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Financial performance July–September  
• Sales increased by 34% to SEK 434 (324) million. Excluding acquisitions, growth was 18%. The 
order backlog at the end of the third quarter was about 30% above the previous year’s level.
• Operating profit was up by 104% to SEK 32 (16) million. Adjusted for non-recurring costs in the
third quarter of the previous year, operating profit increased by 41% to SEK 32 (23) million.
• The operating margin widened by 2.5 percentage points to 7.3% (4.8%). Adjusted for non-
recurring costs in the third quarter of the previous year, the operating margin widened by 0.3 percentage points to 7.3% (7.0%).
• Profit after financial items rose to SEK 30 (15) million.
• Profit after tax increased by 100% to SEK 22 (11) million, corresponding to SEK 0.76 (0.38) per share.
• Cash flow after investments amounted to SEK 1 (9) million, or SEK 0.03 (0.33) per share.

Financial performance January–September
• Sales increased by 30% to SEK 1,277 (982) million. Excluding acquisitions, growth was 16%.
• Operating profit was up by 59% to SEK 89 (56) million. Adjusted for non-recurring costs in the 
third quarter of the previous year, operating profit increased by 41% to SEK 89 (63) million.
• Operating margin widened by 1.3 percentage points to 7.0% (5.7%). Adjusted for non-recurring 
costs in the third quarter of the previous year, the operating margin widened by 0.6 percentage points to 7.0% (6.4%).
• Profit after financial items rose to SEK 83 (52) million.
• Profit after tax increased by 65% to SEK 66 (40) million, corresponding to SEK 2.29 (1.39) per share.
• Cash flow after investments amounted to SEK -21 (5) million, or SEK -0.73 (0.17) per share.

CEO’s comment–Record growth, a stronger operating margin and about 30% larger order backlog.

It is particularly gratifying that, despite a slowdown in the industrial economy, we managed to increase the growth rate during the third quarter. Growth during Q3 was 34%, of which 18 percentage points were organic. We increased sales in all home markets and at all plants.

In terms of profit, our positive trend continued year-to-date. Excluding non-recurring items last year, operating profit increased by 41% to SEK 89 million and the operating margin increased 0.6 percentage points to 7.0%.

We continue to win many new customers, our order books at the end of the period were about 30% larger than last year and we are in the start-up phase of several large customer projects. Despite a weaker market situation for some of our industrial customers, I therefore see good opportunities to continue our positive growth curve”, says Johannes Lind-Widestam, CEO and President.

NOTE’s Interim Report for January–September is now available in PDF format on the corporate web site, www.note.eu, and attached to this message. NOTE’s year-end report will be published on 5 February 2020.

For more information, please contact:
Johannes Lind-Widestam, CEO and President, tel. +46 (0)70 541 7222
Henrik Nygren, CFO, tel. +46 (0)70 977 0686

About NOTE
NOTE is one of northern Europe’s leading EMS partners, producing PCBAs, subassemblies and box build products. NOTE’s offering covers the complete product lifecycle, from design to after-sales. NOTE has a presence in Sweden, Finland, the UK, Estonia and China. Net sales in the last 12 months were SEK 1,674 million; the group has approximately 1,070 employees. NOTE is listed on Nasdaq Stockholm. For more information, please go to www.note.eu.

This information is such information that NOTE AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Johannes Lind-Widestam, at 8:30 a.m. CET on 22 October 2019.

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