RECORD TURNOVER AND A RAPID RATE OF CHANGE

In 2022, Bulten beat its turnover record and achieved an adjusted operating margin in line with the company’s financial target for 2024. The successes are a sign of strength in a time when the world around Bulten is marked by inflation and component shortages.

Bulten is one of the largest suppliers of fasteners to the international automotive industry, as well as to other sectors such as consumer electronics. Bulten has around 1 600 employees worldwide and the head office is in Gothenburg. The offering encompasses a broad range of standard products, as well as specially manufactured fasteners. Bulten also offers a full-service concept or parts thereof.

Volito is the largest owner of Bulten with 24.2% of the shares at year-end 2022. Bulten is listed on Nasdaq Stockholm. After a volatile stock market year in 2022, the Bulten share price was SEK 59.50 per share at year-end.

The group’s net sales in 2022 amounted to SEK 4 474 million (3 730), which corresponds to an increase of 19.9%. Adjusted for currency effects, the growth amounted to 12.4% for the same period. The operating profit (EBIT) amounted to SEK 180 million (232), which corresponds to an operating margin of 4.0% (6.2). In view of Russia’s invasion of Ukraine and the associated sanctions, Bulten discontinued its operations in Russia, after which close-down costs affected earnings negatively by SEK -93 million. The operating profit was affected by exchange rate changes of SEK -1 million (0) in the translation of working capital to the exchange rate on the balance sheet date. The group reports a profit after tax of SEK 74 million (154).

The cash flow from operations was SEK 298 million (48). The cash flow effect of changes in working capital amounted to SEK -83 million (-284). Net debt amounted to SEK 925 million (655) and net debt excluding leasing liabilities to SEK 411 million (323). The equity/assets ratio was 41.9% (49.3) at year-end and the equity/assets ratio excluding leasing liabilities, IFRS 16, was 47.5% (54.4).

It was a turbulent year. During the spring, Bulten’s Russian operations were discontinued in a very short time, and for most of the year manufacturing was adversely affected by volatile customer forecasts stemming from continued component shortages.

Demand was very good, despite the uncertain world economy. Bulten grew in the electric vehicle segment and secured a number of strategically important deals in sectors such as consumer electronics and recreational equipment. The company succeeded in maintaining its sales strategy and is growing in the right customer categories, in parallel with energy-intensive transition projects, discontinuations and adaptations to fluctuating production rates, as well as a focus on stock reductions and price increases.

During the year, the gap between cost increases and price increases for the customers was reduced, which in combination with a continued good order book provides a good foundation for 2023. Bulten states that the way forward is to continue to grow, both within and outside the vehicle industry, and to increase profitability.