Other information disclosed according to the rules of the Exchange
Correction to the Stock Exchange Release: Bittium Corporation Starts Financial Reporting Based on the New Segment Structure on
Below the whole release with the correction:
Bittium Corporation Starts Financial Reporting Based on the New Segment Structure on
The Board of Directors of
The business segments to be reported are:
- Medical, focusing on measuring biosignals and remote monitoring,
- Defense & Security, offering products and services to the defense and authorities' markets, and
- Engineering Services, offering embedded wireless solutions for its customers.
During the past two years, Bittium has strengthened its businesses to become even more independent to enable the Business Segments to operate as their own entities. As part of this, the company has reorganized the entire group operations by transferring, among other things, previously centralized group functions largely to Business Segments in accordance with the needs of each segment. In the same context, the company went through significant change negotiations due to production, financial and reorganization reasons.
The new Group Functions segment includes group administration, strategic projects, and stock market listing related functions, as well as renting premises owned by the group. Group Functions charge rent from Business Segments for the premises. In addition to this, Group Functions produces common services for the Business Segments, which are reasonable to be managed centrally. For these services, the Business Segments pay a service fee in proportion to the number of personnel in each Business Segment. The CEO, CFO, CDO, Vice President, Communications and Sustainability and CLO are responsible for the Group Functions. Altogether, there are approximately 50 employees in Group Functions.
The reportable financial indicators of the new segments are net sales, EBITDA, EBITDA % of net sales, operating result, operating result % of net sales, R&D investments, capitalized R&D investments, new orders and order backlog, and the amount of personnel. The first financial report based on these new segments will be
Hereby, the nominations announced on
Oulu,
The Board of Directors of
Further information:
Johan Westermarck
CEO
Tel. +358 40 344 2789 (group communications)
Distribution
Main media
Bittium
Bittium specializes in the development of reliable, secure communications and connectivity solutions leveraging its over 35-year legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and services, customized solutions based on its product platforms, and R&D services. Complementing its communications and connectivity solutions, Bittium offers proven information security solutions for mobile devices and portable computers. Bittium also provides healthcare technology products and services for biosignal measuring in the areas of cardiology and neurophysiology. Net sales in 2022 were
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