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© Note Electronics Production | July 15, 2011

Note – still along the plus road

Operating profit for the quarterly and half-year results come in plus for EMS-provider Note. Restructuring measures in Sweden, Lithuania and Poland have been completed.

Financial Performance April–June • Sales increased by 9% to SEK 326.8 (298.6) million. • The operating profit was SEK 23.5 (-3.8) million. • The operating margin was 7.2% (-1.3%). • The profit after financial items was SEK 21.2 (-5.9) million. • The profit after tax was SEK 15.5 (-11.4) million, or SEK 0.54 (-0.48) per share. • Cash flow after investments was SEK 14.5 (-54.9) million, or SEK 0.50 (-2.32) per share. Financial Performance January–June • Sales increased by 12% to SEK 638.6 (572.0) million. • The operating profit was SEK 35.8 (-56.3) million. The result for the first half 2010 included structural and other non-recurring costs of approximately SEK -44 million. • The operating margin was 5.6% (-9.8%). • The profit after financial items was SEK 30.5 (-61.0) million. • The profit after tax was SEK 21.4 (-55.1) million, or SEK 0.74 (-2.79) per share. • Cash flow after investments was SEK 23.5 (-40.6) million, or SEK 0.82 (-2.06) per share. Extensive restructuring complete Structural measures decided in the first quarter last year encompassing relocation and closure of production in Skänninge, Sweden, and Tauragé, Lithuania, were completed as planned in December 2010. Furthermore, the operations at Gdansk, Poland, were closed and the 50% holding in electronics factory NOTEFideltronik in Krakow, Poland, was divested. Some SEK -47 million restructuring and other non-recurring costs were charged to 2010 full-year result. Divestment of NOTE Tauragé An Extraordinary General Meeting on 21 June approved the Board’s proposal to divest all the shares in NOTE Tauragé UAB, Lithuania. Electronics production at NOTE Tauragé was closed down at year-end as part of the restructuring measures. The transaction was completed to accelerate the cost-efficient liquidation of the legal entity. The Japan disaster A significant proportion of global electronics components production takes place in Japan. Given the extent of the earthquake in the first quarter and its consequences, there is a risk of further disruption to the electronics components market. So far, the impact on NOTEs operation has been very limited.
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