NOTE's interim report January-March 2010
Financial performance January-March
- Sales decreased by TSEK 171 to SEK 273.5 (329.1) million, of which 14 percentage points were accounted for by the discontinued operations in Telecom. For comparable units, sales decreased by 31 FTEs.
- The operating result totalled SEK -52.5 (-8.6) million, including non-recurring structural and other costs of SEK 44 million.
- The operating margin was -19.21 FTEs (-2.61 FTEs).
- The result after net financial items totalled SEK -55.1 (-11.1) million.
- Profit after tax totalled SEK -43.7 (-8.4) million, corresponding to SEK -4.54 (-0.88) per share.
- Cash flow after investments amounted to SEK 14.3 (-15.3) million, corresponding to SEK 1.49 (-1.59) per share
Significant events during the year
- New CEO and President of NOTE: On 24 January, Göran Jansson, Vice Chairman of the Board, was appointed acting CEO and President of NOTE.
- Previously decided structural adjustments initiated: Operations in Skellefteå were divested as planned at the end of 2009. The closure of production in Skänninge, Sweden and Tauragé, Lithuania began during the period. The cost of these and other measures decided during the year totalled approximately SEK 40 million, all of which was charged to profit for the period. The aim is for the cost-cutting and efficiency measures to have a positive effect on earnings of at least SEK 50 million measured as an annual rate.
- Rights issue 2010: the Extraordinary General Meeting on 7 April resolved on a guaranteed rights issue of approximately SEK 87 million gross with preferential rights for NOTE's shareholders. The issue is being conducted to ensure that NOTE is financially strong ahead of its decided restructuring and to capitalise on growth opportunities on the market.
- Nearsourcing brings new customers: New co-operation agreements signed with Axell Wireless in the UK and HERNIS in Norway, among others.
- Changes in ownership: NOTE's major shareholders changed significantly at the beginning of the year. The largest single shareholder is Investment AB Öresund with 10.6% of NOTE shares.
NOTE's Interim Report for January-March 2010 is available from today in PDF format on the group's website, www.note.eu, and is attached to this press release.
The half-yearly report for January-June will be presented on 16 July.
The interim report for January-September will be presented on 21 October.