Bulten — Interim / Quarterly Report 2019

Jul 10, 2019

Q2

HALF YEAR REPORT

Inventory adaptation and lower produc- tion rate affected results negatively

second quarter

• Net sales amounted to SEK 781 (810) million, a decrease of -3.5% on the same period last year.
• Operating earnings (EBIT) totaled SEK 21 (57) million, equating to an operating margin of 2.7% (7.1).
• Operating earnings (EBIT) adjusted for relocation costs in China totaled SEK 27 (57) million, equating to an adjusted operating margin of 3.4% (7.1).
• Earnings after tax amounted to SEK 14 (40) million.
• Order bookings totaled SEK 752 (855) million, a decrease of -12.0% on the same period last year.
• Cash flow from operating activities totaled SEK 52 (54) million.
• Earnings per share were SEK 0.71 (1.99).

january–june

• Net sales amounted to SEK 1,591 (1,663) million, a decrease of -4.3% on the same period last year.
• Operating earnings (EBIT) totaled SEK 79 (124) million, equating to an operating margin of 4.9% (7.4).
• Operating earnings (EBIT) adjusted for relocation costs in China totaled SEK 86 (124) million, equating to an adjusted operating margin of 5.4% (7.4).
• Earnings after tax amounted to SEK 58 (88) million.
• Order bookings totaled SEK 1,485 (1,634) million, a decrease of -9.1% on the same period last year.
• Cash flow from operating activities totaled SEK -5 (80) million.
• Earnings per share were SEK 2.83 (4.42).
• Net debt amounted to SEK 595 (118) million. Net debt (excluding financial leasing) totaled SEK 347 (80) million.
• The equity/assets ratio was 54.8% (66.0) at the end of the period. The equity/assets ratio (excluding financial leasing) totaled SEK 59.4% (66.0).

significant events after the end of the reporting period

• Bulten have announced that earnings for the second quarter was negatively affected by approximately SEK 25 million due to a lower production rate in order to adjust the stock level.

ceo's comments

"The second quarter saw a continuation of the decline on the car market which began in the second half of 2018, and the market situation is reflected in Bulten's lower volumes. Net sales decreased by -3.5%. Earnings was affected negatively by a lower rate of production in order to balance inventory levels to demand, but also due to lower sales, primarily toward the end of the quarter. The lower production rate has brought the reduction in inventories according to plan, but also resulted in a lower utilization of the production units' capacity and thus under-absorption of fixed costs. The ambition of adapting inventory levels was previously communicated in connection with the Q1 report. The under-absorption had a negative impact on earnings of approximately SEK 25 million during the second quarter.

We are not satisfied with the development during the quarter, but the adjustment of production rate was necessary in the prevailing market climate. At present, demand remains lower than last year, and volumes related to new contracts have ramped up more slowly than anticipated. With this in mind, the production rate will remain lower at the start of Q3. A review of the company's costs has been initiated for adaptation to the current market situation.

As previously announced, Bulten has contracts in place worth just over half a billion SEK a year at full production in 2021. During the first halfyear, we have also won several smaller contracts with a total annual value of approximately SEK 20 million, in addition to the previously already announced of approximately SEK 130 million."

BULTEN IN BRIEF

development during the quarter

During the second quarter of 2019, the decline in the passenger car market which began in the second half of 2018 continued and the market situation was reflected in Bulten's lower volumes. Net sales decreased by -3.5%. The order intake, which decreased by -12%, also indicates a more restrained market. In addition, the comparative figures for the corresponding quarter last year have been challenging - one quarter when customers' sales were stimulated by the environmental regulations that were subsequently introduced.

Earnings was affected negatively by a lower rate of production in order to balance inventory levels to demand, but also due to lower sales, primarily toward the end of the quarter.

The lower production rate has brought the reduction in inventories according to plan, but also resulted in a lower utilization of the production units' capacity and thus under-absorption of fixed costs. The ambition of adapting inventory levels was previously communicated in connection with the Q1 report. The under-absorption had a negative impact on earnings of approximately SEK 25 million during the second quarter.

Production adaptation has been necessary in the current market situation. At present, demand is still weaker than in the previous year, and volumes for the previously announced new contracts have been more prolonged. Given these conditions, the production rate will continue to be lower at the beginning of the third quarter. A review of the company's costs has been initiated for adaptation to the current market situation.

As previously announced, Bulten has contracts in place worth just over half a billion SEK a year at full production in 2021 and the company's position remains strong. During the first half-year, we also took on several smaller contracts with a joint annual value of SEK 20 million. Despite a more cautious market, Bulten also received several smaller contracts during the first half of the year, of a total annual value of approximately SEK 20 million in addition to the previously already announced of approximately SEK 130 million.

The previously announced relocation of production in China, from Beijing to Tianjin, is proceeding according to plan. Costs for this relocation have so far this year negatively affected operating earnings by SEK 7 million, of which SEK 6 million in Q2. The remaining part of the costs of SEK 16-20 million is expected to arise during the rest of the year. The relocation will generate growth opportunities for Bulten on the Chinese market.

Regarding the planned factory investment in Poland, the process is continuing with negotiations and land development.

The raw material prices that increased dramatically in 2018 have stabilized, although at a high level. Operating earnings for Q2 totaled SEK 21 million, which equates to an operating margin of 2.7%. Adjusted operating earnings for the relocation in China amounted to SEK 27 million, which equates to an adjusted operating margin of 3.4%.

In June, Bulten won an award from EcoVadis for its work on sustainability. Bulten achieved Gold Medal level in the EcoVadis sustainability ranking, and is also ranked in the top layer among companies in the same industry.

market and outlook

Approximately 85% of Bulten's net sales are attributable to light vehicles and roughly 15% to commercial vehicles. Around 91% of total sales are attributable to direct deliveries to vehicle manufacturers (OEMs) and the remainder to their suppliers and others.

According to the latest LMC Automotive forecast for Q2 2019, European production of light vehicles is expected to decrease by 1.1% and heavy commercial vehicles* is expected to increase by 1.6% compared to 2018. Weighted for Bulten's exposure, this means a decline of -0.7% on the corresponding period. However, passenger car sales for Western Europe in the first half of 2019 show a larger decline of -3.5% compared with the same period in 2018. The slowdown in Europe can be explained by new

*) Forecast from Q1 2019 for commercial vehicles

environmental tax regulations (WLTP) in several European countries, as well as concerns about Brexit in the UK. According to LMC Automotive, the development in China during the first five months of the year resulted in a sales decline of about -13%, which also affects suppliers' production in Europe.

Bulten's products are mainly distributed to Europe, but demand is governed by the production of vehicles for the global market.

At the end of 2018, the management team estimated that Bulten's market share amounted to about 18% of the European market for fasteners for the automotive industry, which is an increase of 1 percentage point on 2017. On the same market, Bulten's estimated market share for FSP business was around 65% at the end of 2018, which is an increase of 4 percentage points on 2017. The information is based on data from the European Industrial Fasteners Institute (EIFI) relating to European automotive industry purchases of fasteners during 2018.

Bulten has a strong position in its niche, and long-term growth opportunities are looking good despite the current market unease, with incoming volumes from already signed contracts worth just over EUR 67 million annually when full production is reached in 2021. The conditions for winning new business are deemed strong.

order bookings and net sales Second quarter

Order bookings amounted to SEK 752 (855) million, a decrease of -12.0% on the same period last year.

Group net sales amounted to SEK 781 (810) million, a decrease of -3.5% on the same period last year. Adjusted for currency effects, organic growth totaled -5.8% for the same period.

January - June

Order bookings amounted to SEK 1,485 (1,634) million, a decrease of -9.1% on the same period last year.

Group net sales amounted to SEK 1,591 (1,663) million, a decrease of -4.3% on the same period last year. Adjusted for currenyc effects, organic growth totaled -7.4% for the same period.

MSEK 1000

earnings and profitability

Second quarter

The Group's gross profit was SEK 129 (156) million, corresponding to a gross margin of 16.5% (19.0). Earnings before depreciation and amortization (EBITDA) amounted to SEK 54 (80) million, corresponding to an EBITDA margin of 6.9% (9.8). Operating earnings (EBIT) totaled SEK 21 (57) million, equating to an operating margin of 2.7% (7.1). Operating earnings adjusted for relocation costs totaled SEK 27 million, equating to an adjusted operating margin of 3.4%. Bulten's result for the second quarter was negatively affected by approximately SEK 25 million due to lower production rate.

The lower production rate has resulted in reduction of inventories but, however, resulted in a lower utilization of the production units' capacity and thus an under-absorption of fixed costs.

The raw material prices that increased dramatically in 2018 have now stabilized, although at a high level. Operating earnings were marginally affected by currency fluctuations of SEK 0 (4) million when converting operating capital at the closing day rate. Costs related to the start of relocation in China amounted to SEK 6 million during the quarter.

The Group's net financial items were SEK 1 (-5) million. Financial income of SEK 4 (-) million comprises currency gains. Financial expenses of SEK -3 (-5) million comprise interest expenses of SEK -2 (-1) million, of which interest expenses for financial leases SEK -1 (-) million. Currency losses amount to SEK - (-4) million. Other financial expenses amount to SEK -1 (-0) million.

The Group's earnings before tax amounted to SEK 22 (52) million and earnings after tax amounted to SEK 14 (40) million.

January - June

The Group's gross profit was SEK 288 (323) million, corresponding to a gross margin of 18.1% (19.4). Earnings before depreciation and amortization (EBITDA) amounted to SEK 145 (168) million, corresponding to an EBITDA margin of 9.1% (10.1). Operating earnings (EBIT) totaled SEK 79 (124) million, equating to an operating margin of 4.9% (7.4). Operating earnings adjusted for relocation costs totaled SEK 86 million, equating to an adjusted operating margin of 5.4%. Bulten's result for the first half year was negatively affected by approximately SEK 25 million due to lower production rate. The lower production rate has resulted in the reduction of inventories but, however, resulted in a lower utilization of the production units' capacity and thus an underabsorption of fixed costs for the second quarter.

The raw material prices that increased dramatically in 2018 have now stabilized, although at a high level. Operating earnings were affected positively by currency fluctuations of SEK 3 (9) million net when converting operating capital at the closing day rate. Costs related to the start of relocation in China amounted to SEK 7 million during the period.

The Group's net financial items were SEK 2 (-6) million. Financial income of SEK 8 (-) million comprises currency gains. Financial expenses of SEK -6 (-6) million comprise interest expenses of SEK -5 (-2) million, of which interest expenses for financial leases SEK -3 (-) million. Other financial expenses amount to SEK -1 (-1) million.

The Group's earnings before tax amounted to SEK 81 (118) million and earnings after tax amounted to SEK 58 (88) million.

cash flow, working capital, investments and financial position Second quarter

Cash flow from operating activities totaled SEK 52 (54) million. The effect on cash flow of the change in working capital amounted to SEK 4 (-12) million. Inventories changed during the period by SEK -51 (52) million. The tied-up capital in the inventory has reduced partly due to adapted production rate. Current receivables changed by SEK 9 (-78) millions. Current liabilities decreased by SEK -28

(-47) million.

Cash flow from investing activities amounted to SEK -49 (-36) million. Investments of SEK 49 (36) million relate to property, plant and equipment.

Cash flow from financing activities was affected by a dividend to Parent Company shareholders of SEK -80 (-76) million and a buy-back of own shares of SEK -8 (-) million.

January - June

Cash flow from operating activities totaled SEK -5 (80) million. The effect on cash flow of the change in working capital amounted to SEK -110 (-62) million. Inventories changed during the period by SEK -29 (45) million. The tied-up capital in the inventory has reduced partly due to adapted production rate. Current receivables increased by SEK 104 (30) millions. Current liabilities decreased by SEK -25 (-15) million.

Cash flow from investing activities amounted to SEK -84 (-75) million. Investments of SEK 84 (75) million relate to property, plant and equipment.

Cash flow from financing activities was affected by a dividend to Parent Company shareholders of SEK -80 (-76) million and a buy-back of own shares of SEK -13 (-) million.

On the closing date, net debt amounted to SEK 595 million, of which SEK 66 million was cash and cash equivalents. In the previous year, net debt was SEK 118 million, of which SEK 27 million was cash and cash equivalents. Net debt (excluding financial leasing) totaled SEK 347 million. Net debt (excluding financial leasing) in the previous year totaled SEK 80 million.

financial agreement

At the end of the second quarter, the company utilized the extension option in its existing financing agreement of SEK 750 million, which now runs until June 2023 under the same conditions.

Gross profit	129	160	-31	288	323	-35	565	600	-35
Earnings before depreciation (EBITDA)	54	80	-26	145	168	-23	277	300	-23
Operating earnings (EBIT)	21	57	-36	79	124	-45	165	210	-45
Operating margin, %	2.7	7.1	-4.4	4.9	7.4	-2.5	5.4	6.7	-1.3
Adjusted operating earnings (EBIT) for restructuring cost	27	57	-30	86	124	-38	173	211	-38
Adjusted operating margin, %	3.4	7.1	-3.7	5.4	7,4	-2.0	5.6	6.7	-1.1
Earnings after tax	14	40	-26	58	88	-30	113	143	-30
Earnings per share before dilution, SEK	0.71	1.99	-1.28	2.83	4.42	-1,59	5.60	7.19	-1.59
Order bookings	752	855	-12.0%	1,485	1,634	-9.1%	2,949	3,098	-4.8%
Return on capital employed, %	–	–	–	–	–	–	9.0	12.8	-3.8
Return on capital employed, (excluding lease liabilities), %	–	–	–	–	–	–	9.5	12.8	-3.3

OTHER INFORMATION

accounting principles

This half year report has, for the Group, been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The financial reporting for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for legal entities, issued by the Swedish Financial Reporting Board. The accounting policies applied are unchanged compared to those outlined in the 2018 Annual Report, with the exception that IFRS 16 Leases has been applied from January 1, 2019. The Group has conducted an overview of all of the leases, where the information has been compiled and summarized as background information for calculations and quantifications in conjunction with converting to IFRS 16. The leases for the Group primarily involved leasing premises and in certain cases leasing equipment. The Group has decided to apply the simplified transition method, which means that comparison figures do not need to be converted and there is no effect on opening equity. In the opening balance for 2019, non-current assets and interest-bearing liabilities increased by SEK 223 million.

New accounting policies on January 1, 2019

The Group as lessee

The Group's leases primarily comprise right-of-use assets regarding premises and equipment. The leases are recognized as right-of-use assets equating to a lease liability on the day the leased asset becomes available for use by the Group. Short-term leases and leases for which the underlying asset is of low value are excepted.

Each lease payment is distributed between repayment of lease liability and financial expense. The financial expense shall be distributed over the term of the lease so that each accounting period is charged with an amount corresponding to a fixed rate of interest for the liability recognized in the respective period.

The lease period is established as the non-terminable period together with both periods covered by an opportunity to extend the lease if the lessee is reasonably certain to utilize that option, and periods covered by an opportunity to terminate the lease if the lessee is reasonably certain not to utilize that option.

The Group's lease liabilities are entered at the present value of the Group's fixed fees (including fees which are substantially fixed). Call options are included in the fees if it is reasonably certain that these will be utilized to acquire the underlying asset. Penalty fees which are charged on termination of the lease are included if the lease period reflects the fact that the lessee will utilize an opportunity to terminate the lease. The lease payments are discounted by the lease's imputed rate of interest if this interest rate can easily be established, otherwise the Group's incremental borrowing rate is used.

The Group's right-of-use assets are recognized at cost and initially include the present value of the lease liability, adjusted for lease fees paid on or before the start date, as well as initial direct costs. Restoration costs are included in the asset if a corresponding provision relating to restoration costs has been identified. The right-of-use asset is depreciated on a straight-line basis over the shorter of the asset's useful life and the length of the lease.

Reclassification of logistics costs

From January 1, 2019 the Group recognizes external costs for logistics as selling expenses. In previous periods, these costs were entered partly in cost of goods sold. The comparison period has been recalculated for comparison purposes as follows:

		JAN–JUNE 2018
	PREVIOUSLY REPORTED	RECLASSIFI CATION
Cost of goods sold	-1 348	8	-1 340
Gross profit	315	8	323
Selling expenses	-113	-8	-121
Operating earnings	124	0	124

Other periods presented in the interim report on pages 11 and 12 have also been recalculated for comparison purposes. The recalculation is presented on the Bulten website at www.bulten.com/en/IR/Interim-reports.

All amounts in SEK million unless otherwise stated. Figures in brackets refer to the previous year. Some figures are rounded, so amounts might not always appear to match when added up.

risks and risk management

Exposure to risk is a natural part of a business and this is reflected in Bulten's approach to risk management. This aims to identify risks and prevent risks from occurring and to limit any damage resulting from these risks. The most significant risks for the Group relate to the economic situation's effect on demand, access to and price fluctuations in raw materials, and external geopolitical and financial factors.

For a more detailed description of risks, please see Note 5 Risks and risk management in the 2018 Annual Report.

seasonal variations

Bulten has no traditional seasonal variation but the year reflects the customers' production days, which vary between quarters. Generally speaking, the lowest net sales and operating earnings are seen in the third quarter with the lowest number of production days. The other quarters are relatively even but may vary slightly.

transactions with related parties

There have been no significant transactions between related parties during the reporting period. For further information, please see Note 37 of the 2018 Annual Report.

employees

The average number of employees (FTE) in the Group during the period January 1 – June 30, 2019 was 1,455 (1,418).

PRO FO RMA ADJ USTED FO R FINANCIAL LE A SING U ND ER IFR S 16
----------------------------------------------------------------

PRO FO RMA ADJ USTED FO R FINANCIAL LE A SING U ND ER IFR S 16	JAN–JUNE	ADJUSTMENT	JAN-JUNE
(MSEK UNLESS OTHER WISE STATED)	2019 (REPORTED)	FOR EFFECT OF IFRS 16	2019 (PRO FORMA)	JAN–JUNE 2018
Gross profit	288	-1	287	323
Earnings before depreciation (EBITDA)	145	-19	126	168
Operating earnings	79	-2	77	124
Net financial income/expense	2	+2	4	-6
Earnings before tax	81	0	81	118
Earnings after tax	58	0	58	88
Return on capital employed, %	9.0	+0.5	9.5	14.1
Net debt (-)	-595	+213	-382	-117
Equity ratio, %	54.8	+4.6	59.4	66.0

contingent liabilities

Three were no significant changes in contingent liabilities during the interim period.

parent company

Bulten AB (publ) owns, directly or indirectly, all the companies in the Group. The equity/assets ratio was 59.4% (73.8). Equity amounted to SEK 1,010 (1,040) million. There were no cash or cash equivalents on the closing date. The company had nine employees on the closing date.

significant events after the end of the reporting period

Bulten announced that earnings for the second quarter was negatively affected by approximately SEK 25 million due to a lower production rate in order to adjust the stock level.

There are no other significant events to report.

auditor's review

This half year report has not been reviewed by the company's auditors.

The Board of Directors and the President and CEO confirm that the report gives a true and fair view of the Parent Company's and the Group's operations, position and results, and describes significant risks and uncertainty factors that the Parent Company and Group face.

Gothenburg, July 10, 2019 Bulten AB (publ)

Ulf Liljedahl	Hans Gustavsson	Hans Peter Havdal
Chairman of the board	Board member	Board member
Peter Karlsten	Anne-Lie Lind	Nicklas Paulson
Board member	Board member	Board member
Mikael Jansson Employee representative		Lars Jonsson Employee representative

Anders Nyström 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 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 1,400 employees in eight countries and its head office in Gothenburg. 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 goal is to achieve profitable organic growth and to grow more strongly than the industry average.
• The Group's goal is to achieve an operating margin of at least 7% (7). • The Group's goal is to achieve a return on average capital employed
• of at least 15% (15). • The Group's dividend policy is, over time, to pay out a dividend of
• at least one third of net earnings after tax. Consideration shall, however, be given to Bulten's financial position, cash flow and outlook.

strategy

Global system supplier of fastener solutions

Bulten shall be a global full service provider (FSP) of fastener solutions to the automotive industry.

Value enhancement throughout the value chain

Bulten creates value throughout the value chain: from pre-development, technology and product development, production, purchasing and logistics, to final delivery at the customer's production line.

Organic growth

Bulten's primary strategy is to grow organically. Acquisitions and joint ventures deemed to complement the offering either in terms of products, processes or geography are also of interest.

Customers in the automotive industry

Vehicle manufacturers and suppliers in the automotive industry are the primary target groups.

Geographic proximity

Bulten's geographic spread allows global delivery capacity to the automotive industry.

Innovation drives development

An innovative climate serves to develop technological know-how to create optimal, sustainable, cost-effective solutions for the customer.

Global purchasing strategy

Bulten's global purchasing strategy harmonizes and consolidates the purchase of intermediate goods in a sustainable, cost-effective way

Sustainable, cost-effective production

Bulten's production technology and structure ensures sustainable, cost-effective production of the highest quality.

Strong balance sheet for growth investments

A strong balance sheet and low indebtedness provide flexibility and preparedness for investments in increased capacity and growth, as well as for strategic acquisitions.

Personnel and a unique corporate

culture create a sustainable operation

Bulten's employees contribute to sustainable development with their expertise and keen dedication. The company's core values are the foundation of Bulten's unique corporate culture.

Development of sustainability work

All activities within Bulten should be sustainably designed and in line with the company's ethical guidelines, based on social responsibility, environmental principles and responsible corporate governance.

SHAREHOLDER INFORMATION

		Q2			JAN-JUNE			YEAR
PRICE-RELATED SHARE DATA	2019	2018		2019	2018		JULY 2018– JUNE 2019	2018
Share price at end of period (price paid), SEK	73.00	104.40	-31.40	73.00	104.40	-31.40	73.00	88.20
Highest share price during the period (price paid), SEK	90.40	117.20	-26.80	90.40	124.40	-34.00	113.40	124.40
Lowest share price during the period (price paid), SEK	70.60	103.00	-32.40	70.60	100.60	-30.00	70.60	85.90
Market value at end of period, SEK million	1,536	2,197	-661	1,536	2,197	-661	1,536	1,856
P/E	–	–	–	–	–	–	13.05	12.26
Yield, %	–	–	–	–	–	–	–	4.54
Data per share
Earnings before depreciation (EBITDA) *)	2.69	3.91	-1.22	7.20	8.25	-1.05	13.73	14.78
Operating earnings (EBIT) *)	1.05	2.80	-1.75	3.91	6.08	-2.17	8.15	10.32
Earnings after net financial items (EAFI) *)	1.10	2.53	-1.43	4.02	5.79	-1.77	7.99	9.76
Earnings for the period *)	0.71	1.99	-1.28	2.83	4.42	-1.59	5.60	7.19
Equity *)	–	–	–	74.79	73.01	1.78	–	74.70
Cash flow from operating activities *)	2.59	2.67	-0.08	-0.24	3.93	-4.17	–	6.14
Cash flow for the period *)	1.87	-0.85	2.72	2.36	-1.19	3.55	–	-1.56
Dividend	–	–	–	–	–	–	–	4.00
Total outstanding ordinary shares, 000
Weighted number during the period *)	20,044.2	20,359.7	-315.5	20,073.6	20,359.7	-286.1	20,181.8	20,323.7
At the end of the period *)	19 999.5	20,359.7	-360.2	19,999.5	20,359.7	-360.2	19,999.5	20,133.0

*) Before dilution.

share performance

Source: Cision on 30 June 2019

bulten's ten largest shareholders

SHAREHOLDERS	NO. OF SHARES	SHARE HOLDING, %
Volito AB	4,766,588	22.6
Investment AB Öresund	2,900,000	13.8
Lannebo fonder	2,531,699	12.0
Bulten AB	1,040,715	4.9
Lazard Freres Banque	431,500	2.0
Spiltan Fonder AB	419,320	2.0
CBNY-DFA-INT SML CAP V	408,303	1.9
Tredje AP-fonden	385,125	1.8
State Street Bank & Trust Com., Boston	372,528	1.8
HSBC BANK PLC, W8IMY	357,144	1.7

Total number of shareholders: 6,850

Source: Euroclear Sweden AB on 30 June 2019

information about interim reports

Bulten strives for sustainable business, and to find areas where we can minimize environmental impact. From Q2 2016, interim reports are no longer available in printed form.

All of Bulten's reports are available to read and download at bulten.se. Shareholders who are unable to access the reports digitally can order printed copies by contacting Bulten.

Our subscription service at bulten.se also enables users to subscribe to Bulten's reports and press releases by e-mail.

FINANCIAL INFORMATION

CONSOLIDATED INCOME STATEMENT

		Q2				JAN-JUNE			YEAR
SEK MILLION	NOTE	2019	2018		2019	2018		JULY 2018 – JUNE 2019	2018
Net sales	1	781	810	-29	1,591	1,663	-72	3,060	3,132
Cost of goods sold		-652	-650	-2	-1,303	-1,340	37	-2,495	-2,532
Gross profit		129	160	-31	288	323	-35	565	600
Other operating income		5	8	-3	12	17	-5	14	19
Selling expenses		-60	-61	1	-121	-121	–	-243	-243
Administrative expenses		-51	-48	-3	-99	-95	-4	-177	-173
Other operating expenses		-3	-4	1	-3	-4	1	–	-1
Share of profit in joint ventures		1	2	-1	2	4	-2	6	8
Operating earnings		21	57	-36	79	124	-45	165	210
Financial income		4	–	4	8	0	8	8	0
Financial expenses		-3	-5	2	-6	-6	–	-12	-12
Earnings before tax		22	52	-30	81	118	-37	161	198
Tax on earnings for the period		-8	-12	4	-23	-30	7	-48	-55
Earnings after tax		14	40	-26	58	88	-30	113	143
Attributable to
Parent Company shareholders		14	41	-27	57	90	-33	113	146
Non-controlling interests		0	-1	1	1	-2	3	0	-3
Earnings after tax		14	40	-26	58	88	-30	113	143
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK		0.71	1.99	-1.28	2.83	4.42	-1.59	5.60	7.19
Earnings per share after dilution, SEK		0.71	1.98	-1.27	2.83	4.40	-1.57	5.59	7.18
Weighted number of outstanding ordinary shares before dilution, 000		20,044.2	20,359.7	-315.5	20,073.6	20,359.7	-286.1	20,181.8	20,323.7
Weighted number of outstanding ordinary shares after dilution, 000		20,078.4	20,451.9	-373.5	20,107.8	20,451.9	-344.1	20,216.0	20,358.5

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

SEK MILLION		Q2			JAN-JUNE			YEAR
	2019	2018		2019	2018		JULY 2018 – JUNE 2019	2018
Earnings after tax	14	40	-26	58	88	-30	113	143
Other comprehensive income
Items not to be reversed in the income statement
Revaluation of defined-benefit pension plans, net after tax	–	–	–	–	–	–	–	0
Items that may later be reversed in the income statement
Exchange differences	11	1	10	29	31	-2	15	17
Total comprehensive income	25	41	-16	87	119	-32	128	160
Attributable to
Parent Company shareholders	24	42	-18	84	121	-37	127	164
Non-controlling interests	1	-1	2	3	-2	5	1	-4
Total comprehensive income	25	41	-16	87	119	-32	128	160

CONSOLIDATED BALANCE SHEET

SEK MILLION	30-06-2019	30-06-2018	31-12-2018
ASSETS
Fixed assets
Intangible fixed assets 1)	207	206	205
Tangible fixed assets	730	669	702
Right-of-use assets	249	–	–
Financial assets	8	4	6
Deferred tax assets	4	7	5
Total fixed assets	1,198	886	918
Current assets
Inventories	680	578	709
Current receivables	812	781	693
Cash equivalents	66	27	18
Total current assets	1,558	1,386	1,420
Total assets	2,756	2,272	2,338
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders	1,496	1,486	1,504
Non-controlling interests	15	12	10
Total equity	1,511	1,498	1,514
Long-term liabilities
Long-term interest-bearing lease liabilities	210	35	33
Other long-term interest-bearing liabilities and provisions	416	115	168
Total long-term liabilities	626	145	201
Current liabilities
Current lease liabilities, interest-bearing	38	2	2
Other current liabilities, interest-bearing	2	2	1
Other current liabilities, non interest-bearing	579	625	620
Total current liabilities	619	629	623
Total equity and liabilities	2,756	2,272	2,338

1) Of which goodwill SEK 204 (203) (201) million.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY JAN-JUNE YEAR

SEK MILLION	30-06-2019	30-06-2018	31-12-2018
Equity at start of period	1,514	1,454	1,454
Comprehensive income
Earnings after tax	58	88	143
Other comprehensive income	29	31	17
Total comprehensive income	87	119	160
Transactions with shareholders
Transaktion with minority	3	–	–
Share-based remuneration to employees	0	–	-2
Buy-back of own shares	-13	1	-22
Dividend to Parent Company shareholders	-80	-76	-76
Total transactions with shareholders	-90	-75	-100
Equity at end of period	1,511	1,498	1,514

CONSOLIDATED CASH FLOW STATEMENT

CONSOLIDATED BALANCE SHEET

ASSETS Fixed assets

Current assets

Equity

EQUITY AND LIABILITIES

Long-term liabilities

Current liabilities

1) Of which goodwill SEK 204 (203) (201) million.

Comprehensive income

Transactions with shareholders

SEK MILLION 30-06-2019 30-06-2018 31-12-2018

Intangible fixed assets 1) 207 206 205 Tangible fixed assets 730 669 702 Right-of-use assets 249 – – Financial assets 8 4 6 Deferred tax assets 4 7 5 Total fixed assets 1,198 886 918

Inventories 680 578 709 Current receivables 812 781 693 Cash equivalents 66 27 18 Total current assets 1,558 1,386 1,420 Total assets 2,756 2,272 2,338

Equity attributable to Parent Company shareholders 1,496 1,486 1,504 Non-controlling interests 15 12 10 Total equity 1,511 1,498 1,514

Long-term interest-bearing lease liabilities 210 35 33 Other long-term interest-bearing liabilities and provisions 416 115 168 Total long-term liabilities 626 145 201

Current lease liabilities, interest-bearing 38 2 2 Other current liabilities, interest-bearing 2 2 1 Other current liabilities, non interest-bearing 579 625 620 Total current liabilities 619 629 623 Total equity and liabilities 2,756 2,272 2,338

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY JAN-JUNE YEAR

SEK MILLION 30-06-2019 30-06-2018 31-12-2018 Equity at start of period 1,514 1,454 1,454

Earnings after tax 58 88 143 Other comprehensive income 29 31 17 Total comprehensive income 87 119 160

Transaktion with minority 3 – – Share-based remuneration to employees 0 – -2 Buy-back of own shares -13 1 -22 Dividend to Parent Company shareholders -80 -76 -76 Total transactions with shareholders -90 -75 -100 Equity at end of period 1,511 1,498 1,514

	Q2		JAN-JUNE		YEAR
SEK MILLION	2019	2018	2019	2018	2018
Operating activities
Earnings after financial items	22	52	81	118	198
Adjustments for items not included in cash flow	40	21	70	40	82
Taxes paid	-14	-7	-46	-16	-26
Cash flow from operating activities before changes in working capital	48	66	105	142	254
Cash flow from changes in working capital
Change in working capital	4	-12	-110	-62	-129
Cash flow from operating activities	52	54	-5	80	125
Investing activities
Acquisition of intangible fixed assets	0	–	0	–	-1
Acquisition of tangible fixed assets	-49	-36	-84	-75	-164
Divestment of tangible fixed assets	0	0	0	0	5
Cash flow from investing activities	-49	-36	-84	-75	-160
Financing activities
Change in overdraft facilities and other financial liabilities	133	41	250	47	101
Amortization of lease liabilities	-11	–	-21	–	–
Dividend to Parent Company shareholders	-80	-76	-80	-76	-76
Buy-back of own shares	-8	–	-13	–	-22
Cash flow from financing activities	34	-35	136	-29	3
Cash flow for the period	37	-17	47	-24	-32
Cash flow for the period	37	-17	47	-24	-32
Cash and cash equivalents at start of period	29	44	18	48	48
Exchange rate difference in cash and cash equivalents	0	0	1	3	2
Cash and cash equivalents at end of period	66	27	66	27	18

CONSOLIDATED NET DEBT COMPOSITION

SEK MILLION	30-06-2019	30-06-2018	31-12-2018
Long-term interest-bearing liabilities	-611	-132	-185
Provision for pensions	-15	-13	-16
Current interest-bearing liabilities	-40	-4	-3
Financial interest-bearing receivables	5	4	5
Cash and bank	66	27	18
Net debt (-)	-595	-118	-181
Less interest-bearing liabilities attributable to lease liabilities	248	38	36
Adjusted net debt (-), (excluding lease liabilities)	-347	-80	-145

KEY FIGURES FOR THE GROUP

		Q2	JAN-JUNE	FULL YEAR
GROUP	2019	2018	2019	2018	2018
Margins
EBITDA margin, %	6.9	9.8	9.1	10.1	9.6
Adjusted EBITDA margin, for relocation costs, %	7.6	9.8	9.5	10.1	9.6
EBIT margin (operating margin), %	2.7	7.1	4.9	7.4	6.7
Adjusted EBIT margin (operating margin), for relocation costs, %	3.4	7.1	5.4	7.4	6.6
Net margin, %	1.8	4.9	3.7	5.3	4.6
Adjusted Net margin, for relocation costs, %	2.5	4.9	4.1	5.3	4.6
Capital structure
Interest coverage ratio, times	7.6	10.2	14.0	20.7	18.2
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK	0.71	1.99	2.83	4.42	7.19
Adjusted earnings per share before dilution, for relocation costs, SEK	0.98	1.99	3.18	4.42	7.24
Earnings per share after dilution, SEK	0.71	1.98	2.83	4.40	7.18
Number of outstanding ordinary shares
Weighted number of outstanding ordinary shares before dilution, 000	20,044.2	20,359.7	20,073.6	20,359.7	20,323.7
Weighted number of outstanding ordinary shares after dilution, 000	20,078.4	20,451.9	20,107,8	20,451.9	20,358.5
GROUP			30-06-2019	30-06-2018	31-12-2018
Capital structure
Net debt/equity ratio, times			-0.4	-0.1	-0.1
Equity/assets ratio, %			54.8	66.0	64.8
Equity/assets ratio, (excluding lease liabilities), %			59.4	66.0	64.8
Other
Net cash (+)/net debt (-), SEK million			-595	-118	-181
Adjusted net cash (+)/net debt (-), SEK million			-347	-80	-145
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK			74.79	73.01	74.73
Equity per share after dilution, SEK			74.66	72.68	74.60
Number of outstanding ordinary shares
Number of outstanding ordinary shares before dilution on the closing date, 000			19,999,5	20,359.7	20,323.7
Number of outstanding ordinary shares after dilution on the closing date, 000			19,999.5	20,451.9	20,133.0
				12-MONTH ROLLING	FULL YEAR
			JULY 2018 –	JULY 2017 –
GROUP, 12-MONTH ROLLING			JUNE 2019	JUNE 2018	2018
Profitability ratios
Return on capital employed, %			9.0	14.1	12.8
Adjusted return on capital employed, %			9.5	14.1	12.9
Return on capital employed, (excluding lease liabilities), %			9.5	14.1	12.8
Adjusted return on capital employed, (excluding lease liabilities), %			9.9	14.1	12.9
Return on capital employed, excluding goodwill, %			10.1	16.2	14.6
Return on equity, %			7.6	11.2	9.9
Adjusted return on equity, %			8.1	11.2	10.0
Capital structure
Capital turnover rate, times			1.6	2.0	1.9
Employees
Net sales per employee, SEK 000			2,103	2,139	2,186
Operating earnings per employee, SEK 000			113	151	146
Average number of full-time employees (FTE)			1,455	1,418	1,433

DEFINITIONS

Definitions of calculated key indicators are unchanged compared to the definitions in the 2018 Annual Report.

Other key indicators not in the Annual Report or on page 13 of this interim report are explained below.

1) Adjusted return on capital employed: Earnings before financial expenses adjusted for non-recurring items as a percentage of average capital employed. 2)Adjusted return on equity: Net earnings adjusted for non-recurring items divided by average equity.

3) Adjusted result: Result adjusted for items affecting comparability.

QUARTERLY DATA FOR THE GROUP

Share price

		2019 2018					2017
SEK MILLION	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Order bookings	752	733	741	723	855	779	839	691	765
Income statement
Net sales	781	810	747	722	810	853	740	630	708
Gross profit	129	159	142	135	160	163	146	125	143
Adjusted gross profit 3)	134	160	142	135	160	163	146	125	143
Earnings before depreciation (EBITDA)	54	91	71	61	80	88	76	55	76
EBITDA margin, %	6.9	11.2	9.6	8.4	9.8	10.4	10.2	8.7	10.8
Adjusted Earnings before depreciation (EBITDA) 3)	60	92	72	61	80	88	76	55	76
Adjusted EBITDA margin, % 3)	7.6	11.4	9.7	8.4	9.8	10.4	10.2	8.7	10.8
Operating earnings (EBIT)	21	58	48	38	57	67	55	35	57
EBIT margin (operating margin), %	2.7	7.1	6.4	5.2	7.1	7.8	7.5	5.5	7.9
Adjusted Operating earnings (EBIT) 3)	27	59	49	38	57	67	55	35	57
Adjusted EBIT margin (operating margin), % 3)	3.4	7.3	6.6	5.2	7.1	7.8	7.5	5.5	7.9
Earnings after tax	14	44	30	25	40	48	47	22	39
Net margin, %	1.8	5.4	4.0	3.5	4.9	5.7	6.3	3.5	5.5
Adjusted earnings after tax 3) Adjusted Net margin, % 3)	20 2.5	45 5.6	31 4.1	25 3.5	40 4.9	48 5.7	47 6.3	22 3.5	39 5.5
Cash flow from
operating activities	52	-57	60	-15	54	26	2	21	37
investing activities	-49	-35	-51	-34	-36	-39	-43	-40	2
financing activities	34	102	-16	48	-35	6	-1	26	-82
Cash flow for the period	37	10	-7	-1	-17	-7	-42	7	-43
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK	0.71	2.12	1.50	1.26	1.99	2.43	2.26	1.11	2.01
Adjusted earnings per share before dilution, SEK	0.98	2.20	1.55	1.26	1.99	2.43	2.26	1.11	2.01
Number of outstanding ordinary shares
Weighted number of outstanding ordinary shares before dilution, 000	20,044.2	20,103.4	20,216.9	20,359.7	20,359.7	20,359.7	20,359.7	20,359.7	20,359.7
SEK MILLION	30-06-2019	31-03-2019		31-12-2018 30-09-2018 30-06-2018		31-03-2018		31-12-2017 30-09-2017 30-06-2017
Balance sheet
Fixed assets	1,198	1,160	918	895	886	877	847	823	808
Current assets	1,558	1,551	1,420	1,433	1,386	1,428	1,331	1,189	1,161
Equity	1,511	1,572	1,514	1,515	1,498	1,533	1,454	1,381	1,367
Long-term liabilities	626	494	201	191	145	104	97	100	80
Current liabilities	619	646	623	622	629	668	627	531	522
Other
Net cash (+)/net debt (-)	-595	-501	-181	-164	-118	-60	-49	-13	3
Adjusted net cash (+)/net debt (-)	-347	-252	-145	-128	-80	-22	-12	23	40
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK	74.79	77,70	74.73	73.86	73.01	74.66	70.76	67.18	66.64
Number of outstanding ordinary shares
Number of outstanding ordinary shares on closing date before dilution, 000	19,999.5	20,075.9	20,323.7	20,359.7	20,359.7	20,359.7	20,359.7	20,359.7	20,359.7

Share price at end of period (SEK) 73.00 79.50 88.20 107.20 104.40 112.00 122.50 126.00 120.00

GROUP, 12-MONTH ROLLING

2,949 3,052 3,098 3,196 3,164 3,074 3,015 2,920 2,831 2,738 Order bookings Income statement 3,060 3,089 3,132 3,125 3,033 2,931 2,856 2,790 2,760 2,739 Net sales Gross profit 565 586 600 604 594 610 572 570 565 564 570 587 600 604 594 610 572 570 565 564 Adjusted gross profit 277 303 300 304 299 295 290 285 287 282 Earnings before depreciation (EBITDA) 9.1 9.8 9.6 9.7 9.8 10.1 10.1 10.2 10.4 10.3 EBITDA margin, % Adjusted earnings before depreciation 285 305 301 304 299 295 290 285 287 282 (EBITDA) 3) Adjusted EBITDA margin, % 3) 9.3 9.9 9.6 9.7 9.8 10.1 10.1 10.2 10.4 10.3 Operating earnings (EBIT) 165 201 210 217 214 214 210 207 211 208 5.4 6.5 6.7 7.0 7.1 7.3 7.4 7.4 7.6 7.6 EBIT margin (operating margin), % Adjusted operating earnings (EBIT) 3) 173 203 211 217 214 214 210 207 211 208 5.6 6.6 6.7 7.0 7.1 7.3 7.4 7.4 7.6 7.6 Adjusted EBIT margin (operating margin), % 3) 113 139 143 160 157 156 159 149 157 157 Earnings after tax Net margin, % 3.7 4.5 4.6 5.1 5.2 5.3 5.6 5.4 5.7 5.7 121 140 144 160 157 156 159 149 157 157 Adjusted earnings after tax 3) Adjusted net margin, % 3) 4.0 4.6 4.6 5.1 5.2 5.3 5.6 5.4 5.7 5.7 Employees 2,103 2,107 2,186 2,185 2,139 2,111 2,189 2,161 2,145 2,140 Net sales per employee, SEK 000 113 137 146 152 151 154 161 160 164 163 Operating earnings per employee, SEK 000 Average number of full-time employees 1,455 1,466 1,433 1,430 1,418 1,388 1,305 1,291 1,287 1,280 (FTE) on closing date Profitability ratios 9.0 10.9 12.8 14.0 14.1 13.7 14.4 13.9 15.0 14.4 Return on capital employed, % Adjusted return on capital employed, % 1) 9.5 11.0 12.9 14.0 14.1 13.7 14.4 13.9 15.0 14.4 Return on capital employed, 9.5 11.5 12.8 14.0 14.1 13.7 14.4 13.9 15.0 14.4 (excluding lease liabilities), % Return on capital employed, 10.1 12.2 14.6 16.0 16.2 15.8 16.7 16.1 17.4 16.7 excluding goodwill, % 1) Adjusted return on capital employed, 10.6 12.3 14.6 16.0 16.2 15.8 16.7 16.1 17.4 16.7 excluding goodwill, % 1) 7.6 9.0 9.9 11.3 11.2 10.9 11.7 11.5 12.4 11.9 Return on equity, % 8.1 9.2 10.0 11.3 11.2 10.9 11.7 11.5 12.4 11.9 Adjusted return on equity, % 2) Other -2.1 -1.7 -0.6 -0.5 -0.4 -0.2 -0.2 -0.0 0.0 0.2 Net cash(+)/net debt(-)/EBITDA Adjusted net cash(+)/net debt(-)/EBITDA*) -1.3 -0.8 -0.5 -0.4 -0.3 -0.1 -0.0 0.1 0.1 0.3	SEK MILLION	JULY 2018– JUNE 2019	APRIL 2018– MARCH 2019	JANUARY 2018– DECEMBER 2018	OCTOBER 2017– SEPTEMBER 2018	JULY 2017– JUNE 2018	APRIL 2017– MARCH 2018	JANUARY 2017– DECEMBER 2017	OCTOBER 2016– SEPTEMBER 2017	JULY 2016– JUNE 2017	APRIL 2016– MARCH 2017

*) Adjusted net cash(+)/net debt(-): Net cash/net debt exclusive lease liabilities

NOTE 1 INCOME

Bulten is engaged in manufacturing and sales of fasteners. Revenues from product sales are reported at the time the control of the product is transferred to the customer. This usually takes place at the time of delivery to the customer and ownership is transferred. Bulten's customers are mainly in the automotive industry in Europe, Asia and the United States. The tabel below refers to income by geographic market where the customer's delivery point is located. The Group has the major of its income from customers in Northern Europe, but part of the sales is then exported to other markets in the rest of the world. Customers are mainly manufacturers of light vehicles but also heavy commercial vehicles and other suppliers, so-called tiers. For heavy commercial vehicles, most of the deliveries are for critical fasteners for engines. Of the total sales, the majority goes to the chassis/body.

income by geographic market

Total income	781	810	-29	1,591	1,663	-72	3,060	3,132
Rest of the world	38	39	-1	77	73	4	161	157
USA	33	25	8	74	48	26	128	102
China	31	42	-11	53	67	-14	123	137
Rest of Europe	216	210	6	442	421	21	829	808
Poland	8	8	–	15	15	–	28	28
UK	207	210	-3	420	463	-43	813	856
Germany	119	144	-25	251	313	-62	483	545
Sweden	129	132	-3	259	263	-4	495	499
SEK MILLION	2019	2018		2019	2018		JULY 2018 – JUNE 2019	2018
		Q2			JAN-JUNE	12-MONTH ROLLING	YEAR

income by customer group

Total income	781	810	-29	1,591	1,663	-72	3,060	3,132
Tiers	68	73	-5	141	146	-5	278	283
OEM Heavy commercial vehicle	113	119	-6	236	228	8	445	437
OEM Light vehicle	600	618	-18	1,214	1,289	-75	2,337	2,412
SEK MILLION	2019	2018		2019	2018		JULY 2018 – JUNE 2019	2018
		Q2			JAN-JUNE	12-MONTH ROLLING	YEAR

income by chassis/body and powertrain

Total income	781	810	-29	1,591	1,663	-72	3,060	3,132
Powertrain	251	214	37	437	422	15	802	787
Chassis/body	530	596	-66	1,154	1,241	-87	2,258	2,345
SEK MILLION	2019	2018		2019	2018		JULY 2018 – JUNE 2019	2018
		Q2			JAN-JUNE	12-MONTH ROLLING	YEAR

income distributed by income category

Total income	781	810	-29	1,591	1,663	-72	3,060	3,132
Other	26	13	13	47	33	14	75	67
Outsourced production	268	312	-44	573	649	-76	1,144	1,194
Own production	487	485	2	971	981	-10	1,841	1,871
SEK MILLION	2019	2018		2019	2018		JULY 2018 – JUNE 2019	2018
		Q2			JAN-JUNE	12-MONTH ROLLING	YEAR

RECONCILIATION BETWEEN IFRS AND KEY INDICATORS USED

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 analyze 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.

sales, organic adjusted net growth
		Q2			JAN-JUNE
SEK MILLION	2019	2018		2019	2018
Net sales	781	810	-29	1,591	1,663	-72
Currency effect, current period	-19	–	-19	-52	–	-52
Adjusted net sales	762	769	-48	1,539	1,590	-124

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

Operating earnings before depreciation (EBITDA)	54	80	-26	145	168	-23	277	300
Depreciation/amortization and impairments	33	23	10	66	44	22	112	90
Operating earnings (EBIT)	21	57	-36	79	124	-45	165	210
SEK MILLION	2019	2018		2019	2018		JULY 2018 – JUNE 2019	2018
		Q2			JAN-JUNE	12-MONTH ROLLING	YEAR

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 earnings before depreciation, adjusted ebitda

Adjusted operating earnings before depreciation (EBITDA)	60	80	-20	152	168	-16	285	301
Relocation costs	6	–	6	7	–	7	8	1
Operating earnings excluding depreciation (EBITDA)	54	80	-26	145	168	-23	277	300
SEK MILLION	2019	2018		2019	2018		JULY 2018 – JUNE 2019	2018
		Q2		JAN-JUNE			12-MONTH ROLLING	YEAR

adjusted operating earnings, adjusted ebit

Adjusted operating earnings (EBIT)	27	57	-30	86	124	-38	173	211
Relocation costs	6	–	6	7	–	7	8	1
Operating earnings (EBIT)	21	57	-36	79	124	-45	165	210
SEK MILLION	2019	2018		2019	2018		JULY 2018 – JUNE 2019	2018
		Q2			JAN-JUNE	12-MONTH ROLLING	YEAR

adjusted net earnings

		Q2			JAN-JUNE	12-MONTH ROLLING	YEAR
SEK MILLION	2019	2018		2019	2018		APRIL 2018 – MARCH 2019	2018
Net earnings	14	40	-26	58	88	-30	113	143
Relocation costs	6	–	6	7	–	7	8	1
Adjusted net earnings	20	40	20	65	88	-23	121	144

adjusted net debt (excluding lease liabilities)

Adjusted net debt (-)	-347	-80	-145
Less interest-bearing liabilities attributable to lease liabilities	248	38	36
Net debt (-)	-595	-118	-181
SEK MILLION	30-06-2019	30-06-2018	31-12-2018

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

BALANCE SHEET, PARENT COMPANY

			JAN-JUNE			YEAR
SEK MILLION	2019	2018		2019	2018		2018
Net sales	6	7	-1	13	13	–	32
Gross profit	6	7	-1	13	13	–	32
Administrative expenses	-14	-12	-2	-25	-24	-1	-46
Operating earnings	-8	-5	-3	-12	-11	-1	-14
Interest expenses and similar loss items	-1	-1	–	-2	-1	-1	-3
Earnings after net financial items	-9	-6	-3	-14	-12	-2	-17
Appropriations	–	–	–	–	–	–	132
Earnings before tax	-9	-6	-3	-14	-12	-2	115
Tax on earnings for the period	2	3	-1	3	3	–	-26
Earnings after tax	-7	-3	-4	-11	-9	-2	89

INCOME STATEMENT, PARENT COMPANY

SEK MILLION	30-06-2019	30-06-2018	31-12-2018
ASSETS
Fixed assets
Intangible fixed assets	1	1	1
Tangible fixed assets	1	1	1
Total intangible and tangible fixed assets	2	2	2
Financial assets
Participations in Group companies	1,382	1,382	1,382
Deferred tax assets	3	6	1
Other long-term receivables	2	–	2
Total financial assets	1,387	1,388	1,385
Total fixed assets	1,389	1,390	1,387
Current assets
Current receivables from Group companies	132	7	163
Other current receivables	35	11	3
Total current assets	167	18	166
Total assets	1,556	1,408	1,553
EQUITY AND LIABILITIES
Equity
Restricted equity	110	110	110
Non-restricted equity	900	930	1,005
Total equity	1,010	1,040	1,115
Long-term liabilities
Long-term liabilities to Group companies	143	284	285
Other long-term liabilities	300	–	50
Total long-term liabilities	443	284	335
Current liabilities
Current liabilities to Group companies	67	67	67
Other current liabilities	36	17	36
Total current liabilities	103	84	103
Total equity and liabilities	1,556	1,408	1,553

JANUARY – JUNE 2019

In June, Bulten won an award from EcoVadis for its work on sustainability. Bulten achieved Gold Medal level in the EcoVadis sustainability ranking, and is also ranked in the top layer among companies in the same industry.

financial calendar

October 24, 2019 Interim report January–September 2019 February 6, 2020 Full-year report January–December 2019

The reports can be found on the Bulten website at www.bulten.se on their date of publication.

contact

Kamilla Oresvärd, SVP Corporate Communications Phone: +46 (0)31-734 59 00, e-mail: kamilla.oresvard@bulten.com

invitation to presentation

Investors, analysts and media are invited to participate in the teleconference on July 10 at 11:00 CET. The report will be presented by Anders Nyström, President and CEO and Helena Wennerström, Executive Vice President and CFO via audiocast.

The presentation will be held in English and can be followed live via the link: https://tv.streamfabriken.com/bulten-q2-2019. It will also be possible to access the audiocast afterwards at the same address or via www.bulten.com/ir.

To participate in the teleconference, please call 5 minutes before the opening:

SE: +46856642695 UK: +443333009262 US: +18335268347

This information is information that Bulten AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on July 10, 2019.

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 1,400 employees in eight countries and its head office in Gothenburg. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.se.

Bulten AB (publ) Box 9148, SE-400 93 Göteborg Visiting address: August Barks Gata 6 A Phone +46 (0)31-734 59 00 www.bulten.se