FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2024
===== SIDA 1 =====
INTERIM REPORT
THIRD QUARTER • JANUARY–SEPTEMBER 2024
===== SIDA 2 =====
THIRD QUARTER
• Net sales amounted to SEK 1,333 (1,378) million, a decrease of -3.3% on the same period the previous year.
• Operating earnings (EBIT) totaled SEK 91 (31) million, equating to an operating margin of 6.8% (2.3).
Note that one-off effects of approximately SEK 20 million have had a positive impact on operating earnings.
These are attributable, among other things, to insurance compensation linked to machinery in Poland.
• Earnings after tax amounted to SEK 38 (-25) million.
• Order bookings amounted to SEK 1,455 (1,566) million, a decrease of -7.2% on the same period
the previous year.
• Cash flow from operating activities totaled SEK -61 (20) million.
• Earnings per share were SEK 1.56 (-1.49).
• On July 22, the Board of Bulten AB (publ) appointed Axel Berntsson as the new President and CEO of
Bulten Group. Axel joins Bulten from Absolent Air Care Group (publ) where he was President and CEO.
He will take up his new role in early 2025 at the latest.
Improved operating earnings despite a slight drop in sales
Q3 JAN-SEPT
12-MONTH
ROLLING FULL YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Net sales 1,333 1,378 -3.3% 4,332 4,181 3.6% 5,908 5,757 2.6%
Gross profit 251 210 41 828 710 118 1,086 968 118
Earnings before depreciation (EBITDA) 140 77 63 427 332 95 514 419 95
Operating earnings (EBIT) 91 31 60 281 197 84 314 230 84
Operating margin, % 6.8 2.3 4.5 6.5 4.7 1.8 5.3 4.0 1.3
Adjusted operating earnings (EBIT) 1) 91 36 55 281 210 71 314 243 71
Adjusted operating margin, % 6.8 2.6 4.2 6.5 5.0 1.5 5.3 4.2 1.1
Earnings after tax 38 -25 63 152 97 55 182 127 55
Adjusted earnings after tax 38 -20 58 152 110 42 182 140 42
Earnings per share before dilution, SEK 1.56 -1.49 3.05 6.42 3.89 2.53 7.42 4.89 2.53
Adjusted earnings per share before dilution, SEK 1.56 -1.25 2.81 6.42 4.51 1.91 7.42 5.51 1.91
Return on capital employed, % – – – – – – 9.8 8.1 1.7
Adjusted return on capital employed, % – – – – – – 9.8 8.5 1.3
1) See specification page 18.
JANUARY – SEPTEMBER
• Net sales amounted to SEK 4,332 (4,181) million, an increase of 3.6% on the same period the previous year.
• Operating earnings (EBIT) totaled SEK 281 (197) million, equating to an operating margin of 6.5% (4.7).
Note that one-off effects of approximately SEK 20 million have had a positive impact on operating earnings.
These are attributable, among other things, to insurance compensation linked to machinery in Poland.
• Earnings after tax amounted to SEK 152 (97) million.
• Cash flow from operating activities totaled SEK 169 (262) million.
• Earnings per share were SEK 6.42 (3.89).
• Net debt amounted to SEK 1,461 (1,422) million. Net debt, excluding lease liabilities, totaled
SEK 940 (882) million.
• The equity/assets ratio was 39.4% (38.5) at the end of the period. The equity/assets ratio, excluding
lease liabilities, totaled 44.0% (43.1).
Q3 2024
Net sales
SEK 1,333 MILLION ( 1,378 ) -3.3 %
Operating earnings
SEK 91 MILLION ( 31 )
Operating margin
6.8 % ( 2.3 )
In brackets Q3 2023.
BULTEN • INTERIM REPORT Q3 2024
2
===== SIDA 3 =====
CEO’S STATEMENT
A financial result in the right direction
The reported operating earnings for the third quarter are an improve-
ment on the corresponding quarter of 2023, and on the previous
quarter this year. This is a clear sign that our efforts over the past year
to stabilize and streamline production, combined with a focus on
reducing our costs, are paying off.
The operating margin has improved during Q3, which is generally
a weaker quarter as there are fewer days of production. The margin has
been positively impacted by non-recurring items, including insurance
compensation relating to machinery in Poland. Our long-term ambition
to have an operating margin of 8% remains, although this will be
difficult to achieve for 2024 as a whole.
Falling demand can create opportunities
There has been a slight decline in demand for fasteners from vehicle
manufacturers in all markets during the quarter, though from an
unusually high level in recent years. The falling demand is largely
due to a decrease in vehicle sales, but also to the fact that some
of our larger customers are shifting platforms, thus affecting their
production volumes in the short term. In addition, there are other
disruptions in OEM supply chains which impact on our sales volumes.
Although the market is not growing at the same rate as before, we
now have an operation that is more stable and flexible, and able to
handle large fluctuations.
The fall in demand gives us the opportunity to review our
customer base and focus on customers and segments where
we see better margins. It also enables us to review our customer
contracts and phase out any unprofitable ones, something we
have been doing during the quarter. We have also begun to reduce
working hours in a couple of factories and we are working on a
number of minor structural issues, including a review of some
of our joint ventures. We cannot rule out additional structural
changes moving forward if they are necessary to further improve
profitability levels.
Finally, I would like to highlight the increased focus on innovation
and sustainability, which is essential for us if we are to remain an
attractive partner in the long term. One example is in-house testing
of more complex products with new geometries and functions.
Our efforts to improve operating earnings have paid off during
the quarter. Net sales have decreased slightly, mainly due to
lower demand for fasteners in the automotive sector as a result
of declining vehicle sales.
A new phase in Bulten’s development
This will be the last time I sign Bulten’s quarterly financial report.
By January 22, 2025, I will be handing over to Axel Berntsson, our
new permanent President and CEO. I have great confidence that he
will go on developing Bulten very positively. Axel has experience as
a CEO and a background in both sales and production, which will be
of great value to our company. In closing, I would like to express my
gratitude for my time on Bulten’s Executive Management Team, and
the amazing people I have worked with.
Christina Hallin, Interim President and CEO
Q3 2024
Net sales
SEK 1,333 MILLION ( 1,378 ) - 3.3%
Operating earnings
SEK 91 MILLION ( 31 )
Operating margin
6.8% ( 2.3 )
In brackets Q3 2023.
BULTEN • INTERIM REPORT Q3 2024
3
===== SIDA 4 =====
BULTEN IN BRIEF
ORDER BOOKINGS AND NET SALES
Third quarter
Order bookings amounted to SEK 1,455 (1,566) million, a decrease
of -7.2% on the corresponding period the previous year.
Group net sales amounted to SEK 1,333 (1,378) million, a
decrease of -3.3% on the same period the previous year. Adjusted
for foreign exchange effects and acquisition, growth totaled -3.5%
for the same period.
January – September
Group net sales amounted to SEK 4,332 (4,181) million, an increase
of 3.6% on the same period last year. Adjusted for foreign exchange
effects and acquisition, growth totaled 0.4% for the same period.
Net sales
12-month rolling Net sales
MSEK MSEK
0
400
800
1,200
1,600
Q3Q2Q1Q4Q3Q2Q1Q4Q3 0
1,000
2,000
3,000
4,000
5,000
6,000
2022 2023 2024
EARNINGS AND PROFITABILITY
Third quarter
The Group’s gross profit was SEK 251 (210) million, corresponding
to a gross margin of 18.8% (15.2). Earnings before depreciation and
amortization (EBITDA) amounted to SEK 140 (77) million, corre -
sponding to an EBITDA margin of 10.6% (5.6). Operating earnings
(EBIT) totaled SEK 91 (31) million, equating to an operating margin
of 6.8% (2.3). One-off effects of approximately SEK 20 million have
had a positive impact on operating earnings. These are attributable,
among other things, to insurance compensation linked to machinery
in Poland. The operating earnings were also affected by exchange rate
fluctuations of SEK -12 (-2) million when converting working capital
at the closing day rate. Adjusted operating earnings (EBIT) totaled
SEK 91 (36) million, equating to an adjusted operating margin of
6.8% (2.6). The corresponding quarter previous year was adjusted
with transaction costs of SEK -5 million attributable to the acquisition
of Exim & Mfr Holdings Pte Ltd (“Exim”).
Net financial items for the Group amounted to SEK -36 (-44) mil-
lion. Financial income of SEK 6 (2) million comprises interest income
of SEK 6 (2) million. Financial expenses of SEK -42 (-46) million
include interest expenses of SEK -31 (-24) million, of which interest
expenses for leases total SEK -4 (-3) million, foreign exchange losses
of SEK -9 (-20) million and other financial expenses amounted to
SEK -2 (-2) million.
The Group’s profit before tax amounted to SEK 55 (-13) million
and profit after tax was SEK 38 (-25) million. Adjusted profit before
tax amounted to SEK 55 (-8) million and profit after tax was SEK 38
(-20) million.
January – September
The Group’s gross profit was SEK 828 (710) million, corresponding
to a gross margin of 19.1% (17.0). Earnings before depreciation and
amortization (EBITDA) amounted to SEK 427 (332) million, corre -
sponding to an EBITDA margin of 9.9% (7.9). Operating earnings
(EBIT) totaled SEK 281 (197) million, equating to an operating margin
of 6.5% (4.7). Operating earnings were impacted by one-off effects
of approximately SEK 20 million during the quarter. These are attribut -
able, among other things, to insurance compensation linked to
machinery in Poland. The operating earnings were also affected by
exchange rate fluctuations of SEK -7 (5) million when converting
working capital at the closing day rate. Adjusted operating earnings
(EBIT) totaled SEK 281 (210) million, equating to an adjusted operat -
ing margin of 6.5% (5.0). The corresponding period previous year was
adjusted with transaction costs of SEK -13 million attributable to the
acquisition of Exim & Mfr Holdings Pte Ltd (“Exim”).
Net financial items for the Group amounted to SEK -76 (-40) mil-
lion. Financial income of SEK 16 (9) million comprises interest income
of SEK 16 (8) million, foreign gain amounted of SEK - (1) million.
Financial expenses of SEK -92 (-49) million include interest expenses
of SEK -82 (-45) million, of which interest expenses for leases total
SEK -10 (-9) million, foreign exchange loss of SEK -4(-) MSEK and
other financial expenses amounted to SEK -6 (-4) million.
The Group’s profit before tax amounted to SEK 205 (157) million
and profit after tax was SEK 152 (97) million. Adjusted profit before
tax amounted to SEK 205 (170) million, and adjusted profit after tax
was SEK 152 (110) million.
CASH FLOW, WORKING CAPITAL, INVESTMENTS
AND FINANCIAL POSITION
Third quarter
Cash flow from operating activities totaled SEK -61 (20) million.
The effect on cash flow of the change in working capital amounted to
SEK -132 (-17) million.
Inventories increased during the period by SEK 96 (93) million.
Current receivables increased by SEK 81 (39) million and current
liabilities increased by SEK 30 (20) million.
Cash flow from investing activities amounted to SEK -41 (-559)
million. Investments of SEK 40 (29) million relate to property, plant
and equipment. In the previous year, financial investments of SEK 530
million related to the acquisition of Exim.
January – September
Cash flow from operating activities totaled SEK 169 (262) million.
The effect on cash flow of the change in working capital amounted
to SEK -104 (71) million.
Inventories increased during the period by SEK 149 (65) million.
Current receivables changed by SEK -51 (93) million and current
liabilities changed by SEK -56 (122) million.
Cash flow from investing activities amounted to SEK -131 (-632)
million. Investments of SEK 129 (98) million relate to property, plant
and equipment. In the previous year, financial investments of SEK 530
million related to the acquisition of Exim.
On the closing date, net debt amounted to SEK 1,461 (1,422) million.
Net debt, excluding lease liabilities, totaled SEK 940 (882) million.
Consolidated cash equivalents amounted to SEK 298 (373) million
at the end of the period. In addition to cash equivalents, the Group
also had approved but unused overdraft facilities of SEK 514 (505)
million, which means that the Group’s liquidity amounted to SEK 812
(878) million.
FINANCING AGREEMENTS
Bulten has entered an agreement with a bank syndicate, including
Danske Bank, Citi Bank and Svensk Exportkredit (SEK), on a new
credit facility amounting to approximately SEK 1,710 million. The
credit facility runs for three years until 2027, with an option for
one plus one year. The credit facilities are associated with certain
covenants. All covenants have been met during the period.
BULTEN • INTERIM REPORT Q3 2024
4
===== SIDA 5 =====
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 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 – September 30, 2024 was 1,906 (1,625).
The number of employees on the closing date was 1,961.
PARENT COMPANY
Bulten AB (publ) owns, directly or indirectly, all the companies in the
Group. The equity/assets ratio was 59.4% (66.0). Equity amounted
to SEK 881 (972) million. There were no cash or cash equivalents on
the closing date. The Parent Company had six employees at the end
of the period.
SIGNIFICANT EVENTS 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
Monday April 28, 2025.
THE NOMINATION COMMITTE
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 Modular Finance AB on the final
banking day in September. If any of the three largest shareholders
refrains from appointing a member, an offer is made to the next larg -
est shareholder in order.
The nomination committee ahead of the 2025 AGM is composed
as follows:
• Maria Rengefors, appointed by Nordea Fonder
• Frank Larsson, appointed by Handelsbanken Fonder
• Viktor Henriksson, appointed by Carnegie Fonder
• Ulf Liljedahl, Chairman of the Board of Bulten AB
Gothenburg, 22 October, 2024
Bulten AB (publ)
Christina Hallin
Interim President and CEO, and also board member
BULTEN • INTERIM REPORT Q3 2024
5
===== SIDA 6 =====
AUDITOR’S REPORT
BULTEN AB (PUBL), ORG NO. 556668-2141
This is a translation of the Swedish language original
INTRODUCTION
We have conducted a review of the summary of financial information
(interim report) for Bulten AB (publ) as of September 30,
2024 and the nine-month period leading up to this date. The Board of
Directors and the Chief Executive Officer are responsible for prepar -
ing 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 other generally accepted auditing standards in Sweden.
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 22, 2024
Öhrlings PricewaterhouseCoopers AB
Signature on the Swedish original
Johan Palmgren
Authorized Public Accountant
BULTEN • INTERIM REPORT Q3 2024
6
===== SIDA 7 =====
STRATEGY OVERVIEW
Enhanced offering, including leadership
in sustainability and innovation
Net sales
SEK 5 bn, CAGR 10%
Operating margin >8%
ROCE >15%
GOAL 2024
STRONG POSITION
FSP/FSPS concept, geographical proximity to important customers, forefront of innovation and sustainability
GROWTH
Organic and acquisition growth, in and outside of the automotive industry
MARGIN EXPANSION
Benefits of scale, production efficiency, technology, value-creating sustainability solutions
STRONG FINANCIAL PLATFORM
Financial leverage, investments in efficiency, solid equity ratio, dividends
7 BULTEN • INTERIM REPORT Q3 2024
===== SIDA 8 =====
FIVE REASONS TO INVEST IN BUL TEN
1
QUALITY SUPPLIER OF FASTENERS
• Over more than 150 years, Bulten has built a market position as
a quality supplier of sustainable fastener solutions, with a strong
customer base that has become more diversified in recent years.
• Bulten is a leading full service provider of fasteners and related
services, including FSP/FSPS, and has thereby established key
strategic collaborations with several customers.
• With long-standing expertise and in-house technical and
innovation competence, Bulten is a natural development partner
to its customers and is often involved from the initial design
and technical design phase.
• Bulten is involved in innovative development projects such
as Polestar 0, and also conducts research-related development
projects with various universities and colleges.
2
FINANCIAL STRATEGY FOCUSING ON A
STRONG BALANCE SHEET
• Bulten has a strong financial position, with secured financing and
good underlying profit capacity. This creates scope for investing in
growth and in efficiency measures, as well as return opportunities
for shareholders.
• Over time, economies of scale have generated good profitability
for Bulten. Some of the more recent measures to increase
economies of scale include closures and fusions of manufacturing
and logistics operations in Europe.
3
GROWTH POTENTIAL THROUGH
ACQUISITIONS AND NEW SECTORS
• Bulten can see potential for expansion in the automotive industry
through new electrified platforms, and in the supply chain for
OEMs of light and heavy commercial vehicles (Tiers 1 and 2).
• With the acquisitions of PSM International (PSM) in 2020
and Exim Mfr & Enterprise (Exim) in 2023, both the product
portfolio and the customer base have expanded in areas outside
of automotive. This lays a good foundation for continued growth
in margins. The acquisition of Exim also boosts Bulten’s position
as a leading distributor of C parts*, particularly in Asia. Some
of the sectors Bulten now operates in since the acquisitions are
consumer electronics, medical devices, and renewable energy.
• Bulten’s goal remains to expand via strategic acquisitions.
• Through majority ownership of TensionCam (measuring and
monitoring clamp loads), there is strong potential to offer new
peripheral services related to fasteners in the future.
* C-parts are components with a low unit price that manufacturing companies stock
in large quantities.
4
HIGH YIELD
• Bulten generates a high yield with a dividend target of at
least 33% of net earnings.
5
A ROBUST OPERATION BASED ON
A REGIONAL SALES STRUCTURE
• Facilities close to customers in Europe, Asia, and North America
allow flexibility and short lead times. Being geographically wide -
spread also contributes to a robust structure, which is advanta -
geous in times of protectionism, and also macroeconomic and
geopolitical instability.
• Bulten’s surface treatment plant in Poland strengthens the com -
pany’s European infrastructure and capacity. In addition, Bulten’s
new joint venture company in India will create good conditions
for the expansion of micro screw sales to international customers
in the electronics sector.
BULTEN • INTERIM REPORT Q3 2024
8
===== SIDA 9 =====
BULTEN’S TEN LARGEST SHAREHOLDERS
SHAREHOLDERS
NO. OF
SHARES
SHARE-
HOLDING, %
Volito AB 5,220,000 24.8
Nordea Funds 1,024,635 4.9
Avanza Pension 814,047 3.9
Unionen 800,000 3.8
Handelsbanken Fonder 752,690 3.6
Carnegie Fonder 580,432 2.8
Nordnet Pensionsförsäkring 576,757 2.7
Dimensional Fund Advisors 542,016 2.6
Swedbank Försäkring 386,725 1.8
HC Capital Advisors GmbH 380,358 1.8
Total number of shareholders: 11,482
Source: Monitor by Modular Finance on 30 September 2024.
Bulten Share SEK
OMXSPI (norm vs BULTEN)
Feb MarJanOct Nov Dec SepJul AugApr May Jun
2023 2024
0
20
40
60
80
100
SHARE PERFORMANCEQ3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SHARE DATA 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Share price at end of period (price paid). SEK 67.70 69.70 -2.00 67.70 69.70 -2.00 67.70 80.00
Highest share price during the period (price paid). SEK 87.0 0 101.00 -14.00 93.20 110.20 -17.0 0 93.20 110.20
Lowest share price during the period (price paid). SEK 67.0 0 68.20 -1.20 63.70 59.50 4.20 59.60 59.50
Market value at end of period. SEK million 1,424 1,467 -43 1,424 1,467 -43 1,424 1,683
P/E – – – – – – – 16.35
Yield. % – – – – – – – 3.13
Data per share. SEK
Earnings before depreciation (EBITDA) *) 6.70 3.66 3.04 20.37 15.80 4.57 24.55 19.98
Adjusted earnings before depreciation (EBITDA) *) 6.70 3.90 2.80 20.37 16.42 3.95 24.55 20.59
Operating earnings (EBIT) *) 4.33 1.50 2.83 13.39 9.38 4.01 14.99 10.98
Adjusted operating earnings (EBIT) *) 4.33 1.73 2.60 13.39 10.00 3.39 14.98 11.59
Earnings after net financial items (EAFI) *) 2.62 -0.58 3.20 9.76 7. 5 0 2.26 11.63 9.37
Earnings for the period *) 1.56 -1.49 3.05 6.42 3.89 2.53 7.42 4.89
Adjusted earnings for the period *) 1.56 -1.25 2.81 6.42 4.51 1.91 7.42 5.51
Equity *) – – – 92.74 88.54 4.20 – 85.88
Cash flow from operating activities *) -2.89 0.92 -3.81 8.04 12.46 -4.42 – 16.81
Cash flow for the period *) -9.19 2.75 -11.94 -2.38 -3.81 -1.43 – -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 – 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.
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 30 September 2024.
BULTEN • INTERIM REPORT Q3 2024
9
===== SIDA 10 =====
FINANCIAL INFORMATION
CONSOLIDATED INCOME STATEMENT
Q3 JAN-SEPT
12-MONTH -
ROLLING FULL YEAR
SEK MILLION NOTE 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Net sales 1 1,333 1,378 -45 4,332 4,181 151 5,908 5,757
Cost of goods sold -1,082 -1,168 86 -3,504 -3,471 -33 -4,822 -4,789
Gross profit 251 210 41 828 710 118 1,086 968
Other operating income 49 – 49 81 12 69 78 9
Selling expenses -109 -98 -11 -333 -278 -55 -451 -396
Administrative expenses -92 -78 -14 -299 -245 -54 -393 -339
Other operating expenses -12 -2 -10 -8 -3 -5 -19 -14
Share of profit in joint ventures 4 -1 5 12 1 11 13 2
Operating earnings 91 31 60 281 197 84 314 230
Financial income 6 2 -1 16 9 7 48 41
Financial expenses -42 -46 9 -92 -49 -43 -117 -74
Earnings before tax 55 -13 68 205 157 48 245 197
Tax on earnings for the period -17 -12 -5 -53 -60 7 -63 -70
Earnings after tax 38 -25 63 152 97 55 182 127
Attributable to
Parent Company shareholders 33 -31 64 135 82 53 156 103
Non-controlling interests 5 6 -1 17 15 2 26 24
Earnings after tax 38 -25 63 152 97 55 182 127
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK 1.56 -1.49 3.05 6.42 3.89 2.53 7.42 4.89
Adjusted earnings per share before dilution, SEK 1.56 -1.25 2.81 6.42 4.51 1.91 7.42 5.51
Earnings per share after dilution, SEK 1.56 -1.49 3.05 6.42 3.89 2.53 7.42 4.89
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
BULTEN • INTERIM REPORT Q3 2024
10
===== SIDA 11 =====
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Q3 JAN-SEPT
12-MONTH
ROLLING FULL YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Earnings after tax 38 -25 63 152 97 55 182 127
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 -4 -62 58 61 29 32 -15 -47
Total comprehensive income 34 -87 121 213 126 87 165 78
Attributable to
Parent Company shareholders 30 -92 122 196 112 84 140 56
Non-controlling interests 4 5 -1 17 14 3 25 22
Total comprehensive income 34 -87 121 213 126 87 165 78
BULTEN • INTERIM REPORT Q3 2024
11
===== SIDA 12 =====
CONSOLIDATED BALANCE SHEET
SEK MILLION 30-09-2024 30-09-2023 31-12-2023
ASSETS
Fixed assets
Intangible fixed assets 1) 628 642 614
Tangible fixed assets 1,112 1,025 1,047
Right-of-use assets 494 511 482
Financial assets 67 59 56
Deferred tax assets 45 27 37
Total fixed assets 2,346 2,264 2,236
Current assets
Inventories 1,202 1,024 1,053
Current receivables 1,177 1,279 1,223
Cash equivalents 298 373 340
Total current assets 2,677 2,676 2,616
Total assets 5,023 4,940 4,852
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders 1,946 1,858 1,803
Non-controlling interests 33 42 35
Total equity 1,979 1,901 1,838
Long-term liabilities
Deferred tax liabilities 20 3 13
Long-term interest-bearing lease liabilities 450 473 442
Other long-term interest-bearing liabilities and provisions 1,238 767 777
Total long-term liabilities 1,708 1,243 1,232
Current liabilities
Current lease liabilities, interest-bearing 70 67 64
Other current liabilities, interest-bearing 2 489 398
Other current liabilities, non interest-bearing 1,264 1,240 1,320
Total current liabilities 1,336 1,796 1,782
Total equity and liabilities 5,023 4,940 4,852
1) Of which goodwill SEK 582 (633) (568) million.
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
JAN-SEPT
SEK MILLION 30-09-2024 30-09-2023 31-12-2023
Equity at start of period 1,838 1,825 1,825
Comprehensive income
Earnings after tax 152 97 127
Other comprehensive income 61 29 -49
Total comprehensive income 213 126 78
Transactions with shareholders
Transaction with non-controlling interests -24 – -20
Non-controlling interests arising from the acquisition of subsidiary 4 2 7
Dividend to Parent Company shareholders -52 -52 -52
Total transactions with shareholders -72 -50 -65
Equity at end of period 1,979 1,901 1,838
BULTEN • INTERIM REPORT Q3 2024
12
===== SIDA 13 =====
CONSOLIDATED CASH FLOW STATEMENT
Q3 JAN-SEPT FULL YEAR
SEK MILLION 2024 2023 2024 2023 2023
Operating activities
Earnings after financial items 55 -13 205 157 197
Adjustments for items not included in cash flow 24 66 125 126 154
Taxes paid -8 -16 -57 -92 -107
Cash flow from operating activities before
changes in working capital 71 37 273 191 244
Cash flow from changes in working capital
Change in working capital -132 -17 -10 4 71 109
Cash flow from operating activities -61 20 169 262 353
Investing activities
Acquisition of intangible fixed assets -1 -0 -3 -1 -2
Acquisition of tangible fixed assets -40 -29 -129 -98 -14 8
Divestment of tangible fixed assets 0 0 1 1 3
Acquisition of shares in subsidiaries – -530 – -534 -512
Cash flow from investing activities -41 -559 -131 -632 -659
Financing activities
Change in overdraft facilities and other
financial liabilities -46 617 48 401 353
Amortization of lease liabilities -21 -20 -60 -59 -78
Dividend to Parent Company shareholders – – -52 -52 -52
Transactions with non-controlling interests -24 – -24 – -20
Cash flow from financing activities -91 597 -88 290 203
Cash flow for the period -193 58 -50 -80 -103
Cash flow for the period -193 58 -50 -80 -103
Cash and cash equivalents at start of period 493 319 340 451 451
Exchange rate difference in cash and cash
equivalents -2 -4 8 2 -8
Cash and cash equivalents at end of period 298 373 298 373 340
CONSOLIDATED NET DEBT COMPOSITION
SEK MILLION 30-09-2024 30-09-2023 31-12-2023
Long-term interest-bearing liabilities -1,675 -1,224 -1,20 4
Provision for pensions -13 -16 -15
Current interest-bearing liabilities -72 -556 -462
Financial interest-bearing receivables 2 1 1
Cash equivalents 298 373 340
Net debt (-) -1,461 -1,422 -1,340
Less interest-bearing liabilities attributable to lease liabilities 520 540 506
Adjusted net debt (-), (excluding lease liabilities) -940 -882 -834
BULTEN • INTERIM REPORT Q3 2024
13
===== SIDA 14 =====
FIGURES FOR THE GROUP
GROUP
Q3 JAN-SEPT FULL YEAR
2024 2023 2024 2023 2023
Margins
EBITDA margin, % 10.6 5.6 9.9 7.9 7. 3
Adjusted EBITDA margin, % 3) 10.6 5.9 9.9 8.2 7. 5
EBIT margin (operating margin), % 6.8 2.3 6.5 4.7 4.0
Adjusted EBIT margin (operating margin), % 3) 6.8 2.6 6.5 5.0 4.2
Net margin, % 2.9 -1.8 3.5 2.3 2.2
Adjusted net margin, % 3) 2.9 -1.5 3.5 2.6 2.4
Capital structure
Interest coverage ratio, times 2.3 0.7 3.2 4.2 3.6
Earnings per share attributable to Parent
Company shareholders
Earnings per share before dilution, SEK 1.56 -1.49 6.42 3.89 4.89
Adjusted earnings per share before dilution, SEK 3) 1.56 -1.25 6.42 4.51 5.51
Earnings per share after dilution, SEK 1.56 -1.49 6.42 3.89 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 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 30-09-2024 30-09-2023 31-12-2023
Capital structure
Net debt/ equity ratio, times -0.7 -0.7 -0.7
Equity/ assets ratio, % 39.4 38.5 37.9
Equity/ assets ratio, (excluding lease liabilities, IFRS 16), % 44.0 43.1 42.2
Other
Net debt (-), SEK million -1,4 61 -1,422 -1,34 0
Adjusted net debt (-), (excluding lease liabilities), SEK million -940 -882 -834
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK 92.74 88.54 85.88
Equity per share after dilution, SEK 92.74 88.54 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
OCT 2023 –
SEPT 2024
OCT 2022 –
SEPT 2023 2023
Profitability ratios
Return on capital employed, % 9.8 9.1 8.1
Adjusted return on capital employed, % 1) 9.8 9.8 8.5
Return on capital employed, (excluding leasing, IFRS 16), % 10.8 10.3 8.7
Adjusted return on capital employed, (excluding leasing IFRS 16), % 10.7 11.1 9.2
Return on capital employed, excluding goodwill, % 11.7 10.4 9.2
Return on equity, % 8.2 8.1 5.7
Adjusted return on equity, % 2) 8.2 9.3 6.5
Capital structure
Capital turnover rate, times 1.6 1.6 1.7
Employees
Net sales per employee, SEK 000 3,100 3,398 3,451
Operating earnings per employee, SEK 000 165 184 138
Average number of full-time employees (FTE) 1,906 1,625 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 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.
BULTEN • INTERIM REPORT Q3 2024
14
===== SIDA 15 =====
QUARTERL Y DATA FOR THE GROUP
2024 2023 2022
SEK MILLION Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Order bookings 1,455 1,541 1,299 1,582 1,566 1,476 1,356 1,437 1,033
Income statement
Net sales 1,333 1,466 1,533 1,576 1,378 1,416 1,387 1,339 1,095
Gross profit 251 259 318 258 210 217 283 245 187
Adjusted gross profit 3) 251 259 318 258 210 217 283 254 187
Earnings before depreciation (EBITDA) 140 124 163 87 77 95 160 148 91
EBITDA margin, % 10.6 8.4 10.7 5.6 5.6 6.7 11.6 11.0 8.3
Adjusted Earnings before depreciation (EBITDA) 3) 140 124 163 87 82 103 160 159 91
Adjusted EBITDA margin, % 3) 10.6 8.4 10.7 5.6 5.9 7. 2 11.6 11.9 8.3
Operating earnings (EBIT) 91 74 116 33 31 50 116 103 47
EBIT margin (operating margin), % 6.8 5.1 7. 5 2.1 2.3 3.5 8.4 7.6 4.3
Adjusted Operating earnings (EBIT) 3) 91 74 116 33 36 58 116 114 47
Adjusted EBIT margin (operating margin), % 3) 6.8 5.1 7. 5 2.1 2.6 4.0 8.4 8.5 4.3
Earnings after tax 38 40 74 30 -25 43 79 73 18
Net margin, % 2.9 2.7 4.8 1.9 -1.8 3.0 5.7 5.5 1.6
Adjusted earnings after tax 3) 38 40 74 30 -20 51 79 82 18
Adjusted Net margin, % 3) 2.9 2.7 4.8 1.9 -1.5 3.6 5.7 6.2 1.6
Cash flow from
operating activities -61 107 123 89 20 46 196 250 -27
investing activities -41 -51 -39 -27 -559 -33 -40 -72 -69
financing activities -91 -2 5 -87 597 -91 -216 -9 145
Cash flow for the period -193 54 89 -25 58 -78 -60 169 49
Earnings per share attributable to
Parent Company shareholders
Earnings per share before dilution, SEK 1.56 1.64 3.22 1.00 -1.49 1.82 3.56 3.01 0.65
Adjusted earnings per share before dilution, SEK 3) 1.56 1.64 3.22 1.00 -1.25 2.20 3.56 3.45 0.65
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.
BULTEN • INTERIM REPORT Q3 2024
15
===== SIDA 16 =====
QUARTERL Y DATA FOR THE GROUP
SEK MILLION 30-09-2024 30-06-2024 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 2,346 2,353 2,319 2,236 2,264 1,842 1,771 1,768 1,706 1,472 1,421
Current assets 2,677 2,690 2,691 2,616 2,676 2,491 2,451 2,588 2,369 2,124 1,988
Equity 1,979 1,969 2,007 1,838 1,901 1,988 1,923 1,825 1,749 1,699 1,650
Long-term liabilities 1,708 1,690 1,631 1,232 1,243 671 763 880 878 607 506
Current liabilities 1,336 1,384 1,372 1,782 1,796 1,674 1,535 1,651 1,448 1,290 1,253
Other
Net debt (-) -1,4 61 -1,338 -1,30 4 -1,34 0 -1,422 -812 -780 -925 -1,081 -777 -648
Adjusted net debt (-) -940 -793 -777 -834 -882 -301 -277 -411 -569 -446 -319
Equity per share attributable to
Parent Company shareholders
Equity per share before dilution, SEK 92.74 91.31 93.51 85.88 88.54 92.99 90.11 85.72 82.11 79.96 7 7.45
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 20,988.0 20,988.0
Share price
Share price at end of period (SEK) 67.70 83.50 73.50 80.00 69.70 99.40 88.20 59.50 53.20 64.00 65.10
BULTEN • INTERIM REPORT Q3 2024
16
===== SIDA 17 =====
GROUP, 12-MONTH ROLLING
SEK MILLION
OCTOBER 2023–
SEPTEMBER 2024
JUL Y 2023–
JUNE 2024
APRIL 2023–
MARCH 2024
JANUARY 2023–
DECEMBER 2023
OCTOBER 2022–
SEPTEMBER 2023
JUL Y 2022–
JUNE 2023
APRIL 2022–
MARCH 2023
JANUARY 2022–
DECEMBER 2022
OCTOBER 2021–
SEPTEMBER 2022
Income statement
Net sales 5,908 5,953 5,903 5,757 5,520 5,237 4,827 4,474 4,088
Gross profit 1,086 1,045 1,003 968 955 932 904 826 749
Adjusted gross profit 3) 1,086 1,045 1,003 968 963 941 913 835 749
Earnings before depreciation (EBITDA) 514 451 422 419 480 494 483 355 297
EBITDA margin, % 8.7 7.6 7. 2 7. 3 8.7 9.4 10.0 7.9 7. 3
Adjusted earnings before depreciation (EBITDA) 3) 514 456 435 432 503 513 504 459 390
Adjusted EBITDA margin, % 3) 8.7 7.7 7.4 7. 5 9.1 9.8 10.4 10.3 9.5
Operating earnings (EBIT) 314 254 230 230 300 316 307 180 125
EBIT margin (operating margin), % 5.3 4.3 3.9 4.0 5.4 6.0 6.4 4.0 3.1
Adjusted operating earnings (EBIT) 3) 314 259 243 243 324 335 328 284 218
Adjusted EBIT margin (operating margin), % 3) 5.3 4.4 4.1 4.2 5.9 6.4 6.8 6.3 5.3
Earnings after tax 182 119 122 127 170 213 192 74 33
Net margin, % 3.1 2.0 2.1 2.2 3.1 4.1 4.0 1.7 0.8
Adjusted earnings after tax 3) 182 124 135 140 192 230 211 176 126
Adjusted net margin, % 3) 3.1 2.1 2.3 2.4 3.5 4.4 4.4 3.9 3.1
Employees
Net sales per employee, SEK 000 3,100 3,138 3,145 3,451 3,398 3,302 3,067 2,841 2,600
Operating earnings per employee, SEK 000 165 134 123 138 184 199 195 114 80
Average number of full-time employees (FTE) on closing date 1,906 1,897 1,877 1,668 1,625 1,586 1,574 1,575 1,572
Profitability ratios
Return on capital employed, % 9.8 8.2 8.2 8.1 9.1 11.8 11.2 6.3 4.5
Adjusted return on capital employed, % 1) 9.8 8.4 8.5 8.5 9.8 12.5 11.9 9.9 7.9
Return on capital employed, (excluding leasing, IFRS 16), % 10.8 9.2 8.9 8.7 10.3 13.1 12.6 7.0 5.0
Return on capital employed, (excluding goodwill), % 11.7 9.3 9.3 9.2 10.4 12.8 12.1 6.8 4.9
Adjusted return on capital employed, excluding goodwill, % 1) 11.7 9.5 9.7 9.6 11.2 13.5 13.0 10.7 8.5
Return on equity, % 8.2 4.7 5.0 5.7 8.1 10.5 9.7 3.2 1.0
Adjusted return on equity, % 2) 8.2 5.0 5.6 6.5 9.3 11.4 10.7 9.1 6.5
Other
Net debt (-)/EBITDA -2.8 -3.0 -3.1 -3.2 -3.0 -1.6 -1.6 -2.6 -3.6
Adjusted net debt (-)/EBITDA*) -1.8 -1.8 -1.8 -2.0 -1.8 -0.6 -0.6 -1.2 -1.9
Adjusted net debt (-)/ Adjusted EBITDA**) -2.2 -2.1 -2.2 -2.4 -2.1 -0.7 -0.6 -1.1 -1.8
*) Adjusted net debt (-): Net debt exclusive lease liabilities.
**) Adjusted EBITDA: Adjusted for non-recurring items.
BULTEN • INTERIM REPORT Q3 2024
17
===== SIDA 18 =====
INCOME BY GEOGRAPHIC MARKET
Q3 JAN-SEPT
12-MONTH -
ROLLING
FULL
YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Sweden 123 127 -4 455 467 -12 646 658
Germany 70 65 5 179 247 -68 249 317
UK 394 395 -1 1,358 1,192 166 1,796 1,630
Poland 9 11 -2 35 37 -2 46 48
Rest of Europe 344 389 -45 1,143 1,247 -10 4 1,540 1,644
China 209 228 -19 590 580 10 871 861
USA 73 86 -13 237 215 22 304 282
Rest of the world 111 77 34 335 196 139 456 317
Total income 1,333 1,378 -45 4,332 4,181 151 5,908 5,757
INCOME BY CUSTOMER GROUP
Q3 JAN-SEPT
12-MONTH -
ROLLING
FULL
YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
OEM Light vehicle 807 900 -93 2,688 2,831 -143 3,457 3,600
OEM Heavy commercial
vehicle 117 113 4 389 392 -3 541 544
Tiers 226 211 15 731 581 150 1,140 990
Other income 183 154 29 524 377 147 770 623
Total income 1,333 1,378 -45 4,332 4,181 151 5,908 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
Q3 JAN-SEPT
12-MONTH -
ROLLING
FULL
YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Chassis/body 968 1,031 -63 3,193 3,205 -12 4,286 4,298
Powertrain 179 193 -14 615 601 14 851 837
Other income 186 154 32 524 375 149 771 622
Total income 1,333 1,378 -45 4,332 4,181 151 5,908 5,757
INCOME DISTRIBUTED BY INCOME CATEGORY
Q3 JAN-SEPT
12-MONTH -
ROLLING
FULL
YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Own production 719 814 -95 2,449 2,504 -55 3,315 3,370
Outsourced production 591 526 65 1,769 1,556 213 2,448 2,235
Other income 23 38 -15 114 121 -7 148 152
Total income 1,333 1,378 -45 4,332 4,181 151 5,908 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.
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 Q3 2024
18
===== SIDA 19 =====
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 2024 2023 2024 2023
Net sales 1,333 1,378 -45 4,332 4,181 151
Acquisition -41 - -41 -16 4 - -16 4
Currency effect, current period 38 - 38 31 - 31
Adjusted net sales 1,330 1,378 -48 4,199 4,181 18
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
Q3 JAN-SEPT
12-MONTH -
ROLLING
FULL
YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Operating earnings (EBIT) 91 31 60 281 197 84 314 230
Depreciation/ amortization
and impairments 49 46 3 146 135 11 200 189
Operating earnings before
depreciation (EBITDA)
140 77 63 427 332 95 514 419
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
Q3 JAN-SEPT
12-MONTH -
ROLLING
FULL
YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Operating earnings excluding
depreciation (EBITDA) 140 77 63 427 332 95 514 419
Non- recurring cost - 5 -5 - 13 -13 - 13
Adjusted operating earnings
before depreciation (EBITDA)
140 82 58 427 345 82 514 432
adjusted operating earnings , adjusted ebit
Q3 JAN-SEPT
12-MONTH -
ROLLING
FULL
YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Operating earnings (EBIT) 91 31 60 281 197 84 314 230
Non-recurring cost - 5 -5 - 13 -13 - 13
Adjusted operating earnings
(EBIT)
91 36 55 281 210 71 314 243
ADJUSTED NET EARNINGS
Q3 JAN-SEPT
12-MONTH -
ROLLING
FULL
YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Net earnings 38 -25 63 152 97 55 182 127
Non-recurring cost - 5 -5 - 13 -13 - 13
Adjusted net earnings 38 -20 58 152 110 42 182 140
ADJUSTED NET DEBT (EXCLUDING LEASE LIABILITIES )
SEK MILLION 30-09-2024 30-09-2023 31-12-2023
Net debt (-) -1,4 61 -1,422 - 1,340
Less interest-bearing liabilities attributable to lease liabilities 520 540 506
Adjusted net debt (-), (excluding lease liabilities) -940 -882 -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 Q3 2024
19
===== SIDA 20 =====
INCOME STATEMENT, PARENT COMPANY
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2024 2023 2024 2023
OCT 2023 –
SEPT 2024 2023
Net sales 7 5 2 20 15 5 25 20
Gross profit 7 5 2 20 15 5 25 20
Administrative expenses -9 -8 -1 -37 -30 -7 -51 -44
Operating earnings -2 -3 0 -17 -15 -2 -26 -24
Interest income – – – 0 – 0 0 0
Interest expenses and
similar loss items -8 -3 -5 -20 -8 -12 -22 -10
Earnings after
netfinancial items -10 -6 -4 -37 -23 -14 -48 -34
Appropriations – – – – – - - –
Earnings before tax -10 -6 -4 -37 -23 -14 -48 -34
Tax on earnings for the
period 2 1 1 7 5 2 8 6
Earnings after tax -8 -5 -3 -30 -18 -12 -40 -28
BALANCE SHEET, PARENT COMPANY
SEK MILLION 30-09-2024 30-09-2023 31-12-2023
ASSETS
Fixed assets
Intangible fixed assets 0 0 0
Tangible fixed assets 7 7 7
Total intangible and tangible fixed assets 7 7 7
Financial assets
Participations in Group companies 1,450 1,450 1,450
Other long-term receivables 1 0 –
Total financial assets 1,451 1,450 1,450
Deferred tax assets 15 5 7
Total fixed assets 1,473 1,462 1,464
Current assets
Current receivables from Group companies 0 2 1
Other current receivables 9 9 7
Cash and cash equivalents - 0 –
Total current assets 9 11 8
Total assets 1,482 1,473 1,472
EQUITY AND LIABILITIES
Equity
Restricted equity 110 110 110
Non-restricted equity 771 862 853
Total equity 881 972 963
Long-term liabilities
Long-term liabilities to Group companies 575 486 496
Total long-term liabilities 575 486 496
Current liabilities
Current liabilities to Group companies 7 0 0
Other current liabilities 19 15 13
Total current liabilities 26 15 13
Total equity and liabilities 1,482 1,473 1,472
BULTEN • INTERIM REPORT Q3 2024
20
===== SIDA 21 =====
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 PM CEST
on October 22, 2024.
FINANCIAL CALENDAR
February 3, 2025 Full year report January - December 2024
April 28, 2025 Interim report January - March 2025
July 10, 2025 Half-year report January - June 2025
October 21, 2025 Interim report January - September 2025
February 3, 2026 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 October 22, 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-q3-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=50049094.
After registration you will be provided phone numbers and a conference
ID to access the conference. You can ask questions verbally via the
teleconference.
Countries where Bulten has significant operations, such as manufacturing.
Bulten’s sales organization is represented in more countries than those
marked above.
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 (BULTEN) is listed on Nasdaq Stockholm.
BULTEN IN BRIEF