NOTE's interim report January-March 2017
Financial performance January-March
- Sales totalled SEK 277.1 (279.1) million, excluding divestments sales increased by 4%.
- Operating profit totalled SEK 30.4 (14.2) million; adjusted for non-recurring items, operating profit improved to SEK 14.7 (14.2) million.
- The operating margin was 11.01% (5.11%), adjusted for non-recurring items the operating margin strengthened by 0.2 percentage points to 5.31% (5.11%).
- Profit after net financial items increased to SEK 29.1 (12.9) million.
- Profit after tax increased to SEK 26.9 (10.2) million, corresponding to SEK 0.93 (0.35) per share.
- Cash flow after investments increased to SEK 77.8 (27.1) million, corresponding to SEK 2.70 (0.94) per share.
CEO commentary
”Our performance in the first quarter was very positive. We have continued to win the trust of many new customers and new exciting projects in our already strong customer base.
We increased sales in Sweden and Finland. In China, demand was cooler for some major international customers, but we expect our growth there to pick up again during the year. Sales from our unit in Estonia, which is one of our larger ones, were pleasingly at a record level.
Sales for the first quarter totalled SEK 277 million, which, for comparable units, represents growth of just over 41 FTEs. The operating result, which improved by SEK 16.2 million to SEK 30.4 million, was positively affected by a completed property sale, and negatively by restructuring costs, mainly in one of our Swedish units. Our underlying operating result improved by SEK 0.5 million to SEK 14.7 million, and our operating margin strengthened by 0.2 percentage points to 5.31%, which was positive.
Including the property sale, our cash flow increased by just over SEK 50 million to SEK 77.8 million, corresponding to SEK 2.70 per share. We are financially very well equipped for the future - our balance sheet is one of the strongest in the industry with an equity ratio of 45.2%”, says Stefan Hedelius, President and CEO.
NOTE's Interim Report for January-March is available from today in PDF format on the group's website, www.note.eu, and is attached to this press release. The Interim Report for January-June will be presented on 17 July.
For further information, please contact:
Stefan Hedelius, President and CEO, tel. 076-100 07 31
Henrik Nygren, Chief Financial Officer, tel. 070-977 06 86
About NOTE
NOTE is one of northern Europe's leading manufacturing and logistics partners for the production of electronics-based products. NOTE manufactures printed circuit boards, sub-assemblies and complete products (box build). Its customer offering covers the whole product lifecycle, from design to after-sales. NOTE is established in Sweden, Finland, the UK, Estonia and China. Sales in the last 12 months totalled SEK 1,139 million, and the group has some 900 employees. NOTE is listed on Nasdaq Stockholm. For more information, please visit www.note.eu.
This information is information that NOTE AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Stefan Hedelius, on 20 April 2017 at 08.30 CET.