Eltek ASA: 2011 Financial Results NERATEL, Singapore

NeraTel achieved revenue in 2011 of SGD 156.2 million, compared to SGD 155.8 million in 2010. EBIT was SGD 15.8 million compared to SGD 13.8 million in 2010. Net profit was SGD 13.5 million compared to SGD 10.9 million in 2010.

Please note that due to different accounting principles Eltek will report different figures for NeraTel in its Group results, the main difference being amortization of intangible assets identified as part of the Purchase Price Allocation (PPA), and different treatment of currency effects.

For further information, please contact:

CFO Eltek ASA, Pål Skistad, tel: +47 908 50 378

About Eltek ASA:

Eltek is a strategic technology partner within power solutions through Eltek (power), and a regional supplier of transmission systems, satellite communications and infocomm systems through Nera Telecommunications.  The Company reported revenue of NOK 4 billion in 2010, and has close to 2,700 employees in close to 40 countries.  Following the divestment of Nera Networks, Eltek focuses on its core business in telecom power and power electronics solutions for industrial applications and renewable markets such as solar power and electric vehicles. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.

About NeraTel:

Nera Telecommunications offers radio transmission, satellite communications and infocomm equipment and services to the Asian markets. Headquartered in Singapore, NeraTel is 50.1 percent owned by Eltek ASA and separately listed on the Singapore Stock Exchange. The company counts more than 500 employees and reported revenue of NOK 834 million in 2010.