STOCKHOLM – Hanza Holding reported fourth quarter net sales increased 45% year-over-year to SEK 717 million (US$77.4 million).

Profit after tax amounted to SEK 25.1 million, an increase of 382.7% compared to the fourth quarter of 2020.

Operating profit was SEK 43 million, up 131.2% year-over-year. During the quarter, earnings were negatively affected by costs associated with the acquisition of Beyers and positively by a repayment from AFA insurance. Excluding these items, profit was SEK 39.4 million.

Cash flow from operating activities amounted to SEK 59.9 million, compared to SEK 61.6 million in the prior year quarter.

Net sales for 2021 increased 17% to SEK 2.52 billion. Profit after tax for the year was SEK 80.1 million, compared to a loss of SEK 1.4 million in the fourth quarter of 2020.

Operating profit increased 200% to SEK 143.4 million. Excluding negative items related to acquisitions and positive items regarding insurance repayment, operating profit was SEK 145.8 million.

In 2021, Hanza’s cash flow from operating activities was SEK 126.1 million, down from SEK 181.8 million in 2020.

"It has been a successful year, despite the fact that we struggled with material shortages and Covid-related absences,” said CEO Erik Stenfors. “Our organic growth increased during the year. It amounted to 12% for the full-year 2021 and 30% for the fourth quarter. Our operating profit for the full year has tripled.

"It was also an eventful year. To meet an increasing demand, we carried out our largest expansion program to date, which includes machinery investments, increased production facilities and two acquisitions.

"The beginning of the year 2022 is similar to the previous year. That is, we experience waves of sick leave due to Omicron, as well as material shortages. But the challenges seem to be diminishing, and Hanza is well prepared for continued growth. Therefore, we estimate 2022 will be another successful year where we can grow with increased profitability."

Ed.: SEK 1 = US$0.11