Bulten’s Q2 report 2018

Very strong growth.

SECOND QUARTER

  • Net sales amounted to SEK 810 (708) million, an increase of 14.5% on the same period last year.
  • Operating earnings (EBIT) totalled SEK 57 (57) million, equating to an operating margin of 7.1% (7.9).
  • Earnings after tax amounted to SEK 40 (39) million.
  • Order bookings amounted to SEK 855 (765) million, an increase of 11.7% on the same period last year.
  • Cash flow from operating activities totalled SEK 54 (37) million.
  • Earnings per share were SEK 1.99 (2.01).
  • Bulten was awarded the Jaguar Land Rover Global Supplier Excellence Award.
  • Bulten AB:s (publ) Board of Directors has elected Anders Nyström as the new President and CEO from 8 February 2019.

JANUARY – JUNE

  • Net sales amounted to SEK 1,663 (1,486) million, an increase of 11.9% on the same period last year.
  • Operating earnings (EBIT) totalled SEK 124 (120) million, equating to an operating margin of 7.4% (8.0).
  • Earnings after tax amounted to SEK 88 (90) million.
  • Order bookings amounted to SEK 1,634 (1,485) million, an increase of 10.0% on the same period last year.
  • Cash flow from operating activities totalled SEK 80 (35) million.
  • Earnings per share were SEK 4.42 (4.60).
  • Net debt amounted to MSEK 118 (net cash balance 3) million and the equity/assets ratio was 66.0% (69.4) at the end of the period.

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

  • The Board has decided to utilize the authorization given at the Annual General Meeting 26 April 2018 concerning the decision on acquisition of own shares.

CEO’S COMMENTS

“Very strong growth during the second quarter with increased net sales and order bookings of 14.5% and 11.7% respectively. Growth is primarily being driven by ramp-up in previously communicated contracts, but also by good demand in Bulten’s customer segments.

Operating earnings were in line with the corresponding quarter last year, though with a lower operating margin. The lower operating margin is attributable to higher global market prices for steel and other metals as well as an uneven rate of production due to ramp-up in new models during the quarter, and the fact that last year was positively affected by a recovered claim. The negative effects on the operating earnings has however partly been balanced out by positive exchange rate fluctuations.

The financial position remains strong and our scope increased during the quarter, with a new long-term financing agreement to secure future growth. Bulten has long-standing contracts with customers and a strong position on the market, and we are well equipped to meet higher demand for our products and the increased rate of investment.

During the quarter, Bulten won another prestigious automotive industry prize: the Jaguar Land Rover Global Supplier Excellence Award – Something we are very proud of.”

Tommy Andersson, President and CEO

Investors, analysts and media are invited to participate in the teleconference on July 11 at 11:00 CET. The report will be presented by Tommy Andersson, President and CEO and Helena Wennerström, Executive Vice President and CFO via audiocast.

The presentation will be held in English and can be followed live via the link: https://tv.streamfabriken.com/bulten-q2-2018. It will also be possible to take part of the audiocast afterwards at the same address or at www.bulten.com/ir.

To participate in the teleconference, please call 5 minutes before the opening:
UK: +442030089807
SE: +46856642669
US: +18558315944

For further information, please contact:

Tommy Andersson, President and CEO
Tel: + 46 31-734 59 00

Kamilla Oresvärd, Senior Vice President Corporate Communications
Tel: +46 70-520 59 17, e-mail: kamilla.oresvard@bulten.com

This information is information that Bulten AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the Senior Vice President Corporate Communications set out above, at 08:30 CET on July 11, 2018.

Bulten is one of the leading suppliers of fasteners to the international automotive industry. The company’s product range includes everything from customer-specific standard products to customized special fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof. The company was founded in 1873, has some 1,400 employees in eight countries and head office in Gothenburg. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com

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Bulten is one of the leading suppliers of fasteners to the international automotive industry. The company’s product range includes everything from customer-specific standard products to customized special fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof. The company was founded in 1873, has some 1,200 employees in nine countries and head office in Gothenburg. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com

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