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Year-end report 2021: Strong growth in sales and profit

14:30 / 7 February 2022 Nolato Press release

Fourth quarter 2021:

  • Sales increased to SEK 3,146 million (2,487)
  • Operating profit (EBITA) rose to SEK 336 million (283)
  • EBITA margin of 10.7% (11.4)
  • Profit after tax was SEK 271 million (211), excluding non-recurring items
  • Diluted earnings per share increased to SEK 1.01 (0.79), excl. non-recurring items
  • Cash flow after investments amounted to SEK −87 million (211)
  • The Board proposes a dividend of SEK 1.90 (1.60) per share

“The Group’s sales increased in the fourth quarter by a considerable 28%, adjusted for currency,” said Nolato President and CEO Christer Wahlquist. “The increase was due to strong growth in Medical Solutions and Integrated Solutions.”

“Both the quarter and the full financial year saw constantly fluctuating business conditions. We have focused on meeting customer needs, managing the effects of the pandemic and ensuring the safety of our employees and partners”.

“These have been key priorities for us, but they have resulted in higher costs and relatively lower production efficiency,” added Christer Wahlquist.

Medical Solutions sales for the fourth quarter totaled SEK 1,063 million (951), corresponding to organic growth of 11%. Operating profit (EBITA) was SEK 112 million (112), with an EBITA margin of 10.5% (11.8).

“Most areas have seen good demand, although the pandemic has resulted in operations being postponed and consequent lower deliveries of surgical products,” said Christer Wahlquist. “The margin has been negatively affected by the ramp-up of a new large project, temporarily resulting in higher costs in the second half of the year, and by a shortage of materials and labor.”

Integrated Solutions sales for the fourth quarter totaled SEK 1,476 million (907), corresponding to organic growth of a remarkable 67%. Operating profit (EBITA) was a strong SEK 192 million (111), with an EBITA margin of 13.0% (12.2).

“The continued robust growth in volumes is due to high demand for Vaporiser Heating Products (VHP), as well as excellent performance in EMC,” explained Christer Wahlquist. “We believe that this business area’s sales for the first quarter of 2022 will be in line with the fourth quarter of 2021.”

Industrial Solutions sales for the fourth quarter totaled SEK 609 million (629), corresponding to negative organic growth of 3%. Operating profit (EBITA) was SEK 38 million (62), with an EBITA margin of 6.2% (9.9).

“The decrease was due to supply chain disruptions, particularly in the automotive segment,” said Christer Wahlquist. “The margin was adversely affected by lower volumes and low production efficiency.”

Full year 2021

  • Sales increased to SEK 11,610 million (9,359), which, adjusted for currency and acquisitions, is a strong increase of 18%
  • Operating profit (EBITA) rose to SEK 1,369 million (1,066)
  • Diluted earnings per share were SEK 3.70 (3.12), excl. non-recurring items
  • Cash flow after investments was SEK 446 million (SEK 905 million excl. acquisitions)
  • The equity/assets ratio was 47% (44) and net financial liabilities were SEK 51 million (298)


At the Annual General Meeting, the Board of Directors and the President and CEO will propose a dividend of SEK 1.90 per share (1.60), which corresponds to SEK 512 million (428). The pay-out ratio is 51% (53), excluding non-recurring items. The dividend yield was 1.8% on the share price as of December 31, 2021.

Annual General Meeting

The Annual General Meeting will be held on May 3, 2022. The Nomination Committee has nominated Carina van den Berg for election to the Board and proposes the re-election of the other Board members and the Chairman of the Board.

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This information was distributed by MFN