Eltek ASA: Report fourth quarter 2014

(Drammen, 13 February 2015): Eltek reported revenue of NOK 1,068 million in the fourth quarter 2014, an increase of 10 percent from the fourth quarter 2013.

Order intake was NOK 1,082 million in the fourth quarter, an increase of 15 percent from last year, and the gross margin was 30.1 percent, compared to 28.4 percent in the same quarter last year.

"These numbers demonstrate that our people kept their eyes on the ball during a quarter when it was known that various strategic options for the future development of the company were being evaluated," Eltek's CEO Colin Howe said.

There were substantial one-off operating costs in the quarter, to a substantial degree related to the strategic options process leading to the proposed acquisition of the company by Deltronics (Netherlands) B.V., a subsidiary of Taiwan-based Delta Electronics Inc.

On 10 February it was announced that shareholders representing more than 90 percent of the shares of Eltek had accepted the cash offer of NOK 11.75 per share.

Adjusted EBIT in the fourth quarter was NOK 129 million. One-off costs amounted to NOK 119 million. Reported EBIT was NOK 10 million, a decrease from NOK 88 million.

Reported loss before tax for the continuing operations was NOK 19 million, compared to a profit of 66 million last year. Reported net loss was NOK 16 million, compared to a net loss of 59 million last year, when discontinued operations contributed negatively with NOK 74 million.

Eltek's focus is now on the business areas Telecom Power, Industrial Applications and Data Center Power. Revenue in Telecom Power, including Data Center Power, was NOK 940 million in the fourth quarter, an increase of 9 percent from the fourth quarter last year. Revenue in the Industrial Applications business area was NOK 128 million, an increase of 17 percent.

Strong order intake towards the end of 2014 is supporting a positive trend into 2015.

Please find enclosed the interim report for the fourth quarter and full year 2014 on http://www.newsweb.no.

For further information, please contact:

CFO Björn Wigström, Eltek ASA
Tel: +47 90 53 13 04

About Eltek:
Eltek is a strategic technology partner for power solutions. The company reported revenue of NOK 3.8 billion in 2014, and has approximately 2,400 employees and operations in almost 40 countries. The company focuses on power electronics markets, where it is one of the leaders in telecom power and a growing force within industrial applications. Eltek is also pursuing growth opportunities within the data center market. Eltek is listed on Oslo Stock Exchange (ELT:Oslo) and headquartered in Drammen, Norway.

This information is subject of the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.