NOTE’s Interim Report January–March 2015

Financial Performance January–March
• Sales were SEK 275.3 (232.8) million.
• Operating profit was SEK 11.9 (5.8) million.
• Operating margin was 4.3% (2.5%).
• Profit after financial items was SEK 11.0 (3.8) million.
• Profit after tax was SEK 9.3 (3.1) million, corresponding to SEK 0.32 (0.11)
per share.
• Cash flow after investments was SEK 21.8 (23.1) million, or SEK 0.76 (0.80)
per share.

CEO’s comment
"NOTE continued to advance on a fairly stable European market. In the first
quarter, we achieved sales growth of over 18%, some one-half of the sales growth
was attributable to currency exchange rate fluctuations. Sales increased in all
domestics markets. It continues to look promising, order backlog at the end of
the quarter supports a positive sales outlook.
The combination of increased sales with continued good cost-efficiency
contributed to our stronger profitability. Operating profit improved by SEK 6,1
million to SEK 11.9 million. Our operating margin expanded by 1,8 percentage
points to 4.3%.
Improved earnings, combined with stable progress of working capital, contributed
to cash flow after investments of SEK 21.8 million, despite the sales growth.
This was basically in line with the first quarter the previous year. NOTE’s
balance sheet remains solid with an equity to assets ratio of 42,6%”, says Peter
Laveson, President and CEO.
NOTE’s Interim Report for January–March is now available in PDF format on the
corporate web site, www.note.eu, and attached to this message. The Interim
Report for January–June will be published on 13 July
For more information, please contact:
Peter Laveson, CEO and President, tel. +46 (0)8 568 99006, +46 (0)70 433 9999
Henrik Nygren, CFO, tel. +46 (0)8 568 99003, +46 (0)70 977 0686
About NOTE
NOTE is one of the leading Northern European manufacturing and logistics
partners for production of electronics-based products. NOTE produces PCBAs, sub
-assemblies and box build products. NOTE's offering covers the whole product
lifecycle, from design to after-sales. NOTE has a presence in Sweden, Norway,
Finland, the UK, Estonia and China. In 2014, net sales were SEK 964 million; the
group has approximately 900 employees. NOTE is listed on Nasdaq Stockholm. For
more information, please go to www.note.eu.
NOTE AB (publ) discloses the information provided herein pursuant to the
Securities Markets Act. This information was submitted for publication on 22
April 2015 at 8:30 a.m.