Second quarter summary
The financial results of both GN Netcom and GN ReSound were in line with
expectations.
Second quarter 2008 highlights
• Total GN revenue was DKK 1,363 million. Exchange rate fluctuations impacted
revenue by (8)% compared to Q2 2007 and organic growth was positive by 1%.
• Total EBITA was DKK 38 million.
• GN Netcom revenue was DKK 584 million, equivalent to 3% organic growth.
• GN Netcom EBITA was DKK (28) million, or DKK (3) million exclusive of
nonrecurring costs of DKK 25 million.
• In June, GN Netcom launched a comprehensive restructuring program to turn
around the Mobile division's unsatisfactory earnings and to strengthen
profitability in CC&O Headsets.
• GN ReSound revenue was DKK 776 million, equal to organic growth of (1)%.
• GN ReSound EBITA was DKK 72 million.
• GN ReSound is continuing the turnaround in order to improve growth and
earnings.
• After the second quarter has been concluded, Peter U. Scheel has been
appointed new head of Global R&D in GN ReSound.
Full-year guidance
• GN's forecast for EBITA is in line with the previous guidance.
• EBITA for GN Netcom: DKK 125-175 million excluding non-recurring items of
approximately DKK 150 million.
• EBITA for GN ReSound: DKK 250-300 million.
For further information, please contact:
Jens Bille Bergholdt
VP, Finance, IR & Communications
GN Store Nord A/S
Tel: +45 45 75 00 00
