FinnvedenBulten’s Q2 report 2014
Successful start-up of new FSP contracts; divestment of Finnveden Metal Structures concluded.
SECOND QUARTER – CONTINUING OPERATIONS
- Net sales reached SEK 618 million (479), up 29.0% on the same period last year.
- Earnings (EBIT) were SEK 37 million (39), which correspond to an operating margin of 6.0% (8.2).
- Profit after tax was SEK 26 million (53) and SEK 26 million (26) when adjusted for non-recurring items during last year relating to a tax receivable for deduction of interest in accordance with the verdict of the Administrative Court of Appeal.
- Order bookings amounted to SEK 649 million (466), up 39.3% on the same period last year.
- Cash flow from current activities was SEK -59 million (42), driven by the considerable expansion and operating capital tied up.
- Earnings per share were SEK 1.30 (2.52). Adjusted for non-recurring items, earnings per share were SEK 1.30 (1.24).
- The Finnveden Metal Structures division was divested to American Shiloh Industries Inc.
- Profit after tax from discontinued operations was SEK 64 million (-14), which includes consolidated capital gains of SEK 54 million from the divestment of the Finnveden Metal Structures division as of 30 June 2014.
JANUARY–JUNE – CONTINUING OPERATIONS
- Net sales reached SEK 1,200 million (898), up 33.6% on the same period last year.
- Earnings (EBIT) reached SEK 70 million (59), which correspond to an operating margin of 5.9% (6.6).
- Profit after tax was SEK 49 million (65) and SEK 49 million (38) when adjusted for non-recurring items during last year 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 1,281 million (951), up 34.6% on the same period last year.
- Cash flow from current activities was SEK -85 million (68), driven by the considerable expansion and operating capital tied up.
- Net cash was SEK 137 million (-226). Equity was 64.7% at the end of the period.
- Earnings per share were SEK 2.39 (3.10). Adjusted for non-recurring items, earnings per share were SEK 1.46 (1.82).
- Profit after tax from discontinued operations was SEK 85 million (-20), which includes consolidated capital gains of SEK 54 million from the sale of the Finnveden Metal Structures as of 30 June 2014.
IMPORTANT EVENTS AFTER THE END OF THE REPORTING PERIOD
- A new President and CEO, Tommy Andersson, along with a new Executive Vice President and management team for FinnvedenBulten took up their positions on 1 July 2014.
- FinnvedenBulten AB has called an Extraordinary General Meeting on 19 August 2014 for resolution on amending the articles of association regarding change of firm to Bulten AB.
“In 2014 Bulten has taken significant steps forward on the market. In a short period of time we have successfully started two new extensive Full Service Provider (FSP) projects with leading automotive makers at full-volume production levels. Both projects are now being optimised in terms of distribution between own production and trading, which is expected to lead to gradual improvements in margins. We have also clearly strengthened our position and have established a strong trust as supplier to the international automotive sector. Bulten is now market leader in Europe for FSP related solutions.
In Q2 the start-up in Russia was intensified and we expect production to start in September. The Russian establishment added to our FSP business and a significantly stronger financial position following the sale of division Finnveden Metal Structures mean that we have very good prospects for continued organic growth. The goals for the new management team and I are to continue building a world leading FSP supplier of fasteners with good profitability and with a highly effective production and purchasing organization that secures quality at every stage.”
Tommy Andersson, President and CEO
Investors, analysts and media are invited to participate in the teleconference on July 11 at 11:00 CET when the report will be presented by FinnvedenBulten’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 8 506 443 86, UK +44 207 153 9154, US +1 877 423 0830. Code: 348020#.
Copies of the presentation will be available at www.finnvedenbulten.com at approximately 30 minutes before start.
A replay of the telephone conference is available until July 25, 2014 on the phone numbers Sweden +46 8-505 564 73, UK +44 203 364 5200, USA +1 877 679 2989. Code: 352471#.
The full report is attached to this press release.
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: email@example.com
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 08:30 CET on July 11, 2014.
Bulten, part of FinnvedenBulten, is one of the largest suppliers of fasteners to the European automotive industry. The product range spans from customer specific standard products to customized special fasteners and comprise technological development, line feeding, logistics, materials and production know how. Bulten offers a Full Service Provider concept or parts thereof. FinnvedenBulten is listed on NASDAQ OMX Stockholm. Further information at www.finnvedenbulten.com and www.bulten.com.