Interim report January–September 2020


  • Net sales increased by 22% to SEK 536.7 million (439.8). The increase is a result of the acquisitions of Flatfield and Bare Board Group. In USD, net sales increased 34%. Growth excluding acquisitions was -9%, but in line with the previous year when measured in USD.
  • Order intake increased 15% to SEK 512.3 million (446.6). In USD, order intake increased 24%. Order intake has gradually improved during the quarter.
  • EBITA increased to SEK 50.1 million (46.3), representing an EBITA margin of 9.3% (10.5).
  • Operating profit was SEK 47.2 million (45.9). Operating margin was 8.8% (10.4).
  • Profit after tax was SEK 31.5 million (38.5).
  • Earnings per share was SEK 1.68 (2.29).


  • Net sales increased by 18% to SEK 1,600.3 million (1,358.8). This increase is from acquisitions. Growth in USD was also 18%. Excluding the acquisitions, sales decreased 3%, both in SEK and USD.
  • Order intake increased 17% to SEK 1,562.0 million (1,338.6). In USD, order intake increased 16%.
  • EBITA increased to SEK 138.5 million (124.2), representing an EBITA margin of 8.7% (9.1). SEK 14.9 million was charged to EBITA relating to transaction costs for Flatfield and Bare Board Group. Excluding transaction costs, EBITA amounted to SEK 153.5 million, corresponding to an EBITA margin of 9.6%.
  • Operating profit was SEK 132.2 million (121.0). Operating margin was 8.3% (8.9).
  • Profit after tax was SEK 92.3 million (96.7).
  • Earnings per share was SEK 5.14 (5.74).


  • On 1 October, Peter Kruk assumed the role of President and CEO.
  • The coronavirus pandemic negatively impacted order intake and net sales during the quarter and for the whole of 2020.
Key performance indicators Jul-Sep     Jan-Sep     Full-year
2020 2019 %   2020 2019 %   LTM 2019
Order intake, SEK million 512.3 446.6 15 1,562.0 1,338.6 17 2 041.7 1 818.3
Order intake, USD million 57.8 46.7 24 165.9 142.5 16 215.6 192.2
Net sales, SEK million 536.7 439.8 22 1,600.3 1,358.8 18 2,022.7 1,781.2
Net sales, USD million 60.3 45.2 34 170.3 144.0 18 215.4 189.1
Gross margin, % 29.3 32.2 29.9 31.5 30.4 31.7
EBITA, SEK million 50.1 46.3 8 138.5 124.2 12 179.7 165.4
EBITA margin, % 9.3 10.5 8.7 9.1 8.9 9.3
Operating profit, SEK million 47.2 45.9 3 132.2 121.0 9 173.0 161.7
Operating margin, % 8.8 10.4 8.3 8.9 8.6 9.1
Profit after tax, SEK million 31.5 38.5 -18 92.3 96.7 -5 124.0 128.4
Earnings per share, SEK 1.68 2.29 -26 5.14 5.74 -10 7.03 7.61
Cash flow from operating activities, SEK million 67.9 57.8 17 147.3 108.2 36 192.2 153.0
Return on capital employed, % 22.2 41.6 22.2 41.6
Return on equity, % 23.5 39.8 23.5 39.8
USD/SEK – average 8.87 9.59 9.40 9.40 9.46 9.46
EUR/SEK – average 10.36 10.66 10.56 10.57 10.58 10.58


Continued growth – this year’s acquisitions are performing well

It has now been just over one month since I assumed the role of CEO of NCAB. It is somewhat of a special situation to take over as CEO of a company at a time when there are limited possibilities to travel and meet with employees, customers and suppliers. Despite these difficulties, I already have a very positive image of NCAB. We have a strong corporate culture and take great responsibility locally, which is an effective approach in a situation such as this. A well-established way of collaborating digitally – both internally and with customers and suppliers – makes up for the difficulties of not being able to meet physically.

A return to normalisation for NCAB commenced during the third quarter after the very unique first half of the year. We reported an unusually large order intake during the first quarter due to customers wishing to secure deliveries when parts of China were closed down as a result of the pandemic. Subsequently, Chinese factories resumed operations during the second quarter, while many countries in which our customers are operational experienced various kinds of lockdowns or restrictions that resulted in reduced order intake for NCAB.

During the first part of the third quarter, order intake remained weak. At the end of the quarter, however, we noted a general positive return towards more normal levels for the inflow of orders. Nordic, which was relatively strong during the first half of the year, reported a somewhat weaker order intake during the quarter, while Europe rebounded. This is particularly true in the UK, where we have seen improvements in the transport sector. In Germany, our market remained strong during the quarter. We also saw a recovery in southern Europe, which emerged from lockdown during the quarter. Our newly acquired company in the Netherlands is doing very well, and its integration into NCAB has proceeded positively despite being largely conducted digitally.

In North America, it is positive to see that the growth is continuing and profitability is on the rise. The acquisition in the USA that was carried out in April is now in the process of being integrated into NCAB. The fact that we now have manufacturers in Taiwan is appreciated by many customers, and we are working to make them available for all of NCAB’s customers.

In our East region, Russia had a somewhat weaker quarter, while China reported relatively healthy sales. Order intake in China has declined, however, in part due to a shortage of components at our customers and the impact of US trade tariffs.

The gross margin remained unchanged at a high level in comparable units, though the consolidated gross margin is affected in a negative way by newly acquired units which are at a lower level. Expenses remained low due to cancelled travel and fewer recruitments and were on a par with the second quarter. However, we have conducted many webinars with positive effects and have a high level of participation among customers. We received government grants of approximately SEK 1 million in Italy, France and Spain during the quarter.

Overall, our sales increased by 22 per cent and we delivered a strong EBITA, with an EBITA margin of 9.3 per cent.

The order intake increased month-on-month during the quarter and has normalised in terms of delivery times, which means that the order intake for a given quarter indicates the sales in the following quarter. There is uncertainty due to increased spread of infection and new restrictions in several countries. We will follow the developments continuously in order to be able to quickly adapt our activities and costs.

All in all, my perception is that NCAB has handled the coronavirus pandemic well during the first three quarters of the year and that NCAB has a strong organisation, is well positioned not the least with our strong balance sheet and has great future potential.

“NCAB has a strong organisation, is well positioned and has great future potential”

Peter Kruk
CEO and President, NCAB Group AB

This is a translation of the original Swedish interim report. In the event of difference between the English translation and the Swedish original, the Swedish interim report shall prevail.

NCAB will hold a web-cast telephone conference on 10 November 2020 at 10:00 a.m. CET, when CEO Peter Kruk and CFO Anders Forsén will present the report. The presentation will be followed by a Q&A session. The presentation will be held in English and can be followed on the web or over the phone. To participate in the conference call, call the following numbers: from Sweden: +46856642705, the UK: +443333009030 and the USA: +18335268384. The presentation and conference can also be followed from the following link:


Year-end report 2020                                  23 February 2021
Interim report first quarter                            7 May 2021
Annual General Meeting                             10 May 2021
Interim report second quarter                      22 July 2021
Interim report third quarter                           12 November 2021

About NCAB Group

NCAB is a worldwide leading supplier of printed circuit boards, listed on NASDAQ Stockholm. NCAB offers PCBs for demanding customers, on time with zero defects, produced sustainably at the lowest total cost. NCAB was founded in 1993. Since its foundation, the operations have been characterised by an entrepreneurial and cost-efficient culture and have showed strong growth and good profitability over time. Today, NCAB has a local presence in 17 countries in Europe, Asia and North America and customers in approximately 45 countries worldwide. Revenues in 2019 amounted to SEK 1,781 million. Organic growth and acquisitions are part of NCAB’s strategy. For more information about NCAB Group, please visit us at

NCAB Group AB (publ)

Tel: +46 (0)8 4030 0000
Mariehällsvägen 37 A, SE-168 65 Bromma, Sweden