Slow start for Partnertech

Operating profit was SEK 1 million, which is considerably lower than the same period last year. Operating capital turnover improved further in the quarter and Electronics, the company's largest segment, continues to develop despite a slow start in USA and China. Leif Thorwaldsson, President and CEO, explains that: Within Machining, volumes from the defense segment have continued to decrease sharply and low capacity utilization has led to further measures for rationalization. First quarter of 2014

• Net sales were SEK 548 million (554)
• Operating earnings totaled SEK 1 million (8)
• Profit/Loss after tax amounted to SEK -2 million (2)
• Cash flow after investments amounted to SEK -15 million (-51)

“Despite the slow start to the year we have taken the next step in the transition to increasingly be able to meet the customer’s needs for technically advanced products as an industrial partner. As part of this we have established a new function, Development & Services, to further enhance our service offering. We have also clarified our business structure whereby Machining will be part of Metal Precision Technology and consist of the units in Karlskoga and Moss and specialize in processing metals and other difficult materials, which allows greater focus on for example the oil&gas industry. Although I can establish that we have made good progress, continued great efforts are required from our employees to move the business towards higher efficiency and increased value for our customers,” concludes Leif Thorwaldsson. ----- 1 SEK = 0.10964 EUR (22-04-2014)