Bulten — Interim / Quarterly Report 2022

Oct 27, 2022

INTERIM REPORT JANUARY – SEPTEMBER 2022

Increased net sales in a challenging environment

third quarter

• Net sales amounted to SEK 1,095 (764) million, an increase of 43.3% on the same period last year.
• Operating earnings (EBIT) totaled SEK 47 (31) million, equating to an operating margin of 4.3% (4.1).
• Earnings after tax amounted to SEK 18 (16) million.
• Order bookings amounted to SEK 1,033 (830) million, an increase of 24.4% on the same period last year.
• Cash flow from operating activities totaled SEK -27 (-122) million.
• Earnings per share were SEK 0.65 (0.68).
• Bulten was nominated as a supplier of fasteners for a new global electric vehicle (EV) platform to be produced in China. The order value is estimated at approximately SEK 155 million a year at full production.
• Bulten began a collaboration with Polestar on the development project Polestar 0, which aims to build a climate-neutral electric car by 2030, by eliminating emissions in the supply chain. Bulten's contribution will be the delivery of climate-neutral fasteners.

january – september

• Net sales amounted to SEK 3,135 (2,777) million, an increase of 12.9% on the same period last year.
• Operating earnings (EBIT) totaled SEK 77 (184) million, equating to an operating margin of 2.5% (6.6).
• Adjusted operating earnings totaled SEK 170 (184) million, equating to an adjusted operating margin of 5.4% (6.6). In light of Russia's invasion of Ukraine and the related sanctions, Bulten discontinued its operation in Russia during the second quarter. Divestment costs related to the Russian operation burdened the result by SEK -93 million. Apart from the transaction costs, the divestment has no effect on the cash flow.
• Earnings after tax amounted to SEK 1 (122) million. Adjusted earnings after tax amounted to SEK 94 (122).
• Cash flow from operating activities totaled SEK 48 (3) million.
• Earnings per share were SEK -0.37 (5.69). Adjusted earnings per share were SEK 4.03 (5.69).
• Net debt amounted to SEK 1,081 (623) million. Net debt (excluding lease liabilities) totaled SEK 569 (285) million.
• The equity/assets ratio was 42.9% (50.9) at the end of the period. The equity/assets ratio (excluding lease liabilities) totaled 49.1% (56.6).

Q3

SEK 1,095 MILLION Net sales

SEK 47 MILLION Operating earnings

	Q3				JAN-SEPT		12-MONTH ROLLING	FULL YEAR
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
Net sales	1,095	764	43.3%	3,135	2,777	12.9%	4.088	3,730	9.6%
Gross profit	187	140	47	581	542	39	749	710	39
Earnings before depreciation (EBITDA)	91	74	17	207	310	-103	297	400	-103
Operating earnings (EBIT)	47	31	16	77	184	-107	125	232	-107
Operating margin, %	4.3	4.1	0.2	2.5	6.6	-4.1	3.1	6.2	-3.1
Adjusted operating earnings (EBIT) 1)	47	31	16	170	184	-14	218	232	-14
Adjusted operating margin, %	4.3	4.1	0.2	5.4	6.6	-1.2	5.3	6.2	-0.9
Earnings after tax	18	16	2	1	122	-121	33	154	-121
Adjusted earnings after tax	18	16	2	94	122	-28	126	154	-28
Earnings per share before dilution, SEK	0.65	0.68	-0.03	-0.37	5.69	-6.06	0.79	6.85	-6.06
Adjusted earnings per share before dilution, SEK	0.65	0.68	-0.03	4.03	5.69	-1.66	5.19	6.85	-1.66
Return on capital employed, %	–	–	–	–	–	–	4.5	9.7	-5.2
Adjusted return on capital employed, %	–	–	–	–	–	–	7.9	9.7	-1.8

1) See specification page 18.

CEO'S STATEMENT

Net sales in Q3 increased by a full 43% compared to the same quarter in 2021, and was the second highest quarterly sales figure in Bulten's history. Demand remained good although profitability was pressured by major operating disruptions among certain customers, due to a shortage of components and higher inflation. The focus moving forward will be on reducing stock levels and increasing margins. Our position as an innovative partner with sustainable solutions was confirmed through an exciting new collaboration with Polestar.

Continued good demand

Net sales amounted to SEK 1,095 (764) million, a significant increase compared to the same quarter last year. Operating earnings totaled SEK 47 (31) million, equating to an operating margin of 4.3% (4.1).

Demand among our automotive customers remains strong despite a shortage of components and uncertainty in the wider world. This is primarily due to the fact that the pent-up need among consumers has not decreased to any great extent in the wake of the pandemic. Another contributing factor to ongoing good demand is that most of our automotive customers operate in the premium segment and are less sensitive to the economic situation.

Order bookings during the quarter totaled SEK 1,033 million, compared to SEK 830 million in Q3 2021, an increase of 24.4%. The strong demand is expected to last well into 2023.

Unfortunately we still have high stock levels, which is a result of the gap between our customers' forecasts and call-offs. The fact is that, despite a strong quarter in terms of volumes, customer forecasts were considerably higher. The gap is mainly due to the component shortage, which leads to uneven production flows. Reducing our stock at a higher rate is one of our most important priorities, and we have implemented a range of activities to achieve the desired reduction.

Growth also in non-automotive

Net sales in sectors outside of automotive have also seen good development, primarily in consumer electronics. The increase was 63% compared to Q3 last year. This is in line with our aim to diversify our earnings and grow in non-automotive market sectors.

Inflation putting pressure on margins

Our costs remain high, primarily for energy and intermediate goods. During this current year, we have raised prices to customers, but since price adjustments are based on agreed indices for preceding periods, our margins are pressed as long as prices for intermediate goods rise. In addition to price rises, we are working intensively to improve costs along our entire value chain.

Slightly better production forecast

According to independent automotive forecaster LMC Automotive, the global production forecast for light vehicles for 2022 as a whole has been upgraded from 5.7% to 6.8% compared to expectations in Q2. The production forecast for heavy vehicles, however, has been downgraded from -11% to -15.7%. For Bulten's automotive customer mix, based on both light and heavy vehicles, the production increase is expected to be 4.2% for the whole year, compared to the 3.7% expected in the Q2 forecast.

New electric vehicle collaborations

In September, Bulten was nominated as a supplier for a new global electric vehicle (EV) platform, to be produced in China. This will mean increased manufacturing volumes for our production plants in China, which is pleasing. In the same month, we also began a very interesting collaboration with Polestar on the development project Polestar 0, which aims to build a climate-neutral electric car by 2030. Our mission is to deliver climate-neutral fasteners. This pioneering project will require far-reaching development of technical solutions, partly alongside other partners in the project, and gives us good opportunities to strengthen our unique sustainability offering into a completely climate-neutral one.

An uncertain world the new normal

Although we are seeing strong demand, we exist and operate in a very challenging environment. On the positive side, Bulten has continued to deliver growth well above market development. Our focus is on improving margins and releasing cash flow by dramatically reducing our stock levels. That way we can broaden the scope for strategic investments and acquisitions, in line with our long-term strategy.

Anders Nyström, President and CEO

BULTEN IN BRIEF

order bookings and net sales Third quarter

Order bookings amounted to SEK 1,033 (830) million, an increase of 24.4% on the corresponding period last year.

Group net sales amounted to SEK 1,095 (764) million, an increase of 43.3% on the same period last year. Adjusted for foreign exchange effects, growth totaled 33.8% for the same period.

January – September

Group net sales amounted to SEK 3,135 (2,777) million, a increase of 12.9% on the same period last year. Adjusted for foreign exchange effects, growth totaled 6.6% for the same period.

earnings and profitability Third quarter

The Group's gross profit was SEK 187 (140) million, corresponding to a gross margin of 17.1% (18.4). Earnings before depreciation and amortization (EBITDA) amounted to SEK 91 (74) million, corresponding to an EBITDA margin of 8.3% (9.7). Operating earnings (EBIT) totaled SEK 47 (31) million, equating to an operating margin of 4.3% (4.1). Operating earnings were affected by exchange rate fluctuations of SEK 4 (2) million when converting working capital at the closing day rate.

The Group's net financial items were SEK -19 (-9) million. Financial income of SEK 0 (0) million include interest income of SEK 0 (0)

million. Financial expenses of SEK -19 (-9) million include interest expenses of SEK -6 (-4) million, of which interest expenses for leases total SEK -3 (-3) million and currency losses of SEK -12 (-4) million. Other financial expenses amounted to SEK -1 (-1) million.

The Group's profit before tax amounted to SEK 28 (22) million and profit after tax was SEK 18 (16) million.

January – September

The Group's gross profit was SEK 581 (542) million, corresponding to a gross margin of 18.5% (19.5). Earnings before depreciation and amortization (EBITDA) amounted to SEK 207 (310) million, corresponding to an EBITDA margin of 6.6% (11.2). Operating earnings (EBIT) totaled SEK 77 (184) million, equating to an operating margin of 2.5% (6.6). Adjusted operating earnings (EBIT) totaled SEK 170 (184) million, equating to an operating margin of 5.4% (6.6). In the light of Russia's invasion of Ukraine and related sanctions, Bulten discontinued its operation in Russia during the second quarter. Divestment costs related to the Russian operation burdened the earnings with SEK -93 million. Operating earnings were affected by exchange rate fluctuations of SEK 1 (-0) million when converting working capital at the closing day rate.

The Group's net financial items were SEK -29 (-20) million. Financial income of SEK 1 (0) million include interest income of SEK 1 (0) million. Financial expenses of SEK -30 (-20) million include interest expenses of SEK -13 (-13) million, of which interest expenses for leases total SEK -8 (-8) million. Currency losses amounts to SEK -13 (-3) million. Other financial expenses amounted to SEK -4 (-4) million.

The Group's profit before tax amounted to SEK 48 (164) million and profit after tax was SEK 1 (122) million. Adjusted profit before tax amounted to SEK 141 (164) million, and adjusted profit after tax amounted to SEK 94 (122) million.

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

Cash flow from operating activities totaled SEK -27 (-122) million. The effect on cash flow of the change in working capital amounted to SEK -87 (-186) million.

Inventories increased during the period by SEK 17 (92) million. Current receivables changed by SEK 173 (-22) million and current liabilities changed by SEK 63 (-119) million.

Cash flow from investing activities amounted to SEK -69 (-55) million. Investments of SEK 50 (59) million relate to property, plant and equipment, of which a significant part relates to the construction of the company's new production unit in Radziechowy-Wieprz, Poland.

January – September

Cash flow from operating activities totaled SEK 48 (3) million. The effect on cash flow of the change in working capital amounted to SEK -188 (-257) million.

Inventories increased during the period by SEK 103 (230) million. Current receivables changed by SEK 247 (-68) million and current liabilities changed by SEK 108 (-107) million.

Cash flow from investing activities amounted to SEK -194 (-96) million. Investments of SEK 195 (100) million relate to property, plant and equipment, of which a significant part relates to the construction of the company's new production unit in Radziechowy-Wieprz, Poland. This has contributed to an increase in net debt. The facility is planned to be inaugurated in the beginning of 2023.

On the closing date, net debt amounted to SEK 1,081 (623) million. During the third quarter, two major leasing agreements were signed, which increased the net debt with SEK 178 Million. Net debt (excluding lease liabilities) totaled SEK 569 (285) million.

Consolidated cash equivalents amounted to SEK 287 (191) million at the end of the period. In addition to cash equivalents, the Group also had approved but unused overdraft facilities of SEK 621 (449) million, which means that the Group's liquidity amounted to SEK 908 (640) million.

financing agreements

Bulten is primarily financed through Svenska Handelsbanken under a financing agreement which amounts to SEK 1,300 million. During the second quarter, the company utilized the extension option for another year. The credit facility now runs until June 2025. There is also a financing agreement with Danske Bank with credit totaling EUR 12 million. The credit facilities are associated with certain covenants. All covenant conditions with financiers were met during the year.

OTHER INFORMATION

accounting policies

This interim 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 2021 Annual Report.

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 market and macroeconomic risks, legal and political risks, IT related risks, financial risks and force majeure.

The geopolitical situation in the world due to Russia's invasion of Ukraine could have repercussions on the global supply chain, etc. Also, COVID-19 is still an uncertainty factor that could affect sales and production. The impact of these situations on Bulten's operation is being carefully monitored. The company enjoys close collaboration with customers and other business partners so as to mitigate the effects as far as possible. Bulten takes measures to protect employees such as travel restrictions and quarantine, while also following government guidelines and recommendations.

For a more detailed description of risks, please see Note 5 Risks and risk management in the 2021 Annual Report.

seasonal variations

Bulten has no traditional seasonal variation but the year does reflect 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 2021 Annual Report.

employees

The average number of employees (FTE) in the Group during the period January 1 – September 30, 2022 was 1,572 (1,680). The number of employees on the closing date was 1,609.

contingent liabilities

There 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 70.4% (70.6). Equity amounted to SEK 1,029 (1,067) million. On the closing date, SEK 0 (0) million was in cash or cash equivalents. The Parent Company had eight employees on the closing date.

significant developments after the end of the reporting period There are no significant events to report.

the annual general meeting

The annual General Meeting will be held in Gothenburg, Sweden on April 25, 2023.

the nomination committee

According to an AGM decision, the nomination committee shall comprise four members: one representative for each of the three largest shareholders on the final banking day in September who wishes to appoint a member, and the Chairman of the Board. The three largest shareholders are considered to be the three largest shareholders as registered with Euroclear Sweden AB on the final banking day in September.

The nomination committee ahead of the 2023 AGM is composed as follows:

• Frank Larsson, appointed by Handelsbankens Fonder
• Maria Rengefors, appointed by Nordea Fonder
• Viktor Henriksson, appointed by Carnegie Fonder
• Ulf Liljedahl, Chairman of the Board of Bulten AB

Gothenburg, October 27, 2022 Bulten AB (publ)

Anders Nyström President and CEO

REVIEW REPORT

introduction

We have conducted a review of the summary of financial information (interim report) for Bulten AB (publ) as of September 30, 2022 and the nine-month period leading up to this date. The Board of Directors and the Chief Executive Officer are responsible for preparing and presenting this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act.

It is our responsibility to express a conclusion on this interim report based on our review.

scope of review

We have conducted a review in accordance with the International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity.

A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different objective and is substantially less in scope than an audit in line with ISA and good accounting practice. The review procedures in a review engagement do not enable us to obtain reasonable assurance that we would become aware of all significant matters that might be identified in an audit.

The expressed conclusion based on a review does not, therefore, have the same assurance as an expressed conclusion based on an audit.

conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report has not been prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group and with the Swedish Annual Accounts Act regarding the Parent Company.

Gothenburg, October 27, 2022 PricewaterhouseCoopers AB

Johan Palmgren Certified Public Accountant

BULTEN IN BRIEF

Bulten was founded in 1873, and has since developed into one of the largest suppliers of fasteners to the international automotive industry, as well as other customer groups such as consumer electronics. Today, we have around 1,600 employees worldwide and are headquartered in Gothenburg, Sweden. Our offering extends from a wide range of standard products to adapted fasteners manufactured to the customers' specific needs. With our Full Service Provider concept (FSP), our customers can either leave total responsibility for fasteners to us, which means that we take care of development, sourcing, logistics and service, or choose just certain parts of the concept. The share (BULTEN) is listed on Nasdaq Stockholm.

vision

We create and supply the most innovative and sustainable fastening solutions.

mission

We draw from Bulten's close to 150 years of fastener knowledge to deliver, not merely fasteners, but complete solutions. Our experienced and dedicated people help our customers around the globe succeed in everything from product design to production, procurement and service.

Our nature is to expand the boundaries of our business. By driving innovation, as well as seeking partnerships with other innovative companies, we integrate new functionality and new services into our offer.

Being committed to sustainability and cost-efficiency, we continuously improve our products and our value chain to maintain industry leadership in minimal carbon footprint and use of natural resources, and we are a positive contributor to the society, wherever we are present. Sustainability is an integral part of our business model and of who we are.

business concept

We continuously deliver market leading fastening solutions that meet customer requirements on efficiency, quality, price and sustainability.

With clear objectives, global presence, responsible conduct and the latest in technology and innovation, we are the company that makes a difference, and creates the greatest benefit for the customer.

core values

SHAREHOLDER INFORMATION

		Q3			JAN-SEPT		12-MONTH ROLLING	YEAR
PRICE-RELATED SHARE DATA	2022	2021		2022	2021		OCT 202 1– SEPT 2022	2021
Share price at end of period (price paid), SEK	53.20	84.40	-31.20	53.20	84.40	-31.20	53.20	93.00
Highest share price during the period (price paid), SEK	73.00	108.60	-35.60	99.50	117.60	-18.10	99.50	117.60
Lowest share price during the period (price paid), SEK	50.00	83.50	-33.50	50.00	83.50	-33.50	50.00	74.50
Market value at end of period, SEK million	1,119	1,776	-657	1,119	1,776	-657	1,119	1,957
P/E	–	–	–	–	–	–	–	13.58
Yield, %	–	–	–	–	–	–	–	2.42
Data per share, SEK
Earnings before depreciation (EBITDA) *)	4.35	3.52	0.83	9.89	14.77	-4.88	14.15	19.04
Adjusted earnings before depreciation (EBITDA) *)	4.35	3.52	0.83	14.30	14.77	-0.47	18.57	19.04
Operating earnings (EBIT) *)	2.25	1.47	0.78	3.69	8.77	-5.08	5.96	11.04
Adjusted operating earnings (EBIT) *)	2.25	1.47	0.78	8.10	8.77	-0.67	10.38	11.04
Earnings after net financial items (EAFI) *)	1.35	1.06	0.29	2.29	7.83	-5.54	4.44	9.98
Earnings for the period *)	0.65	0.68	-0.03	-0.37	5.69	-6.06	0.79	6.85
Adjusted earnings for the period *)	0.65	0.68	-0.03	4.03	5.69	-1.66	5.19	6.85
Equity *)	–	–	–	82.11	77.11	5.00	–	79.09
Cash flow from operating activities *)	-1.26	-5.77	4.51	2.30	0.16	2.14	–	2.30
Cash flow for the period *)	2.34	-0.25	2.59	1.44	-2.61	4.05	–	-0.39
Dividend	–	–	–	–	–	–	–	2.25
Total outstanding ordinary shares, 000
Weighted number during the period *)	20,988.0	20,988.0	–	20,988.0	20,988.0	–	20,988.0	20,988.0
At the end of the period *)	20,988.0	20,988.0	–	20,988.0	20,988.0	–	20,988.0	20,988.0

*) Before dilution.

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.

Source: Cision on 30 September 2022

bulten's ten largest shareholders

SHAREHOLDERS	NO. OF SHARES	SHARE HOLDING, %
Volito AB	5,100,000	24.2
Nordea Investment Funds	1,388,158	6.6
Handelsbanken Fonder	1,198,510	5.7
Carnegie Fonder	1,179,700	5.6
Unionen	800,000	3.8
Avanza Pension	719,348	3.4
Clearstream Banking S.A., W8IMY	654,966	3.1
Swedbank Försäkring	413,183	2.0
Tredje AP-Fonden	397,005	1.9
Flerie Participation AB	300,000	1.4

Total number of shareholders: 9,744

Source: Euroclear Sweden AB on 30 September 2022

FINANCIAL INFORMATION

CONSOLIDATED INCOME STATEMENT

			Q3			JAN-SEPT	12-MONTH ROLLING	FULL YEAR
SEK MILLION	NOTE	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
Net sales	1	1,095	764	331	3,135	2,777	358	4,088	3,730
Cost of goods sold		-908	-624	-284	-2,554	-2,235	-319	-3,339	-3,020
Gross profit		187	140	47	581	542	39	749	710
Other operating income		12	3	9	11	5	6	19	13
Selling expenses		-87	-63	-24	-232	-207	-25	-304	-279
Administrative expenses		-68	-54	-14	-195	-165	-30	-253	-223
Other operating expenses		-0	–	-0	-95	-1	-94	-97	-3
Share of profit in joint ventures		3	5	-2	7	10	-3	11	14
Operating earnings		47	31	16	77	184	-107	125	232
Financial income		0	0	–	1	0	1	2	1
Financial expenses		-19	-9	-10	-30	-20	-10	-33	-23
Earnings before tax		28	22	6	48	164	-116	94	210
Tax on earnings for the period		-10	-6	-4	-47	-42	-5	-61	-56
Earnings after tax		18	16	2	1	122	-121	33	154
Attributable to
Parent Company shareholders		14	14	–	-8	119	-127	16	143
Non-controlling interests		4	2	2	9	3	6	17	11
Earnings after tax		18	16	2	1	122	-121	33	154
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK		0.65	0.68	-0.03	-0.37	5.69	-6.06	0.79	6.85
Adjusted earnings per share before dilution, SEK		0.65	0.68	-0.03	4.03	5.69	-1.66	5.19	6.85
Earnings per share after dilution, SEK		0.65	0.68	-0.03	-0.37	5.69	-6.06	0.79	6.85
Weighted number of outstanding ordinary shares before dilution, 000		20,988.0	20,988.0	–	20,988.0	20,988.0	–	20,988.0	20,988.0
Weighted number of outstanding ordinary shares after dilution, 000		20,988.0	20,988.0	–	20,988.0	20,988.0	–	20,988.0	20,988.0

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		Q3			JAN-SEPT		12-MONTH ROLLING	FULL YEAR
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
Earnings after tax	18	16	2	1	122	-121	33	154
Other comprehensive income
Items not to be reversed in the income statement
Revaluation of defined-benefit pension plans, net after tax	–	–	–	–	–	–	-1	-1
Items that may later be reversed in the income statement
Exchange differences	32	12	20	120	39	81	139	58
Total comprehensive income	50	28	22	121	161	-40	171	211
Attributable to
Parent Company shareholders	46	26	20	111	157	-46	153	199
Non-controlling interests	4	2	2	10	4	6	18	12
Total comprehensive income	50	28	22	121	161	-40	171	211

CONSOLIDATED BALANCE SHEET

SEK MILLION	30-09-2022	30-09-2021	31-12-2021
ASSETS
Fixed assets
Intangible fixed assets 1)	222	236	237
Tangible fixed assets	914	757	817
Right-of-use assets	482	321	313
Financial assets	65	58	63
Deferred tax assets	23	8	16
Total fixed assets	1,706	1,380	1,446
Current assets
Inventories	978	932	875
Current receivables	1,104	713	856
Cash equivalents	287	191	242
Total current assets	2,369	1,836	1,973
Total assets	4,075	3,216	3,419
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders	1,723	1,618	1,660
Non-controlling interests	26	19	27
Total equity	1,749	1,637	1,687
Long-term liabilities
Deferred tax liabilities	8	4	18
Long-term interest-bearing lease liabilities	450	284	277
Other long-term interest-bearing liabilities and provisions	420	320	346
Total long-term liabilities	878	608	641
Current liabilities
Current lease liabilities, interest-bearing	62	54	56
Other current liabilities, interest-bearing	437	158	221
Other current liabilities, non interest-bearing	949	759	814
Total current liabilities	1,448	971	1,091
Total equity and liabilities	4,075	3,216	3,419

1) Of which goodwill SEK 219 (233) (234) million.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	JAN-SEPT
SEK MILLION	30-09-2022	30-09-2021	31-12-2021
Equity at start of period	1,687	1,517	1,517
Comprehensive income
Earnings after tax	1	122	154
Other comprehensive income 2)	120	39	57
Total comprehensive income	121	161	211
Transactions with shareholders
Transaction with non-controlling interests	-12	1	1
Dividend to Parent Company shareholders	-47	-42	-42
Total transactions with shareholders	-59	-41	-41
Equity at end of period	1,749	1,637	1,687

2)In connection with the divestment of the Russian operation exchange rate differences of SEK 27 million have been returned to the income statement.

CONSOLIDATED CASH FLOW STATEMENT

	Q3		JAN-SEPT	FULL YEAR
SEK MILLION	2022	2021	2022	2021	2021
Operating activities
Earnings after financial items	28	22	48	164	210
Adjustments for items not included in cash flow	43	39	219	114	149
Taxes paid	-11	3	-31	-18	-27
Cash flow from operating activities before changes in working capital	60	64	236	260	332
Cash flow from changes in working capital
Change in working capital	-87	-186	-188	-257	-284
Cash flow from operating activities	-27	-122	48	3	48
Investing activities
Acquisition of intangible fixed assets	-0	-0	-0	-0	-0
Acquisition of tangible fixed assets	-70	-59	-195	-100	-170
Divestment of tangible fixed assets	1	0	1	0	1
Divestment of shares in Joint Venture	–	4	–	4	4
Cash flow from investing activities	-69	-55	-194	-96	-165
Financing activities
Change in overdraft facilities and other financial liabilities	172	186	285	126	213
Amortization of lease liabilities	-27	-15	-62	-46	-62
Dividend to Parent Company shareholders	–	–	-47	-42	-42
Transactions with non-controlling interests	–	0	–	0	0
Cash flow from financing activities	145	171	176	38	109
Cash flow for the period	49	-6	30	-55	-8
Cash flow for the period	49	-6	30	-55	-8
Cash and cash equivalents at start of period	233	192	242	236	236
Exchange rate difference in cash and cash equivalents	5	5	15	10	14
Cash and cash equivalents at end of period	287	191	287	191	242

CONSOLIDATED NET DEBT COMPOSITION

SEK MILLION	30-09-2022	30-09-2021	31-12-2020
Long-term interest-bearing liabilities	-850	-584	-603
Provision for pensions	-20	-20	-20
Current interest-bearing liabilities	-499	-212	-277
Financial interest-bearing receivables	1	3	1
Cash equivalents	287	191	242
Net debt (-)	-1,081	-623	-655
Less interest-bearing liabilities attributable to lease liabilities	512	338	332
Adjusted net debt (-), (excluding lease liabilities)	-569	-285	-323

FIGURES FOR THE GROUP

	Q3		JAN-SEPT	FULL YEAR
GROUP	2022	2021	2022	2021	2021
Margins
EBITDA margin, %	8.3	9.7	6.6	11.2	10.7
Adjusted EBITDA margin, % 3)	8.3	9.7	9.6	11.2	10.7
EBIT margin (operating margin), %	4.3	4.1	2.5	6.6	6.2
Adjusted EBIT margin (operating margin), % 3)	4.3	4.1	5.4	6.6	6.2
Net margin, %	1.6	2.2	0.0	4.4	4.1
Adjusted net margin, % 3)	1.6	2.2	3.0	4.4	4.1
Capital structure
Interest coverage ratio, times	2.5	3.5	2.6	9.2	10.1
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK	0.65	0.68	-0.37	5.69	6.85
Adjusted earnings per share before dilution, SEK 3)	0.65	0.68	4.03	5.69	6.85
Earnings per share after dilution, SEK	0.65	0.68	-0.37	5.69	6.85
Number of outstanding ordinary shares
Weighted number of outstanding ordinary shares before dilution, 000	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0
Weighted number of outstanding ordinary shares after dilution, 000	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0

GROUP	30-09-2022	30-09-2021	31-12-2021
Capital structure
Net debt/equity ratio, times	-0.6	-0.4	-0.4
Equity/assets ratio, %	42.9	50.9	49.3
Equity/assets ratio, (excluding lease liabilities, IFRS 16), %	49.1	56.6	54.4
Other
Net debt (-), SEK million	-1,081	-623	-655
Adjusted net debt (-), (excluding lease liabilities), SEK million	-569	-285	-323
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK	82.11	77.11	79.09
Equity per share after dilution, SEK	82.11	77.11	79.09
Number of outstanding ordinary shares
Number of outstanding ordinary shares before dilution on the closing date, 000	20,988.0	20,988.0	20,988.0
Number of outstanding ordinary shares after dilution on the closing date, 000	20,988.0	20,988.0	20,988.0

		12-MONTH ROLLING	FULL YEAR
GROUP, 12-MONTH ROLLING	OCT 2021 – SEPT 2022	OCT 2020 – SEPT 2021	2021
Profitability ratios
Return on capital employed, %	4.5	11.7	9.7
Adjusted return on capital employed, % 1)	7.9	11.6	9.7
Return on capital employed, (excluding leasing, IFRS 16), %	5.0	13.5	11.0
Adjusted return on capital employed, (excluding leasing IFRS 16), %	8.9	13.3	11.0
Return on capital employed, excluding goodwill, %	4.9	12.9	10.7
Return on equity, %	1.0	11.7	9.1
Adjusted return on equity, % 2)	6.5	11.5	9.1
Capital structure
Capital turnover rate, times	1.5	1.6	1.6
Employees
Net sales per employee, SEK 000	2,600	2,295	2,230
Operating earnings per employee, SEK 000	80	164	139
Average number of full-time employees (FTE)	1,572	1,680	1,673

DEFINITIONS

Definitions of calculated key indicators are unchanged compared to the definitions in the 2021 Annual Report. Other key indicators not in the Annual Report or on page 18 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

	2022				2021	2020
SEK MILLION	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Order bookings	1,033	1,289	1,134	871	830	947	1,010	1,188	1,322
Income statement
Net sales	1,095	1,006	1,034	953	764	910	1,103	1,080	853
Gross profit	187	189	205	168	140	176	226	212	161
Adjusted gross profit 3)	187	189	205	168	140	176	226	212	161
Earnings before depreciation (EBITDA)	91	84	32	90	74	96	140	132	80
EBITDA margin, %	8.3	8.3	3.1	9.4	9.7	10.6	12,7	12.2	9.4
Adjusted Earnings before depreciation (EBITDA) 3)	91	94	115	90	74	96	140	125	80
Adjusted EBITDA margin, % 3)	8.3	9.3	11.1	9.4	9.7	10.6	12.7	11.6	9.4
Operating earnings (EBIT)	47	41	-11	48	31	55	98	92	40
EBIT margin (operating margin), %	4.3	4.1	-1.1	5.0	4.1	6.0	8.9	8.5	4.7
Adjusted Operating earnings (EBIT) 3)	47	51	72	48	31	55	98	85	40
Adjusted EBIT margin (operating margin), % 3)	4.3	5.0	7.0	5.0	4.1	6.0	8.9	7.8	4.7
Earnings after tax	18	22	-39	32	16	38	68	63	17
Net margin, %	1.6	2.2	-3.8	3.3	2.2	4.2	6.1	5.8	2.1
Adjusted earnings after tax 3)	18	32	44	32	16	38	68	57	17
Adjusted Net margin, % 3)	1.6	3.1	4.3	3.3	2.2	4.2	6.1	5.3	2.1
Cash flow from
Operating activities	-27	-19	94	45	-122	32	93	176	157
investing activities	-69	-50	-75	-69	-55	-25	-16	-19	-12
financing activities	145	131	-100	71	171	3	-136	-66	-144
Cash flow for the period	49	62	-81	47	-6	10	-59	91	1
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK	0.65	0.88	-1.90	1.16	0.68	1.80	3.21	2.96	0.91
Adjusted earnings per share before dilution, SEK 3)	0.65	1.32	2.07	1.16	0.68	1.80	3.21	2.67	0.91
Number of outstanding ordinary shares
Weighted number of outstanding ordinary shares before dilution, 000	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0

3) See definition on page 13.

QUARTERLY DATA FOR THE GROUP

SEK MILLION	30-09-2022	30-06-2022	31-03-2022	31-12-2021	30-09-2021	30-06-2021	31-03-2021	31-12-2020	30-09-2020
Balance sheet
Fixed assets	1,706	1,472	1,421	1,446	1,380	1,348	1,358	1,354	1,394
Current assets	2,369	2,124	1,988	1,973	1,836	1,772	1,803	1,717	1,649
Equity	1,749	1,699	1,650	1,687	1,637	1,608	1,619	1,517	1,512
Long-term liabilities	878	607	506	641	608	504	476	574	587
Current liabilities	1,448	1,290	1,253	1,091	971	1,008	1,066	980	944
Other
Net debt (-)	-1,081	-777	-648	-655	-623	-438	-392	-458	-605
Adjusted net debt (-)	-569	-446	-319	-323	-285	-94	-42	-112	-238
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK	82.11	79.96	77.45	79.09	77.11	75.88	76.41	71.62	71.36
Number of outstanding ordinary shares
Number of outstanding ordinary shares on closing date before dilution, 000	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0
Share price
Share price at end of period (SEK)	53.20	64.00	65.10	93.00	84.40	102.80	104.60	89.80	71.60

GROUP, 12-MONTH ROLLING

SEK MILLION	OCTOBER 2021– SEPTEMBER 2022	JULY 2021– JUNE 2022	APRIL 2021– MARCH 2022	JANUARY 2021– DECEMBER 2021	OCTOBER 2020– SEPTEMBER 2021	JULY 2020– JUNE 2021	APRIL2020– MARCH 2021	JANUARY 2020– DECEMBER 2020	OCTOBER 2019– SEPTEMBER 2020
Income statement
Net sales	4,088	3,757	3,661	3,730	3,857	3,946	3,477	3,195	2,899
Gross profit	749	702	689	710	754	775	639	567	504
Adjusted gross profit 3)	749	702	689	710	754	775	639	567	504
Earnings before depreciation (EBITDA)	297	280	292	400	442	448	334	277	210
EBITDA margin, %	7.3	7.4	8.0	10.7	11.5	11.4	9.6	8.7	7.2
Adjusted earnings before depreciation (EBITDA) 3)	390	372	375	400	439	445	331	274	225
Adjusted EBITDA margin, % 3)	9.5	9.9	10.2	10.7	11.4	11.3	9.5	8.6	7.7
Operating earnings (EBIT)	125	109	122	232	276	285	171	116	51
EBIT margin (operating margin), %	3.1	2.9	3.3	6.2	7.1	7.2	4.9	3.6	1.8
Adjusted operating earnings (EBIT) 3)	218	201	206	232	273	282	168	113	67
Adjusted EBIT margin (operating margin), % 3)	5.3	5.4	5.6	6.2	7.1	7.1	4.9	3.5	2.3
Earnings after tax	33	32	47	154	185	186	109	50	-2
Net margin, %	0.8	0.9	1.3	4.1	4.8	4.7	3.1	1.6	-0.0
Adjusted earnings after tax 3)	126	124	130	154	183	184	107	48	13
Adjusted net margin, % 3)	3.1	3.3	3.5	4.1	4.7	4.7	3.1	1.5	0.5
Employees
Net sales per employee, SEK 000	2,600	2,361	2,220	2,230	2,295	2,384	2,121	1,977	1,808
Operating earnings per employee, SEK 000	80	68	74	139	164	172	104	72	32
Average number of full-time employees (FTE) on closing date	1,572	1,591	1,649	1,673	1,680	1,655	1,639	1,616	1,603
Profitability ratios
Return on capital employed, %	4.5	4.4	5.3	9.7	11.7	12.6	7.4	5.4	2.5
Adjusted return on capital employed, % 1)	7.9	8.1	8.7	9.7	11.6	12.5	7.3	5.2	3.1
Return on capital employed, (excluding leasing, IFRS 16), %	5.0	4.9	6.0	11.0	13.5	14.2	8.3	5.9	2.6
Return on capital employed, excluding goodwill, %	4.9	4.8	5.9	10.7	12.9	13.9	8.2	5.9	2.7
Adjusted return on capital employed, excluding goodwill, % 1)	8.5	9.0	9.8	10.7	12.7	13.8	8.0	5.8	3.5
Return on equity, %	1.0	1.1	2.3	9.1	11.7	12.1	6.9	3.7	0.3
Adjusted return on equity, % 2)	6.5	6.7	7.4	9.1	11.5	11.9	6.7	3.5	1.2
Other
Net debt(-)/EBITDA	-3.6	-2.8	-2.2	-1.6	-1.4	-1.0	-1.2	-1.7	-2.9
Adjusted net debt(-)/EBITDA*)	-1.9	-1.6	-1.1	-0.8	-0.6	-0.2	-0.1	-0.4	-1.1
Adjusted net debt(-)/Adjusted EBITDA**)	-1.8	-1.4	-1.0	-0.9	-0.7	-0.2	-0.2	-0.5	-1.4

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

**) Adjusted EBITDA: Adjusted for non-recurring items

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 table 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. Other income refers to other industries outside the automotive industry, such as consumer electronics.

income by geographic market

Total income	1,095	764	331	3,135	2,777	358	4,088	3,730
Rest of the world	51	65	-14	156	187	-31	227	258
USA	71	45	26	193	127	66	234	168
China	218	126	92	529	325	204	736	532
Rest of Europe	291	188	103	856	748	108	1,085	977
Poland	8	5	3	22	20	2	28	26
UK	278	205	73	822	868	-46	1,052	1,098
Germany	79	53	26	211	184	27	260	233
Sweden	99	77	22	346	318	28	466	438
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
		Q3			JAN-SEPT	12-MONTH ROLLING	FULL YEAR

income by customer group

		Q3		12-MONTH JAN-SEPT ROLLING				FULL YEAR
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
OEM Light vehicle	681	452	229	2,005	1,831	174	2,614	2,440
OEM Heavy commercial vehicle	91	73	18	291	277	14	394	380
Tiers	196	161	35	510	479	31	614	583
Other income	127	78	49	329	190	139	466	327
Total income	1,095	764	331	3,135	2,777	358	4,088	3,730

income by chassis/body and powertrain

		Q3			12-MONTH JAN-SEPT ROLLING
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
Chassis/body	814	558	256	2,336	2,080	256	3,005	2,749
Powertrain	154	128	26	470	507	-37	617	654
Other income	127	78	49	329	190	139	466	327
Total income	1,095	764	331	3,135	2,777	358	4,088	3,730

income distributed by income category

Total income	1,095	764	331	3,135	2,777	358	4,088	3,730
Other income	32	13	19	81	65	16	100	84
Outsourced production	437	292	145	1,206	1,182	24	1,622	1,598
Own production	626	459	167	1,848	1,530	318	2,366	2,048
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
		Q3			JAN-SEPT	12-MONTH ROLLING	FULL 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.

adjusted net sales

		Q3		JAN-SEPT
SEK MILLION	2022	2021		2022	2021
Net sales	1,095	764	331	3,135	2,777	358
Currency effect, current period	-73	–	-73	-176	–	-176
Adjusted net sales	1,022	764	258	2,959	2,810	182

When calculating adjusted net sales, 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

	Q3				JAN-SEPT	12-MONTH ROLLING	FULL YEAR
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
Operating earnings (EBIT)	47	31	16	77	184	-107	125	232
Depreciation/amortiza tion and impairments	44	43	1	130	126	4	172	168
Operating earnings before depreciation (EBITDA)	91	74	17	207	310	-103	297	400

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

		Q3			JAN-SEPT			FULL YEAR
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
Operating earnings excluding depreciation (EBITDA)	91	74	17	207	310	-103	297	400
Divestment costs related to the Russian operation	–	–	–	93	–	93	93	–
Adjusted operating earnings before depreciation (EBITDA)	91	74	17	300	310	-10	390	400

adjusted operating earnings, adjusted ebit

	Q3				JAN-SEPT	12-MONTH ROLLING	FULL YEAR
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
Operating earnings (EBIT)	47	31	16	77	184	-107	125	232
Divestment costs related to the Russian operation	–	–	–	93	–	93	93	–
Adjusted operating earnings (EBIT)	47	31	16	170	184	14	218	232

adjusted net earnings

Adjusted net earnings	18	16	2	94	122	-28	126	154
Divestment costs related to the Russian operation	–	–	–	93	–	93	93	–
Net earnings	18	16	2	1	122	-121	33	154
SEK MILLION	2022	2021		2022	2021		OCT 2021 – SEPT 2022	2021
		Q3		JAN-SEPT			12-MONTH ROLLING	FULL YEAR

adjusted net debt (excluding lease liabilities)

SEK MILLION	30-09-2022	30-09-2021	31-12-2021
Net debt (-)	-1,081	-623	-655
Less interest-bearing liabilities attributable to lease liabilities	512	338	332
Adjusted net debt (-), (excluding lease liabilities)	-569	-285	-323

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.

INCOME STATEMENT, PARENT COMPANY

		Q3			JAN-SEPT		12-MONTH ROLLING	FULL YEAR
SEK MILLION	2022	2021		2022	2021		OCT 2021– SEPT 2022	2021
Net sales	5	4	1	14	13	1	19	18
Gross profit	5	4	1	14	13	1	19	18
Administrative expenses	-8	-8	–	-27	-29	2	-40	-42
Operating earnings	-3	-4	1	-13	-16	3	-21	-24
Interest income	–	–	–	–	0	0	0	0
Interest expenses and similar loss items	-1	-1	–	-4	-4	–	-4	-4
Earnings after net financial items	-4	-5	1	-17	-20	3	-25	-28
Appropriations	–	–	–	–	–	–	37	37
Earnings before tax	-4	-5	1	-17	-20	3	12	9
Tax on earnings for the period	1	1	–	4	4	–	-2	-2
Earnings after tax	-3	-4	1	-13	-16	3	10	7

BALANCE SHEET, PARENT COMPANY

SEK MILLION	30-09-2022	30-09-2021	31-12-2021
ASSETS
Fixed assets
Intangible fixed assets	0	0	0
Tangible fixed assets	0	1	1
Total intangible and tangible fixed assets	1	1	1
Financial assets
Participations in Group companies	1,450	1,450	1,450
Other long-term receivables	1	2	1
Total financial assets	1,451	1,452	1,451
Deferred tax assets	3	4	–
Total fixed assets	1,455	1,457	1,452
Current assets
Current receivables from Group companies	1	52	37
Other current receivables	5	4	3
Cash and cash equivalents	0	0	0
Total current assets	6	56	40
Total assets	1,461	1,512	1,492
EQUITY AND LIABILITIES
Equity
Restricted equity	110	110	110
Non-restricted equity	919	957	980
Total equity	1,029	1,067	1,090
Long-term liabilities
Long-term liabilities to Group companies	419	415	383
Total long-term liabilities	419	415	383
Current liabilities
Current liabilities to Group companies	0	0	0
Other current liabilities	13	30	19
Total current liabilities	13	30	19
Total equity and liabilities	1,461	1,512	1,492

Bulten Group is a leading global manufacturer and supplier of fasteners to the automotive industry, as well as other customer groups such as consumer electronics. The offering extends from a wide range of standard products to specially adapted fasteners. With Bulten's Full Service Provider concept (FSP), customers can entrust all their fastener needs to the company, including development, sourcing, logistics and service. The company was founded in 1873, has approximately 1,600 employees in 15 countries and is headquartered in Gothenburg, Sweden. Net sales in 2021 totaled SEK 3,730 million. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com.

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

financial calendar

February 9, 2023 Full year report January-December 2022 April 25, 2023 Interim report January - March 2023 July 12, 2023 Half year report January - June 2023 October 26, 2023 Interim report January - September 2023 February 8, 2024 Full year report January - December 2023

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

contact

Ulrika Hultgren, SVP Corporate Communications & IR Phone: +46 727-47 17 58 E-mail: ulrika.hultgren@bulten.com

invitation to presentation

Investors, analysts and media are invited to participate in the teleconference on 27 at 15:30 CEST. The report will be presented by President and CEO Anders Nyström and CFO Anna Åkerblad via audiocast.

The presentation will be held in English and can be followed live via the link: https://tv.streamfabriken.com/bulten-q3-2022. It will also be possible to take part of the audiocast afterwards at the same address or at www.bulten.se.

To participate in the teleconference, please call 5 minutes before the opening: SE: +46850558353 UK: +443333009035 US: +16467224904

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 CEST on 27 October 2022.