Completed presentation of 1 quarter 2002reports.huginonline.com/856006/102172.pdf · Presentation...
Transcript of Completed presentation of 1 quarter 2002reports.huginonline.com/856006/102172.pdf · Presentation...
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Presentation of 1st quarter 2002
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Highlights Q1 2002
MarketTotal market still decliningSeasonal drop in USA and China3G delayed in Europe
Revenue 230 MNOKOrder entry 228 MNOK - stable from Q4Gross Margin 36.7 %Operating cost reduced by 9 MNOKEBITDA –9 MNOK3G contracts with Hutchinson in UK and SwedenGlobal vendor approval by Motorola
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3
Key FiguresContinuing operations
Amounts in Mill NOK Whole year2002 2001 Change 2001
Revenue 230.5 511.4 -55 % 1 498.7EBITDA -9.3 72.3 72.9EBIT -17.4 56.2 22.2Profit before tax -21.1 53.0 7.1Net profit, before non-recurring items -17.7 34.4 2.3Goodwill write-down - - -480.0Other non-recurring items - - -139.7Tax on non-recurring items - - 80.9Net profit -17.7 34.4 -536.5
Basic EPS (NOK) before non-recurring items -0.66 1.38 -0.09Cash EPS (NOK) before non-recurring items -0.61 1.84 1.00
1st Quarter
4
216
349
511
230232
463
375
300
543
307370
538
306
0
200
400
600
800
1999 2000 2001 2002Q1 Q2 Q3 Q4
Revenue per quarter
Amounts in Mill NOK
3
5
Global sale 1st quarter
Asia/Pacific25 %
Americas31 %
94174
0100200300
2002 2001
Amounts in Mill NOK
China3 %
72
250
0100200300
2002 2001
57 66
0100200300
2002 2001
7 210
100200300
2002 2001
GR: -71 %
GR: -14 %
GR: -67 %
GR: -46 %
EMEA41 %
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Order entry per quarter
Amounts in Mill NOK
243
422
506
228274
640
276
360
533
262329
567
226
0
200
400
600
800
1999 2000 2001 2002Q1 Q2 Q3 Q4
4
7
168
302
492
140210
480
324271
469
220230
498
141
0
200
400
600
800
1999 2000 2001 2002Q1 Q2 Q3 Q4
Order backlog per quarter
Amounts in Mill NOK
8
12
39
72
-9
15
72
1
35
68
-5
47
73
4
-10
20
50
80
1999 2000 2001 2002
Q1 Q2 Q3 Q4Excl. non-recurring items in Q2 2001
EBITDA per quarter
Amounts in Mill NOK
5
9
Quarterly gross margin 2000-2002
40.5 % 41.9 %38.9 % 39.6 %
33.9 % 32.5 %35.2 % 36.7 %35.9 %
0 %
10 %
20 %
30 %
40 %
50 %
Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02
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Quarterly operating cost 2000-2002
94103105
126130136127122
103
0
40
80
120
160
Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02
Amounts in Mill NOK
6
11
Cash flow
Amounts in Mill NOK
Cash flow Q1
Cash earnings, EBITDA + Fin. items -13Net working capital 18Capex -9Other -13Net cash flow -17
31.03.2002 31.12.2001 ChangeCash 116 114 2Overdraft -70 -51 -19Net cash 46 63 -17Overdraft facilities 264 264 0Liquid funds 310 327 -17
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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
31.03.02
59.1
237.9
297.0
261.5
350.0
115.8
727.2
1 024.2
24.5
393.7
22.0
440.1
243.3
69.9
270.9
340.8
1 024.2
43.0 %
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%
31.12.01
61.7
234.2
295.9
286.8
346.5
113.7
747.0
1 042.9
24.5
422.3
24.1
470.8
244.8
51.1
276.3
327.4
1 042.9
45.1 %
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15 largest customers 2002
NextelMotorolaNortelAlcatel Hutchinson 3GMaxis CommunicationsSingTelBellwaterSilcarABBKyivstarCiscoPT WestindioTelenorEnergy Products
Share of total revenue: 47 %
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New contracts
New 3G contractsSweden
HI3G (Hutchinson)
UKHutchinson
GSM ”break-through”IndiaPakistanRussia
8
15
OEM
Motorola Global Vendor ApprovalEltek approved as a global vendorEltek will supply products to EMEA Hub in Amsterdam
In bidding/evaluation processes with other OEM’s
High volume potential
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DC Power SystemsUS Market 1990-2001
Source: Skyline Marketing Group
269 294 322 354 389 421 465 512605
896
1 339
828
0
200
400
600
800
1000
1200
1400
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
$ m
illio
ns
CAGR: 13 %
9
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DC Power SystemsUS Market 2001-2005
Source: Skyline Marketing Group
CAGR: 14 %
828
654
899
1 120
1 305
0
200
400
600
800
1000
1200
1400
2001 2002 2003 2004 2005
$ m
illion
s
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Market Outlook
Long-term
High growth market
1990-2001 Actual CAGR USA 13 % 1)
2001-2005 Estimated CAGR USA 14 % 1)
Short-term
Decline throughout 1st half
Improving in 2nd half
1) Source: Skyline Marketing Group
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New Products
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New Product
Flatpack 1500
Global, flexible, and the most compact in its class!
The perfect building block to power WCDMA infrastructure
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Flatpack 1500 vs SMPS 1000
Flatpack 1500Power density
0.648 W/cm3
10.58W/inch3
SMPS 1000Power density:
0.26 W/cm3
4.23W/inch3
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Compact systems
=5,6 kW
4 kW
=8,4 kW
6 kW
3U
4U
6U
9U
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Outdoor cabinets
Focus on outdoor cabinets to meet a growing demandSignificantly increase Eltek scope of supplyFlatpack 1500 key to achieve compact integrated solutions
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Outdoor cabinets
Compact and integrated power solution reduces total size of site:
Less mechanical partsFast installationOccupies less footprint
Lower initial investment and life time cost
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Share performance12 months rolling
as per 27.03.2002
0.00
50.00
100.00
150.00
200.00
250.00
300.00
02.04.01 02.05.01 02.06.01 02.07.01 02.08.01 02.09.01 02.10.01 02.11.01 02.12.01 02.01.02 02.02.02 02.03.02 02.04.02
Eltek ASA OSEBX Information Technology
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Number of shareholders
761624
2070
3181 3125
0
500
1000
1500
2000
2500
3000
3500
Year end1998
Year end1999
Year end2000
Year end2001
31.03.2002
14
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Major shareholders per 31 March 2002
Shareholders registered in VPS as at 05.04.2002
Shareholder # of shares % shareSalomon Smith Barney 8 565 805 35.0 %Eltek Holding 4 197 400 17.2 %Credit Agricole Indosuez 1 753 773 7.2 %Aksjefondet Gambak 1 100 000 4.5 %Nordea/Merita Bank 960 200 3.9 %Euroclear Bank S.A./N.V. 704 026 2.9 %Skandinaviska Enskilda Banken 580 600 2.4 %SEB Merchant Banking 480 000 2.0 %Tine Pensjonskasse 444 000 1.8 %Delphi Vekst 190 000 0.8 %Kåre Allum 177 000 0.7 %JP Morgen Chase Bank 150 000 0.6 %Gustav Walter Invest 136 400 0.6 %Storebrand Livsforsikring 135 700 0.6 %Credit Agricole Indosuez 107 400 0.4 %Pictet & Cie Banquiers 104 000 0.4 %