The Sale of the Test Tools Product Business
EB and Anite plc signed an agreement on January 28, 2013, under the terms of which EB agreed to sell its Test Tools product business to Anite (“the Transactionī). The Transaction comprised the sale of the shares of EBīs subsidiary Elektrobit System Test Ltd., a company based in Oulu, Finland, and certain related other assets in the USA and China. EBīs Test Tools product business provided radio channel emulation tools and testing solutions for the development of wireless technologies and was part of EBīs Wireless Business Segment employing a total of 54 persons in Finland, the USA and China.
The cash consideration, EUR 31.0 million, paid for EBīs Test Tools product business has been adjusted by EUR 0.9 million based on the level of net working capital and cash and debt in the Test Tools product business at the date of the transaction on January 31, 2013. Adjustment improved EBīs operating result from Discontinuing
Operations in the reporting period and cash flow of the fourth quarter 2013 by EUR 0.8 million. In the aggregate, the sale of the Test Tools product business resulted in a non-recurring net profit of about EUR 24 million and a non-recurring net cash flow of about EUR 28 million in 2013.