Bulten’s Q2 report 2016
Strong cash flow and continued high operating margin.
- Net sales reached SEK 686 million (696), down -1.4% on the same period last year.
- Operating earnings (EBIT) were SEK 54 million (45), which corresponds to an operating margin of 7.8% (6.5).
- Earnings after tax were SEK 39 million (35).
- Order bookings amounted to SEK 672 million (688), a decrease of -2.4% on the same period last year.
- Cash flow from operating activities was SEK 95 million (14).
- Earnings per share were SEK 1.92 (1.69).
- Bulten has decided to invest approximately EUR 6 million in a plating line in its Polish production unit.
JANUARY - JUNE
- Net sales reached SEK 1,402 million (1,409), down -0.5% on the same period last year.
- Operating earnings (EBIT) were SEK 109 million (82), which corresponds to an operating margin of 7.8% (5.8).
- Earnings after tax were SEK 79 million (65).
- Order bookings amounted to SEK 1,370 million (1,348), an increase of 1.7% on the same period last year.
- Cash flow from operating activities was SEK 173 million (63).
- Earnings per share were SEK 3.95 (3.13).
- Net debt was SEK 89 million (net cash of 12) and the equity/assets ratio at the end of the period was 67.1% (68.2).
“Bulten reported a continued high operating margin of 7.8% and a significantly improved profitability in Q2 with net sales in line with previous year. Our financial position has been further strengthened with good earnings and a very strong cash flow, which has also been reflected in improved key financial indicators.
Sales development in our different markets has been somewhat uneven during the quarter. Deliveries to carmakers with European exposure remained good and were above the level of market growth. Deliveries to China and to heavy vehicle manufacturers were at a lower rate. In total therefore, net sales were marginally lower than previous year.
Ahead of us we still see that 2016 will be a year of growth in line with expectations on the European vehicle production. In coming years we see very good prospects to gain further market shares based on received contracts and ongoing discussions with customers. We are therefore making preparations for future growth both through investments and also through continued improvement in the efficiency. During the quarter, for example, we decided to invest in a surface treatment plant in Poland that is expected to generate annual savings of around EUR 2 million on full production.”
Tommy Andersson, President and CEO
Investors, analysts and media are invited to participate in the teleconference on July 13 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 08 5059 6306, UK +44 020 3139 4830, US +1 718 873 9077. Code: 48083235#.
A replay of the telephone conference is available until July 27, 2016 on the phone numbers Sweden +46 08 5664 2638, UK +44 203 426 2807, USA +1 866 535 8030. Code: 673876#.
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
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 Senior Vice President Corporate Communications set out above, at 08:30 CET on July 13, 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 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 1,200 employees in nine countries and head office in Gothenburg. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com