49% stake. Related party transactions:   1-12/2009 1-12/2008 Employee benefits for key management and stock option expenses total   2.2 3.3 CONSOLIDATED STATEMENT OF 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ COMPREHENSIVE INCOME 2009 2009 2009 2009 2008 BY QUARTER (MEUR) 3 months 3 months 3 months 3 months 3 months NET SALES 40.1 33.5 37.4 42.8 49.5 Other operating income 1.2 0.9 1.3 0.6 1.5 Change in work in progress and finished goods -0.1 0.4 -0.9 -0.3 -1.2 Work performed by the undertaking for its own purpose and capitalized 0.0 0.0 0.3 0.1 0.0 Raw materials -2.5 -2.1 -1.5 -2.2 -6.6 Personnel expenses -23.3 -20.3 -22.7 -24.6 -27.8 Depreciation -2.2 -2.4 -2.4 -2.7 -3.8 Other operating expenses -12.7 -10.8 -12.6 -13.7 -20.1 OPERATING PROFIT (LOSS) 0.5 -0.8 -1.1 0.0 -8.5 Financial income and expenses -0.3 0.2 0.5 -0.9 -3.3 RESULT BEFORE TAXES 0.1 -0.6 -0.7 -0.9 -11.8 Income taxes -0.4 0.1 -0.9 -0.2 -2.3 RESULT FOR THE PERIOD FROM CONTINUING OPERATIONS -0.3 -0.5 -1.6 -1.1 -14.0 Result after taxes for the period from discontinued operations 1.0 0.3     0.1 RESULT FOR THE PERIOD 0.7 -0.1 -1.6 -1.1 -13.9 Other comprehensive income for the period total 0.3 -0.4 -0.5 0.3 0.1 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1.0 -0.5 -2.1 -0.8 -13.8 Result for the period attributable to:   Equity holders of the parent 0.6 -0.2 -1.6 -1.1 -13.9   Minority interest 0.1 0.0 Total comprehensive income for the period attributable to:   Equity holders of the parent 0.9 -0.6 -2.1 -0.8 -13.8   Minority interest 0.1 0.0 CONSOLIDATED STATEMENT OF Dec. 31, Sept. 30, June 30, March 31, Dec. 31, FINANCIAL POSITION (MEUR) 2009 2009 2009 2009 2008 ASSETS Non-current assets   Property, plant and equipment 11.4 12.2 13.9 14.9 16.2   Goodwill 18.5 18.5 18.5 18.3 18.3   Intangible assets 8.7 8.8 9.2 10.0 11.0   Other financial assets 0.3 0.3 0.4 0.4 0.4   Receivables 0.4 0.8 0.8 0.8 0.8   Deferred tax assets 0.1 0.0     0.1 Non-current assets total 39.4 40.7 42.7 44.4 46.7 Current assets   Inventories 2.4 2.6 2.2 2.6 3.3   Trade and other receivables 59.3 55.6 60.4 62.9 61.9   Financial assets at fair value   through profit or loss 40.2 0.3 0.2 0.2   Cash and short term deposits 18.8 62.2 60.3 62.8 68.6 Current assets total 120.8 120.7 123.2 128.5 133.8 TOTAL ASSETS 160.2 161.4 165.9 172.9 180.5 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent   Share capital 12.9 12.9 12.9 12.9 12.9   Share premium 64.6 64.6 64.6 64.6 64.6   Translation difference -0.1 -0.4 -0.0 0.5 0.2   Retained earnings 35.0 35.1 35.2 36.8 37.4   Minority interest 0.4 0.0 Total equity 112.8 112.2 112.7 114.8 115.1 Non-current liabilities   Deferred tax liabilities 2.3 2.2 2.3 2.5 2.6   Provisions 0.9 1.3 1.7 0.8 1.0   Interest-bearing liabilities 11.8 12.5 13.6 14.2 15.4   Other liabilities 0.0 0.1 0.1 0.2 0.7 Non-current liabilities total 15.0 16.2 17.6 17.7 19.7 Current liabilities   Trade and other payables 24.4 24.5 26.3 30.8 35.1   Financial liabilities at fair value   through profit or loss 0.4       0.1   Pension obligations 1.2 1.2 1.2 1.2 1.0   Provisions 1.5 1.9 1.9 2.3 2.5   Interest-bearing loans and   Borrowings (non-current) 4.9 5.2 6.3 6.2 7.0 Current liabilities total 32.4 32.9 35.7 40.4 45.7 Total liabilities 47.3 49.1 53.3 58.1 65.4 TOTAL EQUITY AND LIABILITIES 160.2 161.4 165.9 172.9 180.5 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ CONSOLIDATED STATEMENT OF CASH FLOWS BY QUARTER 2009 2009 2009 2009 2008   3 months 3 months 3 months 3 months 3 months   Net cash from operating activities -0.5 4.6 -1.0 -2.7 -0.5   Net cash from investing activities -0.7 -0.7 -0.7 -1.4 5.7  Net cash from financing activities -1.9 -2.1 -0.7 -1.7 -3.8 Net change in cash and cash equivalents -3.1 1.8 -2.5 -5.8 1.4 FINANCIAL PERFORMANCE RELATED RATIOS   1-12/2009 1-12/2008     12 months 12 months STATEMENT OF COMPREHENSIVE INCOME (MEUR) Net sales   153.8 172.3 Operating profit (loss)   -1.4 -42.7     Operating profit (loss), % of net sales   -0.9 -24.8 Result before taxes   -2.0 -47.4     Result before taxes, % of net sales   -1.3 -27.5 Result for the period   -3.3 -49.8 PROFITABILITY AND OTHER KEY FIGURES Interest-bearing net liabilities, (MEUR)   -42.4 -46.2 Net gearing, -%   -37.6 -40.2 Equity ratio, %   71.5 64.9 Gross investments, (MEUR)   4.0 9.8 Average personnel during the period   1589 1768 Personnel at the period end   1528 1735 AMOUNT OF SHARE ISSUE ADJUSTMENT   Dec. 31, Dec. 31, (1,000 pcs)   2009 2008 At the end of period   129 413 129 413 Average for the period   129 413 129 413 Average for the period diluted with stock options   129 580 129 413   1-12/2009 1-12/2008 STOCK-RELATED FINANCIAL RATIOS (EUR)     12 months 12 months Basic earnings per share   -0.03 -0.38 Diluted earnings per share   -0.03 -0.38 Equity *) per share   0.87 0.89   *) Equity attributable to equity holders of the parent MARKET VALUES OF SHARES (EUR)   1-12/2009 1-12/2008 Highest   1.40 1.79 Lowest   0.33 0.29 Average   0.62 0.82 At the end of period   0.94 0.33 Market value of the stock, (MEUR)   121.6 42.7 Trading value of shares, (MEUR)   11.1 9.6 Number of shares traded, (1,000 pcs)   17 822 11 770 Related to average number of shares %   13.8 9.1 SECURITIES AND CONTINGENT LIABILITIES   Dec. 31, Dec. 31, (MEUR)   2009 2008 AGAINST OWN LIABILITIES   Floating charges   3.1 3.1   Mortgages   Pledges   1.0 1.1  Guarantees   3.8 4.1 Mortgages are pledged for liabilities totaled   8.6 9.9 OTHER DIRECT AND CONTINGENT LIABILITIES Rental liabilities    Falling due in the next year   5.9 4.2    Falling due after one year   17.9 5.1 NOMINAL VALUE OF CURRENCY DERIVATIVES   Dec. 31, Dec. 31, (MEUR)   2009 2008 Foreign exchange forward contracts    Market value   -0.3 -0.1   Nominal value   11.0 11.9 Purchased currency options   Market value   0.1   Nominal value   11.5 Sold currency options   Market value   -0.1   Nominal value   23.0[HUG#1384754] EB Financial Statement Bulletin 2009: http://hugin.info/120213/R/1384754/343481.pdf

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