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Electronics Production | March 08, 2005

Elcoteq, sales rose 32% 2004

Net sales rose 32% and operating income 134%. Net sales from Communications Network Equipment almost doubled.
Net sales for the full year 2004: MEUR 2,953.7 (2,235.7). Operating income: MEUR 71.4 (30.5) and income before taxes: MEUR 59.0 (22.5).

Jouni Hartikainen, president and CEO says - 2004 was a particularly eventful year for Elcoteq as we worked hard to reach several exceptionally challenging targets simultaneously. These included our systematic drive to balance our customer base and to broaden our service range, not to mention expansion of the company’s geographical presence, preparations for converting Elcoteq into a European Company, and the start of a new strategic management process. The results of our considerable efforts show that we are on the right track.

In 2005 we will further develop our entire service network, concentrating on ensuring that our organization and business processes work seamlessly and offer our customers tangible added value. In fact this forms the core of our strategy – consistent and streamlined operating procedures throughout our global service network and at all stages in the value chain. To reach this goal, at the end of 2004 we also initiated a new strategic management process in Elcoteq through which we intend to ensure that our internal processes truly help us implement our strategy at both the corporate and individual levels, so that each employee fully understands his or her role in achieving Elcoteq’s targets.

The foundation for starting this work and enabling faster decision-making was laid in the fall of 2004 when Elcoteq made changes to its organization and management reporting responsibilities to simplify and clarify the way it operates. Elcoteq’s internationalization strategy also includes its plans to become a European Company. The purpose of this change is to create an effective structural framework on which to continuously improve our competitiveness. We wish to be among the f irst companies to benef it from the opportunities that this new form of incorporation offers.

Read Elcoteq's full Annual Report 2004 here (PDF - external link)

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