Interim report

Bulten's best-ever quarter

first quarter

• Net sales reached SEK 778 million (715), an increase of 8.8% on the same period last year.
• Operating earnings (EBIT) were SEK 63 million (55), which corresponds to an operating margin of 8.1% (7.7).
• Earnings after tax were SEK 51 million (40).
• Order bookings amounted to SEK 720 million (699), an increase of 3.0% on the same period last year.
• Cash flow from operating activities was SEK -2 million (78).
• Earnings per share were SEK 2.59 (2.03).
• Net cash was SEK 54 million (-114) and the equity/assets ratio at the end of the period was 69.7% (65.2).
• Bulten is strengthening its position by establishing a production company in the US and by forming a joint venture with Ramco for fasteners for the North American market.

ceo's comments

"During the first quarter of 2017 we delivered our best-ever results, with earnings per share increasing by 28%.

Net sales during the quarter increased by 8.8% on the same period last year, meaning we once again increased our market share. Bulten continued to develop well in terms of profitability, as a result of higher volumes, good loading and optimized production. We strengthened both our financial position and our key indicators during the quarter. The operating margin climbed to 8.1% and return on capital employed increased to 14.4%.

During the quarter we strengthened our position on the North American market by establishing a production company and a joint venture with Ramco in Hudson, Ohio. We can now offer our FSP concept on the American market. Bulten's production for fasteners in the US is expected to start at the end of 2017.

Bulten has started 2017 strongly and our prospects to continue winning market shares are good. Establishing in North America broadens Bulten's market and creates further opportunities for growth among both new and existing customers."

Tommy Andersson, President and CEO

BULTEN IN SUMMARY

development during the quarter

The year has started strongly with an 8.8% increase in net sales and 3.0% increase in order bookings for the first quarter compared with the same period last year. Bulten thereby increased its market share once again, partly due to good sales for Bulten's customers.

Bulten also continued to develop well in terms of profitability and reported its best-ever results for a quarter. Bulten thereby further reinforced its key financial indicators, with an operating margin of 8.1% and a return on capital employed of 14.4% (16.7% excluding goodwill). The strong development is an effect of increased volumes, high loading, an efficient production structure and good capital management.

During the quarter Bulten strengthened its position on the North American market by establishing a production company and forming a joint venture with Ramco, in which Bulten and Ramco both own 50% each. Ramco has been supplying products as a partner of Bulten's for many years and the two companies complement each other well. The jointly-owned company, Ram-Bul, will distribute fasteners to the North American automotive industry via Bulten's FSP concept. A President for the business has been recruited and dialogues have started with potential customers and received positive response. Bulten's production of fasteners in the US is expected to start at the end of 2017 and the total investment is expected to reach around USD 9 million over four years starting in 2017. The annual business potential for Bulten is estimated at around USD 30-40 million when full volumes are reached in 2020. Start-up costs are expected to affect Bulten's earnings in 2017 and 2018 by around SEK 3-4 million per year.

During the first quarter, Claes Lindroth was appointed Senior Vice President Supply Chain for the Bulten Group and will join Bulten's executive management team on 1 September. He replaces Torbjörn Hjerpe, who is retiring. Claes has extensive experience from purchasing within the automotive industry. He has previously held several leading positions within Volvo Cars, Norsk Hydro and Raufoss among others. He joins Bulten from Shiloh Industries.

market and outlook for 2017

Of Bulten's net sales, around 88% is attributable to light vehicles and around 12% to commercial vehicles. Of total net sales, 90% are direct deliveries to vehicle producers (OEMs) and the remainder to their sub-suppliers and to other sectors.

In the first quarter 2017 car sales in Europe (EU and EFTA) increased by 8.4% compared with the same period in 2016 according to ACEA's statistics.

According to LMC Automotive's latest forecast from Q1 2017, production of light vehicles is expected to increase by 1.8% and production of heavy commercial vehicles by 2.9% in 2017. Weighted for Bulten's exposure, this means a rise of around 1.9% for the same period.

Distribution of Bulten's products is primarily to Europe, although demand is affected by production of vehicles for the global market and Bulten's management team considers that the underlying demand for light vehicles in Europe remains good. Demand for vehicles exported from Europe to global markets, for instance China, and production of heavy vehicles recovered in the first quarter. Ongoing model changes by customers may contribute to irregularity in demand for Bulten's products going forward.

Bulten's estimated market share at the end of 2016 was around 17% of the European market for fasteners for the automotive industry, which is unchanged on the figure for 2015. On the corresponding market for FSP business, Bulten's market share is estimated at around 60%, which is also unchanged on the figure for 2015. This estimate is based on data about the European automotive industry's purchasing of fasteners in 2016 according to the European Industrial Fasteners Institute (EIFI).

Bulten has started 2017 strongly and the prospects for continuing winning market shares remain good. Establishing in North America broadens Bulten's market and creates further opportunities for growth among both new and existing companies.

order bookings and net sales Q1

Order bookings were SEK 720 million (699), an increase of 3.0% compared with the corresponding period in the previous year.

Net sales for the Group totaled SEK 778 million (715), an increase of 8.8% compared with the corresponding period in the previous year. Adjusted for currency effects, organic growth was 6.9% in the same period.

earnings and profitability

Q1

The Group's gross earnings were SEK 153 million (136), corresponding to a gross margin of 19.7% (19.0). Earnings before depreciation (EBITDA) were SEK 83 million (72), corresponding to an EBITDA margin of 10.6% (10.1). Earnings (EBIT) were SEK 63 million (55), corresponding to an operating margin of 8.1% (7.7).

There was a short-term negative effect on profitability of around SEK 4 million due to increased global market prices for steel and other metals, but this was well balanced in the business due to higher volumes and a good dialogue with customers. The number of production days has been relatively favorable during the quarter.

Operating earnings were affected negatively by currency changes amounting net to SEK -1 million (3) when converting working capital on the closing date.

Net financial items in the Group were SEK 4 million (-1). Financial income of SEK 5 million (1) comprised exchange rate gains of SEK 5 million (1). Financial costs of SEK -1 million (-2) comprised interest costs of SEK -1 million (-2).

The Group's earnings before tax were SEK 67 million (54) and earnings after tax were SEK 51 million (40).

cash flow, working capital, investments and financial position Q1

Cash flow from operating activities totaled SEK -2 million (78). Cash flow effects of changes in working capital amounted to SEK -81 million (11). The working capital is driven by the positive volume trend and the change in financial fixed assets that have been replaced by working capital financing. Inventories decreased in the period by SEK -31 million (-51), while current receivables increased by SEK 125 million (34). Current liabilities changed by SEK 14 million (-5).

Cash flow from investing activities was SEK 26 million (-16). Investments of SEK 7 million (15) relate to tangible assets. The change in financial fixed assets was SEK 33 million (1). During the quarter, around SEK 33 million of loans to the joint venture, BBB Services Ltd was replaced with working capital financing. The change meant that the Group's cash flow from investing activities was affected positively by a corresponding amount.

At the end of the period net cash was SEK 54 million, of which cash and cash equivalents were SEK 122 million. In the previous year, net debt was SEK -114 million, of which cash and cash equivalents were SEK 94 million. Adjusted for financial leasing, net cash was SEK 91 million. Last year, adjusted net debt was SEK -76 million.

NET SALES operating Earnings		OPERAT			ING MARG IN
778 sek million	63 sek	million			8.1 %
FINANC IAL SUMMARY			Jan - March		12-month rolli ng	Full year
sek milli on		2017	2016		April 2016 – March 2017	2016
Net sales		778	715	8.8%	2,739	2,676	2.4%
Gross profit		153	136	17	548	531	17
Earnings before depreciation (EBITDA)		83	72	11	282	271	11
Operating earnings (EBIT)		63	55	8	208	200	8

Operating margin, % 8.1 7.7 0.4 7.6 7.5 0.1 Earnings after tax 51 40 11 157 146 11 Order bookings 720 699 3.0% 2,738 2,717 0.8% Return on capital employed, % – – – 14.4 13.9 0.5 Return on capital employed excluding goodwill, % – – – 16.7 16.2 0.5

OTHER INFORMATION

accounting principles

This interim report has been prepared for the Group 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 RFR 2 (Reporting for legal entities) of the Swedish Financial Accounting Standards Council. The accounting principles are unchanged compared with the principles explained in the 2016 annual report.

All amounts are in SEK million unless otherwise stated. Amounts in brackets show figures for last year. Some figures are rounded up, which is why total amounts might not always add up.

risks and risk management

Exposure to operational and financial risks is a natural part of business activity and this is reflected in Bulten'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 and geopolitical factors.

For a more detailed description of these risks, see Note 3, Risks and risk management, of the company's 2016 annual report.

seasonal variations

Bulten 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 34 of the 2016 annual report.

employees

The total number of employees in the Group amounted on the closing day to 1,280 (1,229).

contingent liabilities

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

parent company

Bulten AB (publ) owns, directly or indirectly, all the companies in the Group. The equity/assets ratio was 72.8% (70.2). Equity was SEK 1,150 million (1,097). The parent company had no cash and cash equivalents on the closing day. The company had 9 employees on the closing day.

significant events after the end of the reporting period

There were no significant events to report.

auditor's verification

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

Göteborg, Sweden 25 April 2017 Bulten AB (publ)

Tommy Andersson President and CEO

about bulten

Bulten is one of the leading suppliers of fasteners to the international automotive industry. The company's product range includes everything from customer-specific standard products to specialist, customized fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof. The company was founded in 1873, has around 1,300 employees in nine countries and has its head office in Göteborg, Sweden. The share (BULTEN) is listed on Nasdaq Stockholm.

vision

Supporting the global automotive industry with state-of-the-art fastener technology and services.

business concept

Bulten shall:

• be the leading business partner and the most cost-effective supplier of fasteners and services to the automotive industry.
• with empowered and dedicated people continuously develop its full service concept and actively launch innovations.
• develop long-term relations based on professionalism and good business ethics.

financial targets and dividend policy

• The Group's target is to achieve profitable organic growth and to grow more strongly than the industry average.
• The Group's target is to achieve an operating margin of at least seven (7) percent.
• The Group's target is to achieve a return on average capital employed of at least fifteen (15) percent.
• Bulten's dividend policy over time is to pay out a dividend of at least one third of net earnings after tax. Consideration is given, however, to the company's financial position, cash flow and outlook.

strategy

Bulten has a clear focus on organic growth in Europe, USA, Russia and China. The prospects for Bulten to continue to grow organic on the global automotive market are good.

Bulten shall be a preferred full service provider and provide everything from development, production and logistics to final delivery at the customer's assembly line. This has been a successful concept and the strategy is to continue developing the business in this direction. Already today Bulten's contract portfolio consists of approximately three quarters full service contracts and the share is expected to increase.

Bulten's strategy is based on offering competitive products and services. This will be achieved by having production processes at low costs with geographical proximity to the customer. Bulten is continuously working to develop its expertise in order to offer its customers the best possible quality at the best possible price.

Part of Bulten's strategy is also to constantly develop the innovative and technological know-how needed to create new products together with customers, thus offering improved and more cost-effective solutions to OEMs.

Shareholder information

		Jan - March		12-month rolli ng	Full YEAR
price-related share data	2017	2016		April 2016 – March 2017	2016
Share price at period-end (final pay price), SEK	112.25	74.50	37.75	112.25	89.00
Highest share price during period (final pay price), SEK	116.50	81.00	35.50	116.50	99.75
Lowest share price during period (final pay price),SEK	89.00	67.75	21.25	72.50	67.75
Market value at period end, MSEK	2,362	1,567	795	2,362	1,873
P/E	–	–	–	14.33	12.23
Dividend yield, %	–	–	–	–	5.06
Data per share
Earnings before depreciation (EBITDA)	4.07	3.54	0.53	13.85	13.32
Operating earnings (EBIT)	3.12	2.72	0.40	10.23	9.83
Earnings after net financial items (EAFI)	3.30	2.67	0.63	10.26	9.63
Earnings for the period	2.59	2.03	0.56	7.83	7.27
Shareholders equity	69.08	62.48	6.60	–	65.96
Cash flow from the operating activities	-0.12	3.83	-3.95	–	17.23
Cash flow for the period	0.67	2.63	-1.95	–	3.27
Dividend 1)	–	–	–	–	4.50
Total outstanding ordinary shares, 000s
Weighted total during the period	20,359.7	20,359.7	–	20,359.7	20,359.7
At period end	20,359.7	20,359.7	–	20,359.7	20,359.7

1) The Board of Bulten AB proposes to the AGM a total dividend of SEK 4.50 per share for 2016, of which SEK 3.50 (3.25) per share is to be considered as ordinary dividend and SEK 1.00 per share is to be considered as extra dividend.

Source: Cision register, 31 March 2017

bulten's TEN largest shareholders

shareholder	no of shares	holding, %
Volito AB	4,450,000	21.2
Lannebo fonder	2,574,407	12.2
Investment AB Öresund	2,263,535	10.8
Spiltan Fonder AB	849,479	4.0
JP Morgan	797,579	3.8
Bulten AB	680,500	3.2
Skandinaviska Enskilda Banken S.A	471,834	2.2
Sjöbergstiftelsen	400,000	1.9
Clients Accounts-DCS	337,349	1.6
CBNY-DFA-INTSMLCAPV	328,596	1.6

Total number of shareholders: 6,742

Source: Euroclear Sweden AB´s register, 31 March 2017

information about this interim report

Bulten aims to operate a sustainable business and strives to identify areas where we can reduce our environmental impact. Starting in Q2 2016 we will therefore no longer produce our interim report in printed paper format.

All of Bulten's reports can be read at, and downloaded from, www.bulten.se. Shareholders who are unable to read reports online may order a printed copy by contacting Bulten.

Our subscription service at www.bulten.se gives you the opportunity to subscribe for Bulten's reports and press releases via email.

financial information

Consolidated income statement

		jan-March	12-month rolli ng	Full YEAR
SEK milli on	2017	2016		April 2016 – March 2017	2016
Net sales	778	715	63	2,739	2,676
Cost of goods sold	-625	-579	-46	-2,191	-2,145
Gross profit	153	136	17	548	531
Other operating income	4	9	-5	21	26
Selling expenses	-48	-47	-1	-189	-188
Administrative expenses	-45	-41	-4	-169	-165
Other operating expenses	-2	-1	-1	-2	-1
Share of result ofJoint Venture	1	-1	2	-1	-3
Operating earnings	63	55	8	208	200
Financial income	5	1	4	7	3
Financial expenses	-1	-2	1	-6	-7
Earnings before tax	67	54	13	209	196
Tax on period's earnings	-16	-14	-2	-52	-50
Earnings after tax	51	40	11	157	146
Attributable to
Parent company shareholders	52	41	11	159	148
Minority interests	-1	-1	–	-2	-2
Earnings after tax	51	40	11	157	146
Earnings per share attributable to parent company shareholders
Earnings per share, SEK 1)	2.59	2.03	0.56	7.83	7.27
Weighted outstanding ordinary shares, 000 1)	20,359.7	20,359.7	–	20,359.7	20,359.7

1) Both before and after dilution.

Consolidated statement of comprehensive income

		jan-March
SEK milli on	2017	2016		April 2016 – March 2017	2016
Earnings after tax	51	40	11	157	146
Other comprehensive income
Items that will not be reclassified to profit or loss
Revaluationofdefinedbenifitpensionplan, net aftertax	–	–	–	–	1
Items thatmaybereclassifiedsubsequently toprofitorloss
Exchange rate differences	12	-2	14	43	29
Total comprehensive income	63	38	25	201	176
Attributable to
Parent company shareholders	63	38	25	199	174
Minority interests	-0	-0	-0	2	2
Total comprehensive income	63	38	25	201	176

Consolidated balance sheet

SEK milli on	31-03-2017	31-03-2016	31-12-2016
ASSETS
Fixed assets
Intangible fixed assets1)	207	201	206
Tangible fixed assets	570	549	570
Financial assets	30	60	61
Deferred tax receivables	25	57	35
Total fixed assets	832	867	872
Current assets
Inventories	419	421	450
Current receivables	664	588	538
Cash and cash equivalents	122	94	109
Total current assets	1,205	1,103	1,097
Total assets	2,037	1,970	1,969
EQUITY AND LIABILITIES
Equity
Equity attributable to parent company shareholders	1,407	1,272	1,343
Minority interests	13	11	14
Total equity	1,420	1,283	1,357
Non-current liabilities
Non-current interest-bearing liabilities and provisions	69	160	78
Total non-current liabilities	69	160	78
Current liabilities
Current liabilities, interest-bearing	4	53	5
Current liabilities, non-interest-bearing	544	474	529
Total current liabilities	548	527	534
Total equity and liabilities	2,037	1,970	1,969

1) Whereof goodwill SEK 205 million (200) (204).

Consolidated statement of changes in equity

		jan-March
SEK milli on	31-03-2017	31-03-2016	31-12-2016
Opening equity	1,357	1,245	1,245
Comprehensive income
Earnings after tax	51	40	146
Other comprehensive income	12	-2	29
Total comprehensive income	63	38	176
Transactions with shareholders
Share-based payment to employees	0	–	2
Dividend paid to parent company shareholders	–	–	-66
Total transactions with shareholders	0	–	-64
Closing equity	1,420	1,283	1,357

Consolidated cash flow statement

		jan-March
SEK milli on	2017	2016	2016
Operating activities
Earnings after financial items	67	54	196
Adjustments for items not included in cash flow	19	18	72
Tax paid	-7	-5	-21
Cash flow from operating activities before changes in working capital	79	67	247
Cash flow from changes in working capital
Change in working capital	-81	11	104
Cash flow from operating activities	-2	78	351
Investing activities
Acquisition of intangible fixed assets	–	-0	-1
Acquisition of tangible fixed assets	-7	-15	-82
Disposal of tangible fixed assets	–	–	0
Change of financial assets	33	-1	-0
Cash flow from investing activities	26	-16	-82
Financing activities
Change in overdraft facilities and other financial liabilities	-10	-8	-136
Dividend paid to parent company shareholders	–	–	-66
Cash flow from financing activities	-10	-8	-202
Cash flow for the period	14	54	67
Change in cash and cash equivalents	14	54	67
Cash and cash equivalents at start of financial year	109	40	40
Exchange rate difference in cash and cash equivalents	-1	-0	2
Cash and cash equivalents at end of period	122	94	109

Consolidated net cash/NEt debt

SEK milli on	31-03-2017	31-03-2016	31-12-2016
Non-current interest-bearing liabilities	-52	-140	-60
Provisions for pensions	-17	-20	-18
Current interest-bearing liabilities	-4	-53	-5
Financial interest-bearing liabilities	5	5	5
Cash and cash equivalents	122	94	109
Net cash(+)/net debt(-)	54	-114	30
Adjusted for interest bearing liabilities related to financial lease agreements	37	38	38
Adjusted net cash(+)/net debt(-)	91	-76	68

Consolidated key indicators

		jan-March
THE GROUP	2017	2016	2016
Margins
EBITDA margin, %	10.6	10.1	10.1
EBIT margin (operating margin), %	8.1	7.7	7.5
Net margin, %	6.6	5.6	5.5
Capital structure
Interest coverage ratio, times	46.3	30.7	30.6
Data per share attributable to parent company shareholders
Earnings per share, SEK *)	2.59	2.03	7.27
Number of outstanding ordinary shares
Weighted outstanding ordinary shares, 000 *)	20,359.7	20,359.7	20,359.7

THE GROUP	31-03-2017	31-03-2016	31-12-2016
Capital structure
Net debt/equity ratio, times	0.0	-0.1	0.0
Equity/assets ratio, %	69.7	65.2	68.9
Other
Net cash(+)/net debt(-), SEK m	54	-114	30
Adjusted net cash(+)/net debt(-), SEK m	91	-76	68
Equity per share attributable to parent company shareholders
Equity per share, SEK*)	69.08	62.48	65.96
Number of outstanding ordinary shares
Number of outstanding ordinary shares at period end, 000 *)	20,359.7	20,359.7	20,359.7
		12-month rolli ng	Full year
	April 2016 –	April 2015 –
THE GROUP , 12 months rolli ng	March 2017	March 2016	2016
Return indicators
Return on capital employed, %	14.4	12.3	13.9
Adjusted return on capital employed, % 1)	14.4	11.8	13.9
Return on capital employed excluding goodwill, %	16.7	14.3	16.2
Adjusted return on capital employed excluding godwill, % 1)	16.7	13.6	16.2
Return on equity, %	11.9	10.0	11.5
Adjusted return on equity, % 2)	11.9	9.5	11.5
Capital structure
Capital turnover, times	1.8	1.8	1.8
Employees
Sales per employee, SEK '000	2,140	2,193	2,117
Operating earnings per employee, SEK '000	163	150	158
Number of employees on closing date	1,280	1,229	1,264

*) Refers to both before and after dilution.

Definitions

Definitions of key indicators are unchanged compared with those used in the 2016 annual report.

Other key indicators not used in the annual report or on page 13 in this interimreport are explained below.

1) Adjusted return on capital employed: Earnings before financial cost adjusted for non-recurring items in percentage of average capital employed.

2)Adjusted return on equity: Net earnings adjusted for non-recurring items divided with average equity.

Consolidated quarterly data

	2017		2016			2015
SEK milli on	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Order bookings	720	744	602	672	699	674	652	688	660
Income statement
Net sales	778	674	601	686	715	667	618	696	713
Gross earnings	153	140	117	138	136	132	112	136	131
Earnings before depreciation (EBITDA)	83	71	57	70	72	64	51	60	50
EBITDA margin, %	10.6	10.6	9.6	10.3	10.1	9.6	8.2	8.6	7.1
Adjusted earnings before depreciation (EBITDA)	83	71	57	70	72	60	51	56	50
Adjusted EBITDA margin, %	10.6	10.6	9.6	10.3	10.1	9.0	8.2	8.0	7.1
Operating earnings (EBIT)	63	52	39	54	55	47	36	45	36
EBIT margin (operating margin), %	8.1	7.7	6.5	7.8	7.7	7.1	5.8	6.5	5.4
Adjusted operating earnings (EBIT)	63	52	39	54	55	43	36	41	36
Adjusted EBIT margin (operating margin), %	8.1	7.7	6.5	7.8	7.4	6.5	5.8	5.9	5.1
Earnings after tax	51	37	30	39	40	24	22	35	29
Net margin, %	6.6	5.5	5.0	5.7	5.6	3.6	3.5	5.1	4.1
Adjusted earnings after tax	51	37	30	39	40	20	22	31	29
Adjusted net margin, %	6.6	5.5	5.0	5.7	5.6	3.0	3.5	4.5	4.1
Cash flow from
operating activities	-2	122	55	95	78	91	-12	14	49
investment activities	26	-31	-29	-6	-16	-146	-40	-33	-88
financing activities	-10	-69	10	-135	-8	21	5	-65	-4
Cash flow for the period	14	23	36	-46	54	-35	-48	-84	-43
Earnings per share attributable to parent company shareholders
Earnings per share, SEK *)	2.59	1.82	1.50	1.92	2.03	1.33	1.14	1.69	1.44
Earnings per share, adjusted for one-off effects, SEK *)	2.59	1.82	1.50	1.92	2.03	1.21	1.14	1.50	1.44
Number of outstanding ordinary shares
Weighted outstanding ordinary shares, 000 *)	20,359.7	20,359.7	20,359.7	20,359.7	20,359.7	20,457.6		20,786.7 21,040.2 21,040.2

SEK milli on	31-03-2017			31-12-2016 30-09-2016 30-06-2016 31-03-2016				31-12-2015 30-09-2015 30-06-2015 31-03-2015
Balance sheet
Fixed assets	832	872	868	852	867	877	725	711	699
Current assets	1,205	1,097	1,071	1,037	1,103	1,067	1,145	1,162	1,239
Equity	1,420	1,357	1,319	1,267	1,283	1,245	1,263	1,277	1,313
Non-current liabilities	69	78	100	90	160	168	154	114	116
Current liabilities	548	534	519	532	527	532	453	482	510
Other
Net cash(+)/net debt(-)	54	30	-63	-89	-114	-176	-73	12	95
Adjusted net cash(+)/net debt(-)	91	68	-25	-53	-76	-138	-71	14	97
Equity per share attributable to parent company shareholders
Equity per share, SEK*)	69.08	65.96	64.20	61.63	62.48	60.58	60.52	59.71	61.40
Number of outstanding ordinary shares
Number of outstanding ordinary shares at period end, 000 *)	20,359.7	20,359.7	20,359.7	20,359.7	20,359.7	20,359.7		20,612.7 21,040.2 21,040.2
Shareprice
Sharesprice at period end,(SEK)	112.25	89.00	97.50	81.75	74.50	82.00	71.50	81.50	93.50

*) Refers to both before and after dilution.

consolidated, 12 month rolling

	April 2016– March	January 2016–	October 2015–	July 2015– June	April 2015– March	January 2015–	October 2014–	July 2014– June	April 2014– March
SEK milli on	2017	December 2016	September 2016	2016	2016	December 2015	September 2015	2015	2015
Order bookings	2,738	2,717	2,646	2,696	2,712	2,673	2,705	2,624	2,584
Income statement
Net sales	2,739	2,676	2,669	2,686	2,695	2,693	2,648	2,624	2,546
Gross result	548	531	522	518	515	510	493	486	475
Earnings before depreciation (EBITDA)	282	271	264	257	246	225	212	197	186
EBITDA-margin, %	10.3	10.1	9.9	9.6	9.1	8.4	8.0	7.5	7.3
Adjusted earnings before depreciation (EBITDA)	282	271	260	253	239	217	209	182	175
Adjusted EBITDA-margin, %	10.3	10.1	9.7	9.4	8.9	8.1	7.9	6.9	6.9
Operating earnings (EBIT)	208	200	196	192	184	165	156	145	137
EBIT-margin (operating margin), %	7.6	7.5	7.3	7.2	6.8	6.1	5.9	5.5	5.4
Adjusted operating earnings (EBIT)	208	200	192	188	176	157	152	130	126
Adjusted EBIT-margin (operating margin), %	7.6	7.5	7.2	7.0	6.5	5.8	5.7	4.9	4.9
Earnings after tax	157	146	134	125	122	111	105	100	91
Net margin, %	5.7	5.5	5.0	4.7	4.5	4.1	4.0	3.8	3.6
Adjusted earnings after tax	157	146	130	121	114	103	101	88	83
Adjusted net margin, %	5.7	5.5	4.9	4.5	4.2	3.8	3.8	3.3	3.2
Employees
Net sale per employee, SEK 000	2,140	2,117	2,115	2,154	2,193	2,246	2,216	2,168	2,136
Operating earnings per employee, SEK 000	163	158	155	154	150	138	130	120	115
Number of employee on closing day	1,280	1,264	1,262	1,247	1,229	1,199	1,195	1,210	1,192
Return indicators
Return on capital employed, %	14.4	13.9	13.7	13.4	12.3	11.5	10.9	10.7	9.6
Adjusted return on capital employed, % 1)	14.4	13.9	13.5	13.1	11.8	11.0	10.6	9.6	8.8
Return on capital employed excluding goodwill, %	16.7	16.2	16.0	15.7	14.3	13.4	12.7	12.5	11.1
Adjusted return on capital employed excluding goodwill, % 1)	16.7	16.2	15.6	15.3	13.6	12.8	12.4	11.2	10.2
Return on equity, %	11.9	11.5	10.8	10.5	10.0	9.4	9.0	8.6	13.3
Adjusted return on equity, % 2)	11.9	11.5	10.6	10.3	9.5	8.9	8.7	7.6	12.6
Others
Net cash(+)/net debt(-)/EBITDA	0.2	0.1	-0.2	-0.3	-0.5	-0.8	-0.3	0.1	0.5
Adjusted net cash(+)/net debt(-)/EBITDA	0.3	0.3	-0.1	-0.2	-0.3	-0.6	-0.3	0.1	0.5

reconciliation between IFRS and used key indicators

Some of the information in this report used by company managers and analysts to assess the Group's development is not produced in accordance with IFRS. Company managers consider that this information makes it easier for investors to analyse the Group's results and financial structure. Investors should see this information as a complement to, rather than a replacement for, financial reporting in accordance with IFRS.

adjusted net sales, organic growth

	Jan - March
sek milli on	2017	2016
Net sales	778	715	63
Currency effect current period	-13	–	–
Adjusted net sales	765	715	63

When calculating adjusted net sales, organic growth, net sales are adjusted using currency effects of the current period and if necessary with net sales from completed acquisitions. This measurement gives a figure for comparing net sales with the previous year.

earnings before depreciation, ebitda

		Jan - March
sek milli on	2017	2016		2016
Operating earnings (EBIT)	63	55	8	200
Depreciation and amortisation	20	17	3	71
Earnings before depreciation (EBITDA)	83	72	11	271

When calculating operating earnings excluding depreciation (EBITDA), depreciation and impairments are returned to operating earnings (EBIT). This measurement provides a figure for operating earnings excluding depreciation which are in turn based on investments.

adjusted net cash/net debt

sek milli on	31-03-2017	31-03-2016	31-12-2016
Net cash(+)/net debt(-)	54	-114	30
Adjusted for interest bearing liabilities related to financial lease agreements	37	38	38
Adjusted net cash(+)/net debt(-)	91	-76	68

When calculating adjusted net cash/net debt, interest-bearing debt attributable to financial leases is deducted from net cash/net debt. This measurement provides a figure for a refined financial structure excluding lease liabilities.

Income statement, parent company

	jan-March			FULL YEAR
SEK milli on	2017	2016		2016
Net sales	6	6	–	28
Gross profit	6	6	–	28
Administrative expenses	-11	-8	-3	-39
Operating earnings	-5	-2	-3	-11
Interest expenses and similar items	-1	-2	1	-9
Earnings after financial items	-6	-4	-2	-20
Appropriations	–	–	–	174
Earnings before tax	-6	-4	-2	154
Tax on period's earnings	1	1	–	-34
Earnings after tax	-5	-3	-2	120

Balance sheet, parent company

SEK milli on	31-03-2017	31-03-2016	31-12-2016
ASSETS
Fixed assets
Intangible fixed assets	1	1	1
Tangible fixed assets	1	2	1
Total intangible and tangible fixed assets	2	3	2
Financial fixed assets
Participations in Group companies	1,382	1,382	1,382
Deferred tax assets	21	55	19
Other non-current receivables	–	1	2
Total financial fixed assets	1,403	1,438	1,403
Total fixed assets	1,405	1,441	1,405
Current assets
Current receivables from Group companies	170	120	174
Other current receivables	3	2	2
Cash and cash equivalents	–	0	–
Total current assets	173	122	176
Total assets	1,578	1,563	1,581
EQUITY AND LIABILITIES
Equity
Restricted equity	110	110	110
Non-restricted equity	1,040	987	1,045
Total equity	1,150	1,097	1,155
Non-current liabilities
Non-current liabilities to Group companies	347	329	346
Total non-current liabilities	347	329	346
Current liabilities
Current liabilities to Group companies	67	124	67
Other current liabilities	14	13	13
Total current liabilities	81	137	80
Total equity and liabilities	1,578	1,563	1,581

Comments

January–March 2017

During the quarter, Bulten has established itself in the United States through the formation of a joint venture company owned to the same extent by Bulten and the North American supplier of fastners, Ramco. Bulten also starts its own production in the same premises. On the picture Tommy Andersson, President and CEO of Bulten and Rick Malson, President of Ramco.

future financial report dates

12 July 2017 Half year report, January – June 2017 26 October 2017 Interim report, January – September 2017 8 February 2018 Full year report, January – December 2017

The reports are available on Bulten's website, www.bulten.com as of the above dates.

capital market day 21 September 2017

contact

For further information, please contact Kamilla Oresvärd, Senior Vice President Corporate Communications Tel: +46 31 734 59 00, e-mail: [email protected]

invitation to presentation

Investors, analysts and media are invited to participate in the teleconference on Tuesday, April 25 at 14.30 CET when the report will be presented by Tommy Andersson, President and CEO and Helena Wennerström, Executive Vice President and CFO.

The presentation will be held in English and can be followed live via the link: https://wonderland.videosync.fi/bulten-q1-report-2017. It will also be possible to take part of the audiocast afterwards at the same address or at www.bulten.com/ir.

To participate in the teleconference, please call 5 minutes before the opening to SE: +46856642509, UK: +442030089807 US: +18558315945.

This information is information that Bulten AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13.30 CET on April 25, 2017.

Bulten is one of the leading suppliers of fasteners to the international automotive industry. The company's product range includes everything from customer-specific standard products to customized special fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof. The company was founded in 1873, has some 1,300 employees in nine countries and head office in Gothenburg. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com

Bulten AB (publ) Box 9148, SE-400 93 Göteborg, Sweden Visiting address: August Barks Gata 6 A Tel +46 31 734 59 00, Fax +46 31 734 59 09 www.bulten.com