Nolato’s Year-End Report 2004: Sharp improvement in earnings and strong financial position

05-02-08 14:31 - Regulatory
Nolato is continuing its strong improvement in earnings and in today’s year-end report for 2004 posted Group full-year income after financial items of SEK 179 M, compared to SEK 6 M for 2003.

• Consolidated sales of the Nolato Group totaled SEK 2,401 M (2,671) • The operating margin was 8.1 percent (2.1) • Earnings per share increased to SEK 4.95 (-1.35) • Nolato’s financial position stronger; the equity/assets ratio was 41 percent (31) • Cash flow after investments was SEK 231 M (228) • Dividend policy adopted. Proposed dividend more than doubled: SEK 1.75 per share (0.80) “The strong improvement in earnings is based on good growth in every profit center,” said Georg Brunstam, President and CEO of Nolato. The largest profit center, Nolato Telecom, increased its operating income by 22 percent and improved its margin to 9.9 percent (6.5). “The market for mobile telephones saw good volumes during the year. Nolato Telecom has, among other things, received important new systems projects from its mobile phone customers, for delivery in 2005. The demand for network products for the telecom industry has also grown,” said Mr. Brunstam. The strong growth for Nolato Telecom in China continued, with stable profitability. The number of employees in China at year-end was about 1,600. Roughly two thirds of Nolato’s employees today work outside Sweden. Nolato Industrial showed stable earnings, with a strong growth in volumes to customers in the vehicle sector. “Nolato has a very competitive market position, with very cost-effective and highly automated units in Sweden as well as existing production units in low-cost countries,” Mr. Brunstam noted. Nolato Medical experienced very strong growth and increased sales by 34 percent during 2004. Operating income rose sharply to SEK 26 M (16). Integration of the acquisition made in June has gone according to plan and operations are showing good growth. The complete year-end report can be downloaded below or from www.nolato.com

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