NOTE continues to show excellent results

The NOTE success story continues; the Swedish electronics manufacturer increased its net sales in 2003 by 35 % to SEK 857 m (636.8). The result will be the best ever, it was stated when the company released its year-end report today. Profit after financial items increased by 105 % to SEK 63.0 M (30.8). Earnings per share were SEK 114.3 (67.3). The work to prepare for ...

Complete in Sweden
Key events in the year were the reconstruction of the group's Lunda plant, NOTE Xperi, which suffered a major fire in February 2003. Although 25 % of the production area was destroyed by fire and a large part of the rest of the plant was smoke-damaged, production was managed without major disruptions. The newly built factory is modern and production-friendly.

In 2003, the group became geographically complete through the acquisition of BEVE Electronics (August 2003), located in Borås, and ITAB Elektronik AB (December 2003), with factories in Nyköping and Skänninge.
- "During the recession, we have been able to constantly improve and invest in our production facilities," says Erik Stenfors, CEO. - "In addition, we have made new acquisitions so that the Group is now strategically located at important customer centres in Sweden. This will mean that we are well equipped when the economy turns around. However, further acquisitions in the Nordic region may become relevant," Stenfors continues.

Strong belief in the future
The company's financial position also strengthened during the period. The equity ratio increased to 22 % (20.9) during the year. And the future looks bright; most analysts believe that the industry will recover in 2004. This means that the company has now started to prepare for a possible IPO.
- We have been working on the preparations since December and our goal of being listed on the stock exchange remains unchanged," concludes Erik Stenfors.

For further information, contact Erik Stenfors, CEO, NOTE AB, +46 709 50 80 70, or Sten Dybeck, Chairman of the Board, +46 708 55 18 00.

About the NOTE Group
NOTE is one of Sweden's leading electronics manufacturers, with over 30 years' experience in the sector. We offer production close to the market via ems-ALLIANCETM - a global network of electronics manufacturers with partners in Brazil, China, India, Italy and the USA.
In total, the group has over 800 employees. In Sweden, we have six production plants/Centres of Excellence and NOTE Lab/sales offices. Outside Sweden, we have a plant in Lithuania, and operations in Central Europe managed from our office in Gdansk, Poland.