Investor Presentation Chicago, 16-17 January 2001 Agenda Tuesday 16 January 9.00 Welcome 9.15 9.45 11.00 Brief company introduction Market outlook Visit to PCP Morten F. Angelil, Chris Seyer Skyline Marketing Group, John Celentano Switch & Data Facilities Corp, Jim Lavin 1
Agenda Wednesday 17 January 9.00 Products & Technology Tony Cosentino 10.30 11.30 12.15 Customer perspectives wireless market Market Strategy Focus areas 2001 Nextel Communications, Steve Virostek Morten F. Angelil, Chris Seyer Morten F. Angelil 15.00 Site visit Company introduction 2
Eltek Powering the world s telecom infrastructure History Once upon a time, there were two small companies 3
History 1968 PCP established 30 employees 1970 First telecom sale to Collins Radio Company 1971 Eltek established - first customer Telenor 1972 PCP began selling to MCI 1978 Eltek entered into the Fire & Safety Business 1981 PCP introduces world s first modular, hot plug-in switchmode product (DC to DC converters) 1982 Eltek introduces one of the first hot plug-in switchmode AC to DC rectifiers 1983 Eltek UK established as the first step in internationalisation History 1984 PCP sells +24V DC/100 Amp rectifiers to A.T & T. 1987 PCP ships TwinPack switchmode rectifiers to Michigan Bell 1992 Eltek delivers its first SMPS 5000 to China 1995 PCP introduces TwinPack Plus with US patent 1996 PCP selected Vendor of the Year by MFS (Worldcom) 1997 Eltek entered into OEM business by acquiring Unitech 1998 80% of PCP acquired by CC Industries 1998 Eltek listing on Oslo Stock Exchange 4
History 1998 PCP's 50/50 Joint Venture in Beijing, China starts operation 1999 Sale of Fire & Safety business (completed 2000) 1994/00Eltek internationalization continues: China/Hong Kong 94, Germany 95, Poland and India 96, Singapore 97, France 98, Sweden and Australia 00 2000 500 MNOK Frame Agreement in Australia 2000 Merger Eltek/PCP 2000 Included in OBX-index OSE (20 most traded shares) Company chart ELTEK ASA ELTEK ENERGY AS 100 % ELTEK (UK) LTD. 100 % ELTEK ENERGY FRANCE S.A. 100 % PCP (USA), LLC 100 % PCP INTERNATIONAL DE, Mexico 100 % BEIJING PCP CO. LTD., China 50 % UNITECH AS, Norway 100 % ELTEK ENERGY AB, Sweden 100 % ELTEK ENERGY PTE. LTD., Singapore 95 % GERTEK STROMV., GmbH, Germany 67 % ELTEK ENERGY LTD., Hong Kong 61 % ELTEK SGS PVT. LTD, India 51 % ELTEK PACIFIC LTD, Australia 51 % S.F.E.E. S.A, France 51 % ELTEK POLSKA Sp.z.oo 51 % COMPOWER AS, Norway 34 % MICROPOWER FORV. AB, Sweden 34 % ELTEK ENERGY (M) SDN.BHD, Malaysia 19 % 5
Business Power systems for wired and wireless telecom networks Rectifiers and monitoring units Installation and service Standard systems and Custom design Customers are telcos/builders of telecom infrastructure Power system Business 6
Mission Our mission is to secure global communication by providing critical power solutions for telecom infrastructure Products Broad range, leading products The G Series Aeon 4000 7
Sales 2000 per Q3 Americas 45 % Europe 39 % Africa 1 % China 6 % Asia/Pacific 9 % Employees A worldwide operation Americas 213 Norway 175 Europe 257 Asia/Pacific 150 8
Financial highlights Development 1995-1999 EBIT 120 100 80 60 40 Revenue 1200 1000 800 600 400 20 0 1995 1996 1997 1998 1999 200 0 Operating profit Revenue 9
Quarterly Development 1998-2000 Continued business EBITDA 90 80 70 60 50 40 30 20 10 Revenue 900 800 700 600 500 400 300 200 100 0 1.q.98 2.q.98 3.q.98 4.q.98 1.q.99 2.q.99 3.q.99 4.q.99 1.q.00 2.q.00 3.q.00 0 Revenue Excl. employer s tax on stock options EBITDA Amounts in Mill NOK Share performance Eltek Share vs OSE Total Index and ITindex 500,00 400,00 300,00 200,00 100,00 0,00 08.07.98 08.08.98 08.09.98 08.10.98 08.11.98 08.12.98 08.01.99 08.02.99 08.03.99 08.04.99 08.05.99 08.06.99 08.07.99 08.08.99 08.09.99 08.10.99 08.11.99 08.12.99 08.01.00 08.02.00 08.03.00 08.04.00 08.05.00 08.06.00 08.07.00 08.08.00 08.09.00 08.10.00 08.11.00 08.12.00 08.01.01 08.02.01 Eltek ASA Total index IT index as per 12.01.2001 10
Shareholders as at 31.12.2000 Shareholder No. of shares % of shares CC Industries 7 480 828 30,8 % Eltek Holding AS/A.F. and W. Angelil 6 704 303 27,6 % Edward Weil Jr and Family Trust 1 088 337 4,5 % Tine Pensjonskasse 444 000 1,8 % Chase Manhattan Bank (sev.accounts) 409 025 1,7 % Storebrand Livsforsikring 381 700 1,6 % Chris Seyer III 351 185 1,4 % Christiania Markets 334 701 1,4 % SND Invest AS 330 000 1,4 % Gjensidige Nor/Gjensidige Forsikring 314 330 1,3 % Stephen Griffitts 284 575 1,2 % Orkla Enskilda Securities 282 015 1,2 % State Street Bank & Trust Co.(sev.accounts) 253 035 1,0 % Goldman Sachs International Finan. 235 981 1,0 % Aksjefondet Gambak 200 000 0,8 % Deutsche Bank AG 198 100 0,8 % Skandia Fondsforvaltning 196 363 0,8 % Statoil Kapitalforvaltning 168 200 0,7 % Torstein Tvenge 151 750 0,6 % Industrifinans (sev.accounts) 120 450 0,5 % Shareholders reg. in VPS as at 05.01.2001 Stock brokers - share of trade 2000 1999 Christiania Markets 20 % 52 % DnB Markets 18 % 6 % Orkla Enskilda Securities 14 % 7 % First Securities 9 % 4 % Carnegie 9 % Alfred Berg 7 % Sundal Collier 5 % 2 % Pareto Fonds 4 % Karl Johan Fonds 3 % 4 % Norse Securities 2 % Stocknet Aston Securities 2 % Net Fonds 1 % Handelsbanken Markets 1 % Others 6 % 25 % Included in others 11
Eltek share liquidity Number of shares traded % of shares traded this month Annualised turnover Total 1999 6 252 190 Total 2000 24 212 910 January 2 572 860 18,3 % 219,9 % February 1 155 450 8,2 % 98,7 % March 1 425 420 10,1 % 120,8 % April 1 044 290 7,3 % 87,8 % May 279 120 2,0 % 23,5 % June 1 289 460 9,0 % 108,2 % July 1 389 560 9,7 % 116,3 % August 4 512 900 31,5 % 377,8 % September 2 910 960 20,3 % 243,2 % October 1 998 270 13,9 % 167,0 % November 2 345 410 9,7 % 116,4 % December 3 289 210 13,6 % 162,7 % Eltek market cap per quarter Amounts in Mill NOK 6 000 5 000 4 826 5 169 4 000 3 000 2 000 1 970 2 451 1 000 423 323 276 353 574 802 983 0 8. July 1998 3.q.98 4.q.98 1.q.99 2.q.99 3.q.99 4.q.99 1.q.00 2.q.00 3 q 00 4 q 00 12
Market Outlook Skyline Marketing Group John Celentano Switch & Data Facilities Corp. - Jim Lavin 13