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Year-end Report January-December 2021

Hillerstorp 4th of February 2022, 12:30 CET

Continued strong development in the quarter


  • Order intake increased by 27 percent to 73,5 (58,0) MEUR. Adjusted for currency and acquisitions the increase was 21 percent compared with the same period last year.
  • Sales increased by 44 percent to 64,6 (44,9) MEUR. Adjusted for currency and acquisitions, sales increased by 37 percent compared to the same period last year.
  • Operating profit increased to 11,3 (8,6) MEUR.
  • Operating margin decreased to 17,5 (19,2) percent.
  • Financial net was -0,3 (-0,1) MEUR.
  • Profit after tax increased to 8,6 (6,8) MEUR.
  • Earnings per share after dilution amounted to 0,14 (0,11) EUR.


  • Order intake increased by 55 percent to 275,8 (178,4) MEUR. Adjusted for currency and acquisitions the increase was 36 percent compared with the same period last year.
  • Sales increased by 54 percent to 252,3 (163,6) MEUR. Adjusted for currency and acquisitions, sales increased by 39 percent compared to the same period last year.
  • Operating profit increased to 52,4 (30,8*) MEUR.
  • Operating margin increased to 20,8 (18,8) percent.
  • Financial net was -1,0 (-0,7) MEUR.
  • Profit after tax increased to 39,7 (23,2) MEUR.
  • Earnings per share after dilution amounted to 0,66 (0,39) EUR.
  • The Board of Directors suggests a dividend of 0,30 (0,20) EUR per share.

* Operating profit in the second quarter 2020 contains government subsidies of 1,3 MEUR due to the Corona pandemic. The subsidies have been reported on the line "Other operating income and expenses".


Troax increased order intake by 21% organically during the quarter, continuing the trend from the increases achieved in the 2nd and 3rd quarters. When including the company acquired in Poland during the previous year, the total order increase for the 4th quarter will be 27%. These figures include a positive price effect that can be estimated at over 10% for the quarter. Accumulated, the corresponding figures are 36% organic and 55% including acquisitions and currency. The price effect is estimated to be about 7-8%. Activity in the quarter was good, even though the pent-up demand that existed during the previous quarters of this year have now been satisfied. The quarter's increase in order intake is mainly due to larger customers in automated warehouses, driven by the need for increased e-commerce solutions. As previously commented, the Group's dependence on these relatively few major customers in automated warehouses has increased over the past two years, due to the substantial increase in sales volumes in this sector. As in the previous quarter, we have experienced higher activity levels from the automotive sector, although this level may still be described as low, with the exception of activities in North America. In general, we would describe market demand as strong, driven by a need to, in many cases, increase production capacities, as bottlenecks appeared in various sectors after the pandemic restrictions eased in March 2021. Towards the end of the fourth quarter, similar problems began to arise as before during the pandemic. with increased restrictions impacting on the ability to make customer visits and make trips.

During the quarter, our production units again had a very good utilization rate, driven by good order intake in recent quarters. This resulted in good coverage of fixed costs, which is also reflected in operating profit, despite a noticeable negative effect from price increases on steel, packaging materials, energy and freight. We have, in consultation with our customers, raised prices to compensate for these increases as much as possible, but have continued a certain time lag. During this quarter, Troax also experienced some negative impact with late deliveries of raw materials and components, which affected planning and efficiency, however we have largely managed to keep customers protected from these delays. Particularly gratifying this quarter is the development in terms of order intake that has continued to be positive in North America, but our so-called New Markets should also be highlighted. If we look at sales for the quarter, it is good in all regions with an extra plus in North America and also our New Markets.

Our new acquisition Natom Logistic in Poland also shows a continued strong development this quarter, both in terms of order intake and results. The new building in which we invested during the first half of the year has now begun to be filled with production equipment from both old units in Poland and newly acquired machinery. The move will be fully completed in 2023, when the electricity supply capacity for the unit will completed. During the year, the management resources in the unit were also strengthened.

The gross margin is negatively affected by the lag in price increases for customers and the fact that several major projects were invoiced during the 4th quarter. These projects were taken at lower price levels earlier in the year. In addition, the move in Poland entailed certain extra costs during this quarter, which together make the margin worse than expected, despite good capacity utilization. The lag in customer pricing is still expected to pick up no later than the first quarter of 2022, given today's conditions. The costs are judged to be under control and together with the good sales volume, this means that Troax delivers a result for the quarter that is 30% better than the previous year.

Overall, this means that the operating profit for the quarter amounted to 11,3 MEUR with a margin of approximately 17,5%. The corresponding figures for the same quarter last year were 8,6 MEUR and 19,2%. Accumulated operating profit amounts to 52,4 MEUR, which gives a margin of 20,8%, compared with 18,8% the previous year. Net profit amounts to 8,6 MEUR for the quarter, compared with 6,8 MEUR the previous year. No major changes have taken place regarding the development of working capital compared with the previous year. However, inventory levels are higher than normal which is mainly due to the fact that we want to minimize delivery delays to the customer, as there are still some ongoing issues with lead times from subcontractors. Net debt is still at a low level. During the quarter, we have started a new subsidiary in Australia, in order to provide a better service customers in this region with our security solutions. The Board of Directors proposes a dividend of 0,30 EUR per share, which corresponds to 45% of the Group's net profit for the financial year 2021.

Thomas Widstrand, President and CEO


Invitation to presentation of the fourth quarter result:
Thomas Widstrand, CEO presents the result on a phone conference on the 4th of February 2022 at 16:30 CET. The conference will be held in English. For more information, please refer to   

For additional information, please contact:

Thomas Widstrand
President and CEO
Troax Group AB
Box 89
SE-335 04 Hillerstorp
Tel +46 (0)370-828 31

This information is information that Troax Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 12:30 CET on the 4th of February 2022.