Eltek ASA fourth quarter and full year 2011
(Thomson Reuters ONE) -
Eltek reported stronger than expected performance in the continuing operations
in the power electronics market, driven by the legacy market in telecom power
and growth for industrial applications. Revenue in the continuing operations
increased 11 percent to NOK 1,066 million in the fourth quarter 2011 and by 13
percent to NOK 3,565 million for the full year 2011. Profit before tax in the
continuing operations was NOK 77 million in the fourth quarter and NOK 155
million in 2010.
Eltek has entered into an agreement, subject to certain conditions, to divest
all its shares in NeraTel for approximately NOK 375 million, and the Income
Statement reflects NeraTel's results as discontinued operations on one line
after tax.
EBIT in the continuing operations increased to NOK 101 million in the fourth
quarter 2011 (72) and NOK 243 million for 2011 (137), including corporate costs.
Net profit for the continuing operations was NOK 64 million in the fourth
quarter and NOK 112 million for the full year. Net profit from discontinued
operations was NOK 28 million in the fourth quarter and NOK 32 million for the
full year. Net profit was thus NOK 92 million in the fourth quarter and NOK 144
million for the full year 2011.
The divestiture of NeraTel will allow Eltek to focus its resources on its core
business areas and further develop the already strong position in the power
electronics market that generated solid growth in 2011.
However, order entry declined towards the end of the year and the order backlog
at the end of 2011 was lower than the previous year. Market visibility remains
unclear in our industry, due to the high global economic uncertainty.
The proposed divestment may open for payment of an extraordinary dividend from
Eltek ASA once the transaction is completed. The size and timing remains to be
decided before a dividend proposal will be presented for an extraordinary
general meeting for approval.
Please find enclosed the interim report for the fourth quarter and full year
2011 on http://www.newsweb.no.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act).
4Q 2011 Report Eltek:
http://hugin.info/86881/R/1586394/497258.pdf
4Q 2011 Financial Information Eltek :
http://hugin.info/86881/R/1586394/497257.xls
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eltek ASA via Thomson Reuters ONE
[HUG#1586394]
Unternehmensinformation / Kurzprofil:
Datum: 16.02.2012 - 08:26 Uhr
Sprache: Deutsch
News-ID 115398
Anzahl Zeichen: 3143
contact information:
Town:
Drammen
Kategorie:
Business News
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