Zagreb, May 31, 2011 – Vatroslav Sablić was appointed for President of the Management Board of the company ELKA KABELI d.o.o., while the former company CEO, Mr. Darko Belić, after the expiry of the 5-year mandate, has agreed to take the position of the Management Board member, has been released after the meeting of the Supervisory Board of ELKA.

Latest business results for the period from January to April 2011, show an exceptionally positive trend in relation to the same period of 2010, and the company has recorded a significant growth in sales revenues.

Till the occurrence of crisis, ELKA had been realizing excellent results, which have deteriorated in the past two years due to decreased investments and realization of major infrastructural projects, to which we are connected by our products. This includes projects in electric power business, shipbuilding, road construction, civil engineering, construction, investments in telecommunications sector. Also, a high level of interest rates, adverse exchange rate fluctuations, stoppages and reduced number of orders, are all interconnected factors which have influenced the business operations of ELKA in the previous period.

In spite of market conditions, the company has successfully implemented the process of restructuring and recapitalization, and despite the still present crisis, we have made a positive shift in comparison to the last year. The data for the first four months show an increase in sales revenues of 33% (138,84 mil.kunas), increase of sales volume of 18% (4.974 t), a financial sales growth of medium-voltage cables of 74% and a volume increase of 56% in relation to the same period last year.

Elka has an 80-year long business tradition and is one of the most significant Croatian exporters, selling more than 50% of its production to foreign markets. The largest individual export market is still Great Britain, followed by Slovenia, Bosnia and Herzegovina, Serbia, Germany, Italy, Macedonia, Montenegro, Kosovo, Switzerland and Denmark.

Vatroslav Sablić, before coming to Elka, was the president of the Management Board of DIOKI, and before that he held for ten years the office of Division director for Oil and Gas, petrochemistry, pharmacy, shipbuilding, construction industry and traffic for the area of entire South-East Europe in Siemens d.d. Zagreb. He has a long-term experience in sales and marketing, and in the period from 1994 to 2000, in the company Berny Commerce, he was responsible for sales of Fisher-Rosemount equipment in power and petrochemical industry at the Croatian market.
He graduated at the Faculty for electrical engineering in Zagreb. He was born in 1968 in Split. By his wide experience, Mr. Sablić will contribute to further positioning of Elka on domestic and foreign markets and to its stepping forward on renewable energy market.