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BULTEN'S Q3 REPORT 2023

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A quarter of higher sales and ongoing capacity challenges – although acquisitions create opportunities   
 

THIRD QUARTER

  • Net sales amounted to SEK 1,378 (1,095) million, an increase of 25.9% on the same period the previous year.
  • Operating earnings (EBIT) totaled SEK 31 (47) million, equating to an operating margin of 2.3% (4.3).
  • Adjusted operating earnings totaled SEK 36 (47) million, equating to an adjusted operating margin of 2.6% (4.3). Operating earnings have been charged with transaction costs of SEK -5 million attributable to the acquisition of Exim & Mfr Holdings Pte Ltd (“Exim”). 
  • Earnings after tax amounted to SEK -25 (18) million. Adjusted ­earnings after tax amounted to SEK -20 (18) million.
  • Order bookings amounted to SEK 1,566 (1,033) million, an increase of 51.8% on the same period the previous year.
  • Cash flow from operating activities totaled SEK 20 (-27) million.
  • Earnings per share were SEK -1.49 (0.65). Adjusted earnings per share were SEK -1.25 (0.65).
  • On August 31,  Bulten completed the acquisition of Exim & Mfr Holdings Pte Ltd (“Exim”), an Asian, Singapore-based distributor of fasteners and other components, and annual sales of about SGD 40 million (SEK 320 million). The acquisition affords Bulten a good platform to grow in new sectors, where the distribution stage is a pivotal sales channel. 

JANUARY – SEPTEMBER

  • Net sales amounted to SEK 4,181 (3,135) million, an increase of 33.4% on the same period the previous year.
  • Operating earnings (EBIT) totaled SEK 197 (77) million, equating to an operating margin of 4.7% (2.5).
  • Adjusted operating earnings totaled SEK 210 (170) million, equating to an adjusted operating margin of 5.0% (5.4). Operating earnings have been charged with transaction costs of SEK -13 million attributable to the acquisition of Exim & Mfr Holdings Pte Ltd (“Exim”). The corresponding quarter of the previous year was adjusted by approximately SEK -93 million, related to winding-up costs for Bulten’s operation in Russia.
  • Earnings after tax amounted to SEK 97 (1) million. Adjusted ­earnings after tax amounted to SEK 110 (94) million.
  • Cash flow from operating activities totaled SEK 262 (48) million.
  • Earnings per share were SEK 3.89 (-0.37). Adjusted earnings per share were SEK 4.51 (4.03).
  • Net debt amounted to SEK 1,422 (1,081) million. Net debt, excluding lease liabilities, totaled SEK 882 (569) million.
  • The equity/assets ratio was 38.5% (42.9) at the end of the period. The equity/assets ratio, excluding lease liabilities, totaled 43.1% (49.1).  


“The acquisition of Asian distribution company Exim brings business opportunities in new customer groups. We had the highest ever Q3 sales in Bulten’s history. Capacity-boosting measures have produced results, if later than anticipated, and have burdened the quarterly figures,“ says Anders Nyström, President and CEO.


A live presentation for analysts, media and investors will be held today, at 3.30 PM CEST, where President and CEO Anders Nyström and CFO Anna Åkerblad will be commenting the result. The presentation will be held in English and include a Q&A session.


Information for participants:
If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.
https://ir.financialhearings.com/bulten-q3-report-2023

If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. 
https://conference.financialhearings.com/teleconference/?id=5002547


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 26 October 2023.


Bulten Group is a leading global manufacturer and distributor 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 1,800 employees around the world and is headquartered in Gothenburg, Sweden. Exim & Mfr Enterprise is a part of Bulten Group since 2023. Net sales in 2022 totaled SEK 4,474 million. The share (BULTEN) is listed on Nasdaq Stockholm.





 

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Interim report Q3 2023

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