NOTE's year-end report 2014
Financial performance October-December
- Sales totalled SEK 248.1 (255.3) million.
- The operating result amounted to SEK 8.1 (9.7) million. The underlying operating result, excluding provisions for the divestment of the mechanical engineering unit in Järfälla, amounted to SEK 12.1 (9.7) million.
- The operating margin was 3.31% (3.81%). The underlying operating margin, excluding provision for the disposal of the mechanics unit in Järfälla, amounted to 4.81 T€3 (3.81 T€3).
- Profit after net financial items totalled SEK 8.1 (6.4) million.
- Profit after tax totalled SEK 7.1 (7.7) million, corresponding to SEK 0.25 (0.27) per share.
- Cash flow after investments totalled SEK 10.9 (-2.3) million, corresponding to SEK 0.38 (-0.08) per share.
Financial performance January-December
- Sales totalled SEK 964.0 (907.0) million.
- Operating profit totalled SEK 31.8 (9.0) million.
- The operating margin was 3.31% (1.01%).
- Profit after net financial items totalled SEK 28.8 (1.2) million.
- Profit after tax totalled SEK 24.6 (0.7) million, corresponding to SEK 0.85 (0.02) per share.
- Cash flow after investments totalled SEK 2.5 (-2.0) million, corresponding to SEK 0.09 (-0.07) per share.
Dividends
The Board of Directors proposes that a dividend of SEK 0.50 (0.00) per share, corresponding to SEK 14.4 million, be paid to shareholders. The Annual General Meeting will be held on 22 April 2015.
CEO commentary
"In 2014 we competed well in a relatively stable European market. After a strong third quarter with 17% sales growth, we expected a stable but weaker development in Q4. Sales in the fourth quarter decreased by 3%, seen for the full year, sales increased by just over 6%. We see the decline in Q4 as temporary - our strong order backlog at the end of the year supports a positive volume trend in 2015.
Operating profit in Q4 amounts to SEK 8.1 million and includes restructuring costs of 4.0 MSEK in connection with the divestment of our mechanical processing operations in Järfälla. We expect the divestment to make a positive contribution to operating profit already in 2015. Mainly as a result of increased volumes and a continued stable cost trend, our operating profit for the full year improved by SEK 22.8 million to SEK 31.8 million.
Cash flow was positive and NOTE's balance sheet remains strong with an equity ratio of 44%," says Peter Laveson, President and CEO.
NOTE's year-end report for 2014 is available in PDF format from today on the group's website, www.note.eu, and is attached to this press release. The Annual Report for 2014 will be presented on 17 February. The interim report for January-March will be presented on 22 April.