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Half Year Results 2008

Zenitel announces its half year results 2007.

Stable revenues compared to first half 2007. Results negatively impacted by substantial transition measures and restructuring charges in System Integration.

Revenues first half 2008 amount to EUR 45.8 million.

Secure Communication Systems grows by 13% (+EUR 3.2 million), mainly thanks to growth in the Marine segment and the continued VoIP developments. Recurrent EBITDA improved by 16.3%.

Slow order intake in the System Integration business and delays in the realization of the expected savings, negatively impact the EBITDA. Important additional restructuring measures have been taken.

The Networks operations1 further focus on large ongoing and upcoming tenders in the Netherlands and on large industrial leads in the Antwerp harbour. It is expected that approximately 1,000 users should be converted from the pipeline into connections.

The group’s recurrent EBITDA dropped to EUR - 2.4 million.

Management expects a positive recurrent EBITDA for the second semester 2008, after the planned restructuring and reconfirms its revenue outlook.

Revenue growth, increased net results 2018

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