STOCKHOLM – Mycronic reported fourth quarter net sales increased 30% to SEK 1.3 billion (US$142.5 million). Based on constant exchange rates, net sales increased 27%.

EBIT for the period ended Dec. 31 was to SEK 204 million, down 4.7% year-over-year.

Orders in the fourth quarter amounted to SEK 1.2 billion, up 43% compared to the fourth quarter of 2020.

For full-year 2021, net sales increased 19% to SEK 4.6 billion. Based on constant exchange rates, the increase was 23%.

EBIT for the year was SEK 1.05 billion, growth of 16.8% year-over-year.

Orders for 2021 were SEK 4.5 billion, up 22%.

Mycronic’s board expects 2022 consolidated net sales of SEK 5 billion, based on prevailing exchange rates.

“During the final quarter of the year, order intake and net sales showed strong growth, with increases of 43 and 30%, respectively,” said Anders Lindqvist, president and CEO, Mycronic. “Due to a different product mix, mainly lower net sales in Pattern Generators’ display segment, the group EBIT was somewhat lower. High Flex and Global Technologies at the same time showed their best EBIT margin ever, which underscores that Mycronic stands solid with contributions from all divisions. It is gratifying to see that we achieved the ambitious goal I announced in 2019 of achieving an EBIT margin of 10% in the former Assembly Solutions business area not later than in 2021. If we exclude the year’s acquisitions, which were not part of the group when the goal was set, we achieved an EBIT margin of 11% in what are now High Flex, High Volume and Global Technologies, including their share of the costs for joint group functions.

“Our two acquisitions in Global Technologies and High Volume in 2021 comprise milestones for Mycronic, with the acquisition in China being completed at the beginning of November 2021. During the year, the divestment of Automation Engineering (AEi) was announced. The divestment was completed after the close of the period at the beginning of February 2022.

“During November, High Flex participated at Productronica, a large electronics production fair that takes place in Munich every second year. At Productronica, an updated inspection system and a broader offering in the MYSmart series of products for conformal coating of circuit boards and advanced inline dispensing solutions were launched.

“High Volume’s broadening of its offering during the year, from individual dispensing solutions to complete and customized automation solutions, is beginning to reap rewards. During the fourth quarter, order intake was strong from the consumer electronics and electric vehicles segments.

“Regarding Global Technologies, infrastructure investments in 5G and data centers drove the demand for optical components for tele and data communications, which are produced using our die bonding machines. The market for electrical testing of printed circuit boards also showed healthy activity.

“The shortages relating to components, raw materials and distribution logistics due to the pandemic continued to have a limited impact on Mycronic during the fourth quarter. Through hard work, we have largely succeeded in delivering the products to our customers, even when this entailed additional costs for personnel, components and freight.

“For 2022, my assessment, and that of the board, is Mycronic’s net sales will be at a level of SEK 5 billion. This would mean achieving our strategic ambition a year earlier than targeted. During the year, we will prepare and present new financial and strategic goals for Mycronic’s continued sustainable and profitable growth. I look forward to working with all of our fantastic employees to help our customers by providing them with innovative and sustainable production solutions and thereby enabling the electronics of the future.”

Ed.: SEK 1 = US$0.11

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