Good growth and improvement in profit margin. Significant business secured for
the Bulten division
· Net sales reached SEK 714 million (649), up 10.0% on the same period last
· Earnings (EBIT) adjusted for non-recurring items were SEK 29 million (11),
which corresponds to an adjusted operating margin of 4.0% (1.8).
· Earnings (EBIT) reached SEK 24 million (11), which corresponds to an
operating margin of 3.4% (1.8).
· Profit after tax was SEK 14 million (3) and SEK 18 million (3) when adjusted
for non-recurring items for restructuring measures.
· Order bookings amounted to SEK 698 million (610), up 14.5% on the same
period last year.
· Cash flow from current activities was SEK 19 million (-84).
· Earnings per share were SEK 0.68 (0.15). Adjusted for non-recurring items,
earnings per share were SEK 0.83 (0.15).
· A significant new full-service contract worth approximately EUR 35 million
annually was signed by Bulten division, with start planned for early 2014.
· Restructuring of the foundry business within Finnveden Metal Structures
division continues and has highest priority.
JANUARY - SEPTEMBER
· Net sales reached SEK 2,238 million (2,287) down 2.1% on the same period
· Earnings adjusted for non-recurring items were SEK 99 million (92), which
corresponds to an operating margin of 4.4% (4.0).
· Earnings (EBIT) reached SEK 65 million (92), which corresponds to an
operating margin of 2.9% (4.0).
· The profit after tax was SEK 59 million (58) and SEK 60 million (58) when
adjusted for non-recurring items of SEK 0,1 million net comprising a tax
receivable from an approved interest deduction resulting from the verdict of the
Swedish Administrative Court of Appeal of SEK 27.1 million and restructuring
costs of SEK –27.2 million.
· Order bookings amounted to SEK 2,340 million (2,255), up 3.8% on the same
period last year.
· Cash flow from current activities was SEK 133 million (29).
· Earnings per share were SEK 2.83 (2.77). Adjusted for non-recurring items,
earnings per share were SEK 2.83 (2.77).
“The Group’s earnings rose compared with the same period last year due to higher
and more consistent delivery volumes and both ongoing and completed
rationalisation measures. The strong demand noted in Q2 continued during the
seasonally weaker Q3, which resulted in good order bookings and stable loading
at our production units.
The Bulten division’s successful FSP concept (Full Service Provider) continues
to generate good growth. During the quarter the division won a significant new
order from a major vehicle manufacturer corresponding to an annual sales value
of approximately EUR 35 million. Opportunities for new business and higher
market shares going forward are expected to remain good. The profitability of
the Finnveden Metal Structures division has also improved compared with the
corresponding quarter last year, mainly due to increased volumes and ongoing
rationalisation measures, where streamlining of the foundry business has highest
Johan Westman, President and CEO
Investors, analysts and media are invited to participate in the teleconference
on Thursday, October 24 at 15:30 CET when the report will be presented by
FinnvedenBulten’s President and CEO Johan Westman. Additional participants from
the company are Executive Vice President Tommy Andersson and CFO Helena
Wennerström. Copies of the presentation will be available on
www.finnvedenbulten.com approximately 30 minutes before the conference starts.
The full report is attached to this press release.
To participate, please call 5 minutes before the opening of the conference call
to Sweden +46 8 506 443 86, UK +44 207 153 9154, US +1 877 423 0830. Code:
A replay of the telephone conference is available until November 7, 2013 on the
phone numbers Sweden +46 8-505 564 73, UK +44 203 364 5200, USA +1 877 679 2989.
For further information, please contact:
Johan Westman, President and CEO
Tel: + 46 31-734 59 00
Kamilla Oresvärd, Vice President Corporate Communications
Tel: +46 70-520 59 17, e-mail: firstname.lastname@example.org
NB: The information in this announcement is required to be disclosed by
FinnvedenBulten AB (publ) under the Swedish Securities Markets Act and/or the
Financial Instruments Trading Act. The information was submitted for publication
at 13:30 CET on October 24, 2013.
FinnvedenBulten develops and manages industrial businesses, offering products,
technical solutions and systems in metallic materials. The Group operates as a
business partner to international customers in the engineering industry,
primarily the automotive industry. FinnvedenBulten is structured into two
divisions – Bulten and Finnveden Metal Structures – both with strong positions
in their respective customer segments. FinnvedenBulten is listed on NASDAQ OMX
Stockholm. Further information at www.finnvedenbulten.com.
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