Bulten’s Q2 report 2015
Continued strong growth and capacity expansion.
- Net sales reached SEK 696 million (618), up 12.5% on the same period last year.
- Operating earnings (EBIT) were SEK 45 million (37), which corresponds to an operating margin of 6.5% (6.0).
- Earnings after tax were SEK 35 million (26).
- Order bookings amounted to SEK 688 million (649), up 6.1% on the same period last year.
- Cash flow from operating activities was SEK 14 million (-59).
- Earnings per share were SEK 1.69 (1.30).
JANUARY – JUNE
- Net sales reached SEK 1,409 million (1,200), up 17.5% on the same period last year.
- Operating earnings (EBIT) were SEK 82 million (70), which corresponds to an operating margin of 5.8% (5.9).
- Earnings after tax were SEK 65 million (49).
- Order bookings amounted to SEK 1,348 million (1,281), up 5.2% on the same period last year.
- Cash flow from operating activities was SEK 63 million (-85).
- Earnings per share were SEK 3.13 (2.39).
- Net cash was SEK 12 million (137) and the equity/assets ratio at the end of the period was 68.2% (64.7).
“Bulten continued its positive development with sales growth of 13%, which further increased our market share. Good development is based primarily on the FSP contracts that went into production in 2014 and a number of smaller contracts for which deliveries have started during the year.
We continued to win new business during the quarter, including a new contract from an existing customer concerning fasteners for heavy vehicles worth around SEK 17 million annually. We have also seen how our business in Russia and China continues to progress, although the effect on the Group as a whole is still limited. Capacity expansion to handle higher volumes in Poland has continued. A new heat treatment line was taken into operation during the quarter and the construction of the new logistics centre in Poland is proceeding according to plan and is expected to be taken into operation in Q3.
Market development in the quarter was uneven with lower activity in May, which affected Bulten. An uneven rate of production and the start-up of the heat treatment line in Poland together with currency translation effects had a negative impact on profitability. The ongoing optimisation programme has partly contributed positively to counteract this.
Going forward we see continued good opportunities for new business when we can further increase our market share and strengthen our positions on the market.”
Tommy Andersson, President and CEO
Investors, analysts and media are invited to participate in the teleconference on July 10 at 11:00 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 5055 6453, UK +44 2030 092 455, US +1 855 228 3719. Code: 289286#.
A replay of the telephone conference is available until July 24, 2015 on the phone numbers Sweden +46 8 5055 6444, UK +44 2033 645 943, USA +1 866 286 6997. Code: 367163#.
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: email@example.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 08:30 CET on July 10, 2015.
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.