SECOND QUARTER

· Net sales reached SEK 708 million (686), an increase of 3.0% on the same period last year.

· Operating earnings (EBIT) were SEK 57 million (54), which corresponds to an operating margin of 7.9% (7.8).

· Earnings after tax were SEK 39 million (39).

· Order bookings amounted to SEK 765 million (672), an increase of 13.9% on the same period last year.

· Cash flow from operating activities was SEK 37 million (95).

· Earnings per share were SEK 2.01 (1.92).

JANUARY – JUNE

· Net sales reached SEK 1,486 million (1,402), an increase of 6.0% on the same period last year.

· Operating earnings (EBIT) were SEK 120 million (109), which corresponds to an operating margin of 8.0% (7.8).

· Earnings after tax were SEK 90 million (79).

· Order bookings amounted to SEK 1,485 million (1,370), an increase of 8.3% on the same period last year.

· Cash flow from operating activities was SEK 35 million (173).

· Earnings per share were SEK 4.60 (3.95).

· Net cash was SEK 3 million (-89) and the equity/assets ratio at the end of the period was 69.4% (67.1).

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

Bulten’s joint venture, Ram-Bul, has signed a contract worth approximately USD 5.5 million per year at full volumes which
is expected in 2019/2020. The estimated delivery value is distributed USD 5 million for Bulten and USD 0.5 million for Ramco.

Bulten has signed an FSP contract worth around EUR 30 million per year at full volumes which is expected in 2020.

CEO’S COMMENTS

"It is very pleasing that after the end of the quarter Bulten signed both a new extensive FSP contract and a strategically important contract in the US. During Q2, net sales increased by 3.0%. The growth during the quarter has been affected by fewer production days compared with the corresponding quarter last year and by somewhat lower volumes due to model changes. The development indicates strong underlying demand in the automotive industry combined with Bulten’s strong position on this market, which is confirmed by a strong order intake during the quarter. Earnings and profitability continued to have a positive development and the return on capital employed rose to 15%. Bulten’s financial position is strong and during the quarter all our financial targets were reached and we are therefore well equipped for a phase of growth and investments in production and logistics.

In May, we received further evidence of our customers’ appreciation when our joint venture, BBB Services Ltd, was awarded Ford Motor Company’s prestigious Special Recognition World Excellence Award.

The development of electric vehicles requires that fasteners be adapted for new material choices and design solutions and Bulten is at the forefront of providing vehicle manufacturers with the latest technology. During the quarter, deliveries to pre-series to the next generation of electrical vehicles have started.”

Tommy Andersson, President and CEO

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 1,300 employees in nine countries and head office in Gothenburg.

Source: Bulten