Weak 2008 report from NOTE

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. Cash flow was SEK 25.1 (-0.5) m. Sales amounted to SEK 414.5 (458.6) m in Q4 (Oct-Dec). 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. Cash flow was SEK -6.2 (-34.8) m. 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 acquisitio 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. 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.