NOTE's half-year report January-June 2010
Financial performance April-June
- Sales totalled SEK 298.6 (312.1) million. For comparable units, sales increased by 10%.
- The operating result amounted to SEK -3.8 (-18.1) million, of which currency effects accounted for SEK -5.8 (-1.4) million. The previous year's result included non-recurring costs of SEK 8.0 million.
- The operating margin was -1.31% (-5.81%).
- The result after net financial items totalled SEK -5.9 (-19.8) million.
- Profit after tax totalled SEK -11.4 (-16.0) million, corresponding to SEK -0.48 (-1.02) per share.
- Cash flow after investments totalled SEK -54.9 (10.8) million, corresponding to SEK -2.32 (0.69) per share.
Financial performance January-June
- Customer activity has increased and the order book at the end of the first half of the year was some 201 T€3 higher than last year.
- Sales totalled SEK 572.0 (641.2) million. For comparable units, sales increased by 4%.
- The underlying operating result, excluding structural and other non-recurring costs, amounted to SEK -12.3 (-18.7) million, of which currency effects totalled SEK -7.4 (-3.3) million.
- The operating result amounted to SEK -56.3 (-26.7) million.
- The operating margin was -9.81% (-4.21%).
- Profit after net financial items totalled SEK -61.0 (-31.0) million. Excluding restructuring and other non-recurring costs, profit after net financial items amounted to SEK -17.0 (-23.0) million.
- The result after tax totalled SEK -55.1 (-24.5) million.
- Earnings per share totalled SEK -2.79 (-1.55) per share. Excluding restructuring and other non-recurring costs, earnings per share totalled SEK -1.16 (-1.18).
- Cash flow after investments totalled SEK -40.6 (-4.5) million, corresponding to SEK -2.06 (-0.29) per share.
Significant events during the year
- Major restructuring measures - the relocation of production from Skänninge, Sweden and Tauragé, Lithuania is on track. Furthermore, the winding down of operations in Gdansk has begun. All these structural measures are expected to be completed before the end of the year. The cost of the measures amounts to approximately SEK 40 million, all of which was charged to first quarter earnings. 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 - a guaranteed new share issue of approximately SEK 87 million gross was conducted in the second quarter, with preferential rights for NOTE's shareholders.
Significant events after the end of the period
- New CEO and President appointed for NOTE - Peter Laveson has been appointed new CEO and President of NOTE, effective immediately. Peter replaces Göran Jansson, who has been acting CEO and President since January.
- Focused investment in NOTEfied - a decision has been taken to organise operations in CAD (circuit board design) and the NOTEfied component database in a separate company. NOTE will be a shareholder in the new company. The purpose of this action is to increase efficiency and the number of NOTEfied customers. This transaction is expected to generate a small capital gain in the third quarter of the year.
NOTE's Interim Report for January-June 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 interim report for January-September will be presented on 21 October.