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1、Elcoteq SEs Financial Statements Bulletin January - December 2010 (Audited)Elcoteq SEFinancial Statements BulletinMarch 29, 2011, at 1:20 pm (EET) The operating result improved significantly to -18.1 million euros (-76.5), mainly due to improved sales margin levels and substantially lower cost struc
2、ture. Operating result excluding restructuring expenses was -7.1 million euros (-39.5). Cash flow after investing activities was positive at 39.3 million euros (52.9). Interest-bearing net debt decreased materially and was 12.6 million euros (187.5). Elcoteq SEs net sales in 2010 declined about 29%
3、on the previous year and amounted to 1069.9 million euros (1,503.2 million euros in 2009).Net sales increased in the fourth quarter of 2010 by about 6% on the previous quarter and amounted to 266.3 million euros (250.7 million euros in the third quarter of 2010). Operating profit for the fourth quar
4、ter totaled 4.2 million euros (-2.5 in the third quarter of 2010) and excluding restructuring expenses amounted to 5.4 million euros (1.3 in the third quarter of 2010).Financial Year 2010- Net sales were 1,069.9 million euros (1,503.2)- Operating loss was -18.1 million euros (-76.5) and -7.1 million
5、 euros (-39.5) excluding restructuring expenses - Profit before taxes was 43.7 million euros (-117.1) - Earnings per share (EPS) were 0.45 euros (- 3.22)- Cash flow after investing activities was 39.3 million euros (52.9)- Rolling 12-month return on capital employed (ROCE) was 30.4 % (-18.9%)- Inter
6、est-bearing net debt amounted to 12.6 million euros (187.5), and gearing was 0.1 (5.8)推荐精选- The Board of Directors proposes that no dividend will be paid for 2010 October-December 2010- Net sales were 266.3 million euros (265.5 million euros in the fourth quarter of 2009)- Operating income was 4.2 m
7、illion euros (-23.4). Operating income includes restructuring costs amounting to 1.2 million euros (21.3), excluding which the operating income was 5.4 million euros (-2.1)- Loss before taxes was -0.8 million euros (-36.4)- Earnings per share (EPS) were 0.01 euros (-0.96)- Cash flow after investing
8、activities was 9.4 million euros (-11.3)Major Events After the End of the Financial YearOn March 24, 2011 the Company was informed that the Board of Directors of a Hungarian Bank has made a positive decision to grant via their subsidiary bank a 5 year export financing revolving credit facility to th
9、e Hungarian subsidiary of the Company. The formal decision will be taken and disclosed on or soon after March 30, 2011. The amount of the credit facility is 100 million euros and its utilization dependent on the export volumes of the companys subsidiary in Hungary. Elcoteq SEs consolidated financial
10、 statements for 2010 have been prepared using IFRS recognition and measurement principles. The comparative figures given in the body text of this report are the figures for the corresponding period of the previous year, unless stated otherwise.Market ReviewAccording to the industry research company
11、New Venture Research (NVR), the global electronics assembly market declined to slightly over 800 billion US dollars in 2009 but grew again in 2010 to more than 900 billion US dollars. In 2010 approximately 30% of the electronics assembly value was outsourced to electronic manufacturing service (EMS)
12、 providers and original design manufacturers (ODMs). Also, the AMS spending development is affected by overall electronics market value. According to the Companys own estimate, based on selected industry analyst reports on the total electronics market, overall AMS spending covering various services
13、for original electronic manufacturers (OEMs) was sized at close to USD 推荐精选200 billion in 2010. The estimated market size covers AMS spending through OEMs, either indirectly or directly. Other AMS spending, such as out-of-warranty, extended-warranty or end-of-life services, which are not managed by
14、the OEMs, increase the size of the addressable market. The AMS market remains relatively immature, with the majority of AMS activities still conducted either in-house or by small local repair shops, thus bringing several growth opportunities for outsourcing.As a part of the re-financing preparations
15、 a very comprehensive analysis of Elcoteqs new strategy and business plan, competences, reputation and market positioning was conducted during June-October, 2010, by an independent and reputable London based management consultancy company. The analysis was relying on company data and management inte
16、rviews backed up by market studies, reviews of competition, factory visits and numerous interviews of existing, former and potential customers as well as discussions with other industry related sources. The overall results were very positive and encouraging and clearly demonstrated that the companys competences and strategic direction are well aligned and the customers only major concern with Elcoteq has been and still is th
