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NCAB Interim report January–June 2021

> Net sales increased by 31% to SEK 762.2 million (580.6). In USD, net sales increased 52%. For comparable units, net sales increased by 15%, and in USD the increase was 33%.
>Order intake increased 118% to SEK 1,057.8 million (486.2). In USD, the increase was 152%. For comparable units, order intake increased by 98%, and in USD the increase was 129%. 
> EBITA increased 105% to SEK 103.8 million (50.6), representing an EBITA margin of 13.6% (8.7).
> EBITA was positively impacted by SEK 11.0 million in forgiven loans in the USA, PPP*) loans, and transaction cost of SEK 1.3 millions. EBITA, excluding the effect of the forgiven PPP loans and transaction cost, was SEK 94.1 million, corresponding to a margin of 12.3% (10.3).
> Operating profit was SEK 99.7 million (48.1). Operating margin was 13.1% (8.3).
> Profit after tax was SEK 77.9 million (20.4).
> Earnings per share was SEK 4.16 (1.21).
> Net sales increased by 30% to SEK 1,379.3 million (1,063.7). In USD, net sales increased 49%. For comparable units, growth in SEK was 9% and in USD 26%.
>Order intake increased 94% to SEK 2,036.7 million (1,049.7). In USD, order intake increased 124%. For comparable units the increase was 67% in SEK and 98% in USD.
>EBITA increased to SEK 162.1 million (88.4), representing an EBITA margin of 11.8% (8.3). SEK 3.5 million was charged to EBITA relating to transaction costs for PreventPCB and sas – electronics, but was positively impacted by the forgiven PPP*) loans. Excluding transaction costs and the PPP loans, EBITA amounted to SEK 154.6 million, corresponding to an EBITA margin of 11.2% (9.7).
>Operating profit was SEK 155.1 million (85.1). Operating margin was 11.2% (8.0).
>Profit after tax was SEK 118.7 million (60.8).
>Earnings per share was SEK 6.34 (3.46).
>The Annual General Meeting on 10 May resolved to pay a dividend of SEK 5.00 per share.
>On June 24, 100 per cent of the shares in sas – electronics, in Germany, was acquired.
*) Loan value of SEK 11, 0 million within the American program Pay check Protection Program have under the quarter been forgiven. This is booked as other income and has contributed positivly on gross margin and EBITA.

Key performance indicatorsJan-Mar   Jan-Mar   Full year 
20212020 20212020 LTM 2020
Order intake, SEK million1 057.8486.211.,5 2 036.71 049.794.0 3 230.42 243.4
Order intake, USD million126.250.0152.4 242.7108.1124.5 378.4243.8
Net sales, SEK million762.2580.631.3 1 379.31 063.729.7 2 430.92 115.2
Net sales, USD million90.960.051.5 164.4110.049.4 284.2229.8
Gross margin, %31.629.4  30.230.5  30.530.3
EBITA, SEK million103.850.6105.3 162.188.483.4 264.4190.7
EBITA margin, %13.68.7  11.88.3  10.99.0
Operating profit, SEK million99.748.1107.5 252.4182.3
Operating margin, %13.18.3  11.28.0  10.48.6
Profit after tax, SEK million77.920.4282.2 118.760.895.1 185.4127.5
Earnings per share, SEK4.161.21244.0 6.343.4683.0 9.907.03
Cash flow from operating activities, SEK million30.376.9-60.6 28.379.5-64.4 143.2194.3
Return on capital employed, %    23.823.7
Return on equity, %    26.124.3  26.124.3

USD/SEK - average8.419.69  8.409.67  8.579.20
EUR/SEK - average10.1410.66  10.1310.66  10.2210.49


NCAB advances its positions
NCAB has had another strong quarter. Sales increased 31 per cent to SEK 762 million. Order intake continued to increase by a full 118 per cent to SEK 1,058 million. The behaviour we saw during the first quarter with order bookings being brought forward, due to uncertainty in the market in terms of component shortages and price increases, continued in the second quarter. Is this the new normal? It is still too hard to predict. However, it is satisfying, alongside this, to see strong underlying growth and that all segments and all of the new acquisitions are delivering in terms of orders, sales and earnings. The order intake for the quarter also includes a price increase effect from our suppliers that we have passed on to our customers.
In general, we are seeing increased activity from both existing and new customers with new projects. This is an indication that we are capturing market share. It is clear that electronic applications are increasing strongly due to the transition to more climate-smart solutions. We are also seeing that many of our small competitors are having difficulty in gaining priority among the leading suppliers. It is difficult for those that do not have their own staff in China to maintain relationships with the suppliers. This is also impacting customers who, to an extent, make purchases directly from factories i...

Författare MFN