Electronics Production | February 04, 2008
PartnerTech's earnings lower than forecast
Due to lower sale volumes, PartnerTech forecast full-year operating earnings of SEK 20 million in December 2007.
The forecast included non-recurring costs of SEK 50 million and an action plan. Since that time, additional non-recurring costs of SEK 28.6 million have been identified. Meanwhile, operating earnings have been affected to a greater extent than expected by the sales volume decline and currency fluctuations. As a result, the total outcome is SEK 37.5 million lower than forecast. Fourth quarter of 2007: Net sales were SEK 659.5 million (800.3). The operating loss was SEK –86.6 million (41.7). Full-year 2007: Net sales were SEK 2,643.6 million (3,057.2). The operating loss was SEK –17.5 million (180.0). Following strong growth in 2006, PartnerTech's net sales declined by approximately 13% in 2007. The lower sales, of which three major customers account for 86%, have required adaptations to current volumes. An action program was initiated in December for that purpose. The difference between the forecast and actual outcome stems from the increased costs associated with acceleration of adaptation and reorganization efforts late in the fourth quarter. Furthermore, the impact of sales decreases and currency fluctuations during the quarter were greater than expected.
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