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Electronics Production | May 10, 2005

Huge costs caused by NOTE's restructuring

For the first quarter NOTE posted a net turnover of €35.4 million(€31.2 million) and a result of €-6.7 million(€2.6 million).
The result was strongly negative affected by restructuring costs and other posts of one-time character with €67.6 million. NOTE will continue it's restructuring programme which was started during the autumn 2004, with among others moving the swedish volume production to sites in central Europe.

NOTE was in June 2004 listed on the OMX(Stockholmsbörsen)'s O-list with the goal of being the leading European EMS provider by 2009. Since the beginning of the restructuring process in autumn 2004 the Swedish workforce have been reduced by nearly a third. The main part of the company's volume production has been moved to central Europe and the purchase and stocks have been moved to Poland.

"We are in a transforming phase with establishing on new markets and adjusted our turnover outlook in December to €174.5 million for 2005. Mean while we have made a big restructuring as in line with earlier announced unfortunately brought significant costs even for the first quarter", said Erik Stenfors, NOTE's CEO. "We have during this quarter, except personnel costs even made som value lowerings on the buildings- and the equipment assets. We will complete the restructurings and counts for lower costs in the future", he said. The costs directly connected to the restructuring was €3.4 million.

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