Electronics Production | July 13, 2007

Decline in turnover and profit for PartnerTech

Editor: Jesper Olsson

EMS provider PartnerTech reports turnover decrease of 19,4% for the second quarter of 2007.

PartnerTech's net sales for the second quarter decreased by 19.4% to €73,06 million (90.65). The operating profit was €2.59 million (6.08) and the cash flow after investments was strengthened to €5.70 million (–4.18). Net sales for the first half decreased by 8.2% to €146.02 million (159.12). The operating profit for the period was €5.85 million (9.6) and the profit after tax was €3.66 million (6.63). Cash flow after investments for the first half amounted to €11.1 million (–5.03). The company reported that PartnerTech in the second half experienced a temporary downturn in orders from the company's largest customers. However the company has during this year's first six months recieved new orders from Tomra, Gyros and OptoPlan. The second quarter of 2007 was devoted to activities aimed at strengthening the company for continued international growth. Local customer centers are being restructured to take advantage of the internationalization of the past few years and to better coordinate the Group's resources. The purpose is to focus more on local markets and sales while providing the business units with greater latitude for global projects. Expanded cooperation with 3CEMS in China is also part of that effort. The changes in Åtvidaberg, which entailed approximately €962 K in extra expenses for employees who had been given notice of termination and for adaptations of premises, had the greatest impact on the second quarter operating profit. Due to lower sales volumes, return on operating capital decreased to 10.1% (26.9) during the quarter. Net sales at the Terminals/Machine Solutions business unit fell during the first half of 2007 by €32.88 million, or 51.6%, to €30.79 million (63.68). The decrease was 50.1% for comparable units. The main reason for the reduction was that the large projects delivered to Tomra in the first half of 2006 were not matched this year. But due primarily to additional orders for Tomra's Logistima product group, the business unit's sales rose from €13.16 million in the first quarter to €17.58 million in the second quarter. Sales at the Medical Equipment business unit were up in January-June by €1.55 million, or 6.2%, to €26.75 million. €1.22 million of the increase was attributable to acquisitions. The improvement stemmed from a number of customers of electronic components, as well as complete systems or modules. January-June sales at the Industry/Telecom business unit rose by 26.0% to €88.47 million (7.51). A total of €15.47 million, or 22 percentage points, was attributable to acquisitions over the past 12 months.

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