FinnvedenBulten Full Year Report for the period January – December, 2012

PRESS RELEASE | GOTHENBURG, 7 FEBRUARY 2013

Tough finish in 2012, promising ventures in Russia and China, unchanged dividend

FOURTH QUARTER

  • Net sales reached SEK 677 million (803), down 15.7% on the same period last year.
  • Earnings (EBIT) were SEK 10 million (43), which gave an operating margin of 1.4% (5.4).
  • Earnings after tax for the quarter was SEK -16 million (30).
  • Earnings after tax included SEK –19 million in one-off effect due to the changed tax rate in Sweden.
  • Order bookings amounted to SEK 578 million (780), down 25.9% on the same period last year.
  • Cash flow from current activities was SEK 44 million (97).
  • Earnings per share were SEK –0.77 (1.40), or SEK 0.14 (1.40) when adjusted for the one-off effect due to the changed tax rate in Sweden.
  • Two strategically important agreements were signed concerning establishment in Russia and China, both with significant growth potential.

JANUARY-DECEMBER 2012

  • Net sales reached SEK 2,963 million (3,085), down 3.9% on the same period last year.
  • Earnings (EBIT) were SEK 101 million (202), which gave an operating margin of 3.4% (6.5).
  • Earnings after tax was SEK 42 million (114).
  • Earnings after tax included SEK –19 million in one-off effect due to the changed tax rate in Sweden.
  • Order bookings amounted to SEK 2,833 million (3,209), down 11.7% on the same period last year.
  • Cash flow from current activities was SEK 72 million (144).
  • Earnings per share were SEK 2.00 (6.57), or SEK 2.91 (6.57) when adjusted for the one-off effect due to the changed tax rate in Sweden.
  • The Board proposes an unchanged dividend of SEK 2.00 per share to the Annual General Meeting.

“FinnvedenBulten’s sales declined significantly in the fourth quarter, mainly because of a very low activity at the end of the quarter in the European automotive sector. On top of previously announced cutbacks in existing orders towards the end of the year, further volume reductions and stoppage days were implemented with very short notice. This resulted in considerable cuts in production and delivery volumes in December. Trends in December therefore meant underutilisation at several of the Group’s factories with a major negative effect on earnings. Given current market concerns we will continue to prioritize cost reductions. This in the form of both initiated and planned structural measures as well as ongoing measures to boost efficiency including the already decided staff reductions.

Both the Bulten and Finnveden Metal Structures divisions succeeded during the quarter in reaching strategically important milestones in the form of new establishment agreements in both Russia and China. These initiatives have significant growth potential and mean both greater competitiveness and improved production structure. We look forward to developing these businesses in coming years. It is also gratifying that the delivery and order bookings for the beginning of the year have recovered compared to December’s low levels.”

Johan Westman, President and CEO

The report will be presented by FinnvedenBulten’s President and CEO Johan Westman at a teleconference on Thursday, 7 February at 15:30 CET. Copies of the presentation will be available on www.finnvedenbulten.com approximately 30 minutes before the conference starts.

The full report is attached to this press release.

To participate, please call 5 minutes before the opening of the conference call to Sweden +46 8 506 443 86, UK +44 207 153 9154, US +1 877 423 0830. Code: 363031#.

A replay of the telephone conference is available until May 7, 2013 on the phone numbers Sweden +46 8-505 564 73, UK +44 203 364 5196, USA +1 877 679 2989. Code: 345736#

For further information, please contact:

Johan Westman, President and CEO
Tel: + 46 31-734 59 00

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

NB
The information in this announcement is required to be disclosed by FinnvedenBulten AB (publ) under the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 13:30 CET on February 7, 2013.

FinnvedenBulten develops and manages industrial businesses, offering products, technical solutions and systems in metallic materials. The Group operates as a business partner to international customers in the engineering industry, primarily the automotive industry. FinnvedenBulten is structured into two divisions – Bulten and Finnveden Metal Structures – both with strong positions in their respective customer segments. FinnvedenBulten is listed on NASDAQ OMX Stockholm. Further information at www.finnvedenbulten.com.

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About Us

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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