BULTEN'S Q2 REPORT 2023

Acquisition in Asia, record demand but challenges in the supply chain

Second quarter

• Net sales amounted to SEK 1,416 (1,006) million, an increase of 40.8% on the same period the previous year.
• Operating earnings (EBIT) totaled SEK 50 (41) million, equating to an operating margin of 3.5% (4.1).
• Adjusted operating earnings totaled SEK 58 (51) million, equating to an adjusted operating margin of 4.0% (5.0). Operating earnings have been charged with transaction costs of SEK -8 million attributable to the acquisition of Exim & Mfr Holdings Pte Ltd ("Exim"). The corresponding quarter of the previous year was adjusted by approximately SEK -10 million, related to winding-up costs for Bulten’s operation in Russia. 
• Earnings after tax amounted to SEK 43 (22) million. Adjusted ­earnings after tax amounted to SEK 51 (32) million.
• Order bookings amounted to SEK 1,476 (1,289) million, an increase of 14.4% on the same period the previous year.
• Cash flow from operating activities totaled SEK 46 (-19) million.
• Earnings per share were SEK 1.82 (0.88). Adjusted earnings per share were SEK 2.20 (1.32).

January - June

• Net sales amounted to SEK 2,803 (2,040) million, an increase of 37.4% on the same period the previous year.
• Operating earnings (EBIT) totaled SEK 166 (30) million, equating to an operating margin of 5.9% (1.5).
• Adjusted operating earnings totaled SEK 174 (123) million, equating to an adjusted operating margin of 6.2% (6.0). Operating earnings have been charged with transaction costs of SEK -8 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 122 (-17) million. Adjusted ­earnings after tax amounted to SEK 130 (76) million.
• Cash flow from operating activities totaled SEK 242 (75) million.
• Earnings per share were SEK 5.38 (-1.02). Adjusted earnings per share were SEK 5.76 (3.38).
• Net debt amounted to SEK 812 (777) million. Net debt, excluding lease liabilities, totaled SEK 301 (446) million.
• The equity/assets ratio was 45.9% (47.3) at the end of the period. The equity/assets ration, excluding lease liabilities, totaled 51.9% (51.9).  

Significant events after the end of the reporting period

• On July 6, Bulten entered into an agreement to acquire all shares in Exim & Mfr Holdings Pte Ltd (“Exim”), an Asian, Singapore-based distributor of fasteners and other components, for a purchase sum of approximately SGD 66.3 million (SEK 530 million) on a cash-free and debt-free basis. The acquisition affords Bulten a good platform to grow in new sectors, where the distribution stage is a pivotal sales channel. 

"Demand has been strong over the past quarter. High sales volumes combined with the product mix, however, forced extraordinary measures that had a negative impact on operating profit. Shortly after the end of the quarter we signed an agreement to acquire a distribution company, which will provide a good platform for Bulten to grow in new sectors," says Anders Nyström, President and CEO at Bulten.

A live presentation for analysts, media and investors will be held today, at 11.00 AM 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-q2-2023

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=200812

For further information, please contact:
Ulrika Hultgren, SVP Corporate Communications & IR, +46 727-47 17 58,  [email protected]

This information is information that Bulten AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on July 12, 2023.


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 1,600 employees around the world and is headquartered in Gothenburg, Sweden. Net sales in 2022 totaled SEK 4,474 million. The share (BULTEN) is listed on Nasdaq Stockholm.