Eltek ASA: Report fourth quarter and full year 2012
Eltek reported a four percent increase in operating profit (EBIT) to NOK 253
million and a nine percent increase in profit before tax to NOK 169 million for
the full year 2012, with the fourth quarter turning out as the strongest of the
year. Net profit from the continuing operations was NOK 168 million, whereas
Group Net profit was NOK 414 million including a net gain of NOK 159 million
from the divestment of Nera Telecommunications Ltd.
Revenue amounted to NOK 952 million in the fourth quarter, an 11 percent decline
from the very high level reported in the fourth quarter 2011. This generated a
revenue decline of two percent to NOK 3,489 million for the full year 2012.
Higher gross margin compensated for the revenue decline in the fourth quarter,
leaving gross profit unchanged at NOK 279 million. EBIT was NOK 98 million in
the fourth quarter (101), and profit before tax NOK 77 million (77). Net profit
from continuing operations was NOK 95 million (64) in the fourth quarter,
whereas Group net profit was NOK 263 million including the NeraTel divestment
gain (92).
Eltek saw a relatively active telecom market in 2012, and good demand for its
industrial applications offering. Order entry increased to NOK 927 million in
the fourth quarter (882) and NOK 3,592 million for the full year 2012 (3,459),
and the year-end order backlog of NOK 734 million was 10 percent above year-end
2011.
Going forward, it is expected that telecom operators will continue to expand and
upgrade mobile networks to keep pace with sharply increasing data traffic.
Eltek's High Efficiency technology and leading hybrid power offering should
allow for growth in this scenario. Eltek also continues to see a positive market
outlook for its industrial applications business. Eltek's new business
development initiatives are expected to contribute only modestly to revenue in
the near- to medium term.
Please find enclosed the interim report for the third quarter and first nine
months 2012 on http://www.newsweb.no.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act).
4Q 2012 Report Eltek:
http://hugin.info/86881/R/1678094/547557.pdf
4Q 2012 Financial Information Eltek:
http://hugin.info/86881/R/1678094/547558.pdf
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Source: Eltek ASA via Thomson Reuters ONE
[HUG#1678094]
