NOTE's interim report January-September 2010
Financial performance July-September
- Sales totalled SEK 271.9 (267.4) million. For comparable units, sales increased by 231 thousand tonnes.
- The underlying operating result, excluding structural and other non-recurring costs, amounted to SEK -1.3 (-5.7) million, corresponding to an operating margin of -0.51% (-2.11%).
- The operating result amounted to SEK -4.1 (-61.4) million.
- The result after net financial items totalled SEK -6.6 (-62.7) million, including non-recurring costs of SEK 2.8 (55.7) million.
- Profit after tax totalled SEK -8.9 (-46.6) million, corresponding to SEK -0.31 (-2.96) per share.
- Cash flow after investments totalled SEK -13.2 (14.2) million, corresponding to SEK -0.46 (0.90) per share.
Financial performance January-September
- Customer activity has increased since the second quarter. The order backlog at the end of the period was more than 251 TSEK higher than last year.
- Sales totalled SEK 843.9 (908.6) million. For comparable units, sales increased by 9%.
- The underlying operating result, excluding structural and other non-recurring costs, amounted to SEK -13.6 (-24.4) million, of which currency effects accounted for SEK -6.4 (-6.3) million.
- The operating result amounted to SEK -60.4 (-88.1) million.
- The operating margin was -7.21% (-9.71%).
- Profit after net financial items amounted to SEK -67.6 (-93.7) million. Excluding structural and other non-recurring costs, profit after net financial items amounted to SEK -20.8 (-30.0) million.
- The result after tax totalled SEK -64.0 (-71.1) million.
- Earnings per share totalled SEK -2.80 (-4.51) per share. Excluding restructuring and other non-recurring costs, earnings per share totalled SEK -1.29 (-1.53).
- Cash flow after investments totalled SEK -53.8 (9.7) million, corresponding to SEK -2.36 (0.62) per share.
Significant events during the year
- Comprehensive structural measures - At the beginning of the year, decisions were taken on extensive structural measures to increase profitability and capacity utilisation. The aim is for these measures to have a positive effect on earnings of at least SEK 50 million measured as an annualised rate. The relocation of production from Skänninge, Sweden was completed as planned during the summer. The relocation of production from Tauragé, Lithuania and the closure of operations in Gdansk are expected to be completed by year-end.
- Rights issue 2010 - In the second quarter, a guaranteed new share issue of approximately SEK 87 million gross was completed with preferential rights for NOTE's shareholders.
- New CEO and President of NOTE - Peter Laveson was appointed new President and CEO of NOTE in July, replacing Göran Jansson who had been acting President and CEO since January.
- Focused investment in NOTEfied - A decision has been taken to organise the CAD (circuit board design) operations and the NOTEfied component database in a separate company. NOTE will be a minority shareholder in the new company. The purpose of this action is to increase efficiency and the number of customers for NOTEfied. The plan was to complete the transfer in the third quarter. The transaction is expected to be completed in the fourth quarter and generate a small capital gain.
NOTE's Interim Report for January-September 2010 is available as of today in PDF format on the group's website, www.note.eu, and is attached to this press release.
The 2010 year-end report will be presented on 10 February 2011.