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Electronics Production | October 21, 2010

Note still struggles

Sales were SEK 271.9 (267.4) million. In like-for-like terms, sales increased by 23%.
The underlying operating loss excluding structural and other non-recurring costs was SEK -1.3 (-5.7) million, or an operating margin of -0.5% (-2.1%). The operating loss was SEK -4.1 (61.4) million. The loss after financial items was SEK -6.6 (-62.7) million. This figure includes non-recurring costs of SEK 2.8 (55.7) million. The loss after tax was SEK -8.9 (-46.6) million, or SEK -0.31 (-2.96) per share. Cash flow after investments was SEK -13.2 (14.2) million, or SEK -0.46 (0.90) per share.

Customer activity increased on the second quarter. The order book at the end of the period was up over 25% year on year. Sales were SEK 843.9 (908.6) million. In like-for-like terms, sales increased by 9%. The underlying operating loss excluding structural and other non-recurring costs, was SEK -13.6 (-24.4) million, of which currency effects represented SEK -6.4 (-6.3) million. The operating loss was SEK -60.4 (-88.1) million. The operating margin was -7.2% (-9.7%). The loss after financial items was SEK -67.6 (-93.7) million. Excluding structural and other non-recurring costs, the loss after financial items was SEK -20.8 (-30.0) million. The loss after tax was SEK -64.0 (-71.1) million.

• Extensive structural measures – early in the year, NOTE took a decision on extensive structural measures to increase profitability and capacity utilisation. The objective is for these measures to have a minimum profit effect of SEK 50 million annualised. The transfer of production from Skänninge, Sweden, was completed as planned in the summer. The transfer of production from Tauragé, Lithuania and the closure of the operation in Gdansk are scheduled for completion at year-end.

Focusing on NOTEfied – a decision was taken to organise operations in CAD (PCB design) and the NOTEfied preferred parts database in a separate company. NOTE will be a minority owner of this new company. The purpose of this measure is to increase efficiency and the number of customers of NOTEfied. The plan was to execute the transfer as early as the third quarter. This transaction is scheduled for the fourth quarter, and is expected to result in a modest capital gain.

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