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Bulten’s Q3 report 2015

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Growth, improved earnings and strong order bookings.

THIRD QUARTER

  • Net sales reached SEK 618 million (593), up 4.1% on the same period last year.
  • Operating earnings (EBIT) were SEK 36 million (25), which corresponds to an operating margin of 5.8% (4.2).
  • Earnings after tax were SEK 22 million (17).
  • Order bookings amounted to SEK 652 million (571), up 14.1% on the same period last year.
  • Cash flow from operating activities was SEK -12 million (-37).
  • Earnings per share were SEK 1.14 (0.89).
  • Bulten has signed an FSP contract at an annual value at full volume of around EUR 20 million, which is expected to be reached in 2019.

JANUARY – SEPTEMBER

  • Net sales reached SEK 2,027 million (1,793), up 13.0% on the same period last year.
  • Operating earnings (EBIT) were SEK 118 million (95), which corresponds to an operating margin of 5.8% (5.3).
  • Earnings after tax were SEK 87 million (66).
  • Order bookings amounted to SEK 2,000 million (1,851), up 8.0% on the same period last year.
  • Cash flow from operating activities was SEK 51 million (-122).
  • Earnings per share were SEK 4.29 (3.28).
  • Net debt was SEK -73 million (net cash 79) and the equity/assets ratio at the end of the period was 67.5% (67.9).

IMPORTANT EVENTS AFTER THE END OF THE PERIOD

  • Bulten has signed an agreement to acquire and industrial and office property in Hallstahammar at a preliminary purchase price of around SEK 113 million.

“Bulten has again shown its strength by winning another major FSP contract with an annual value of around EUR 20 million. The contract was signed with a major vehicle manufacturer and will start in 2017 with successive increases to reach full capacity in 2019.

During the quarter Bulten continued its growth with a 4% increase in net sales. The growth rate for the quarter was affected by the two FSP contracts, which were signed in 2013, had reached full volume during the corresponding quarter of 2014. Also other market factors have affected the growth rate in the third quarter, mainly the slowdown in China. Our profitability continued to strengthen, partly as an effect of the ongoing optimisation programme, but also thanks to slightly higher volumes and a favourable development in exchange rates. Additionally, we had a sharp increase in order bookings of 14 % compared with the corresponding period last year.

We have decided to acquire the property of our Swedish production unit - a strategically correct deal that will be beneficial to both earnings and cash flow. Investment will also continue aimed at strengthening and improving the efficiency of our other production and logistics capacity, especially the unit in Poland.

In summary, we see good opportunities for new business, increasing our market share and reinforcing our market position.”

Tommy Andersson, President and CEO

Investors, analysts and media are invited to participate in the ­teleconference on October 22 at 15:30 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 8 5055 6453, UK +44 2030 092 455, US +1 855 228 3719. Code: 180690#.

A replay of the telephone conference is available until November 5, 2015 on the phone numbers Sweden +46 8 5055 6444, UK +44 2033 645 943, USA +1 866 286 6997. Code: 373520#.

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 October 22, 2015.

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 specialist, customized fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof. Bulten AB (publ):s share is listed on Nasdaq Stockholm. Read more at www.bulten.com.

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