NOTE- Interim report, January – June 2005

NOTE Q2: Stable operating profit/loss before allocations

Net profit/loss increased by 27 percent to MSEK 728,7 (575.1). Operating profit/loss totalled MSEK – 109,0 (46.4). The profit/loss was charged with costs of a one-time character and allocated write-downs totalling approximately MSEK 128.

During the autumn of 2004 and the first quarter of 2005 NOTE carried out a comprehensive reorganization involving relocating volume production to Central Europe, as well as the establishment of an equipment supply unit in Gdansk, Poland. The integration of the new organization was carried out during the first six months of 2005 and has resulted in costs of a one-time character, which were charged against the first quarter. During the second quarter, earlier write-downs of MSEK 65-75 were reported due to an overview of customer contracts and warehouses, etc. Write-downs have now been carried out in the amount of MSEK 66.
Excluding write-downs, the group reports a profit of MSEK 18.4 for the second quarter as well as a profit of MSEK 19 for the entire period (January – June, 2005).

In August, cooperation was initiated with Jaltek Systems, which is active in Great Britain. In addition, a representation office was established in southern China in order to make the purchasing process of equipment for NOTE’S units in Europe more efficient.

”During the first half of the year we have worked with the organization and we can now state that the change process is fully implemented, both in regard to actions and costs. We have a positive cash flow and can also state that we, excluding costs of a one-time character, had a profit of approximately MSEK 18 for the second quarter,” says Kjell-Åke Andersson, CFO.

For additional information, please contact:
Kjell-Åke Andersson, CEO, NOTE AB, +46 (0)46-286 92 10 or +46 (0)708-60 81 23
Gunilla Olsson, CFO, NOTE AB, +46 (0)176- 799 05 or +46 (0)709-50 80 71

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