NOTE’s Interim Report January–September 2014

Financial Performance July–September

• Sales were SEK 235.5 (200.8) million.

• Operating profit was SEK 10.4 (-4.6) million.

• The operating margin was 4.4% (-2.3%).

• Profit after financial items was SEK 9.8 (-6.5) million.

• Profit after tax was SEK 8.7 (-7.9) million, corresponding to SEK 0.30 (-0.28)
per share.

• Cash flow after investments was SEK -23.2 (6.3) million, or SEK -0.80 (0.22)
per share.

Financial Performance January–September

• Sales were SEK 715.9 (651.7) million.

• Operating profit was SEK 23.7 (-0.7) million.

• The operating margin was 3.3% (-0.1%).

• Profit after financial items was SEK 20.7 (-5.2) million.

• Profit after tax was SEK 17.5 (-7.0) million, corresponding to SEK 0.61 (
-0.24) per share.

• Cash flow after investments was SEK -8.3 (0.3) million, or SEK -0.29 (0.01)
per share.

CEO’s comment to the Interim Report

"We have now achieved organic sales growth four consecutive quarters. Our sales
so far this year has increased by 10% to SEK 715.9 (651.7) million. Projected
-oriented business boosted sales growth in the third quarter to just over 17%. I
consider that the sales growth in the year clearly shows that we are
strengthening our position on a relatively stable European market.

Operating profit for the first nine months of the year was SEK 23.7 (-0.7)
million, corresponding to an operating margin of 3.3% (-0.1%). For the third
quarter the operating margin improved to 4.4% (-2.3%).

Mainly as a result of the sales growth, our cash flow after investments was
negative for the first nine months of the year, SEK -8.3 million. Our balance
sheet remains solid—the equity to assets ratio was almost 45% at the end of the
period”, says Peter Laveson, President and CEO.

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. The Year-End
Report for January–December will be published on 6 February 2015.

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 electronics production. 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 2013, net sales were SEK 907 million; the group has approximately
850 employees. NOTE is listed on the Nasdaq Stockholm Exchange. For more
information, please go to www.note.eu.

NOTE AB (publ) discloses the information provided herein pursuant to the
Securities Markets Act.
The information was submitted for publication on 20 October 2014 at 8:30 a.m.