Eltek ASA - Report second quarter and first half year 2009
(Thomson Reuters ONE) - Drammen (19 August, 2009). Eltek ASA reports revenue of NOK 1,487million and a gross profit of NOK 341 million for the second quarter2009. Operating profit (EBIT) was NOK 41 million, compared to NOK 52million in the second quarter last year. Positive net financial itemscontributed to an improvement in profit before tax to NOK 68 millionfrom NOK 51 million in the same quarter last year. Net workingcapital was reduced by NOK 140 million in the second quarter, and netcash flow from operations amounted to NOK 193 million. Net debt wasreduced by NOK 142 million to NOK 724 million at the end of thesecond quarter.Revenue increased by 5 percent from the first quarter 2008. Thegrowth was supported by currency developments, and revenue declinedby 8 percent on a currency adjusted basis. The gross margin declinedto 23.0 percent from 23.7 percent in the second quarter 2009, withgross margin improving in Eltek Valere but declining in NeraNetworks. The positive net financial items of NOK 28 million in thesecond quarter include positive currency effects of NOK 55 million.Net free cash flow after investment was NOK 128 million in the secondquarter and NOK 249 million for the first half year, and the companywill remain focused on working capital management to continue toimprove its financial flexibility.Going forward, the uncertain economic outlook continues to limitdemand visibility, and both Eltek Valere and Nera Networks have takenmeasures to reduce the cost base in preparedness for a continuedchallenging market.Eltek Valere expects the measures to lower the annual cost base byapproximately NOK 30 million, whereas Nera Network expects combinedannual savings in cost of goods sold and operational costs ofapproximately NOK 55 million from the first of two plannedrestructuring phases. Non-recurring costs related to restructuringaffected the Income Statement negatively by NOK 10 million in each ofthe two subsidiaries in the second quarter 2009.Please find enclosed the interim report for the second quarter andfirst half year 2009 on http://www.newsweb.nohttp://hugin.info/86881/R/1335703/317534.pdfhttp://hugin.info/86881/R/1335703/317545.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.08.2009 - 08:25 Uhr
Sprache: Deutsch
News-ID 4854
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