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Presentation of 2nd quarter 2001
2
Highlights 2nd quarter 2001
Revenue down 19% 375 MNOK
EBITDA, before non-recurring items 1 MNOK
Non-recurring items 140 MNOK
Goodwill write-down 480 MNOK
Liquid funds end of Q2 301 MNOK
Two new Group Companies
BPCP, China (previously associated)
Tripod, Sweden
3
Key FiguresContinuing operations
Amounts in Mill NOK
2001 2000 Change 2001 2000 ChangeRevenue 886.0 812.4 9 % 374.6 463.0 -19 %EBITDA 73.4 110.5 -34 % 1.1 71.9 -98 %EBIT 39.3 81.6 -52 % -17.0 57.4Profit before tax 28.0 83.7 -67 % -25.0 57.9Net profit, before non-recurring items 18.5 62.8 -71 % -16.0 45.4Goodwill write-down -480.0 -480.0Other non-recurring items -139.7 -139.7Tax on non-recurring items 80.9 80.9Net profit -520.3 62.8 -554.7 45.4Basic EPS (NOK) before non-recurring items 0.62 -0.76Basic EPS (NOK) -21.40 2.47 -22.78 1.81Cash EPS (NOK) before non-recurring items 1.58 -0.26Cash EPS (NOK) -0.78 3.32 -2.63 2.25
1st Half Year 2nd Quarter
4
Goodwill
Write-down is mainly related to goodwill in PCP
MNOKPer 30.06.2001 563Write-down -480
Remaining 83Tax asset, discounted 40
5
Employees
242
422
7897
197
379
90
171145
303
90
166
0
100
200
300
400
Americas Europe Asia/Pacific China
Q1 Q2 Plan Q4
Including new company in Q2: 102
6
Inventories
Increase in Q2 96 MNOK (excl. new companies, 13 MNOK)Reached the highest levelReduction from Q3 onwardsReduced deliveries lead to lower turnover
Increased provisions 69 MNOK
7
Accounts receivable
Reduction in Q2 114 MNOK (excl. new companies, 47 MNOK)Good progress in collection3 customers in liquidationLosses will incur
Increased provisions 40 MNOK
8
Non-recurring items
MNOKTerminations 30.7Inventory provisions 69.1Accounts receivable provisions 39.9
Total 139.7
9
Working capital
Excl. non-recurring items
30.06.01 30.03.01 ChangeNew
companies Net change
Inventories 471 362 109 13 96
Trade receivables 460 527 -67 47 -114
Trade payables -224 -226 2 -17 19
Net working capital 707 663 44 43 1
10
Cash
30.06.01 30.03.01 Change
Cash 83 64 19Overdraft -46 -34 -12Net cash 37 30 7Overdraft facilities 264 152 112
Liquid funds 301 182 119
New long-term financing 105Share issue options 11Dividend -24Acquisitions -32Cash in new companies -10Net working capital -1Capex -10Cash earnings, EBITDA + Fin.items -7Tax and other -25Total 7
11
Quarterly gross margin 2000-2001
40.5 % 41.9 %
35.9 %38.9 % 39.6 %
33.9 %
0 %
10 %
20 %
30 %
40 %
50 %
Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01
12
Quarterly operating cost 2000-2001
122
130136
127122103
4
0
40
80
120
160
Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01
Amounts in Mill NOK
New companies
13
Balance sheet
Amounts in MNOK
Goodwill
Other fixed assets
Total fixed assets
Inventories
Short term receivables
Cash and cash equivalents
Total current assets
Total assets
Share capital
Other equity
Minority interests
Total equity
Long-term liabilities
Bank overdraft
Short term liabilities
Total current liabilities
Total equity and liabilities
Equity ratio
31.12.00
541.6
125.2
666.7
258.7
504.0
128.3
891.1
1 577.8
24.3
944.6
24.3
993.1
140.9
13.3
410.5
423.8
1 557.8
63.8 %
31.06.01
83.1
208.6
291.7
401.9
455.5
83.0
940.4
1 232.1
24.5
470.1
23.7
518.2
240.4
46.1
427.4
473.5
1 232.1
42.1 %
31.03.01
546.3
139.1
685.4
362.0
571.5
63.6
997.1
1 682.5
24.5
1 013.4
23.6
1 061.4
138.7
33.8
448.6
482.4
1 682.5
63.1%
14
Global sale 2nd quarter
Africa1 % Asia/Pacific
20 %
Europe35 %
Americas35 %
131198
0100200300
2001 2000
Amounts in Mill NOK
China9 %
4 10
100200300
2001 2000
130195
0100200300
2001 2000
74 410
100200300
2001 2000
36 280
100200300
2001 2000
GR: -33 %
GR: 80 %
GR: 29 %GR: -34 %
GR: 300 %
15
Global sale per 2nd quarter
Africa1 % Asia/Pacific
16 %
Europe34 %
Americas43 %
304 340
0100200300400
2001 2000
Amounts in Mill NOK
China6 %
5 20
100200300
2001 2000
380 356
0100200300400
2001 2000
14074
0100200300
2001 2000
57 400
100200300400
2001 2000
GR: 7 %
GR: 89 %
GR: 43 %GR: -11 %
GR: 150 %
16
Revenue per quarter
Amounts in Mill NOK
238 216
349
511
222 232
463
375
224
300
543
183
370
538
0
100
200
300
400
500
600
1998 1999 2000 2001Q1 Q2 Q3 Q4
17
EBITDA per quarter
Amounts in Mill NOK
29
12
39
72
1915
72
1
17
35
68
9
47
73
0
10
20
30
40
50
60
70
80
1998 1999 2000 2001Q1 Q2 Q3 Q4
Excl. non-recurring items in Q2 2001
18
Order intake per quarter
Amounts in Mill NOK
201243
422
506
191
274
640
276237
360
533
179
329
567
0
100
200
300
400
500
600
700
1998 1999 2000 2001Q1 Q2 Q3 Q4
Excl. cancelled orders in Q2 2001; 69 MNOK
19
Order backlog per quarter
Amounts in Mill NOK
164 168
302
492
133
210
480
324
146
271
469
141
230
498
0
100
200
300
400
500
600
1998 1999 2000 2001Q1 Q2 Q3 Q4
20
15 largest customers 2001
NextelMaxis CommunicationsAllegianceN G Bailey NokiaMotorolaWorldCom AlcatelIpsarisEnergy Products PortastorGlobal SwitchGuangzhou PTT Level 3PRTEM
Share of total revenue: 46 %
21
Europe
Eltek Sales and Service office established in St. Petersburg, Russia
High activityAcquisition of Tripod, Sweden
Small installation company with well established market relations
Growth opportunity: UMTS Deliveries startedMajor roll-out rescheduledEltek well positioned
22
China and Asia/Pacific
Acquired majority stake in Beijing PCPDistribution Platform for the important Northern China MarketIncreases competitiveness vs local government backedcompetitors
Established Eltek Sales and Service centre in Manila, PhilippinesIncreased sales to Silcar, but progressing slowly
23
Americas
Market still challenging Growth not expected until Q1 2002Major restructuring in progress
24
OEM
Awarded major development contracts with two leading telecom manufacturers
High volume potentialNew product launches, expected end of the year
Shorter time to OEM marketGeneral high activity
25
Share performance
Eltek Share vs OSE Total Index and IT-index
as per 07.08.2001
0
100
200
300
400
500
08.07.98 08.11.98 08.03.99 08.07.99 08.11.99 08.03.00 08.07.00 08.11.00 08.03.01 08.07.01
Eltek ASA Total index IT index
NOK
26
Number of shareholders
761 624
2 070
3 1793 610
0500
1000150020002500300035004000
year end1998
year end1999
year end2000
31.03.01 30.06.01
27
Largest shareholders per 31 July 2001
Shareholders registered in
VPS as at 07.08.01
Shareholder Number of shares % of totalCC Industries 7 480 828 30.6 %Eltek Holding 4 097 700 16.8 %Credit Agricole Indosuez 1 546 873 6.3 %Edward Weil Jr 982 108 4.0 %Skandinaviska Enskilda Banken 696 600 2.8 %Vital Forsikring 559 300 2.3 %Carnegie 450 900 1.8 %Tine Pensjonskasse 444 000 1.8 %Aksjefondet Gambak 400 000 1.6 %Chris Seyer III 298 099 1.2 %Storebrand Livsforsikring 287 700 1.2 %Merita Bank 231 900 0.9 %Stephen Griffitts 227 326 0.9 %Dexia Banque Internationale a Lux 225 000 0.9 %DnB Investor (sev. accounts) 179 680 0.7 %RasmussenGruppen 143 000 0.6 %Gustav Walter Invest 139 900 0.6 %Avanse Forvaltning (sev. accounts) 127 400 0.5 %Tony Cosentino 108 755 0.4 %Weil Family Trust 106 229 0.4 %