2009 in brief

2009 was a challenging year in a market characterized by lower investment activity, intense competition and price erosion. As a result, the top line growth trend was broken and revenue declined by 3 %. However, the Group performed well on its top priorities for 2009; improved cash-flow and greater financial flexibility.

• Revenue declined three percent to NOK 5,778 million
  
• Free cash flow was NOK 585 million - positive contribution from all segments
  
• Working capital was reduced by NOK 685 million to NOK 899 million
  
• Purchased all shares in Eltek Valere - settled all disputes with former minority shareholders in January 2010
  
• Net interest bearing debt was reduced by NOK 429 million to NOK 596 million, including new debt of NOK 235 million related to purchase remaining shares in Eltek Valere
  
• Eltek Valere ventured into new market segments and gained market share, but posted 12 % reduced revenue
  
• Nera Networks revenue increased by 4 %, however gross margin suffered as a result of falling prices and low capacity utilization
  
• NeraTel posted a revenue growth of 20 %, but with reduced gross margin as a result of a change in the revenue mix between business areas