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Bulten’s Q2 Report 2016- Strong Cash Flow and Continued High Operating Margin

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2016-07-18
SECOND QUARTER
Net sales reached SEK 686 million, down -1.4% on the same period last year. Operating earnings (EBIT) were SEK 54 million, which corresponds to an operating margin of 7.8%. Earnings after tax were SEK 39 million. Order bookings amounted to SEK 672 million, a decrease of -2.4% on the same period last year. Cash flow from operating activities was SEK 95 million. Earnings per share were SEK 1.92. Bulten has decided to invest approximately EUR 6 million in a plating line in its Polish production unit.

JANUARY - JUNE
Net sales reached SEK 1,402 million, down -0.5% on the same period last year. Operating earnings (EBIT) were SEK 109 million, which corresponds to an operating margin of 7.8%. Earnings after tax were SEK 79 million. Order bookings amounted to SEK 1,370 million, an increase of 1.7% on the same period last year. Cash flow from operating activities was SEK 173 million. Earnings per share were SEK 3.95. Net debt was SEK 89 million and the equity/assets ratio at the end of the period was 67.1%.

CEO’S COMMENTS 
 
“Deliveries to carmakers with European exposure remained good and were above the level of market growth. Deliveries to China and to heavy vehicle manufacturers were at a lower rate. In total therefore, net sales were marginally lower than previous year.
 
Ahead of us we still see that 2016 will be a year of growth in line with expectations on the European vehicle production. In coming years we see very good prospects to gain further market shares based on received contracts and ongoing discussions with customers. We are therefore making preparations for future growth both through investments and also through continued improvement in the efficiency. During the quarter, for example, we decided to invest in a surface treatment plant in Poland that is expected to generate annual savings of around EUR 2 million on full production.”
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