{"id":15579,"date":"2022-01-28T08:30:00","date_gmt":"2022-01-28T07:30:00","guid":{"rendered":"https:\/\/www.note-ems.com\/press-releases\/notes-bokslutskommunike-2021\/"},"modified":"2025-12-02T08:28:10","modified_gmt":"2025-12-02T07:28:10","slug":"notes-to-the-financial-statements-2021","status":"publish","type":"mfn_news","link":"https:\/\/www.note-ems.com\/en\/pressmeddelande\/notes-bokslutskommunike-2021\/","title":{"rendered":"NOTE's year-end report 2021"},"content":{"rendered":"

Financial performance in Q4 (October-December)<\/span><\/span><\/strong>
\n- Sales increased by 751 thousand tonnes to SEK 814 million (466). Adjusted for acquisitions and exchange rate effects, growth was 481 FTEs.\u00a0
\n- Operating profit increased by 1,251 FTEs to SEK 87 (38) m. Operating profit includes positive one-off items of SEK 5 m.<\/span><\/span><\/span>
\n- The operating margin strengthened by 2.3 percentage points to 10.61 p.c. (8.31 p.c.); adjusted for non-recurring items, the operating margin was 10.01 p.c.
\n- Profit after tax increased by 115% to SEK 68 (32) million, corresponding to SEK 2.39 (1.12) per share.
\n- Cash flow after investments was negatively affected by the strong organic growth and amounted to SEK -44 (44) million, corresponding to SEK -1.54 (1.55) per share. Payments for the acquisition of iPRO affected cash flow by SEK -12 million.<\/span><\/span><\/span><\/p>\n

Financial performance in January-December<\/span><\/span><\/strong>
\n- Sales increased by 411,000 tonnes to SEK 2,643 million (1,874). Adjusted for acquisitions and currency effects, growth was TSEK 301. <\/span><\/span><\/span>
\n- Operating profit increased by 681 thousand tonnes to SEK 251 million (149).<\/span><\/span><\/span>
\n- The operating margin increased by 1.5 percentage points to 9.51% (8.01%).<\/span><\/span><\/span>
\n- Profit after tax increased by SEK 681 thousand to SEK 194 million (116), corresponding to SEK 6.82 (4.11) per share. <\/span><\/span><\/span>
\n- Cash flow after investments and acquisitions totalled SEK -142 (172) million, corresponding to SEK -4.97 (6.06) per share. Payments for the acquisition of iPRO affected cash flow by SEK -80 million.<\/span><\/span><\/span><\/p>\n

Dividends<\/span><\/span><\/strong>
\nTo ensure maximum financial flexibility during the ongoing structural transformation of the industry, the Board proposes that no dividend be paid for 2022.<\/span><\/span><\/span><\/p>\n

CEO commentary - accelerated growth and strongly increased profitability in Q4<\/span><\/span><\/strong>
\n\u201dIn 2021, NOTE increased sales by 411,000,000 SEK to the new record level of SEK 2,643 million. Organic growth was 301,000,000 SEK, which clearly exceeds our long-term growth target. We finished the year very strongly, and in Q4, sales increased by SEK 751,000,000 to SEK 814,000,000, which is our highest sales level ever for a single quarter. NOTE's organic growth in Q4 was close to 501,000,000 SEK.<\/span><\/span><\/em><\/span><\/p>\n

It is also gratifying that, despite the pandemic and a very challenging shortage situation in the component market, we managed to continue our positive earnings trend. Operating profit in 2021 increased by SEK 681 thousand to SEK 251 million and the operating margin strengthened by 1.5 percentage points to SEK 9.51 thousand, which in both cases are our highest levels ever. For Q4, which was our strongest quarter ever, operating profit increased by 1,251 thousand SEK to 87 million and the operating margin was just over 101 thousand SEK. For the full year, return on operating capital (ROOC) strengthened to 281 TSEK and earnings per share increased to SEK 6.82 (4.11). <\/span><\/span><\/em><\/span><\/p>\n

In addition to the strong electrification trend in society, there is much to suggest a continued positive development of our industry. A clear increased focus on sustainability issues, the knock-on effects of the pandemic and expanded trade barriers in the global economy are three factors that are significantly increasing the interest of European customers in seeking manufacturing partners closer to their core business. This is a trend that strongly favours NOTE, with most of its plants and customers in Europe. <\/span><\/span><\/em><\/span><\/p>\n

NOTE is still in an expansionary phase, with many new major customers with high growth rates. We expect sales to remain very strong in 2022. Despite the ongoing pandemic and the challenging situation on the component market, we see good prospects of achieving growth in the order of 50% in Q1. The conditions for continuing our positive earnings trend are very good\u201d, <\/span><\/span><\/em>says Johannes Lind-Widestam, President and CEO. <\/span><\/span><\/span><\/span><\/span><\/p>\n

NOTE's year-end report is available from today in pdf format on its website, www.note-ems.com, and is attached to this press release. NOTE is organising a presentation for analysts, media and investors at 10:00 a.m. CET today, where President and CEO Johannes Lind-Widestam will present the report. The Interim Report for January-March will be presented on 23 April. <\/span><\/span><\/span><\/p>\n

For further information, please contact:
\nJohannes Lind-Widestam, President and CEO, tel. 070-541 72 22
\nHenrik Nygren, Chief Financial Officer, tel. 070-977 06 86<\/span><\/span><\/span><\/p>\n

About NOTE
\nNOTE is one of northern Europe's leading partners for electronics manufacturing. NOTE manufactures printed circuit boards (PCBA), sub-assemblies and complete products (box build). Its customer offering covers the whole product lifecycle, from design to after-sales. NOTE is established in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales in the last 12 months were SEK 3,687 million and the group has some 1,400 employees. NOTE is listed on Nasdaq Stockholm. For more information, please visit <\/span><\/span><\/em>www.note-ems.com<\/span><\/span><\/em><\/a>.<\/span><\/span><\/em><\/span><\/span><\/span><\/p>\n

This information is information that NOTE AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Johannes Lind-Widestam, at 08:30 CET on 30 January 2023.<\/span><\/span><\/em><\/span><\/span><\/span><\/p>\n

<\/div>\n
<\/div>\n
\n

Attached files<\/strong>
Financial statement communiqu\u00e9 2021<\/a>
Press release<\/a><\/p>\n<\/div>\n