NOTE’s Interim Report January–June 2018

Financial performance April–June  
Sales increased by 14% to SEK 350.5 (308.4) million.
Operating profit increased to SEK 23.5 (20.3) million.
Operating margin expanded by 0.1 percentage points to 6.7% (6.6%).
Profit after financial items rose 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 was SEK 17.9 (1.3) million, or SEK 0.62 (0.05) per share.

Financial performance January–June
Sales increased by 12% to SEK 658.5 (585.5) million.
Operating profit amounted to SEK 40.3 (50.7) million, and adjusted for non-recurring items in the first quarter of the previous year, operating profit increased to SEK 40.3 (35.0) million.
Operating margin was 6.1% (8.7%), adjusted for non-recurring items in the first quarter of the previous year, operating margin expanded by 0.1 percentage points to 6.1% (6.0%).
Profit after financial items was SEK 36.7 (48.4) million.
Profit after tax was SEK 29.3 (38.5) million, corresponding to SEK 1.01 (1.33) per share.
• Cash flow after investments amounted to SEK -4.6 (79.1) million, or SEK -0.16 (2.74) per share.

CEO’s comment 
“NOTE is one of the most competitive electronics manufacturers in the Nordic region. In the first half of the year sales increased by 12%, and during Q2 growth was 14%. We still win new customers' trust and new projects to our already strong customer base, which is showing in our order backlog. The order backlog at the mid-point of the year was up by over 30% on the previous year, which supports continued positive development during the rest of this year. At the same time, it has already led to inventory build-up and affected cash flow negatively.

Growth combined with good cost-effectiveness contributed to continued strengthening of profitability. Operating margin for the first six months amounted to 6.1%during the second quarter it increased to 6.7%. We are financially well equipped for the future, with a strong equity to assets ratio and a low interest-bearing net debt", says Per Ovrén, CEO and President.

NOTE’s Interim Report for January–June is now available in PDF format on the corporate web site, www.note.eu, and attached to this message. The Interim Report for January–September will be published on 18 October. 

For more information, please contact:
Per Ovrén, CEO and President, tel. +46 (0)73 440 7727
Henrik Nygren, CFO, tel. +46 (0)70 977 0686

About NOTE
NOTE is one of northern Europe’s leading EMS partners, producing PCBAs, subassemblies and box build products. NOTE’s offering covers the complete product lifecycle, from design to after-sales. NOTE has a presence in Sweden, Finland, the UK, Estonia and China. Net sales in the last 12 months were SEK 1,249 million; the group has approximately 950 employees. NOTE is listed on Nasdaq Stockholm. For more information, please go to www.note.eu.

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 Ovrén, at 8:30 a.m. CET on 16 July 2018. 

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