Eltek ASA: ACCOUNTING IRREGULARITIES IN BRAZIL

(Drammen, Norway, 7 October 2014) Eltek will book a cost in Q3 relating to accounting irregularities in Brazil. This cost will have a negative impact on EBIT or equity of approximately NOK 36 million.  The accounting issues now being corrected were uncovered following the departure of the former local finance director in August.  The total amount can be split into NOK 17 million one off costs, NOK 14 million additional costs in 2014 and NOK 5 million restatement of EBIT for prior years.     

For further information, please contact:

CFO Björn Wigström, Eltek ASA
Tel: +47 90 53 13 04

About Eltek ASA:

Eltek is a strategic technology partner for power solutions. The company reported revenue of NOK 3.7 billion in 2013, and has approximately 2,400 employees and operations in almost 40 countries. The company focuses on power electronics markets, where it is one of the leaders in telecom power and a growing force within industrial applications. Eltek is also pursuing growth opportunities within the datacenter market. Eltek is listed on Oslo Stock (ELT:Oslo) Exchange and headquartered in Drammen, Norway.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.