Quarterly Report • Feb 1, 2012
Quarterly Report
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Group highlights
‒ The Board of Directors recommends an ordinary dividend of SEK 3.00 (3.00) and an extra dividend of SEK 2.00. Total SEK 5.00 per share (6.00)
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK millions unless otherwise specified | 2011 | 2010 | 2011 | 2010 |
| Net sales | 734 | 864 | 2,977 | 3,375 |
| Operating income (EBITDA) 1) | 82 | 99 | 360 | 407 |
| Operating income (EBITA) 2) | 48 | 63 | 199 | 262 |
| EBITA margin, % | 6.5 | 7.3 | 6.7 | 7.8 |
| Income after financial items | 45 | 61 | 183 | 243 |
| Net income | 33 | 43 | 132 | 187 |
| Earnings per share before and after dilution, SEK* | 1.25 | 1.64 | 5.02 | 7.11 |
| Adjusted earnings per share, SEK 3) * | 1.33 | 1.74 | 5.28 | 7.37 |
| Cash flow after investments, excl. acquisitions and disposals | – 11 | 155 | 112 | 230 |
| Net investm. affecting cash flow, excl. acquisitions and disposals | 47 | 43 | 134 | 140 |
| Return on capital employed, % | — | — | 13.9 | 18.4 |
| Return on shareholders' equity, % | — | — | 11.3 | 16.5 |
| Equity/assets ratio, % | — | — | 54 | 50 |
| Net debt | — | — | 82 | 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.
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.
The Group's sales totalled SEK 734 million (864), representing a 15% drop compared with the corresponding period during the previous year. Currency effects had a positive impact on sales of around 1%.
Nolato Medical saw sales fall by 2% to SEK 230 million (235). Excluding currency conversion effects, sales were in line with the previous year. Product sales developed in line with the market, while project-related sales fell during the quarter.
Nolato Telecom's sales fell by 45% to SEK 207 million (377), including the resale of components (touch screens) of approx. SEK 0 million (80). Excluding currency conversion effects, sales fell by 47%. Demand for the product portfolio remains weak.
Nolato Industrial's sales rose by 18% to SEK 299 million (253). Excluding currency conversion effects, sales increased by 17%. Demand has remained strong and increased within most customer segments.
The Group's operating income (EBITA) was SEK 48 million (63).
Nolato Medical's operating income (EBITA) was SEK 28 million (28), Nolato Telecom's was SEK 4 million (24) and Nolato Industrial's was SEK 24 million (18).
Nolato Medical's EBITA margin was 12.2% (11.9). Nolato Telecom's EBITA margin was 1.9% (6.4) and is explained by low volumes. Strong demand within most industrial customer segments and a high level of capacity utilisation contributed to the increased margin. Collectively, the Group's EBITA margin was 6.5% (7.3).
| Sales | Sales | Operating inc. | Operating inc. | EBITA margin | EBITA margin | |
|---|---|---|---|---|---|---|
| SEK millions | Q4/2011 | Q4/2010 | EBITA Q4/2011 | EBITA Q4/2010 | Q4/2011 | Q4/2010 |
| Nolato Medical | 230 | 235 | 28 | 28 | 12.2% | 11.9% |
| Nolato Telecom | 207 | 377 | 4 | 24 | 1.9% | 6.4% |
| Nolato Industrial | 299 | 253 | 24 | 18 | 8.0% | 7.1% |
| Intra-Group adj., Parent Co | – 2 | – 1 | – 8 | – 7 | — | — |
| Group total | 734 | 864 | 48 | 63 | 6.5% | 7.3% |
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 46 million (60).
Income after financial items amunted to SEK 45 million (61). Net financial items included SEK -1 million (+3) in currency exchange rate difference effects during the fourth quarter.
Net income was SEK 33 million (43). Earnings per share, before and after dilution, stood at SEK 1.25 (1.64). Adjusted earnings per share excluding amortisation of intangible assets arising from acquisitions were SEK 1.33 (1.74).
The Group's sales amounted to SEK 2,977 million (3,375) during 2011, which was 12% lower compared with 2010. Currency effects had a negative impact on sales of 3%.
Nolato Medical's sales rose by 13% to SEK 917 million (808), Nolato Telecom's sales fell by 41% to SEK 935 million (1,575), while Nolato Industrial's sales increased by 14% to SEK 1,129 million (994).
The Group's operating income (EBITA) amounted to SEK 199 million (262), while the EBITA margin was 6.7% (7.8). Operating income (EBIT) was SEK 190 million (253).
Income after financial items was SEK 183 million (243). Net financial items include currency exchange rate effects of SEK 0 million (-1).
Net income was SEK 132 million (187). Earnings per share, both before and after dilution, were SEK 5.02 (7.11). Adjusted earnings per share excluding amortisation of intangible assets arising from acquisitions were SEK 5.28 (7.37). The effective tax rate was 28% (23). The higher tax rate was the result of changes in earnings between countries in which the Group is active.
The return on capital employed was 13.9% (18.4%). The return on operating capital was 15.5% (21.6%).
| Sales and income Q1-Q4 (SEK millions) | 2011 | 2010 |
|---|---|---|
| Sales | 917 | 808 |
| Operating income (EBITA) | 110 | 100 |
| EBITA margin (%) | 12.0 | 12.4 |
| Operating income (EBIT) | 104 | 94 |
Nolato Medical saw sales grow to SEK 917 million (808), which corresponds to an increase of 13%. Organic growth amounted to 7% excluding currency conversion effects. The trend in volumes was good for most of the business area's customer segments and the business has developed in line with the growth in the market.
Operating income (EBITA) rose to SEK 110 million (100). The EBITA margin was 12.0% (12.4). Nolato Medical is continuing its initiatives within projects and technology, which has also reduced the margin somewhat. Sales within the business area's projects were very high during the fourth quarter of 2010 and through to the third quarter of 2011 inclusive, before falling during the fourth quarter.
Nolato believes that the lower sales from projects will continue during the impending quarters.
Nolato Medical has begun an expansion of the Hungarian factory in order to facilitate future expansion. This expansion will provide additional clean room capacity and will be completed so as to enable production to start up gradually from 2013.
Nolato Medical's US division is developing well and now also offers silicon production to customers in North America.
| Sales and income Q1-Q4 (SEK millions) | 2011 | 2010 |
|---|---|---|
| Sales | 935 | 1,575 |
| Operating income (EBITA) | 11 | 122 |
| EBITA margin (%) | 1.2 | 7.7 |
| Operating income (EBIT) | 11 | 122 |
Nolato Telecom's sales fell by 41% to SEK 935 million (1,575), which includes the resale of components (touch screens) of approximately SEK 95 million (200). Excluding currency conversion effects, sales fell by 37%. 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 disaster in Japan. Demand for the product portfolio remained weak during the fourth quarter.
Operating income (EBITA) fell to SEK 11 million (122). The EBITA margin was 1.2% (7.7). Despite the sharp reduction in volumes during the year, the business area reports a positive result as a result of a flexible cost structure.
| Sales and income Q1-Q4 (SEK millions) | 2011 | 2010 |
|---|---|---|
| Sales | 1,129 | 994 |
| Operating income (EBITA) | 102 | 79 |
| EBITA margin (%) | 9.0 | 7.9 |
| Operating income (EBIT) | 99 | 76 |
Nolato Industrial's sales rose by 14% to SEK 1,129 million (994). Strong demand, advanced market positions and new products contributed to an increase in sales. Excluding currency conversion effects, sales rose by 16%.
Operating income (EBITA) was SEK 102 million (79), with a strong EBITA margin of 9.0% (7.9). A high level of capacity utilisation and high productivity had a positive impact on the margin.
As stated previously, the business area has established a small production unit in Romania. Production is progressing according to plan.
Cash flow before investments totalled SEK 246 million (370). The change in working capital was a negative SEK 58 million (+30). Cash flow after investments was SEK 112 million (230, excluding property acquisitions and disposals). The lower income and an increase in the requirement for working capital due to a higher level of project activity at the end of the year had a negative impact on cash flow. Net investments affecting cash flow totalled SEK 134 million (140, excluding property acquisitions and disposals).
Interest-bearing assets totalled SEK 124 million (239) and interest-bearing liabilities and provisions totalled SEK 206 million (273). Net debt thus totalled SEK 82 million (34). Equity amounted to SEK 1,151 million (1,179). The equity/assets ratio was 54% (50). During the second quarter, dividends totalling SEK 158 million (79) were paid.
Excluding acquisitions and disposals
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 |
| Net sales | 734 | 864 | 2,977 | 3,375 |
| Gross income excl. depreciation/amortisation | 130 | 150 | 525 | 627 |
| As a percentage of net sales | 17.7 | 17.4 | 17.6 | 18.6 |
| Costs | – 48 | – 51 | – 165 | – 220 |
| As a percentage of net sales | 6.5 | 5.9 | 5.5 | 6.5 |
| Operating income (EBITDA) | 82 | 99 | 360 | 407 |
| As a percentage of net sales | 11.2 | 11.5 | 12.1 | 12.1 |
| Depreciation and amortisation | – 34 | – 36 | – 161 | – 145 |
| Operating income (EBITA) | 48 | 63 | 199 | 262 |
| As a percentage of net sales | 6.5 | 7.3 | 6.7 | 7.8 |
| Amortisation of intang. assets arising from acquisitions | – 2 | – 3 | – 9 | – 9 |
| Operating income (EBIT) | 46 | 60 | 190 | 253 |
| Financial items | – 1 | 1 | – 7 | – 10 |
| Income after financial items | 45 | 61 | 183 | 243 |
| Tax | – 12 | – 18 | – 51 | – 56 |
| As a percentage of income after financial items | 26.7 | 29.5 | 27.9 | 23.0 |
| Net income | 33 | 43 | 132 | 187 |
| SEK millions | 31/12/2011 | 31/12/2010 |
|---|---|---|
| Interest-bearing liabilities, credit institutions | 113 | 180 |
| Interest-bearing pension liabilities | 93 | 93 |
| Total borrowings | 206 | 273 |
| Cash and bank | – 124 | – 239 |
| Net debt | 82 | 34 |
| Working capital | 169 | 145 |
| As a percentage of sales (avg.) (%) | 5.3 | 4.1 |
| Capital employed | 1,357 | 1,452 |
| Return on capital employed (avg.) (%) | 13.9 | 18.4 |
| Shareholders' equity | 1,151 | 1,179 |
| Return on shareholders' equity (avg.) (%) | 11.3 | 16.5 |
With effect from 2011 onwards, China has introduced new taxes and duties for foreign companies which have increased Nolato's tax cost by around SEK 5 million annually. In December, Nolato received a positive decision concerning the renewal of its "High-Tech" status for the 2011-2013 financial years and will therefore also retain an income tax rate of 15% in China during this period. During 2011, Nolato has continually reported a tax cost for the group based on the renewal of its "High-Tech" status, i.e. based on a tax rate of 15% in China.
The average number of employees during the period was 5,496 (7,563). The reduction in the number of employees is attributable to Nolato Telecom in China and arose as a result of cut-backs in the face of low 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.
The Board of Directors and the President will recommend to the Annual General Meeting an ordinary dividend of SEK 3.00 per share (3.00) as well as an extra dividend of SEK 2.00 (3.00) per share. The total dividend will therefore amount to SEK 5.00 per share (6.00), corresponding to SEK 132 million (158). The dividend proportion for the ordinary dividend amounts to 60%, and 100% in total. The direct return is 9.9% relative to the share price on 30 December 2011.
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 totalled 7,425 as of 31 December. The largest shareholders were the Paulsson family with 12%, Lannebo Fonder with 10%, the Jorlén family with 10%, the Boström family with 9%, Svolder with 7% and Skandia Fonder with 5% of the share capital.
Sales totalled SEK 19 million (23). The decrease in sales is a result of lower costs levied on subsidiaries. Income after financial items amounted to SEK 302 million (73). 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.
The Annual General Meeting will be held on 24 April 2012. Any shareholders wishing to submit proposals to the Nomination Committee can contact the Chairman of the Nomination Committee, Henrik Jorlén, by email to [email protected] or by post to Kommendörsgatan 4, 269 77 Torekov, Sweden.
Torekov, 1 February 2012 Nolato AB (publ) The Board of Directors
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 1 February 2012 at 14:30 pm.
This report has not been reviewed by the Company's auditors.
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 |
| Net sales | 734 | 864 | 2,977 | 3,375 |
| Cost of goods sold | – 638 | – 750 | – 2,610 | – 2,889 |
| Gross profit | 96 | 114 | 367 | 486 |
| Other operating income | 5 | 4 | 39 | 5 |
| Selling expenses | – 20 | – 21 | – 72 | – 76 |
| Administrative expenses | – 35 | – 38 | – 144 | – 160 |
| Other operating expenses | — | 1 | — | – 2 |
| – 50 | – 54 | – 177 | – 233 | |
| Operating income | 46 | 60 | 190 | 253 |
| Financial items | – 1 | 1 | – 7 | – 10 |
| Income after financial items | 45 | 61 | 183 | 243 |
| Tax | – 12 | – 18 | – 51 | – 56 |
| Net income | 33 | 43 | 132 | 187 |
| All earnings are attrib. to the Parent Co.'s shareholders | ||||
| Depreciation/amortisation | 36 | 39 | 170 | 154 |
| Earnings per share before and after dilution (SEK) | 1.25 | 1.64 | 5.02 | 7.11 |
| 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 |
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 |
| Net income | 33 | 43 | 132 | 187 |
| Other comprehensive income | ||||
| Translation differences for the period | 1 | 6 | 0 | – 17 |
| Cash flow hedges | – 1 | – 5 | – 2 | 2 |
| Tax attributable to cash flow hedges | 0 | 2 | 0 | 0 |
| Other comprehensive income, net of tax | 0 | 3 | – 2 | – 15 |
| Total comp. income for the period attributable to the Parent Co.'s shareholders |
33 | 46 | 130 | 172 |
| Full year | Full year |
|---|---|
| 2011 | 2010 |
| 104 | 94 |
| 11 | 122 |
| 99 | 76 |
| – 24 | – 39 |
| 190 | 253 |
| – 7 | – 10 |
| 183 | 243 |
| SEK millions | 31/12/2011 | 31/12/2010 |
|---|---|---|
| Assets | ||
| Fixed assets | ||
| Intangible fixed assets | 434 | 441 |
| Tangible fixed assets | 706 | 718 |
| Other securities held as fixed assets | 2 | 2 |
| Other long-term receivables | 1 | 1 |
| Deferred tax assets | 40 | 30 |
| Total fixed assets | 1,183 | 1,192 |
| Current assets | ||
| Inventories | 236 | 222 |
| Accounts receivable | 521 | 616 |
| Other current assets | 80 | 81 |
| Cash and bank | 124 | 239 |
| Total current assets | 961 | 1,158 |
| Total assets | 2,144 | 2,350 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 1,151 | 1,179 |
| Long-term liabilities and provisions 1) | 97 | 94 |
| Deferred tax liabilities 1) | 115 | 109 |
| Short-term liabilities and provisions 1) | 781 | 968 |
| Total liabilities and provisions | 993 | 1,171 |
| Total shareholders' equity and liabilities | 2,144 | 2,350 |
| 1) Interest-bearing/non-interest-bearing liabilities and provisions: | ||
| Interest-bearing liabilities and provisions | 206 | 273 |
| Non-interest-bearing liabilities and provisions | 787 | 898 |
| Total liabilities and provisions | 993 | 1,171 |
| Full year | Full year | |
|---|---|---|
| SEK millions | 2011 | 2010 |
| Shareholders' equity at the beginning of the period | 1,179 | 1,086 |
| Total comprehensive income for the period | 130 | 172 |
| Dividends | – 158 | – 79 |
| Shareholders' equity at the end of period attrib. to Parent Co's shareholders | 1,151 | 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.
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 |
| Cash flow from op. activities bef. changes in work. cap. | 83 | 99 | 304 | 340 |
| Changes in working capital | – 47 | 99 | – 58 | 30 |
| Cash flow from operations | 36 | 198 | 246 | 370 |
| Cash flow from investment activities | – 47 | – 25 | – 134 | – 286 |
| Cash flow before financing activities | – 11 | 173 | 112 | 84 |
| Cash flow from financing activities | – 16 | – 63 | – 225 | – 10 |
| Cash flow for the period | – 27 | 110 | – 113 | 74 |
| Liquid funds at the beginning of the period | 153 | 131 | 239 | 172 |
| Exchange rate difference in liquid funds | – 2 | – 2 | – 2 | – 7 |
| Liquid funds at the end of the period | 124 | 239 | 124 | 239 |
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 |
| Net income | 33 | 43 | 132 | 187 |
| Adjusted earnings: | ||||
| Amortisation of intangible assets arising from acquis. | 2 | 3 | 9 | 9 |
| Tax on amortisation | 0 | 0 | – 2 | – 2 |
| Adjusted earnings | 35 | 46 | 139 | 194 |
| Average number of shares * | 26,307,408 | 26,307,408 | 26,307,408 | 26,307,408 |
| Earnings per share before and after dilution (SEK) * | 1.25 | 1.64 | 5.02 | 7.11 |
| Adjusted earnings per share (SEK) * | 1.33 | 1.74 | 5.28 | 7.37 |
* The company does not have any ongoing financial instrument programmes which involve any dilution in the number of shares.
| 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|
| Net sales (SEK millions) | 2,977 | 3,375 | 2,602 | 2,824 | 2,421 |
| Operating income (EBITA) (SEK millions) | 199 | 262 | 166 | 240 | 197 |
| EBITA margin (%) | 6.7 | 7.8 | 6.4 | 8.5 | 8.1 |
| Operating income (EBIT) (SEK millions) | 190 | 253 | 158 | 232 | 190 |
| Income after financial items (SEK millions) | 183 | 243 | 148 | 216 | 171 |
| Net income (SEK millions) | 132 | 187 | 123 | 178 | 150 |
| Cash flow after investments, excl. acq. and disposals (SEK millions) | 112 | 230 | 139 | 296 | 227 |
| Return on capital employed (%) | 13.9 | 18.4 | 12.1 | 18.4 | 16.3 |
| Return on shareholders' equity (%) | 11.3 | 16.5 | 11.5 | 18.4 | 18.0 |
| Net debt (SEK millions) | 82 | 34 | 40 | 95 | 314 |
| Equity/assets ratio (%) | 54 | 50 | 51 | 50 | 46 |
| Earnings per share (SEK) | 5.02 | 7.11 | 4.68 | 6.77 | 5.70 |
| Adjusted earnings per share (SEK) | 5.28 | 7.37 | 4.90 | 6.99 | 5.32 |
| Average number of employees | 5,496 | 7,563 | 4,308 | 4,531 | 3,760 |
| Q1 | Q2 | Q3 | Q4 | Full year | ||
|---|---|---|---|---|---|---|
| Net sales (SEK millions) | 2011 | 759 | 766 | 718 | 734 | 2,977 |
| 2010 | 746 | 878 | 887 | 864 | 3,375 | |
| 2009 | 606 | 557 | 653 | 786 | 2,602 | |
| Operating income (EBITDA) (SEK millions) | 2011 | 79 | 88 | 111 | 82 | 360 |
| 2010 | 100 | 105 | 103 | 99 | 407 | |
| 2009 | 56 | 77 | 84 | 126 | 343 | |
| Operating income (EBITA) (SEK millions) | 2011 | 44 | 53 | 54 | 48 | 199 |
| 2010 | 63 | 69 | 67 | 63 | 262 | |
| 2009 | 16 | 39 | 48 | 63 | 166 | |
| EBITA margin (%) | 2011 | 5.8 | 6.9 | 7.5 | 6.5 | 6.7 |
| 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 | 46 | 190 |
| 2010 | 61 | 67 | 65 | 60 | 253 | |
| 2009 | 14 | 37 | 46 | 61 | 158 | |
| Income after financial items (SEK millions) | 2011 | 38 | 50 | 50 | 45 | 183 |
| 2010 | 57 | 65 | 60 | 61 | 243 | |
| 2009 | 6 | 42 | 42 | 58 | 148 | |
| Net income (SEK millions) | 2011 | 28 | 35 | 36 | 33 | 132 |
| 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 | – 11 | 112 |
| 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 | 1.25 | 5.02 |
| 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 | 1.33 | 5.28 |
| 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 | 44 | 44 |
| 2010 | 43 | 43 | 43 | 45 | 45 | |
| 2009 | 41 | 39 | 39 | 41 | 41 | |
| Return on total capital (%) | 2011 | 10.9 | 10.0 | 9.4 | 8.7 | 8.7 |
| 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 | 13.9 | 13.9 |
| 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 | 15.5 | 15.5 |
| 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 | 11.3 | 11.3 |
| 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 | 230 | 917 | |
| 2010 | 186 | 185 | 202 | 235 | 808 | ||
| 2009 | 178 | 177 | 159 | 178 | 692 | ||
| Nolato Telecom | 2011 | 259 | 249 | 220 | 207 | 935 | |
| 2010 | 320 | 434 | 444 | 377 | 1,575 | ||
| 2009 | 226 | 183 | 309 | 372 | 1,090 | ||
| Nolato Industrial | 2011 | 268 | 283 | 279 | 299 | 1,129 | |
| 2010 | 241 | 259 | 241 | 253 | 994 | ||
| 2009 | 206 | 197 | 185 | 236 | 824 | ||
| Group adjustments, Parent Company | 2011 | — | – 1 | – 1 | – 2 | – 4 | |
| 2010 | – 1 | — | — | – 1 | – 2 | ||
| 2009 | – 4 | — | — | — | – 4 | ||
| Group total | 2011 | 759 | 766 | 718 | 734 | 2,977 | |
| 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 | 28 | 110 | |
| EBITA-margin (%) | 12.1 | 12.3 | 11.4 | 12.2 | 12.0 | ||
| 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 | 4 | 11 | |
| EBITA-margin (%) | – 1.5 | 1.6 | 3.2 | 1.9 | 1.2 | ||
| 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 | 24 | 102 | |
| EBITA-margin (%) | 9.3 | 9.5 | 9.3 | 8.0 | 9.0 | ||
| 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 | – 5 | – 7 | – 4 | – 8 | – 24 | |
| 2010 | – 9 | – 12 | – 11 | – 7 | – 39 | ||
| 2009 | – 7 | – 9 | – 5 | – 7 | – 28 | ||
| Group total | 2011 | 44 | 53 | 54 | 48 | 199 | |
| EBITA-margin (%) | 5.8 | 6.9 | 7.5 | 6.5 | 6.7 | ||
| 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 | 15 | 59 | |
| 2010 | 12 | 12 | 13 | 16 | 53 | ||
| 2009 | 11 | 11 | 11 | 12 | 45 | ||
| Nolato Telecom | 2011 | 13 | 10 | 35 | 10 | 68 | |
| 2010 | 16 | 14 | 14 | 13 | 57 | ||
| 2009 | 18 | 16 | 15 | 40 | 89 | ||
| Nolato Industrial | 2011 | 10 | 11 | 11 | 11 | 43 | |
| 2010 | 11 | 12 | 11 | 10 | 44 | ||
| 2009 | 13 | 13 | 12 | 13 | 51 | ||
| Group total | 2011 | 37 | 37 | 60 | 36 | 170 | |
| 2010 | 39 | 38 | 38 | 39 | 154 | ||
| 2009 | 42 | 40 | 38 | 65 | 185 |
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| Net sales (SEK millions) | 734 | 864 | 2,977 | 3,375 |
| Sales growth (%) | – 15 | 10 | – 12 | 30 |
| Percentage of sales outside Sweden (%) | 70 | 75 | 70 | 76 |
| Operating income (EBITDA) (SEK millions) | 82 | 99 | 360 | 407 |
| Operating income (EBITA) (SEK millions) | 48 | 63 | 199 | 262 |
| EBITA margin (%) | 6.5 | 7.3 | 6.7 | 7.8 |
| Income after financial items (SEK millions) | 45 | 61 | 183 | 243 |
| Profit margin (%) | 6.1 | 7.1 | 6.1 | 7.2 |
| Net income (SEK millions) | 33 | 43 | 132 | 187 |
| Return on total capital (%) | — | — | 8.7 | 11.3 |
| Return on capital employed (%) | — | — | 13.9 | 18.4 |
| Return on operating capital (%) | — | — | 15.5 | 21.6 |
| Return on shareholders' equity (%) | — | — | 11.3 | 16.5 |
| Equity/assets ratio (%) | — | — | 54 | 50 |
| Debt/equity (%) | — | — | 18 | 23 |
| Interest coverage ratio (times) | 14 | 31 | 16 | 25 |
| Net investments affecting cash flow, excl. acq. and disposals | ||||
| (SEK millions) | 47 | 43 | 134 | 140 |
| Cash flow after investments, excl. acq. and disposals (SEK millions) | – 11 | 155 | 112 | 230 |
| Net debt (SEK millions) | — | — | 82 | 34 |
| Earnings per share before and after dilution (SEK) | 1.25 | 1.64 | 5.02 | 7.11 |
| Adjusted earnings per share (SEK) | 1.33 | 1.74 | 5.28 | 7.37 |
| Cash flow per share, excl. acq. and disposals (SEK) | – 0.42 | 5.89 | 4.26 | 8.74 |
| Shareholders' equity per share (SEK) | — | — | 44 | 45 |
| Average number of employees | — | — | 5,496 | 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.
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK millions | 2011 | 2010 | 2011 | 2010 |
| Net sales | – 1 | 5 | 19 | 23 |
| Other operating income | 0 | 4 | 5 | 4 |
| Selling expenses | – 2 | – 6 | – 9 | – 15 |
| Administrative expenses | – 8 | – 6 | – 37 | – 43 |
| Operating income | – 11 | – 3 | – 22 | – 31 |
| Result from shares in Group companies | 174 | 25 | 327 | 99 |
| Financial income | 9 | 2 | 18 | 9 |
| Financial expenses | – 15 | 5 | – 21 | – 4 |
| Income after financial items | 157 | 29 | 302 | 73 |
| Appropriations | – 35 | – 32 | – 35 | – 32 |
| Tax | – 33 | 5 | – 29 | 14 |
| Net income | 89 | 2 | 238 | 55 |
| Depreciation/amortisation | 0 | 0 | 0 | 0 |
| SEK millions | 31/12/2011 | 31/12/2010 |
|---|---|---|
| Assets | ||
| Intangible fixed assets | 1 | — |
| Tangible fixed assets | 0 | 0 |
| Financial fixed assets | 794 | 877 |
| Deferred tax assets | 6 | 6 |
| Total fixed assets | 801 | 883 |
| Other receivables | 420 | 251 |
| Cash and bank | 39 | 105 |
| Total current assets | 459 | 356 |
| Total assets | 1,260 | 1,239 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | 915 | 837 |
| Untaxed reserves | 160 | 125 |
| Other provisions | 4 | 2 |
| Long-term liabilities | 17 | 17 |
| Current liabilities | 164 | 258 |
| Total shareholders' equity and liabilities | 1,260 | 1,239 |
| Collateral pledged | — | — |
| Contingent liabilities | 112 | 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 | Full year 2011 | 19 | – 10 | 13 | – 3 | 327 | 711 | 165 |
| Subsidiary | Full year 2010 | 23 | – 15 | 8 | 0 | 99 | 556 | 222 |
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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