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Electronics Production | July 16, 2010

Note reduce loss in 1H/2010

Swedish EMS-provider Note was able to reduce losses during the 1H/2010. The loss after tax amounted to SEK minus 55.1 (around EUR ), compared to a loss of SEK minus 24.5 million in the corresponding period last year.

"The goal is for Note to keep growing, and for this growth to be achieved with high efficiency and profitability. Given current conditions on the market for electronic components, volume growth in the immediate future is hard to assess. However, we have made good progress towards our future structure and direction", said Göran Jansson (Acting CEO and President). "Accordingly, it now feels natural to pass on leadership of Note to Peter Laveson. He has already been working on a series of rationalisation projects in Note. I'm pleased that Note will gain a permanent CEO who can build on the platform we currently have in place. I will be remaining on the Board of Directors and would like to thank our customers and committed people for their great efforts during a challenging phase. My conviction remains that the Note of tomorrow has good prospects of building sustainable values for customers and shareholders", he continued in saying. Financial Performance April–June • Sales were SEK 298.6 (312.1) million. In like-for-like terms, sales increased by 10%. • The operating loss was SEK -3.8 (-18.1) million, whereof currency effects -5.8 (-1.4). Loss in the previous year included non-recurring costs of SEK 8.0 million. • The operating margin was -1.3% (-5.8%). • The loss after financial items was SEK -5.9 (-19.8) million. Financial Performance January–June • The customer activity has increased, and at the mid-point of the year, our order book was up some 20% on last year. • Sales were SEK 572.0 (641.2) million. In like-for-like terms, sales increased by 4%. • The underlying operating loss, excluding structural and other non-recurring costs, was SEK -12.3 (-18.7) million, whereof currency effects -7.4 (-3.3) MSEK. • The operating loss was SEK -56.3 (-26.7) million. • The operating margin was -9.8% (-4.2%). • The loss after financial items was SEK -61.0 (-31.0) million. Excluding structural and other non-recurring costs, the loss after financial items was SEK -17.0 (-23.0) million. • The loss after tax was SEK -55.1 (-24.5) million.
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