NOTE's year-end report 2009
Financial performance January-December
- Sales decreased by 301 thousand tonnes to SEK 1,200.1 million (1,709.5)
- The operating result amounted to SEK -90.8 (-3.8) million, including non-recurring costs of SEK 63.7 (48.7) million
- The operating margin amounted to -7.61 FTE3T (-0.21 FTE3T)
- Profit after net financial items totalled SEK -97.9 (-14.4) million, including non-recurring costs of SEK 63.7 (48.7) million
- Profit after tax amounted to SEK -81.0 (-13.1) million, corresponding to SEK -8.42 (-1.36) per share
- Cash flow after investments totalled SEK 23.9 (25.1) million, corresponding to SEK 2.48 (2.61) per share
- Dividend - the Board of Directors proposes to the Annual General Meeting that no dividend be paid for the 2009 financial year
Financial performance October-December
- Sales decreased by 301 thousand tonnes to SEK 291.5 (414.5) million
- The operating result amounted to SEK -2.7 (-47.9) million, including non-recurring costs of SEK 0.0 (48.7) million
- The operating margin amounted to -0.91% (-11.61%)
- Profit after net financial items totalled SEK -4.2 (-50.4) million, including non-recurring costs of SEK 0.0 (48.7) million
- Profit after tax amounted to SEK -9.9 (-36.6) million
- Cash flow after investments amounted to SEK 14.2 (-6.2) million
Significant events January-December
- Divestment of operations in Skellefteå - the decision to cease production of a significant product at NOTE's largest customer in Telecom led to the divestment of operations in Skellefteå at year-end 2009.
- Acquisition in China completed according to plan - at the end of 2009, the acquisition of the electronics factory IONOTE, previously operated as a joint venture with an Asian partner, was completed. Operations at IONOTE were developed during the year to meet customers' growing need for direct sales to the Chinese market.
Significant events after the year-end
- New CEO and President - on 24 January, Göran Jansson, Vice Chairman of the Board, was appointed acting CEO and President of NOTE.
- Further structural adjustments - as part of the continued structural transformation, a review of the group's units has been initiated. NOTE's unique strengths and competence in the high mix/low volume market segment will be better utilised. The aim is to implement cost-cutting and rationalisation measures in 2010 that will generate a positive profit effect of at least SEK 50 m measured as an annual rate. As part of this programme, NOTE will further concentrate its manufacturing units, in Sweden and internationally. The cost of the action programme is estimated at some SEK 45 m, and will be charged to profit in the first quarter of 2010.
- New share issue 2010 - the Board of Directors intends to propose to the Annual General Meeting to decide on a new share issue of just over SEK 70 million directed to current shareholders. Detailed terms of the issue will be announced later in February.
NOTE's year-end report for January-December 2009 is now available in pdf format on the group's website, www.note.eu, and is attached to this press release.
The Annual Report for 2009 will be presented on 12 April. The interim report for January-March will be presented on
27 April.