NOTE — Audit Report / Information 2012

Feb 12, 2013

YEAR-END REPORT JANUARY-DECEMBER 2012

FINANCIAL PERFORMANCE IN JANUARY-DECEMBER

FINANCIAL PERFORMANCE IN OCTOBER-DECEMBER

SIGNIFICANT EVENTS AFTER YEAR-END

CFO's comment

A DYNAMIC YEAR

Ahead of 2012, NOTE had four areas for special focus: increasing market shares, continued cost rationalisation work, measures to further enhance our customer offering in the form of product quality and delivery precision, and continuing to rationalise our utilisation of working capital. Obviously, all these segments are central to our business, but since completing the restructuring program of 2010, sales growth has gradually moved up our list of priorities.

Considering our progress in 2012, we can in no sense be satisfied with our growth. Sales performance was negative in all quarters. Our sales are strongly linked to ongoing customer assignments, which bear witness to the fact that several of our customers had a challenging 2012.

What's really positive though, is that despite a persistent poor market, we started partnering with over 40 new customers in the year. Most of these customers are SMEs that we've built prototypes and pilot series for. Going forward, our hope is that these products will be launched successfully on the market. generating more work in the form of batch production. We also secured projects on established products, whose future we are confident about. To my mind, this is a confirmation that we have a competitive business model that will enable profitable growth.

In a number of quarterly reports, we've stated that one of our customers is in financial difficulty. Over the past year, we have been in very close dialogue with this customer regarding deliveries, payments, risks and opportunities, and our customer's situation. Unfortunately, this customer's position has now compelled us to make a provision for doubtful debt. This provision corresponds to over 50% of risk exposure. We are continuing to monitor the situation closely. The provision makes operating profit negative for the final quarter. But the underlying profitability and positive cash flow remain, despite a challenging quarter and year.

In our methodical improvement work, and with our enhanced, more group-wide governance model, we have continued to create the prospects to rationalise our cost base better, monitor and act to improve quality and delivery precision, and to keep rationalising our utilisation of working capital. In these three priorities, I think we succeeded well. I'm seeing all units making great advances, and am satisfied by our group-wide values being truly embodied in, and by. our people.

The need for consolidation has been a long-term talking-point in our sector, on global, regional and local levels, but without much actually happening, as far as I can see. However, late in the year, we became the issue ourselves when Lifco, a Swedish industrial group with a contract manufacturing business segment, made a hostile takeover bid for our shares. The Board advised shareholders to reject the bid, and after securing acceptance corresponding to only 14.7% of our shares. Lifco decided to withdraw its offer. To me, this bid was evidence that we are still doing the right things, and that our competitors respect us.

PROGRESS IN THE YEAR

The year featured continued poor demand on several of our geographical markets. Our sales, which in the short term are closely linked to the volumes of ongoing customer assignments, decreased by 15% to SEK 1,029.2 million. The downturn was mainly in Sweden and Finland, while sales performance in Norway and the UK was more stable.

One positive was the initiative we took last year to increase sales direct from our Industrial Plants in Estonia and China, which went well. Essentially, this business is for customers in Europe, and represented 16% (7%) of total sales.

We reduced our costs by 8% through continued rationalisation. And despite lower volumes, this helped us to post an operating profit of SEK 26.0 million. Adjusted for the bad debt provision in the fourth quarter, operating profit was SEK 38.6 million, equating to an operating margin of 3.7%.

Our well-established focus on rationalising the utilisation of working capital enabled us to succeed in downscaling stock by over 20% in the year. This destocking, combined with our profit performance, contributed to increasing our cash flow (after investments) by SEK 40.5 million to SEK 97.0 million.

FUTURE

Our Nearsourcing business model is strong, and tailored for the high mix/low volume market segment. It builds on developing business in our Nearsourcing Centres in Sweden, Norway, Finland and the UK in close collaboration with our customers. Usually, labour-intensive batch production is located at Industrial Plants in Estonia and China.

We have gained a lot of new business opportunities in 2012. We are proud about what we've achieved so far, and still see good prospects of developing our business. Simultaneously, though, we have a very humble approach to forthcoming market progress and our customers' future plans.

The focus for 2013 is to cement the working methods and attitude we introduced to win new accounts, continue our rationalisation work and to succeed well in the utilisation of working capital.

Peter Laveson

Sales and results of operations

SALES, JANUARY-DECEMBER

Continued poor demand from industry was apparent in the year. Consequently, the volumes of ongoing customer assignments contracted. In addition. changed logistics setups, stock redimensioning by customers and delays to customer projects had a negative effect on sales in the year.

Sales were SEK 1,029.2 (1,208.8) million, a 15% decrease. Adjusted for one off deliveries in 2011 and zero-margin materials sales linked to the previously divested joint venture in Krakow, Poland, the decrease was some 13%.

NOTE sells to a large customer base, essentially active in the engineering and communication industries in the Nordics and UK. NOTE endeavours to obtain long-term customer relations, and its 15 largest customers in sales terms represented 57% (56%) of the group's sales.

NOTE conducted an initiative to increase sales direct from Industrial Plants in Estonia and China in autumn 2011. This business, largely to customers in Europe, performed positively and made up 16% (7%) of total sales in the year.

After a period of troublesome shortages with long lead times on the global market for electronic components, conditions in 2012 were relatively stable.

RESULTS OF OPERATIONS, JANUARY-DECEMBER

The fairly extensive restructuring program completed at year-end 2010 is fundamental to NOTE's positive profit performance over the past two years plus. Electronics production was then concentrated on fewer units in Sweden and internationally. Unprofitable operations were sold off or closed down and central costs adapted to prevailing market conditions. Parts of electronics production were relocated to other NOTE units. In this way, the group's capacity utilisation was increased simultaneous with costs being reduced.

Mainly as a result of NOTE's continued methodical improvement work, costs were reduced by 8%.

But decreased production and sales volumes resulted in the gross margin contracting by 2.0 percentage points to 9.0% (11.0%). The provision for bad debt made in the fourth quarter affected gross margin by -1.2 percentage points.

Sales and administration overheads reduced by 5% and were 6.3% (5.6%) of sales.

Other operating income/expenses, primarily consisting of revaluations of foreign currency assets and liabilities, were SEK -1.7 (-0.2) million, In the second quarter of 2011, other operating income/expenses were positively affected by the divestment of NOTE Tauragé, Lithuania.

Operating profit was SEK 26.0 (64.4) million, equivalent to an operating margin of 2.5% (5.3%). Adjusted for the provision for bad debt, operating profit was SEK 38.6 million and operating margin was 3.7%.

Mainly as a result of continued positive cash flow and reduced funding costs, net financial income/expense increased by SEK 1.2 million to SEK -6.9 (-8.1) million.

Profit after financial items was SEK 19.1 (56.3) million, corresponding to a profit margin of 1.9% $(4.7\%)$ .

Profit after tax was SEK 12.6 (39.4) million, or SEK 0.44 (1.36) per share. Adjusted for the provision for bad debt, earnings per share were SEK 0.86. The tax expense for the year corresponded to 34% (30%) of profit before tax.

SALES AND RESULTS OF OPERATIONS, OCTOBER-DECEMBER

Sales in the fourth quarter decreased by 19% to SEK 240.4 (297.7) million. Essentially, the decrease was linked to the combination of continued poor market conditions, which is affecting volumes on current customer assignments negatively. The downturn was especially apparent on the Nordic market.

Sales from Industrial Plants in Estonia and China performed positively, comprising 14% (10%) of fourthquarter sales. However, a minority of the increase was due to the transfer of production from Europe to China.

Manufacturing costs reduced by 5% year on year in the fourth quarter. However, lower production and sales volumes meant gross margin contracted by 6.5 percentage points to 4.7% (11.2%). The provision for bad debt represents 5.2 percentage points of this decrease.

Sales and administration overheads were at largely the same level as the previous year and were 7.1% (5.6%) of sales in the quarter.

Other operating income/expenses, mainly consisting of revaluations of assets and liabilities in foreign currencies, were SEK 0.2 (-1.5) million.

Operating profit for the period was SEK-5.4 (15.1) million, or an operating margin of -2.3% (5.1%). Adjusted for the provision for bad debt, operating profit was SEK 7.2 million and the operating margin was 3.0%.

Profit after net financial items was SEK-6.8 (13.2) million.

SIGNIFICANT EVENTS AFTER YEAR-END

Since the first quarter of 2012, NOTE has been reporting that one of its customers has been in financial difficulty. The customer has taken restructuring and other measures to secure its financial position. NOTE has been in very close dialogue regarding deliveries, payments, risks and opportunities. Against the background of the customer's deteriorating financial position, NOTE has made a provision of SEK 12.6 million before tax, or just over 50% of the risk exposure, mainly accounts receivable-trade. This provision means that profitability for the fourth quarter was negative.

Operating segments

NOTE is a specialist manufacturing partner for producing electronics-based products that require high technology competence and flexibility.

As part of NOTE's Nearsourcing business model, operations are conducted as an integrated process. Nearsourcing Centres provide development and production engineering services in close partnership with customers, such as selecting materials, production of prototypes, batch production and testing. Essentially, NOTE's Industrial Plants provide cost-efficient volume production in both Europe and Asia. Development, management and coordination of operations are conducted in the parent company, and sourcing operations in NOTE Components.

Significant key ratios for NOTE's business segments are stated in the following table, in accordance with IFRS 8. Essentially, these consist of Nearsourcing Centres and Industrial Plants.

Nearsourcing Centres include selling units in Sweden, Norway, Finland and the UK, where there is a close partnership with customers to develop new and existing business. Essentially, Industrial Plants are the production units in Estonia and China. Other units are business support, group-wide operations.

Essentially, the provision for bad debt made in the fourth quarter affected the profitability of Industrial Plants.

	2012 Q4	2011 Q4	2012 Full Year	2011 Full Year
NEARSOURCING CENTRES
EXTERNAL SALES	206.0	268.3	859.7	1,120.0
INTERNAL SALES	0.5	4.3	4.4	21.8
DEPRECIATION AND AMORTISATION	$-1.7$	$-2.3$	$-8.9$	$-11.1$
OPERATING PROFIT	14.1	19.8	35.9	75.0
PROPERTY, PLANT AND EQUIPMENT	25.1	31.0	25.1	31.0
STOCK	83.8	110.9	83.8	110.9
TOTAL ASSETS	420.8	474.6	420.8	474.6
AVERAGE NUMBER OF EMPLOYEES	369	419	385	440
INDUSTRIAL PLANTS
EXTERNAL SALES	34.4	29.4	169.5	88.8
INTERNAL SALES	52.9	67.7	227.7	290.6
DEPRECIATION AND AMORTISATION	$-1.8$	$-1.9$	$-7.1$	$-8.7$
OPERATING PROFIT	$-17.4$	$-3.3$	$-9.1$	$-1.9$
PROPERTY, PLANT AND EQUIPMENT	20.7	25.9	20.7	25.9
STOCK	75.7	91.4	75.7	91.4
TOTAL ASSETS	187.7	199.6	187.7	199.6
AVERAGE NUMBER OF EMPLOYEES	477	470	484	483
OTHER UNITS AND ELIMINATIONS
EXTERNAL SALES	0.0	0.0	0.0	0.0
INTERNAL SALES	$-53.4$	$-72.0$	$-232.1$	$-312.4$
DEPRECIATION AND AMORTISATION	0.0	0.0	0.0	0.0
OPERATING PROFIT	$-2.1$	$-1.4$	$-0.8$	$-8.7$
PROPERTY, PLANT AND EQUIPMENT	0.0	0.0	0.0	0.0
STOCK
TOTAL ASSETS	$-32.5$	$-40.9$	$-32.5$	$-40.9$
AVERAGE NUMBER OF EMPLOYEES	15	16	15	16

Financial position, cash flow and investments

CASH FLOW

Competing successfully in the high mix/low volume market segment sets high standards on the good supply of materials and effective logistics solutions. Accordingly, NOTE faces a major challenge in continuously improving its working methods and internal processes in these segments. This challenge is especially apparent in rapid cyclical demand upturns and downturns, and relates mainly to the complexity of materials supply and changing leadtimes of electronic components.

The global market for electronic components featured a continued shortage in the first half of 2011, with extended lead-times resulting for certain components. This set high demands for major efforts alongside customers and suppliers to dimension stock levels and attain good delivery precision. However, the situation on the component market was significantly more stable in 2012.

Initially, starting up new customer assignments requires working capital, primarily stock. But through focused efforts and the introduction of new logistics solutions, stock reduced by over 20% on the previous year-end.

Mainly as a result of lower volumes, at the end of the year, accounts receivable-trade were down 18% year on year. As a result of a changed mix of customer assignments, the number of days of credit was somewhat higher than at the previous year-end.

Accounts payable-trade, which mainly consist of sourced electronic components and other production materials, were down 5% on the previous year-end. Several actions were taken in the year to extend the number of days of credit to suppliers and concentrate sourcing on fewer, quality-assured suppliers.

Cash flow (after investments) improved by SEK 40.5 million to SEK 97.0 (56.5) million, corresponding to SEK 3.36 (1.96) per share.

EQUITY TO ASSETS RATIO

The equity to assets ratio was 45.2% (41.0%) at the end of the period, up 4.2 percentage points on the previous year-end. The increase is largely due to positive profit performance and rationalising the utilisation of working capital. The dividend of SEK 8.7 million decided and disbursed in the fourth quarter reduced the equity to assets ratio at year-end by approximately 1.5 percentage points.

LIQUIDITY

NOTE has now reported positive cash flows for nine consecutive quarters.

The group's available cash and cash equivalents, including unutilised overdraft facilities, were SEK 128.0 (64.9) million at the end of the year. Pledged accounts receivable-trade were some SEK 144 (181) million. NOTE is maintaining a sharp focus on measures that further improve the group's liquidity and cash flow.

INVESTMENTS

Investments in property, plant and equipment in the year were SEK 8.1 (6.9) million, corresponding to 0.8% (0.6%) of sales.

Investments primarily consisted of rationalisation and quality-enhancing projects in manufacture. In the IT and process segment, in the year, NOTE commenced a project to develop and coordinate the group's ERP systems.

Depreciation and amortisation according to plan was SEK 16.0 (19.8) million.

TRANSACTIONS WITH RELATED PARTIES

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AUDIT REVIEW

FORTHCOMING FINANCIAL REPORTS

ANNUAL REPORT

ANNUAL GENERAL MEETING

ACCOUNTING AND VALUATION PRINCIPLES DISCREPANCIES BETWEEN REPORTS

Consolidated Income Statement

	2012 Q 4	2011 Q4	2012 Full Year	2011 Full Year
REVENUES COST OF GOODS AND SERVICES SOLD	240.4 $-229.0$	297.7 $-264.5$	1 0 29.2 $-936.6$	1,208.8 $-1,075.8$
GROSS PROFIT	11.4	33.2	92.6	133.0
SALES COSTS ADMINISTRATIVE COSTS OTHER OPERATING INCOME/COSTS	$-9.0$ $-8.0$ 0.2	$-9.4$ $-7.2$ $-1.5$	$-33.6$ $-31.3$ $-1.7$	$-36.3$ $-32.1$ $-0.2$
OPERATING PROFIT	$-5.4$	15.1	26.0	64.4
NET FINANCIAL INCOME/EXPENSE	$-1.4$	$-1.9$	$-6.9$	$-8.1$
PROFIT AFTER FINANCIAL ITEMS	$-6.8$	13.2	19.1	56.3
INCOME TAX	$-1.0$	$-4.6$	$-6.5$	$-16.9$
PROFIT AFTER TAX	$-7.8$	8.6	12.6	39.4

Earnings per share

	2012	2011	2012	2011
	04	04	Full Year	Full Year
NUMBER OF SHARES AT END OF PERIOD (000)	28.873	28,873	28,873	28,873
WEIGHTED AVERAGE NUMBER OF SHARES (000)	28,873	28,873	28,873	28,873
EARNINGS PER SHARE, SEK	$-0.27$	0.30	0.44	1.36

Consolidated Statement of Comprehensive Income

	2012 Q4	2011 Q4	2012 Full Year	2011 Full Year
NET PROFIT	$-7.8$	8.6	12.6	39.4
OTHER COMPREHENSIVE INCOME EXCHANGE RATE DIFFERENCES CASH FLOW HEDGES	1.4 0.0	$-0.7$ $-0.1$	$-2.9$ 0.1	2.9 0.1
OTHER COMPREHENSIVE INCOME FOR THE PERIOD	1.4	$-0.8$	$-2.8$	3.0
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	$-6.4$	7.8	9.8	42.4

Consolidated Balance Sheet

	2012 31 Dec	2011 31 Dec
ASSETS GOODWILL OTHER INTANGIBLE ASSETS PROPERTY, PLANT AND EQUIPMENT DEFERRED TAX ASSETS OTHER FINANCIAL ASSETS	70.5 1.6 45.8 15.7 1.2	70.5 0.1 56.9 15.8 4.5
FIXED ASSETS	134.8	147.8
CURRENT INTEREST-BEARING RECEIVABLES STOCK ACCOUNTS RECEIVABLE-TRADE OTHER CURRENT RECEIVABLES CASH AND CASH EQUIVALENTS	2.4 159.5 186.9 21.7 70.7	2.1 202.3 226.9 24.9 29.3
CURRENT ASSETS	441.2	485.5
TOTAL ASSETS	576.0	633.3
EQUITY AND LIABILITIES EQUITY NON-CURRENT INTEREST-BEARING LIABILITIES DEFERRED TAX LIABILITIES	260.5 3.1 3.9	259.4 2.1 3.4
NON-CURRENT LIABILITIES	7.0	5.5
CURRENT INTEREST-BEARING LIABILITIES ACCOUNTS PAYABLE-TRADE OTHER CURRENT LIABILITIES SHORT-TERM PROVISIONS	98.2 144.7 65.6	143.1 153.0 70.9 1.4
CURRENT LIABILITIES	308.5	368.4
TOTAL EQUITY AND LIABILITIES	576.0	633.3

Consolidated change in equity

	2012 Q4	2011 Q4	2012 Full Year	2011 Full Year
OPENING EQUITY TOTAL COMPREHENSIVE INCOME FOR THE PERIOD DIVIDEND	266.9 $-6.4$ -	251.6 7.8	259.4 9.8 $-8.7$	217.0 42.4
CLOSING EQUITY	260.5	259.4	260.5	259.4

Consolidated Cash Flow Statement

	2012 Q4	2011 Q4	2012 Full Year	2011 Full Year
PROFIT AFTER FINANCIAL ITEMS REVERSED DEPRECIATION AND AMORTISATION OTHER NON-CASH ITEMS TAX PAID CHANGE IN WORKING CAPITAL	$-6.8$ 3.5 20.5 2.1 7.0	13.2 4.2 $-4.3$ 2.9 $-7.8$	19.1 16.0 19.6 $-4.6$ 48.0	56.3 19.8 $-0.3$ $-2.1$ $-36.2$
CASH FLOW FROM OPERATING ACTIVITIES	26.3	8.2	98.1	37.5
CASH FLOW FROM INVESTING ACTIVITIES	$-0.2$	2.7	$-1.1$	19.0
CASH FLOW FROM FINANCING ACTIVITIES	5.8	$-19.7$	$-54.9$	$-61.2$
CHANGE IN CASH AND CASH EQUIVALENTS	31.9	$-8.8$	42.1	$-4.7$
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH FLOW AFTER INVESTING ACTIVITIES FINANCING ACTIVITIES EXCHANGE RATE DIFFERENCE IN CASH AND CASH EQUIVALENTS	37.9 26.1 5.8 0.9	38.9 10.9 $-19.7$ $-0.8$	29.3 97.0 $-54.9$ $-0.7$	33.7 56.5 $-61.2$ 0.3
CASH AND CASH EQUIVALENTS AT END OF PERIOD	70.7	29.3	70.7	29.3
UN-UTILISED CREDITS	57.3	35.6	57.3	35.6
AVAILABLE CASH AND CASH EQUIVALENTS	128.0	64.9	128.0	64.9

Consolidated six-year summary

	2012	2011	2010	2009	2008	2007
SALES	1,029.2	1,208.8	1,210.7	1,200.0	1,709.5	1,743.8
GROSS MARGIN	$9.0\%$	11.0%	5.0%	2.2%	7.2%	12.9%
OPERATING MARGIN	2.5%	5.3%	-4.0%	$-7.6%$	$-0.2%$	6.4%
PROFIT MARGIN	1.9%	4.7%	-4.9%	$-8.2%$	$-0.8%$	6.0%
CASH FLOW AFTER INVESTING ACTIVITIES	97.0	56.5	$-13.6$	23.9	25.1	$-0.5$
EOUITY PER SHARE, SEK	9.02	8.98	7.52	21.81	30.64	34.02
CASH FLOW PER SHARE, SEK	3.36	1.96	$-0.56$	1.52	1.59	$-0.03$
RETURN ON OPERATING CAPITAL	7.9%	17.7%	$-12.1\%$	$-18.8%$	$-0.7%$	$21.4\%$
RETURN ON EOUITY	4.9%	16.5%	$-29.1%$	$-32.1%$	$-4.2%$	26.3%
EOUITY TO ASSETS RATIO	45.2%	41.0%	31.3%	27.9%	31.1%	34.5%
AVERAGE NUMBER OF EMPLOYEES	884	939	1,000	977	1,201	1,171
SALES PER EMPLOYEE, SEK 000	1,164	1,287	1,211	1,228	1,423	1,489

Consolidated quarterly summary

	2012 Q4	2012 Q3	2012 Q 2	2012 Q 1	2011 Q4	2011 Q 3	2011 Q 2	2011 Q1
SALES	240.4	234.0	280.1	274.7	297.7	272.5	326.8	311.8
GROSS MARGIN	4.7%	10.7%	9.8%	10.5%	11.2%	11.2%	11.6%	10.0%
OPERATING MARGIN	$-2.3%$	4.5%	3.6%	4.0%	5.1%	4.9%	7.2%	3.9%
PROFIT MARGIN	$-2.8%$	3.5%	3.2%	3.2%	4.4%	4.6%	6.5%	$3.0\%$
CASH FLOW AFTER INVESTING ACTIVITIES	26.1	21.7	13.0	36.3	10.9	22.1	14.5	9.0
EOUITY PER SHARE, SEK	9.02	9.24	9.12	9.15	8.98	8.71	8.25	7.71
CASH FLOW PER SHARE, SEK	0.90	0.75	0.45	1.26	0.38	0.77	0.50	0.31
EOUITY TO ASSETS RATIO	45.2%	46.1%	44.1%	43.3%	41.0%	38.5%	35.3%	32.7%
AVERAGE NUMBER OF EMPLOYEES	861	901	895	879	905	949	966	938
SALES PER EMPLOYEE. SEK 000	279	260	313	312	329	287	338	332

Parent Company Income Statement

	2012 Q4	2011 Q4	2012 Full Year	2011 Full Year
NET SALES COST OF GOODS SOLD	7.3 $-5.1$	7.9 $-7.1$	36.7 $-24.1$	33.7 $-27.3$
GROSS PROFIT	2.2	0.8	12.6	6.4
SALES COSTS ADMINISTRATIVE COSTS OTHER OPERATING INCOME/COSTS	$-0.9$ $-2.6$ 0.0	$-1.3$ $-2.0$ 0.0	$-4.1$ $-10.2$ 0.0	$-5.0$ $-10.6$ 0.0
OPERATING PROFIT	$-1.3$	$-2.5$	$-1.7$	$-9.2$
FINANCIAL INCOME/EXPENSE	28.0	42.4	29.1	43.1
PROFIT AFTER NET FINANCIAL ITEMS	26.7	39.9	27.4	33.9
APPROPRIATIONS	$-4.5$	$-1.1$	$-4.5$	$-1.1$
PROFIT BEFORE TAX	22.2	38.8	22.9	32.8
INCOME TAX	$-4.0$	$-10.3$	$-4.2$	$-8.6$
PROFIT AFTER TAX	18.2	28.5	18.7	24.2

Parent Company Balance Sheet

	2012 31 Dec	2011 31 Dec
ASSETS LONG-TERM RECEIVABLES FROM GROUP COMPANIES FINANCIAL NON-CURRENT ASSETS	83.9 246.0	88.5 254.3
NON-CURRENT ASSETS	329.9	342.8
CURRENT INTEREST-BEARING RECEIVABLES RECEIVABLES FROM GROUP COMPANIES OTHER CURRENT RECEIVABLES CASH AND CASH EQUIVALENTS	2.5 51.1 3.2 36.5	2.1 61.5 3.6 13.3
CURRENT ASSETS	93.3	80.5
TOTAL ASSETS	423.2	423.3
EQUITY AND LIABILITIES EQUITY	269.5	261.4
UNTAXED RESERVES	5.5	1.1
NON-CURRENT LIABILITIES
LIABILITIES TO CREDIT INSTITUTIONS LIABILITIES TO GROUP COMPANIES OTHER CURRENT LIABILITIES & PROVISIONS	134.1 14.1	16.6 131.6 12.6
CURRENT LIABILITIES	148.2	160.8
TOTAL EQUITY AND LIABILITIES	423.2	423.3