NCAB Group 2021 Year End Report

> Net sales increased by 90% to reach 976.6 million Swedish crowns (514.9). In USD, net sales increased by 87%. For comparable units, net sales increased 57% and in USD the increase was 55%.
> Order intake increased by 57% for SEK 1,067.1 million (681.4). In USD, the increase was 55%. For comparable units, order intake increased by 29% and, in USD, the increase was 27%.
> EBITA up 132% at SEK 121.0 million (52.2), representing an EBITA margin of 12.4% (10.1).
> EBITA was negatively impacted by transaction costs related to the acquisition of Elmatica for an amount of 3.1 million Swedish crowns. EBITA, excluding the effect of transaction costs, was 124.1 million Swedish crownscorresponding to a margin of 12.7% (10.1).
> The operating result was 113.7 million Swedish crowns (50.1). The operating margin is 11.6% (9.7).
> Profit after tax was 75.3 million Swedish crowns (35.2).
> Earnings per share** before and after dilution were SEK0.40 (0.19).

> Net sales increased by 52% for SEK 3,219.5 million (2,115.2). In USD, net sales increased by 63%. On a comparable unit basis, net sales increased by 30%, and in USD by 39%.
> Order intake increased by 80% for SEK 4,039.0 million (2,243.4). In USD, order intake increased by 93%. For comparable units, the increase was 55% in SEK and 66% in USD.
> EBITA up 111% at 406.1 million Swedish crowns (190.7), representing an EBITA margin of 12.6% (9.0). 7.4 million Swedish crowns was charged to EBITA relating to transaction costs for acquisitions, but was positively impacted by canceled PPP loans*). Excluding transaction fees and PPP loans, EBITA was 402.5 million Swedish crownscorresponding to an EBITA margin of 12.5% ​​(9.7).
> The operating result was 387.2 million Swedish crowns (182.3). The operating margin was 12.0% (8.6).
> Profit after tax was 284.9 million Swedish crowns (127.5).
> Earnings per share** before and after dilution were SEK1.52 (0.70).

> On October 19, 100% of Elmatica shares in Norway have been acquired.
> NCAB signed a new credit facility of 1,265 million Swedish crownswhich increased its line of credit by approximately 750 million Swedish crowns in order to secure the financing of the acquisition.
> The Extraordinary General Meeting of December 15 approved an additional dividend of 10 SEK per share and thereafter a 10:1 split of NCAB stock.
> Enabled January 2, 2022100% of the shares of META Leiterplatten in Germany have been acquired.
> At the end of the year, Robert Balloon was named new vice-president North America and President NCAB USA.
> The Board of Directors proposes a dividend of SEK0.60 per share to be paid with 50% in May and 50% in October (2021: SEK0.50** per share was distributed as an ordinary dividend and SEK1.00** as an additional dividend).

*) Loan value of SEK 11.0 million under the U.S. Paycheck Protection Program was forgiven in the second quarter. This is accounted for as other income and contributed positively to gross margin and EBITA.
**) Calculated after 10:1 split

Continued strong organic growth driven by acquisitions

We can look forward to another strong quarter with substantial sales growth and improved profitability over the prior year. We are pleased with the strong demand and organic growth and the fact that order intake clearly exceeds net sales, which will support continued growth. Our growth relative to the market shows that we are gaining market share. Our local presence in the production chain through our factory management organization makes a big difference in giving us a strong position to secure delivery times by enabling continuous improvements in technology, quality and sustainability.

In addition to our organic growth, which stems from all the different industries and regions, we also saw strong performance from our acquisitions. PreventPCB, which was acquired in the first quarter, has been integrated into our existing Italian activities and has developed favourably. The integration of sas-electronics and RedBoard Circuits continued as planned. Elmatica, based in Norwayjoined us during the quarter and META Leiterplatten in Germany was acquired at the end of the year. Elmatica is a larger acquisition and operates in multiple countries. With the acquisition of Elmatica, we also gained a senior management team with extensive industry know-how. For example, we have appointed a new chief technology officer for the Elmatica group.

The PCB market is very fragmented with many local or regional players. Many of them are under increasing pressure due to increasing demands for new technologies, quality improvements and sustainability. We see major opportunities to acquire these companies and help them take them to the next level and further develop their relationships with their customers. It is clear from the analysis of our acquired companies and their performance that they have developed very well since their integration into NCAB.

Among the slices Nordic performed well and grew both organically and through the acquisition of Elmatica. It’s also good to see how the margin has improved. The integration of Elmatica has begun and it is clearly a very good addition to NCAB, and we anticipate synergies in a number of areas.

We have invested heavily in growing our Europe segment for several years. And we can now clearly see that our efforts have paid off. We are gaining market share and sales to new customers are now bearing fruit. The strong order intake is particularly promising for 2022. A lot of work remains to be done as this is a large market where we have a relatively small market share.

During the quarter, North America recorded a strong increase in sales and orders. The improvement in profitability is the result of the gradual move towards more high-tech products, both in our own operations and those of the companies we have acquired.

For East, the quarter was positive in terms of profits and sales, despite numerous COVID restrictions in parts of the region. Profitability is at a high level due to high technological content and high level of service.

Supply chains remained under pressure during the fourth quarter, although the situation has stabilized and we can see signs of improvement. It also led to higher working capital. We now also see a more uncertain political situation globally and that the coronavirus pandemic could further affect supply chains.

Overall, we can look forward to another very strong quarter across the board. We are proud of our strong organic growth and the success of top-notch acquisitions. Strong order intake also continues to paint a positive picture for 2022.

“Another strong quarter highlighting quality is very encouraging for 2022”
Peter Kruk
CEO and President, NCAB Group AB

For more information, please contact:Anders ForsenCFO +46 8 4030 0051
Gunilla Öhman, IR Manager, +4670 763 81 25

This interim report has not been reviewed by the company’s auditor.

This is a translation of the original Swedish interim report. In case of discrepancy between the English translation and the Swedish original, the Swedish interim report will prevail.

NCAB Group AB (published)
Tel: +46 8 4030 0000
Mariehällsvägen 37 A, SE-168 65 Bromma, Sweden

NCAB Group publishes the interim report for the fourth quarter of 2021, January-December, on Thursday February 17 at 7:30 a.m. A webcast conference call will be held at 10:00 a.m. on the same date, when the Chairman and Chief Executive Officer Peter Kruk and financial director Anders Forsen will present the report. The presentation will be followed by a question and answer session. The presentation will be in English. To participate in the conference call, call the following numbers: from Sweden: +46850558365, the UK: +443333009269 and the United States: +16467224957. The presentation and the conference can also be followed from the following link:

First quarter interim report April 28, 2022
Annual General Meeting May 3, 2022
Second quarter interim report July 21, 2022
Third Quarter Interim Report November 8, 2022
Year-end report February 17, 2023

On NCAB Group
NCAB is one of the world’s leading suppliers of printed circuit boards (PCBs), listed on NASDAQ Stockholm. NCAB offers PCBs for demanding customers, on time with zero defects, sustainably produced at the lowest total cost. NCAB was founded in 1993. Since its founding, operations have been characterized by an entrepreneurial and profitable culture and have shown strong growth and good profitability over time. Today, NCAB has a local presence in 16 countries Europe, Asia and North America and customers in approximately 45 countries around the world. Revenues in 2021 amounted to 3,119 million Swedish crowns. Organic growth and acquisitions are part of NCAB’s strategy. For more information on NCAB Groupvisit us at

About Wanda Dufresne

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