Bulten’s Q4 report 2014

Strong finish to the year, very high organic growth and continued good order
bookings. Proposed higher dividend and share buyback
FOURTH QUARTER

  · Net sales reached SEK 621 million (472), up 31.6% on the same period last
year.
  · Earnings (EBIT) were SEK 38 million (31), which correspond to an operating
margin of 6.2% (6.5).
  · Earnings after tax was SEK 18 million (22).
  · Order bookings amounted to SEK 706 million (614), up 14.9% on the same
period last year.
  · Cash flow from operating activities was SEK 62 million (100).
  · Earnings per share for continuing operation were SEK 1.04 (1.07).

JANUARY–SEPTEMBER

  · Net sales reached SEK 2,414 million (1,806), up 33.7% on the same period
last year.
  · Earnings (EBIT) reached SEK 133 million (109), which correspond to an
operating margin of 5.5% (6.0).
  · Adjusted for an insurance compensation of SEK 11 million, earnings were SEK
122 million (109).
  · Operating earnings were affected by establishment and start-up costs of SEK
-28 million in total.
  · Earnings after tax was SEK 84 million (100) and SEK 76 million (73) when
adjusted for an insurance compensation. Last year’s earnings were adjusted for
non-recurring items amounting to SEK 27 million relating to a tax receivable for
an interest deduction in accordance with the verdict of the Administrative Court
of Appeal.
  · Order bookings amounted to SEK 2,557 million (2,012), up 27.1% on the same
period last year.
  · Cash flow from operating activities was SEK -60 million (197), driven by
strong expansion and the establishment in Russia.
  · Net cash was SEK 137 (-189). The equity/assets ratio was 67.5% at the end of
the period.
  · Earnings per share for continuing operations were SEK 4.32 (4.77). Adjusted
for non-recurring items, earnings per share were SEK 3.91 (3.49).
  · The Finnveden Metal Structures division was sold to Shiloh Industries Inc.
USA, effective 30 June 2014. Earnings after tax from discontinued operations
were SEK 85 million (-12) and this includes consolidated capital gains of SEK 54
million from the sale.
  · The change of name from FinnvedenBulten AB to Bulten AB came into effect on
1 September 2014.
  · Bulten has received additional volumes from an existing customer worth
around SEK 150 million annually upon full production in 2016.
  · The Board proposes to the Annual General Meeting a dividend of SEK 3.00
(2.00) per share, an increase of 50%, and that a share buyback program to be
established up to a total of SEK 150 million.

“Bulten’s strong sales growth continued in the final quarter of 2014 and very
good order bookings indicate that demand remains high. During the year we
successfully completed new business and managed significant volume increases,
primarily from two Full Service Provider (FSP) contracts. In the final quarter
we also began deliveries for the additional order announced in our last report.

The earnings improved compared with Q3 and we see opportunities for continued
improvements as we optimise our business. Working capital has been balanced
following our substantial expansion and cash flow has stabilised now that we are
returning to a more normal rate of investment after the establishment phase of
our business in Russia has been completed. The investment level remains somewhat
high due to adaptation to the higher volumes that have been announced.

Limited production and deliveries have now started at the Russian unit that was
officially inaugurated in October. We see signs that demand for qualitative
local production is increasing even though the Russian automotive market has
weakened due to geopolitical uncertainties among others.

Bulten has continued to strengthen its global position. The market share for
2014 was 14% (11) of the European market for fasteners in the automotive sector
and judged to be 56% (45) of all Full Service Provider business in the same
market. As 2015 opens, Bulten is in a strong position and we see good
opportunities to further expand our market share. Our finances are very solid
and can support continued growth and the Board therefore ­proposes to the Annual
General Meeting an increased dividend and a share buyback program.”

Tommy Andersson, President and CEO

Investors, analysts and media are invited to participate in the teleconference
on February 5 at 15:30 CET when the report will be presented by Bulten’s
President and CEO Tommy Andersson and the company’s EVP and CFO Helena
Wennerström.

To participate, please call 5 minutes before the opening of the conference call
to Sweden +46 8 5055 6453, UK +44 2030 092 455, US +1 855 228 3719. Code:
456287#.

Copies of the presentation will be available at www.bulten.com at approximately
30 minutes before start. The full report is attached to this press release.

A replay of the telephone conference is available until February 19, 2015 on the
phone numbers Sweden +46 8-5055 6444, UK +44 2033 645 943, USA +1 866 286 6997.
Code: 357918#.

For further information, please contact:

Tommy Andersson, President and CEO
Tel: + 46 31-734 59 00

Kamilla Oresvärd, Senior Vice President Corporate Communications
Tel: +46 70-520 59 17, e-mail: kamilla.oresvard@bulten.com

Bulten discloses the information provided herein pursuant to the Securities
Market Act and/or the Financial Instruments Trading Act. The information was
submitted for publication at 13:30 CET on February 5, 2015.

Bulten is one of the leading suppliers of fasteners to the European automotive
industry. The company’s product range includes everything from customer-specific
standard products to specialist, customized fasteners. The company also provides
technical development, line-feeding, logistics, material and production
expertise. Bulten offers a Full Service Provider concept or parts thereof.
Bulten AB (publ):s share is listed on Nasdaq Stockholm. Read more at
www.bulten.com.