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© alexander podshivalov dreamstime.com Electronics Production | October 19, 2012

Debt restructuring in Europe hurt Note's sales

Notes sales decreased through the first three quarters, while the company managed to retain an operating profit.
Sales for the company fell by 13 percent, to 788.8 million SEK, in the first three quarters. Sweden and Finland felt the worst of the downturn, Peter Laveson , Note CEO, said, while Norway and the UK were more stable.

Laveson said that ongoing debt restructuring in several European countries was largely to blame for the lack of sales, as it had affected demand and resulted in delayed projects.

The company achieved an operating profit of 31.4 million SEK for the first three quarters, down from 49.3 million SEK in the same period last year.

In Brief

Financial Performance July–September
• Sales were SEK 234.0 (272.5) million.
• The operating profit was SEK 10.5 (13.5) million.
• The operating margin was 4.5% (4.9%).
• The profit after financial items was SEK 8.3 (12.6) million.

Financial Performance January–September
• Sales were SEK 788.8 (911.2) million.
• The operating profit was SEK 31.4 (49.3) million.
• The operating margin was 4.0% (5.4%).
• The profit after financial items was SEK 25.9 (43.1) million.

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