BULTEN'S Q4 REPORT 2022

Record sales and rapid changes

Fourth quarter

• Net sales amounted to SEK 1,339 (953) million, an increase of 40.5% on the same period the previous year.
• Operating earnings (EBIT) totaled SEK 103 (48) million, equating to an operating margin of 7.6% (5.0).
• Adjusted operating earnings totaled SEK 114 (48) million, equating to an adjusted operating margin of 8.5% (5.0). In December, Bulten decided to close its manufacturing plant in Pembroke, UK, in order to streamline the operation. Costs for the ongoing restructuring have burdened the 2022 figures by approximately SEK 10 million.
• Earnings after tax amounted to SEK 73 (32) million. Adjusted earnings after tax amounted to SEK 82 (32) million.
• Order bookings amounted to SEK 1,437 (871) million, an increase of 65.0% on the same period the previous year.
• Cash flow from operating activities totaled SEK 250 (45) million.
• Earnings per share were SEK 3.01 (1.16). Adjusted earnings per share were SEK 3.45 (1.16).
• In October, Bulten was awarded a Platinum Medal for its sustainability work by EcoVadis, an international provider of sustainability ratings.
• The Board of Bulten AB decided to propose to the Annual General Meeting a dividend of SEK 2.50 (2.25) per share for 2022.

January – December

• Net sales amounted to SEK 4,474 (3,730) million, an increase of 19.9% on the same period the previous year.
• Operating earnings (EBIT) totaled SEK 180 (232) million, equating to an operating margin of 4.0% (6.2).
• Adjusted operating earnings totaled SEK 284 (232) million, equating to an adjusted operating margin of 6.3% (6.2). In light of Russia’s invasion of Ukraine and the related sanctions, Bulten discontinued its operation in Russia during Q2. Close-down costs related to the Russian operation burdened the result by SEK -93 million. Aside from transaction costs, the divestment had no effect on cash flow.
• Earnings after tax amounted to SEK 74 (154) million. Adjusted earnings after tax amounted to SEK 176 (154) million.
• Cash flow from operating activities totaled SEK 298 (48) million.
• Earnings per share were SEK 2.65 (6.85). Adjusted earnings per share were SEK 7.48 (6.85).
• Net debt amounted to SEK 925 (655) million. Net debt (excluding lease liabilities) totaled SEK 411 (323) million.
• The equity/assets ratio was 41.9% (49.3) at the end of the period. The equity/assets ratio (excluding lease liabilities) totaled SEK 47.5% (54.4).
• In January, Bulten signed an FSP (Full Service Provider) contract for a new European vehicle program for an existing customer. The contract is worth in the region of SEK 100 million a year at full production. Bulten’s clear sustainability focus was a key factor in winning the contract.
• In February, Bulten held its Capital Markets Day. The main messages were that the financial targets up until 2024 remain the same and that further acquisitions are viewed as an important parameter in achieving the desired growth, both within and outside of the automotive industry.
• In March, Bulten signed an FSP contract for a new European electric vehicle for an existing customer. The contract is worth in the region of SEK 75 million a year at full production.
• In June, Bulten completed the divestment of its Russian operation. The operation was bought by the Russian company CAR SEATS LLC, and all shares in the joint venture company previously owned by Bulten and GAZ were redeemed.
• In September, Bulten was nominated as a supplier of fasteners for a new global electric car platform, to be produced in China. The order value is estimated at approximately SEK 155 million a year at full production.
• In September, Bulten began a collaboration with Polestar on the development project Polestar 0, which aims to build a climate-neutral electric car by 2030 by eliminating emissions in the supply chain. Bulten’s contribution will be the delivery of climate-neutral fasteners.

“It is pleasing to see that once again in 2022 as a whole, Bulten achieved the highest ever sales in its almost 150 years in business, and that in Q4 we achieved an operating margin in line with our financial target for 2024. This is a sign of strength in a time of uncertainty characterized by inflation and component shortages,” says Anders Nyström, President and CEO.
 

A live presentation for analysts, media and investors will be held today, February 9, at 15:30 CET during a webcasted teleconference where President and CEO Anders Nyström and CFO Anna Åkerblad will be commenting on the result. The presentation will be held in English and include a Q&A session.

The presentation can be followed live via the link: https://financialhearings.com/event/43564.

To participate in the teleconference, please dial in 5 minutes before the opening:
SE: +46 8 505 163 86
UK: + 44 20 319 84884
US: +1 412 317 6300
Pin code: 0777885

Copies of the presentation will be available at www.bulten.com/ir 30 minutes before start.
 

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. The information was submitted for publication, through the agency of the contact person set out above, at 13:30 CET on February 9, 2023.
 

Bulten Group is a leading global manufacturer and supplier of fasteners to the automotive industry, as well as other customer groups 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. The company 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. Read more at www.bulten.com.