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Bulten’s Q1 report 2018

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Growth phase confirmed by higher net sales and order bookings.

FIRST QUARTER

  • Net sales amounted to SEK 853 (778) million, an increase of 9.6% on the same period last year.

  • Operating earnings (EBIT) totaled SEK 67 (63) million, equating to an operating margin of 7.8% (8.1).

  • Earnings after tax amounted to SEK 48 (51) million.

  • Order bookings amounted to SEK 779 (720) million, an increase of 8.2% on the same period last year.

  • Cash flow from operating activities totaled SEK 26 (-2) million.

  • Earnings per share were SEK 2.43 (2.59).

  • Net debt amounted to MSEK 60 (net cash balance 54) million and the equity/assets ratio was 66.5% (69.7) at the end of the period.

CEO’S COMMENTS

“The outcome of the first quarter confirmed that Bulten is in a new growth phase, with higher net sales and order bookings of 9.6% and 8.2% respectively. The growth is an effect of an increase in previously announced contracts and a major model shift at a customer, which is now in full production.

The operating margin was 7.8% during the quarter. Profitability was affected negatively by higher global market prices for steel and other metals as well as an uneven rate of production, but was partly balanced out by positive currency effects.

Bulten’s financial position remains strong, and we are well equipped to meet both the higher demand for our products and the increased rate of investment. The investments lay the foundation to ensure our future growth takes place with continued high quality and good profitability. Bulten’s new surface treatment at the German unit is now up and running, with gradually increasing volumes.

We have long-standing contracts and a strong position in our niche, and Bulten’s long-term growth opportunities are looking good, with incoming volumes from previously announced contracts worth just over SEK 0.5 billion annually when full production is reached in 2020. Furthermore, the development toward more hybrid and electric cars works in our favor, as more fasteners will be needed for each car due to new materials and powertrains. We also deem our prospects good to win new business.”

Tommy Andersson, President and CEO

Investors, analysts and media are invited to participate in the teleconference on April 26 at 15:30 CET. The report will be presented by Tommy Andersson, President and CEO and Helena Wennerström, Executive Vice President and CFO via audiocast.

https://tv.streamfabriken.com/bulten-q1-2018. 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:
SE: +46850556453
UK: +442030089809
US: +18558315946

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 April26, 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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