Year-end report 2008 – Adapting to our future
Financial Performance 2008 (Jan-Dec)
• Sales amounted to SEK 1,709.5 (1,743.8) m
• Operating loss of SEK -3.8 (111.9) m. Profit was charged with restructuring-related costs of some SEK 80 m
• The operating margin amounted to -0.2% (6.4%)
• Profit after financial items was SEK -14.4 (103.8) m
• The loss after tax was SEK -13.1 (78.2) m, or SEK -1.36 (8.13) per share
• Cash flow was SEK 25.1 (-0.5) m, or SEK 2.61 (-0.05) per share
• Dividends—the Board of Directors is proposing to the AGM (Annual General Meeting) that no dividends are paid for the financial year 2008.
Financial Performance Q4 (Oct-Dec)
• Sales amounted to SEK 414.5 (458.6) m
• Operating loss of SEK -47.9 (28.5) m. Profit was charged with restructuring-related costs of some SEK 50 m
• Operating margin amounted to -11.6% (6.2%)
• The loss after financial items was SEK -50.4 (26.6) m
• The loss after tax was SEK -36.6 (21.0) m, or SEK -3.80 (2.18) per share
• Cash flow was SEK -6.2 (-34.8) m, equivalent to SEK -0.64 (-3.61) per share
Significant events in the year
• Methodical focus on Nearsourcing—measures implemented to transfer labour-intensive production and sourcing services to cost-efficient countries, reducing headcount in Sweden by some 400 staff, or just over 50%. Most lay-offs will occur in the first half-year 2009.
• UK acquisition—new Nearsourcing Centre for long-term sales growth started on the UK market.
• Swedish mechanical engineering services acquisition—valuable mechanical engineering know-how added close to customers to develop advanced prototypes and for shorter production runs.
• Acquisition in Norway—start-up of Nearsourcing Centre for additional growth on the Norwegian market.
Significant events after the end of the year
• Market breakthrough for Nearsourcing—building on its collaboration with the Nearsourcing Centre in Oslo, Kongsberg Defence & Aerospace of Norway has decided to utilise NOTEfied when developing new products.
NOTE’s Year-end Report for January–December 2008 is now available in PDF format on the corporate web site, www.note.eu and attached to this message.
The Annual Report for 2008 will be published on 7 April. The Interim Report for January–March 2009 will be published on 21 April 2009.