Earnings Release • Feb 1, 2011
Earnings Release
Open in ViewerOpens in native device viewer
| SEK millions unless otherwise specified | Q4 2010 |
Q4 2009 |
Full year 2010 |
Full year 2009 |
|---|---|---|---|---|
| Net sales | 864 | 786 | 3,375 | 2,602 |
| Operating income (EBITDA) 1) | 99 | 126 | 407 | 343 |
| Operating income (EBITA) 2) | 63 | 63 | 262 | 166 |
| EBITA margin, % | 7.3 | 8.0 | 7.8 | 6.4 |
| Income after financial items | 61 | 58 | 243 | 148 |
| Net income | 43 | 57 | 187 | 123 |
| Earnings per share before and after dilution, SEK* | 1.64 | 2.17 | 7.11 | 4.68 |
| Adjusted earnings per share, SEK* 3) | 1.74 | 2.24 | 7.37 | 4.90 |
| Cash flow after investments, excl. acquisitions and disposals | 155 | 79 | 230 | 139 |
| Net investments affecting cash flow, excl. acquisitions and disposals | 43 | 38 | 140 | 118 |
| Return on capital employed, % | — | — | 18.4 | 12.1 |
| Return on shareholders' equity, % | — | — | 16.5 | 11.5 |
| Equity/assets ratio, % | — | — | 50 | 51 |
| Net debt | — | — | 34 | 40 |
* The company does not have any financial instrument programmes which involve any dilution in the number of shares.
This document is a translation from Swedish. In the event of any difference between this version and the Swedish original, the Swedish original shall govern.
1) Operating income (EBITDA): Earnings before interest, taxes, depreciation and amortisation.
2) Operating income (EBITA): Earnings before interest, taxes and amortisation of intangible assets arising from acquisitions.
3) Adjusted earnings per share: Net income, excluding amortisation of intangible assets arising from acquisitions, divided by the average number of shares.
The Group's sales totalled SEK 864 million (786), representing an increase of 10% compared with the corresponding period during the previous year. The acquired unit within Nolato Medical accounted for SEK 43 million. Currency effects had a negative impact on sales of around 1%.
Nolato Medical's sales rose by 32% to SEK 235 million (178). Organic growth was 8% including currency effects. Excluding currency conversion effects, sales rose by 11%.
Nolato Telecom's sales rose by 1% to SEK 377 million (372). Excluding currency conversion effects, sales rose by 2%. Volumes have remained good for most customers, although lower than during the strong third quarter. Onward sales of components (touchscreens) has contributed approximately SEK 80 million in additional sales. Certain deliveries have been postponed past the year-end.
Nolato Industrial's sales rose by 7% to SEK 253 million (236). Demand from virtually all customer segments remained high.
The Group's operating income (EBITA) was SEK 63 million (63).
Nolato Medical's operating income (EBITA) was SEK 28 million (22), Nolato Telecom's was SEK 24 million (30) and Nolato Industrial's was SEK 18 million (18).
Nolato Medical's EBITA margin was 11.9% (12.4). The reduction in the margin is attributable to the acquisition of Contour Plastics.
Nolato Telecom's EBITA margin was 6.4% (8.1). Compared with the corresponding period during the previous year, a higher turnover of components, an older product mix and lower levels of capacity utilisation had a negative impact on Nolato Telecom's margin. During 2009, non-recurring items had an impact of SEK 20 million on income during the fourth quarter.
Nolato Industrial's EBITA margin was 7.1% (7.6). The margin was affected by a somewhat unfavourable product mix.
Overall, the Group's EBITA margin was 7.3% (8.0).
| Sales Q4/2010 |
Sales Q4/2009 |
Op. income (EBITA) Q4/2010 |
Op. income (EBITA) Q4/2009 |
EBITA margin Q4/2010 |
EBITA margin Q4/2009 |
|---|---|---|---|---|---|
| 235 | 178 | 28 | 22 | 11.9% | 12.4% |
| 377 | 372 | 24 | 30 | 6.4% | 8.1% |
| 253 | 236 | 18 | 18 | 7.1% | 7.6% |
| – 1 | — | – 7 | – 7 | — | — |
| 864 | 786 | 63 | 63 | 7.3% | 8.0% |
■ Sales, operating income (EBITA) and EBITA margin by business area
Operating income (EBITA): Earnings before interest, taxes and amortisation of intangible assets arising from acquisitions.
Currency effects had a positive impact of around SEK 1 million (+4). These currency effects consist of SEK 1 million in transaction effects.
Operating income (EBIT) was SEK 60 million (61).
Income after net financial items was SEK 61 million (58). These net financial items include currency exchange rate effects of SEK +3 million (0) during the fourth quarter.
Net income was SEK 43 million (57). Earnings per share were SEK 1.64 (2.17). Adjusted earnings per share excluding amortisation of intangible assets arising from acquisitions were SEK 1.74 (2.24). The effective tax rate was 29% (2). Non-recurring items had a positive effect of SEK 9 million on tax expenses during the corresponding period in the previous year.
The Group's sales totalled SEK 3,375 million (2,602) during 2010, representing an increase of 30% compared with 2009. During the year, acquired units contributed sales of SEK 80 million. Currency effects had a negative impact of around 4% on sales.
The Group's operating income (EBITA) was up 58% to SEK 262 million (166). The EBITA margin was 7.8% (6.4).
Operating income (EBIT) was SEK 253 million (158).
Income after net financial items was SEK 243 million (148).
Net income was SEK 187 million (123). Earnings per share before and after dilution stood at SEK 7.11 (4.68). Adjusted earnings per share excluding amortisation of intangible assets arising from acquisitions were SEK 7.37 (4.90). The effective tax rate was 23% (17).
The return on capital employed was 18.4% (12.1%). The return on operating capital was 21.6% (13.9%).
| Full-year sales and income (SEK millions) | 2010 | 2009 |
|---|---|---|
| Sales | 808 | 692 |
| Operating income (EBITA) | 100 | 89 |
| EBITA margin (%) | 12.4 | 12.9 |
| Operating income (EBIT) | 94 | 84 |
As previously announced, Nolato has acquired – and, as at 23 July, consolidated – the US company Contour Plastics. The purchase price was SEK 165 million. Contour Plastics, which has changed its name to Nolato Contour, has 180 employees. Its customers consist of a number of US medical technology companies, and the acquisition will also make it possible to offer European customers production in North America. The Company recorded sales for 2010 of SEK 179 million, with a pro forma EBITDA margin of about 13%. The acquisition has brought an additional SEK 80 million in sales during the period Nolato has owned the company, and it has had a marginal positive effect on earnings per share.
Nolato Medical saw sales rise to SEK 808 million (692), corresponding to growth of 17%. Organic growth was 5%. Excluding currency conversion
effects and acquisition effects, growth was 8%. Operations have developed in line with market growth.
Operating income (EBITA) rose to SEK 100 million (89). The EBITA margin was 12.4% (12.9). This margin was affected by continued investments in project resources and technical resources, and by the acquisition.
As previously announced, capacity is being increased in Hörby by 3,700 m² in order to create the optimum production structure within the business area. This work is running according to plan, and the facility is now gradually being brought into use. The premises are rented from the municipal property company Hörby Industrifastigheter, which is also responsible for the enlargement work.
| Full-year sales and income (SEK millions) | 2010 | 2009 |
|---|---|---|
| Sales | 1,575 | 1,090 |
| Operating income (EBITA) | 122 | 86 |
| EBITA margin (%) | 7.7 | 7.9 |
| Operating income (EBIT) | 122 | 86 |
Nolato Telecom's sales rose by 44% to SEK 1,575 million (1,090) as a result of a generally strong product portfolio and onward sales of components (touchscreens) worth approximately SEK 200 million. Excluding currency conversion effects, sales rose by 51%. Volumes were high as a result of customers building up stocks in connection with product launches, particularly during the first six months. This has meant that the normal seasonal variation, involving a weaker first six months, did not apply during 2010.
Operating income (EBITA) rose to SEK 122 million (86). The EBITA margin was 7.7% (6.5 excluding non-recurring items). With the exception of the fourth quarter, new products and high levels of capacity utilisation have had a positive impact on the margin compared with 2009, while a higher proportion of components has had the opposite effect.
In order to cope with greater demand, Nolato Lövepac Converting has moved to larger, more suitable production premises in China, and has started production in Chennai, India.
| Full-year sales and income (SEK millions) | 2010 | 2009 |
|---|---|---|
| Sales | 994 | 824 |
| Operating income (EBITA) | 79 | 19 |
| EBITA margin (%) | 7.9 | 2.3 |
| Operating income (EBIT) | 76 | 16 |
Nolato Industrial's sales rose by 21% to SEK 994 million (824). Demand has gradually risen within most customer segments, albeit from low levels in 2009. A focus on new projects and new market segments has also had a positive impact on sales.
Operating income (EBITA) was SEK 79 million (31 excluding non-recurring items), with an EBITA margin of 7.9% (3.8 excluding non-recurring items). High levels of capacity utilisation, new products and the full effect of earlier restructuring measures have had a positive impact on the margin.
The business area has decided to start small-scale production in Romania. This will take place in rented premises, and is expected to begin during the third quarter of 2011.
Cash flow before investments and disposals totalled SEK 370 million (257). The change in working capital was SEK +30 million (–7). Cash flow after investments totalled SEK 84 million (139), including acquisitions and property disposed of. Excluding acquisitions and property disposed of, the cash flow was SEK 230 million (139). Net investments affecting cash flow totalled SEK 286 million (118), of which the acquisition of Contour Plastics accounted for SEK 164 million. Payment of SEK 18 million has been received from the sale of the property in Kristianstad, reducing net investments.
Interest-bearing assets totalled SEK 239 million (172), and interest-bearing liabilities and provisions totalled SEK 273 million (212). Net debt thus totalled SEK 34 million (40). Shareholders' equity stood at SEK 1,179 million (1,086). The equity/assets ratio was 50% (51). During the second quarter, dividends totalling SEK 79 million were paid to shareholders.
At the end of last year, Nolato extended loan agreements with credit institutions by SEK 350 million, with a three-and-a-half-year term. Nolato therefore has total loan agreements of SEK 700 million, of which SEK 350 million runs until the end of 2012 and SEK 350 million runs until the middle of 2014.
| SEK millions | Q4 2010 |
Q4 2009 |
Full year 2010 |
Full year 2009 |
|---|---|---|---|---|
| Net sales | 864 | 786 | 3,375 | 2,602 |
| Gross income excl. depreciation/amortisation | 150 | 170 | 627 | 501 |
| As a percentage of net sales | 17.4 | 21.6 | 18.6 | 19.3 |
| Costs | – 51 | – 44 | – 220 | – 158 |
| As a percentage of net sales | 5.9 | 5.6 | 6.5 | 6.1 |
| Operating income (EBITDA) | 99 | 126 | 407 | 343 |
| As a percentage of net sales | 11.5 | 16.0 | 12.1 | 13.2 |
| Depreciation and amortisation | – 36 | – 63 | – 145 | – 177 |
| Operating income (EBITA) | 63 | 63 | 262 | 166 |
| As a percentage of net sales | 7.3 | 8.0 | 7.8 | 6.4 |
| Amortisation of intang. assets arising from acquisitions | – 3 | – 2 | – 9 | – 8 |
| Operating income (EBIT) | 60 | 61 | 253 | 158 |
| Financial items | 1 | – 3 | – 10 | – 10 |
| Income after financial items | 61 | 58 | 243 | 148 |
| Tax | – 18 | – 1 | – 56 | – 25 |
| As a percentage of income after financial items | 29.5 | 1.7 | 23.0 | 16.9 |
| Net income | 43 | 57 | 187 | 123 |
| SEK millions | 31/12/2010 | 31/12/2009 |
|---|---|---|
| Interest-bearing liabilities, credit institutions | 180 | 120 |
| Interest-bearing pension liabilities | 93 | 92 |
| Total borrowings | 273 | 212 |
| Cash and bank | – 239 | – 172 |
| Net debt | 34 | 40 |
| Working capital | 145 | 133 |
| As a percentage of sales (avg.) (%) | 4.1 | 4.5 |
| Capital employed | 1,452 | 1,298 |
| Return on capital employed (avg.) (%) | 18.4 | 12.1 |
| Shareholders' equity | 1,179 | 1,086 |
| Return on shareholders' equity (avg.) (%) | 16.5 | 11.5 |
With effect from 2011, China has introduced new taxes and charges for foreign companies, which are expected to increase Nolato's tax expenses by around SEK 5–10 million each year. During the period 2008–2010, Nolato was entitled to a 15% tax rate in China, thanks to its high-tech status. The process of applying for this status for 2011–2013 is currently underway.
The average number of employees during the period was 7,563 (4,308). The significant increase is due mainly to high demand for staff in connection with mobile phone project start-ups in China.
The business risks and risk management of the Group and the Parent Company, along with the management of financial risks, are described in the 2009 Annual Report on pages 32–33, and in Note 4 on pages 50–51.
No significant events have occurred during the period that would significantly affect or change these descriptions of the Group's and the Parent Company's risks or the management thereof.
No significant events have occurred since the end of the period.
At the Annual General Meeting, the Board of Directors and the President and CEO will propose an ordinary dividend of SEK 3.00 per share (3.00) plus an extra dividend of SEK 3.00 per share. The total dividend will therefore be SEK 6.00 per share (3.00), corresponding to SEK 158 million. The pay-out ratio for the ordinary dividend is 42%, and 84% in total. The dividend yield is 7.2% in relation to the stock exchange price on 30 December 2010.
Nolato AB (publ), Swedish corporate identity number 556080-4592, is the Parent Company of the Nolato Group.
Nolato's B shares are listed on the NASDAQ OMX Nordic Exchange, since 1 January 2011 in the Stockholm Mid Cap segment, where they are included in the information technology sector.
The number of shareholders has risen by 19%, totalling 7,889 on 30 December. The largest shareholders were the Paulsson family with 12% of the share capital, the Jorlén family with 10%, and the Boström family with 9%. The ten largest shareholders include financial institutions which own an additional 28% of the share capital, with Lannebo Fonder, Svolder and Skandia Fonder being the largest. The ten largest shareholders hold 59% of the share capital and 79% of the votes.
Sales totalled SEK 23 million (21). The increase in sales is a result of higher costs levied on subsidiaries. Income after financial items was SEK 73 million (26). The rise in income is mainly due to higher dividends from subsidiaries.
Nolato's consolidated accounts have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU.
The consolidated accounts have been prepared in accordance with the same principles as those applied to the Annual Report, which are described in the 2009 Annual Report on pages 45–49.
The consolidated year-end report has been prepared in accordance with IAS 34 (Interim Financial Reporting). The applicable provisions of the Swedish Annual Accounts Act and the Swedish Securities Market Act have also been applied.
The Parent Company year-end report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, in line with the provisions of RFR 2.2, Accounting for Legal Entities.
The new or revised IFRS standards or IFRIC interpretations that entered into force on 1 January 2010 have not had any material effect on the Group's income statements or balance sheets.
The Board has reviewed Nolato's financial targets, and has decided on the following:
– An EBITA margin in excess of 8%
– A return on capital employed in excess of 15%
– An equity/assets ratio in excess of 35%
This involves an increase in the margin target of one percentage point, from 7% to 8%. The other targets remain unchanged.
The Annual General Meeting will be held on 27 April 2011. Any shareholders who wish to submit proposals to the Nomination Committee can contact one of the Nomination Committee representatives by e-mail:
2010 Annual Report: Nolato's Annual Report will be published on the company's website, www.nolato.se, during week 13. A copy of the Annual Report will also be sent to those Nolato shareholders who have specifically requested a copy.
Torekov, 1 February 2011 Nolato AB (publ) The Board of Directors
Hans Porat, President and CEO, phone +46431 442294. Per-Ola Holmström, CFO, phone +46431 442293.
Hans Porat and Per-Ola Holmström will be giving their comments on the year-end report (in Swedish) at a meeting for investors and the media at Regeringsgatan 65, floor IV, Stockholm on 2 February at 08:30. Attendees must register no later than 16:00 on 1 February by e-mailing [email protected] or by telephoning +46 431 442208.
The information contained in this year-end report is the information that Nolato must make public in accordance with the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was made public on 1 February 2011 at 14:30.
This report has not been reviewed by the company's auditor.
| SEK millions | Q4 2010 |
Q4 2009 |
Full year 2010 |
Full year 2009 |
|---|---|---|---|---|
| Net sales | 864 | 786 | 3,375 | 2,602 |
| Cost of goods sold | – 750 | – 677 | – 2,889 | – 2,273 |
| Gross profit | 114 | 109 | 486 | 329 |
| Other operating income | 4 | 5 | 5 | 41 |
| Selling expenses | – 21 | – 17 | – 76 | – 71 |
| Administrative expenses | – 38 | – 39 | – 160 | – 132 |
| Other operating expenses | 1 | 3 | – 2 | – 9 |
| – 54 | – 48 | – 233 | – 171 | |
| Operating income | 60 | 61 | 253 | 158 |
| Financial items | 1 | – 3 | – 10 | – 10 |
| Income after financial items | 61 | 58 | 243 | 148 |
| Tax | – 18 | – 1 | – 56 | – 25 |
| Net income | 43 | 57 | 187 | 123 |
| All earnings are attrib. to the Parent Co.'s shareholders | ||||
| Depreciation/amortisation/writedowns | 39 | 65 | 154 | 185 |
| Earnings per share before and after dilution (SEK) | 1.64 | 2.17 | 7.11 | 4.68 |
| Number of shares at the end of the period | 26,307,408 | 26,307,408 | 26,307,408 | 26,307,408 |
| Average number of shares | 26,307,408 | 26,307,408 | 26,307,408 | 26,307,408 |
| SEK millions | Q4 2010 |
Q4 2009 |
Full year 2010 |
Full year 2009 |
|---|---|---|---|---|
| Net income | 43 | 57 | 187 | 123 |
| Other comprehensive income | ||||
| Translation differences for the period | 6 | 3 | – 17 | – 25 |
| Cash flow hedges | – 5 | – 1 | 2 | 3 |
| Tax attributable to cash flow hedges | 2 | 0 | 0 | – 1 |
| Other comprehensive income, net of tax | 3 | 2 | – 15 | – 23 |
| Total comp. inc. for the period attrib. to the Parent Co.'s shareholders |
46 | 59 | 172 | 100 |
| SEK millions | 31/12/2010 | 31/12/2009 |
|---|---|---|
| Assets | ||
| Fixed assets | ||
| Intangible fixed assets | 441 | 373 |
| Tangible fixed assets | 718 | 702 |
| Other securities held as fixed assets | 2 | 2 |
| Other long-term receivables | 1 | 1 |
| Deferred tax assets | 30 | 25 |
| Total fixed assets | 1,192 | 1,103 |
| Current assets | ||
| Inventories | 222 | 215 |
| Accounts receivable | 616 | 573 |
| Other current assets | 81 | 50 |
| Cash and bank | 239 | 172 |
| Total current assets | 1,158 | 1,010 |
| Total assets | 2,350 | 2,113 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 1,179 | 1,086 |
| Long-term liabilities and provisions 1) | 203 | 202 |
| Short-term liabilities and provisions 1) | 968 | 825 |
| Total liabilities and provisions | 1,171 | 1,027 |
| Total shareholders' equity and liabilities | 2,350 | 2,113 |
| 1) Interest-bearing/non-interest-bearing liabilities and provisions: | ||
| Interest-bearing liabilities and provisions | 273 | 212 |
| Non-interest-bearing liabilities and provisions | 898 | 815 |
| Total liabilities and provisions | 1,171 | 1,027 |
| SEK millions | Full year | Full year |
|---|---|---|
| 2010 | 2009 | |
| Shareholders' equity at the beginning of the period | 1,086 | 1,058 |
| Total comprehensive income for the period | 172 | 100 |
| Dividends | – 79 | – 72 |
| Shareholders' equity at end of period attrib. to Parent Co's shareholders | 1,179 | 1,086 |
During 2010 a dividend totalling SEK 79 million (72), was paid to the Parent Company's shareholders, corresponding to SEK 3.00 per share (2.75).
The Group does not have any incentive programmes resulting in a dilutive effect.
| SEK millions | Q4 2010 |
Q4 2009 |
Full year 2010 |
Full year 2009 |
|---|---|---|---|---|
| Cash flow from op. activities before changes in working cap. | 99 | 113 | 340 | 264 |
| Changes in working capital | 99 | 4 | 30 | – 7 |
| Cash flow from operations | 198 | 117 | 370 | 257 |
| Cash flow from investment activities | – 25 | – 38 | – 286 | – 118 |
| Cash flow before financing activities | 173 | 79 | 84 | 139 |
| Cash flow from financing activities | – 63 | 6 | – 10 | – 130 |
| Cash flow for the period | 110 | 85 | 74 | 9 |
| Liquid funds at the beginning of the period | 131 | 83 | 172 | 168 |
| Exchange rate difference in liquid funds | – 2 | 4 | – 7 | – 5 |
| Liquid funds at the end of the period | 239 | 172 | 239 | 172 |
| SEK millions | Q4 2010 |
Q4 2009 |
Full year 2010 |
Full year 2009 |
|---|---|---|---|---|
| Net income | 43 | 57 | 187 | 123 |
| Adjusted earnings: | ||||
| Amortisation of intangible assets arising from acquisitions | 3 | 2 | 9 | 8 |
| Tax on amortisation | 0 | 0 | – 2 | – 2 |
| Adjusted earnings | 46 | 59 | 194 | 129 |
| Average number of shares* | 26,307,408 | 26,307,408 | 26,307,408 | 26,307,408 |
| Earnings per share before and after dilution (SEK)* | 1.64 | 2.17 | 7.11 | 4.68 |
| Adjusted earnings per share (SEK)* | 1.74 | 2.24 | 7.37 | 4.90 |
*The Company does not have any ongoing financial instrument programmes which involve any dilution in the number of shares.
| 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|
| 3,375 | 2,602 | 2,824 | 2,421 | 2,702 |
| 262 | 166 | 240 | 197 | 79 |
| 7.8 | 6.4 | 8.5 | 8.1 | 2.9 |
| 253 | 158 | 232 | 190 | 78 |
| 243 | 148 | 216 | 171 | 69 |
| 187 | 123 | 178 | 150 | 48 |
| 18.4 | 12.1 | 18.4 | 16.3 | 7.4 |
| 16.5 | 11.5 | 18.4 | 18.0 | 5.9 |
| 50 | 51 | 50 | 46 | 46 |
| 7.11 | 4.68 | 6.77 | 5.70 | 1.82 |
| 7.37 | 4.90 | 6.99 | 5.32 | 6.08 |
| Q1 | Q2 | Q3 | Q4 | Full year | ||
|---|---|---|---|---|---|---|
| Net sales (SEK millions) | 2010 | 746 | 878 | 3,375 | ||
| 2009 | 606 | 557 | 2,602 | |||
| 2008 | 690 | 694 | 2,824 | |||
| Operating income (EBITDA) (SEK millions) | 2010 | 100 | 105 | 407 | ||
| 2009 | 56 | 77 | 343 | |||
| 2008 | 100 | 103 | 399 | |||
| Operating income (EBITA) (SEK millions) | 2010 | 63 | 69 | 887 864 653 786 693 747 103 99 84 126 101 95 67 63 48 63 64 56 7.6 7.3 7.4 8.0 9.2 7.5 65 60 46 61 62 54 60 61 42 58 57 47 47 43 33 57 45 46 4 155 79 78 152 1.64 2.17 1.75 1.74 2.24 1.82 11.3 7.1 7.5 11.8 18.4 12.1 18.4 21.6 13.9 |
262 | |
| 2009 | 16 | 39 | 166 | |||
| 2008 | 59 | 61 | 240 | |||
| EBITA margin (%) | 2010 | 8.4 | 7.9 | 7.8 | ||
| 2009 | 2.6 | 7.0 | 6.4 | |||
| 2008 | 8.6 | 8.8 | 8.5 | |||
| Operating income (EBIT) (SEK millions) | 2010 | 61 | 67 | 253 | ||
| 2009 | 14 | 37 | 158 | |||
| 2008 | 57 | 59 | 232 | |||
| Income after financial items (SEK millions) | 2010 | 57 | 65 | 243 | ||
| 2009 | 6 | 42 | 148 | |||
| 2008 | 53 | 59 | 216 | |||
| Net income (SEK millions) | 2010 | 45 | 52 | 187 | ||
| 2009 | 4 | 29 | 123 | |||
| 2008 | 41 | 46 | 178 | |||
| Cash flow after inv., excl. acq. and disp. (SEK millions) | 2010 | 0 | 71 | 230 | ||
| 2009 | 56 | 35 | – 31 | 139 | ||
| 2008 | 47 | 19 | 296 | |||
| Earnings per share before and after dilution (SEK ) |
2010 | 1.71 | 1.98 | 1.78 | 7.11 | |
| 2009 | 0.15 | 1.10 | 1.26 | 4.68 | ||
| 2008 | 1.56 | 1.75 | 1.71 | 6.77 | ||
| Adjusted earnings per share (SEK ) |
2010 | 1.79 | 2.01 | 1.83 | 7.37 | |
| 2009 | 0.23 | 1.14 | 1.29 | 4.90 | ||
| 2008 | 1.63 | 1.79 | 1.75 | 6.99 | ||
| Return on total capital (%) | 2010 | 10.2 | 11.3 | 11.5 | 11.3 | |
| 2009 | 9.4 | 8.8 | 7.5 | |||
| 2008 | 11.0 | 12.0 | 12.1 | 11.8 | ||
| Return on capital employed (%) | 2010 | 16.1 | 18.4 | 18.6 | 18.4 | |
| 2009 | 14.7 | 13.7 | 11.3 | 12.1 | ||
| 2008 | 16.7 | 18.5 | 18.7 | 18.4 | ||
| Return on operating capital (%) | 2010 | 18.0 | 20.8 | 20.5 | 21.6 | |
| 2009 | 16.5 | 14.4 | 12.7 | 13.9 | ||
| 2008 | 17.5 | 18.9 | 19.8 | 19.7 | 19.7 | |
| Return on shareholders' equity (%) | 2010 | 14.9 | 17.5 | 18.6 | 16.5 | 16.5 |
| 2009 | 14.2 | 13.0 | 11.2 | 11.5 | 11.5 | |
| 2008 | 20.4 | 22.4 | 22.0 | 18.4 | 18.4 |
| Net sales (SEK millions) | Q1 | Q2 | Q3 | Q4 | Full year | ||
|---|---|---|---|---|---|---|---|
| Nolato Medical | 2010 | 186 | 185 | 202 | 235 | 808 | |
| 2009 | 178 | 177 | 159 | 178 | 692 | ||
| 2008 | 147 | 158 | 156 | 171 | 632 | ||
| Nolato Telecom | 2010 | 320 | 434 | 444 | 377 | 1,575 | |
| 2009 | 226 | 183 | 309 | 372 | 1,090 | ||
| 2008 | 284 | 277 | 318 | 364 | 1,243 | ||
| Nolato Industrial | 2010 | 241 | 259 | 241 | 253 | 994 | |
| 2009 | 206 | 197 | 185 | 236 | 824 | ||
| Group adjustments, Parent Company | 2008 2010 |
260 – 1 |
259 0 |
219 0 |
212 – 1 |
950 – 2 |
|
| 2009 | – 4 | 0 | 0 | 0 | – 4 | ||
| 2008 | – 1 | 0 | 0 | 0 | – 1 | ||
| Group total | 2010 | 746 | 878 | 887 | 864 | 3,375 | |
| 2009 | 606 | 557 | 653 | 786 | 2,602 | ||
| 2008 | 690 | 694 | 693 | 747 | 2,824 | ||
| Operating income (EBITA) (SEK millions) | Q1 | Q2 | Q3 | Q4 | Full year | ||
| Nolato Medical | EBITA margin (%) | 2010 | 23 12.4 |
24 13.0 |
25 12.4 |
28 11.9 |
100 12.4 |
| 2009 | 24 | 23 | 20 | 22 | 89 | ||
| EBITA margin (%) | 13.5 | 13.0 | 12.6 | 12.4 | 12.9 | ||
| 2008 | 21 | 21 | 20 | 27 | 89 | ||
| EBITA margin (%) | 14.3 | 13.3 | 12.8 | 15.8 | 14.1 | ||
| Nolato Telecom | 2010 | 32 | 34 | 32 | 24 | 122 | |
| EBITA margin (%) | 10.0 | 7.8 | 7.2 | 6.4 | 7.7 | ||
| 2009 | 0 | 32 | 24 | 30 | 86 | ||
| EBITA margin (%) | 0.0 | 17.5 | 7.8 | 8.1 | 7.9 | ||
| 2008 | 25 | 22 | 35 | 32 | 114 | ||
| EBITA margin (%) | 8.8 | 7.9 | 11.0 | 8.8 | 9.2 | ||
| Nolato Industrial | 2010 | 17 | 23 | 21 | 18 | 79 | |
| EBITA margin (%) | 7.1 | 8.9 | 8.7 | 7.1 | 7.9 | ||
| 2009 | – 1 | – 7 | 9 | 18 | 19 | ||
| EBITA margin (%) | – 0.5 | – 3.6 | 4.9 | 7.6 | 2.3 | ||
| 2008 | 19 | 21 | 15 | 0 | 55 | ||
| EBITA margin (%) | 7.3 | 8.1 | 6.8 | 0.0 | 5.8 | ||
| Group adjustments, Parent Company | 2010 | – 9 | – 12 | – 11 | – 7 | – 39 | |
| 2009 | – 7 | – 9 | – 5 | – 7 | – 28 | ||
| 2008 | – 6 | – 3 | – 6 | – 3 | – 18 | ||
| Group total | 2010 | 63 | 69 | 67 | 63 | 262 | |
| EBITA margin (%) | 2009 | 8.4 16 |
7.9 39 |
7.6 48 |
7.3 63 |
7.8 166 |
|
| EBITA margin (%) | 2.6 | 7.0 | 7.4 | 8.0 | 6.4 | ||
| 2008 | 59 | 61 | 64 | 56 | 240 | ||
| EBITA margin (%) | 8.6 | 8.8 | 9.2 | 7.5 | 8.5 | ||
| Depreciation/amortisation (SEK millions) | Q1 | Q2 | Q3 | Q4 | Full year | ||
| Nolato Medical | 2010 | 12 | 12 | 13 | 16 | 53 | |
| 2009 | 11 | 11 | 11 | 12 | 45 | ||
| 2008 | 10 | 10 | 10 | 11 | 41 | ||
| Nolato Telecom | 2010 | 16 | 14 | 14 | 13 | 57 | |
| 2009 | 18 | 16 | 15 | 40 | 89 | ||
| 2008 | 19 | 20 | 16 | 17 | 72 | ||
| Nolato Industrial | 2010 | 11 | 12 | 11 | 10 | 44 | |
| 2009 | 13 | 13 | 12 | 13 | 51 | ||
| 2008 | 14 | 14 | 13 | 13 | 54 | ||
| Group total | 2010 | 39 | 38 | 38 | 39 | 154 | |
| 2009 | 42 | 40 | 38 | 65 | 185 | ||
| 2008 | 43 | 44 | 39 | 41 | 167 |
| Q4 2010 |
Q4 2009 |
Full year 2010 |
Full year 2009 |
|
|---|---|---|---|---|
| Net sales (SEK millions) | 864 | 786 | 3,375 | 2,602 |
| Sales growth (%) | 10 | 5 | 30 | – 8 |
| Percentage of sales outside Sweden (%) | 75 | 77 | 76 | 73 |
| Operating income (EBITDA) (SEK millions) | 99 | 126 | 407 | 343 |
| Operating income (EBITA) (SEK millions) | 63 | 63 | 262 | 166 |
| EBITA margin (%) | 7.3 | 8.0 | 7.8 | 6.4 |
| Income after financial items (SEK millions) | 61 | 58 | 243 | 148 |
| Profit margin (%) | 7.1 | 7.4 | 7.2 | 5.7 |
| Net income (SEK millions) | 43 | 57 | 187 | 123 |
| Return on total capital (%) | — | — | 11.3 | 7.5 |
| Return on capital employed (%) | — | — | 18.4 | 12.1 |
| Return on operating capital (%) | — | — | 21.6 | 13.9 |
| Return on shareholders' equity (%) | — | — | 16.5 | 11.5 |
| Equity/assets ratio (%) | — | — | 50 | 51 |
| Debt/equity ratio (%) | — | — | 23 | 20 |
| Interest coverage ratio (times) | 31 | 18 | 25 | 14 |
| Net investm. affecting cash flow, excl. acq. and disposals (SEK millions) | 43 | 38 | 140 | 118 |
| Cash flow after investments, excl. acq. and disposals (SEK millions) | 155 | 79 | 230 | 139 |
| Net debt (SEK millions) | — | — | 34 | 40 |
| Earnings per share before and after dilution (SEK) | 1.64 | 2.17 | 7.11 | 4.68 |
| Adjusted earnings per share (SEK) | 1.74 | 2.24 | 7.37 | 4.90 |
| Cash flow per share (SEK) | 5.89 | 3.00 | 8.74 | 5.28 |
| Shareholders' equity per share (SEK) | — | — | 45 | 41 |
| Average number of employees | — | — | 7,563 | 4,308 |
Net income, excluding amortisation of intangible assets arising from acquisitions, divided by the average number of shares.
Cash flow before financing activities, divided by average number of shares.
Interest-bearing liabilities and provisions divided by shareholders' equity.
Operating income (EBITA) as a percentage of net sales.
Net income, divided by average number of shares.
Interest coverage ratio Income after financial items plus financial expenses, divided by financial expenses.
Interest-bearing liabilities and provisions less interest-bearing assets.
Earnings before interest, taxes and depreciation/amortisation.
Earnings before interest, taxes and amortisation of intangible assets arising from acquisitions.
Income before tax, financial income and expenses.
Income after financial items as a percentage of net sales.
Income after financial items plus financial expenses as a percentage of average total capital in the balance sheet.
Income after financial items plus financial expenses as a percentage of average capital employed. Capital employed consists of total capital less non-interest-bearing liabilities and provisions.
Operating income as a percentage of average operating capital. Operating capital consists of total capital less non-interest-bearing liabilities and provisions, less interest-bearing assets.
Net income as a percentage of average shareholders' equity.
| Q4 2010 |
Q4 2009 |
Full year 2010 |
Full year 2009 |
|---|---|---|---|
| 5 | 4 | 23 | 21 |
| 4 | — | 4 | — |
| – 6 | – 3 | – 15 | – 11 |
| – 6 | – 16 | – 43 | – 42 |
| — | – 19 | — | – 24 |
| – 3 | – 34 | – 31 | – 56 |
| 25 | — | 99 | 79 |
| 2 | 2 | 9 | 7 |
| 5 | 0 | – 4 | – 4 |
| 29 | – 32 | 73 | 26 |
| – 21 | |||
| 19 | |||
| 2 | – 40 | 55 | 24 |
| 0 | 0 | 0 | 0 |
| – 32 5 |
– 21 13 |
– 32 14 |
| SEK millions | 31/12/2010 | 31/12/2009 |
|---|---|---|
| Assets | ||
| Financial fixed assets | 877 | 949 |
| Deferred tax assets | 6 | 4 |
| Total fixed assets | 883 | 953 |
| Other receivables | 251 | 201 |
| Cash and bank | 105 | 74 |
| Total current assets | 356 | 275 |
| Total assets | 1,239 | 1,228 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 837 | 759 |
| Untaxed reserves | 125 | 93 |
| Other provisions | 2 | 2 |
| Long-term liabilities | 17 | 18 |
| Current liabilities | 258 | 356 |
| Total shareholders' equity and liabilities | 1,239 | 1,228 |
| Collateral pledged | — | — |
| Contingent liabilities | 92 | 99 |
| Related party Period | Services sold |
Services purchased |
Interest income |
Interest expenses |
Result from shares in Group companies |
Rec. from related parties on the bal. sheet date |
Liab. to related parties on the bal. sheet date |
|
|---|---|---|---|---|---|---|---|---|
| Subsidiary | Full year 2010 | 23 | – 15 | 8 | 0 | 99 | 556 | 222 |
| Subsidiary | Full year 2009 | 21 | – 15 | 7 | – 1 | 79 | 444 | 235 |
None of the company's Board members or senior executives currently has, or has previously had, any direct or indirect involvement in any business transaction with the company which is, or was, of an unusual character in terms of its conditions. Nor has the Group issued any loans, pledged any guarantees or entered into any surety arrangements for any of the company's Board members or senior executives.
Nolato AB, SE-260 93 Torekov, Sweden • Tel. +46 431 442290 • Fax +46 431 442291 Corporate identity number 556080-4592 • E-mail [email protected] • Website www.nolato.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.