NOTE's Interim Report January-March 2011
Continued sales growth, operating margin 3.9% and positive cash flow
Financial performance January-March
- Customer activity remained at a high level. Sales increased by 141 thousand tonnes to SEK 311.8 (273.5) million.
- Operating profit totalled SEK 12.3 (-52.5) million. Last year's result for the period included restructuring costs and other non-recurring costs of approximately SEK -44 million.
- The operating margin amounted to 3.91% (-19.21%)
- Profit after net financial items totalled SEK 9.3 (-55.1) million.
- Profit after tax totalled SEK 5.9 (-43.7) million, corresponding to SEK 0.20 (-2.78) per share.
- Cash flow after investments totalled SEK 9.0 (14.3) million, corresponding to SEK 0.31 (0.91) per share.
Review and significant events
Comprehensive structural measures
Structural measures decided in the first quarter of last year, including the relocation and closure of production in Skänninge, Sweden, and Tauragé, Lithuania, have been finalised. In addition, the operational activities in Gdansk, Poland, were closed as planned at the end of the year. As a further step in restructuring, the 50% holding in the NOTEFideltronik electronics plant in Krakow, Poland, was sold at year-end 2010. The cost of these restructuring measures and other non-recurring costs reduced last year's operating profit for the full year by some SEK -47 million. These measures are still expected to have a positive effect on profits of at least SEK 50 m on an annualised basis.
The disaster in Japan
A significant share of the world's production of electronic components is made by Japanese manufacturers. Against the background of the widespread earthquake in the first quarter and its after-effects, there is a risk of further disruption on the market for electronic components. Together with customers and suppliers, NOTE is paying close attention to minimising future disruptions to material supplies.
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:
Peter Laveson, President and CEO, tel. 08-568 990 06, 070-433 99 99
Henrik Nygren, Chief Financial Officer, tel. 08-568 990 03, 070-977 06 86
About NOTE
NOTE is one of the Nordic region's leading manufacturing partners for outsourced electronics production. 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, Norway, Finland, the UK, Estonia and China. Sales for 2011 were SEK 1,209 million and the group has some 950 employees. NOTE is listed on NASDAQ OMX Stockholm. For more information, please visit www.note.eu.