GN's Q4 and full year consolidated results were in line with the
guidance
provided in the Q3 report of November 6, 2008. 

GN ReSound
generated solid positive organic revenue growth in the second half
of the
year. The results in GN Netcom were adversely impacted by the global
economic
crisis. 

Chairman of GN's Supervisory Board Per Wold-Olsen says: “2008 was a
challenging
year for GN. We have implemented a new corporate structure,
initiated a number
of change initiatives and taken significant actions to cut
costs. The programs
initiated are beginning to deliver results, our product
pipeline is promising
and I believe we are setting the scene for a positive
development in GN in the
years to come.” 

Full Year 2008 Results
• Total
revenue was DKK 5,624 million.
• EBITA was DKK 65 million inclusive of
non-recurring costs of DKK 107 million.
• Earnings before tax were DKK (83)
million.
• Net interest-bearing debt was DKK 1,592 million at the end of the
year.
• The Supervisory Board recommends that no dividend will be paid for
the
financial year 2008. 

Fourth Quarter 2008 Results
• Total revenue was
DKK 1,464 million.
• EBITA was DKK 27 million.
• The free cash flow was
positive at DKK 35 million. 
• Revenue in GN Netcom was DKK 615 million
equivalent to (23)% organic growth.
• GN Netcom EBITA was DKK (18) million or
DKK 31 million exclusive of
non-recurring costs. 
• Revenue in GN Resound was
DKK 843 million equal to organic growth of 10%.
• GN ReSound EBITA was DKK 56
million. 

Additional Highlights
• GN Netcom has reached a settlement with
ATL in the battery replacement case.
The outcome is as expected and will have
no material effect on the financial
statements. 
• The DPTG/TPSA arbitration
proceedings progress according to the agreed time
schedule. As of February 25,
2009, the arbitration tribunal issued directions
to the experts on how to
calculate the claim without prejudice to a final
decision. This does not give
GN cause to change the claim. 
• As previously announced, CEO of GN Netcom
Toon Bouten's contract of
employment expires at the end of September 2009. GN
Store Nord and Toon Bouten
have been in dialogue as to the possible extension
of his contract of
employment and have now concluded that it will not be
extended beyond September
2009. 

Outlook for 2009
GN is proactively
preparing for challenging market conditions in 2009.
Significant cost
reductions are planned in both GN Netcom and GN ReSound. Total
EBITA is
expected to be around the same level as EBITA in 2008 despite the fact
that
revenue is expected to decline significantly to a level around DKK 5
billion
in line with the expected market developments. 

• Total EBITA for GN: Around
the 2008 EBITA level based on a revenue scenario
of around DKK 5 billion. 
•
EBITA for GN Netcom: Around DKK (100) million including non-recurring
costs
based on a revenue scenario of around DKK 2 billion. 
The FAST program
will deliver considerable higher cost reductions than
previously expected. The
cost reductions will be in the magnitude of at least
DKK 300 million annually.

• EBITA for GN ReSound: Around DKK 200 million based on a revenue scenario
of
around DKK 3 billion. 
GN ReSound is implementing further significant
restructuring measures in 2009
and preliminary estimates indicate a reduction
of the annual cost base of more
than DKK 200 million as an end-of-2009 run
rate with significant effect already
in 2009. 
• EBITA for Other: Around DKK
(30) million.
• GN expects a significant, positive free cash flow.

All
expectations are expressed in approximate numbers and are subject
to
significant uncertainty due to the global economic crisis. 

For further
information please contact:

Jens Bille Bergholdt
Vice President Finance, IR
& Comm.

GN Store Nord A/S
Tel.: +45 45 75 02 70