Annual Report 2021
Report by the Board of Directors
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Year 2021 in Short

Net Sales Increased over 10% in 2021

  • Net sales were EUR 86.9 million (EUR 78.4 million), representing a 10.8 percent increase year-on-year.
  • The share of product-based net sales was EUR 63.1 million (EUR 53.1 million), representing 72.6 percent of the net sales. The share of Medical Technologies products was EUR 27.8 million (EUR 17.4 million) and the share of Defense & Security products was EUR 35.3 million (EUR 35.8 million).
  • The share of services-based net sales was EUR 23.8 million (EUR 25.3 million), representing 27.4 percent of the net sales. The share of Connectivity Solutions R&D services was EUR 15.5 million (EUR 15.9 million).
  • EBITDA was EUR 13.7 million (EUR 13.5 million).
  • Operating result was EUR 3.2 million (EUR 2.1 million).
  • Result for the period was EUR 3.3 million and earnings per share were EUR 0.093 (result for the period EUR 2.2 million and earnings per share EUR 0.061).
  • Cash flow from operating activities was EUR 8.3 million (EUR 6.9 million).
  • Net cash flow was EUR -2.6 million (EUR -10.5 million).
  • The order backlog was EUR 29.5 million (EUR 27.6 million)
  • The Board of Directors of Bittium Corporation proposes to the Annual General Meeting of shareholders to be held on April 6, 2022, resolve to pay EUR 0.04 per share as dividend based on the adopted balance sheet for the financial period of January 1–December 31, 2021.

Bittium´s net sales in January–December 2021 increased by 10.8 percent year-on-year to EUR 86.9 million (EUR 78.4 million).

The share of product-based net sales was EUR 63.1 million (EUR 53.1 million), representing 72.6 percent of the net sales. The share of Medical Technologies products was EUR 27.8 million (EUR 17.4 million) and the share of Defense & Security products and systems was EUR 35.3 million (EUR 35.8 million). The increase in product-based net sales resulted from the growth in the demand for Medical Technologies business´ Faros ECG monitoring devices.

The share of services-based net sales was EUR 23.8 million (EUR 25.3 million), representing 27.4 percent of the net sales. The share of Connectivity Solutions R&D services was EUR 15.5 million (EUR 15.9 million), resulting mainly from R&D services for wireless telecommunication customers.

EBITDA for January–December 2021 was EUR 13.7 million (EUR 13.5 million). EBITDA was affected by increased production costs, which was mainly due to additional costs caused by the component shortages. The level of R&D investments decreased, which reflected as a decrease in R&D expenses capitalized in the balance sheet. Maintaining the expanding product portfolio competitive increases the annual continuing product development costs.

Operating result in January–December 2021 was EUR 3.2 million (EUR 2.1 million).

Cash flow from operating activities was EUR 8.3 million (EUR 6.9 million). Net cash flow during the period was EUR -2.6 million, including as the most significant items EUR 7.0 million R&D investments into own products and EUR 1.1 million dividend payment (EUR -10.5 million, including as the most significant item EUR 13.6 million R&D investments into own products, no dividends was paid during the comparison period).

The equity ratio was 72.4 percent (73.1 percent).

Net gearing was 0.2 percent (-1.9 percent).

The order backlog at the end of the year was EUR 29.5 million (EUR 27.6 million).