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Bulten’s Q4 report 2015

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Strong earnings and continued good growth.

FOURTH QUARTER

  • Net sales reached SEK 667 million (621), up 7.3% on the same period last year.
  • Operating earnings (EBIT) were SEK 47 million (38), which corresponds to an operating margin of 7.1% (6.2).
  • Earnings after tax were SEK 24 million (18).
  • Order bookings amounted to SEK 674 million (706), a fall of 4.5% on the same period last year.
  • Cash flow from operating activities was SEK 91 million (62).
  • Earnings per share were SEK 1.33 (1.04).
  • Bulten acquired industrial and office premises for the business in Hallstahammar for an acquisition value of around SEK 116 million.

JANUARY – DECEMBER

  • Net sales reached SEK 2,693 million (2,414), up 11.6% on the same period last year.
  • Operating earnings (EBIT) were SEK 165 million (133), which corresponds to an operating margin of 6.1% (5.5).
  • Earnings after tax were SEK 111 million (84).
  • Order bookings amounted to SEK 2,673 million (2,557), up 4.6% on the same period last year.
  • Cash flow from operating activities was SEK 141 million (-60).
  • Earnings per share were SEK 5.61 (4.32).
  • Net debt was SEK 176 million (net cash of 137) and the equity/assets ratio at the end of the period was 64.0% (67.5).
  • The Board of Bulten AB proposes to the AGM that the dividend be SEK 3.25 per share (3.00).

IMPORTANT EVENTS AFTER THE END OF THE PERIOD

  • At the start of the 2016 trading year, Bulten was moved up to the Nasdaq Stockholm Mid Cap segment.
  • Bulten signed an FSP contract with a new customer in the Chinese auto industry at a total value of around SEK 60 million.

“Bulten continues to develop positively and the most recent FSP contract that we signed, which in total is worth around SEK 60 million, is further evidence of our competence and the competitive advantage of our offer. It is especially satisfying that the order comes from a new Chinese customer, which strengthens our position on this growth market.

During the quarter Bulten recorded a sales increase of around 7%, thanks to new volumes and strong development in the European car market. The slowdown in China had some negative effects on sales in Q4, but these effects were less than in the previous quarter.

Bulten’s profitability continued to strengthen in the quarter thanks to new sales volumes and the optimisation programme that was completed during the year. Earnings for the year improved despite the negative impact of around SEK 18 million in currency conversion. Earnings also include a positive impact of capital gains from the sale of machinery and property of around SEK 8 million in total.

In summary, 2015 was another successful year for Bulten and based on market information we judge that our market share have increased considerably during the year. Over the past six years Bulten has reported average annual growth of around 14% per year, which is much higher than the market in general. We expect that 2016 will be a year with growth in line with the market and the following years, thanks to contracts already signed, we expect to see very good conditions for winning further market share. At the start of the 2016 trading year Bulten was moved up to the Nasdaq Stockholm Mid Cap segment, which we see as very positive.”

Tommy Andersson, President and CEO

Investors, analysts and media are invited to participate in the ­teleconference on February 9 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 5059 6306, UK +44 2031 394 830, US +1 7188 739 077. Code: 28910581#.

A replay of the telephone conference is available until February 23, 2016 on the phone numbers Sweden +46 8-5664 2638, UK +44 2034 262 807, USA +1 866 535 8030. Code: 667186#.

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 February 9, 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 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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