NOTE's half-year report January-June 2011
Financial performance April-June
- Sales increased by 9% to SEK 326.8 (298.6) million.
- The operating result amounted to SEK 23.5 (-3.8) million.
- The operating margin was 7.21 FTEs (-1.31 FTEs).
- Profit after net financial items totalled SEK 21.2 (-5.9) million.
- Profit after tax totalled SEK 15.5 (-11.4) million, corresponding to SEK 0.54 (-0.48) per share.
- Cash flow after investments totalled SEK 14.5 (-54.9) million, corresponding to SEK 0.50 (-2.32) per share.
Financial performance January-June
- Sales increased by 121 thousand tonnes to SEK 638.6 (572.0) million.
- Operating profit totalled SEK 35.8 (-56.3) million. The result for the first half of last year included restructuring costs and other non-recurring costs of approximately SEK -44 million.
- The operating margin was 5.61% (-9.81%).
- Profit after net financial items totalled SEK 30.5 (-61.0) million.
- Profit after tax totalled SEK 21.4 (-55.1) million, corresponding to SEK 0.74 (-2.79) per share.
- Cash flow after investments totalled SEK 23.5 (-40.6) million, corresponding to SEK 0.82 (-2.06) per share.
Review and significant events
Extensive structural measures implemented
Restructuring measures decided in the first quarter of last year, including the relocation and closure of production in Skänninge, Sweden, and Tauragé, Lithuania, were completed on schedule in December 2010. In addition, operations in Gdansk, Poland, were discontinued and the 50% holding in the electronics factory NOTEFideltronik in Krakow, Poland, was divested. The cost of these restructuring measures and other non-recurring costs reduced last year's full-year operating profit by some SEK -47 million.
Sale of NOTE Tauragé
The Extraordinary General Meeting on 21 June 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.
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 earthquake in the first quarter and its after-effects, there is a risk of further disruption on the electronic components market. However, so far, the impact on NOTE's business has been marginal.
NOTE's Interim Report for January-June is now available 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 25 October.
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.