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Bulten — Interim / Quarterly Report 2022
Apr 28, 2022
3019_10-q_2022-04-28_a02bc970-18db-4795-880b-b95c3713cb74.pdf
Interim / Quarterly Report
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INTERIM REPORT
Strong quarter despite a weak start
first quarter
- Net sales amounted to SEK 1,034 (1,103) million, a decrease of -6.3% on the same period last year.
- Operating earnings (EBIT) totaled SEK -11 (98) million, equating to an operating margin of -1.1% (8.9).
- Adjusted operating earnings totaled SEK 72 (98) million, equating to an adjusted operating margin of 7.0% (8.9). In light of Russia's invasion of Ukraine and the related sanctions, at the beginning of March Bulten decided to discontinue its operation in Russia. Divestment costs related to the Russian operation burdened the result by SEK -83 million. Apart from the transaction costs, the divestment will not have effect on the cash flow.
- Earnings after tax amounted to SEK -39 (68) million. Adjusted earnings after tax amounted to SEK 44 (68).
- Order bookings amounted to SEK 1,134 (1,010) million, an increase of 12.2% on the same period last year.
- Cash flow from operating activities totaled SEK 94 (93) million.
- Earnings per share were SEK -1.90 (3.21). Adjusted earnings per share were SEK 2.07 (3.21).
- In January, Bulten signed an FSP (Full Service Provider) contract for a new European vehicle program for an existing customer. The contract is worth in the region of SEK 100 million a year at full production. Bulten's clear sustainability focus was a key factor in winning the contract.
- In February, Bulten held a capital markets day. The main messages were that the financial targets up until 2024 remain the same and that further acquisitions, primarily in North America, are viewed as an important parameter in achieving the desired growth, both within and outside of the automotive industry.
- In March, Bulten signed an FSP contract for a new European electric vehicle for an existing customer. The contract is worth in the region of SEK 75 million a year at full production.
significant events after the end of the reporting period
- In April, Bulten signed an agreement to divest its Russian operation for a purchase sum equating to approximately SEK 10 million, and to redeem Russian automotive manufacturer GAZ's shares in the joint venture owned by Bulten and GAZ.
- In April, Bulten took the next step forward in its sustainability work by having its climate goals confirmed by the Science Based Targets initiative (SBTi), which means that the goals are in line with the emission targets in the Paris Agreement.
| SEK 1,034 SEK -11 MILLION MILLION SALES EARNINGS MARGIN |
-1.1 % |
|
|---|---|---|
| SEK 72 MILLION ADJUSTED ADJUSTED |
7.0 % |
| financial summary | JAN-MAR | 12-MONTH ROLLING |
FULL YEAR | ||||
|---|---|---|---|---|---|---|---|
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |||
| Net sales | 1,034 | 1,103 | -6,3% | 3,661 | 3,730 | -1.8% | |
| Gross profit | 205 | 226 | -21 | 689 | 710 | -21 | |
| Earnings before depreciation (EBITDA) | 32 | 140 | -108 | 292 | 400 | -108 | |
| Operating earnings (EBIT) | -11 | 98 | -109 | 123 | 232 | -109 | |
| Operating margin, % | -1.1 | 8.9 | -10.0 | 3.3 | 6.2 | -2.9 | |
| Adjusted operating earnings (EBIT) 1) | 72 | 98 | -26 | 206 | 232 | -26 | |
| Adjusted operating margin, % | 7.0 | 8.9 | -1.9 | 5.6 | 6.2 | -0.6 | |
| Earnings after tax | -39 | 68 | -107 | 47 | 154 | -107 | |
| Adjusted earnings after tax | -44 | 68 | -24 | 130 | 154 | -24 | |
| Earnings per share before dilution, SEK | -1.90 | 3.21 | -5.11 | 1.74 | 6.85 | -5.11 | |
| Adjusted earnings per share before dilution, SEK | 2.07 | 3.21 | -1.14 | 5.70 | 6.85 | -1.15 | |
| Return on capital employed, % | – | – | – | 5.3 | 9.7 | -4.4 | |
| Adjusted return on capital employed, % | – | – | – | 8.7 | 9.7 | -1.0 |
1) See specification page 14.
CEO'S STATEMENT
Bulten's global presence and its product and sustainability offering are producing results. Q1 was our third best quarter ever in terms of sales with a figure of SEK 1,034 (1,103) million. This is despite it being a difficult quarter with several challenges: the pandemic, disruptions to customers' supply chains, and Russia's invasion of Ukraine. The EBIT margin, adjusted for divestment costs related to our Russian operation, was 7.0% (8.9).
Strong quarter despite a weak start
In the full-year report for 2021, I mentioned that the first quarter of this year would probably be characterized by continued disruptions and production cut-backs among our customers. This has proved to be true. The effects of the pandemic were still being felt in January, both among our customers and in our own plants, with high levels of sick leave and lower production. However, the trend turned to increasing sales during the quarter, even though the semiconductor shortage forced some customers to enforce the occasional production stoppage. This irregularity has become the new normal, and over the past year we have honed our ability to handle it well.
Our total sales of SEK 1,034 (1,103) million, despite a weak start to the quarter, became the third best in Bulten's history. The decrease in sales compared to the corresponding quarter in 2021 can mainly be attributed to the relative lack of material shortages and pandemicrelated disruptions among our customers during the comparison quarter. Underlying demand among consumers is, however, still strong and our customers' order books are healthy. Compensating measures for the sharp rises in steel prices have begun to have an impact on our sales prices, but there is still a lag because steel prices are continuing to increase strongly, which has a negative impact on our profitability.
Clearer sustainability goals and investments
In February we introduced our updated Full Service Provider concept – FSPs – where the second 's' stands for sustainability. The purpose of FSPs is to work with customers to dramatically reduce environmental impact throughout the value chain. The strength of FSPs as a selling point is clear from the interest shown by customers, and the fact that we are indeed winning business based on FSPs.
Sustainability has long been a natural and integral part of our business strategy. We have ambitious environmental goals, and we have now embedded them in accordance with the Science Based Target initiative (SBTi).
Strong underlying demand drives order bookings
We are continuing to win replacement business and new business alike. We announced two European full service contracts for global vehicle manufacturers during the quarter with a combined annual order value in the region of SEK 175 million. Sales to vehicle manufacturers' subcontractors and to industries outside of the automotive industry also continued to develop positively during the quarter. Order bookings totaled SEK 1,134 (1,010) million.
Impact from troubles in the wider world
According to independent automotive forecaster LMC Automotive, global production of light vehicles fell during Q1 by 5.1% compared with the same period the previous year. Europe was the hardest hit where, in addition to the pandemic and supply issues for components, the war in Ukraine accelerated the downturn for light vehicles.
In 2022, the production of light vehicles is estimated to increase by 7.1 percent, while the production of heavy vehicles is expected to decrease by -5.2 percent. The increase in production for Bulten's vehicle customer mix, based on both light and heavy vehicles, is estimated to be 5.7% in 2022. Although this is an increase on the previous year, we can expect ongoing market unease where the geopolitical situation is now another uncertainty factor.
Closure of the Russian operation
As a result of the Russian invasion of Ukraine and related sanctions, in March we decided to discontinue our operation in Russia. The decision had a negative impact on our EBIT for the quarter due to divestment costs in Russia amounting to SEK -83 million. Apart from the transaction costs, the divestment will not have effect on the cash flow. In the long run, however, this will not have a material impact on the company's income as domestic sales in Russia correspond to only 1.6% of our total annual sales. It is positive to note that we have implemented this quickly and efficiently, and now we can fully focus on markets that are more stable and profitable and have lower risk in the long term
Continued strong demand creates opportunities
The underlying strong demand provides continued good growth potential in a turbulent world, where we are naturally monitoring developments closely. We have continuously strengthened our sustainability offering and reduced our dependency on global supply chains by developing our regional supplier bases. Despite the troubles in the wider world, I am positive about Bulten's development. Our financial targets therefore remain the same, as we announced on our capital markets day at the end of February.
Anders Nyström, President and CEO
BULTEN IN BRIEF
order bookings and net sales First quarter
Order bookings amounted to SEK 1,134 (1,010) million, an increase of 12.2% on the corresponding period last year.
Group net sales amounted to SEK 1,034 (1,103) million, a decrease of -6.3% on the same period last year. Adjusted for foreign exchange effects, growth totaled -10.9% for the same period.
earnings and profitability First quarter
The Group's gross profit was SEK 205 (226) million, corresponding to a gross margin of 19.8% (20.5). Earnings before depreciation and amortization (EBITDA) amounted to SEK 32 (140) million, corresponding to an EBITDA margin of 3.1% (12.7). Operating earnings (EBIT) totaled SEK -11 (98) million, equating to an operating margin of -1.1% (8.9). Adjusted operating earnings (EBIT) totaled SEK 72 (98) million, equating to an operating margin of 7.0% (8.9). In the light of Russia's invasion of Ukraine and related sanctions, at the beginning of March Bulten decided to discontinue its operation in Russia. Divestment costs related to the Russian operation burdened the earnings with SEK -83 million. Operating earnings were affected by exchange rate fluctuations of SEK -5 (-0) million when converting working capital at the closing day rate.
The Group's net financial items were SEK -9 (-10) million. Financial income of SEK 0 (-) million include interest income of SEK 0 (0) million. Financial expenses of SEK -9 (-10) million include interest expenses of SEK -4 (-5) million, of which interest expenses for leases total SEK -3 (-3) million. Currency losses amounts to SEK -4 (-4) million. Other financial expenses amounted to SEK -1 (-1) million.
The Group's profit before tax amounted to SEK -20 (88) million and profit after tax was SEK -39 (68) million. Adjusted profit before tax amounted to SEK 63 (88) million, and adjusted profit after tax amounted to SEK 44 (68) million.
cash flow, working capital, investments and financial position First quarter
Cash flow from operating activities totaled SEK 94 (93) million. The effect on cash flow of the change in working capital amounted to SEK -7 (-22) million.
Inventories increased during the period by SEK 21 (26) million. Current receivables increased by SEK 65 (108) million and current liabilities increased by SEK 102 (96) million.
Cash flow from investing activities amounted to SEK -75 (-16) million. Investments of SEK 75 (16) 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 in Poland.
On the closing date, net debt amounted to SEK 648 (392) million. Net debt (excluding lease liabilities) totaled SEK 319 (42) million.
Consolidated cash equivalents amounted to SEK 164 (185) million at the end of the period. In addition to cash equivalents, the Group also had approved but unused overdraft facilities of SEK 966 (718) million, which means that the Group's liquidity amounted to SEK 1,130 (903) million.
financing agreements
Bulten is primarily financed through Svenska Handelsbanken under a financing agreement which amounts to SEK 1,300 million. The credit facility runs until June 2024, with an option to extend for another year. 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 – March 31, 2022 was 1,649 (1,639). The number of employees on the closing date was 1,825.
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 72.7% (73.8). Equity amounted to SEK 1,086 (1,119) 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
In April, Bulten signed an agreement to divest its Russian operation to the Russian company CAR SEATS LLC, and to redeem Russian automotive manufacturer GAZ's shares in the joint venture owned by Bulten and GAZ. The purchase sum equated to approximately SEK 10 million and the financial net effect on Bulten's profit was preliminarily SEK -83 million, which was expensed during the first quarter. Aside from transaction costs, the divestment will not have effect on the cash flow. Bulten's annual sales will not be significantly affected by the divestment, since the Russian operation corresponded to just 1.6% of the company's total annual sales.
In April, Bulten took the next step forward in its sustainability work by having its climate goals confirmed by the Science Based Targets initiative (SBTi), which means that the goals are in line with the emission targets in the Paris Agreement.
There are no other significant events to report.
Gothenburg, April 28, 2022 Bulten AB (publ)
Anders Nyström President and CEO
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 1,700 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.
SHAREHOLDER INFORMATION
| JAN-MAR | 12-MONTH ROLLING |
FULL YEAR | |||
|---|---|---|---|---|---|
| PRICE-RELATED SHARE DATA | 2022 | 2021 | APRIL 2021– MARS 2022 |
2021 | |
| Share price at end of period (price paid), SEK | 65.10 | 104.60 | -39.50 | 65.10 | 93.00 |
| Highest share price during the period (price paid), SEK | 99.50 | 117.60 | -18.10 | 117.40 | 117.60 |
| Lowest share price during the period (price paid), SEK | 57.40 | 84.10 | -26.70 | 57.40 | 74.50 |
| Market value at end of period, SEK million | 1,370 | 2,201 | -831 | 1,370 | 1,957 |
| P/E | – | – | – | – | 13.58 |
| Yield, % | – | – | – | – | 2.42 |
| Data per share, SEK | |||||
| Earnings before depreciation (EBITDA) *) | 1.54 | 6.67 | -5.13 | 13.91 | 19.04 |
| Adjusted earnings before depreciation (EBITDA) *) | 5.50 | 6.67 | -1.17 | 17.87 | 19.04 |
| Operating earnings (EBIT) *) | -0.52 | 4.69 | -5.21 | 5.83 | 11.04 |
| Adjusted operating earnings (EBIT) *) | 3.44 | 4.69 | -1.25 | 9.79 | 11.04 |
| Earnings after net financial items (EAFI) *) | -0.93 | 4.20 | -5.13 | 4.85 | 9.98 |
| Earnings for the period *) | -1.90 | 3.21 | -5.11 | 1.74 | 6.85 |
| Adjusted earnings for the period *) | 2.07 | 3.21 | -1.14 | 5.70 | 6.85 |
| Equity *) | 77.45 | 76.41 | 1.04 | – | 79.09 |
| Cash flow from operating activities *) | 4.45 | 4.44 | 0.01 | – | 2.30 |
| Cash flow for the period *) | -3.89 | -2.81 | -1.08 | – | -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 |
| At the end of the period *) | 20,988.0 | 20,988.0 | – | 20,988.0 | 20,988.0 |
*) Before dilution.
share performance
bulten's ten largest shareholders
| SHAREHOLDERS | NO. OF SHARES |
SHARE HOLDING, % |
|---|---|---|
| Volito AB | 5,075,000 | 24.1 |
| Handelsbanken Fonder | 1,571,403 | 7.5 |
| Nordea Investment Funds | 1,388,158 | 6.6 |
| Carnegie Fonder | 1,188,803 | 5.7 |
| Försäkringsaktiebolaget, Avanza Pension | 727,350 | 3.5 |
| Unionen | 700,000 | 3.3 |
| Clearstream Banking S.A., W8IMY | 545,144 | 2.6 |
| Swedbank Försäkring | 407,179 | 1.9 |
| Tredje AP-Fonden | 397,005 | 1.9 |
| Nordnet Pensionsförsäkring AB | 316,088 | 1.5 |
Total number of shareholders: 10,252
Source: Euroclear Sweden AB on 31 March 2022
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
| JAN-MAR | 12-MONTH ROLLING |
FULL YEAR | |||||
|---|---|---|---|---|---|---|---|
| SEK MILLION | NOTE | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | ||
| Net sales | 1 | 1,034 | 1,103 | -69 | 3,661 | 3,730 | |
| Cost of goods sold | -829 | -877 | 48 | -2,972 | -3,020 | ||
| Gross profit | 205 | 226 | -21 | 689 | 710 | ||
| Other operating income | 1 | 2 | -1 | 12 | 13 | ||
| Selling expenses | -69 | -77 | 8 | -271 | -279 | ||
| Administrative expenses | -60 | -54 | -6 | -229 | -223 | ||
| Other operating expenses | -89 | -1 | -88 | -91 | -3 | ||
| Share of profit in joint ventures | 1 | 2 | -1 | 13 | 14 | ||
| Operating earnings | -11 | 98 | -109 | 123 | 232 | ||
| Financial income | 0 | 0 | – | 1 | 1 | ||
| Financial expenses | -9 | -10 | 1 | -22 | -23 | ||
| Earnings before tax | -20 | 88 | -108 | 102 | 210 | ||
| Tax on earnings for the period | -19 | -20 | 1 | -55 | -56 | ||
| Earnings after tax | -39 | 68 | -107 | 47 | 154 | ||
| Attributable to | |||||||
| Parent Company shareholders | -40 | 68 | -108 | 35 | 143 | ||
| Non-controlling interests | 1 | 0 | 1 | 12 | 11 | ||
| Earnings after tax | -39 | 68 | -107 | 47 | 154 | ||
| Earnings per share attributable to Parent Company shareholders |
|||||||
| Earnings per share before dilution, SEK | -1.90 | 3.21 | -5.11 | 1.74 | 6.85 | ||
| Adjusted earnings per share before dilution, SEK | 2.07 | 3,21 | -1.14 | 5.70 | 6.85 | ||
| Earnings per share after dilution, SEK | -1.90 | 3.21 | -5.11 | 1.74 | 6.85 | ||
| Weighted number of outstanding ordinary shares before dilution, 000 |
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 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| 12-MONTH ROLLING |
FULL YEAR | ||||
|---|---|---|---|---|---|
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |
| Earnings after tax | -39 | 68 | -107 | 47 | 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 | 2 | 34 | -32 | 26 | 58 |
| Total comprehensive income | -37 | 102 | -139 | 72 | 211 |
| Attributable to | |||||
| Parent Company shareholders | -35 | 101 | -136 | 63 | 199 |
| Non-controlling interests | -2 | 1 | -3 | 9 | 12 |
| Total comprehensive income | -37 | 102 | -139 | 72 | 211 |
CONSOLIDATED BALANCE SHEET
| SEK MILLION | 31-03-2022 | 31-03-2021 | 31-12-2021 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible fixed assets 1) | 220 | 234 | 237 |
| Tangible fixed assets | 820 | 724 | 817 |
| Right-of-use assets | 307 | 336 | 313 |
| Financial assets | 60 | 55 | 63 |
| Deferred tax assets | 14 | 9 | 16 |
| Total fixed assets | 1,421 | 1,358 | 1,446 |
| Current assets | |||
| Inventories | 897 | 729 | 875 |
| Current receivables | 927 | 889 | 856 |
| Cash equivalents | 164 | 185 | 242 |
| Total current assets | 1,988 | 1,803 | 1,973 |
| Total assets | 3,409 | 3,161 | 3,419 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to Parent Company shareholders | 1,626 | 1,604 | 1,660 |
| Non-controlling interests | 24 | 15 | 27 |
| Total equity | 1,650 | 1,619 | 1,687 |
| Long-term liabilities | |||
| Deferred tax liabilities | 15 | 5 | 18 |
| Long-term interest-bearing lease liabilities | 271 | 302 | 277 |
| Other long-term interest-bearing liabilities and provisions | 220 | 169 | 346 |
| Total long-term liabilities | 506 | 476 | 641 |
| Current liabilities | |||
| Current lease liabilities, interest-bearing | 58 | 49 | 56 |
| Other current liabilities, interest-bearing | 264 | 60 | 221 |
| Other current liabilities, non interest-bearing | 931 | 957 | 814 |
| Total current liabilities | 1,253 | 1,066 | 1,091 |
| Total equity and liabilities | 3,409 | 3,161 | 3,419 |
1) Of which goodwill SEK 220 (234) (237) million.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| JAN-MAR | |||
|---|---|---|---|
| SEK MILLION | 31-03-2022 | 31-03-2021 | 31-12-2021 |
| Equity at start of period | 1,687 | 1,517 | 1,517 |
| Comprehensive income | |||
| Earnings after tax | -39 | 68 | 154 |
| Other comprehensive income | 2 | 34 | 57 |
| Total comprehensive income | -37 | 102 | 211 |
| Transactions with shareholders | |||
| Transaction with non-controlling interests | – | – | 1 |
| Dividend to Parent Company shareholders | – | – | -42 |
| Total transactions with shareholders | – | – | -41 |
| Equity at end of period | 1,650 | 1,619 | 1,687 |
CONSOLIDATED CASH FLOW STATEMENT
| JAN-MAR | FULL YEAR | |||
|---|---|---|---|---|
| SEK MILLION | 2022 | 2021 | 2021 | |
| Operating activities | ||||
| Earnings after financial items | -20 | 88 | 210 | |
| Adjustments for items not included in cash flow | 128 | 37 | 149 | |
| Taxes paid | -7 | -10 | -27 | |
| Cash flow from operating activities before changes in working capital | 101 | 115 | 332 | |
| Cash flow from changes in working capital | ||||
| Change in working capital | -7 | -22 | -284 | |
| Cash flow from operating activities | 94 | 93 | 48 | |
| Investing activities | ||||
| Acquisition of intangible fixed assets | 0 | – | -0 | |
| Acquisition of tangible fixed assets | -75 | -16 | -170 | |
| Divestment of tangible fixed assets | 0 | 0 | 1 | |
| Divestment of shares in Joint Venture | – | – | 4 | |
| Cash flow from investing activities | -75 | -16 | -165 | |
| Financing activities | ||||
| Change in overdraft facilities and other financial liabilities | -83 | -121 | 213 | |
| Amortization of lease liabilities | -17 | -15 | -62 | |
| Dividend to Parent Company shareholders | – | – | -42 | |
| Transactions with non-controlling interests | – | – | 0 | |
| Cash flow from financing activities | -100 | -136 | 109 | |
| Cash flow for the period | -81 | -59 | -8 | |
| Cash flow for the period | -81 | -59 | -8 | |
| Cash and cash equivalents at start of period | 242 | 236 | 236 | |
| Exchange rate difference in cash and cash equivalents | 3 | 8 | 14 | |
| Cash and cash equivalents at end of period | 164 | 185 | 242 |
CONSOLIDATED NET DEBT COMPOSITION
| SEK MILLION | 31-03-2022 | 31-03-2021 | 31-12-2020 |
|---|---|---|---|
| Long-term interest-bearing liabilities | -471 | -451 | -603 |
| Provision for pensions | -20 | -20 | -20 |
| Current interest-bearing liabilities | -322 | -109 | -277 |
| Financial interest-bearing receivables | 1 | 3 | 1 |
| Cash equivalents | 164 | 185 | 242 |
| Net debt (-) | -648 | -392 | -655 |
| Less interest-bearing liabilities attributable to lease liabilities | 329 | 351 | 332 |
| Adjusted net debt (-), (excluding lease liabilities) | -319 | -42 | -323 |
KEY FIGURES FOR THE GROUP
| JAN-MAR | FULL YEAR | ||
|---|---|---|---|
| GROUP | 2022 | 2021 | 2021 |
| Margins | |||
| EBITDA margin, % | 3.1 | 12.7 | 10.7 |
| Adjusted EBITDA margin, % 3) | 11.2 | 12.7 | 10.7 |
| EBIT margin (operating margin), % | -1.1 | 8.9 | 6.2 |
| Adjusted EBIT margin (operating margin), % 3) | 7.0 | 8.9 | 6.2 |
| Net margin, % | -3.8 | 6.1 | 4.1 |
| Adjusted net margin, % 3) | 4.3 | 6.1 | 4.1 |
| Capital structure | |||
| Interest coverage ratio, times | -1.2 | 9.5 | 10.1 |
| Earnings per share attributable to Parent Company shareholders | |||
| Earnings per share before dilution, SEK | -1.90 | 3.21 | 6.85 |
| Adjusted earnings per share before dilution, SEK 3) | 2.07 | 3.21 | 6.85 |
| Earnings per share after dilution, SEK | -1.90 | 3.21 | 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 |
| Weighted number of outstanding ordinary shares after dilution, 000 | 20,988.0 | 20,988.0 | 20,988.0 |
| GROUP | 31-03-2022 | 31-03-2021 | 31-12-2021 |
| Capital structure | |||
| Net debt/equity ratio, times | -0.4 | -0.2 | -0.4 |
| Equity/assets ratio, % | 48.4 | 51.2 | 49.3 |
| Equity/assets ratio, (excluding lease liabilities, IFRS 16), % | 53.4 | 57.2 | 54.4 |
| Other | |||
| Net debt (-), SEK million | -648 | -392 | -655 |
| Adjusted net debt (-), (excluding lease liabilities), SEK million | -319 | -42 | -323 |
| Equity per share attributable to Parent Company shareholders | |||
| Equity per share before dilution, SEK | 77.45 | 76.41 | 79.09 |
| Equity per share after dilution, SEK | 77.45 | 76.41 | 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 | APRIL 2021 – MARCH 2022 |
APRIL 2020 – MARCH 2021 |
2021 |
| Profitability ratios | |||
| Return on capital employed, % | 5.3 | 7.4 | 9.7 |
| Adjusted return on capital employed, % 1) | 8.7 | 7.3 | 9.7 |
| Return on capital employed, (excluding leasing, IFRS 16), % | 6.0 | 8.3 | 11.0 |
| Adjusted return on capital employed, (excluding leasing IFRS 16), % | 10.1 | 8.2 | 11.0 |
| Return on capital employed, excluding goodwill, % | 5.9 | 8.2 | 10.7 |
| Return on equity, % | 2.3 | 6.9 | 9.1 |
| Adjusted return on equity, % 2) | 7.4 | 6.7 | 9.1 |
| Capital structure | |||
| Capital turnover rate, times | 1.6 | 1.5 | 1.6 |
| Employees | |||
| Net sales per employee, SEK 000 | 2,220 | 2,121 | 2,230 |
| Operating earnings per employee, SEK 000 | 74 | 104 | 139 |
| Average number of full-time employees (FTE) | 1,649 | 1,639 | 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 14 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 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Order bookings | 1,134 | 871 | 830 | 947 | 1,010 | 1,188 | 1,322 | 409 | 688 |
| Income statement | |||||||||
| Net sales | 1,034 | 953 | 764 | 910 | 1,103 | 1,080 | 853 | 441 | 821 |
| Gross profit | 205 | 168 | 140 | 176 | 226 | 212 | 161 | 40 | 154 |
| Adjusted gross profit 3) | 205 | 168 | 140 | 176 | 226 | 212 | 161 | 40 | 154 |
| Earnings before depreciation (EBITDA) | 32 | 90 | 74 | 96 | 140 | 132 | 80 | -18 | 83 |
| EBITDA margin, % | 3.1 | 9.4 | 9.7 | 10.6 | 12,7 | 12.2 | 9.4 | -4.1 | 10.1 |
| Adjusted Earnings before depreciation (EBITDA) 3) | 115 | 90 | 74 | 96 | 140 | 125 | 80 | -18 | 83 |
| Adjusted EBITDA margin, % 3) | 11.1 | 9.4 | 9.7 | 10.6 | 12.7 | 11.6 | 9.4 | -4.1 | 10.1 |
| Operating earnings (EBIT) | -11 | 48 | 31 | 55 | 98 | 92 | 40 | -59 | 43 |
| EBIT margin (operating margin), % | -1.1 | 5.0 | 4.1 | 6.0 | 8.9 | 8.5 | 4.7 | -13.3 | 5.2 |
| Adjusted Operating earnings (EBIT) 3) | 72 | 48 | 31 | 55 | 98 | 85 | 40 | -59 | 43 |
| Adjusted EBIT margin (operating margin), % 3) | 7.0 | 5.0 | 4.1 | 6.0 | 8.9 | 7.8 | 4.7 | -13.3 | 5.2 |
| Earnings after tax | -39 | 32 | 16 | 38 | 68 | 63 | 17 | -39 | 9 |
| Net margin, % | -3.8 | 3.3 | 2.2 | 4.2 | 6.1 | 5.8 | 2.1 | -8.8 | 1.1 |
| Adjusted earnings after tax 3) | 44 | 32 | 16 | 38 | 68 | 57 | 17 | -39 | 9 |
| Adjusted Net margin, % 3) | 4.3 | 3.3 | 2.2 | 4.2 | 6.1 | 5.3 | 2.1 | -8.8 | 1.1 |
| Cash flow from | |||||||||
| operating activities | 94 | 45 | -122 | 32 | 93 | 176 | 157 | 51 | 63 |
| investing activities | -75 | -69 | -55 | -25 | -16 | -19 | -12 | -17 | -71 |
| financing activities | -100 | 71 | 171 | 3 | -136 | -66 | -144 | -28 | 84 |
| Cash flow for the period | -81 | 47 | -6 | 10 | -59 | 91 | 1 | 6 | 76 |
| Earnings per share attributable to Parent Company shareholders |
|||||||||
| Earnings per share before dilution, SEK | -1.90 | 1.16 | 0.68 | 1.80 | 3.21 | 2.96 | 0.91 | -1.85 | 0.63 |
| Adjusted earnings per share before dilution, SEK | 2.07 | 1.16 | 0.68 | 1.80 | 3.21 | 2.67 | 0.91 | -1.85 | 0.63 |
| 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 | 20,350.6 |
| SEK MILLION | 31-03-2022 | 31-12-2021 | 30-09-2021 | 30-06-2021 | 31-03-2021 | 31-12-2020 30-09-2020 30-06-2020 | 31-03-2020 | ||
| Balance sheet | |||||||||
| Fixed assets | 1,421 | 1,446 | 1,380 | 1,348 | 1,358 | 1,354 | 1,394 | 1,323 | 1,373 |
| Current assets | 1,988 | 1,973 | 1,836 | 1,772 | 1,803 | 1,717 | 1,649 | 1,449 | 1,776 |
| Equity | 1,650 | 1,687 | 1,637 | 1,608 | 1,619 | 1,517 | 1,512 | 1,508 | 1,622 |
| Long-term liabilities | 506 | 641 | 608 | 504 | 476 | 574 | 587 | 715 | 741 |
| Current liabilities | 1,253 | 1,091 | 971 | 1,008 | 1,066 | 980 | 944 | 549 | 786 |
| Other | |||||||||
| Net debt (-) | -648 | -655 | -623 | -438 | -392 | -458 | -605 | -634 | -679 |
| Adjusted net debt (-) Equity per share attributable to |
-319 | -323 | -285 | -94 | -42 | -112 | -238 | -371 | -391 |
| Parent Company shareholders | |||||||||
| Equity per share before dilution, SEK | 77.45 | 79.09 | 77.11 | 75.88 | 76.41 | 71.62 | 71.36 | 70.98 | 76.41 |
| 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) | 65.10 | 93.00 | 84.40 | 102.80 | 104.60 | 89.80 | 71.60 | 53.40 | 39.50 |
3) See definition on page 10.
GROUP, 12-MONTH ROLLING
| SEK MILLION | APRIL 2021– MARCH 2022 |
JANUARY 2021– DECEMBER 2021 |
OCTOBER 2020– SEPTEBER 2021 |
JULY 2020– JUNE 2021 |
APRIL 2020– MARCH 2021 |
JANUARY 2020– DECEMBER 2020 |
OCTOBER 2019– SEPTEBER 2020 |
JULY 2019– JUNE 2020 |
APRIL 2019– MARCH 2020 |
JANUARY 2019– DECEMBER 2019 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Net sales | 3,661 | 3,730 | 3,857 | 3,946 | 3,477 | 3,195 | 2,899 | 2,764 | 3,104 | 3,093 |
| Gross profit | 689 | 710 | 754 | 775 | 639 | 567 | 504 | 449 | 538 | 543 |
| Adjusted gross profit 3) | 689 | 710 | 754 | 775 | 639 | 567 | 504 | 460 | 552 | 558 |
| Earnings before depreciation (EBITDA) | 292 | 400 | 442 | 448 | 334 | 277 | 210 | 159 | 231 | 239 |
| EBITDA margin, % | 8.0 | 10.7 | 11.5 | 11.4 | 9.6 | 8.7 | 7.2 | 5.8 | 7.5 | 7.7 |
| Adjusted earnings before depreciation (EBITDA) 3) |
375 | 400 | 439 | 445 | 331 | 274 | 225 | 201 | 279 | 288 |
| Adjusted EBITDA margin, % 3) | 10.2 | 10.7 | 11.4 | 11.3 | 9.5 | 8.6 | 7.7 | 7.3 | 9.0 | 9.3 |
| Operating earnings (EBIT) | 122 | 232 | 276 | 285 | 171 | 116 | 51 | 4 | 83 | 98 |
| EBIT margin (operating margin), % | 3.3 | 6.2 | 7.1 | 7.2 | 4.9 | 3.6 | 1.8 | 0.2 | 2.7 | 3.2 |
| Adjusted operating earnings (EBIT) 3) | 206 | 232 | 273 | 282 | 168 | 113 | 67 | 46 | 131 | 147 |
| Adjusted EBIT margin (operating margin), % 3) | 5.6 | 6.2 | 7.1 | 7.1 | 4.9 | 3.5 | 2.3 | 1.7 | 4.2 | 4.8 |
| Earnings after tax | 47 | 154 | 185 | 186 | 109 | 50 | -2 | -33 | 20 | 55 |
| Net margin, % | 1.3 | 4.1 | 4.8 | 4.7 | 3.1 | 1.6 | -0.0 | -1.2 | 0.6 | 1.8 |
| Adjusted earnings after tax 3) | 130 | 154 | 183 | 184 | 107 | 48 | 13 | 2 | 60 | 97 |
| Adjusted net margin, % 3) | 3.5 | 4.1 | 4.7 | 4.7 | 3.1 | 1.5 | 0.5 | 0.1 | 1.9 | 3.1 |
| Employees | ||||||||||
| Net sales per employee, SEK 000 | 2,220 | 2,230 | 2,295 | 2,384 | 2,121 | 1,977 | 1,808 | 1,761 | 2,133 | 2,171 |
| Operating earnings per employee, SEK 000 | 74 | 139 | 164 | 172 | 104 | 72 | 32 | 3 | 57 | 69 |
| Average number of full-time employees (FTE) on closing date |
1,649 | 1,673 | 1,680 | 1,655 | 1,639 | 1,616 | 1,603 | 1,570 | 1,455 | 1,425 |
| Profitability ratios | ||||||||||
| Return on capital employed, % | 5.3 | 9.7 | 11.7 | 12.6 | 7.4 | 5.4 | 2.5 | 0.2 | 3.9 | 5.5 |
| Adjusted return on capital employed, % 1) | 8.7 | 9.7 | 11.6 | 12.5 | 7.3 | 5.2 | 3.1 | 2.1 | 5.9 | 8.1 |
| Return on capital employed, (excluding leasing, IFRS 16), % |
6.0 | 11.0 | 13.5 | 14.2 | 8.3 | 5.9 | 2.6 | 0.0 | 4.1 | 5.8 |
| Return on capital employed, excluding goodwill, % |
5.9 | 10.7 | 12.9 | 13.9 | 8.2 | 5.9 | 2.7 | 0.2 | 4.2 | 6.2 |
| Adjusted return on capital employed, excluding goodwill, % 1) |
9.8 | 10.7 | 12.7 | 13.8 | 8.0 | 5.8 | 3.5 | 2.3 | 6.5 | 9.0 |
| Return on equity, % | 2.3 | 9.1 | 11.7 | 12.1 | 6.9 | 3.7 | 0.3 | -2.0 | 1.4 | 3.5 |
| Adjusted return on equity, % 2) | 7.4 | 9.1 | 11.5 | 11.9 | 6.7 | 3.5 | 1.2 | 0.3 | 4.0 | 6.4 |
| Other | ||||||||||
| Net debt(-)/EBITDA | -2.2 | -1.6 | -1.4 | -1.0 | -1.2 | -1.7 | -2.9 | -4.0 | -2.9 | -2.4 |
| Adjusted net debt(-)/EBITDA*) | -1.1 | -0.8 | -0.6 | -0.2 | -0.1 | -0.4 | -1.1 | -2.3 | -1.7 | -1.3 |
*) Adjusted net debt(-): 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 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 and home appliances.
income by geographic market
| JAN-MAR | 12-MONTH ROLLING |
FULL YEAR | ||
|---|---|---|---|---|
| 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |
| 120 | 122 | -2 | 436 | 438 |
| 65 | 81 | -16 | 217 | 233 |
| 277 | 392 | -115 | 983 | 1,098 |
| 6 | 8 | -2 | 24 | 26 |
| 287 | 299 | -12 | 965 | 977 |
| 161 | 95 | 66 | 466 | 532 |
| 58 | 46 | 12 | 180 | 168 |
| 60 | 60 | – | 258 | 258 |
| 1,034 | 1,103 | -69 | 3,661 | 3,730 |
income by customer group
| Total income | 1,034 | 1,103 | -69 | 3,661 | 3,730 |
|---|---|---|---|---|---|
| Other income | 93 | 52 | 41 | 368 | 327 |
| Tiers | 170 | 163 | 7 | 590 | 583 |
| OEM Heavy commercial vehicle | 92 | 108 | -16 | 364 | 380 |
| OEM Light vehicle | 679 | 780 | -101 | 2,339 | 2,440 |
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |
| JAN-MAR | 12-MONTH ROLLING |
FULL YEAR |
income by chassis/body and powertrain
| Total income | 1,034 | 1,103 | -69 | 3,661 | 3,730 | |
|---|---|---|---|---|---|---|
| Other income | 93 | 52 | 41 | 368 | 327 | |
| Powertrain | 157 | 207 | -50 | 604 | 654 | |
| Chassis/body | 784 | 844 | -60 | 2,689 | 2,749 | |
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | ||
| JAN-MAR | FULL YEAR |
income distributed by income category
| Total income | 1,034 | 1,103 | -69 | 3,661 | 3,730 |
|---|---|---|---|---|---|
| Other income | 26 | 32 | -6 | 78 | 84 |
| Outsourced production | 400 | 511 | -111 | 1,487 | 1,598 |
| Own production | 608 | 560 | 48 | 2,096 | 2,048 |
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |
| JAN-MAR | 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
| JAN-MAR | |||
|---|---|---|---|
| SEK MILLION | 2022 | 2021 | |
| Net sales | 1,034 | 1,103 | -69 |
| Currency effect, current period | -51 | – | -51 |
| Adjusted net sales | 983 | 1,103 | -120 |
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
| Operating earnings before depreciation (EBITDA) | 32 | 140 | -108 | 292 | 400 |
|---|---|---|---|---|---|
| Depreciation/amortization and impairments | 43 | 42 | 1 | 169 | 168 |
| Operating earnings (EBIT) | -11 | 98 | -109 | 123 | 232 |
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |
| JAN-MARCH | 12-MONTH ROLLING |
FULL 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) | 115 | 140 | -25 | 375 | 400 |
|---|---|---|---|---|---|
| Divestment costs related to the Russian operation | 83 | – | 83 | 83 | – |
| Operating earnings excluding depreciation (EBITDA) | 32 | 140 | -108 | 292 | 400 |
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |
| JAN-MARCH | FULL YEAR |
adjusted operating earnings, adjusted ebit
| Adjusted operating earnings (EBIT) | 72 | 98 | -26 | 206 | 232 |
|---|---|---|---|---|---|
| Divestment costs related to the Russian operation | 83 | – | 83 | 83 | – |
| Operating earnings (EBIT) | -11 | 98 | -109 | 123 | 232 |
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |
| JAN-MARCH | 12-MONTH ROLLING |
FULL YEAR |
adjusted net earnings
| Adjusted net earnings | 44 | 68 | -24 | 130 | 154 |
|---|---|---|---|---|---|
| Divestment costs related to the Russian operation | 83 | – | 83 | 83 | – |
| Net earnings | -39 | 68 | -107 | 47 | 154 |
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |
| JAN-MARCH | FULL YEAR |
adjusted net debt (excluding lease liabilities)
| SEK MILLION | 31-03-2022 | 31-03-2021 | 31-12-2021 |
|---|---|---|---|
| Net debt (-) | -648 | -392 | -655 |
| Less interest-bearing liabilities attributable to lease liabilities | 329 | 351 | 332 |
| Adjusted net debt (-), (excluding lease liabilities) | -319 | -42 | -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
| JAN-MAR | FULL YEAR | ||||
|---|---|---|---|---|---|
| SEK MILLION | 2022 | 2021 | APRIL 2021– MARCH 2022 |
2021 | |
| Net sales | 5 | 4 | 1 | 19 | 18 |
| Gross profit | 5 | 4 | 1 | 19 | 18 |
| Administrative expenses | -9 | -10 | 1 | -41 | -42 |
| Operating earnings | -4 | -6 | 2 | -22 | -24 |
| Interest income | – | 0 | 0 | 0 | 0 |
| Interest expenses and similar loss items | -1 | -1 | – | -4 | -4 |
| Earnings after net financial items | -5 | -7 | 2 | -26 | -28 |
| Appropriations | – | – | – | 37 | 37 |
| Earnings before tax | -5 | -7 | 2 | 11 | 9 |
| Tax on earnings for the period | 1 | 1 | – | -2 | -2 |
| Earnings after tax | -4 | -6 | 2 | 9 | 7 |
BALANCE SHEET, PARENT COMPANY
| SEK MILLION | 31-03-2022 | 31-03-2021 | 31-12-2021 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible fixed assets | 0 | 0 | 0 |
| Tangible fixed assets | 0 | 0 | 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 | 2 | 3 | 1 |
| Total financial assets | 1,452 | 1,453 | 1,451 |
| Total fixed assets | 1,453 | 1,454 | 1,452 |
| Current assets | |||
| Current receivables from Group companies | 37 | 58 | 37 |
| Other current receivables | 4 | 5 | 3 |
| Cash and cash equivalents | 0 | 0 | 0 |
| Total current assets | 41 | 63 | 40 |
| Total assets | 1,494 | 1,517 | 1,492 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | 110 | 110 | 110 |
| Non-restricted equity | 976 | 1 009 | 980 |
| Total equity | 1,086 | 1,119 | 1,090 |
| Long-term liabilities | |||
| Long-term liabilities to Group companies | 392 | 384 | 383 |
| Total long-term liabilities | 392 | 384 | 383 |
| Current liabilities | |||
| Current liabilities to Group companies | 0 | 0 | 0 |
| Other current liabilities | 16 | 14 | 19 |
| Total current liabilities | 16 | 14 | 19 |
| Total equity and liabilities | 1,494 | 1,517 | 1,492 |
Sustainability was an important parameter for Bulten during Q1, for example the company won an FSP contract due to its ability to reduce the environmental impact in the value chain. Another FSP contract was for a new electric vehicle. Furthermore, Bulten's climate goals were recently confirmed by the Science Based Targets initiative (SBTi).
financial calendar
July 13, 2022 Half year report January-June 2022 October 27, 2022 Interim report January-September 2022 February 9, 2023 Full year report January-December 2022
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: [email protected]
invitation to presentation
Investors, analysts and media are invited to participate in the teleconference on April 28 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-q1-2022. It will also be possible to take part of the audiocast afterwards at the same address or at www.bulten.com/ir.
To participate in the teleconference, please call 5 minutes before the opening: SE: +46856642693 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 28 April.
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 1,700 employees in 16 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