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Electronics Production | February 16, 2006

NOTE reports 5.5 MEUR in loss for 2005

The Swedish EMS provider NOTE has now announced their annual report. NOTE's turnover increased by 36 % from 2004 to reach over 150 MEUR but the company reported a net loss of 5.5 MEUR for the full year 2005.
NOTE is publishing its financial statement for 2005 today. Consolidated fourth-quarter net sales grew 55% to MSEK 428.2 (276.8). Operating profit was MSEK 23.5 (-34.6) in the quarter. Full-year net sales grew 36% to MSEK 1,504.1 (1,103.1).

NOTE posted a full-year loss after tax of MSEK -54.9 (13.6), corresponding to earnings per share of SEK -5.71 (1.50). Profit was adversely affected by restructuring costs, provisions for write-downs and depreciation on trade debtors and inventories totalling some MSEK 128 in the first half-year.

NOTE's Chief Executive Officer Arne Forslund commented: “NOTE succeeded in growing by 36% in the year despite extensive restructuring, and this is a sign of strength. We've now laid a firm foundation for achieving our profitability objective, while simultaneously noting good opportunities for continued growth.”

“After the restructuring NOTE has undertaken, it has started to position itself once again to actively take on the growing EMS market in 2006,” continued Mr. Forslund, “we've reached strategic collaboration agreements and hired a number of senior executives. We've consolidated our management and control systems, and now possess a stable platform for future growth. The continued migration of volume production to the group's Eastern European units, and incorporation of the three new facilities in Skellefteå (Sweden), Hyvinkää (Finland) and Pärnu (Estonia), all of which are performing positively, were also significant. Capital and cost rationalizations were in focus, leaving their mark on the second half-year 2005. Fourth quarter cash flow was strong, and operating profit demonstrates that the restructuring measures taken early in the year are now generating the desired profit gains.”

“We perceive good prospects of continuing to win market share in 2006. We are retaining our long-term objective of an EBT margin of 6%,” concluded Mr. Forslund.

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