Quarterly Report • Oct 26, 2011
Quarterly Report
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Nolato AB (publ) nine-month interim report 2011
| Group highlights | |
|---|---|
| Q3 | Q3 | Q1 - Q3 | Q1 - Q3 | Rolling | Full year | |
|---|---|---|---|---|---|---|
| SEK millions unless otherwise specified | 2011 | 2010 | 2011 | 2010 | 12 months | 2010 |
| Net sales | 718 | 887 | 2,243 | 2,511 | 3,107 | 3,375 |
| Operating income (EBITDA) 1) | 111 | 103 | 278 | 308 | 377 | 407 |
| Operating income (EBITA) 2) | 54 | 67 | 151 | 199 | 214 | 262 |
| EBITA margin, % | 7.5 | 7.6 | 6.7 | 7.9 | 6.9 | 7.8 |
| Income after financial items | 50 | 60 | 138 | 182 | 199 | 243 |
| Net income | 36 | 47 | 99 | 144 | 142 | 187 |
| Earnings per share before and after dilution, SEK* | 1.37 | 1.78 | 3.76 | 5.47 | 5.40 | 7.11 |
| Adjusted earnings per share, SEK 3) * | 1.44 | 1.83 | 3.95 | 5.63 | 5.69 | 7.37 |
| Cash flow after investments, excl. acquisitions and disposals | 48 | 4 | 123 | 75 | 278 | 230 |
| Net investm. affecting cash flow, excl. acquisitions and disposals | 32 | 28 | 87 | 97 | 130 | 140 |
| Return on capital employed, % | — | — | 15.0 | 18.6 | 15.0 | 18.4 |
| Return on shareholders' equity, % | — | — | 12.7 | 18.6 | 12.7 | 16.5 |
| Equity/assets ratio, % | — | — | 52 | 48 | — | 50 |
| Net debt | — | — | 66 | 199 | — | 34 |
*The company does not have any financial instrument programmes which involve any dilution in the number of shares.
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 intangibles assets arising from acquisitions, divided by the average number of shares.
The Group's sales totalled SEK 718 million (887), representing a 19% drop compared with the corresponding period during the previous year. Currency effects had a negative impact on sales of around 3%.
Nolato Medical saw sales increase by 9% to SEK 220 million (202). Organic growth amounted to 7% excluding currency effects. Including currency conversion effects, sales rose organically by 4%. Volumes were healthy and in line with market growth. In order to facilitate further expansion within Nolato Medical, it was decided to extend the production plant in Hungary by 3,500 m2 .
Nolato Telecom's sales halved to SEK 220 million (444), including the resale of components (touch screens) of approx. SEK 5 million (60). Excluding currency conversion effects, sales fell by 47%. Demand for the existing product portfolio remains weak.
Nolato Industrial's sales rose by 16% to SEK 279 million (241). Excluding currency conversion effects, sales increased by 17%. Demand has been strong and increased within most customer segments.
The Group's operating income (EBITA) was SEK 54 million (67).
Nolato Medical's operating income (EBITA) was SEK 25 million (25), Nolato Telecom's was SEK 7 million (32) and Nolato Industrial's was SEK 26 million (21).
Nolato Medical's EBITA margin was 11.4% (12.4). The margin was affected by further initiatives within projects and technology. Nolato Telecom's EBITA margin was 3.2% (7.2) and is explained by low capacity utilisation. Excluding lump sums the EBITA margin was 2.3% (7.2). Nolato Industrial's EBITA margin was a healthy 9.3% (8.7). Strong demand within most customer segments and a high level of capacity utilisation contributed to the strong margin. Collectively, the Group's EBITA margin was 7.5% (7.6).
| Sales | Sales | Operating inc. | Operating inc. | EBITA margin | EBITA margin |
|---|---|---|---|---|---|
| Q3/2011 | Q3/2010 | EBITA Q3/2011 | EBITA Q3/2010 | Q3/2011 | Q3/2010 |
| 220 | 202 | 25 | 25 | 11.4% | 12.4% |
| 220 | 444 | 7 | 32 | 3.2% | 7.2% |
| 279 | 241 | 26 | 21 | 9.3% | 8.7% |
| – 1 | — | – 4 | – 11 | — | — |
| 718 | 887 | 54 | 67 | 7.5% | 7.6% |
Operating income (EBITA): Earnings before interest, taxes and amortisation of intangible assets arising from acquisitions.
Currency effects (transaction and conversion effects) affected income by SEK -1 million (-1).
Operating income (EBIT) was SEK 51 million (65). During the quarter, a dividend was received from a previous bankruptcy of SEK 27 million, which is recognised under other operating income. Amortisation of production equipment of SEK 25 was implemented during the quarter and is recognised under extra amortisation costs. The amortisation is related to equipment within Nolato Telecom caused by technology shift. The lump sum of these two amounts to SEK +2 million (0) and both relates to Nolato Telecom.
Income after financial items was SEK 50 million (60). Net financial items included SEK +2 million (-3) in currency exchange rate difference effects during the third quarter.
Net income was SEK 36 million (47). Earnings per share, before and after dilution, stood at SEK 1.37 (1.78). Adjusted earnings per share excluding amortisation of intangible assets arising from acquisitions were SEK 1.44 (1.83).
The Group's sales during the first nine months of 2011 totalled SEK 2,243 million (2,511), which was 11% lower than during the corresponding period of the previous year. Currency effects had a negative impact on sales of 5%.
Nolato Medical's sales rose by 20% to SEK 687 million (573), Nolato Telecom's sales fell by 39% to SEK 728 million (1,198), while Nolato Industrial's sales increased by 12% to SEK 830 million (741).
The Group's operating income (EBITA) amounted to SEK 151 million (199), whilst the EBITA margin was 6.7% (7.9). Operating income (EBIT) was SEK 144 million (193).
Income after financial items was SEK 138 million (182). Net financial items include currency exchange rate effects of SEK 1 million (-4).
Net income was SEK 99 million (144). Earnings per share, both before and after dilution, were SEK 3.76 (5.47). Adjusted earnings per share excluding amortisation of intangible assets arising from acquisitions were SEK 3.95 (5.63). The effective tax rate was 28% (21). The higher tax rate was the result of changes in earnings between countries in which the Group is active.
The return on capital employed for the last twelve months was 15.0% (18.4% for the 2010 calendar year). The return on operating capital for the last twelve months was 16.2% (21.6% for the 2010 calendar year).
| Sales and income Q1-Q3 (SEK millions) | 2011 | 2010 |
|---|---|---|
| Sales | 687 | 573 |
| Operating income (EBITA) | 82 | 72 |
| EBITA margin (%) | 11.9 | 12.6 |
| Operating income (EBIT) | 77 | 68 |
Nolato Medical saw sales grow to SEK 687 million (573), which corresponds to an increase of 20%. Organic growth amounted to 9% excluding currency conversion effects. The trend in volumes was good for most of the business area's customer segments and the business has developed well in line with the growth in the market.
Operating income (EBITA) rose to SEK 82 million (72). The EBITA margin was 11.9% (12.6). Compared with the previous year, the margin was negatively affected by the acquired unit in the USA. As a result of a high level of market activity, Nolato Medical has decided to continue the initiatives within projects and technology, which has also resulted in a slight reduction in the margin. The level of activity in the business area's projects has been very high over the past twelve months. Nolato expects sales from project activity to decline during the forthcoming quarters.
Nolato Medical has approved an extension to the factory in Hungary in order to facilitate future expansion. A further 3,500 m2 will be completed, enabling the gradual commencement of production from 2013 onwards. This extension will provide additional clean room capacity, amongst other things. The investment cost is estimated at around SEK 30 million.
Nolato Medical's american business entity has developed positively and according to plan and now also offers silicon production to medical customers in North America.
| Sales and income Q1-Q3 (SEK millions) | 2011 | 2010 |
|---|---|---|
| Sales | 728 | 1,198 |
| Operating income (EBITA) | 7 | 98 |
| EBITA margin (%) | 1.0 | 8.2 |
| Operating income (EBIT) | 7 | 98 |
Nolato Telecom's sales fell by 39% to SEK 728 million (1,198), which includes the resale of components (touch screens) of approximately SEK 95 million (120). Excluding currency conversion effects, sales fell by 33%. After a strong start to the year, demand for the existing product portfolio fell markedly. The start-up of a number of new projects was either deferred or cancelled, partly due to a shortage of electronic components as a result of the natural disasters in Japan. Demand for the existing product portfolio remained weak during the third quarter.
Operating income (EBITA) fell to SEK 7 million (98). Income was affected by non-recurring items amounting to SEK +2 million net. The EBITA margin was 1.0% (8.2). Low volumes have resulted in very weak profitability.
| Sales and income Q1-Q3 (SEK millions) | 2011 | 2010 |
|---|---|---|
| Sales | 830 | 741 |
| Operating income (EBITA) | 78 | 61 |
| EBITA margin (%) | 9.4 | 8.2 |
| Operating income (EBIT) | 76 | 59 |
Nolato Industrial's sales rose by 12% to SEK 830 million (741). Strong demand, advanced market positions and new products contributed to an increase in sales. Excluding currency conversion effects, sales rose by 14%.
Operating income (EBITA) was SEK 78 million (61), with a strong EBITA margin of 9.4% (8.2). A high level of capacity utilisation has positively affected the margin.
As previously stated, the business area has established a small production unit in Romania. Production is progressing according to plan.
Cash flow before investments totalled SEK 210 million (172) and was positively affected by the dividend from a previous bankruptcy. The change in working capital was a negative SEK 11 million (-69). Cash flow after investments was SEK 123 million (75, excluding acquisitions). Net investments affecting cash flow totalled SEK 87 million (97, excluding acquisitions).
Interest-bearing assets totalled SEK 153 million (131) and interest-bearing liabilities and provisions totalled SEK 219 million (330). Net debt thus totalled SEK 66 million (199). Equity amounted to SEK 1,118 million (1,133). The equity/assets ratio was 52% (48). During the second quarter, dividends totalling SEK 158 million (79) were paid to shareholders.
Financial position Excluding acquisitions and disposals
Cash flow after investments first nine months
Excluding acquisitions and disposals
| Q3 | Q3 | Q1 - Q3 | Q1 - Q3 | Rolling | Full year | |
|---|---|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 | 12 months | 2010 |
| Net sales | 718 | 887 | 2,243 | 2,511 | 3,107 | 3,375 |
| Gross income excl. depreciation/amortisation | 131 | 157 | 395 | 477 | 545 | 627 |
| As a percentage of net sales | 18.2 | 17.7 | 17.6 | 19.0 | 17.5 | 18.6 |
| Costs | – 20 | – 54 | – 117 | – 169 | – 168 | – 220 |
| As a percentage of net sales | 2.8 | 6.1 | 5.2 | 6.7 | 5.4 | 6.5 |
| Operating income (EBITDA) | 111 | 103 | 278 | 308 | 377 | 407 |
| As a percentage of net sales | 15.5 | 11.6 | 12.4 | 12.3 | 12.1 | 12.1 |
| Depreciation and amortisation | – 57 | – 36 | – 127 | – 109 | – 163 | – 145 |
| Operating income (EBITA) | 54 | 67 | 151 | 199 | 214 | 262 |
| As a percentage of net sales | 7.5 | 7.6 | 6.7 | 7.9 | 6.9 | 7.8 |
| Amortisation of intang. assets arising from acquisitions | – 3 | – 2 | – 7 | – 6 | – 10 | – 9 |
| Operating income (EBIT) | 51 | 65 | 144 | 193 | 204 | 253 |
| Financial items | – 1 | – 5 | – 6 | – 11 | – 5 | – 10 |
| Income after financial items | 50 | 60 | 138 | 182 | 199 | 243 |
| Tax | – 14 | – 13 | – 39 | – 38 | – 57 | – 56 |
| As a percentage of income after financial items | 28.0 | 21.7 | 28.3 | 20.9 | 28.6 | 23.0 |
| Net income | 36 | 47 | 99 | 144 | 142 | 187 |
| SEK millions | 30/09/2011 | 30/09/2010 | 31/12/2010 |
|---|---|---|---|
| Interest-bearing liabilities, credit institutions | 126 | 238 | 180 |
| Interest-bearing pension liabilities | 93 | 92 | 93 |
| Total borrowings | 219 | 330 | 273 |
| Cash and bank | – 153 | – 131 | – 239 |
| Net debt | 66 | 199 | 34 |
| Working capital | 125 | 252 | 145 |
| As a percentage of sales (avg.) (%) | 6.1 | 5.7 | 4.1 |
| Capital employed | 1,338 | 1,463 | 1,452 |
| Return on capital employed (avg.) (%) | 15.0 | 18.6 | 18.4 |
| Shareholders' equity | 1,118 | 1,133 | 1,179 |
| Return on shareholders' equity (avg.) (%) | 12.7 | 18.6 | 16.5 |
With effect from 2011 onwards, China has introduced new taxes and duties for foreign companies which are expected to increase Nolato's tax cost by around SEK 5 – 10 million annually. During the period 2008 - 2010, Nolato enjoyed a tax rate of 15% in China as a result of its "High-Tech Status". The application process for this status for the period 2011 - 2013 is currently under way and notification is anticipated during the fourth quarter. The tax rate for the first nine months has been determined assuming that Nolato will continue to be accorded "High-Tech Status" (15% tax rate in China), but with a supplement for the new non-profit based taxes from 2011 onwards.
The average number of employees during the period was 5,684 (7,616). The reduction in the number of employees is attributable to Nolato Telecom in China and arose as a result of lower volumes.
The business risks and risk management of the Group and the Parent Company, along with the management of financial risks, are described in the 2010 Annual Report on pages 32 – 33 and in Note 4 on pages 49 – 50.
No significant events have occurred during the period which would significantly affect or change these descriptions of the Group and the Parent Company's risks or the management thereof.
No significant events have occurred since the end of the period.
Nolato AB (publ), Swedish corporate identity number 556080-4592, is the Parent Company of the Nolato Group.
Nolato's B shares have been listed on the NASDAQ OMX Nordic Exchange in the Stockholm Mid Cap segment since 1 January 2011, where they are included under the information technology sector.
The number of shareholders was 7,712 as of 30 September. The largest shareholders were the Paulsson family with 12%, the Jorlén family with 10%, the Boström family with 10%, Lannebo Fonder with 10%, Svolder with 5% and Skandia Fonder with 4% of the share capital. The ten largest shareholders hold 61% of the capital and 80% of the votes.
Sales totalled SEK 20 million (18). The increase in sales is a result of higher costs levied on subsidiaries. Income after financial items amounted to SEK 145 million (44). The improved result is primarily the result of 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 2010 Annual Report on pages 45–48.
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, Accounting for Legal Entities.
The new or revised IFRS standards or IFRIC interpretations that entered into force on 1 January 2011 have not had any material effect on the Group's income statements or balance sheets.
auditors. It was resolved at Nolato's Annual General Meeting on 27 April 2011 that the Company should have a Nomination Committee consisting of one representative for each of the five largest shareholders in terms of number of votes as at the end of September.
Following discussions with the five largest shareholders, the following have been elected to Nolato's Nomination Committee ahead of the 2012 Annual General Meeting:
The Annual General Meeting will be held on 24 April 2012. Shareholders wishing to submit proposals to the nomination committee should contact the nomination committee's chairman Henrik Jorlén, by e-mail to [email protected] or by ordinary mail to Kommendörsgatan 4, 269 77 Torekov, Sweden.
Torekov, 26 October 2011 Nolato AB (publ) Hans Porat, President and CEO
The information contained in this interim report is the information which 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 26 October 2011 at 14:30 pm.
This report has not been reviewed by the Company's
| Q3 | Q3 | Q1 - Q3 | Q1 - Q3 | Rolling | Full year | |
|---|---|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 | 12 months | 2010 |
| Net sales | 718 | 887 | 2,243 | 2,511 | 3,107 | 3,375 |
| Cost of goods sold | – 647 | – 764 | – 1,972 | – 2,139 | – 2,722 | – 2,889 |
| Gross profit | 71 | 123 | 271 | 372 | 385 | 486 |
| Other operating income | 29 | 0 | 34 | 1 | 38 | 5 |
| Selling expenses | – 16 | – 18 | – 52 | – 55 | – 73 | – 76 |
| Administrative expenses | – 33 | – 40 | – 109 | – 122 | – 147 | – 160 |
| Other operating expenses | 0 | 0 | 0 | – 3 | 1 | – 2 |
| – 20 | – 58 | – 127 | – 179 | – 181 | – 233 | |
| Operating income | 51 | 65 | 144 | 193 | 204 | 253 |
| Financial items | – 1 | – 5 | – 6 | – 11 | – 5 | – 10 |
| Income after financial items | 50 | 60 | 138 | 182 | 199 | 243 |
| Tax | – 14 | – 13 | – 39 | – 38 | – 57 | – 56 |
| Net income | 36 | 47 | 99 | 144 | 142 | 187 |
| All earnings are attrib. to the Parent Co.'s shareholders | ||||||
| Depreciation/amortisation | 60 | 38 | 134 | 115 | 173 | 154 |
| Earnings per share before and after dilution (SEK) | 1.37 | 1.78 | 3.76 | 5.47 | 5.40 | 7.11 |
| Number of shares at the end of the period | 26,307,408 | 26,307,408 | 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 | 26,307,408 | 26,307,408 |
| Q3 | Q3 | Q1 - Q3 | Q1 - Q3 | Rolling | Full year |
|---|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | 12 months | 2010 |
| 36 | 47 | 99 | 144 | 142 | 187 |
| 19 | – 44 | – 1 | – 23 | 5 | – 17 |
| 0 | 7 | – 1 | 7 | – 6 | 2 |
| 0 | – 2 | 0 | – 2 | 2 | 0 |
| 19 | – 39 | – 2 | – 18 | 1 | – 15 |
| 55 | 8 | 97 | 126 | 143 | 172 |
| Q1 - Q3 | Q1 - Q3 | Rolling | Full year | |
|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 12 months | 2010 |
| Operating income (EBIT) | ||||
| Nolato Medical | 77 | 68 | 103 | 94 |
| Nolato Telecom | 7 | 98 | 31 | 122 |
| Nolato Industrial | 76 | 59 | 93 | 76 |
| Group adjustments, Parent Company | – 16 | – 32 | – 23 | – 39 |
| Consolidated operating income (EBIT) | 144 | 193 | 204 | 253 |
| Financial items (not distributed by business areas when no follow-up by management) | – 6 | – 11 | – 5 | – 10 |
| Consolidated income before tax | 138 | 182 | 199 | 243 |
| SEK millions | 30/09/2011 | 30/09/2010 | 31/12/2010 |
|---|---|---|---|
| Assets | |||
| Fixed assets | |||
| Intangible fixed assets | 434 | 442 | 441 |
| Tangible fixed assets | 689 | 723 | 718 |
| Other securities held as fixed assets | 2 | 2 | 2 |
| Other long-term receivables | 1 | 1 | 1 |
| Deferred tax assets | 39 | 29 | 30 |
| Total fixed assets | 1,165 | 1,197 | 1,192 |
| Current assets | |||
| Inventories | 229 | 251 | 222 |
| Accounts receivable | 508 | 674 | 616 |
| Other current assets | 81 | 102 | 81 |
| Cash and bank | 153 | 131 | 239 |
| Total current assets | 971 | 1,158 | 1,158 |
| Total assets | 2,136 | 2,355 | 2,350 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 1,118 | 1,133 | 1,179 |
| Long-term liabilities and provisions 1) | 98 | 96 | 94 |
| Deferred tax liabilities 1) | 101 | 104 | 109 |
| Short-term liabilities and provisions 1) | 819 | 1,022 | 968 |
| Total liabilities and provisions | 1,018 | 1,222 | 1,171 |
| Total shareholders' equity and liabilities | 2,136 | 2,355 | 2,350 |
| 1) Interest-bearing/non-interest-bearing liabilities and provisions: | |||
| Interest-bearing liabilities and provisions | 219 | 330 | 273 |
| Non-interest-bearing liabilities and provisions | 799 | 892 | 898 |
| Total liabilities and provisions | 1,018 | 1,222 | 1,171 |
| Q1 - Q3 | Q1 - Q3 | Full year | |
|---|---|---|---|
| SEK millions | 2011 | 2010 | 2010 |
| Shareholders' equity at the beginning of the period | 1,179 | 1,086 | 1,086 |
| Total comprehensive income for the period | 97 | 126 | 172 |
| Dividends | – 158 | – 79 | – 79 |
| Shareholders' equity at the end of period attrib. to Parent Co's shareholders | 1,118 | 1,133 | 1,179 |
During 2011, a dividend totalling SEK 158 million was paid to the Parent Company's shareholders, corresponding to an ordinary of SEK 3.00 and extra of SEK 3.00, totalling SEK 6.00 per share. The Group does not have any incentive programmes resulting in a dilutive effect.
| Q3 | Q3 | Q1 - Q3 | Q1 - Q3 | Rolling | Full year | |
|---|---|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 | 12 months | 2010 |
| Cash flow from op. activities bef. changes in work. cap. | 100 | 75 | 221 | 241 | 320 | 340 |
| Changes in working capital | – 20 | – 43 | – 11 | – 69 | 88 | 30 |
| Cash flow from operations | 80 | 32 | 210 | 172 | 408 | 370 |
| Cash flow from investment activities | – 32 | – 192 | – 87 | – 261 | – 112 | – 286 |
| Cash flow before financing activities | 48 | – 160 | 123 | – 89 | 296 | 84 |
| Cash flow from financing activities | – 39 | 116 | – 209 | 53 | – 272 | – 10 |
| Cash flow for the period | 9 | – 44 | – 86 | – 36 | 24 | 74 |
| Liquid funds at the beginning of the period | 139 | 186 | 239 | 172 | — | 172 |
| Exchange rate difference in liquid funds | 5 | – 11 | 0 | – 5 | — | – 7 |
| Liquid funds at the end of the period | 153 | 131 | 153 | 131 | — | 239 |
| Q3 | Q3 | Q1 - Q3 | Q1 - Q3 | Rolling | Full year | |
|---|---|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 | 12 months | 2010 |
| Net income | 36 | 47 | 99 | 144 | 142 | 187 |
| Adjusted earnings: | ||||||
| Amortisation of intangible assets arising from acquis. | 3 | 2 | 7 | 6 | 10 | 9 |
| Tax on amortisation | – 1 | – 1 | – 2 | – 2 | – 2 | – 2 |
| Adjusted earnings | 38 | 48 | 104 | 148 | 150 | 194 |
| Average number of shares * | 26,307,408 | 26,307,408 | 26,307,408 | 26,307,408 | 26,307,408 | 26,307,408 |
| Earnings per share before and after dilution (SEK) * | 1.37 | 1.78 | 3.76 | 5.47 | 5.40 | 7.11 |
| Adjusted earnings per share (SEK) * | 1.44 | 1.83 | 3.95 | 5.63 | 5.69 | 7.37 |
* The company does not have any ongoing financial instrument programmes which involve any dilution in the number of shares.
| 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|
| Net sales (SEK millions) | 3,375 | 2,602 | 2,824 | 2,421 | 2,702 |
| Operating income (EBITA) (SEK millions) | 262 | 166 | 240 | 197 | 79 |
| EBITA margin (%) | 7.8 | 6.4 | 8.5 | 8.1 | 2.9 |
| Operating income (EBIT) (SEK millions) | 253 | 158 | 232 | 190 | 78 |
| Income after financial items (SEK millions) | 243 | 148 | 216 | 171 | 69 |
| Net income (SEK millions) | 187 | 123 | 178 | 150 | 48 |
| Cash flow after investments, excl. acq. and disposals (SEK millions) | 230 | 139 | 296 | 227 | 142 |
| Return on capital employed (%) | 18.4 | 12.1 | 18.4 | 16.3 | 7.4 |
| Return on shareholders' equity (%) | 16.5 | 11.5 | 18.4 | 18.0 | 5.9 |
| Net debt (SEK millions) | 34 | 40 | 95 | 314 | 162 |
| Equity/assets ratio (%) | 50 | 51 | 50 | 46 | 46 |
| Earnings per share (SEK) | 7.11 | 4.68 | 6.77 | 5.70 | 1.82 |
| Adjusted earnings per share (SEK) | 7.37 | 4.90 | 6.99 | 5.32 | 6.08 |
| Average number of employees | 7,563 | 4,308 | 4,531 | 3,760 | 4,144 |
| Q1 | Q2 | Q3 | Q4 | Full year | ||
|---|---|---|---|---|---|---|
| Net sales (SEK millions) | 2011 | 759 | 766 | 718 | — | — |
| 2010 | 746 | 878 | 887 | 864 | 3,375 | |
| 2009 | 606 | 557 | 653 | 786 | 2,602 | |
| Operating income (EBITDA) (SEK millions) | 2011 | 79 | 88 | 111 | — | — |
| 2010 | 100 | 105 | 103 | 99 | 407 | |
| 2009 | 56 | 77 | 84 | 126 | 343 | |
| Operating income (EBITA) (SEK millions) | 2011 | 44 | 53 | 54 | — | — |
| 2010 | 63 | 69 | 67 | 63 | 262 | |
| 2009 | 16 | 39 | 48 | 63 | 166 | |
| EBITA margin (%) | 2011 | 5.8 | 6.9 | 7.5 | — | — |
| 2010 | 8.4 | 7.9 | 7.6 | 7.3 | 7.8 | |
| 2009 | 2.6 | 7.0 | 7.4 | 8.0 | 6.4 | |
| Operating income (EBIT) (SEK millions) | 2011 | 42 | 51 | 51 | — | — |
| 2010 | 61 | 67 | 65 | 60 | 253 | |
| 2009 | 14 | 37 | 46 | 61 | 158 | |
| Income after financial items (SEK millions) | 2011 | 38 | 50 | 50 | — | — |
| 2010 | 57 | 65 | 60 | 61 | 243 | |
| 2009 | 6 | 42 | 42 | 58 | 148 | |
| Net income (SEK millions) | 2011 | 28 | 35 | 36 | — | — |
| 2010 | 45 | 52 | 47 | 43 | 187 | |
| 2009 | 4 | 29 | 33 | 57 | 123 | |
| Cash flow after inv., excl. acq. and disp. (SEK millions) | 2011 | 111 | – 36 | 48 | — | — |
| 2010 | 0 | 71 | 4 | 155 | 230 | |
| 2009 | 56 | 35 | – 31 | 79 | 139 | |
| Earnings per share before and after dilution (SEK) | 2011 | 1.06 | 1.33 | 1.37 | — | — |
| 2010 | 1.71 | 1.98 | 1.78 | 1.64 | 7.11 | |
| 2009 | 0.15 | 1.10 | 1.26 | 2.17 | 4.68 | |
| Adjusted earnings per share (SEK) | 2011 | 1.10 | 1.41 | 1.44 | — | — |
| 2010 | 1.79 | 2.01 | 1.83 | 1.74 | 7.37 | |
| 2009 | 0.23 | 1.14 | 1.29 | 2.24 | 4.90 | |
| Shareholders' equity per share (SEK) | 2011 | 45 | 40 | 42 | — | — |
| 2010 | 43 | 43 | 43 | 45 | 45 | |
| 2009 | 41 | 39 | 39 | 41 | 41 | |
| Return on total capital (%) | 2011 | 10.9 | 10.0 | 9.4 | — | — |
| 2010 | 10.2 | 11.3 | 11.5 | 11.3 | 11.3 | |
| 2009 | 9.4 | 8.8 | 7.1 | 7.5 | 7.5 | |
| Return on capital employed (%) | 2011 | 17.6 | 16.4 | 15.0 | — | — |
| 2010 | 16.1 | 18.4 | 18.6 | 18.4 | 18.4 | |
| 2009 | 14.7 | 13.7 | 11.3 | 12.1 | 12.1 | |
| Return on operating capital (%) | 2011 | 20.6 | 18.6 | 16.2 | — | — |
| 2010 | 18.0 | 20.8 | 20.5 | 21.6 | 21.6 | |
| 2009 | 16.5 | 14.4 | 12.7 | 13.9 | 13.9 | |
| Return on shareholders' equity (%) | 2011 | 14.6 | 14.0 | 12.7 | — | — |
| 2010 | 14.9 | 17.5 | 18.6 | 16.5 | 16.5 | |
| 2009 | 14.2 | 13.0 | 11.2 | 11.5 | 11.5 |
| Net sales (SEK millions) | Q1 | Q2 | Q3 | Q4 | Full year | ||
|---|---|---|---|---|---|---|---|
| Nolato Medical | 2011 | 232 | 235 | 220 | — | — | |
| 2010 | 186 | 185 | 202 | 235 | 808 | ||
| 2009 | 178 | 177 | 159 | 178 | 692 | ||
| Nolato Telecom | 2011 | 259 | 249 | 220 | — | — | |
| 2010 | 320 | 434 | 444 | 377 | 1,575 | ||
| 2009 | 226 | 183 | 309 | 372 | 1,090 | ||
| Nolato Industrial | 2011 | 268 | 283 | 279 | — | — | |
| 2010 | 241 | 259 | 241 | 253 | 994 | ||
| 2009 | 206 | 197 | 185 | 236 | 824 | ||
| Group adjustments, Parent Company | 2011 2010 |
— – 1 |
– 1 — |
– 1 — |
— – 1 |
— – 2 |
|
| 2009 | – 4 | — | — | — | – 4 | ||
| Group total | 2011 | 759 | 766 | 718 | — | — | |
| 2010 | 746 | 878 | 887 | 864 | 3,375 | ||
| 2009 | 606 | 557 | 653 | 786 | 2,602 | ||
| Operating income (EBITA) (SEK millions) | Q1 | Q2 | Q3 | Q4 | Full year | ||
| Nolato Medical | 2011 | 28 | 29 | 25 | — | — | |
| EBITA-margin (%) | 12.1 | 12.3 | 11.4 | — | — | ||
| 2010 | 23 | 24 | 25 | 28 | 100 | ||
| EBITA-margin (%) | 12.4 | 13.0 | 12.4 | 11.9 | 12.4 | ||
| 2009 | 24 | 23 | 20 | 22 | 89 | ||
| EBITA-margin (%) | 13.5 | 13.0 | 12.6 | 12.4 | 12.9 | ||
| Nolato Telecom | 2011 | – 4 | 4 | 7 | — | — | |
| EBITA-margin (%) | – 1.5 | 1.6 | 3.2 | — | — | ||
| 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 | ||
| Nolato Industrial | 2011 | 25 | 27 | 26 | — | — | |
| EBITA-margin (%) | 9.3 | 9.5 | 9.3 | — | — | ||
| 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 | ||
| Group adjustments, Parent Company | 2011 2010 |
– 5 – 9 |
– 7 – 12 |
– 4 – 11 |
— – 7 |
— – 39 |
|
| 2009 | – 7 | – 9 | – 5 | – 7 | – 28 | ||
| Group total | 2011 | 44 | 53 | 54 | — | — | |
| EBITA-margin (%) | 5.8 | 6.9 | 7.5 | — | — | ||
| 2010 | 63 | 69 | 67 | 63 | 262 | ||
| EBITA-margin (%) | 8.4 | 7.9 | 7.6 | 7.3 | 7.8 | ||
| 2009 | 16 | 39 | 48 | 63 | 166 | ||
| EBITA-margin (%) | 2.6 | 7.0 | 7.4 | 8.0 | 6.4 | ||
| Depreciation/amortisation (SEK millions) | Q1 | Q2 | Q3 | Q4 | Full year | ||
| Nolato Medical | 2011 | 14 | 16 | 14 | — | — | |
| 2010 | 12 | 12 | 13 | 16 | 53 | ||
| 2009 | 11 | 11 | 11 | 12 | 45 | ||
| Nolato Telecom | 2011 | 13 | 10 | 35 | — | — | |
| 2010 | 16 | 14 | 14 | 13 | 57 | ||
| 2009 | 18 | 16 | 15 | 40 | 89 | ||
| Nolato Industrial | 2011 | 10 | 11 | 11 | — | — | |
| 2010 | 11 | 12 | 11 | 10 | 44 | ||
| 2009 | 13 | 13 | 12 | 13 | 51 | ||
| Group total | 2011 | 37 | 37 | 60 | — | — | |
| 2010 | 39 | 38 | 38 | 39 | 154 | ||
| 2009 | 42 | 40 | 38 | 65 | 185 |
| Q3 | Q3 | Q1 - Q3 | Q1 - Q3 | Rolling | Full year | |
|---|---|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | 12 months | 2010 | |
| Net sales (SEK millions) | 718 | 887 | 2,243 | 2,511 | 3,107 | 3,375 |
| Sales growth (%) | – 19 | 36 | – 11 | 38 | – 6 | 30 |
| Percentage of sales outside Sweden (%) | 74 | 80 | 73 | 77 | 72 | 76 |
| Operating income (EBITDA) (SEK millions) | 111 | 103 | 278 | 308 | 377 | 407 |
| Operating income (EBITA) (SEK millions) | 54 | 67 | 151 | 199 | 214 | 262 |
| EBITA margin (%) | 7.5 | 7.6 | 6.7 | 7.9 | 6.9 | 7.8 |
| Income after financial items (SEK millions) | 50 | 60 | 138 | 182 | 199 | 243 |
| Profit margin (%) | 7.0 | 6.8 | 6.2 | 7.2 | 6.4 | 7.2 |
| Net income (SEK millions) | 36 | 47 | 99 | 144 | 142 | 187 |
| Return on total capital (%) | — | — | 10.0 | 11.5 | 10.0 | 11.3 |
| Return on capital employed (%) | — | — | 16.4 | 18.6 | 16.4 | 18.4 |
| Return on operating capital (%) | — | — | 18.6 | 20.5 | 18.6 | 21.6 |
| Return on shareholders' equity (%) | — | — | 14.0 | 18.6 | 14.0 | 16.5 |
| Equity/assets ratio (%) | — | — | 52 | 48 | — | 50 |
| Debt/equity (%) | — | — | 20 | 29 | — | 23 |
| Interest coverage ratio (times) | 17 | 21 | 17 | 24 | 18 | 25 |
| Net investments affecting cash flow, excl. acq. and disposals | 32 | 28 | 87 | 97 | 130 | 140 |
| (SEK millions) | ||||||
| Cash flow after investments, excl. acq. and disposals (SEK millions) | 48 | 4 | 123 | 75 | 278 | 230 |
| Net debt (SEK millions) | — | — | 66 | 199 | — | 34 |
| Earnings per share before and after dilution (SEK) | 1.37 | 1.78 | 3.76 | 5.47 | 5.40 | 7.11 |
| Adjusted earnings per share (SEK) | 1.44 | 1.83 | 3.95 | 5.63 | 5.69 | 7.37 |
| Cash flow per share, excl. acq. and disposals (SEK) | 1.82 | 0.15 | 4.68 | 2.85 | 10.57 | 8.74 |
| Shareholders' equity per share (SEK) | — | — | 42 | 43 | — | 45 |
| Average number of employees | — | — | 5,684 | 7,616 | — | 7,563 |
Income after financial items plus financial expenses as a percentage of average total capital in the balance sheet.
expenses. 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. Earnings before interest, taxes and depreciation/amortisation.
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.
Operating income (EBITA) as a percentage of net sales.
Net income, excluding amortisation of intangible assets arising from acquisitions, divided by the average number of shares. Income after financial items as a percentage of net sales.
Cash flow from operations, divided by average number of shares.
Interest-bearing liabilities and provisions less interest-bearing assets.
Net income, divided by average number of shares.
Income after financial items plus financial expenses, divided by financial
Earnings before interest, taxes and amortisation of intangible assets arising from acquisitions.
Income before tax, financial income and expenses.
Equity/assets ratio Interest-bearing liabilities and provisions divided by shareholders' equity.
Shareholders' equity as a percentage of total capital in the balance sheet.
| Q3 | Q3 | Q1 - Q3 | Q1 - Q3 | Rolling | Full year | |
|---|---|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 | 12 months | 2010 |
| Net sales | 7 | 6 | 20 | 18 | 25 | 23 |
| Other operating income | 1 | 0 | 5 | 0 | 9 | 4 |
| Selling expenses | – 2 | – 3 | – 7 | – 9 | – 13 | – 15 |
| Administrative expenses | – 8 | – 10 | – 29 | – 37 | – 35 | – 43 |
| Operating income | – 2 | – 7 | – 11 | – 28 | – 14 | – 31 |
| Result from shares in Group companies | 28 | 53 | 153 | 74 | 178 | 99 |
| Financial income | 4 | 3 | 9 | 7 | 11 | 9 |
| Financial expenses | – 4 | – 6 | – 6 | – 9 | – 1 | – 4 |
| Income after financial items | 26 | 43 | 145 | 44 | 174 | 73 |
| Appropriations | — | — | — | — | – 32 | – 32 |
| Tax | 2 | 3 | 4 | 9 | 9 | 14 |
| Net income | 28 | 46 | 149 | 53 | 151 | 55 |
| Depreciation/amortisation | 0 | 0 | 0 | 0 | 0 | 0 |
| SEK millions | 30/09/2011 | 30/09/2010 | 31/12/2010 |
|---|---|---|---|
| Assets | |||
| Tangible fixed assets | 1 | 0 | 0 |
| Financial fixed assets | 792 | 943 | 877 |
| Deferred tax assets | 10 | 5 | 6 |
| Total fixed assets | 803 | 948 | 883 |
| Other receivables | 362 | 89 | 251 |
| Cash and bank | 37 | 7 | 105 |
| Total current assets | 399 | 96 | 356 |
| Total assets | 1,202 | 1,044 | 1,239 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 826 | 733 | 837 |
| Untaxed reserves | 125 | 93 | 125 |
| Other provisions | 4 | 5 | 2 |
| Long-term liabilities | 17 | 17 | 17 |
| Current liabilities | 230 | 196 | 258 |
| Total shareholders' equity and liabilities | 1,202 | 1,044 | 1,239 |
| Collateral pledged | — | — | — |
| Contingent liabilities | 99 | 92 | 92 |
| Transactions with related parties: |
| Related party | Period | Services | Services | Interest | Interest | Res. from shares | Rec. fr. rel. part. | Liab. to rel. part. |
|---|---|---|---|---|---|---|---|---|
| sold | bought | income | expenses | in Group comp. | on bal. sh. date | on bal. sh. date | ||
| Subsidiary | Jan-Sep 2011 | 20 | – 8 | 7 | – 1 | 153 | 632 | 177 |
| Subsidiary | Jan-Sep 2010 | 18 | – 11 | 7 | 0 | 74 | 270 | 133 |
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-269 04 Torekov, Sweden • Tel. +46 431 442290 • Fax +46 431 442291 Corp. id. number 556080-4592 • E-mail [email protected] • Website www.nolato.com
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