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Monday 26 January, 2015

Eltek ASA

Eltek ASA: Earnings guidance fourth quarter 2014

Eltek ASA: Earnings guidance fourth quarter 2014

(Drammen, Norway, 26 January 2015) Eltek ASA will publish its financial statement for fourth quarter 2014 on 13 February 2015. The company hereby provides an update on certain aspects of the quarter in advance of the expiration of the acceptance period for the voluntary offer for the outstanding shares of Eltek ASA made by Deltronics (Netherlands) B.V.

As announced on 12 January 2015, the acceptance period is set to expire on 10 February 2015 at 09:00 CET.

Revenue for the fourth quarter 2014 was approximately NOK 1,068 million, compared to 973 million in the fourth quarter 2013. Currency movements supported revenue growth, and on a currency-adjusted basis revenue increased by approximately 6 percent from the fourth quarter 2013.

Gross margin was approximately 30.1 percent in the fourth quarter 2014, compared to 28.4 percent in the fourth quarter 2013.

Substantial one-off costs are expected to be recorded in the fourth quarter 2014. These include incurred costs and provisions related to the strategic options process announced on October 31 and the subsequent voluntary offer made by by Deltronics (Netherlands) B.V and restructuring of Eltek's operation in Germany. In total, these one-off costs are expected to be approximately NOK 119 million in the fourth quarter 2014.

Subject to that the conditions for closing are fulfilled as set forth in the Offer Document issued 12 January 2015, Eltek ASA will be obliged to purchase all the shares in Eltek Management Invest AS, a subsidiary of Eltek ASA established in connection with the management investment program for the Eltek group. It is expected that the total liability will be approximately NOK 110 million and this amount will be fully provided for in the Q4 accounts.

This information is provided based on preliminary numbers, which are subject to change before the fourth quarter 2014 financial statement is released.

For further information, please contact:

CFO Björn Wigström, Eltek ASA
Tel: +47 90 53 13 04

About Eltek ASA:
Eltek is a strategic technology partner for power solutions. The company reported revenue of NOK 3.7 billion in 2013, and has approximately 2,400 employees and operations in almost 40 countries. The company focuses on power electronics markets, where it is one of the leaders in telecom power and a growing force within industrial applications. Eltek is also pursuing growth opportunities within the datacenter market. Eltek is listed on Oslo Stock (ELT:Oslo) Exchange and headquartered in Drammen, Norway.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eltek ASA via Globenewswire


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