Bulten — Interim / Quarterly Report 2011

Jul 18, 2011

HALF YEAR REPORT JANUARY-JUNE, 2011

Continued strong performance for FinnvedenBulten

Second quarter

• FinnvedenBulten listed on the NASDAQ OMX Stockholm during Q2, 2011.
• Net sales reached SEK 782 million (674), up 16.1% on the same period last year.
• Earnings (EBIT) were SEK 61 million (41), which gave an operating margin of 7.8% (6.1).
• The adjusted operating margin was 8.5% (6.6). Non-recurring items of SEK 5 million in 2011 relate to the listing process. For corresponding period 2010 non-recurring costs amounted to SEK 3 million for the rationalization programs carried out.
• Profit after tax for the quarter was SEK 40 million (13).
• Order bookings amounted to SEK 854 million (771), up 10.7% on the same period last year.
• Cash flow from operating activities was SEK 49 million (22).
• Earnings per share were SEK 2.5 (1.2). Earnings per share-proforma were SEK 2.3.
• Conversion of shareholder loan to ordinary shares reduces debt level by SEK 353 million.

January–June

• Net sales reached SEK 1,578 million (1,286), up 22.7% on the same period last year.
• Earnings (EBIT) were SEK 115 million (48), which gave an operating margin of 7.3% (3.7).
• The adjusted operating margin was 8.4% (4.4). Non-recurring items of SEK 18 million in 2011 relate to the listing process. For corresponding period 2010 non-recurring costs amounted to SEK 8 million for the rationalization programs carried out.
• Accumulated profit after tax was SEK 63 million (4).
• Cash flow from operating activities was SEK 89 million (17).
• Earnings per share were SEK 4.5 (0.3). Earnings per share-proforma were SEK 4.2.

"The business continued to show a positive development during Q2, mainly due to the completed rationalization programs and the positive operational leverage effect of higher volumes. FinnvedenBulten is reporting organic growth of 16.1% compared with the corresponding quarter in 2010. Growth is being driven by new business and production increases for existing contracts. Furthermore our customers have managed to handle the risks of major production disruptions associated with the catastrophe in Japan in a positive way."

Johan Westman, President and CEO

GROUP SUMMARY

Market for FinnvedenBulten

The market progressed well during Q2 both for the production of commercial vehicles and passenger cars.

The catastrophe in Japan had less effect than what was feared at the start of Q2. Non-Japanese vehicle producers have to a large extent been able to tackle supply difficulties and Japanese OEMs have experienced fewer stops than estimated and less re-start problems. Most of FinnvedenBulten's customers have managed to carry on producing with minor production losses, or none at all. However, there has been a few stops which to some extent have created imbalances within the operations of division Bulten.

Concerns about macroeconomic effects linked to countries with high levels of debt or political uncertainty may have hampered growth somewhat.

Order bookings and net sales Second quarter

Order bookings in Q2 were SEK 854.4 million (771.5), a rise of 10.7% compared with the corresponding period in the previous year.

Net sales for the Group totalled SEK 782.1 million (673.9), a climb of 16.1% compared with the corresponding period in the previous year.

Net sales adjusted for currency effects increased 22.2% compared with the same period last year.

January–June

Order bookings for the January-June period were SEK 1,692.8 million (1,522.3), a rise of 11.2% compared with the corresponding period in the previous year.

Net sales for the Group totalled SEK 1,578.2 million (1,285.7), a climb of 22.2% compared with the corresponding period in the previous year.

Net sales adjusted for currency effects increased 29.4% compared with the same period last year.

Around 85% (79) of net sales in the period are attributable to vehicle manufacturers (OEM), and around 15% (21) to their suppliers and other sectors.

Around 67% (69) of sales are in markets outside Sweden, either directly or via subsidiaries abroad.

Earnings and profitability Second quarter

The Group's gross profit in Q2 was SEK 150.8 million (117.6), corresponding to a gross margin of 19.3% (17.5).

Earnings before depreciation (EBITDA) were SEK 79.3 million (60.1), corresponding to an EBITDA margin of 10.1% (8.9).

Earnings (EBIT) were SEK 61.3 million (41.3), corresponding to an operating margin of 7.8% (6.1). The adjusted operating margin excluding non-recurring items was 8.5% (6.6). Non-recurring items of SEK 5.3 million in 2011 relate to the listing process on the NASDAQ OMX.

In 2010 non-recurring items concerning costs for completed rationalization programs amounted to SEK 3.0 million.

R	NET SALES	EBIT	ADJUSTED EBIT
E T R A	782 SEK mill ion	61 SEK mill ion	67 SEK mill ion
U Q	NET SALES PER DIVISION	OPERATING MARGIN	ADJUSTED OPERATING MARGIN
D N o	FINNVEDEN 56 44 METAL BULTEN STRUCTURES	7.8 %	8.5 %

Net financial items in the Group were SEK –6.6 million (–23.1), most of which relates to interest costs to shareholders and preference shares of SEK –5.4 million (–12.1) and financial costs to external creditors of SEK –4.3 million (–3.8). Exchange rate differences of SEK 3.4 million (–7.2) are included in the financing costs.

Earnings after financial items for the Group were SEK 54.9 million (18.2). Earnings after tax were SEK 40.1 million (13.2).

January–June

The Group's gross profit for the January-June period was SEK 303.4 million (204.5), corresponding to a gross margin of 19.2% (15.9).

Earnings before depreciation (EBITDA) were SEK 150.8 million (84.3), corresponding to an EBITDA margin of 9.6% (6.6).

Earnings (EBIT) were SEK 115.0 million (47.6), corresponding to an operating margin of 7.3% (3.7). The adjusted operating margin excluding non-recurring items was 8.4% (4.4). Non-recurring items of SEK 17.9 million in 2011 relate to the listing process on the NASDAQ OMX.

In 2010 non-recurring items concerning costs for completed rationalization programs amounted to SEK 8.4 million.

Net financial items in the Group were SEK –27.6 million (–38.8), most of which relates to interest costs to shareholders and preference shares of SEK –17.3 million (–23.5) and financial costs to external creditors of SEK –8.9 million (–7.5). Exchange rate differences of SEK –1.4 million (–7.6) are included in the financing costs.

Earnings after financial items for the Group were SEK 87.5 million (8.8). Earnings after tax were SEK 62.5 million (3.5).

Investments

Investments in tangible fixed assets were SEK 36.9 million (12.4). Depreciation for the period was SEK –35.8 million (–36.7).

SEK 36.2 million (12.3) of the investments relate to machinery and equipment. Investment in buildings and land was 0.7 million (0.1).

Cash flow, working capital and financial position

Cash flow from operating activities totalled SEK 88.9 million, (16.8). Cash flow effects of changes in working capital amounted to SEK –47.0 million (–46.7). Inventories rose in the period by SEK 65,7 million (36.3), while operating receivables increased to SEK 59.1 million (-14.0).

Adjusted net debt, i.e. excluding loans from owners, amounted to SEK 165.0 million (241.2) as of 30 June 2011. Net debt, i.e. including loans from owners, amounted to SEK 165.0 million (648.0) on the closing date.

Cash and cash equivalents were SEK 220.2 million (182.1) at the end of the period.

Shareholders' equity

During Q2, interest-bearing debt was converted into shareholders' equity by a set-off issue. The issue resulted in a debt reduction and an increase in Group equity of SEK 352.7 million.

In addition, an issue in kind in which board members' and senior executives' shareholdings and options in certain of the Group's subsidiaries were exchanged for shares in the parent company, FinnvedenBulten AB (publ). The transaction has no effect on the Group's equity, as the issue amount (SEK 90.3 million) was equal to the distributions made to minority shareholders in connection with the issue.

In the first quarter outstanding preference shares were reclassified into ordinary shares, which meant a reduction in debt and a positive effect on the Group's equity of SEK 94.6 million.

The total number of ordinary shares after the stock exchange launch is now 21,040,307.

FINANCIAL SUMMARY (SEK million )	Q2		Jan - Jun		12-month rolling	Full year
	2011	2010	∆	2011	2010	July 2010 - june 2011	2010
Net sales	782.1	673.9	16.1%	1,578.2	1,285.7	2,899.8	2,607.3
Gross profit	150.8	117.6	33.2	303.4	204.5	531.9	432.9
Earnings before depreciation (EBITDA)	79.3	60.1	19.2	150.8	84.3	251.3	184.7
Operating earnings (EBIT)	61.3	41.3	20.0	115.0	47.6	181.6	114.2
Operating margin, %	7.8	6.1	1.7	7.3	3.7	6.3	4.4
Adjusted operating earnings (EBIT)	66.7	44.3	22.4	132.9	56.0	202.3	125.4
Adjusted operating margin, %	8.5	6.6	1.9	8.4	4.4	7.0	4.8
Earnings after tax	40.1	13.2	26.9	62.5	3.5	239.7	181.1
Order bookings	854.4	771.5	10.7%	1,692.8	1,522.3	3,135.0	2,964.5
Return on capital employed, %	-	-	-	-	-	14.5	9.5
Adjusted return on capital employed, %	-	-	-	-	-	16.1	10.4

Bulten develops and manufactures fasteners for the global automotive industry, and a large part of the product range includes innovative and technically advanced products. Bulten is one of few fastener producers in Europe that can take complete responsibility along the entire value chain for fasteners, from product development to final delivery onto the customer's production line.

Bulten develops and converts products that minimize labour during assembly of components and thus reduce the overall cost for the customer. The picture shows some examples of these products.

BULTEN DIVISION

• • Net sales rose second quarter by SEK 46 million, up 11.7% on the same period last year.
• • Operating earnings second quarter was SEK 26 million.

The Bulten division continues to report good volume development compared with last year. The operating margin has been negatively affected by the strengthened Swedish krona against the Euro. In addition there were some imbalances in production utilization partly due to the crisis in Japan.

The process of creating a joint-venture with GAZ at the Gorky Automobile Plant in Nizhny Novgorod, Russia, is progressing according to plan.

Second quarter

PROPORTION OF GROUP SALES, %

Net sales for the Bulten division reached SEK 441.2 million (394.8), up 11.7% compared with the same period last year.

Bulten's earnings before depreciation (EBITDA) reached SEK 35.9 million (35.1), corresponding to an EBITDA margin of 8.1% (8.9).

Operating earnings (EBIT) were SEK 26.4 million (24.5), or an operating margin of 6.0% (6.2).

OPERATING EARNINGS

January–June

Net sales for the Bulten division reached SEK 895.3 million (767.0), up 16.7% compared with the same period last year.

Bulten's earnings before depreciation (EBITDA) reached SEK 84.9 million (52.0), corresponding to an EBITDA margin of 9.5% (6.8).

Operating earnings (EBIT) were SEK 65.7 million (32.0), corresponding to an operating margin of 7.3% (4.2).

OPERATING MARGIN

SEC

o

ND QUARTER

441 SEK mill ion 56		SEK	26 mill	ion	6.0	%
FINANCIAL SUMMARY (SEK million )		Q2		Jan – June		Full year
	2011	2010	∆	2011	2010	2010
Net sales	441.2	394.8	11.7%	895.3	767.0	1,549.4
Earnings before depreciation (EBITDA)	35.9	35.1	0.8	84.9	52.0	109.1
Operating earnings (EBIT)	26.4	24.5	1.9	65.7	32.0	71.7
Operating margin, %	6.0	6.2	-0.2	7.3	4.2	4.6
Order bookings	481.5	462.2	4.2%	932.5	894.2	1,738.0

Finnveden Metal Structures manufactures products in steel, magnesium and aluminium, or a combination of those materials. The main manufacturing processes are stamping, die casting and joining. Manufactured components include interior, chassis and body parts for the automotive industry as well as customised components for general industry, which account for a small but growing part of sales.

FINNVEDEN METAL STRUCTURES DIVISION

• Net sales rose second quarter by SEK 62 million, 22.1% up on the same period last year.

• Operating earnings second quarter was SEK 36 million.

The Finnveden Metal Structures division's growth has benefited from the continued strong production increase in heavy commercial vehicles.

During the quarter the Finnveden Metal Structures division reached an agreement to take over production from Volvo Cars' operations at the Olofström factory. This business is expected to increase production volumes by around 6% at the division's Olofström operation in coming years.

Second quarter

Net sales for the Finnveden Metal Structures division reached SEK 343.0 million (281.0), up 22.1% on the same period last year.

Earnings before depreciation (EBITDA) were SEK 44.7 million (25.9), giving an EBITDA margin of 13.0% (9.2).

Operating earnings (EBIT) were SEK 36.2 million (18.1), or an operating margin of 10.5% (6.4).

January–June

Net sales for the Finnveden Metal Structures division reached SEK 688.2 million (522.2), up 31.8% on the same period last year.

Earnings before depreciation (EBITDA) were SEK 83.1 million (33.9), giving an EBITDA margin of 12.1% (6.5).

Operating earnings (EBIT) were SEK 66.6 million (17.9), corresponding to an operating margin of 9.7% (3.4).

OPERATING MARGIN

10.5%

OPERATING EARNINGS

SEK 36 million

NET SALES

Finnveden Metal Structures' range of pressed steel components is considerable both in terms of size and complexity. The picture shows a canister console.

PROPORTION OF GROUP SALES, %

FINANCIAL SUMMARY (SEK million)

SEK 343 million

	Q2			Jan – June
	2011	2010	∆	2011	2010	2010
Net sales	343.0	281.0	22.1%	688.2	522.2	1,065.1
Earnings before depreciation (EBITDA)	44.7	25.9	18.8	83.1	33.9	87.1
Operating earnings (EBIT)	36.2	18.1	18.1	66.6	17.9	55.2
Operating margin, %	10.5	6.4	4.1	9.7	3.4	5.2
Order bookings	375.1	311.2	20.5%	764.8	631.9	1,233.4

OTHER INFORMATION

Accounting principles

This interim report has been drawn up in accordance with IAS 34, Interim Financial Reporting, and the Swedish annual accounts act. The financial statement for the parent company has been drawn up in accordance with the Swedish annual accounts act and the RFR 2, Reporting for legal entities, of the Swedish Financial Accounting Standards Council.

Risks and risk management

Exposure to operational and financial risks are a natural part of business activity and this is reflected in FinnvedenBulten's approach to risk management. The purpose is to identify and prevent risks and limit any damage that may result. The main risks that the Group is exposed to relate to the impact of the business cycle on demand, supplies of raw materials and their price variations, as well as general economic factors.

Damage to production equipment, as a result of natural disasters or fire, may have a negative impact on FinnvedenBulten's activities, both in property damage and business interruption, which makes it impossible or harder to fulfil these obligations to customers. This – and the risk of it happening – could in turn cause customers to use other suppliers. FinnvedenBulten's customers and other suppliers are naturally also affected by this risk, which in its turn may affect FinnvedenBulten, since vehicle manufacturers may experience production stops due to damage to, or a shortage of, components from other suppliers. It cannot therefore be excluded that production stops and damage, affecting both FinnvedenBulten, its customers and other important

subcontractors to these customers, could negatively affect Finnveden-Bulten's business, financial position and earnings if these risks arise and they are not covered by the company's insurance policies.

For a more detailed description of these risks, see Note 3, Risks and risk management on pages 26-30 of the company's 2010 annual report.

Seasonal variations

FinnvedenBulten is not exposed to traditional seasonal variations. The year reflects customers' production days, which vary between quarters. The lowest net sales and operating earnings normally occur in Q3, where there are fewest production days. The other quarters are relatively even.

Transaction with related parties

During Q2, interest-bearing debt was converted into shareholders' equity by a set-off issue. The issue resulted in 7,197,430 new ordinary shares and resulted in a debt reduction and an increase in Group equity of SEK 352.7 million.

In addition, an issue in kind in which board members' and senior executives'

shareholdings and options in certain of the Group's subsidiaries were exchanged for shares in the parent company, FinnvedenBulten AB (publ). The issue resulted in 1,842,777 new ordinary shares. The transaction has no effect on the Group's equity as the issue amount (SEK 90.3 million) was equal to the distributions made to minority shareholders in connection with the issue.

In the first quarter preference shares were reclassified into ordinary shares, with one ordinary share awarded for one preference share. This reclassification meant that the Group's interest-bearing liability to shareholders was reduced by SEK 94.6 million and the Group's equity increased correspondingly.

No other transactions were made with related parties.

Employees

The total number of employees in the Group amounted on the closing day to 1,715 (1,546).

Contingent liabilities

During the report period there was no significant change in contingent liabilities.

Number of shares

	Registration date	Change in no. of shares	No. of shares after issue
New share issue 1)	2011-05-25	1 842 777	21 040 207
New share issue 2)	2011-05-20	7 197 430	19 197 430
New share issue	2010-01-27	8 000 000	12 000 000
New share issue	2009-01-20	3 000 000	4 000 000
Reduction	2006-02-01	-321 500	1 000 000
New share issue	2006-02-01	321 000	1 321 500
New share issue	2005-01-24	999 000	1 000 000
New formation	2004-10-12	1 000	1 000

1) New share issue in kind.

2) New share issue via off-set of shareholder loan.

Parent company

FinnvedenBulten AB (publ) owns, directly or indirectly, all the companies in the Group. Group-wide activities relating to management and administration previously handled by the subsidiary, Finnveden AB, were transferred to the parent company.

The equity/assets ratio was 88.5% (64.1). The adjusted equity/assets ratio, calculated as reported shareholders' equity plus interest-bearing liabilities to shareholders, was 88.5% (89.0). Equity was SEK 1,267.1 million (821.5). Disposable cash and cash equivalents in the parent company totalled SEK 0.2 (0.0) million. The company had 7 employees on the closing day.

Audit

This interim report has not been verified by the company's auditors.

Important events after the end of the interim period

In July, Finnveden Metal Structures applied for permission to start a Foreign Invested Company Enterprise, FICE, in Shanghai as a first step for the division to establish business in China.

FinnvedenBulten has reached an agreement with Svenska Handelsbanken on a renewed and expanded financing agreement. The new agreement will last for 5 years and represents a net increase of SEK 75 million compared with the current financing arrangement.

There were no other significant events to report.

Outlook for 2011

IHS Global Insight (IHS) forecasts that 14.2 million light vehicles will be produced in Western Europe in 2011, compared with 13.5 million in 2010, and that around 340,000 heavy trucks will be produced in 2011 compared with around 260,000 in 2010.

The economic situation for European countries with high debt levels increases uncertainty, although production of both cars and heavy commercial vehicles in Western Europe is increasing, boosted by exports to emerging markets.

FinnvedenBulten's performance in recent quarters provides a good base for continued profitable growth. Several of FinnvedenBulten's customers have announced production increases for the autumn. Clear improvements in the business, combined with higher volumes, have strengthened operating margins.

FinnvedenBulten expects to take some initial operational costs linked to the expansion plans for China and Russia in the operating result during the fall.

The Board and CEO confirm that the interim report provides a true and fair overview of the Parent Company and the Group's operations, position and earnings and describes the material risks and uncertainty factors faced by the Parent Company and the Group.

Göteborg 18 July 2011 FinnvedenBulten AB (publ)

Roger Holtback Johan Westman Ulf Rosberg Chairman President and CEO Board member

Board member Board member Board member

Arne Karlsson Hans Gustavsson Adam Samuelsson

Tony Frunk Katarina Olsson Employee representative Employee representative

6 •INTERIM REPORT JANUARY-June 2011 INTERIM REPORT JANUARY-June 2011 • 7

Income statement

		Q2 Jan – June				12 months rolling	Full year
SEK million	2011	2010	∆	2011	2010	July 2010 - June 2011	2010
Net sales	782.1	673.9	108.2	1,578.2	1,285.7	2,899.8	2,607.3
Cost of goods sold	-631.3	-556.3	-75.0	-1,274.8	-1,081.2	-2,367.9	-2,174.4
Gross profit	150.8	117.6	33.2	303.4	204.5	531.9	432.9
Other operating income	3.2	1.4	1.8	4.3	4.6	11.0	11.3
Selling expenses	-33.7	-33.0	-0.7	-66.5	-63.6	-129.6	-126.7
Administrative expenses	-53.1	-41.5	-11.6	-117.7	-86.3	-218.7	-187.3
Other operating expenses	-5.9	-3.2	-2.7	-8.5	-11.7	-13.0	-16.0
Operating earnings not 1	61.3	41.3	20.0	115.0	47.6	181.6	114.2
Financial income	0.6	0.5	0.1	1.1	0.7	1.6	1.2
Financial expenses	-7.2	-23.6	16.4	-28.7	-39.5	-65.3	-76.1
Earnings before tax	54.7	18.2	36.5	87.4	8.8	117.9	39.3
Tax on year's earnings	-14.8	-5.0	-9.8	-24.9	-5.3	122.2	141.8
Earnings after tax	39.9	13.2	26.7	62.5	3.5	240.1	181.1
Attributable to
Parent company shareholders	39.9	13.0	26.9	62.5	3.3	239.8	180.6
Minority interests	-	0.2	-0.2	-	0.2	0.3	0.5
	39.9	13.2	26.7	62.5	3.5	240.1	181.1
Earnings per share, SEK 1)	2.5	1.2	1.3	4.5	0.3	19.4	16.4
Weighted outstanding ordinary shares '000 1)	16,172.4	11,037.0	5 135.4	13 767.9	11,037.0	12,391.2	11,037.0
Earnings per share-proforma, SEK 1) 2)	2.3	-	-	4.2	-	-	-
Outstanding ordinary shares, closing day '000 1)	21,040.2	-	-	21,040.2	-	-	-
Not1 One-off costs
Listing process, NASDAQ OMX	-5.3	-	-12.3	-17.6	-	-21.8	-4.2
Rationalization program	-0.1	-3.0	5.2	-0.3	-8.4	-1.1	-7.0
	-5.4	-3.0	-7.1	-17.9	-8.4	-20.7	-11.2

1) Both before and after dilution.

1) Earnings per share-proforma. Definition see page 14.

Statement of comprehensive income

		Q2			Jan – June		Full year
SEK million	2011	2010	∆	2011	2010	July 2010 - June 2011	2010
Profit/loss after tax	39.9	13.2	26.7	62.5	3.5	240.1	181.1
Other comprehensive income
Derivative instruments, cash flow hedging	-0.7	-	-0.7	-1.3	-	-1.3	-
Tax on cash flow hedging	0.1	-	0.1	0.3	-	0.3	-
Exchange rate differences	6.7	-11.4	18.1	0.6	-18.9	-12.3	-31.8
Total comprehensive income	46.0	1.8	44.2	62.1	-15.4	226.8	149.3
Attributable to
Parent company shareholders	46.0	1.6	44.4	62.1	-15.6	227.2	149.5
Minority interests	-	0.2	-0.2	-	0.2	0.4	-0.2
	46.0	1.8	44.2	62.1	-15.4	226.8	149.3

Balance sheet

SEK million	30-6-2011	30-6-2010	31-12-2010
AssETS
Fixed assets
Intangible fixed assets	182.3	182.4	182.4
Tangible fixed assets	383.6	394.8	383.4
Financial assets	149.3	9.2	157.6
Total fixed assets	715.2	586.4	723.4
Current assets
Inventories	434.3	359.5	370.1
Current receivables	647.2	577.4	592.9
Cash and cash equivalents	220.2	182.1	188.7
Total current assets	1,301.7	1,119.0	1,151.7
Total assets	2,016.9	1,705.4	1,875.1
EQUITY AND liabilities
Equity
Equity attributable to parent company shareholders	994.5	314.9	480.0
Minority interests	-	4.8	5.1
Total equity	994.5	319.7	485.1
Non-current liabilities
Interest-bearing shareholder loans	-	319.1	337.3
Non-current interest-bearing liabilities and provisions	364.4	42.1	392.0
Non-current non-interest-bearing liabilities and provisions	1.7	4.2	6.2
Total non-current liabilities	366.1	365.4	735.5
Current liabilities
Interest-bearing current liabilities	22.6	471.4	112.3
Derivative instruments	1.3	-	-
Current liabilities, non-interest-bearing	632.4	548.9	542.2
Total current liabilities	656.3	1 020.3	654.5
Total equity and liabilities	2,016.9	1,705.4	1,875.1
Pledged assets	1,434.8	1,166.6	1,159.2
Contingent liabilities	74.7	93.5	70.4

Statement of changes in equity

SEK million	30-6-2011	31-12-2010
Opening equity	485.1	335.1
Comprehensive income
Profit/loss for the period	62.5	181.1
Other comprehensive income
Derivative instruments, cash flow hedging	-1.3	-
Tax on cash flow hedging	0.3	-
Exchange rate differences	0.6	-31.8
Total comprehensive income	62.1	149.3
Transactions with shareholders
Reclassification of preference shares	94.6	-
New share issue via off-set	352.7	-
New share issue in kind	90.3	-
Earnings from transactions with minorities	-90.3	-
Funds from issued buy warrants	-	0.7
Total transactions with shareholders	447.3	0.7
Closing equity	994.5	485.1

Cash flow statement

		Jan-June	Full year
SEK million	2011	2010	2010
Operating activities
Earnings after financial items	87.4	8.8	39.3
Adjustments for items not included in cash flow	51.0	57.3	105.0
Taxes paid	-2.5	-2.6	-8.0
Cash flow from operating activities before changes in working capital	135.9	63.5	136.3
Cash flow from changes in working capital
Change in working capital	-47.0	-46.7	-65.8
Cash flow from operating activities	88.9	16.8	70.5
Investing activities
Acquisition of intangible fixed assets	-0.1	-	-0.3
Acquisition of tangible fixed assets	-36.9	-12.4	-48.8
Disposal of fixed assets	0.3	1.8	11.3
Settlement of financial assets	0,3	133.6	134.6
Cash flow from investing activities	-36.4	123.0	96.8
Financing activities
Amortisation of borrowings	-	-	-8.0
Change in overdraft facilities and other financial liabilities	-22.2	10.0	-1.0
Liquidity from issued buy options	-	-	0.7
Cash flow from financing activities	-22.2	10.0	-8.3
Cash flow for the period	30.3	149.8	159.0
Increase of cash and cash equivalents	30.3	149.8	159.0
Cash and cash equivalents at start of financial year	188.7	35.0	35.0
Exchange rate difference in cash and cash equivalents	1.2	-2.7	-5.3
Cash and cash equivalents at end of period	220.2	182.1	188.7

Change in net loan liabilities

SEK million	30-6-2011	31-12-2010
Non-current interest-bearing liabilities	345.8	708.3
Provisions for pensions	18.6	21.0
Current interest-bearing liabilities	22.6	112.3
Financial interest-bearing liabilities	-1.8	-2.1
Cash and cash equivalents	-220.2	-188.7
Net loan liabilities	165.0	650.8
Interest-bearing shareholder loan	-	-430.1
Adjusted net loan liabilities	165.0	220.7

Segment reports

		Q2	2011
SEK million	Bulten	Finnveden Metal Structures	Other*	The Group
Net sales	441.2	343.0	-2.1	782.1
Earnings before depreciation (EBITDA)	35.9	44.7	-1.3	79.3
Operating earnings (EBIT)	26.4	36.2	-1.3	61.3
Operating margin, %	6.0	10.5	-	7.8

		Q2	2010
SEK million	Bulten	Finnveden Metal Structures	Other*	The Group
Net sales	394.8	281.0	-1.9	673.9
Earnings before depreciation (EBITDA)	35.1	25.9	-0.9	60.1
Operating earnings (EBIT)	24.5	18.1	-1.3	41.3
Operating margin, %	6.2	6.4	-	6.1

		Jan - June	2011
SEK million	Bulten	Finnveden Metal Structures	Other*	The Group
Net sales	895.3	688.2	-5.3	1,578.2
Earnings before depreciation (EBITDA)	84.9	83.1	-17.2	150.8
Operating earnings (EBIT)	65.7	66.6	-17.3	115.0
Operating margin, %	7.3	9.7	-	7.3

		Jan - June	2010
SEK million	Bulten	Finnveden Metal Structures	Other*	The Group
Net sales	767.0	522.2	-3.5	1,285.7
Earnings before depreciation (EBITDA)	52.0	33.9	-1.6	84.3
Operating earnings (EBIT)	32.0	17.9	-2.3	47.6
Operating margin, %	4.2	3.4	-	3.7

* Other includes the parent company and Group eliminations. For 2011, the increase is attributable to costs for the listing process on NASDAQ OMX. The amount for Q2 was SEK -5.3 million and for January-June the accumulated amount was SEK -17.6 million.

Income statement, parent company

		Q2		Jan – June	Full year
SEK million	2011	2010	2011	2010	2010
Net sales			–	–	–
Cost of goods sold			–	–	–
Gross profit			–	–	–
Administrative expenses	-6.7	-0.3	-12.2	-0.3	-1.4
Operating loss	-6.7	-0.3	-12.2	-0.3	-1.4
Interest expenses and similar items	-7.5	-10.0	-19.0	-19.9	-40.7
Loss before tax	-14.2	-10.3	-31.2	-20.2	-42.1
Tax on earnings for the year	3.3	–	6.4	–	49.3
Profit/loss for the period	-10.9	-10.3	-24.8	-20.2	7.2

Balance sheet, parent company

SEK million	30-6-2011	30-6-2010	31-12-2010
AssETS
Fixed assets
Financial assets
Participations in Group companies 1)	1,367.1	1,281.2	1,281.2
Deferred tax assets	55.7	–	49.3
Deferred tax asset	4.5	–	–
Total financial assets	1,427.3	1,281.2	1,330.5
Current assets
Current receivables	4.3	0.1	0.3
Cash and cash equivalents	0.2	–	–
Total current assets	4.5	0.1	0.3
Total assets	1,431.8	1,281.3	1,330.8
EQUITY AND liabilities
Equity	1,267.1	821.5	848.9
Non-current liabilities
Interest-bearing shareholder loans	–	319.1	337.3
Liabilities to Group companies	152.9	140.4	144.3
Total non-current liabilities	152.9	459.5	481.6
Current liabilities
Other current liabilities	11.8	0.2	0.3
Total current liabilities	11.8	0.2	0.3
Total equity and liabilities	1,431.8	1,281.3	1,330.8
Pledged assets	1,371.5	1,281.2	1,281.2
Contingent liabilities	37.7	55.3	31.8

1) Participants in Group companies has increased with SEK 85.9 million. The increase are related to the acquisition of minority shares in subsidiary in connection with new share issue in kind.

FinnvedenBulten was listed on NASDAQ OMX Stockholm on 20 May 2011.

Key indicators*

		Q2		Jan – June	Full year
THE GROUP	2011	2010	2011	2010	2010
Margins
EBITDA margin, %	10.1	8.9	9.6	6.6	7.1
EBIT margin (operating margin), %	7.8	6.1	7.3	3.7	4.4
Adjusted EBIT margin (operating margin), %	8.5	6.6	8.4	4.4	4.8
Net margin, %	5.1	1.9	4.0	0.3	6.9
Capital structure
Interest coverage ratio, times	1.6	1.8	4.1	1.2	1.5
Earnings per share
Earnings per share, SEK *)	2.5	1.2	4.5	0.3	16.4
Earnings per share-proforma, SEK *) 1)	2.3	-	4.2	-	-
Number of outstanding ordinary shares
Weighted outstanding ordinary shares, '000 *)	16,172.4	11,037.0	13,767,9	11,037,0	11,037,0
Outstanding ordinary shares, closing day, '000 *)	21,040.2	-	21,040.2	-	-

THE GROUP	30-6-2011	30-6-2010	31-12-2010
Capital structure
Net debt/equity ratio, times	0.2	2.0	1.3
Adjusted net debt/equity ratio, times	0.2	0.3	0.2
Equity/assets ratio, %	49.3	18.7	25.9
Adjusted equity/assets ratio, % 2)	49.3	42.6	48.8
Other
Net debt, SEK million	165.0	648.0	650.9
Adjusted net debt, SEK million 3)	165.0	241.2	220.7

	12 months rolling	Full year
THE GROUP, 12 months rolling	July 2010- June 2011	July 2009- June 2010	2010
Return indicators
Capital employed, %	14.5	neg	9.5
Adjusted return on capital employed, %	16.1	neg	10.4
Equity, %	36.6	neg	44.5
Adjusted equity, %	36.6	neg	19.5
Capital structure
Capital turnover, times	2.3	2.0	2.2
Earnings per share
Net sales per employee, SEK '000	1,690.8	1,521.7	1,654.4
Operating profit/loss per employee, SEK '000	105.9	8.3	72.5
Average no. of employees	1,715	1,523	1,576

*) There was no dilution effect on the closing day.

Definitions

Definitions of key indicators are unchanged compared with those used in the 2010 annual report.

Key indicators which is not included in the annual report are explained below,

• 1) Earnings per share-proforma. Profit/loss for the year adjusted for one-off costs, interest cost for shareholders loan and preference share. All adjustments are after current tax. Divided with number of outstanding shares as per closing day.
• 2) Adjusted equity/assets ratio is calculated as recognised equity including interest-bearing liabilities to shareholders.
• 3) Adjusted net debt is calculated as interest-bearing liabilities excluding interest-bearing loans from shareholders minus interest-bearing assets.
• 4) Adjusted operating earnings. Operating earnings adjusted for one-off costs.
• 5) Adjusted return on capital employed. Profit/loss after net financial items plus financial expenses and for one-off costs as as percentage of avarage capital employed.

Quarterly data

		2011		2010
THE GROUP	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Order bookings	854.4	838.4	785.3	656.9	771.5	750.8
Income statement
Net sales	782.1	796.1	730.3	591.3	673.9	611.8
Gross earnings	150.8	152.6	129.8	98.6	117.6	86.9
Earnings before depreciation (EBITDA)	79.3	71.5	57.4	43.0	60.1	24.2
Operating earnings (EBIT)	61.3	53.7	41.7	24.9	41.3	6.3
Adjusted operating earnings (EBIT)	66.7	66.2	42.4	27.0	44.3	11.7
Cash flow statement
Cash flow from current activities	49.4	39.5	58.6	-4.9	21.7	-4.8
Cash flow from investment activities	-22.9	-13.5	-18.6	-7.6	-7.6	130.6
Cash flow from financing activities	-4.7	-17.5	-11.7	-6.6	-2.5	12.5
Cash flow for the period	21.8	8.5	28.3	-19.1	11.6	138.2
Data per share
Earnings per share, SEK *)	2.5	2.0	15.8	0.3	1.2	-0.9
Earnings per share-proforma, SEK *) 1)	2.3	1.9	-	-	-	-
Number of outstanding ordinary shares
Weighted outstanding ordinary shares, '000 *)	16,172.4	11,336.6	11,037.0	11,037.0	11,037.0	11,037.0
Outstanding ordinary shares, closing day, '000 *)	21,040.2	21,040.2	-	-	-	-

THE GROUP	30-06-2011	31-3-2011	31-12-2010	30-9-2010	30-6-2010	31-3-2010
Balance sheet
Fixed assets	715.2	712.0	723.4	573.9	586.4	611.7
Current assets	1,301.7	1,241.6	1,151.7	1,109.3	1,119.0	1,027.9
Equity	994.5	595.8	485.1	315.3	319.7	317.9
Non-current liabilities	366.1	726.9	735.5	373.6	365.4	357.1
Current liabilities	656.3	630.9	654.5	994.3	1,020.3	964.7
Other
Net debt	165.0	543.5	650.8	678.2	648.0	654.6
Adjusted net debt 3)	165.0	196.2	220.7	259.8	241.2	259.3

THE GROUP, 12 months rolling	July 2010- June 2011	April 2010- March 2011	January 2010- December 2010	October 2009- September 2010	July 2009- June 2010
Order bookings	3,135.0	3,052.1	2,964.5	2,754.7	2,593.9
Income statement
Net sales	2,899.8	2,791.6	2,607.3	2,420.4	2,317.5
Gross earnings	531.9	498.7	432.9	388.5	351.0
Earnings before depreciation (EBITDA)	251.3	232.0	184.7	122.8	88.9
Operating earnings (EBIT)	181.6	161.6	114.2	47.5	12.7
Adjusted operating earnings (EBIT) 4)	202.3	179.9	125.4	110.0	74.2
Employees
Net sales per employee, SEK '000	1,690.8	1,650.9	1,654.4	1,565.6	1,521.7
Operating profit/loss per employee, SEK '000	105.9	95.6	72.5	30.7	8.3
Average no. of employees	1,715	1,691	1,576	1,546	1,523
Return indicators
Capital employed, %	14.5	13.3	9.5	neg	neg
Adjusted return on capital employed, % 5)	16.1	14.7	10.4	neg	neg
Equity, %	36.6	45.7	44.5	neg	neg
Adjusted equity, %	36.6	22.9	19.5	neg	neg
Other
Net debt/EBITDA	0.66	2.34	3.52	5.52	7.29
Adjusted net debt/EBITDA 3)	0.66	0.85	1.19	2.12	2.71

*) There was no dilution effect on the closing day.

FinnvedenBulten develops and runs industrial businesses, offering products, technical solutions and systems in metallic materials. The Group operates as a business partner to international customers in the manufacturing sector, primarily the automotive industry. The company is run in two divisions – Finnveden Metal Structures and Bulten – both with strong positions in their respective customer segments. Customers are mainly found in the automotive and engineering industries in Europe, Asia and the US. Production primarily takes place in Europe, with considerable low-cost production in Poland. The Group also has a modern, growing fasteners business in China.

Future financial report dates

1 November 2011 – Interim report January -September February 2012 – Interim report January -December 2011 The reports are available on FinnvedenBulten's website, www.finnvedenbulten.com as of the above dates.

For further information, please contact Kamilla Oresvärd, Vice President Corporate Communications. Tel. +46 (0)31-734 59 17 Switchboard: +46 (0)31-734 59 00 kamilla.oresvard@finnvedenbulten.com

Invitation to conference call

Investors, analysts and media are invited to participate in the teleconference on Monday, July 18 at 09:30 CET when the report will be presented by FinnvedenBulten's President and CEO Johan Westman.

Copies of the presentation will be available at www.finnvedenbulten.com.

To receive a phone number and a password for participation in the conference, please sign up using the following link: http://emea.directeventreg.com/registration/event/81762081

A replay of the telephone conference is available until July 24, 2011 on +46 (0)8-50 63 5742, with access code 81762081#.

HEAD OFFICE

FinnvedenBulten AB (publ) Box 9148

400 93 Göteborg SWEDEN Visiting address: August Barks Gata 6 B Tel +46 31-734 59 00 Fax +46 31-734 59 09 www.finnvedenbulten.com

DIVISIONS

Bulten Box 9148 400 93 Göteborg SWEDEN Visiting address: August Barks Gata 6 B Tel +46 31-734 59 00 Fax +46 31-734 59 39

Finnveden Metal Structures

Box 9148 400 93 Göteborg SWEDEN Visiting address: August Barks Gata 6 B Tel +46 31-734 59 00 Fax +46 31-734 59 59