Bulten — Interim / Quarterly Report 2013

Apr 24, 2013

interim report January–March 2013

Weak sales, but gradual increase in order bookings compared to Q3 and Q4 last year

FIRST quarter

• • Net sales reached SEK 709 million (80), down 12.1% on the same period last year.
• • Earnings (EBIT) were SEK 19 million (40), which gave an operating margin of 2.7% (5.0).
• • Profit after tax was SEK 6 million (30).
• • Order bookings amounted to SEK 812 million (865), down 6.0% on the same period last year.
• • Cash flow from current activities was SEK 54 million (50).
• • Earnings per share were SEK 0.28 (1.42).

IMPORTANT EVENTS AFTER THE END OF THE INTERIM PERIOD

• In a ruling dated 11 April 2013, the Stockholm administrative court of appeal repealed the Swedish Tax Agency's review decision and allowed the deduction of interest on the shareholder's loan in accordance with the submitted tax return.

FinnvedenBulten's sales fell by 12% in Q1 as a consequence of the weak business cycle and lower production rate in the European auto sector. When adjusted for currency effects the sales fell by 10%. In addition, continued production disturbances at one of our largest customers had a significant impact on our volumes during the quarter. Production is now back to normal at this factory. Compared with Q4 2012, order bookings have increased considerably.

The Bulten division continues to perform well and has good conditions for continuing to gain market shares. The Finnveden Metal Structures division's ongoing structural measures, with a rising share of production at our Polish foundry, are proceeding according to plan. Further measures are required, however, to create sustainable profitability in the foundry business.

The Group's strategic plans remain in place and work with our new establishments in the growth markets of Russia and China continue as planned. Cost reductions and ongoing efficiency improvements are being prioritized in parallel with the ongoing structural measures to further strengthen our competitiveness. The challenging business environment demands an intensified work with our internal efficiency and new business.

It is pleasing that we are winning new business thanks to Bulten's Full Service Concept and Finnveden Metal Structures' multi-material offer.

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 approximately 75% of Finnveden-Bulten's income while heavy commercial vehicles account for approximately 25%.

In Q1, FinnvedenBulten noted continued uncertainty with regard to customers' market outlook. Meanwhile, demand has stabilized compared with the previous quarter, mainly in the heavy vehicle segment. The most recent estimates from forecast institutes and indications from customers primarily in the heavy vehicle sector suggest that production volumes will pick up during 2013.

According to the IHS Automotives, March forecast for light vehicles and their January forecast for heavy vehicles, production in Western Europe in both segments is expected to decline by around 5.2% compared with 2012 – a marginal improvement of 0.3% compared with their forecasts one quarter ago. For the 2014 full year, an increase of 2.7% for light vehicles and 31.5% for heavy commercial vehicles are forecasted and is in line with the forecast made a quarter ago.

Order bookings and net sales

Order bookings for the period were SEK 812.5 million (864.7), a decrease of 6.0% compared with the corresponding period in the previous year. Order bookings have risen considerably from the low levels of autumn 2012.

Net sales for the Group totalled SEK 709.4 million (807.1), a decrease of 12.1% compared with the corresponding period in the previous year. Adjusted for currency effects, the decrease was 10.0%. Sales and volumes at the start of the quarter recovered from the major fall in December last year. Compared with last year the reason for the decline in sales was mainly the lower production rate in the European automotive sector. In addition, continued disruptions to production at one of our largest customers had a big impact on our volumes. Production at the factory in question is now back to normal.

F

Earnings and profitability

The Group's gross profit was SEK 109.7 million (132.9), corresponding to a gross margin of 15.5% (16.5).

Earnings before depreciation (EBITDA) were SEK 38.6 million (59.0), corresponding to an EBITDA margin of 5.4% (7.3).

Earnings (EBIT) were SEK 19.5 million (40.2), corresponding to an operating margin of 2.7% (5.0). Compared with 2012, earnings and margins in the reporting period were affected by lower sales and by continued profitability problems at the Swedish foundry business within the Finnveden Metal Structures division.

Net financial items in the Group were SEK –10.6 million (1.7). Financial income mostly comprises currency differences of SEK – million (5.8). Financial costs mainly comprise of external interest costs amounting to SEK –3.6 million (–4.1) and currency differences

of SEK –6.7 million (–), mainly caused by the strengthening of the krona against Polish Zloty and Euro.

The Group's profit before tax was SEK 8.9 million (41.9) and the profit after tax was SEK 5.9 million (29.9).

Investments

Investments in intangible and tangible fixed assets were SEK 29.9 million (23.5). Depreciation for the period was SEK –19.2 million (–18.8). SEK 28.4 million (23.4) of the investments relate to machinery and equipment. Investment in intangible assets was SEK 1.5 million (0.1).

Cash flow, working capital and financial position

Cash flow from operating activities totalled SEK 53.8 million (50.1). Cash flow effects of changes in working capital amounted to SEK 26.4 million (1.1). Inventories decreased in the period by SEK 23.9 million (previous year an increase by 5.8), while operating receivables increased by SEK 52.8 million (42.8).

Net debt amounted to SEK 227.4 million (135.6) on 31 March 2013. Cash and cash equivalents were SEK 72.4 million (124.7) at the end of the period.

FINANCIAL SUMMARY (SEK m)		Jan - March		12-month rolling	Full year
	2013	2012		April 2012 - March 2013	2012
Net sales	709.4	807.1	-12.1%	2,865.8	2,963.5	-3.3%
Gross profit	109.7	132.9	-23.2	423.4	446.6	-112.3
Earnings before depreciation (EBITDA)	38.6	59.0	-20.4	159.4	179.8	-20.4
Operating earnings (EBIT)	19.5	40.2	-20.7	82.6	103.3	-20.7
Operating margin, %	2.7	5.0	-2.3	2.9	3.5	-0.6
Earnings after tax	5.9	29.9	-24.0	19.5	43.5	-24.0
Order bookings	812.5	864.7	-6.0%	2,780.7	2,832.9	-1.8%
Return on capital employed, %	–	–	–	6.2	8.2	-2.0

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.

Division BULTEN

MAThread has a unique tread design that prevents virtually all fasteners from cross-threading during installation. This technique cuts assembly time and improves ergonomics for operators. MAThread is often used in bodywork applications.

• • Net sales in Q1 fell by SEK 54 million, down 11.4% on the same period last year.
• • Operating earnings in Q1 were SEK 20 million (28).
• • Oder intake in Q1 were SEK 478 million (479).

The Bulten division continues to make good progress and has good prospects to continue increasing market shares. The division's sales and earnings were affected negatively, as in the previous quarter, by production disruptions at one of the largest customers. Production at this factory is now back to normal. Despite lower volumes than last year, order bookings have recovered and are at the same level as last year for the quarter, which means a positive break in the trend.

Savings and efficiency measures are still being implemented to adapt the business to the existing market outlook and strengthen the business going forward. During the quarter the head count in Sweden was reduced and a capital rationalisation programme was initiated.

The new initiative in Russia, where Bulten will form a company together with the GAZ group, continues as planned. During Q1 the company has applied for the necessary permits, ordered machinery and started renovation of buildings. The starting point for production is expected to be at the end of 2013 and Bulten continues to note major interest from existing and potential customers.

The Bulten division also made a decision to invest in a new surface treatment line at its production unit in China. This investment, amounting to around SEK 10 million, will improve operational flows and strengthen the division's competitiveness in China.

Bulten has a good position going forward and is considered to have good opportunities to grow organically, especially within the framework of its Full Service Concept.

First quarter

Order bookings amounted to SEK 478.2 million (479.1), down 0.1% compared with the same period last year.

Net sales reached SEK 420.5 million (474.6), down 11.4% compared with the same period last year and down 8.3% when adjusted for currency effects.

Earnings before depreciation (EBITDA) reached SEK 31.4 million (38.6), corresponding to an EBITDA margin of 7.5% (8.1).

Operating earnings (EBIT) were SEK 20.3 million (28.4), corresponding to an operating margin of 4.8% (6.0).

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.

Division FINNVEDEN METAL STRUCTURES

Mechanism for office chair. The component is manufactured through an extreme deep drawing process, with moulding in many steps and with high demands on tolerances – a process that is mastered tby few manufacturers in Northern Europe.

• • Net sales in Q1 fell by SEK 45 million, down 13.3% on the same period last year.
• • Operating earnings in Q4 were SEK –1 million (15).
• • Restructuring of the foundry business in focus.

Net sales for the Finnveden Metal Structures division fell during Q1 following a lower production rate within the European automotive industry. As with the Bulten division, volumes and earnings were also affected negatively by continued production disruptions at an important customer. Production at the affected factory is now normal.

In the division's stamping business the new 1,500-tonne servo press has been installed at Olofström and the first runs have been completed with good results. The stamping business has had stable development despite lower volumes than in the previous year.

The ongoing restructuring of the division's foundry business, with a higher portion of production in Poland, is proceeding as

planned. However, the Swedish foundry continues to have profitability problems and further measures are needed to create sustainable profitability throughout the division's total foundry business.

The division continues to implement ongoing rationalisation measures to strengthen profitability, improve flexibility and adapt the business to current market outlooks.

Work on establishing the new Joint Venture company in China, together with BHAP and Amgain is proceeding as planned.

First quarter

Order bookings amounted to SEK 336.1 million (388.1), down 13.4% compared with the same period last year. Net sales reached SEK 290.4 million (335.1), down 13.3% compared with the same period last year and down 12.7% when adjusted for currency effects.

Earnings before depreciation (EBITDA) reached SEK 7.5 million (23.2), corresponding to an EBITDA margin of 2.6% (6.9).

Operating earnings (EBIT) were SEK –0.5 million (14.6), corresponding to an operating margin of –0.2% (4.4).

NET SALES	SHARE OF GROUP SALES, %		EBIT			OPERATING MARGIN
SEK	-1 290 SEK million million 42% FINANCIAL SUMMARY (SEK m)			-0.2%
			Jan - March		12-month rolling	Full year
		2013	2012		April 2012 - March 2013	2012
Net sales		290.4	335.1	-13.3%	1,216.7	1,261.4	-3.5%
Earnings before depreciation (EBITDA)		7.5	23.2	-15.7	49.1	64.8	-15.7
Operating earnings (EBIT)		-0.5	14.6	-15.1	15.0	30.1	-15.1
Operating margin, %		-0.2	4.4	-4.6	1.2	2.4	-1.2
Order bookings		336.1	388.1	-13.4%	1,118.1	1,170.1	-4.4%

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 RFR 2 (Reporting for legal entities) of the Swedish Financial Accounting Standards Council.

In Q1 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 has not had any effects on earnings for the Group in Q1 2013 or Q1 2012.

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.

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 although variations may occur.

Transaction with related parties

No significant 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 1,801 (1,802).

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 82.3% (82.5). Equity was SEK 1,204.1 million (1,206.6). Disposable cash and cash equivalents in the parent company totalled SEK 10.5 (6.0) million. The company had 9 employees on the closing day. Important events after the end of the interim period.

Important events after the end of the interim period

In a ruling dated 11 April 2013, the Stockholm administrative court of appeal repealed the Swedish Tax Agency's review decision and allowed the deduction of interest on the shareholder's loan in accordance with the submitted tax return. It is expected that FinnvedenBulten will be awarded an additional SEK 197 million in loss deductions, which represents an additional deferred tax asset of around SEK 43 million. This ruling does not yet have legal validity and is now being analysed by the management team together with tax experts.

Auditor's review

This financial statement has not been subject to a review by the company's auditors.

Göteborg, 24 April 2013

Johan Westman President and CEO

Improved footprint with new establishments in Russia and China

PRODUCTION

• • Production takes place mainly in Western and Eastern Europe with significant low-cost production in Poland.
• • Lean and well positioned manufacturing facilities in Europe and Asia.
• • With the new establishments in Russia and China, FinnvedenBulten improves future production footprint.

Consolidated income statement

		Jan - March		12-month rolling	Full year
SEK million	2013	2012		April 2012 - March 2013	2012
Net sales	709.4	807.1	-97.7	2,865.8	2,963.5	-97.7
Cost of goods sold	-599.7	-674.2	74.5	-2,442.4	-2,516.9	74.5
Gross profit	109.7	132.9	-23.2	423.4	446.6	-23.2
Other operating income	5.3	3.0	2.3	26.5	24.2	2.3
Selling expenses	-36.8	-36.1	-0.7	-147.9	-147.2	-0.7
Administrative expenses	-55.5	-54.8	-0.7	-211.7	-211.0	-0.7
Other operating expenses	-3.2	-4.8	1.6	-7.7	-9.3	1.6
Operating earnings	19.5	40.2	-20.7	82.6	103.3	-20.7
Financial income	–	5.8	-5.8	-0.8	5.0	-5.8
Financial expenses	-10.6	-4.1	-6.5	-22.3	-15.8	-6.5
Earnings before tax	8.9	41.9	-33.0	59.5	92.5	-33.0
Tax on period's earnings Note 1	-3.0	-12.0	9.0	-40.0	-49.0	9.0
Earnings after tax	5.9	29.9	-24.0	19.5	43.5	-24.0
Attributable to
Parent company shareholders	5.9	29.9	-24.0	19.5	43.5	-24.0
Minority interests	–	–	–	–	–	–
	5.9	29.9	-24.0	19.5	43.5	-24.0
Earnings per share , SEK1)	0.28	1.42	-1.14	0.93	2.07	-1.14
Earnings per share, adjusted for one-off effect due to change in Swedish tax rate, SEK1)	–	–	–	2.98	2.98	–
Weighted outstanding ordinary shares, 000 1)	21,040.2	21,040.2	–	21,040.2	21,040.2	–
Note1 Tax on period's earnings
Whereof one-off effect of deferred taxes due to the changed tax rate in Sweden	–	–	–	-19.1	-19.1	–

1) Both before and after dilution

Consolidated statement of comprehensive income

		Jan - March		12-month rolling	Full year
SEK million	2013	2012		April 2012 - March 2013	2012
Earnings after tax	5.9	29.9	-24.0	19.5	43.5	-24.0
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial gain on post employment benifit obligations, net after tax	–	–	–	0.3	0.3	–
Items that may be reclassified subsequently to profit or loss
Derivative instruments, cash flow hedging, net after tax	0.5	–	0.5	-0.7	-1.2	0.5
Exchange rate differences	-18.7	4.9	-23.6	-23.0	0.6	-23.6
Total comprehensive income	-12.3	34.8	-47.1	-3.9	43.2	-47.1
Attributable to
Parent company shareholders	-12.3	34.8	-47.1	-7.1	43.2	-47.1
Minority interests	–	–	–	–	–	–
Total comprehensive income	-12.3	34.8	-47.1	-7.1	43.2	-47.1

Consolidated balance sheet

SEK million	31-03-2013	31-03-2012	31-12-2012
ASSETS
Fixed assets
Intangible fixed assets	195.7	182.2	194.2
Tangible fixed assets	403.2	388.3	404.8
Financial assets	109.1	132.3	106.0
Total fixed assets	708.0	702.8	705.0
Current assets
Inventories	494.3	456.1	518.2
Current receivables	627.7	686.4	575.0
Cash and cash equivalents	72.4	124.7	51.8
Total current assets	1,194.4	1,267.2	1,145.0
Total assets	1,902.4	1,970.0	1,850.0
EQUITY AN D LIABILITIES
Equity
Equity attributable to parent company shareholders	1,018.3	1,067.6	1,030.6
Minority interests	–	–	–
Total equity	1,018.3	1,067.6	1,030.6
Non-current liabilities
Non-current interest-bearing liabilities and provisions	272.7	243.9	270.2
Non-current non-interest-bearing liabilities and provisions	2.1	2.3	2.2
Total non-current liabilities	274.8	246.2	272.4
Current liabilities
Interest-bearing current liabilities	30.6	19.7	30.5
Current liabilities, non-interest-bearing	578.7	636.5	516.5
Total current liabilities	609.3	656.2	547.0
Total equity and liabilities	1,902.4	1,970.0	1,850.0
Pledged assets	1,365.9	1,421.0	1,382.3
Contingent liabilities	80.0	83.6	83.5

Consolidated statement of changes in equity

		Jan - March
SEK million	31-03-2013	31-03-2012	31-12-2012
Opening equity	1,030.6	1,032.8	1,032.8
Effect of change in accounting principles 1)		–	-3.3
Adjusted opening equity	1,030.6	1,032.8	1,029.5
Comprehensive income
Profit/loss for the period	5.9	29.9	43.5
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial gain on post employment benifit obligations, net after tax	–	–	0.3
Items that may be reclassified subsequently to profit or loss
Derivative instruments, cash flow hedging, net after tax	0.5	–	-1.2
Exchange rate differences	-18.7	4.9	0.6
Total comprehensive income	-12.3	34.8	43.2
Transactions with shareholders
Dividend paid to parent company shareholders	–	–	-42.1
Total transactions with shareholders	–	–	-42.1
Closing equity	1,018.3	1,067.6	1,030.6

1) Refers to the effect of change in accounting principles for defined benefit pension plans.

Consolidated cash flow statement

	Jan - March		Full year
SEK million	2013	2012	2012
Operating activities
Earnings after financial items	8.9	41.9	92.5
Adjustments for items not included in cash flow	25.5	15.1	48.2
Taxes paid	-7.0	-8.0	-17.7
Cash flow from operating activities before changes in working capital	27.4	49.0	123.0
Cash flow from changes in working capital
Change in working capital	26.4	1.1	-50.6
Cash flow from operating activities	53.8	50.1	72.4
Investing activities
Acquisition of intangible fixed assets	-1.5	-0.1	-12.5
Acquisition of tangible fixed assets	-28.2	-23.4	-100.2
Disposal of tangible fixed assets	2.0	0.4	1.6
Settlement of financial assets	0.2	0.2	0.7
Cash flow from investing activities	-27.5	-22.9	-110.4
Financing activities
Amortisation of borrowings	–	–	-2.1
Change in overdraft facilities and other financial liabilities	-3.9	-4.2	34.0
Dividend paid to parent company shareholders	–	–	-42.1
Cash flow from financing activities	-3.9	-4.2	-10.2
Cash flow for the period	22.4	23.0	-48.2
Change in cash and cash equivalents	22.4	23.0	-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	-1.8	-1.0	-2.7
Cash and cash equivalents at end of period	72.4	124.7	51.8

Consolidated net debt composition

SEK million	31-03-2013	31-03-2012	31-12-2012
Non-current interest-bearing liabilities	251.5	227.1	249.6
Provisions for pensions	21.2	16.8	20.6
Current interest-bearing liabilities	30.6	19.7	30.5
Financial interest-bearing liabilities	-3.5	-3.3	-2.8
Cash and cash equivalents	-72.4	-124.7	-51.8
Net debt	227.4	135.6	246.1

Consolidated segment reports

	Jan - March 2013
SEK million	Bulten	Finnveden Metal Structures	Other*	The Group
Net sales	420.5	290.4	-1.5	709.4
Earnings before depreciation (EBITDA)	31.4	7.5	-0.3	38.6
Operating earnings (EBIT)	20.3	-0.5	-0.3	19.5
Operating margin, %	4.8	-0.2	–	2.7

	Jan - March 2012
SEK million	Bulten	Finnveden Metal Structures	Other*	The Group
Net sales	474.6	335.1	-2.6	807.1
Earnings before depreciation (EBITDA)	38.6	23.2	-2.8	59.0
Operating earnings (EBIT)	28.4	14.6	-2.8	40.2
Operating margin, %	6.0	4.4	–	5.0

* Other includes parent company and Group eliminations.

Income statement, parent company

		Jan-March
SEK million	2013	2012	2012
Net sales	6.7	5.8	24.7
Cost of goods sold	–	–	–
Gross profit	6.7	5.8	24.7
Administrative expenses	-7.5	-9.6	-33.4
Operating earnings	-0.8	-3.8	-8.7
Interest expenses and similar items	-2.5	-2.0	-9.1
Earnings before tax	-3.3	-5.8	-17.8
Tax on earnings for the year 1)	0.7	1.5	-5.1
Earnings after tax	-2.6	-4.3	-22.9

1) For Q4 as well as for the whole year 2012 a one-off effect due to changed tax rate in Sweden are included with SEK million -9.6.

Balance sheet, parent company

SEK million	31-03-2013	31-03-2012	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	1,381.3	1,367.1	1,381.3
Deferred tax assets	49.6	58.7	48.9
Other non-current receivables	5.5	5.9	5.6
Total financial fixed assets	1,436.4	1,431.7	1,435.8
Total fixed assets	1,436.6	1,431.9	1,436.0
Current assets
Current receivables	16.5	2.0	21.5
Cash and cash equivalents	10.5	1.7	6.0
Total current assets	27.0	3.7	27.5
Total assets	1,463.6	1,435.6	1,463.5
EQUITY AN D LIABILITIES
Equity	1,204.1	1,258.2	1,206.6
Non-current liabilities
Liabilities to Group companies	249.0	166.6	245.7
Total non-current liabilities	249.0	166.6	245.7
Current liabilities
Other current liabilities	10.5	10.8	11.2
Total current liabilities	10.5	10.8	11.2
Total equity and liabilities	1,463.6	1,435.6	1,463.5
Pledged assets	1,385.7	1,371.5	1,385.7
Contingent liabilities	45.5	47.5	49.0

Consolidated key indicators

		Jan - March	Full year
THE GROUP	2013	2012	2012
Margins
EBITDA margin, %	5.4	7.3	6.1
EBIT margin (operating margin), %	2.7	5.0	3.5
Net margin, %	0.8	3.7	1.5
Capital structure
Interest coverage ratio, times	1.8	11.1	6.9
Data per share
Earnings per share, SEK *)	0.28	1.42	2.07
Earnings per share, adjusted for one-off effect due to changed tax rate in Sweden, SEK *) 2)	–	–	2.98
Number of outstanding ordinary shares
Weighted outstanding ordinary shares, '000 *)	21,040.2	21,040.2	21,040.2
Outstanding ordinary shares on closing day, '000 *)	21,040.2	21,040.2	21,040.2
THE GROUP	31-03-2013	31-03-2012	31-12-2012
Capital structure
Net debt/equity ratio, times	0.2	0.1	0.2
Equity/assets ratio, %	53.5	54.2	55.7
Other
Net debt, SEK m	227.4	135.6	246.1
	12 months rolling		Full year
THE GROUP, 12 months rolling	April 2012 - March 2013	April 2011 - March 2012	2012
Return indicators
Capital employed, %	6.2	14.6	8.2
Equity, %	1.9	12.2	4.2
Capital structure
Capital turnover, times	2.2	2.3	2.3
Employees
Net sales per employee, SEK '000	1,591.2	1,718.1	1,637.3
Operating earnings per employee, SEK '000	45.9	104.3	57.1
Average no. of employees on closing date	1,801	1,802	1,810

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) Pro forma earnings per share. Earnings per share adjusted for non-recurring costs and interest costs for shareholder loans and preference shares. Current tax is considered for all adjusted items. Divided by the number of outstanding shares on the closing day.

2) Earnings per share adjusted for one-time effect of change in Swedish tax rate from 26,3% to 22,0%.

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 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.

*) Refers to both before and after dilution.

**) Key ratios for 2011 have not been restated to conform to the new accounting principles for defined benfit plans since the effect is not significant the Group's financial position and results.

Consolidated quarterly data

THE GROUP Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 812.5 577.8 609.7 780.7 864.7 780.1 736.0 854.4 838.4 Order bookings Income statement 709.4 676.7 649.3 830.4 807.1 802.9 703.9 782.1 796.1 Net sales 109.7 92.7 92.3 128.7 132.9 139.2 116.3 150.8 152.6 Gross earnings 38.6 30.9 30.6 59.3 59.0 61.8 60.6 79.3 71.5 Earnings before depreciation (EBITDA) 19.5 11.5 11.4 40.2 40.2 43.4 43.1 61.3 53.7 Operating earnings (EBIT) 19.5 11.5 11.4 40.2 40.2 43.5 43.3 66.7 66.2 Adjusted operating earnings (EBIT) Cash flow statement 53.8 43.5 -83.7 62.5 50.1 97.4 -42.7 49.4 39.5 Cash flow from current activities -27.5 -37.2 -28.7 -21.6 -22.9 -17.0 -30.7 -22.9 -13.5 Cash flow from investment activities -3.9 -1.4 39.2 -43.8 -4.2 -24.9 -96.6 -4.7 -17.5 Cash flow from financing activities 22.4 4.9 -73.2 -2.9 23.0 55.5 -170.0 21.8 8.5 Cash flow for the period Data per share 0.28 -0.70 0.15 1.20 1.42 1.40 1.06 2.47 1.98 Earnings per share, SEK ) 0.28 -0.70 0.15 1.20 1.42 1.41 1.07 2.27 1.93 Pro forma earnings per share, SEK) 1) Earnings per share, adjusted for one-off effect 0.28 0.21 0.15 1.20 1.42 1.40 1.06 2.47 1.98 due to changed tax rate in Sweden, SEK ) 2) Number of outstanding ordinary shares 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 16,172.4 11,336.6 Weighted outstanding ordinary shares, '000 ) Outstanding ordinary shares on closing 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 12,000.0 day, 000 *) THE GROUP 31-03-2013 31-12-2012 30-09-2012 30-06-2012 31-03-2012 31-12-2011 30-09-2011 30-06-2011 31-03-2011 Balance sheet 708.0 705.0 713.5 701.1 702.8 692.7 713.7 715.2 712.0 Fixed assets 1,194.4 1,145.0 1,225.2 1,272.9 1,267.2 1,208.1 1,183.0 1,301.7 1,241.6 Current assets 1,018.3 1,030.6 1,044.6 1,047.1 1,067.6 1,032.8 1,008.7 994.5 595.8 Equity 274.8 272.4 275.6 243.5 246.2 243.4 268.5 366.1 726.9 Non-current liabilities Current liabilities 609.3 547.0 618.5 683.4 656.2 624.6 619.5 656.3 630.9 Other 227.4 246.1 250.4 132.8 135.6 161.6 238.5 165.0 543.5 Net debt 227.4 246.1 250.4 132.8 135.6 161.6 238.5 165.0 196.2 Adjusted net debt 3) April January October July April January October July April 2012- 2012- 2011- 2011- 2011- 2011- 2010- 2010- 2010- March December September June March December September June March THE GROUP, 12 months rolling 2013 2012 2012 2012 2012 2011 2011 2011 2011 2,780.7 2,832.9 3,035.2 3,161.5 3,235.2 3,208.9 3,214.0 3,135.0 3,052.1 Order bookings Income statement 2,865.8 2,963.5 3,089.7 3,144.3 3,096.0 3,085.0 3,012.4 2,899.8 2,791.6 Net sales 423.4 446.6 493.1 517.0 539.2 558.9 549.6 531.9 498.7 Gross earnings 159.4 179.8 210.7 240.7 260.7 273.2 268.8 251.3 232.0 Earnings before depreciation (EBITDA) 82.6 103.3 135.2 166.9 188.0 201.5 199.8 181.6 161.6 Operating earnings (EBIT) 82.6 103.3 135.3 167.2 193.7 219.7 218.6 202.3 179.9 Adjusted operating earnings (EBIT) 4) Employees 1,591.2 1,637.3 1,690.2 1,707.0 1,718.1 1,766.9 1,682.9 1,690.8 1,650.9 Net sales per employee, SEK '000 Operating earnings per employee, SEK '000 45.9 57.1 73.9 90.6 104.3 115.4 111.6 105.9 95.6 1,801 1,810 1,828 1,842 1,802 1,746 1,790 1,715 1,691 Average no. of employees on closing date Return indicators 6.2 8.2 10.4 12.8 14.6 15.4 16.5 14.5 13.3 Capital employed, % Adjusted return on capital employed, %5) 6.2 8.2 10.5 12.8 15.0 16.8 18.0 16.1 14.7 1.9 4.2 8.5 10.5 12.2 15.1 39.2 36.6 45.7 Equity, % 1.9 4.2 8.5 10.5 12.2 15.1 39.2 36.6 22.9 Adjusted equity,%		2013	2012		2011 **)
	Other
1.4 1.4 1.2 0.6 0.5 0.6 0.9 0.7 2.3 Net debt/EBITDA
1.4 1.4 1.2 0.6 0.5 0.6 0.9 0.7 0.9 Adjusted net debt/EBITDA 3)

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

12 July 2013 | Half year report January – June 2013 24 October 2013 | Interim report January - September 2013 26 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: kamilla.oresvard@finnvedenbulten.com

Invitation to conference call

Investors, analysts and media are invited to participate in the teleconference on Wednesday, April 24 at 14:30 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: 291050#.

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 May 8, 2013 on the phone numbers Sweden +46 8-505 564 73, UK +44 203 364 5196, USA +1 877 679 2989. Code: 346727#.

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