NOTE 2004 - reorganisation and expansion
NOTE reports net sales of SEK 1,103.1 m (859.2) for 2004. Operating profit for the full year was SEK 26.3 m (74.4). Profit is reduced due to non-recurring costs related to the European expansion that has begun. Earnings per share were SEK 1.2 (5.4).
NOTE was listed on the O-list of the Stockholm Stock Exchange in June, with the aim of being one of Europe's leading EMS suppliers by 2009. Since its listing, NOTE has acquired plants in Finland and Estonia, and established Gateways in France and the UK. In Sweden, NOTE acquired Ericsson Anslutningssystem in Skellefteå.
NOTE conducted a major organisational change in the autumn, establishing a group-wide European materials function. As a consequence of this change, 187 employees were made redundant in Sweden. The change has entailed restructuring costs and other non-recurring costs of some SEK 47 m.
Erik Stenfors, President and CEO of NOTE: "We have an ambitious growth target, and in the autumn we acquired units and created a central European platform for materials management. This has been costly, but we are now strategically strong in 2005.
Read the full report at www.note.se
Further information is provided by:
Erik Stenfors, President and CEO of NOTE; +46 (0)176-799 01 or +46 (0)709-50 80 70
Gunilla Olsson, CFO NOTE; 0176-799 05 or 0709-50 80 71