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Bulten — Interim / Quarterly Report 2013
Jul 12, 2013
3019_ir_2013-07-12_8b37bb7b-9cdc-4c51-b582-bfd9d50a11c0.pdf
Interim / Quarterly Report
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Half YEAR REPORT January–June 2013
Strong Q2 result and good cash flow. Major restructuring initiated in foundry business
SECOND quarter
- • Net sales reached SEK 814 million (830), down 1.9% on the same period last year.
- • Earnings (EBIT) adjusted for non-recurring items were SEK 51 million (40), which corresponds to an adjusted operating margin of 6.3% (4.8).
- • Earnings (EBIT) reached SEK 21 million (40), which corresponds to an operating margin of 2.6% (4.8).
- • Profit after tax was SEK 39 million (25) and SEK 36 million (25) adjusted for non-recurring items of SEK 3 million net resulting from tax revenue from recognized interest deduction from the verdict of the Swedish Administrative Court of Appeal (SEK 27 million) and restructuring costs (SEK –24 million).
- • Order bookings amounted to SEK 830 million (781), up 6.3% on the same period last year.
- • Cash flow from current activities was SEK 60 million (63).
- • Earnings per share were SEK 1.87 (1.20). Adjusted for non-recurring items, earnings per share were SEK 1.72 (1.20).
- • Further major restructuring measures of the foundry business have been initiated.
January-JUNE
- • Net sales reached SEK 1,524 million (1,637) down 7.0% on the same period last year.
- • Earnings (EBIT) adjusted for non-recurring items were SEK 71 million (80), which corresponds to an adjusted operating margin of 4.7% (4.9).
- • Earnings (EBIT) reached SEK 40 million (80), which corresponds to an operating margin of 2.6% (4.9).
- • Profit after tax was SEK 45 million (55) and SEK 42 million (55) adjusted for non-recurring items of SEK 3 million net resulting from tax revenue from recognized interest deduction from the verdict of the Swedish Administrative Court of Appeal (SEK 27 million) and restructuring costs (SEK –24 million).
- • Order bookings amounted to SEK 1,642 million (1,645), which is in parity with the same period last year.
- • Cash flow from current activities was SEK 114 million (113).
- • Earnings per share were SEK 2.15 (2.62). Adjusted for non-recurring items, earnings per share were SEK 2.00 (2.62).
"The recovery in sales and order bookings noted at the end of the first quarter continued into the second quarter. Higher delivery volumes and increased capacity utilisation combined with implemented rationalisations had a significant impact on earnings compared with the previous quarter.
The Bulten division continues to be successful with its FSP concept (Full Service Provider). Higher delivery and production volumes from both current and new contracts had a positive impact on profitability. Opportunities for increased market shares going forward are expected to remain very good. The profitability of the Finnveden Metal Structures division has also improved compared with the previous quarter due to higher delivery and production volumes and implemented rationalisation measures. Further measures in addition to those initiated earlier have been launched to streamline the foundry business and focus all magnesium die casting to Poland. Together, these measures are expected to deliver significant earnings improvements and mean a lower risk level in the future for the division."
Johan Westman, President and CEO
Group summary
Market and outlook for 2013
Of the Group's total net sales, around 80% is attributable to vehicle producers (OEMs) and around 20% to their sub-suppliers and to other sectors. Deliveries for light vehicles (cars and light commercial vehicles) currently account for 76% of FinnvedenBulten's income while heavy commercial vehicles account for 24%.
In the second quarter, FinnvedenBulten noted a stronger demand compared with the previous quarter, mainly in the heavy vehicle segment. The Group's customers in the light vehicle segment also showed signs of positive improvement.
According to the May 2013 IHS Automotives (IHS) forecast, production of light vehicles in Western Europe is expected to fall by around 3.9% and production of heavy vehicles by around 6.0% in 2013 compared with 2012. Weighted for FinnvedenBulten's exposure, this means a fall of around 4,4% – which is an upward revision of 0.8 percentage points compared with the IHS forecast in the previous quarter. For the 2014 full year, IHS forecasts an increase of 1.1% for light vehicles and 30.6% for heavy commercial vehicles compared with 2013, which means an increase of 8.2% weighted for Finnveden-Bulten's exposure.
FinnvedenBulten's future plans provide for good opportunities for continued increases in market shares in the Bulten division, and a more stable and more profitable business for the Finnveden Metal Structures division following the announced restructuring.
Order bookings and net sales
Second quarter
Order bookings for the period were SEK 829.6 million (780.7), an increase of 6.3% compared with the corresponding period in the previous year. Net sales for the Group totalled SEK 814.3 million (830.4), a decrease of 1.9% compared with the corresponding period in the previous year when the sales was affected by a large portion of tool sales. Adjusted for currency effects, organic growth was 0.6% compared with the same period last year. Sales increased considerable compared with the previous three quarters.
January-June
Order bookings for the period were SEK 1,642.1 million (1,645.4), which is in parity with the corresponding period in the previous year.
Net sales for the Group totalled SEK 1,523.7 million (1,637.5), a decrease of 7.0% compared with the corresponding period in the previous year. Adjusted for currency effects, the reduction was 4.6% compared with the same period last year.
Earnings and profitability Second quarter
The Group's gross profit was SEK 140.7 million (128.7), corresponding to a gross margin of 17.3% (15.5). Earnings before depreciation (EBITDA) were SEK 54.5 million (59.3), corresponding to an EBITDA margin of 6.7% (7.1). Adjusted for non-recurring items, earnings before depreciation were SEK 70.1 million (59.3), corresponding to an adjusted EBITDA margin of 8.6% (7.1).
Earnings (EBIT) were SEK 20.8 million (40.2), corresponding to an operating margin of 2.6% (4.8). Adjusted for non-recurring
| r | NET SALES | operating Earnings |
Earnings after tax |
||||
|---|---|---|---|---|---|---|---|
| e t |
814 SEK mill ion |
Adj usted SEK |
51 mill ion |
36 Adj usted SEK mill ion |
|||
| r a u |
reported | Sek21mill ion |
reported | Sek39mill ion |
|||
| q D |
NET SALES PER DIVISION | OPERATI NG MAR |
GIN | Net MAR GIN |
|||
| N O |
FINNVEDEN METAL |
Adj usted |
6.3% | Adj usted |
4.4% | ||
| C E |
59% 41% |
STRUCTURES | reported | 2.6% | reported | 4.8% | |
| S | BULTEN |
items, EBIT was SEK 51.4 million (40.2), corresponding to an adjusted EBIT margin of 6.3% (4.8). The sum of SEK 30.6 million in non-recurring items relating to the restructuring programme to refine the foundry business affected earnings during the second quarter, of which SEK 15.6 million was before depreciation.
Coverage during the quarter was consistent and high with good operational leverage. The operating earnings were also positively affected by exchange rate fluctuations of a net SEK 5.4 million on the translation of working capital at the closing rate, especially for the Bulten division.
Net financial items in the Group were SEK –2.0 million (–5.2). Financial income of SEK 1.6 million (0.1) mostly comprises currency differences of SEK 1.5 million (-). Financial costs of SEK -3.6 million (-5.3) mainly comprise external interest costs amounting to SEK –3.2 million (–3.6).
The Group's profit before tax was SEK 18.8 million (35.0) and the profit after tax was SEK 39.4 million (25.2).
The tax for the period was SEK 20.6 million (–9.8) which included among others a deferred tax asset of SEK 27.1 million relating to additional loss deductions in accordance with a verdict from the Swedish administrative court of appeal.
January-June
The Group's gross profit was SEK 250.4 million (261.6), corresponding to a gross margin of 16.4% (16.0).
Earnings before depreciation (EBITDA) were SEK 93.1 million (118.3), corresponding to an EBITDA margin of 6.1% (7.2). Adjusted for non-recurring items, earnings before depreciation were SEK 108.7 million (118.3), corresponding to an adjusted EBITDA margin of 7.1% (7.2).
Earnings (EBIT) were SEK 40.3 million (80.4), corresponding to an operating margin of 2.6% (4.9). Adjusted for non-recurring items, EBIT was SEK 70.9 million (80.4), corresponding to an adjusted EBIT margin of 4.7% (4.9). The sum of SEK 30.6 million in non-recurring items relating to the restructuring programme to refine the foundry business affected earnings during the second quarter, of which SEK 15.6 million was before depreciation.
The first quarter was affected by lower sales and by continued profitability problems at the foundry business within the Finnveden Metal Structures division. Coverage during the second quarter was consistent and high with good operational leverage. The operating
earnings were also positively affected by exchange rate fluctuations of a net SEK 4.7 million on the translation of working capital at the closing rate, especially for the Bulten division.
Net financial items in the Group were SEK –12.6 million (–3.5). Financial income were SEK 0.1 million (4.7), previous year includes positive currency differences of SEK 4.6 million. Financial costs SEK –12.7 million (–8.2) mainly comprise external interest costs amounting to SEK –6.8 million (–7.0) and includes currency differences of SEK -5.2 million (-). The Group's profit before tax was SEK 27.7 million (76.9) and the profit after tax was SEK 45.3 million (55.1).
The tax for the period was SEK 17.6 million (–21.8) which included among others a deferred tax asset of SEK 27.1 million relating to additional loss deductions in accordance with a verdict from the Swedish administrative court of appeal.
Investments
January-June
Investments in intangible and tangible fixed assets were SEK 52.4 million (45.3). SEK 49.5 million (45.3) of the investments relate to machinery and equipment. The corresponding sum for intangible fixed assets was SEK 2.9 million (0.1). Depreciation for the period was SEK -37.8 million (-37.9), and impairment for the period was SEK –15.0 million (-), in total for the period -52.8 (–37.9).
Cash flow, working capital and financial position Second quarter
Cash flow from operating activities totalled SEK 59.8 million (62.6). Cash flow effects of changes in working capital amounted to SEK 7.0 million (14.0). Inventories decreased in the period by SEK 13.6 million (27.2), while operating receivables increased by SEK 52.0 million (previous year a decrease of 18.6).
January-June
Cash flow from operating activities totalled SEK 113.6 million (112.6). Cash flow effects of changes in working capital amounted to SEK 33.4 million (15.0). Inventories decreased in the period by SEK 37.6 million (21.4), while operating receivables increased by SEK 104.8 million (24.1).
Net debt amounted to SEK 222.1 million (132.8) on 30 June 2013, of which cash and cash equivalents were SEK 67.3 million (121.8).
| FINANCIAL SUMMARY (SEK m) |
Q2 | Jan-June | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | July 2012- June 2013 |
2012 | |||
| Net sales | 814.3 | 830.4 | -1.9% | 1,523.7 | 1,637.5 | -7.0% | 2,849.7 | 2,963.5 |
| Gross profit | 140.7 | 128.7 | 12.0 | 250.4 | 261.6 | -11.2 | 435.4 | 446.6 |
| Earnings before depreciation (EBITDA) | 54.5 | 59.3 | -4.8 | 93.1 | 118.3 | -25.2 | 154.6 | 179.8 |
| Adjusted earnings before depreciation (EBITDA) | 70.1 | 59.3 | 10.8 | 108.7 | 118.3 | -9.6 | 170.2 | 179.8 |
| Operating earnings (EBIT) | 20.8 | 40.2 | -19.4 | 40.3 | 80.4 | -40.1 | 63.2 | 103.3 |
| Operating margin, % | 2.6 | 4.8 | -2.2 | 2.6 | 4.9 | -2.3 | 2.2 | 3.5 |
| Adjusted operating earnings (EBIT) | 51.4 | 40.2 | 11.2 | 70.9 | 80.4 | -9.5 | 93.8 | 103.3 |
| Adjusted operating margin, % | 6.3 | 4.8 | 1.5 | 4.7 | 4.9 | -0.2 | 3.3 | 3.5 |
| Earnings after tax | 39.4 | 25.2 | 14.2 | 45.3 | 55.1 | -9.8 | 33.7 | 43.5 |
| Adjusted earnings after tax | 36.1 | 25.2 | 10.9 | 42.0 | 55.1 | -13.1 | 49.5 | 62.6 |
| Order bookings | 829.6 | 780.7 | 6.3% | 1,642.1 | 1,645.4 | -0.2% | 2,829.6 | 2,832.9 |
| Return on capital employed, % | – | – | – | – | – | – | 4.9 | 8.2 |
| Adjusted return on capital employed, % | – | – | – | – | – | – | 7.2 | 8.2 |
Bulten is one of the largest suppliers of fasteners to the European automotive market. The product offer covers customer-specific standard products as well as customer-adapted special fasteners. Expertise is also provided in technical development, logistics, materials and production together with a Full Service Provider concept.
Division BULTEN
Bulten's self-clinching pierce nut system is designed to cut costs by simplifying assembly and making it more cost-effective. The compact version shown in the picture enables savings of 20% in space and 25% in weight.
- • Net sales in the second quarter increased by SEK 23 million, up 5.1% on the same period last year.
- • Operating earnings in the second quarter were SEK 40 million (23).
- • Very good earnings performance with consistently high loading in the plants.
The Bulten division progressed strongly in the second quarter and continued gaining market shares, mainly within the framework of its FSP concept (Full Service Provider). Deliveries to new engine platforms have started and volumes from existing contracts have increased as a result of several customers expanding their production plans.
The division's initiative in Russia continues and production is planned to start at the end of 2013. Permission has been granted by the authorities and renovation of the buildings has begun. The plant in China has started deliveries to BAIC, among others.
The savings and efficiency measures that have been implemented to reduce tied-up capital and costs in combination with increased capacity utilisation, better volumes and consistent high loading in the plants, have had a very good impact on earnings during the quarter.
The turbulence in the automotive industry in recent years has affected several suppliers of fasteners. In this environment Bulten has positioned itself well and has good opportunities to grow organically and gain market shares.
Second quarter
Order bookings amounted to SEK 469.1 million (476.0), down 1.4% compared with the same period last year.
Net sales reached SEK 481.3 million (458.1), up 5.1 % compared with the same period last year and up 8.7% when adjusted for currency effects.
Earnings before depreciation (EBITDA) reached SEK 50.7 million (33.9), corresponding to an EBITDA margin of 10.5% (7.4).
Operating earnings (EBIT) were SEK 40.0 million (23.5), corresponding to an operating margin of 8.3% (5.1). The operating earnings were positively affected by exchange rate
fluctuations of a net SEK 5.3 million on the translation of working capital at the closing rate.
January-June
Order bookings amounted to SEK 947.3 million (955.1), down 0.8% compared with the same period last year.
Net sales reached SEK 901.8 million (932.7), down 3.3% compared with the same period last year and up 0.1% when adjusted for currency effects.
Earnings before depreciation (EBITDA) reached SEK 82.1 million (72.5), corresponding to an EBITDA margin of 9.1% (7.8).
Operating earnings (EBIT) were SEK 60.3 million (51.9), corresponding to an operating margin of 6.7% (5.6). The operating earnings were positively affected by exchange rate fluctuations of a net SEK 4.8 million on the translation of working capital at the closing rate.
SECOND quart er
| $SEK$ $481$ | ||
|---|---|---|
NET SALES EBIT
SEK 481million SEK40million 8.3%
OPERATING MARGIN
| FINANCIAL SUMMARY (SEK m) |
Q2 | Jan-June | 12-month rolling |
Full year | ||||
|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | July 2012- June 2013 |
2012 | |||
| Net sales | 481.3 | 458.1 | 5.1% | 901.8 | 932.7 | -3.3% | 1,679.6 | 1,710.5 |
| Earnings before depreciation (EBITDA) | 50.7 | 33.9 | 16.8 | 82.1 | 72.5 | 9.6 | 132.7 | 123.1 |
| Operating earnings (EBIT) | 40.0 | 23.5 | 16.5 | 60.3 | 51.9 | 8.4 | 89.9 | 81.5 |
| Operating margin, % | 8.3 | 5.1 | 3.2 | 6.7 | 5.6 | 1.1 | 5.4 | 4.8 |
| Order bookings | 469.1 | 476.0 | -1.4% | 947.3 | 955.1 | -0.8% | 1,662.4 | 1,670.2 |
Finnveden Metal Structures manufactures in series components in steel, magnesium and aluminium, or a combination of those materials. The key manufacturing processes are stamping, die-casting and joining. The manufactured components include interior, chassis and body parts for the automotive industry and also customer-specific components for general industry.
Division FINNVEDEN METAL STRUCTURES
This car head-rest component is a complex high-volume component with narrow tolerances. Manufacturing it requires an efficient process that comprises automated stamping, hydraulic profiling and welding by robot cells.
- • Net sales in the second quarter fell by SEK 40 million, down 10.6% on the same period last year.
- • Operating earnings in the second quarter were SEK –18 million (20), adjusted for non-recurring items SEK 13 million (20).
- • Streamlining of the foundry business by concentrating the magnesium die casting to Poland has been initiated.
Net sales for the Finnveden Metal Structures division fell during the second quarter compared with the same period last year. Sales and profitability, adjusted for non-recurring effects, improved compared with the previous quarter and the second half of 2012. The improvement in earnings is the result of rationalisation measures decided and implemented as well as a leverage effect from increased production and delivery volumes.
The division's stamping business continued to perform well. To implement the division's long-term strategy for improving profitability, further major restructuring measures have been initiated in the foundry business during the quarter. All magnesium die casting will be consolidated to Poland and aluminium die casting to Sweden. The intention is then to find new owners for the Swedish business and then focus on a multimaterial offer connected with magnesium die casting and sheet metal stamping.
Restructuring is planned to be completed by the end of 2013 and is expected during the year to require costs of around SEK 40 million. Operating earnings in the second quarter were affected by non-recurring items in the form of a restructuring costs amounting to SEK 30.6 million of which impairments of SEK 15.0 million. The measures are expected to give annual cost reductions of approximately SEK 20 million. The total earnings improvements of the initiated restructuring actions in the foundry business (2012 and 2013) are expected to reach approximately SEK 30-35 million per year compared with the outcome in 2012. Full effect is expected from the second half of 2014.
Work continues with the establishment of the joint venture in China.
Second quarter
Order bookings amounted to SEK 360.5 million (306.8), up 17.5% compared with the same period last year when order bookings were relatively low due to fluctuation between quarters. Net sales reached SEK 335.0 million (374.9), down 10.6% compared with the same period last year when tool sales were high. Adjusted for currency effects the net sales were down 9.5%.
Earnings before depreciation (EBITDA) reached SEK 4.8 million (28.7), corresponding to an EBITDA margin of 1.4% (7.7). Adjusted for non-recurring items, earnings before depreciation amounted to SEK 20.4
million (28.7), corresponding to an adjusted EBITDA margin of 6.1% (7.6).
Operating earnings (EBIT) were SEK –18.1 million (20.0), corresponding to an operating margin of -5.4% (5.3). Adjusted for nonrecurring items, EBIT was SEK 12.5 million (20.0), corresponding to an adjusted EBIT margin of 3.7% (5.3).
January-June
Order bookings amounted to SEK 696.6 million (694.9), in parity with the same period last year. Net sales reached SEK 625.4 million (710.0), down 11.9% compared with the same period last year, and down 11.0% when adjusted for currency effects.
Earnings before depreciation (EBITDA) reached SEK 12.3 million (51.9), corresponding to an EBITDA margin of 2.0% (7.3). Adjusted for non-recurring items, earnings before depreciation amounted to SEK 27.9 million (51.9), corresponding to an adjusted EBITDA margin of 4.5% (7.3).
Operating earnings (EBIT) were SEK –18.6 million (34.6), corresponding to an operating margin of –3.0% (4.9). Adjusted for nonrecurring items, EBIT was SEK 12.0 million (34.6), corresponding to an adjusted EBIT margin of 1.9% (4.9).
NET SALES OPERATING MARGIN
EBIT
Adjusted
reported
reported
SeK-18 million -5.4%
| FINANCIAL SUMMARY (SEK m) |
Q2 | Jan-June | 12-month rolling |
Full year | ||||
|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | July 2012- June 2013 |
2012 | |||
| Net sales | 335.0 | 374.9 -10.6% | 625.4 | 710.0 -11.9% | 1,176.8 | 1,261.4 | ||
| Earnings before depreciation (EBITDA) | 4.8 | 28.7 | -23.9 | 12.3 | 51.9 | -39.6 | 25.2 | 64.8 |
| Adjusted earnings before depreciation (EBITDA) | 20.4 | 28.7 | -8.3 | 27.9 | 51.9 | 24.0 | 40.8 | 64.8 |
| Operating earnings (EBIT) | -18.1 | 20.0 | -38.1 | -18.6 | 34.6 | -53.2 | -23.1 | 30.1 |
| Operating margin, % | -5.4 | 5.3 | -10.7 | -3.0 | 4.9 | -7.9 | -1.9 | 2.4 |
| Adjusted operating earnings (EBIT) | 12.5 | 20.0 | -7.5 | 12.0 | 34.6 | -22.6 | 7.5 | 30.1 |
| Adjusted operating margin, % | 3.7 | 5.3 | -1.6 | 1.9 | 4.9 | -3.0 | 0.6 | 2.4 |
| Order bookings | 360.5 | 306.8 | 17.5% | 696.6 | 694.9 | 0.2% | 1,171.8 | 1,170.1 |
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 RFR 2 (Reporting for legal entities) of the Swedish Financial Accounting Standards Council.
Effective in quarter one 2013 an amendment has been made in accounting rules concerning IAS 19, Employee benefits. The changes relate to reporting of defined-benefit pension plans. The new principles affect reporting retroactively, which is why the opening balance for 1 January 2012 has been recalculated and equity has been reduced by SEK 3.3 million. The switch to the new accounting principles has meant that net pension allocations including a special salary tax have risen by SEK 2.1 million as of 31 December 2012. For the full year 2012 earnings improved by SEK 1.5 million (SEK 0.07 per share) and other comprehensive income increased by SEK 0.3 million as a consequence of the new accounting principles. The change did not affect the Group's earnings in the first half of either 2012 or 2013. The accounting principles are otherwise unchanged.
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. For a more detailed description of these risks, see Note 3, Risks and risk management, of the company's 2012 annual report.
Verdict of Swedish Administrative Court of Appeal concerning interest deduction
In a verdict dated 11 April 2013, the administrative court of appeal in Stockholm has reversed the review decision of the Swedish Tax Agency and permitted a deduction for interest on a shareholder loan in accordance with the submitted tax forms. The verdict, which is subject an appeal by the Tax Agency at the Supreme Administrative Court, means that FinnvedenBulten AB (publ) may make a further deduction of SEK 197 million, of which SEK 123 million remained unutilised at June 30, 2013. The management team considers the possibility that the Tax Agency will succeed with its appeal to be low, but it cannot be ruled out. Consequently, a deferred tax asset of SEK 27.1 million has been reported for the quarter.
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 quarter three, where there are fewest production days. The other quarters are relatively even although variations may occur.
Transaction with related parties
No transactions were made with related parties during the reporting period. For further information, see note 39 of the 2012 annual report.
Financial targets
- • The Group's target is to achieve profitable organic growth and to grow more strongly than the industry in general.
- • The Group's target is that the operating margin shall be at least seven (7) per cent.
- • The Group's target is that the return on average working capital shall be at least fifteen (15) per cent.
Employees
The total number of employees in the Group amounted on the closing day to 1,803 (1,842).
Contingent liabilities
During the report period there was no significant change in contingent liabilities.
Parent company
FinnvedenBulten AB (publ) owns, directly or indirectly, all the companies in the Group. The equity/assets ratio was 80.6% (84.3). Equity was SEK 1,185.3 million (1,211.9). Cash and cash equivalents in the parent company totalled SEK 2.0 (0.2) million. The company had 7 employees on the closing day.
Important events after the end of the interim period
There were no significant events to report after the closing date.
Auditor's review
This financial statement has not been subject to a review by the company's auditors.
The Board and the CEO certify that the report gives a true and fair view of the business, operations, financial position and results of the parent company and the Group, and describes the significant risks and uncertainties that they face.
Göteborg, 12 July 2013 FinnvedenBulten AB (publ)
| Roger Holtback | Hans Gustavsson | Hans Peter Havdal |
|---|---|---|
| Chairman of the board | Board member | Board member |
| Arne Karlsson | Johan Lundsgård | Adam Samuelsson |
| Board member | Board member | Board member |
| Tony Frunk | Katarina Olsson | Johan Westman |
| Employee representative | Employee representative | President and CEO |
FinnvedenBulten's footprint
PRODUCTION
- • Production takes place mainly in Western and Eastern Europe with significant low-cost production in Poland and China.
- • Lean and well positioned manufacturing facilities in Europe and Asia.
Consolidated income statement
| Q2 | Jan-June | 12 months rolling |
Full year | |||||
|---|---|---|---|---|---|---|---|---|
| SEK million | 2013 | 2012 | 2013 | 2012 | July 2012- June 2013 |
2012 | ||
| Net sales | 814.3 | 830.4 | -16.1 | 1,523.7 | 1,637.5 | -113.8 | 2,849.7 | 2,963.5 |
| Cost of goods sold | -673.6 | -701.7 | 28.1 | -1,273.3 | -1,375.9 | 102.6 | -2,414.3 | -2,516.9 |
| Gross profit | 140.7 | 128.7 | 12.0 | 250.4 | 261.6 | -11.2 | 435.4 | 446.6 |
| Other operating income | 5.3 | 6.8 | -1.5 | 10.6 | 8.5 | 2.1 | 26.3 | 24.2 |
| Selling expenses | -38.6 | -38.5 | -0.1 | -75.4 | -74.6 | -0.8 | -148.0 | -147.2 |
| Administrative expenses | -57.4 | -56.6 | -0.8 | -112.9 | -111.4 | -1.5 | -212.5 | -211.0 |
| Other operating expenses Note 1 |
-29.2 | -0.2 | -29.0 | -32.4 | -3.7 | -28.7 | -38.0 | -9.3 |
| Operating earnings | 20.8 | 40.2 | -19.4 | 40.3 | 80.4 | -40.1 | 63.2 | 103.3 |
| Financial income | 1.6 | 0.1 | 1.5 | 0.1 | 4.7 | -4.6 | 0.4 | 5.0 |
| Financial expenses | -3.6 | -5.3 | 3.2 | -12.7 | -8.2 | -4.5 | -20.3 | -15.8 |
| Earnings before tax | 18.8 | 35.0 | -16.2 | 27.7 | 76.9 | -49.2 | 43.3 | 92.5 |
| Tax on period's earnings Note 2 |
20.6 | -9.8 | 30.4 | 17.6 | -21.8 | 39.4 | -9.6 | -49.0 |
| Earnings after tax | 39.4 | 25.2 | 14.2 | 45.3 | 55.1 | -9.8 | 33.7 | 43.5 |
| Attributable to | ||||||||
| Parent company shareholders | 39.4 | 25.2 | 14.2 | 45.3 | 55.1 | -9.8 | 33.7 | 43.5 |
| Minority interests | – | – | – | – | – | – | – | – |
| 39.4 | 25.2 | 14.2 | 45.3 | 55.1 | -9.8 | 33.7 | 43.5 | |
| Non-recurring items in the period | ||||||||
| Note1 Cost for restructuringsprogram | ||||||||
| Impairment of fixed assets | -15.0 | – | -15.0 | -15.0 | – | -15.0 | -15.0 | – |
| Restructuring program | -15.6 | – | -15.6 | -15.6 | – | -15.6 | -15.6 | – |
| Total non-recurring items with effect on operating earning |
-30.6 | – | -30.6 | -30.6 | – | -30.6 | -30.6 | – |
| Note2 Tax on period's earnings | ||||||||
| Tax effect on restructuringcost | 6.7 | – | 6.7 | 6.7 | – | 6.7 | 6.7 | – |
| Deferred tax on additional tax loss carry forward | 27.1 | – | 27.1 | 27.1 | – | 27.1 | 27.1 | – |
| One-off effect of deferred taxes due to changed tax rate in Sweden |
– | – | – | – | – | – | -19.1 | -19.1 |
| Total one-off effect on tax adjustment with effect on period's earnings |
33.8 | – | 33.8 | 33.8 | – | 33.8 | 14.7 | -19.1 |
| Earnings per share , SEK1) | 1.87 | 1.20 | 0.67 | 2.15 | 2.62 | -0.47 | 1.60 | 2.07 |
| Earningsper share,adjustedforone-offeffect,SEK1) | 1.72 | 1.20 | 0.52 | 2.00 | 2.62 | -0.62 | 2.36 | 2.98 |
| Weighted outstanding ordinary shares, 000 1) | 21,040.2 | 21,040.2 | – | 21,040.2 21,040.2 | – | 21,040.2 | 21,040.2 |
1) Both before and after dilution.
Consolidated statement of comprehensive income
| Q2 | Jan-June | 12 months rolling |
Full year | |||||
|---|---|---|---|---|---|---|---|---|
| SEK million | 2013 | 2012 | 2013 | 2012 | July 2012- June 2013 |
2012 | ||
| Earnings after tax | 39.4 | 25.2 | 14.2 | 45.3 | 55.1 | -9.8 | 33.7 | 43.5 |
| Other comprehensive income | ||||||||
| Items that will not be reclassified to profit or loss | ||||||||
| Actuarial gain on post employment benifit obligations after tax |
– | – | – | – | – | – | 0.3 | 0.3 |
| Items that may be reclassified subsequently to profit or loss |
||||||||
| Derivative instruments, cash flow hedging, net after tax |
-1.8 | 0.7 | -2.5 | -1.3 | 0.7 | -2.0 | -3.2 | -1.2 |
| Exchange rate differences | 13.1 | 0.7 | 12.4 | -5.6 | 5.6 | -11.2 | -10.6 | 0.6 |
| Total comprehensive income | 50.7 | 26.6 | 24.1 | 38.4 | 61.4 | -23.0 | 20.2 | 43.2 |
| Attributable to | ||||||||
| Parent company shareholders | 50.7 | 26.6 | 24.1 | 38.4 | 61.4 | -23.0 | 20.2 | 43.2 |
| Minority interests | – | – | – | – | – | – | – | – |
| Total comprehensive income | 50.7 | 26.6 | 24.1 | 38.4 | 61.4 | -23.0 | 20.2 | 43.2 |
Consolidated balance sheet
| SEK million | 30-06-2013 | 30-06-2012 | 31-12-2012 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible fixed assets | 198.3 | 182.0 | 194.2 |
| Tangible fixed assets | 384.7 | 387.3 | 404.8 |
| Financial assets | 149.1 | 131.8 | 106.0 |
| Total fixed assets | 732.1 | 701.1 | 705.0 |
| Current assets | |||
| Inventories | 480.7 | 483.4 | 518.2 |
| Current receivables | 679.7 | 667.7 | 575.0 |
| Cash and cash equivalents | 67.3 | 121.8 | 51.8 |
| Total current assets | 1,227.7 | 1,272.9 | 1,145.0 |
| Total assets | 1,959.8 | 1,974.0 | 1,850.0 |
| EQUITY AN D LIA BILITIES |
|||
| Equity | |||
| Equity attributable to parent company shareholders | 1,026.9 | 1,047.1 | 1,030.6 |
| Minority interests | – | – | – |
| Total equity | 1,026.9 | 1,047.1 | 1,030.6 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities and provisions | 249.6 | 239.8 | 270.2 |
| Non-current non-interest-bearing liabilities and provisions | 2.6 | 3.7 | 2.2 |
| Total non-current liabilities | 252.2 | 243.5 | 272.4 |
| Current liabilities | |||
| Interest-bearing current liabilities | 42.8 | 17.9 | 30.5 |
| Current liabilities, non-interest-bearing | 637.9 | 665.5 | 516.5 |
| Total current liabilities | 680.7 | 683.4 | 547.0 |
| Total equity and liabilities | 1,959.8 | 1,974.0 | 1,850.0 |
| Pledged assets | 1,400.3 | 1,387.4 | 1,382.3 |
| Contingent liabilities | 48.7 | 82.7 | 83.5 |
Consolidated statement of changes in equity
| SEK million | 30-06-2013 | 30-06-2012 | 31-12-2012 |
|---|---|---|---|
| Opening equity | 1,030.6 | 1,032.8 | 1,032.8 |
| Effect of change in accounting principles | – | – | -3.3 |
| Adjusted opening equity | 1,030.6 | 1,032.8 | 1,029.5 |
| Comprehensive income | |||
| Earnings after tax | 45.3 | 55.1 | 43.5 |
| Other comprehensive income | |||
| Items that will not be reclassified to profit or loss | |||
| Actuarial gain on post employment benifit obligations after tax | – | – | 0.3 |
| Items that may be reclassified subsequently to profit or loss | |||
| Derivative instruments, cash flow hedging, net after tax | -1.3 | 0.7 | -1.2 |
| Exchange rate differences | -5.6 | 0.6 | 0.6 |
| Total comprehensive income | 38.4 | 56.4 | 43.2 |
| Transactions with shareholders | |||
| Dividend paid to parent company shareholders | -42.1 | -42.1 | -42.1 |
| Total transactions with shareholders | -42.1 | -42.1 | -42.1 |
| Closing equity | 1,026.9 | 1,047.1 | 1,030.6 |
Consolidated cash flow statement
| Jan-June | ||||
|---|---|---|---|---|
| SEK million | 2013 | 2012 | 2012 | |
| Operating activities | ||||
| Earnings after financial items | 27.7 | 76.9 | 92.5 | |
| Adjustments for items not included in cash flow | 67.8 | 31.0 | 48.2 | |
| Taxes paid | -15.3 | -10.3 | -17.7 | |
| Cash flow from operating activities before changes in working capital | 80.2 | 97.6 | 123.0 | |
| Cash flow from changes in working capital | ||||
| Change in working capital | 33.4 | 15.0 | -50.6 | |
| Cash flow from operating activities | 113.6 | 112.6 | 72.4 | |
| Investing activities | ||||
| Acquisition of intangible fixed assets | -2.9 | -0.1 | -12.5 | |
| Acquisition of tangible fixed assets | -49.5 | -45.3 | -100.2 | |
| Disposal of tangible fixed assets | 2.2 | 0.5 | 1.6 | |
| Settlement of financial assets | 0.5 | 0.4 | 0.7 | |
| Cash flow from investing activities | -49.7 | -44.5 | -110.4 | |
| Financing activities | ||||
| Change in overdraft facilities and other financial liabilities | -5.8 | -5.9 | 31.9 | |
| Dividend paid to parent company shareholders | -42.1 | -42.1 | -42.1 | |
| Cash flow from financing activities | -47.9 | -48.0 | -10.2 | |
| Cash flow for the period | 16.0 | 20.1 | -48.2 | |
| Change in cash and cash equivalents | 16.0 | 20.1 | -48.2 | |
| Cash and cash equivalents at start of financial year | 51.8 | 102.7 | 102.7 | |
| Exchange rate difference in cash and cash equivalents | -0.5 | -1.0 | -2.7 | |
| Cash and cash equivalents at end of period | 67.3 | 121.8 | 51.8 |
Consolidated net debt composition
| SEK million | 30-06-2013 | 30-06-2012 | 31-12-2012 |
|---|---|---|---|
| Non-current interest-bearing liabilities | 228.4 | 223.8 | 249.6 |
| Provisions for pensions | 21.2 | 16.0 | 20.6 |
| Current interest-bearing liabilities | 42.8 | 17.9 | 30.5 |
| Financial interest-bearing liabilities | -3.0 | -3.1 | -2.8 |
| Cash and cash equivalents | -67.3 | -121.8 | -51.8 |
| Net loan liabilities | 222.1 | 132.8 | 246.1 |
Consolidated segment reports
| Q2 2013 |
||||||
|---|---|---|---|---|---|---|
| Bulten | Finnveden Metal Structures |
Other* | The Group | |||
| 481.3 | 335.0 | -2.0 | 814.3 | |||
| 50.7 | 4.8 | -1.0 | 54.5 | |||
| 50.7 | 20.4 | -1.0 | 70.1 | |||
| 40.0 | -18.1 | -1.1 | 20.8 | |||
| 8.3 | -5.4 | – | 2.6 | |||
| 40.0 | 12.5 | -1.1 | 51.4 | |||
| 8.3 | 3.7 | – | 6.3 | |||
| Q2 2012 | |||||||
|---|---|---|---|---|---|---|---|
| SEK million | Bulten | Finnveden Metal Structures |
Other* | The Group | |||
| Net sales | 458.1 | 374.9 | -2.6 | 830.4 | |||
| Earnings before depreciation (EBITDA) | 33.9 | 28.7 | -3.3 | 59.3 | |||
| Operating profit (EBIT) | 23.5 | 20.0 | -3.3 | 40.2 | |||
| Operating margin, % | 5.1 | 5.3 | – | 4.8 |
| Jan - June 2013 | |||||||
|---|---|---|---|---|---|---|---|
| SEK million | Bulten | Finnveden Metal Structures |
Other* | The Group | |||
| Net sales | 901.8 | 625.4 | -3.5 | 1,523.7 | |||
| Earnings before depreciation (EBITDA) | 82.1 | 12.3 | -1.3 | 93.1 | |||
| Adjusted earnings before depreciation (EBITDA) 1) | 82.1 | 27.9 | -1.3 | 108.7 | |||
| Operating profit (EBIT) | 60.3 | -18.6 | -1.4 | 40.3 | |||
| Operating margin, % | 6.7 | -3.0 | – | 2.6 | |||
| Adjusted operating margin (EBIT) 2) | 60.3 | 12.0 | -1.4 | 70.9 | |||
| Adjusted operating margin, % 2) | 6.7 | 1.9 | – | 4.7 |
| SEK million | Jan - June 2012 | |||||||
|---|---|---|---|---|---|---|---|---|
| Bulten | Finnveden Metal Structures |
Other* | The Group | |||||
| Net sales | 932.7 | 710.0 | -5.2 | 1,637.5 | ||||
| Earnings before depreciation (EBITDA) | 72.5 | 51.9 | -6.1 | 118.3 | ||||
| Operating profit (EBIT) | 51.9 | 34.6 | -6.1 | 80.4 | ||||
| Operating margin, % | 5.6 | 4.9 | – | 4.9 |
* Other includes parent company and Group eliminations.
1) Adjustment relates to restructuring cost within segment Finnveden Metal Structures of SEK -15,6 million during 2013.
2) Adjustment relates to restructuring cost including impairment of fixed assets within segment Finnveden Metal Structures of SEK -30,6 million dunder 2013.
Income statement, parent company
| Q2 | Jan-June | Full year | |||
|---|---|---|---|---|---|
| SEK million | 2013 | 2012 | 2013 | 2012 | 2012 |
| Net sales | 6.7 | 5.9 | 13.4 | 11.7 | 24.7 |
| Cost of goods sold | – | – | – | – | – |
| Gross profit | 6.7 | 5.9 | 13.4 | 11.7 | 24.7 |
| Administrative expenses | -8.8 | -9.2 | -16.3 | -18.8 | -33.4 |
| Operating earnings | -2.1 | -3.3 | -2.9 | -7.1 | -8.7 |
| Interest expenses and similar items | -2.7 | -2.3 | -5.1 | -4.2 | -9.1 |
| Earnings before tax | -4.8 | -5.6 | -8.0 | -11.3 | -17.8 |
| Tax on earnings for the year 1)2) | 28.1 | 1.4 | 28.8 | 2.9 | -5.1 |
| Earnings after tax | 23.3 | -4.2 | 20.8 | -8.4 | -22.9 |
1) Deferred tax revenue from additional tax losses of SEK 27.1 million was reported in the second quarter 2013. 2) For the whole year 2012 a one-off effect due to changed tax rate in Sweden is included with SEK million -9.6.
Balance sheet, parent company
| SEK million | 30-06-2013 | 30-06-2012 | 31-12-2012 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Tangible fixed assets | |||
| Equipment | 0.2 | 0.2 | 0.2 |
| Total tangible fixed assets | 0.2 | 0.2 | 0.2 |
| Financial fixed assets | |||
| Participations in Group companies | 1,382.5 | 1,367.1 | 1,381.3 |
| Deferred tax assets | 77.7 | 60.1 | 48.9 |
| Other non-current receivables | 5.3 | 5.8 | 5.6 |
| Total financial fixed assets | 1,465.5 | 1,433.0 | 1,435.8 |
| Total fixed assets | 1,465.7 | 1,433.2 | 1,436.0 |
| Current assets | |||
| Current receivables | 3.0 | 3.8 | 21.5 |
| Cash and cash equivalents | 2.0 | 0.2 | 6.0 |
| Total current assets | 5.0 | 4.0 | 27.5 |
| Total assets | 1,470.7 | 1,437.2 | 1,463.5 |
| EQUITY AN D LIA BILITIES |
|||
| Equity | 1,185.3 | 1,211.9 | 1,206.6 |
| Non-current liabilities | |||
| Liabilities to Group companies | 274.9 | 216.0 | 245.7 |
| Total non-current liabilities | 274.9 | 216.0 | 245.7 |
| Current liabilities | |||
| Other current liabilities | 10.5 | 9.3 | 11.2 |
| Total current liabilities | 10.5 | 9.3 | 11.2 |
| Total equity and liabilities | 1,470.7 | 1,437.2 | 1,463.5 |
| Pledged assets | 1,385.7 | 1,371.5 | 1,385.7 |
| Contingent liabilities | 13.9 | 46.6 | 49.0 |
Consolidated key indicators
| Q2 | Jan-Juni | Full year | |||
|---|---|---|---|---|---|
| THE GROUP | 2013 | 2012 | 2013 | 2012 | 2012 |
| Margins | |||||
| EBITDA margin, % | 6.7 | 7.1 | 6.1 | 7.2 | 6.1 |
| Adjusted EBITDA margin, % | 8.6 | 7.1 | 7.1 | 7.2 | 6.1 |
| EBIT margin (operating margin), % | 2.6 | 4.8 | 2.6 | 4.9 | 3.5 |
| Adjusted EBIT margin (operating margin), % | 6.3 | 4.8 | 4.7 | 4.9 | 3.5 |
| Net margin, % | 4.8 | 3.0 | 3.0 | 3.4 | 1.5 |
| Adjusted net margin, % | 4.4 | 3.0 | 2.8 | 3.4 | 2.1 |
| Capital structure | |||||
| Interest coverage ratio, times | 9.6 | 9.6 | 3.2 | 10.4 | 6.9 |
| Data per share | |||||
| Earnings per share, SEK *) | 1.87 | 1.20 | 2.15 | 2.62 | 2.07 |
| Earningspershare,adjustedforone-offeffects,SEK*) 1) | 1.72 | 1.20 | 2.00 | 2.62 | 2.98 |
| Number of outstanding ordinary shares | |||||
| Weighted outstanding ordinary shares, 000 *) | 21,040.2 | 21,040.2 | 21,040.2 | 21,040.2 | 21,040.2 |
| THE GROUP | 30-06-2013 | 30-06-2012 | 31-12-2012 | ||
| Capital structure | |||||
| Net debt/equity ratio, times | 0.2 | 0.1 | 0.2 | ||
| Equity/assets ratio, % | 52.4 | 53.0 | 55.7 | ||
| Other | |||||
| Net debt, SEK m | 222.1 | 132.8 | 246.1 | ||
| 12 months rolling | Full year | ||||
| THE GROUP, 12 months rolling | July 2012- June 2013 |
July 2011- June 2012 |
2012 | ||
| Return indicators | |||||
| Return on capital employed, % | 4.9 | 12.8 | 8.2 | ||
| Adjusted return on capital employed, % 5) | 7.2 | 12.8 | 8.2 | ||
| Return on equity, % | 3.2 | 10.5 | 4.2 | ||
| Adjusted return on equity, % 2) | 2.9 | 10.5 | 4.2 | ||
| Capital structure | |||||
| Capital turnover, times | 2.2 | 2.3 | 2.3 |
|---|---|---|---|
| Employees | |||
| Net sales per employee, SEK '000 | 1,580.5 | 1,707.0 | 1,637.3 |
| Operating profit/loss per employee, SEK '000 | 35.1 | 90.6 | 57.1 |
| Average no. of employees on closing date | 1,803 | 1,842 | 1,810 |
*) Refers to both before and after dilution.
Definitions
Definitions of key indicators are unchanged compared with those used in the 2012 annual report. Other indicators not used in the annual report are explained below.
1) Earnings per share adjusted for non-recurring items: Net earnings adjusted for non-recurring items divided by the number of weighted outstanding ordinary shares on the closing day. Current tax is considered for all adjusted items.
2) Adjusted return on equity: Net earnings adjusted for non-recurring items divided with average equity.
3) Net debt/Adjusted EBITDA: Net debt divided with Earnings before depreciation (EBITDA) adjusted with non recurring items.
4) Adjusted operating earnings: Operating earnings adjusted for non-recurring costs.
5) Adjusted return on capital employed. Earnings after financial items plus financial costs and non-recurring costs as a percentage of average capital employed.
6) Adjusted earnings before depreciation (EBITDA): Earnings before depreciation (EBITDA) adjusted with non-recurring items.
Consolidated quarterly data
| 2013 | 2012 | 2011 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| THE GROUP | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
| Order bookings | 829.6 | 812.5 | 577.8 | 609.7 | 780.7 | 864.7 | 780.1 | 736.0 | 854.4 |
| Income statement | |||||||||
| Net sales | 814.3 | 709.4 | 676.7 | 649.3 | 830.4 | 807.1 | 802.9 | 703.9 | 782.1 |
| Gross earnings | 140.7 | 109.7 | 92.7 | 92.3 | 128.7 | 132.9 | 139.2 | 116.3 | 150.8 |
| Earnings before depreciation (EBITDA) | 54.5 | 38.6 | 30.9 | 30.6 | 59.3 | 59.0 | 61.8 | 60.6 | 79.3 |
| Adjusted earnings before depreciation (EBITDA) 6) |
70.1 | 38.6 | 30.9 | 30.6 | 59.3 | 59.0 | 61.8 | 60.6 | 79.3 |
| Operating earnings (EBIT) | 20.8 | 19.5 | 11.5 | 11.4 | 40.2 | 40.2 | 43.4 | 43.1 | 61.3 |
| Adjusted operating earnings (EBIT) 4) | 51.4 | 19.5 | 11.5 | 11.4 | 40.2 | 40.2 | 43.5 | 43.3 | 66.7 |
| Cash flow statement | |||||||||
| Cash flow from current activities | 59.8 | 53.8 | 43.5 | -83.7 | 62.5 | 50.1 | 97.4 | -42.7 | 49.4 |
| Cash flow from investment activities | -22.2 | -27.5 | -37.2 | -28.7 | -21.6 | -22.9 | -17.0 | -30.7 | -22.9 |
| Cash flow from financing activities | -44.0 | -3.9 | -1.4 | 39.2 | -43.8 | -4.2 | -24.9 | -96.6 | -4.7 |
| Cash flow for the period | -6.4 | 22.4 | 4.9 | -73.2 | -2.9 | 23.0 | 55.5 | -170.0 | 21.8 |
| Data per share | |||||||||
| Earnings per share, SEK *) | 1.87 | 0.28 | -0.70 | 0.15 | 1.20 | 1.42 | 1.40 | 1.06 | 2.47 |
| Earnings per share, adjustedforone-offeffects, SEK*) 1) |
1.72 | 0.28 | 0.21 | 0.15 | 1.20 | 1.42 | 1.40 | 1.06 | 2.47 |
| Number of outstanding ordinary shares | |||||||||
| Weighted outstanding ordinary shares,000*) | 21,040.2 21,040.2 | 21,040.2 21,040.2 21,040.2 21,040.2 | 21,040.2 21,040.2 16,172.4 |
| THE GROUP | 30-06-2013 31-03-2013 | 31-12-2012 30-09-2012 30-06-2012 31-03-2012 | 31-12-2011 30-09-2011 30-06-2011 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet | |||||||||
| Fixed assets | 732.1 | 708.0 | 705.0 | 713.5 | 701.1 | 702.8 | 692.7 | 713.7 | 715.2 |
| Current assets | 1,227.7 | 1,194.4 | 1,145.0 | 1,225.2 | 1,272.9 | 1,267.2 | 1,208.1 | 1,183.0 | 1,301.7 |
| Equity | 1,026.9 | 1,018.3 | 1,030.6 | 1 ,44.6 | 1,047.1 | 1,067.6 | 1,032.8 | 1,008.7 | 994.5 |
| Non-current liabilities | 252.2 | 274.8 | 272.4 | 275.6 | 243.5 | 246.2 | 243.4 | 268.5 | 366.1 |
| Current liabilities | 680.7 | 609.3 | 547.0 | 618.5 | 683.4 | 656.2 | 624.6 | 619.5 | 656.3 |
| Other | |||||||||
| Net debt | 222.1 | 227.4 | 246.1 | 250.4 | 132.8 | 135.6 | 161.6 | 238.5 | 165.0 |
| GROUP, 12 months rolling | July 2012- June 2013 |
April 2012- March 2013 |
January 2012- December 2012 |
October 2011- September 2012 |
July 2011- June 2012 |
April 2011- March 2012 |
January 2011- December 2011 |
October 2010- September 2011 |
July 2010- June 2011 |
| Order bookings | 2,829.6 | 2,780.7 | 2,832.9 | 3,035.2 | 3,161.5 | 3,235.2 | 3,208.9 | 3,214.0 | 3,135.0 |
| Income statement | |||||||||
| Net sales | 2,849.7 | 2,865.8 | 2,963.5 | 3,089.7 | 3,144.3 | 3,096.0 | 3,085.0 | 3,012.4 | 2,899.8 |
| Gross earnings | 435.4 | 423.4 | 446.6 | 493.1 | 517.0 | 539.2 | 558.9 | 549.6 | 531.9 |
| Earnings before depreciation (EBITDA) | 154.6 | 159.4 | 179.8 | 210.7 | 240.7 | 260.7 | 273.2 | 268.8 | 251.3 |
| Adjusted earnings before depreciation (EBITDA) 6) |
170,2 | 159.4 | 179.8 | 210.7 | 240.7 | 260.7 | 273.2 | 268.8 | 251.3 |
| Operating earnings (EBIT) | 63.2 | 82.6 | 103.3 | 135.2 | 166.9 | 188.0 | 201.5 | 199.8 | 181.6 |
| Adjusted operating earnings (EBIT) 4) | 93.8 | 82.6 | 103.3 | 135.3 | 167.2 | 193.7 | 219.7 | 218.6 | 202.3 |
| Employees | |||||||||
| Net sales per employee, SEK '000 | 1,580.5 | 1,591.2 | 1,637.3 | 1,690.2 | 1,707.0 | 1,718.1 | 1,766.9 | 1,682.9 | 1,690.8 |
| Operating profit/loss per employee, SEK '000 |
35.1 | 45.9 | 57.1 | 73.9 | 90.6 | 104.3 | 115.4 | 111.6 | 105.9 |
| Average no. of employees on closing date | 1,803 | 1,801 | 1,810 | 1,828 | 1,842 | 1,802 | 1,746 | 1,790 | 1,715 |
| Return indicators | |||||||||
| Capital employed, % | 4.9 | 6.2 | 8.2 | 10.4 | 12.8 | 14.6 | 15.4 | 16.5 | 14.5 |
| Adjusted return on capital employed, %5) | 7.2 | 6.2 | 8.2 | 10.5 | 12.8 | 15.0 | 16.8 | 18.0 | 16.1 |
| Equity, % | 3.2 | 1.9 | 4.2 | 8.5 | 10.5 | 12.2 | 15.1 | 39.2 | 36.6 |
| Adjusted return on equity,% 2) | 2.9 | 1.9 | 4.2 | 8.5 | 10.5 | 12.2 | 15.1 | 39.2 | 36.6 |
| Other | |||||||||
| Net debt/EBITDA | 1.4 | 1.4 | 1.4 | 1.2 | 0.6 | 0.5 | 0.6 | 0.9 | 0.7 |
| Net debt/ Adjusted EBITDA 3) | 1.3 | 1.4 | 1.4 | 1.2 | 0.6 | 0.5 | 0.6 | 0.9 | 0.7 |
*) Refers to both before and after dilution.
FinnvedenBulten develops and manages industrial businesses, offering products, technical solutions and systems in metallic materials. The Group operates as a business partner to international customers in the engineering industry, primarily the automotive industry. FinnvedenBulten is structured into two divisions – Bulten and Finnveden Metal Structures – 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 takes place Sweden, Germany, Poland and China with ongoing establishment in Russia.
Future financial report dates
24 October 2013 | Interim report January - September 2013 6 February 2014 | Full year report January - December 2013
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 31-734 59 17, Switchboard: +46 31-734 59 00, e-mail: [email protected]
Invitation to conference call
Investors, analysts and media are invited to participate in the teleconference on Friday, July 12 at 11:00 CET when the report will be presented by FinnvedenBulten's President and CEO Johan Westman. Additional participants from the company are Executive Vice President Tommy Andersson and CFO Helena Wennerström.
To participate, please call 5 minutes before the opening of the conference call to Sweden +46 8 506 443 86, UK +44 207 153 9154, USA +1 877 423 0830. Code: 358163#.
The presentation will be held in English. Copies of the presentation will be available at www.finnvedenbulten.com.
A replay of the telephone conference is available until July 26, 2013 on the phone numbers Sweden +46 8-505 564 73, UK +44 203 364 5196, USA +1 877 679 2989. Code: 347588#.
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