BULTEN’S Q1 REPORT 2022

Strong quarter despite a weak start

FIRST QUARTER

• Net sales amounted to SEK 1,034 (1,103) million, a decrease of -6.3% on the same period last year.
• Operating earnings (EBIT) totaled SEK -11 (98) million, equating to an operating margin of -1.1% (8.9).
• Adjusted operating earnings totaled SEK 72 (98) million, equating to an adjusted operating margin of 7.0% (8.9). In light of Russia’s invasion of Ukraine and the related sanctions, at the beginning of March Bulten decided to discontinue its operation in Russia. Divestment costs related to the Russian operation burdened the result by SEK -83 million. Apart from the transaction costs, the divestment will not have effect on the cash flow.
• Earnings after tax amounted to SEK -39 (68) million. Adjusted earnings after tax amounted to SEK 44 (68).
• Order bookings amounted to SEK 1,134 (1,010) million, an increase of 12.2% on the same period last year.
• Cash flow from operating activities totaled SEK 94 (93) million.
• Earnings per share were SEK -1.90 (3.21). Adjusted earnings per share were SEK 2.07 (3.21).
• In January, Bulten signed an FSP (Full Service Provider) contract for a new European vehicle program for an existing customer.
  The contract is worth in the region of SEK 100 million a year at full production. Bulten’s clear sustainability focus was a key factor in winning the contract.
• In February, Bulten held a capital markets day. The main messages were that the financial targets up until 2024 remain the same and that further acquisitions, primarily in North America, are viewed as an important parameter in achieving the desired growth, both within and outside of the automotive industry.
• In March, Bulten signed an FSP contract for a new European electric vehicle for an existing customer. The contract is worth in the region of SEK 75 million a year at full production.

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

• In April, Bulten signed an agreement to divest its Russian operation for a purchase sum equating to approximately SEK 10 million, and to redeem Russian automotive manufacturer GAZ’s shares in the joint venture owned by Bulten and GAZ.
• In April, Bulten took the next step forward in its sustainability work by having its climate goals confirmed by the Science Based Targets initiative (SBTi), which means that the goals are in line with the emission targets in the Paris Agreement.

“Bulten’s global presence and its product and sustainability offering are producing results. Q1 was our third best quarter ever in terms of sales with a figure of SEK 1,034 (1,103) million. This is despite it being a difficult quarter with several challenges: the pandemic, disruptions to customers’ supply chains, and Russia’s invasion of Ukraine. The EBIT margin, adjusted for divestment costs related to our Russian operation, was 7.0% (8.9),” says Anders Nyström, President and CEO.

A presentation for analysts, media and investors will be held on April 28 at 15:30 CEST during a webcasted teleconference. The report will be presented by President and CEO Anders Nyström and CFO Anna Åkerblad. The presentation will be held in English and include a Q&A session.

To participate in the teleconference, please dial in 5 minutes before the opening:
SE:  +46856642693
UK: +443333009035  
US: +16467224904

The presentation and teleconference can be accessed via the link: https://tv.streamfabriken.com/bulten-q1-2022.

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

For further information, please contact:
Ulrika Hultgren, SVP Corporate Communications & IR, +46 727-47 17 58,  ulrika.hultgren@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 contact person set out above, at 13:30 CEST on 28 April 2022.

Bulten Group is a leading global manufacturer and supplier of fasteners to the automotive industry, as well as other industries such as consumer electronics. The offering extends from a wide range of standard products to specially adapted fasteners. With Bulten’s Full Service Provider concept (FSP), customers can entrust all their fastener needs to the company, including development, sourcing, logistics and service. Bulten was founded in 1873, has approximately 1,700 employees in 16 countries and is headquartered in Gothenburg, Sweden. Net sales in 2021 totaled SEK 3,730 million. The share (BULTEN) is listed on Nasdaq Stockholm.

Tags: