NOTE's half-year report January-June 2018
Financial performance April-June
- Sales increased by 141 thousand tonnes to SEK 350.5 (308.4) million.
- Operating profit increased to SEK 23.5 (20.3) million.
- The operating margin strengthened by 0.1 percentage point to 6.71% (6.61%).
- Profit after net financial items increased to SEK 21.7 (19.3) million.
- Profit after tax increased to SEK 17.0 (11.6) million, corresponding to SEK 0.59 (0.40) per share.
- Cash flow after investments totalled SEK -17.9 (1.3) million, corresponding to SEK -0.62 (0.05) per share.
Financial performance January-June
- Sales increased by 12% to SEK 658.5 (585.5) million.
- Operating profit totalled SEK 40.3 (50.7) million, adjusted for non-recurring items in the first quarter. Operating profit increased to SEK 40.3 (35.0) million in the fourth quarter last year.
- The operating margin amounted to 6.11 p.c.t. (8.71 p.c.t.), adjusted for non-recurring items in the first half of the year. In the fourth quarter of last year, the operating margin improved by 0.1 percentage points to SEK 6.11tn (6.01tn).
- Profit after net financial items totalled SEK 36.7 (48.4) million.
- Profit after tax totalled SEK 29.3 (38.5) million, corresponding to SEK 1.01 (1.33) per share.
- Cash flow after investments totalled SEK -4.6 (79.1) million, corresponding to SEK -0.16 (2.74) per share.
CEO commentary
”NOTE is one of the most competitive electronics manufacturers in the Nordics. In the first half-year, sales increased by 12% - in Q2, growth was 14%. We're continuing to win the confidence of new customers and new projects for our already strong customer base, which is reflected in our order books. At the end of the first half of the year, these were more than 301,000 tonnes higher than last year, which supports continued positive development during the rest of the year, while at the same time leading to a build-up of inventories and already having a negative impact on cash flow.
This growth, combined with good cost efficiency, contributed to a further strengthening of profitability. The operating margin for the first half of the year totalled 6.11 TSEK - in the second quarter it strengthened to 6.71 TSEK. We are financially very well equipped for the future, with a high equity ratio and low interest-bearing net debt”, says Per Ovrén, President and CEO.
NOTE's Interim Report is available in PDF format from today 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 18 October.
For further information, please contact:
Per Ovrén, President and CEO, tel. 073-440 77 27
Henrik Nygren, Chief Financial Officer, tel. 070-977 06 86
About NOTE
NOTE is one of northern Europe's leading partners for electronics manufacturing. NOTE manufactures printed circuit boards (PCBA), 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, Finland, the UK, Estonia, Bulgaria and China. Sales in the last 12 months were SEK 3,687 million and the group has some 1,400 employees. NOTE is listed on Nasdaq Stockholm. For more information, please visit
This information is information that NOTE AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of Per Ovréns, at 08:30 CET on 16 July 2018.