Stable revenue and order entry in a challenging market
Financial information
Nera Networks achieved revenue growth in a challenging market in 2009, and further broadened the Evolution Series™ radio portfolio with Evolution Edge during the year.
Nera Networks has a strong focus on working capital management, and generated a significant free cash flow in 2009.
Revenue
Nera Networks achieved revenue of NOK 513 million in the fourth quarter 2009, corresponding to a decline of 15 percent from the fourth quarter 2008 and a decline of 13 percent on a currency adjusted basis.
Revenue increased 18 percent from the third quarter 2009.
For the full year 2009, revenue increased four percent to NOK 1,872 million but declined two percent on a currency adjusted basis.
Operating profit
EBITDA was NOK 17 million in the fourth quarter 2009 (50), which compares to NOK 22 million in the third quarter 2009. The sequential decline from the previous
quarter is explained by the higher operating costs.
EBIT was NOK -9 million excluding impairment charges (33), down from NOK 0 million in the third quarter 2009.
For the full year 2009, EBITDA increased to NOK 89 million from NOK 34 million in 2008. However, EBITDA declined to NOK 100 million from NOK 136 million
adjusted for non-recurring items in both periods.
The EBIT-loss increased to NOK 189 million from NOK -28 million in 2008, reflecting the impairment charges of NOK 190 million. Adjusted for non-recurring items,
EBIT declined to NOK 11 million from NOK 74 million in 2008.
Order entry
New orders amounted to NOK 444 million in the fourth quarter 2009, which was a modest decline of one percent from the third quarter 2009 and three percent
below the fourth quarter 2008.
For the full year 2009, order entry declined by three percent to NOK 1,822 million.
2/18/2010