welcome to elteks presentation of the …reports.huginonline.com/771231.pdf · vesta liv/vesta...
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WELCOME TO ELTEKSPRESENTATION OF THE1999 ANNUAL ACCOUNTS
15. FEBRUARY 2000
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Group C.E.OAlain F. Angelil
Group DirectorEltek Energy
Morten F. Angelil
Group DirectorFinance
Jørgen Larsen
Group DirectorEltek Fire & SafetyOdd Magne Olsen
Power Supply - Products,systems and services for
the telecom industry
System Integration of fireprotection systems
ORGANISATION 2000
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ELTEK ASA
ELTEK ENERGY AS 100 %
ELTEK (UK) LTD. 100 %
ELTEK ENERGY FRANCE S.A. 100 %
S.F.E.E. S.A, France 51 %
ELTEK ENERGY LTD., Hong Kong 51 %
ELTEK POLSKA Sp.z.oo 51 %
ELTEK ENERGY PTE. LTD., Singapore 95 %
ELTEK SGS PVT. LTD, India 51 %
GERTEK STROMV., GmbH, Germany 67 %
UNITECH AS, Norway 100 %
COMPOWER AS, Norway 35 %
MICROPOWER FORV. AB, Sweden 34 %
ELTEK ENERGY (M) SDN.BHD, Malaysia 20 %
I.E.L. SYSTEMS AS, Norway
ELTEK FIRE & SAFETY AS 100 %
ELTEK AB, Sweden 100 %
ELTEK FINLAND OY 55 %
FINNTEK OY, Finland 51 %
100 %
MAGNUS FERGIN BELYS. AB, Sweden 100 %
HERTEK BV, The Netherlands 40 %
ELTEK
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HIGHLIGHTS 1999
! Focus on Telecom Power"Strategic decision to focus on one business area - Eltek Energy
"Process for divestment of Eltek Fire & Safety initiated
"Offshore and Marine divisions were sold
! Acquisitions" 51% in S.F.E.E. S.A.
" 34% in Micropower Forvaltning AB
" 51% in Finntek OY
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HIGHLIGHTS 1999
! Development in Eltek Energy" 49 % increase in turnover
" Frame Agreements with four Telecom Operators building out Pan Europeannet works
" Deliveries in 1999 83 MNOK
" Expected deliveries in 2000 240 MNOK
" Breakthrough in Malaysia and Australia
" Restructuring of production" Outsourcing
" New product - Aeon 4000 - launched at Telecom ´99
! Extraordinary dividend NOK 10,- per share
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Eltek KEY FIGURES
1999 1998 Diff. 1999 1998 Diff.
Revenue 1.042,4 822,6 27 % 304,0 219,0 39 %
Operating profit 82,7 57,2 45 % 24,0 16,1 49 %
Ordinary profit before tax 81,4 62,01) 31 % 24,3 14,6 66 %
Ordinary net profit 58,3 48,21) 21 % 17,5 13,1 34 %
Gain on sale after tax 128,7 - 128,7 -
Profit for the Year 186,9 48,2 146,2 13,1
Ord. profit per share (NOK) 3,95 3,60 10 %
Amounts in mill NOK 4. quarterWhole Year
1) Incl. gain on sale; 8,3 MNOK before tax and 6,3 MNOK after tax
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Eltek KEY FIGURES
1999 1998 Diff. 1999 1998 Diff..
Revenue 1.042,4 872,0 20 % 304,0 233,2 30 %
Operating profit 82,7 58,9 40 % 24,0 16,4 46 %
Ordinary profit before tax 81,4 55,0 48 % 24,3 14,5 68 %
Ordinary net profit 58,3 42,6 37 % 17,5 12,8 37 %
Amounts in mill NOK 4. quarter (pro forma)Whole year (pro forma)
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8Eltek KEY FIGURESexcl. Offshore and Marine
1999 1998 Diff. 1999 1998 Diff.
Revenue 878,8 615,1 43 % 276,1 164,8 68 %
Operating profit 71,8 36,6 96 % 23,5 9,5 147 %
Operating margin 8,2 % 5,9 % 8,5 % 5,8 %
Amounts in mill NOK 4. quarterWhole Year
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ELTEK
0
20
40
60
80
100
120
1995 1996 1997 1998 1999
0
200
400
600
800
1000
1200
O p eratin g p ro fit Rev en u eCAGR Revenue: 23%CAGR Operating profit: 31%
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10EltekEMPLOYEES per 1999.12.31
306 317
Domestic Foreign
49%(65%)
51%(35%)(417)
(220)
( ) per 31.12.98
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REVENUE 1999
716
326
Domestic Foreign
31% 69%
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Eltek - GLOBAL sale
Europe42 %
Norway31 %
Asia19 %
ROW8 %
326 333
0
250
500
1999 1998
323440
0250500
1999 1998 144197
0
250
500
1999 1998
2379
0250500
1999 1998
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BALANCE sheet
Am o u n ts in m ill NO K
Fixed assetsCash in hand/bank depositsOther short term receivablesTotal current assetsTOTAL ASSETS
EquityLong term liabilitiesBank overdraftOther short term liabilitiesTotal current liabilitiesTOTAL LIABILITIES AND EQUITY
Equity ratio
31.12.99134,4129,7385,4515,1649,5
280,566,916,9
285,2302,1649,5
43,2 %
Pro forma 31.12.98
137,054,0
352,4406,4543,4
223,681,78,1
230.0238,1543,4
41,1 %
31.12.9899,548,4
327,6376,0475,5
223,434,98,1
209,1217,2475,5
47,0 %
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Eltek ENERGY
Telecom Power for:"Fixed Telephone Network"Mobile Telephone Network"CATV"Internet"Satellite net
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Eltek Energy KEY FIGURES
1999 1998 Diff. 1999 1998 Diff.
Revenue 660,7 443,8 49 % 209,9 113,4 85 %
Operating profit 52,9 22,8 132 % 20,8 5,8 250 %
Operating margin 8,0 % 5,1% 9,9 % 5,1%
Amounts in mill NOK 4. quarterWhole Year
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ELTEK energy
0
10
20
30
40
50
60
70
1995 1996 1997 1998 1999
0
100
200
300
400
500
600
700
O p era tin g p ro fit Re v en u e
CAGR Revenue: 26%CAGR Operating profit: 35%
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17Eltek Energyper QUARTER 1997-1999
0
3 000
6 000
9 000
12 000
15 000
18 000
21 000
1.q.97 2.q.97 3.q.97 4.q.97 1.q.98 2.q.98 3.q.98 4.q.98 1.q.99 2.q.99 3.q.99 4.q.990
30 000
60 000
90 000
120 000
150 000
180 000
210 000RevenueOperating profit
Operating profitRevenue
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18Eltek EnergyGLOBAL sale
Norway15 %
ROW9 %
Asia26 %
Europe50 %
101 87
0
120
240
360
1999 1998
332
228
0
120
240
360
1999 1998
170121
0
120
240
360
1999 1998
588
0
120
240
360
1999 1998
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19Eltek EnergyREVENUE and ORDER
135
661 707
89
444 455
0
200
400
600
800
Revenue Order input Order reserve
1999 1998
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Eltek FIRE & Safety
System Integration of FireProtection Systems for:" Industry" Property" Offshore" Marine
Fire Alarm
Fire Extinguishing
Evacuation
Sold
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Eltek Fire & Safety KEY FIGURES
1999 1998 Diff. 1999 1998 Diff.
Revenue 402,1 398,0 1,0 % 97,8 110,6 - 11,6 %
Operating profit 32,2 34,4 - 6,4 % 5,6 10,2 - 45,1 %
Operating margin 8,0 % 8,6 % 5,7 % 9,2%
Amounts in mill NOK 4. quarterWhole Year
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22Eltek Fire & Safety KEY FIGURESexcl. Offshore and Marine
1999 1998 Diff. 1999 1998 Diff.
Revenue 226,5 190,5 19 % 57,9 56,5 2 %
Operating profit 21,3 13,8 54 % 5,1 3,6 42 %
Operating margin 9,4 % 7,2 % 8,8 % 6,4 %
Amounts in mill NOK 4. quarterWhole Year
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23Eltek Fire & SafetyGLOBAL sale
Norway61 %
ROW5 %
Asia7 %
Europe27%
246 265
0
100
200
300
1999 1998
108 95
0
100
200
300
1999 199827 23
0
100
200
300
1999 1998
21 150
100
200
300
1999 1998
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24Eltek Fire & SafetyRevenue and ORDER
390402
45
411398
118
0
100
200
300
400
Revenue Order input Order reserve
1999 1998
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25ELTEK in 2000 -A Telecom Power Company
VisionVision
The First Choice in Telecom PowerThe First Choice in Telecom PowerSolutionsSolutions
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Telecom CUSTOMER References
Nortel NetworksSiemensMotorolaBosch TelecomNERAAlcatel
Equipment Manufacturers Service ProvidersChina TelecomMannesmann ARCOREsat DigiFoneDolphinLevel 3WorldCom/MKITelenorTelecom PortugalMAXIS CommunicationSingapore TelecomAIS Thailand
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Strategy
! Stronger focus on OEM
! Continued technological leadership
! Continue cost reductions
! Acquisitions and strategic alliances/mergers
The Share Price gives freedom of action
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Eltek SHARE vs Oslo Stock ExchangeTotal Index per 2000.02.14
NOK 0
NOK 20
NOK 40
NOK 60
NOK 80
NOK 100
NOK 120
Eltek ASA Total index
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ELTEK ASA -Largest Shareholders per 10. FebruaryEltek Holding AS/Angelil FamilyTelenor Venture ASChase Manhattan BankT. Tvenge/Fram Realinvest AS/Titas Eiendom ASSND Invest ASTine PensjonskasseAksjefondet GambakIndustrifinansFidelity Funds - Brown Brothers Harriman & Co.Credit Agricole IndosuezStorebrand Livsforsikring/Skadeforsikring/SMBStrata ASVesta Liv/Vesta ForsikringOmega Investment FundAnabeth Drammen ASVår Livsforsikring A/SOdd Magne OlsenK-G Invest A/SK-FondeneArne Slevikmoen
6.751.503618.500600.000600.000500.000488.900380.000379.400353.800
341.386317.400
221.200220.700170.000137.100125.000109.320104.77595.00088.780
48,1 %4,4 %4,3 %4,3 %3,6 %3,5 %2,7 %2,7 %2,5 %2,4 %2,3 %1,6 %1,6 %1,2 %1,0 %0,9 %0,8 %0,7 %0,7 %0,6 %