Q3 Interim Report 2008

Summary 
GN generated positive organic revenue growth in the third quarter, but the
result was negatively impacted by extraordinary write-downs on inventories and
capitalized R&D. Full-year guidance is also revised being impacted by the
global financial crisis. 

Third quarter 2008 highlights 
• Total GN revenue was DKK 1,386 million (DKK 1,428 million last year)
corresponding to positive organic growth of 2%. Exchange rate fluctuations
impacted revenue by (5)%. 
• Overall EBITA was DKK (27) million versus DKK 67 million in Q3 last year.
• Overall free cash flow in the quarter was DKK (30) million versus DKK (63)
million last year. 

• GN Netcom revenue was DKK 595 million (DKK 670 million last year), equivalent
to (6)% organic growth. 
• GN Netcom EBITA was DKK (28) million (DKK 6 million last year), or DKK 0
exclusive of non-recurring costs. 
• GN Netcom launched the Jabra BT530 mobile headset, which is the first headset
featuring Noise Blackout™. 
• After the end of the third quarter, GN Netcom announced a battery replacement
program of ATL Batteries in GN9120 headsets. 
• FAST restructuring program in GN Netcom is progressing according to plan.

• GN ReSound revenue was DKK 787 million (DKK 755 million last year), equal to
organic growth of 9%. 
• GN ReSound EBITA was DKK 4 million (DKK 55 million last year), affected by
extraordinary inventory write-downs of DKK 30 million and impairment of R&D
assets of DKK 25 million. 
• The be by ReSound™ launch is proceeding as expected and is also driving sales
of other GN ReSound products. 
 
Full-year guidance
Due to the impacts of the global financial crisis, extraordinary inventory
write-downs and impairment of R&D assets GN lowers the EBITA forecasts for GN
Netcom and GN ReSound: 
• Overall EBITA in GN: DKK 50-100 million including non-recurring costs.
• EBITA for GN Netcom: Approx. DKK (50) million including non-recurring costs
of approx. DKK 100 million. 
• EBITA for GN ReSound: DKK 125-175 million.
• EBITA for Other Activities: Approx. DKK (25) million.


For further information, please contact:

Jens Bille Bergholdt
VP, Finance, IR & Communications

GN Store Nord A/S
Tel: +45 45 75 02 00