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Bulten’s Q4 report 2016

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Strong earnings, cash flow and order bookings.

FOURTH QUARTER

  • Net sales reached SEK 674 million (667), an increase of 1.0% on the same period last year.
  • Operating earnings (EBIT) were SEK 52 million (47), which corresponds to an operating margin of 7.7% (7.1).
  • Earnings after tax were SEK 37 million (24).
  • Order bookings amounted to SEK 744 million (674), an increase of 10.5% on the same period last year.
  • Cash flow from operating activities was SEK 122 million (91).
  • Earnings per share were SEK 1.82 (1.33).

JANUARY – DECEMBER

  • Net sales reached SEK 2,676 million (2,693), down -0.6% on the same period last year.
  • Operating earnings (EBIT) were SEK 200 million (165), which corresponds to an operating margin of 7.5% (6.1).
  • Earnings after tax were SEK 146 million (111).
  • Order bookings amounted to SEK 2,717 million (2,673), an increase of 1.6% on the same period last year.
  • Cash flow from operating activities was SEK 351 million (141).
  • Earnings per share were SEK 7.27 (5.61).
  • Net cash was SEK 30 million (-176) and the equity/assets ratio at the end of the period was 68.9% (64.0).
  • The Board of Bulten AB proposes to the AGM a total dividend of SEK 4.50 per share for 2016, of which 3.50 SEK (3.25) per share is to be considered as ordinary dividend and 1.00 SEK per share is to be considered as extra dividend.

CEO’S COMMENTS

“The year ended strongly with a 10.5% rise in order bookings for the final quarter compared with the same period last year. Bulten’s prospects for winning market share will be good from the second half of 2017, based on signed contracts and also on ongoing discussions with customers.

Bulten continued to perform well in terms of profitability in the fourth quarter and is again reporting strong earnings and cash flow. During the quarter we have further reinforced our financial position and our key indicators, which is very pleasing. The Board therefore proposes the AGM a total dividend of SEK 4.50 per share for 2016, of which 3.50 SEK per share is to be considered as ordinary dividend and 1.00 SEK per share is to be considered as extra dividend. The operating margin increased to 7.7% and the return on capital employed to 13.9%, which are the consequence of a good, even rate of production and of completed optimisation measures.

Being a supplier to the automotive industry is challenging on many levels but we have managed to strengthen our customer relations by, among other things, supplying the best quality and service at the lowest possible cost. We have also advanced our position in technology for electric cars and hybrids.”

Tommy Andersson, President and CEO

Investors, analysts and media are invited to participate in the teleconference on February 9 at 15:30 CET. The report will be presented by Tommy Andersson, President and CEO and Helena Wennerström, Executive Vice President and CFO.

The presentation will be held in English and can be followed live via the link: https://wonderland.videosync.fi/bulten-q4-report-2016. 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:
SE: +46856642509
UK: +442030089807
US: +18558315945

Copies of the presentation will be available at www.bulten.com/ir approximately 30 minutes before start.

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 13:30 CET on February 9, 2017.

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 1,300 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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