FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
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INTERIM REPORT
FIRST QUARTER • JANUARY – MARCH 2024
===== SIDA 2 =====
FIRST QUARTER
• Net sales amounted to SEK 1,533 (1,387) million, an increase of 10.5% on the same period the
previous year.
• Operating earnings (EBIT) totaled SEK 116 (116) million, equating to an operating margin of 7.5% (8.4).
• Earnings after tax amounted to SEK 74 (79) million.
• Order bookings amounted to SEK 1,299 (1,356) million, a decrease of -4.2% on the same period the
previous year.
• Cash flow from operating activities totaled SEK 123 (196) million.
• Earnings per share were SEK 3.22 (3.56).
• On January 22 Anders Nyström, Bulten’s President and CEO of five years, announced that he would be
leaving the company. On February 9, Board member Christina Hallin stepped in as Interim President and
CEO until someone permanent has been appointed.
• To achieve the strategic ambitions on the markets where Bulten operates and further increase innovative
power, the organization was restructured at the beginning of the quarter. The new interdisciplinary
regional structure is divided into three regions – Europe, Asia, and North America – which were given
responsibility for sales, manufacturing and financial results. There were also adaptations to the company’s
engineering resources, in order to enhance product development and innovation.
• On March 15, Michael Richards was appointed President Region Asia. He took up his post on April 1,
and is a member of Bulten’s Executive Management Team.
Good sales and sequentially improved operating margin
JAN-MAR
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Net sales 1,533 1,387 10.5% 5,903 5,757 2.5%
Gross profit 318 283 35 1,003 968 35
Earnings before depreciation (EBITDA) 163 160 3 422 419 3
Operating earnings (EBIT) 116 116 0 230 230 0
Operating margin, % 7.5 8.4 -0.9 3.9 4.0 -0.1
Adjusted operating earnings (EBIT) 1) 116 116 0 243 243 0
Adjusted operating margin, % 7.5 8.4 -0.9 4.1 4.2 -0.1
Earnings after tax 74 79 -5 122 127 -5
Adjusted earnings after tax 74 79 -5 135 140 -5
Earnings per share before dilution, SEK 3.22 3.56 -0.34 4.56 4.89 -0.33
Adjusted earnings per share before dilution, SEK 3.22 3.56 -0.34 5.17 5.51 -0.34
Return on capital employed, % – – – 8.2 8.1 0.1
Adjusted return on capital employed, % – – – 8.5 8.5 –
1) See specification page 17.
Q1 2024
Net sales
SEK 1,533 MILLION (1,387) 10.5%
Operating earnings
SEK 116 MILLION (116)
Operating margin
7. 5 % (8.4)
In brackets Q1 2023.
BULTEN • INTERIM REPORT Q1 2024
2
===== SIDA 3 =====
CEO’S STATEMENT
A smooth start and a bottom line heading the right way
I will soon have been in the role of Interim President and CEO of
Bulten for three months. It has been a smooth, inspiring start thanks to
an efficient handover from Anders Nyström and a great introduction
from colleagues around the company.
I am pleased to see the operating margin has improved on the
three previous quarters, and it is satisfying too that our customer
mix in automotive, along with sales in new customer groups, is
contributing to stable growth. It is also worth noting that we
have now had two consecutive quarters with sales in excess of
SEK 1.5 billion.
Improved capacity despite repercussions
Again this quarter, our main priority has been to reduce the produc -
tion backlog in Europe, which is adding extra costs. We have not yet
caught up but have made good progress, and this can be seen in the
improved operating margin. There are two main reasons for this
delay in achieving our goal. At the beginning of the year, a hardening
furnace in Poland broke down. The damage proved to be so extensive
that repair was not feasible. We are sure that our insurance will cover
the majority of the related added costs that may arise. Furthermore,
new production equipment in Sweden took longer than planned to
start up. On a positive note, we are now back in a more normal
production situation again. In particular, we have successfully
engaged suppliers in manufacturing more basic products, so that
we can now focus on producing more complex products in our
own facilities.
Positive effects of the new organizational structure and
better cost control
In communicating the new organizational structure last quarter,
we explained how this would establish a stronger market presence.
It also provides enhanced responsibility and decision-making powers
to more senior executives, making us more agile and competitive.
One example can be seen in the work of region Europe. In short
time they have made serious progress by drafting an action plan of
prioritized activities, so that they can focus more on results both in
manufacturing and in working with the market. Our new President
Region Asia took up his post recently, and this is key in developing
our operations there, both in our wholly owned units and joint
venture companies. The team in North America has focused during
the quarter on how they can grow organically with more business,
especially in automotive. In addition, work has continued at newly
acquired Exim & Mfr Enterprise to assess new markets.
The year began with good sales and a sequentially improved operating
margin. It is clear that efforts following the capacity challenges in Europe
and the launch of a new regional organizational structure, combined with
closer cost control, are starting to have an effect on financial results.
We have also introduced greater control over our costs through -
out the Group. The focus is on prioritizing and de-prioritizing what
we do, avoiding overlap in areas of responsibility, and being more
restrained in appointing new corporate staff functions.
Focus on margins and the main business
As I mentioned at the outset, it is pleasing to see an improved operat -
ing margin, although our ambition is to raise it even further. It is good
to see new customer groups making a positive contribution to the
operating margin, but we need to concentrate even more on our main
business which focuses on the automotive industry. We are now –
especially in our largest market, Europe – working to improve results
and margins, through the more efficient use of machinery in production
and more efficient processes in both sales and production planning.
Finally, I would like to emphasize that while growth may not be
as high up on the agenda as improved margins, it is positive to see a
market that remains stable.
Christina Hallin, Interim President and CEO
Q1 2024
Net sales
SEK 1,533 MILLION (1,387) 10.5%
Operating earnings
SEK 116 MILLION (116)
Operating margin
7. 5 % (8.4)
In brackets Q1 2023.
BULTEN • INTERIM REPORT Q1 2024
3
===== SIDA 4 =====
BULTEN IN BRIEF
ORDER BOOKINGS AND NET SALES
First quarter
Order bookings amounted to SEK 1,299 (1,356) million, a decrease
of -4.2% on the corresponding period the previous year.
Group net sales amounted to SEK 1,533 (1,387) million, an
increase of 10.5% on the same period the previous year. Adjusted
for foreign exchange effects and acquisition, growth totaled 6.2%
for the same period.
MSEK MSEK
0
400
800
1,200
1,600
Q1Q4Q3Q2Q1Q4Q3Q2Q1 0
1,000
2,000
3,000
4,000
5,000
6,000
2022 2023 2024
Net sales
12-month rolling Net sales
EARNINGS AND PROFITABILITY
First quarter
The Group’s gross profit was SEK 318 (283) million, corresponding
to a gross margin of 20.7% (20.4). Earnings before depreciation and
amortization (EBITDA) amounted to SEK 163 (160) million, corre -
sponding to an EBITDA margin of 10.7% (11.6). Operating earnings
(EBIT) totaled SEK 116 (116) million, equating to an operating margin
of 7.5% (8.4). Operating earnings were affected by exchange rate
fluctuations of SEK 3 (-1) million when converting working capital at
the closing day rate.
Net financial items for the Group amounted to SEK -17 (-9) million.
Financial income of SEK 10 (2) million comprises interest income of
SEK 5 (2) million and currency gains of SEK 5 (-) million. Financial
expenses of SEK -27 (-11) million include interest expenses of SEK -25
(-8) million, of which interest expenses for leases total SEK -3 (-3)
million, currency loss of SEK - (-2) million and other financial expenses
amounted to SEK -2 (-1) million.
The Group’s profit before tax amounted to SEK 99 (107) million
and profit after tax was SEK 74 (79) million.
CASH FLOW, WORKING CAPITAL, INVESTMENTS
AND FINANCIAL POSITION
First quarter
Cash flow from operating activities totaled SEK 123 (196) million.
The effect on cash flow of the change in working capital amounted to
SEK -15 (73) million.
Inventories changed during the period by SEK 22 (-47) million.
Current receivables decreased by SEK -43 (-30) million and current
liabilities decreased by SEK -77 (-5) million.
Cash flow from investing activities amounted to SEK -39 (-40)
million. Investments of SEK 39 (37) million relate to property, plant
and equipment.
On the closing date, net debt amounted to SEK 1,304 (780) million.
Net debt, excluding lease liabilities, totaled SEK 777 (277) million.
Consolidated cash equivalents amounted to SEK 442 (392) million
at the end of the period. In addition to cash equivalents, the Group
also had approved but unused overdraft facilities of SEK 539 (811)
million, which means that the Group’s liquidity amounted to SEK 981
(1,203) million.
FINANCING AGREEMENTS
Bulten is primarily financed through Svenska Handelsbanken via a
credit facility totaling SEK 1,300 million. The credit facility runs up
until the end of June 2025. There is also a financing agreement with
Danske Bank with credit totaling EUR 12 million. In connection with
the acquisition of Exim in the summer of 2023, Bulten signed a
financing agreement with t he Swedish Export Credit Cooperation
(SEK) of SEK 275 million. The credit facilities are associated with
c ertain covenants. All covenant conditions with financiers were met
during the year.
BULTEN • INTERIM REPORT Q1 2024
4
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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 2023 Annual Report.
During 2024, Bulten has started to apply hedge accounting
related to EUR exposure in foreign operations. The hedging instrument
consists of a euro-loan. The meaning of this application is that the
currency effects regarding both the foreign operations and the
euro loan are reported in other comprehensive income. Additional
information regarding the financial effects of hedge accounting will
be provided in the annual report for 2024.
All amounts in SEK million unless otherwise stated. Figures in
parentheses 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 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 global economy is highly unstable at this time, with high
inflation, high interest rates, various political conflicts and other
disrupting factors. This could have consequences for the company’s
financial situation. Bulten closely monitors the global financial
situation.
For a more detailed description of risks, please see Note 5 Risks
and risk management in the 2023 Annual Report.
SEASONAL VARIATIONS
Bulten has no traditional seasonal variation but the year reflects the
customers’ production days, which vary between quarters.
Generally speaking, the lowest net sales and operating earnings
are seen in the third quarter with the lowest number of production
days. The other quarters are relatively even but may vary slightly.
CONTINGENT LIABILITIES
There were no significant changes in contingent liabilities during
the year.
TRANSACTIONS WITH RELATED PARTIES
There have been no significant transactions between related parties
during the reporting period. For further information, please see Note
38 of the 2023 Annual Report.
EMPLOYEES
The average number of employees (FTE) in the Group during the
period January 1 – March 31, 2024 was 1,877 (1,574). The biggest
change is attributable to Exim & Mfr Enterprise. The number of
employees on the closing date was 1,962.
PARENT COMPANY
Bulten AB (publ) owns, directly or indirectly, all the companies in the
Group. The equity/assets ratio was 64.5% (69.7). Equity amounted
to SEK 951 (1,036) million. There were no cash or cash equivalents on
the closing date. The Parent Company had seven employees at the
end of the period.
SIGNIFICANT EVENTS AFTER THE END OF
THE REPORTING PERIOD
There are no significant events to report.
AUDITOR’S REVIEW
This interim report has not been reviewed by the company’s
auditors.
Gothenburg, April 25, 2024
Bulten AB (publ)
Christina Hallin
Interim President and CEO
BULTEN • INTERIM REPORT Q1 2024
5
===== SIDA 6 =====
Countries where Bulten has significant operations, such as manufacturing.
Bulten’s sales organisation is represented in more countries than those
marked above.
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 1,900 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.
BULTEN IN BRIEF
VISION
We create and supply the most innovative and sustainable
fastening solutions.
MISSION
With 150 years of expertise in fasteners, we continue to deliver not just
fasteners, but also complete solutions. Our experienced, dedicated
employees help customers worldwide to succeed in everything from
product design to production, procurement and service.
It is in our nature to constantly expand our customer offering.
By driving innovation and actively seeking collaboration with other
innovative companies, we can add new functionality and new
services to our offering.
We are strongly committed to sustainability and cost efficiency. We
continuously improve our products and our value chain, in order to
retain our leading position in the industry when it comes to the lowest
possible carbon footprint and use of natural resources. Wherever we
operate, we endeavor to make a positive contribution to the community.
Sustainability is a natural part of who we are and of our business model.
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
GOAL 2024 Enhanced offering, including leadership
in sustainability and innovation
Net sales SEK 5 billion
CAGR 10%
Operating margin >8% ROCE >15%
BULTEN • INTERIM REPORT Q1 2024
6
===== SIDA 7 =====
BULTEN’S TEN LARGEST SHAREHOLDERS
SHAREHOLDERS
N O . O F
SHARES
SHARE-
HOLDING, %
Volito AB 5,100,000 24.2
Nordea Funds 1,160,386 5.5
Handelsbanken Fonder 1,084,537 5.2
Unionen 800,000 3.8
Avanza Pension 730,109 3.5
Carnegie Fonder 580,432 2.8
Dimensional Fund Advisors 549,306 2.6
Nordnet Pensionförsäkring AB 485,921 2.3
HC Capital Advisors GmbH 383,545 1.8
Swedbank Försäkring 356,384 1.7
Total number of shareholders: 12,627
Source: Monitor by Modular Finance on 31 March 2024
Bulten Share SEK
OMXSPI (norm vs BULTEN)
0
20
40
60
80
1 00
120
Feb MarJanOct Nov DecSepJul AugApr May Jun
2023 2024
SHARE PERFORMANCEJAN-MAR
12-MONTH
ROLLING FULL YEAR
SHARE DATA 2024 2023
APRIL 2023–
MARS 2024 2023
Share price at end of period (price paid). SEK 73.50 88.20 -14.70 73.50 80.00
Highest share price during the period (price paid). SEK 81.10 89.10 -8.00 110.20 110.20
Lowest share price during the period (price paid). SEK 63.70 59.50 4.20 59.60 59.50
Market value at end of period. SEK million 1,546 1,856 -310 1,546 1,683
P/E – – – – 16.35
Yield. % – – – – 3.13
Data per share. SEK
Earnings before depreciation (EBITDA) *) 7.78 7.6 4 0.14 20.12 19.98
Adjusted earnings before depreciation (EBITDA) *) 7.78 7.6 4 0.14 20.74 20.59
Operating earnings (EBIT) *) 5.50 5.54 -0.04 10.95 10.98
Adjusted operating earnings (EBIT) *) 5.50 5.54 -0.04 11.56 11.59
Earnings after net financial items (EAFI) *) 4.71 5.08 -0.37 8.99 9.37
Earnings for the period *) 3.22 3.56 -0.34 4.56 4.89
Adjusted earnings for the period *) 3.22 3.56 -0.34 5.17 5.51
Equity *) 93.51 90.11 3.40 – 85.88
Cash flow from operating activities *) 5.86 9.32 -3.46 – 16.81
Cash flow for the period *) 4.23 -2.87 7.10 – -4.91
Proposed dividend – – – – 2.50
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.
SHAREHOLDER INFORMATION
INFORMATION ABOUT INTERIM REPORTS
All of Bulten’s reports are available to read and download at bulten.com. Shareholders who are unable
to access the reports digitally can order printed copies by contacting Bulten.
Our subscription service at bulten.com also enables users to subscribe to Bulten’s reports and press
releases by e-mail.
Source: Monitor by Modular Finance on 31 March 2024
BULTEN • INTERIM REPORT Q1 2024
7
===== SIDA 8 =====
FINANCIAL INFORMATION
CONSOLIDATED INCOME STATEMENT
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION NOTE 2024 2023
APRIL 2023–
MARS 2024 2023
Net sales 1 1,533 1,387 146 5,903 5,757
Cost of goods sold -1,215 -1,104 -111 -4,900 -4,789
Gross profit 318 283 35 1,003 968
Other operating income 7 2 5 14 9
Selling expenses -106 -87 -19 -415 -396
Administrative expenses -106 -82 -24 -363 -339
Other operating expenses -0 -2 2 -12 -14
Share of profit in joint ventures 3 2 1 3 2
Operating earnings 116 116 0 230 230
Financial income 10 2 8 49 41
Financial expenses -27 -11 -16 -90 -74
Earnings before tax 99 107 -8 189 197
Tax on earnings for the period -25 -28 3 -67 -70
Earnings after tax 74 79 -5 122 127
Attributable to
Parent Company shareholders 68 75 -7 96 103
Non-controlling interests 6 4 2 26 24
Earnings after tax 74 79 -5 122 127
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK 3.22 3.56 -0.34 4.56 4.89
Adjusted earnings per share before dilution, SEK 3.22 3.56 -0.34 5.17 5.51
Earnings per share after dilution, SEK 3.22 3.56 -0.34 4.56 4.89
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
BULTEN • INTERIM REPORT Q1 2024
8
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
JAN-MAR
12-MONTH
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Earnings after tax 74 79 -5 122 127
Other comprehensive income
Items not to be reversed in the income statement
Revaluation of defined-benefit pension plans, net after tax – – – -2 -2
Items that may later be reversed in the income statement
Exchange differences 94 17 77 30 -47
Total comprehensive income 168 96 72 150 78
Attributable to
Parent Company shareholders 160 92 68 124 56
Non-controlling interests 8 4 4 26 22
Total comprehensive income 168 96 72 150 78
BULTEN • INTERIM REPORT Q1 2024
9
===== SIDA 10 =====
CONSOLIDATED BALANCE SHEET
SEK MILLION 31-03-2024 31-03-2023 31-12-2023
ASSETS
Fixed assets
Intangible fixed assets 1) 630 233 614
Tangible fixed assets 1,093 987 1,047
Right-of-use assets 502 476 482
Financial assets 58 60 56
Deferred tax assets 36 15 37
Total fixed assets 2,319 1,771 2,236
Current assets
Inventories 1,075 912 1,053
Current receivables 1,174 1,147 1,223
Cash equivalents 442 392 340
Total current assets 2,691 2,451 2,616
Total assets 5,010 4,222 4,852
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders 1,963 1,891 1,803
Non-controlling interests 44 32 35
Total equity 2,007 1,923 1,838
Long-term liabilities
Deferred tax liabilities 11 6 13
Long-term interest-bearing lease liabilities 459 440 442
Other long-term interest-bearing liabilities and provisions 1,161 317 777
Total long-term liabilities 1,631 763 1,232
Current liabilities
Current lease liabilities, interest-bearing 67 64 64
Other current liabilities, interest-bearing 59 352 398
Other current liabilities, non interest-bearing 1,246 1,119 1,320
Total current liabilities 1,372 1,535 1,782
Total equity and liabilities 5,010 4,222 4,852
1) Of which goodwill SEK 583 (224) (568) million.
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
JAN-MAR
SEK MILLION 31-03-2024 31-03-2023 31-12-2023
Equity at start of period 1,838 1,825 1,825
Comprehensive income
Earnings after tax 74 79 127
Other comprehensive income 94 17 -49
Total comprehensive income 168 96 78
Transactions with shareholders
Transaction with non-controlling interests – – -20
Non-controlling interests arising from the acquisition of subsidiary 1 2 7
Dividend to Parent Company shareholders – – -52
Total transactions with shareholders 1 2 -65
Equity at end of period 2,007 1,923 1,838
BULTEN • INTERIM REPORT Q1 2024
10
===== SIDA 11 =====
CONSOLIDATED CASH FLOW STATEMENT
JAN-MAR FULL YEAR
SEK MILLION 2024 2023 2023
Operating activities
Earnings after financial items 99 107 197
Adjustments for items not included in cash flow 59 45 154
Taxes paid -20 -29 -107
Cash flow from operating activities before changes in
working capital 138 123 244
Cash flow from changes in working capital
Change in working capital -15 73 109
Cash flow from operating activities 123 196 353
Investing activities
Acquisition of intangible fixed assets -1 0 -2
Acquisition of tangible fixed assets -39 -37 -148
Divestment of tangible fixed assets 1 1 3
Acquisition of shares in subsidiaries – -4 -512
Cash flow from investing activities -39 -40 -659
Financing activities
Change in overdraft facilities and other
financial liabilities 25 -196 353
Amortization of lease liabilities -20 -20 -78
Dividend to Parent Company shareholders – – -52
Transactions with non-controlling interests – – -20
Cash flow from financing activities 5 -216 203
Cash flow for the period 89 -60 -103
Cash flow for the period 89 -60 -103
Cash and cash equivalents at start of period 340 451 451
Exchange rate difference in cash and cash equivalents 13 1 -8
Cash and cash equivalents at end of period 442 392 340
CONSOLIDATED NET DEBT COMPOSITION
SEK MILLION 31-03-2024 31-03-2023 31-12-2023
Long-term interest-bearing liabilities -1,605 -740 -1,204
Provision for pensions -15 -17 -15
Current interest-bearing liabilities -125 -416 -462
Financial interest-bearing receivables 1 1 1
Cash equivalents 442 392 340
Net debt (-) -1,304 -780 -1,340
Less interest-bearing liabilities attributable to lease liabilities 526 504 506
Adjusted net debt (-), (excluding lease liabilities) -777 -277 -834
BULTEN • INTERIM REPORT Q1 2024
11
===== SIDA 12 =====
FIGURES FOR THE GROUP
GROUP
JAN-MAR FULL YEAR
2024 2023 2023
Margins
EBITDA margin, % 10.7 11.6 7.3
Adjusted EBITDA margin, % 3) 10.7 11.6 7.5
EBIT margin (operating margin), % 7.5 8.4 4.0
Adjusted EBIT margin (operating margin), % 3) 7.5 8.4 4.2
Net margin, % 4.8 5.7 2.2
Adjusted net margin, % 3) 4.8 5.7 2.4
Capital structure
Interest coverage ratio, times 4.6 10.3 3.6
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK 3.22 3.56 4.89
Adjusted earnings per share before dilution, SEK 3) 3.22 3.56 5.51
Earnings per share after dilution, SEK 3.22 3.56 4.89
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 31-03-2024 31-03-2023 31-12-2023
Capital structure
Net debt/ equity ratio, times -0.6 -0.4 -0.7
Equity/ assets ratio, % 40.1 45.6 37.9
Equity/ assets ratio, (excluding lease liabilities, IFRS 16), % 44.7 51.7 42.2
Other
Net debt (-), SEK million -1,304 -780 -1,340
Adjusted net debt (-), (excluding lease liabilities), SEK million -777 -277 -834
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK 93.51 90.11 85.88
Equity per share after dilution, SEK 93.51 90.11 85.88
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
APRIL 2023 –
MARCH 2024
APRIL 2022 –
MARCH 2023 2023
Profitability ratios
Return on capital employed, % 8.2 11.2 8.1
Adjusted return on capital employed, % 1) 8.5 11.9 8.5
Return on capital employed, (excluding leasing, IFRS 16), % 8.9 12.6 8.7
Adjusted return on capital employed, (excluding leasing IFRS 16), % 9.4 13.5 9.2
Return on capital employed, excluding goodwill, % 9.3 12.1 9.2
Return on equity, % 5.0 9.7 5.7
Adjusted return on equity, % 2) 5.6 10.7 6.5
Capital structure
Capital turnover rate, times 1.7 1.7 1.4
Employees
Net sales per employee, SEK 000 3,145 3,067 3,451
Operating earnings per employee, SEK 000 123 195 138
Average number of full-time employees (FTE) 1,877 1,574 1,668
DEFINITIONS
Definitions of calculated key indicators are unchanged compared to the definitions in the 2023 Annual Report.
Other key indicators not in the Annual Report or on page 17 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.
BULTEN • INTERIM REPORT Q1 2024
12
===== SIDA 13 =====
QUARTERL Y DATA FOR THE GROUP
2024 2023 2022
SEK MILLION Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Order bookings 1,299 1,582 1,566 1,476 1,356 1,437 1,033 1,289 1,134
Income statement
Net sales 1,533 1,576 1,378 1,416 1,387 1,339 1,095 1,006 1,034
Gross profit 318 258 210 217 283 245 187 189 205
Adjusted gross profit 3) 318 258 210 217 283 254 187 189 205
Earnings before depreciation (EBITDA) 163 87 77 95 160 148 91 84 32
EBITDA margin, % 10.7 5.6 5.6 6.7 11.6 11.0 8.3 8.3 3.1
Adjusted Earnings before depreciation (EBITDA) 3) 163 87 82 103 160 159 91 94 115
Adjusted EBITDA margin, % 3) 10.7 5.6 5.9 7.2 11.6 11.9 8.3 9.3 11.1
Operating earnings (EBIT) 116 33 31 50 116 103 47 41 -11
EBIT margin (operating margin), % 7.5 2.1 2.3 3.5 8.4 7.6 4.3 4.1 -1.1
Adjusted Operating earnings (EBIT) 3) 116 33 36 58 116 114 47 51 72
Adjusted EBIT margin (operating margin), % 3) 7.5 2.1 2.6 4.0 8.4 8.5 4.3 5.0 7.0
Earnings after tax 74 30 -25 43 79 73 18 22 -39
Net margin, % 4.8 1.9 -1.8 3.0 5.7 5.5 1.6 2.2 -3.8
Adjusted earnings after tax 3) 74 30 -20 51 79 82 18 32 44
Adjusted Net margin, % 3) 4.8 1.9 -1.5 3.6 5.7 6.2 1.6 3.1 4.3
Cash flow from
operating activities 123 89 20 46 196 250 -27 -19 94
investing activities -39 -27 -559 -33 -40 -72 -69 -50 -75
financing activities 5 -87 597 -91 -216 -9 145 131 -100
Cash flow for the period 89 -25 58 -78 -60 169 49 62 -81
Earnings per share attributable to
Parent Company shareholders
Earnings per share before dilution, SEK 3.22 1.00 -1.49 1.82 3.56 3.01 0.65 0.88 -1.90
Adjusted earnings per share before dilution, SEK 3) 3.22 1.00 -1.25 2.20 3.56 3.45 0.65 1.32 2.07
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 12.
BULTEN • INTERIM REPORT Q1 2024
13
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QUARTERL Y DATA FOR THE GROUP
SEK MILLION 31-03-2024 31-12-2023 30-09-2023 30-06-2023 31-03-2023 31-12-2022 30-09-2022 30-06-2022 31-03-2022
Balance sheet
Fixed assets 2,319 2,236 2,264 1,842 1,771 1,768 1,706 1,472 1,421
Current assets 2,691 2,616 2,676 2,491 2,451 2,588 2,369 2,124 1,988
Equity 2,007 1,838 1,901 1,988 1,923 1,825 1,749 1,699 1,650
Long-term liabilities 1,631 1,232 1,243 671 763 880 878 607 506
Current liabilities 1,372 1,782 1,796 1,674 1,535 1,651 1,448 1,290 1,253
Other
Net debt (-) -1,304 -1,340 -1,422 -812 -780 -925 -1,081 -777 -648
Adjusted net debt (-) -777 -834 -882 -301 -277 -411 -569 -446 -319
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK 93.51 85.88 88.54 92.99 90.11 85.72 82.11 79.96 77.45
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) 73.50 80.00 69.70 99.40 88.20 59.50 53.20 64.00 65.10
BULTEN • INTERIM REPORT Q1 2024
14
===== SIDA 15 =====
GROUP, 12-MONTH ROLLING
SEK MILLION
APRIL 2023–
MARCH 2024
JANUARY 2023–
DECEMBER 2023
OCTOBER 2022–
SEPTEMBER 2023
JULY 2022–
JUNE 2023
APRIL 2022–
MARCH 2023
JANUARY 2022–
DECEMBER 2022
OCTOBER 2021–
SEPTEMBER 2022
JULY 2021–
JUNE 2022
APRIL 2021–
MARCH 2022
Income statement
Net sales 5,903 5,757 5,520 5,237 4,827 4,474 4,088 3,757 3,661
Gross profit 1,003 968 955 932 904 826 749 702 689
Adjusted gross profit 3) 1,003 968 963 941 913 835 749 702 689
Earnings before depreciation (EBITDA) 422 419 480 494 483 355 297 280 292
EBITDA margin, % 7.2 7.3 8.7 9.4 10.0 7.9 7.3 7.4 8.0
Adjusted earnings before depreciation (EBITDA) 3) 435 432 503 513 504 459 390 372 375
Adjusted EBITDA margin, % 3) 7.4 7.5 9.1 9.8 10.4 10.3 9.5 9.9 10.2
Operating earnings (EBIT) 230 230 300 316 307 180 125 109 122
EBIT margin (operating margin), % 3.9 4.0 5.4 6.0 6.4 4.0 3.1 2.9 3.3
Adjusted operating earnings (EBIT) 3) 243 243 324 335 328 284 218 201 206
Adjusted EBIT margin (operating margin), % 3) 4.1 4.2 5.9 6.4 6.8 6.3 5.3 5.4 5.6
Earnings after tax 122 127 170 213 192 74 33 32 47
Net margin, % 2.1 2.2 3.1 4.1 4.0 1.7 0.8 0.9 1.3
Adjusted earnings after tax 3) 135 140 192 230 211 176 126 124 130
Adjusted net margin, % 3) 2.3 2.4 3.5 4.4 4.4 3.9 3.1 3.3 3.5
Employees
Net sales per employee, SEK 000 3,145 3,451 3,398 3,302 3,067 2,841 2,600 2,361 2,220
Operating earnings per employee, SEK 000 123 138 184 199 195 114 80 68 74
Average number of full-time employees (FTE) on closing date 1,877 1,668 1,625 1,586 1,574 1,575 1,572 1,591 1,649
Profitability ratios
Return on capital employed, % 8.2 8.1 9.1 11.8 11.2 6.3 4.5 4.4 5.3
Adjusted return on capital employed, % 1) 8.5 8.5 9.8 12.5 11.9 9.9 7.9 8.1 8.7
Return on capital employed, (excluding leasing, IFRS 16), % 8.9 8.7 10.3 13.1 12.6 7.0 5.0 4.9 6.0
Return on capital employed, (excluding goodwill), % 9.3 9.2 10.4 12.8 12.1 6.8 4.9 4.8 5.9
Adjusted return on capital employed, excluding goodwill, % 1) 9.7 9.6 11.2 13.5 13.0 10.7 8.5 9.0 9.8
Return on equity, % 5.0 5.7 8.1 10.5 9.7 3.2 1.0 1.1 2.3
Adjusted return on equity, % 2) 5.6 6.5 9.3 11.4 10.7 9.1 6.5 6.7 7.4
Other
Net debt (-)/EBITDA -3.1 -3.2 -3.0 -1.6 -1.6 -2.6 -3.6 -2.8 -2.2
Adjusted net debt (-)/EBITDA*) -1.8 -2.0 -1.8 -0.6 -0.6 -1.2 -1.9 -1.6 -1.1
Adjusted net debt (-)/ Adjusted EBITDA**) -2.2 -2.4 -2.1 -0.7 -0.6 -1.1 -1.8 -1.4 -1.0
*) Adjusted net debt (-): Net debt exclusive lease liabilities.
**) Adjusted EBITDA: Adjusted for non-recurring items.
BULTEN • INTERIM REPORT Q1 2024
15
===== SIDA 16 =====
INCOME BY GEOGRAPHIC MARKET
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Sweden 168 173 -5 653 658
Germany 56 96 -40 277 317
UK 508 388 120 1,750 1,630
Poland 13 12 1 49 48
Rest of Europe 403 429 -26 1,618 1,644
China 188 164 24 885 861
USA 84 67 17 299 282
Rest of the world 113 58 55 372 317
Total income 1,533 1,387 146 5,903 5,757
INCOME BY CUSTOMER GROUP
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
OEM Light vehicle 969 947 22 3,622 3,600
OEM Heavy commercial vehicle 141 144 -3 541 544
Tiers 260 193 67 1,057 990
Other income 163 103 60 683 623
Total income 1,533 1,387 146 5,903 5,757
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 North America. 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
INCOME BY CHASSIS /BODY AND POWERTRAIN
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Chassis/body 1,151 1,100 51 4,349 4,298
Powertrain 219 184 35 872 837
Other income 163 103 60 682 622
Total income 1,533 1,387 146 5,903 5,757
INCOME DISTRIBUTED BY INCOME CATEGORY
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Own production 881 809 72 3,442 3,370
Outsourced production 602 542 60 2,295 2,235
Other income 50 36 14 166 152
Total income 1,533 1,387 146 5,903 5,757
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 the affiliated company Exim Mfr & Enterprise.
BULTEN • INTERIM REPORT Q1 2024
16
===== SIDA 17 =====
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 2024 2023
Net sales 1,533 1,387 146
Acquisition -59 – -59
Currency effect, current period -2 – -2
Adjusted net sales 1,472 1,387 85
When calculating adjusted net sales, net sales are adjusted using currency effects of the current period
and, where applicable, with the net sales from acquisitions made. This measurement gives a figure for
comparing net sales with the previous year.
EARNINGS BEFORE DEPRECIATION, EBITDA
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Operating earnings (EBIT) 116 116 0 230 230
Depreciation/ amortization
and impairments 47 44 3 192 189
Operating earnings before depreciation
(EBITDA)
163 160 3 422 419
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
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Operating earnings excluding depreciation
(EBITDA) 163 160 3 422 419
Non- recurring cost – – – 13 13
Adjusted operating earnings before
depreciation (EBITDA)
163 160 3 435 432
adjusted operating earnings , adjusted ebit
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Operating earnings (EBIT) 116 116 0 230 230
Non-recurring cost – – – 13 13
Adjusted operating earnings (EBIT) 116 116 0 243 243
ADJUSTED NET EARNINGS
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Net earnings 74 79 -5 122 127
Non-recurring cost – – – 13 13
Adjusted net earnings 74 79 -5 135 140
ADJUSTED NET DEBT (EXCLUDING LEASE LIABILITIES )
SEK MILLION 31-03-2024 31-03-2023 31-12-2023
Net debt (-) -1,304 -780 - 1,340
Less interest-bearing liabilities attributable to lease liabilities 526 504 506
Adjusted net debt (-), (excluding lease liabilities) -777 -277 -834
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.
BULTEN • INTERIM REPORT Q1 2024
17
===== SIDA 18 =====
INCOME STATEMENT, PARENT COMPANY
JAN-MAR
12-MONTH
ROLLING FULL YEAR
SEK MILLION 2024 2023
APRIL 2023–
MARCH 2024 2023
Net sales 7 5 2 22 20
Gross profit 7 5 2 22 20
Administrative expenses -16 -12 -4 -48 -44
Operating earnings -9 -7 -2 -26 -24
Interest income 0 – 0 0 0
Interest expenses and similar loss items -6 -2 -4 -14 -10
Earnings after netfinancial items -15 -9 -6 -40 -34
Appropriations – – – – –
Earnings before tax -15 -9 -6 -40 -34
Tax on earnings for the period 3 2 1 7 6
Earnings after tax -12 -7 -5 -33 -28
BALANCE SHEET, PARENT COMPANY
SEK MILLION 31-03-2024 31-03-2023 31-12-2023
ASSETS
Fixed assets
Intangible fixed assets 0 0 0
Tangible fixed assets 7 2 7
Total intangible and tangible fixed assets 7 2 7
Financial assets
Participations in Group companies 1,450 1,450 1,450
Other long-term receivables – 0 –
Total financial assets 1,450 1,450 1,450
Deferred tax assets 10 2 7
Total fixed assets 1,467 1,454 1,464
Current assets
Current receivables from Group companies 0 26 1
Other current receivables 7 7 7
Cash and cash equivalents – 0 –
Total current assets 7 33 8
Total assets 1,474 1,487 1,472
EQUITY AND LIABILITIES
Equity
Restricted equity 110 110 110
Non-restricted equity 841 926 853
Total equity 951 1,036 963
Long-term liabilities
Long-term liabilities to Group companies 483 434 496
Total long-term liabilities 483 434 496
Current liabilities
Current liabilities to Group companies 19 0 0
Other current liabilities 21 17 13
Total current liabilities 40 17 13
Total equity and liabilities 1,474 1,487 1,472
BULTEN • INTERIM REPORT Q1 2024
18
===== SIDA 19 =====
Bulten Group is a leading global manufacturer and distributor of fasteners to the automotive industry, as well as other industries
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. Bulten was founded in 1873, has approximately 1,900 employees around the world and is headquartered
in Gothenburg, Sweden. Exim & Mfr Enterprise has been part of Bulten Group since 2023. Net sales in 2023 totaled SEK 5,757 million.
The share (BUL TEN) is listed on Nasdaq Stockholm.
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.com
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
25 April 2024.
In March, Michael Richards was appointed
President Region Asia. He took up his post on
April 1, and is a member of Bulten’s Executive
Management Team.
FINANCIAL CALENDAR
July 10, 2024 Half year report January - June 2024
October 22, 2024 Interim report January - September 2024
February 6, 2025 Full year report January - December 2025
The reports can be found on the Bulten website at
www.bulten.com on their date of publication.
CONTAC T
Ulrika Hultgren, SVP Corporate Communications & IR
Phone: +46 727-47 17 58
E-mail: ulrika.hultgren@bulten.com
PRESENTATION OF THE REPORT
A live presentation for analysts, media and investors will be held
on April 25, at 15.30 PM CEST, where Interim President and CEO
Christina Hallin and CFO Anna Åkerblad will be commenting
the result. The presentation will be held in English.
If you wish to participate via webcast, please use the link:
https:/ /ir.financialhearings.com/bulten-q1-report-2024.
Via the webcast you are able to ask written questions.
If you wish to participate via teleconference, please register on the link:
https:/ /conference.financialhearings.com/teleconference/?id=50049092.
After registration you will be provided phone numbers and a conference
ID to access the conference. You can ask questions verbally via the
teleconference.