Eltek ASA - Report fourth quarter 2009
(Thomson Reuters ONE) -
Eltek ASA - Report fourth quarter and full year 2009
Eltek generated continued strong free cash flow of NOK 194 million in the fourth
quarter 2009. Free cash flow for the full year 2009 improved by more than NOK 1
billion to NOK 585 million, with positive contributions from all business
segments.
The top priorities for Eltek in 2009 were to improve cash flow and strengthen
its financial flexibility, and measures to improve working capital management
and cash collection have paid off. Net cash flow from operating activities
improved by NOK 947 million to NOK 838 million in 2009, as working capital was
reduced by NOK 685 million to NOK 899 million.
The Board of Directors is satisfied with the result of the focused working
capital programs but working capital management remains a key priority with an
aim to generate positive free cash flow in all segments also in 2010.
Group revenue amounted to NOK 1,497 million and gross profit to NOK 349 million
for the fourth quarter. EBIT was a negative NOK 143 million, including
impairment and other non-recurring charges of NOK 199 million. For the full
year, revenue declined by three percent to NOK 5,778 million, whereas gross
profit declined two percent to NOK 1,338 million. EBIT was a negative NOK 11
million, including impairment and non-recurring charges of NOK 220 million. Loss
before tax amounted to NOK 173 million for the fourth quarter and to NOK 92
million for the full year 2009.
Order entry declined by 10 percent from the third to the fourth quarter, and
normal seasonal patterns indicate a revenue decline from the fourth quarter to
the first quarter in the following year. Overall, Eltek expects that the telecom
power market will stabilize in 2010, and that the transmission market will show
growth.
Eltek believes it has a good foundation to strengthen its position going
forward, with a power efficient product portfolio of power supply products and a
broader Evolution radio portfolio. Eltek Valere expects growth for industrial
applications, and stands to benefit from growth initiatives in new areas such as
solar power inverters and electric vehicle chargers.
Please find enclosed the interim report for the fourth quarter and full year
2009 onhttp://www.newsweb.no
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1385839]
Report 4th quarter 2009: http://hugin.info/86881/R/1385839/344605.pdf
Key Figures: http://hugin.info/86881/R/1385839/344606.pdf
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Datum: 18.02.2010 - 02:26 Uhr
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