Slide 1: Powerful organic growth boosted by acquisitions
NCAB Q4 2021 | February 17 Powerful organic growth boosted by acquisitions
Slide 2: Today's presenters
Today’s presenters PETER KRUK CEO ANDERS FORSÉN CFO NCAB GROUP © Q4 2021 presentation 2
Slide 3: Q4 2021 for NCAB
SUMMARY Q4 2021 for NCAB A very good quarter with Net Sales of 977 MSEK and strong organic growth of 55% in USD Acquisitions bring sales growth to 87% in USD Continued high order intake, 1,067 MSEK up 55% in USD. For comparable units in USD the increase was 27%. Strong performance across all regions
Slide 4: Full year 2021 – quite sparkling after all
SUMMARY Full year 2021 – quite sparkling after all Full year Net Sales of 3,220 MSEK with organic growth of 39% in USD. Acquisitions bring growth to 63% in USD NCAB organic growth significantly outperforms market development underlining market share gains Continued robust order intake, higher than s
Slide 5: Important events in the fourth quarter
Important events in the fourth quarter New financing adding SEK 750 million in place for Elmatica and future acquisitions Extra General Meeting on December, 15 decided on: Extra dividend of SEK 10 per share on dec Share split 10:1 on carried out December 29, 2021 Acquisitions of Elmatica and META Le
Slide 6: The acquisition of Elmatica – a great match
The acquisition of Elmatica – a great match Strong quality PCB trader founded in 1971 Similar corporate cultures HQ in Oslo and subsidiaries in Sweden, Denmark, Germany and Hong Kong 45 employees Net sales of approx. 370 MSEK in 2021, and an EBITA of approx. 45 MSEK Purchase price was 315 MSEK with
Slide 7: META Leiterplatten in Germany
ACQUISITION ANNOUNCED ON DECEMBER 27,2021 META Leiterplatten in Germany Privately owned, founded in 2000 Net sales about 85 MSEK in 2021, EBITA 4.5 MSEK. 17 employees High quality, similar business model as NCAB Synergies will emerge in suppliers, payment terms as well as in logistics and laboratory
Slide 8: Mission and vision
16 45 562 29 companies markets specialists factories MISSION VISION PCBs for demanding customers, The Number 1 PCB Producer on time with zero defects, produced wherever we are. sustainably at the lowest total cost. NCAB GROUP © Q4 2021 presentation 8
Slide 9: PCBs for making PCB-As
THIS IS WHAT WE DO PCBs for making PCB-As NCAB GROUP © Q4 2021 presentation 9
Slide 10: Our growth journey has accelerated
Our growth journey has accelerated IPO RedBoard 1993 2004 M-Wave 2018 Flatfield PreventPCB Elmatica 2011 Multiprint, PD circuit UAE BBG sas-electronics META Altus Macedonia Norway China Germany UK USA Malaysia Sweden Finland Denmark Russia Spain Poland France Italy Benelux NCAB GROUP © Q4 2021 prese
Slide 11: The pipeline is robust
The pipeline is robust Focus on Europe Approx. 170 identified companies and US markets HMLV segment Right customer portfolio Example of criteria No own production Profitable company Shortlist 45 target companies META, Germany Elmatica, Norway 2021 sas – electronics, Germany Redboard Cicuits, USA Pre
Slide 12: The integration process important for synergies
The integration process important for synergies Marketing IT Finance Focus to use one brand Shared tools, – one company Economies of systems scale and platforms Operations Factory and logistics Sales Sustainability Strong relationships – customer contacts and visits People & Culture Acquired compani
Slide 13: NCAB Group outperforms strong market
NCAB Group outperforms strong market 2021 market growth 23% NCAB org. growth 39% NCAB GROUP © Q4 2021 presentation 13
Slide 14: The fourth quarter in numbers
The fourth quarter in numbers Robust growth continues Q4 977 111 121 12.4 % 2021 Net sales, MSEK Net sales, MUSD EBITA, MSEK EBITA margin Change vs +90% +87% +132% +2.3pp Q4 2020 NCAB GROUP © Q4 2021 presentation 14
Slide 15: Full year 2021 in numbers
Full year 2021 in numbers A fantastic year after all 3,220 376 406 12.6% 2021 Net sales, MSEK Net sales, MUSD EBITA, MSEK EBITA margin Change vs 2020 +52% +63% +113% +3.6 pp NCAB GROUP © Q4 2021 presentation 15
Slide 16: Good growth and margins in the quarter in all segments
Good growth and margins in the quarter in all segments Sales growth in USD EBITA margin +125% incl acquisitions NORDIC +44% excl 15.2% +97% incl acquisitions EUROPE +57% excl 9.6% +64% incl acquisitions NORTH AMERICA +51% excl 11.7% EAST +40% 13.6% NCAB GROUP © Q4 2021 presentation 16
Slide 17: Top-line growth accelerating with stable margins
Top-line growth accelerating with stable margins 17
Slide 18: Continuous growth in the quarter boosted by acquisitions
Continuous growth in the quarter boosted by acquisitions Order intake increased in USD 55%, in SEK by 57% to 1,067 MSEK For comparable units, order intake increased 977 27% in USD, 29% in SEK Growth in net sales in USD 87%, in SEK 90% For comparable units in USD growth 55% 515 Stabilized lead times
Slide 19: Strong result and EBITA margin in the quarter
Strong result and EBITA margin in the quarter EBITA increased to 121.0 MSEK (50.1) EBITA margin of 12.4% (10.1) Price increases well managed Benefits of scale Good performance from acquired companies Earnings per share grew to 0.40 SEK (0.19) Higher working capital, 11.0% of LTM revenue (7.9) Increa
Slide 20: Nordic
SEGMENTS Nordic 15.2% MSEK EBITA margin Order intake increased by 54% as a result of Elmatica acquisition 200 20% 180 269.4 18% Growth of 4% for comparable units 160 16% Net sales grew by 127% to 269.4 or 46% 16.1% 15.2% for comparable units 140 14% 120 134 12% All countries were growing on a compar
Slide 21: Europe
SEGMENTS Europe MSEK 57% Net sales growth USD, comparable units 406.5 16% Strong organic growth in all markets 400 14% Strong performance also in our newly 350 acquired companies Flatfield, Prevent 12% and sas-electronics. 300 9.6% 10% Order intake increased by 80% to 510 250 204.3 Mkr (283). For co
Slide 22: North America
SEGMENTS North America Order intake increased by 42% in USD MSEK 51% and by 45% in SEK to 191 (132), Net sales growth USD, 200 comparable units comparable units 39% in USD 187.2 180 25% Net sales increased by 64% in USD and 160 with 66% in SEK to 187.2 MSEK (113.0), comparable units 51% in USD 140 2
Slide 23: East
SEGMENTS East 40% Net sales Order intake increased 11% in USD, and growth USD MSEK 20% with 15% in SEK to 109 MSEK 140 17.5% 18% Net sales increased by 40% in USD and with 44% in SEK to 113.5 MSEK (79) 120 113.5 16% 14% EBITA increased to 15.4 MSEK (13.9), 100 13.6% corresponding to a margin of 13.6
Slide 24: KPIs
KPIs 2021 2020 ROE % 38.7 24.3 Net debt/EBITDA 1.7 -0.4 Equity/Asset ratio % 29.1 47.2 Net working capital, MSEK 443.6 163.0 Net working capital/Net sales LTM % 11.0 7.9 Available liquidity, MSEK 657.0 661.3 NCAB GROUP © Q4 2021 presentation 24
Slide 25: We continue to deliver on our strategic plan!
We continue to deliver on our strategic plan! Consolidate market Expand geographically Deeper collaboration with existing customers Increase market share in Europe, USA and East NCAB GROUP © Q4 2021 presentation 25
Slide 26: Q&A
Q&A 26
Slide 27: Next quarterly report
Next quarterly report: Q1 2022, 28 April AGM 2022, 3 May Investor contact: Gunilla Öhman gunilla.ohman@ncabgroup.com NCAB GROUP © Q4 2021 presentation 27