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Bulten’s Q1 report 2016

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Improved profitability and good order intake.

FIRST QUARTER

  • Net sales reached SEK 715 million (713), up 0.3% on the same period last year.
  • Operating earnings (EBIT) were SEK 55 million (36), which corresponds to an operating margin of 7.7% (5.1).
  • Earnings after tax were SEK 40 million (29).
  • Order bookings amounted to SEK 699 million (660), an increase of 5.9% on the same period last year.
  • Cash flow from operating activities was SEK 78 million (49).
  • Earnings per share were SEK 2.03 (1.44).
  • Net debt was SEK 114 million (net cash of 95) and the equity/assets ratio at the end of the period was 65.2% (67.7).
  • Bulten signed an FSP contract with a new customer in the Chinese auto industry for a total value of around SEK 60 million.

“Bulten’s sales to European carmakers, especially in the premium segment, remained good during the start of the year while sales to the heavy vehicle segment were initially at a slower pace. Net sales were therefore marginally lower than market growth for European vehicle production. Incoming orders were however very good during the quarter.

In Russia we received several smaller orders during the quarter, one of which was from the country’s biggest vehicle manufacturer. The total annual value is initially relatively low, but the development potential is large. By this we have established a foothold among several customers on the Russian market and we see good opportunities for the future.

Bulten’s profitability continued to strengthen during the quarter as an effect of even, disruption-free production and the completed optimization program. Strong cash flow has been generated due to good results and a reduction in operating capital, which is also noted in the improved return on capital employed.

Ahead of us we see a year of expansion in line with market growth while in the coming years we see very good prospects for gaining higher market shares based on received contracts and ongoing discussions with customers.”

Tommy Andersson, President and CEO

Investors, analysts and media are invited to participate in the ­teleconference on April 26 at 14.30 CET when the report will be presented by Bulten’s President and CEO Tommy Andersson and the company’s EVP and CFO Helena Wennerström.

Copies of the presentation will be available at www.bulten.com at approximately 30 minutes before start. 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 08 5059 6306, UK +44 020 3139 4830, US +1 718 873 9077. Code: 82818687#.

A replay of the telephone conference is available until May 10, 2016 on the phone numbers Sweden +46 08 5664 2638, UK +44 203 426 2807, USA +1 866 535 8030. Code: 671234#.

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

Bulten discloses the information provided herein pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 13:30 CET on April 26, 2016.

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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