Presentation of 2 nd quarter 2001

Transcription

1 Presentation of 2 nd quarter 21

2 Highlights 2 nd quarter 21 Revenue down 19% EBITDA, before non-recurring items Non-recurring items Goodwill write-down Liquid funds end of Q2 375 MNOK 1 MNOK 14 MNOK 48 MNOK 31 MNOK Two new Group Companies BPCP, China (previously associated) Tripod, Sweden 2

3 Key Figures Continuing operations Amounts in Mill NOK 1 st Half Year 2 nd Quarter 21 2 Change 21 2 Change Revenue % % EBITDA % % EBIT % Profit before tax % Net profit, before non-recurring items % Goodwill write-down Other non-recurring items Tax on non-recurring items Net profit Basic EPS (NOK) before non-recurring items Basic EPS (NOK) Cash EPS (NOK) before non-recurring items Cash EPS (NOK)

4 Goodwill MNOK Per Write-down -48 Remaining 83 Tax asset, discounted 4 Write-down is mainly related to goodwill in PCP 4

5 Employees Including new company in Q2: Americas Europe Asia/Pacific China Q1 Q2 Plan Q4 5

6 Inventories Increase in Q2 96 MNOK (excl. new companies, 13 MNOK) Reached the highest level Reduction from Q3 onwards Reduced deliveries lead to lower turnover Increased provisions 69 MNOK 6

7 Accounts receivable Reduction in Q2 114 MNOK (excl. new companies, 47 MNOK) Good progress in collection 3 customers in liquidation Losses will incur Increased provisions 4 MNOK 7

8 Non-recurring items MNOK Terminations 3.7 Inventory provisions 69.1 Accounts receivable provisions 39.9 Total

9 Working capital Excl. non-recurring items Change New companies Net change Inventories Trade receivables Trade payables Net working capital

10 Cash Change Cash Overdraft Net cash Overdraft facilities Liquid funds New long-term financing 15 Share issue options 11 Dividend -24 Acquisitions -32 Cash in new companies -1 Net working capital -1 Capex -1 Cash earnings, EBITDA + Fin.items -7 Tax and other -25 Total 7 1

11 Quarterly gross margin % 4 % 4.5 % 41.9 % 35.9 % 38.9 % 39.6 % 33.9 % 3 % 2 % 1 % % Q1/ Q2/ Q3/ Q4/ Q1/1 Q2/1 11

12 Quarterly operating cost 2-21 Amounts in Mill NOK Q1/ Q2/ Q3/ Q4/ Q1/1 Q2/1 New companies 12

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 42.1 % 63.1% 63.8 %

14 Global sale 2 nd quarter Amounts in Mill NOK Americas 35 % GR: -33 % Europe 35 % GR: -34 % Africa 1 % Asia/Pacific 2 % GR: 3 % China 9 % GR: 29 % GR: 8 % 14

15 Global sale per 2 nd quarter Amounts in Mill NOK Americas 43 % GR: 7 % Europe 34 % GR: -11 % Africa 1 % Asia/Pacific 16 % GR: 15 % China 6 % GR: 43 % GR: 89 % 15

16 Revenue per quarter Amounts in Mill NOK Q1 Q2 Q3 Q4 16

17 EBITDA per quarter Amounts in Mill NOK Q1 Q2 Q3 Q4 17 Excl. non-recurring items in Q2 21

18 Order intake per quarter Amounts in Mill NOK Q1 Q2 Q3 Q4 18 Excl. cancelled orders in Q2 21; 69 MNOK

19 Order backlog per quarter Amounts in Mill NOK Q1 Q2 Q3 Q4 19

20 15 largest customers 21 Nextel Maxis Communications Allegiance N G Bailey Nokia Motorola WorldCom Alcatel Ipsaris Energy Products Portastor Global Switch Guangzhou PTT Level 3 PRTEM 2 Share of total revenue: 46 %

21 Europe Eltek Sales and Service office established in St. Petersburg, Russia High activity Acquisition of Tripod, Sweden Small installation company with well established market relations Growth opportunity: UMTS Deliveries started Major roll-out rescheduled Eltek well positioned 21

22 China and Asia/Pacific Acquired majority stake in Beijing PCP Distribution Platform for the important Northern China Market Increases competitiveness vs local government backed competitors Established Eltek Sales and Service centre in Manila, Philippines Increased sales to Silcar, but progressing slowly 22

23 Americas Market still challenging Growth not expected until Q1 22 Major restructuring in progress 23

24 OEM Awarded major development contracts with two leading telecom manufacturers High volume potential New product launches, expected end of the year Shorter time to OEM market General high activity 24

25 Share performance Eltek Share vs OSE Total Index and IT-index NOK Eltek ASA Total index IT index as per

26 Number of shareholders year end 1998 year end 1999 year end

27 Largest shareholders per 31 July Shareholder Number of shares % of total CC Industries % Eltek Holding % Credit Agricole Indosuez % Edward Weil Jr % Skandinaviska Enskilda Banken % Vital Forsikring % Carnegie % Tine Pensjonskasse % Aksjefondet Gambak % Chris Seyer III % Storebrand Livsforsikring % Merita Bank % Stephen Griffitts % Dexia Banque Internationale a Lux % DnB Investor (sev. accounts) % RasmussenGruppen % Gustav Walter Invest % Avanse Forvaltning (sev. accounts) % Tony Cosentino % Weil Family Trust % Shareholders registered in VPS as at 7.8.1