Bittium´s net sales during in 2016 increased by 13.0 percent year-on-year to EUR 64.2 million (EUR 56.8 million in 2015).
The share of the product-based net sales was EUR 11.9 million (EUR 13.1 million in 2015), which resulted mainly from the product deliveries of the tactical communication system, product deliveries of Bittium Tough Mobile LTE smartphones and related security software, the deliveries of other terminal products for authorities´ use, and deliveries of products for measuring and monitoring biosignals. The decrease in the product-based net sales year-on-year was mainly caused by the ending of product deliveries of a special terminal project for a US-based customer during the corresponding period.
The share of the services-based net sales was EUR 51.8 million (EUR 43.4 million in 2015). Despite the decrease in the demand for the services business in the network equipment market, the services-based net sales increased year-on-year due to the increased demand for the R&D services related to the special terminal products.
Operating result was EUR 2.5 million (EUR 2.3 million in 2015).
Cash flow from operating activities was EUR -1.7 million (EUR 2.1 million in 2015, including both continuing and discontinuing operations). Net cash flow was EUR -27.9 million, including the dividend payment in April, the investments made into the company´s new office building in Oulu, Finland, and the acquisition made in November (EUR 79.5 million in 2015 including the cash flow resulted from the sale of the Automotive business and the cash flow of the cancelled demerger process and the cash flows of the voluntary public tender offer of own shares). Equity ratio was 87.0 percent (90.5 percent on December 31, 2015) and net gearing was -70.3 percent (-88.2 percent on December 31, 2015).