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Thursday 13 February, 2014

Eltek ASA

Eltek ASA: Report fourth quarter 2013

Eltek ASA: Report fourth quarter 2013

(Drammen, 13 February 2013) Eltek reported revenue of NOK 973 million and an order entry of NOK 938 million in the fourth quarter 2013, both five percent above the fourth quarter last year. Operating profit (EBIT) was NOK 93 million and pre-tax profit NOK 71 million. These results were in line with the fourth quarter 2012, adjusted for one-off restructuring costs of NOK 12 million.

Net profit was a negative NOK -54 million in the fourth quarter, including a net loss of NOK 74 million from discontinued operations related to the withdrawal from Renewables.

For the full year 2013, revenue increased eight percent to NOK 3,671 million, whereas order entry increased seven percent to NOK 3,727 million. EBIT was NOK 300 million and pre-tax profit NOK 221 million. Adjusted for one-off costs of NOK 38 million, these results were 21 percent and 33 percent, respectively, above 2012. Net profit was NOK 55 million, including a net loss of NOK 79 million from discontinued operations.

Following the withdrawals from the E-Vehicles and Renewable markets, Eltek's focus is on Telecom Power and Industrial Applications, as well as pursuing growth opportunities within the datacenter market

Telecom Power ended a strong 2013 with a stable fourth quarter, whereas the Industrial Application business reported flat revenue for the year but an all-time high revenue level in the fourth quarter.

Overall, Eltek entered 2014 with a nine percent higher order backlog than the company had at the beginning of 2013. The company expects moderate growth in the telecom market and believes it is well positioned in areas expected to show higher growth, such as the 4G/LTE small cells, DSLAM power solutions for fiber networks, and hybrid power solutions. The company also maintains a positive outlook for the Industrial Applications business.

Eltek is taking strategic measures to further improve profitability through the implementation of "ONE Eltek", a comprehensive improvement program that will run over the next three years.

The company hosts a presentation and subsequent Q&A session on a combined webcast and conference call at 8:30 CET today.

Webcast:http://www.eltek.com/webcasts or follow the webcast link on the investor relations section on the company web site.

Conference call: Please dial-in 5 minutes prior to start time using the below number of confirmation code.

Norway: +47 2316 2729
International: +44 (0) 20 3427 1903
US: +1 212 444 0895

Participants will be asked for the name, company, and the conference ID number 1850789.

Please find enclosed the interim report for the fourth quarter and full year 2013 on http://www.newsweb.no.

This information is subject of the disclosure requirements acc. to §5-12 vphl (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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