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Regulatory press release

Record sales and capacity challenges, strategic acquisitions and new establishment

Bulten
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FOURTH QUARTER

  • Net sales amounted to SEK 1,576 (1,339) million, an increase of 17.6% on the same period the previous year, of which SEK 67 million is attributable to the acquisition of Exim & Mfr holdings Pte Ltd (Exim).
  • Operating earnings (EBIT) totaled SEK 33 (103) million, equating to an operating margin of 2.1% (7.6).
  • Adjusted operating earnings totaled SEK 33 (114) million, equating to an adjusted operating margin of 2.1% (8.5). The corresponding period previous year, was charged with approximately SEK -10 million, which referred to winding-up costs for Bulten’s manufacturing plant in Pembroke, UK.
  • Earnings after tax amounted to SEK 30 (73) million. Adjusted earnings after tax amounted to SEK 30 (82) million.
  • Order bookings amounted to SEK 1,582 (1,437) million, an increase of 10.1% on the same period the previous year, of which SEK 54 million is attributable to the acquisition of Exim.
  • Cash flow from operating activities totaled SEK 89 (250) million.
  • Earnings per share were SEK 1.00 (3.01). Adjusted earnings per share were SEK 1.00 (3.45).
  • The Board of Bulten AB decided to propose to the Annual General Meeting a dividend of SEK 2.50 (2.50) per share for 2023.
  • On November 21, Bulten entered into a joint venture with partners Radium Fasteners Private Ltd (Radium) and ZJK Precision Parts HK (ZJK). The partnership will manufacture micro screws in India for international consumer electronics customers in 2024.

JANUARY – DECEMBER

  • Net sales amounted to SEK 5,757 (4,474) million, an increase of 28.7% on the same period the previous year, of which SEK 83 million is attributable to the acquisition of Exim.
  • Operating earnings (EBIT) totaled SEK 230 (180) million, equating to an operating margin of 4.0% (4.0).
  • Adjusted operating earnings totaled SEK 243 (284) million, equating to an adjusted operating margin of 4.2% (6.3). Operating earnings have been charged with transaction costs of SEK -13 million attributable to the acquisition of Exim. The corresponding period of the previous year was adjusted by approximately SEK -104 million whereof SEK -93 million related to winding-up costs for Bulten’s operation in Russia.
  • Earnings after tax amounted to SEK 127 (74) million. Adjusted earnings after tax amounted to SEK 140 (176) million.
  • Cash flow from operating activities totaled SEK 353 (298) million.
  • Earnings per share were SEK 4.89 (2.65). Adjusted earnings per share were SEK 5.51 (7.48).
  • Net debt amounted to SEK 1,340 (925) million. Net debt, excluding lease liabilities, totaled SEK 834 (411) million.
  • The equity/assets ratio was 37.9% (41.9) at the end of the period. The equity/assets ratio, excluding lease liabilities, totaled 42.2% (47.5).
  • On August 31, Bulten finalized its acquisition of Exim, an Asian distributor of fasteners and other components. Based in Singapore, the company has annual sales in the region of SGD 40 million (SEK 320 million). The acquisition affords Bulten a good platform to grow in new sectors, where the distribution stage is a pivotal sales channel.

“2023 was the year when Bulten laid the foundation for future expansion opportunities in the distribution stage, as well as micro screw sales, through acquisitions and establishing new operations. It was also a year of very high sales, which unfortunately resulted in capacity challenges and also had a negative impact on operating profit, both in Q4 and for the year as a whole,” says Anders Nyström, President and CEO.

A live presentation for analysts, media and investors will be held the same day, at 3.30 PM CET, where President and CEO Anders Nyström and CFO Anna Åkerblad will be commenting the result. The presentation will be held in English and include a Q&A session.

Information for participants:
If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.
https://ir.financialhearings.com/bulten-q4-report-2023

If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. 
https://conference.financialhearings.com/teleconference/?id=50046256

The report will also be available on Bulten’s website:
https://www.bulten.com/en/IR?

For further information, please contact:
Ulrika Hultgren, SVP Corporate Communications and IR, Bulten AB
Phone: +46 (0) 72-747 17 58
E-mail: ulrika.hultgren@bulten.com

About Bulten
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 1,700 employees around the world and is headquartered in Gothenburg, Sweden. Exim & Mfr Enterprise is a part of Bulten Group since 2023. Net sales in 2023 totaled SEK 5,757 million. The share (BULTEN) is listed on Nasdaq Stockholm.

This information is information that Bulten is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-02-08 13:30 CET.

Attachments
Bulten Q4 And Full Year Report 2023 20240208

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