6-K 1 y52625e6-k.txt NERA ASA 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ------- FORM 6-K REPORT OF FOREIGN ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For 2nd Quarter 2001 Results NERA ASA Kokstadveien 23, P.O. Box 7090 N-5020 BERGEN Norway Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F ----- ---- Indicate by check mark whether the registrant by furnishing the information continued in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No X ---- ---- If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3- 2(b): 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised. NERA ASA By: Bjorn Ove Skjeie (sign.) Name: Bjorn Ove Skjeie Title: President and Chief Operating Officer Dated: August 15, 2001

VALUES IN MNOK Q1-01 Q1-00 % CHANGE 2000 New orders 703 589 19,3 2 902 Operating revenue 724 615 17,7 2 550 Operating income before WBA* 58,9 55,5 6,1 227,9 Operating income -9,4 50,1 -118,0 104,5 Income before tax 21,3 62,7 -66,0 193,3 Earnings per share, NOK 0,14 0,44 1,22

(Amounts in KNOK) Q1 2001 Q1 2000 YEAR 2000 ----------------------------------------------------------------------------------------- NEW ORDERS 702,902 589,244 2,902,043 SALES 723,805 614,564 2,549,816 Operating costs -620,097 -493,856 -2,091,647 Depreciation -21,009 -12,773 -66,943 ----------------------------------------------------------------------------------------- OPERATING INCOME BEFORE R&D 82,699 107,936 391,226 ----------------------------------------------------------------------------------------- Research and Development -92,092 -57,857 -286,745 ----------------------------------------------------------------------------------------- OPERATING INCOME -9,393 50,079 104,481 ----------------------------------------------------------------------------------------- Income from investments in associated companies 8,749 3,838 26,474 Net financial income (expenses) 21,910 8,753 62,322 ----------------------------------------------------------------------------------------- INCOME BEFORE TAXES 21,266 62,670 193,277 ----------------------------------------------------------------------------------------- Taxes -4,255 -19,514 -56,950 ----------------------------------------------------------------------------------------- NET INCOME 17,011 43,156 136,327 -----------------------------------------------------------------------------------------

(AMOUNTS IN KNOK) 31.03.01 31.12.00 31.03.00 ------------------------------------------------------------------------------------ R&D Purchased technology 21,431 Deferred tax assets 25,774 17,889 5,126 Goodwill 118,158 123,533 Property, plant and equipment 195,551 178,603 142,436 Financial non-current assets 425,106 396,076 335,260 ------------------------------------------------------------------------------------ NON-CURRENT ASSETS 764,588 716,101 504,253 ------------------------------------------------------------------------------------ Inventories 343,118 269,104 327,555 Trade receivables 721,231 785,851 551,049 Other receivables 406,301 385,874 233,328 Short term share holdings 2,300 Cash and cash equivalents 1,325,412 1,320,275 703,792 ------------------------------------------------------------------------------------ CURRENT ASSETS 2,796,063 2,761,104 1,818,024 ------------------------------------------------------------------------------------ TOTAL ASSETS 3,560,651 3,477,205 2,322,277 ------------------------------------------------------------------------------------ Shareholders' equity 1,996,651 1,976,990 1,054,840 Long term debt 95,423 301,455 341,585 Current liabilities 1,468,577 1,198,760 925,852 ------------------------------------------------------------------------------------ TOTAL EQUITY AND LIABILITIES 3,560,651 3,477,205 2,322,277 ------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------ Interest-bearing current liabilities 251,419 61,807 1,200 Interest-bearing long-term liabilities -- 187,108 233,431 ------------------------------------------------------------------------------------

Q1 Q4 Q3 Q2 Q1 2001 2000 2000 2000 2000 -------------------------------------------------------------------------------- New orders 702 902 842 155 617 495 853 149 589 244 -------------------------------------------------------------------------------- Sales 723 805 842 786 543 990 548 476 614 564 -------------------------------------------------------------------------------- Operating income -9 393 23 583 919 29 901 50 079 -------------------------------------------------------------------------------- Income before tax 21 266 59 784 30 337 40 488 62 670 --------------------------------------------------------------------------------

(Amounts in KNOK) Q1 2001 Q1 2000 YEAR 2000 ----------------------------------------------------------------------------------------------------------------------- Net income 17,011 43,156 136,328 Depreciation 21,009 12,773 66,942 Depreciation of goodwill and financial non-current assets Changes in inventories, accounts receivables/payables and other working capital items 34,830 25,491 -159,820 Other adjustments to operating activities -20,114 41,720 34,319 ----------------------------------------------------------------------------------------------------------------------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 52,735 123,140 77,770 ----------------------------------------------------------------------------------------------------------------------- Proceeds from sale of property, plant and equipment 249 -13,102 10,560 Capital investments -30,615 34 -105,849 Other investments and sales -15,399 97,925 28,410 ----------------------------------------------------------------------------------------------------------------------- NET CASH PROVIDED BY (USED IN) -45,765 84,857 -66,879 ----------------------------------------------------------------------------------------------------------------------- Proceeds from share issue 2,517 9,045 860,641 Net change in own shares -10,930 Dividend paid -19,562 Net change in debt -2,141 349 5,356 ----------------------------------------------------------------------------------------------------------------------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 376 9,394 835,505 ----------------------------------------------------------------------------------------------------------------------- Effect of changes in currency exchange rates -2,209 4,867 -7,655 Effect of changes in currency exchange rates on cash and cash-equivalents ----------------------------------------------------------------------------------------------------------------------- NET CHANGES IN CASH AND CASH EQUIVALENTS 5,137 222,258 838,741 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 1,320,275 481,534 481,534 ----------------------------------------------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1,325,412 703,792 1,320,275 -----------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------- (Amounts in KNOK) Q1 2001 Q1 2000 YEAR 2000 ------------------------------------------------------------------------------- Orders received 702 902 589 244 2 902 043 ------------------------------------------------------------------------------- Sales 723 805 614 564 2 549 816 ------------------------------------------------------------------------------- Operating income before WBA 58 904 55 475 227 958 ------------------------------------------------------------------------------- Operating income -9 393 50 089 104 481 ------------------------------------------------------------------------------- Pre tax income 21 266 62 670 193 277 -------------------------------------------------------------------------------

------------------------------------------------------------------------------------------ (Amounts in MNOK) Q1 2001 Q1 2000 YEAR BUSINESS AREA 2000 ------------------------------------------------------------------------------------------ Transmission Network 503 71,5% 368 62,6% 2 216 76,4% ------------------------------------------------------------------------------------------ Satellite Communication 199 28,4% 192 32,5% 576 19,8% ------------------------------------------------------------------------------------------ Wireless Broadband Access 2 0,3% 0 0,0% 72 2,5% ------------------------------------------------------------------------------------------ Others/ Elimination -1 -0,2% 29 4,9% 38 1,3% ------------------------------------------------------------------------------------------ TOTAL 703 100% 589 100% 2 902 100% ------------------------------------------------------------------------------------------

Percentage by region on 31. March 2001 -------------------- NORWAY 7,5% GREAT BRITAIN 2,9% REST OF EUROPE 23,8% AMERICAS 24,0% AFRICA 1,5% ASIA 39,8% OCEANIA 0,5%

----------------------------------------------------------------------------------------------------- (Amounts in MNOK) Q1 2001 Q1 2000 YEAR BUSINESS AREA 2000 ----------------------------------------------------------------------------------------------------- Transmission Network 559 77,2% 376 61,1% 1 803 70,7% ----------------------------------------------------------------------------------------------------- Satellite Communication 155 21,4% 210 34,2% 709 27,8% ----------------------------------------------------------------------------------------------------- Wireless Broadband Access 12 1,6% 0 0,0% 16 0,6% ----------------------------------------------------------------------------------------------------- Other/ Elimination -2 -0,2% 29 4,7% 22 0,9% ----------------------------------------------------------------------------------------------------- TOTAL 724 100% 615 100% 2 550 100% -----------------------------------------------------------------------------------------------------

Q2 Q3 Q4 2002 AND MNOK 2001 2001 2001 LATER TOTAL ------------------------------------------------------- 618 233 178 102 1 131 -------------------------------------------------------

Q1 2001 (Amounts in MNOK) [Triangle] Operating income and margins [Arrow] Transmission Network - OPERATING INCOME 47,3 - OPERATING MARGIN 8,5% [Arrow] Satellite Communication - OPERATING INCOME 15,9 - OPERATING MARGIN 10,2% [Arrow] Wireless Broadband Access - IMPACT ON OPERATING INCOME -68,3 [Triangle] Sales & admin.costs as % of sales 16,9%

-------------------------------------------------------------------------- (Amounts in MNOK) Q1 2001 Q1 2000 YEAR BUSINESS AREA 2000 -------------------------------------------------------------------------- TRANSMISSION NETWORK 47,3 27,4 160,2 SATELLITE COMMUNICATION 15,9 32,2 97,6 WIRELESS BROADBAND ACCESS -68,3 -5,4 -123,4 OTHER/ ELIMINATION -4,3 -4,1 -29,9 -------------------------------------------------------------------------- TOTAL -9,4 50,1 104,6 --------------------------------------------------------------------------

1996 1997 1998 1999 2000 Q1 2000 Q1 2001 ---- ---- ---- ---- ---- ------- ------- 13.9% 11.4% 9.0% 14.2% 15.3% 17.6% 11.4%

MNOK 2000 PER 2001 PER 1996 1997 1998 1999 QUARTER QUARTER ---- ---- ---- ---- ------- ------- (6,4%)* (7,3%)* (6,9%)* (6,6%)* (7,8%)* (12,7%)* 193 204 200 216 216 92

------------------------------------------------------------------------------------------------------ (Amounts in KNOK) Q1 2001 Q1 2000 YEAR 2000 ------------------------------------------------------------------------------------------------------ NEW ORDERS 702,902 589,244 2,902,043 SALES 723,805 614,564 2,549,816 Operating costs -620,097 -493,856 -2,091,647 Depreciation -21,009 -12,773 -66,943 ------------------------------------------------------------------------------------------------------ OPERATING INCOME BEFORE R&D 82,699 107,936 391,226 ------------------------------------------------------------------------------------------------------ Research and Development -92,092 -57,857 -286,745 ------------------------------------------------------------------------------------------------------ OPERATING INCOME -9,393 50,079 104,481 ------------------------------------------------------------------------------------------------------ Income from investments in associated companies 8,749 3,838 26,474 Net financial income (expenses) 21,910 8,753 62,322 ------------------------------------------------------------------------------------------------------ INCOME BEFORE TAXES 21,266 62,670 193,277 ------------------------------------------------------------------------------------------------------ Taxes -4,255 -19,514 -56,950 ------------------------------------------------------------------------------------------------------ NET INCOME 17,011 43,156 136,327 ------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------ (AMOUNTS IN KNOK) 31.03.01 31.12.00 31.03.00 ------------------------------------------------------------------------------------ R&D Purchased technology 21,431 Defered tax assets 25,774 17,889 5,126 Goodwill 118,158 123,533 Property, plant and equipment 195,551 178,603 142,436 Financial non-current assets 425,106 396,076 335,260 ------------------------------------------------------------------------------------ NON-CURRENT ASSETS 764,588 716,101 504,253 ------------------------------------------------------------------------------------ Inventories 343,118 269,104 327,555 Trade receivables 721,231 785,851 551,049 Other receivables 406,301 385,874 233,328 Short term share holdings 2,300 Cash and cash equivalents 1,325,412 1,320,275 703,792 ------------------------------------------------------------------------------------ CURRENT ASSETS 2,796,063 2,761,104 1,818,024 ------------------------------------------------------------------------------------ TOTAL ASSETS 3,560,651 3,477,205 2,322,277 ------------------------------------------------------------------------------------ Shareholders' equity 1,996,651 1,976,990 1,054,840 Long term debt 95,423 301,455 341,585 Current liabilities 1,468,577 1,198,760 925,852 ------------------------------------------------------------------------------------ TOTAL EQUITY AND LIABILITIES 3,560,651 3,477,205 2,322,277 ------------------------------------------------------------------------------------ Interest-bearing current liabilities 251,419 61,807 1,200 Interest-bearing long-term liabilities - 187,108 233,431 ------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------- (Amounts in KNOK) Q1 2001 Q1 2000 YEAR 2000 ----------------------------------------------------------------------------------------------------------------------- Net income 17,011 43,156 136,328 Depreciation 21,009 12,773 66,942 Depreciation of goodwill and financial non-current assets Changes in inventories, accounts receivables/payables and other working capital items 34,830 25,491 -159,820 Other adjustments to operating activities -20,114 41,720 34,319 ----------------------------------------------------------------------------------------------------------------------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 52,735 123,140 77,770 ----------------------------------------------------------------------------------------------------------------------- Proceeds from sale of property, plant and equipment 249 -13,102 10,560 Capital investments -30,615 34 -105,849 Other investments and sales -15,399 97,925 28,410 ----------------------------------------------------------------------------------------------------------------------- NET CASH PROVIDED BY (USED IN) -45,765 84,857 -66,879 ----------------------------------------------------------------------------------------------------------------------- Proceeds from share issue 2,517 9,045 860,641 Net change in own shares -10,930 Dividend paid -19,562 Net change in debt -2,141 349 5,356 ----------------------------------------------------------------------------------------------------------------------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 376 9,394 835,505 ----------------------------------------------------------------------------------------------------------------------- Effect of changes in currency exchange rates -2,209 4,867 -7,655 Effect of changes in currency exchange rates on cash and cash-equivalents ----------------------------------------------------------------------------------------------------------------------- NET CHANGES IN CASH AND CASH EQUIVALENTS 5,137 222,258 838,741 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 1,320,275 481,534 481,534 ----------------------------------------------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1,325,412 703,792 1,320,275 -----------------------------------------------------------------------------------------------------------------------

31.03.01 31.03.00 [Triangle] Operating margin (1) before R&D 11,4% 17,6% [Triangle] R&D as % of sales 12,7% 9,4% [Triangle] Operating margin (2) = operating margin as % of sales -1,3% 8,1% [Triangle] Earnings per share NOK 0,14 NOK 0,44

---------------------------------------------------------------------------------------------------------- Q1 Q4 Q3 Q2 Q1 2001 2000 2000 2000 2000 ---------------------------------------------------------------------------------------------------------- NEW ORDERS 702 902 842 155 617 495 853 149 589 244 ---------------------------------------------------------------------------------------------------------- SALES 723 805 842 786 543 990 548 476 614 564 ---------------------------------------------------------------------------------------------------------- OPERATING INCOME -9 393 23 583 919 29 901 50 079 ---------------------------------------------------------------------------------------------------------- INCOME BEFORE TAX 21 266 59 784 30 337 40 488 62 670 ----------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------- Q1 Q4 Q3 Q2 Q1 BUSINESS AREAS 2001 2000 2000 2000 2000 ----------------------------------------------------------------------------------------------------------- Transmission Networks 503 71,5% 730 86,7% 482 78,0% 635 74,5% 368 62,6% ----------------------------------------------------------------------------------------------------------- Satellite Communication 199 28,4% 122 14,5% 127 20,6% 135 15,8% 192 32,5% ----------------------------------------------------------------------------------------------------------- Wireless Broadband Access 2 0,3% 17 2,0% 9 1,4% 46 5,4% 0 0,0% ----------------------------------------------------------------------------------------------------------- Other/ Elimination -1 -0,2% -27 -3,2% 0 0,0% 37 4,3% 29 4,9% ----------------------------------------------------------------------------------------------------------- TOTAL 703 100% 842 100% 618 100% 853 100% 589 100% -----------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------- Q1 Q4 Q3 Q2 Q1 BUSINESS AREAS 2001 2000 2000 2000 2000 -------------------------------------------------------------------------------------------------------------------- Transmission Network 559 77,2% 687 81,5% 383 70,4 % 356 65,0 % 376 61,1 % -------------------------------------------------------------------------------------------------------------------- Satellite Communication 155 21,4% 163 19,3% 160 29,4 % 176 32,1 % 210 34,2 % -------------------------------------------------------------------------------------------------------------------- Wireless Broadband Access 12 1,6% 15 1,8% 1 0,2 % 0 0,0 % 0 0,0 % -------------------------------------------------------------------------------------------------------------------- Other/ Elimination -2 -0,2% -22 -2,6% 0 0,0 % 16 2,9 % 29 4,7 % -------------------------------------------------------------------------------------------------------------------- TOTAL 724 100% 843 100% 544 100% 548 100% 615 100% --------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------- (Amounts in MNOK) Q1 Q1 YEAR MARKET REGIONS 2001 2000 2000 ----------------------------------------------------------------------------------------------- Norway 53 7,5% 52 8,9% 192 6,6% ----------------------------------------------------------------------------------------------- United Kingdom 20 2,9% 89 15,2% 276 9,5% ----------------------------------------------------------------------------------------------- Rest of Europe 167 23,8% 186 31,5% 703 24,2% ----------------------------------------------------------------------------------------------- America 169 24,0% 153 26,0% 802 27,6% ----------------------------------------------------------------------------------------------- Africa 10 1,5% 29 4,9% 292 10,1% ----------------------------------------------------------------------------------------------- Asia 280 39,8% 73 12,4% 438 15,1% ----------------------------------------------------------------------------------------------- Oceania 4 0,5% 7 1,1% 198 6,8% ----------------------------------------------------------------------------------------------- TOTAL 703 100% 589 100% 2 902 100% -----------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------- (Amounts in MNOK) Q1 Q1 YEAR MARKET REGION 2000 2000 2000 --------------------------------------------------------------------------------------------- Norway 45 6,3% 33 5,4% 168 6,6% --------------------------------------------------------------------------------------------- United Kingdom 75 10,3% 69 11,2% 310 12,2% --------------------------------------------------------------------------------------------- Rest of Europe 128 17,6% 203 33,0% 711 27,8% --------------------------------------------------------------------------------------------- Americas 257 35,6% 120 19,5% 668 26,2% --------------------------------------------------------------------------------------------- Africa 59 8,2% 47 7,6% 180 7,1% --------------------------------------------------------------------------------------------- Asia 94 13,0% 131 21,4% 463 18,2% --------------------------------------------------------------------------------------------- Oceania 65 9,0% 12 1,9% 50 1,9% --------------------------------------------------------------------------------------------- TOTAL 724 100% 615 100% 2 550 100% ---------------------------------------------------------------------------------------------

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