NOTE's Interim Report January-September 2011
Financial performance July-September
- Sales totalled SEK 272.5 (271.9) million.
- Operating profit totalled SEK 13.5 (-4.1) million. The result for the third quarter of last year included restructuring costs and other non-recurring costs of approximately SEK -3 million.
- The operating margin was 4.91% (-1.51%).
- Profit after net financial items totalled SEK 12.6 (-6.6) million.
- Profit after tax totalled SEK 9.4 (-8.9) million, corresponding to SEK 0.32 (-0.31) per share.
- Cash flow after investments totalled SEK 22.1 (-13.2) million, corresponding to SEK 0.77 (-0.46) per share.
Financial performance January-September
- Sales increased by 8% to SEK 911.2 (843.9) million.
- Operating profit totalled SEK 49.3 (-60.4) million. The result for the first three quarters of last year included restructuring costs and other non-recurring costs of approximately SEK -47 million.
- The operating margin amounted to 5.41% (-7.21%), an increase of 7.0 percentage points when adjusted for the previous year's non-recurring costs of approximately SEK -47 million.
- Profit after net financial items totalled SEK 43.1 (-67.6) million.
- Profit after tax totalled SEK 30.8 (-64.0) million, corresponding to SEK 1.07 (-2.80) per share.
- Cash flow after investments improved by SEK 99.4 million to SEK 45.6 (-53.8) million, corresponding to SEK 1.58 (-2.36) per share.
Significant events during the period
Sale of NOTE Tauragé
The Extraordinary General Meeting on 21 June 2011 approved the Board of Directors' proposal to sell all shares in NOTE Tauragé UAB, Lithuania. As part of restructuring measures in 2010, electronics production at NOTE Tauragé ceased at year-end. This transaction was conducted to accelerate the winding down of the legal entity in a cost-efficient way.
Reinforcement of Industrial Plants
In the autumn, the commercial capacity of Industrial Plants was strengthened, with the ambition of creating the potential for sales growth on new types of business where NOTE was previously not sufficiently competitive. Responsibility for this initiative lies with the former subsidiary managers in China and Estonia.
New industry-experienced subsidiary managers have been recruited with the primary task of continuing to drive efficiency and development issues in the operations in China and Estonia.
NOTE's Interim Report for January-September is available from today in PDF format on the group's website, www.note.eu, and is attached to this press release. The year-end report for 2011 will be presented on 10 February.
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.