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Interim Report January–September 2022


> Net sales increased 35% to SEK 1,168.3 million (863.6). In USD, net sales increased 10%. For comparable units, net sales increased 23%, and in USD the decrease was 2%.
> Order intake increased 8% to SEK 1,011.0 million (935.2). In USD, order intake decreased 12%, but adjusted for the elevated order intake in 2021, linked to longer lead times, order intake for the third quarter is estimated to have increased approximately 16% in SEK. For comparable units, the decrease for order intake was 4% in SEK, and 22% in USD.
> EBITA increased 49% to SEK 183.5 million (123.2), representing an EBITA margin of 15.7% (14.3).
> Cash flow from operating activities was SEK 212.2 million (0.2).
> Operating profit was SEK 172.3 million (118.6).
> Profit after tax was SEK 138.5 million (91.2).
> Earnings per share* before and after dilution amounted to SEK 0.74 (0.49).
> Net sales increased 53% to SEK 3,431.6 million (2,242.9). In USD, net sales increased 31%. For comparable units, net sales increased 37%, and in USD 16%.
> Order intake increased 8% to SEK 3,218.0 million (2,971.9). In USD, order intake decreased 7%. For comparable units, the decrease for order intake was 5% in SEK and 19% in USD.
> EBITA increased to SEK 489.9 million (285.1), representing an EBITA margin of 14.3% (12.7). SEK 8.1 million was charged to EBITA relating to acquisition costs for META and Kestrel as well as the final payment for Prevent. Excluding these costs, EBITA amounted to SEK 498.0 million, representing an EBITA margin of 14.5 per cent (12.4, excl transaction cost and PPP loan for 2021).
> On 8 April, NCAB divested its operations in Russia, which entailed impairment losses of SEK 43.2 million that did not impact EBITA.
> Cash flow from operating activities was SEK 384.7 million (28.5).
> Operating profit was SEK 417.1 million (273.5).
> Profit after tax was SEK 345.8 million (209.6).
> Earnings per share* amounted to SEK 1.85 (1.12).
> During the quarter, a new loan facility was signed with Nordea for an additional SEK 300 million to strengthen future acquisition opportunities.
> The second part of the dividend of SEK 0.60 per share, corresponding to SEK 0.30 per share, was paid out in October (in 2021, SEK 0.50* per share was distributed as an ordinary dividend and SEK 1.00* as an extra dividend).
> Benjamin Klingenberg, MD of NCAB Germany was appointed VP of NCAB Europe and consequently a new member of Group management as of November 1. Howard Goff, former VP NCAB Europe was appointed VP Sales.
*) Calculated after 10:1 split

Record profit and continued stable customer demand
It is gratifying to report NCAB’s strongest quarterly profit ever in an environment dominated by negative headlines about war, interest rates hikes and rising electricity prices. We continued to note net sales growth on an annual basis, and with gradual improvement in the gross margin this produced a record EBITA result. The strong cash flow was also positive, affected by the continued reduction in working capital which continues to be an important focus area.
During the quarter, we noted a reduction in lead times and an improvement in the supply of components to our customers, which has led to bottlenecks slowly disappearing for our customers. We are in a good position to continue our profitable growth journey and to win new customers in growing segments, such as energy optimisation and security.
Despite the economic climate, our order intake has so far remained stable. Admittedly, it decreased slightly year-on-year, but as we have previously explained this was due to an abnormally large order book that was accumulated as a result of long lead times in 2021. As lead times improved in the supply chain, we have now delivered some of our earlier order book. Combined with certain inventory adjustments by customers, this resulted in a negative book to bill (order intake compared with invoicing) for the second consecutive quarter. However, we expect this situation to normalise already during the next quarter. We have minimal exposure to the market segments that are up till today affected by the economic downturn, such as consumer goods. The outlook for future orders from our customers remain positive.
All of our segments performed at a high level. Growth in Nordic was highly favourable, with strong results in most units while the segment was further strengthened by the acquisition of Elmatica. Profitability remained high, with positive performance in all countries and synergies from the acquisition of Elmatica.
In Europe, the sharp rise in net sales continued and margins improved further. The integration of Kestrel International Circuits in the UK, that was acquired in June, has made good progress and synergies have already materialised both on the income and cost side.
In North America, net sales growth continued to be good. The substantial improvement in profitability is highly positive and was the result of efficiency enhancements and increased gross margins.
The East segment experienced clear challenges during the quarter. In addition to our exit from the Russian market, which has a significant impact on year-on-year comparisons, net sales in China were also weak. The zero-COVID policy has had a considerable impact on business activity in the country and our ability to grow in the region. However, we are proud that we could increase our already strong EBITA margin, due to a persistent focus on providing good service and supporting niched high-tech market segments.
As previously announced, we have clearly captured market shares. This is the result of a number of factors. Our technical know-how that has helped customers to optimise their solutions and supply chains, but also our presence in China, when many of our customers or smaller competitors have had difficulties to visit that country has contributed. We also received positive attention from customers for our sustainability agenda, a de facto aspect that has provided us new business. This is an area where NCAB has taken a leading position in our industry and is continuing to invest to help our customers make the best possible choice even from a sustainability perspective.
Looking ahead, we are despite the uncertainties in the world, still in a strong position in many ways and continue to invest in growth, both organic and through acquisitions. We have expanded our pipeline of acquisition candidates and are in talks with several companies.

Peter Kruk
President and CEO, NCAB Group AB
“We are in a strong position and continue to invest in growth.”
For further information, please contact:
Anders Forsén, CFO +46 (08 4030 0051
Gunilla Öhman, IR Manager, +46 (070 763 81 25
NCAB Group is publishing the interim report for the first three quarters of 2022, January–September, on Tuesday 8 November at 7:20 a.m. A web-cast telephone conference will be held at 10:00 a.m. on the same date, when President and CEO Peter Kruk and CFO Anders Forsén will present the report. The presentation will be followed by a Q&A session. The presentation will be held in English. To participate in the conference call, call the following numbers: from Sweden: +46 8 505 163 86, UK: +44 203 198 4884, US: +1 412 317 6300, PIN: 9289783#. The presentation and conference can also be followed from the following link:
About NCAB Group
NCAB is a worldwide leading supplier of printed circuit boards (PCBs), listed on NASDAQ Stockholm. NCAB offers PCBs for demanding customers, on time with zero defects, produced sustainably at the lowest total cost. NCAB was founded in 1993. Since its foundation, the operations have been characterised by an entrepreneurial and cost-efficient culture and have showed strong growth and good profitability over time. Today, NCAB has a local presence in 15 countries in Europe, Asia and North America. Revenues in 2021 amounted to SEK 3,220 million. Organic growth and acquisitions are part of NCAB’s strategy. For more information about NCAB Group, please visit us at

This information is information that NCAB Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person[s] set out above, at 2022-11-08 07:20 CET.

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NCAB Delårsrapport Q3 2022 Final ENG

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