2008 in brief

2008 was another year of strong growth – revenue increased by 24 percent to nearly NOK 6 billion. Both Eltek Valere and Nera Networks confirmed their positions as key players globally in their segments, recording revenue growth of 20 % and 37 %, respectively, and NeraTel posted an increase in operating profit despite a small decline in revenue. However, higher business volumes and currency developments increased working capital requirements and generated a significant negative cash flow and increasing net debt.

• A financial restructuring was carried out in the fourth quarter, comprising a share capital increase and a rescheduling of the debt repayment structure.
• Order entry increased 19 % from 2007.
• Gross profit increased by 20 %, to NOK 1, 364 million. The corresponding gross margin declined to 22.9 % from 23.5 %.
• Both Eltek Valere and Nera Networks introduced new generation products that position both companies for further growth.
• Eltek Valere reached its target of growth above the market average and further consolidated its strong market position.
• Nera Networks recorded significant growth in both revenue and order entry