Bulten Ab · OMXSTO:BULTEN
Bulten Ab — Shareholder Meeting (April 2015)
25 slides from Bulten Ab's shareholder meeting presentation, Apr 29, 2015
Slide 1: Annual General Meeting 2015
ANNUAL GENERAL MEETING 2015 TOMMY ANDERSSON, PRESIDENT AND CEO 29 APRIL 2015 AGM 2015
Slide 2: Corporate Presentation
CORPORATE PRESENTATION
Slide 3: Bulten is a leading supplier of fasteners to the international automotive industry
BULTEN IS A LEADING SUPPLIER OF FASTENERS TO THE INTERNATIONAL AUTOMOTIVE INDUSTRY VISION BUSINESS CONCEPT Supporting the global Bulten shall be the Bulten shall with Bulten shall develop automotive industry leading business empowered and long‐term relations with state of the art partner and the mos
Slide 4: Core values
CORE VALUES Bulten’s core values originate in the company’s history and are the foundation of our corporate culture. They define the way we work and behave and inspire and support us in our efforts to continue building a successful and sustainable business. AGM 2015 4
Slide 5: 140 years of fasteners experience
140 YEARS OF FASTENERS EXPERIENCE 1873 2000’s 2014 Bulten was Bulten started to focus on Bulten has grown with founded. the FSP concept and won the Swedish automotive several significant industry into a large contracts. player in the European automotive industry. In 1873 Bultfabriks AB was During th
Slide 6: Bulten's overall objective regarding sustainability
BULTEN’S OVERALL OBJECTIVE REGARDING SUSTAINABILITY IS THAT IT SHOULD BE A NATURAL PART OF ALL ACTIVITIES THROUGHOUT THE GROUP Good ethics, high business standards and trust are important concepts that permeate the Group’s corporate culture and the way to interact with employees, shareholders, cus
Slide 7: Bulten is one of the largest suppliers of fasteners to the European automotive market
BULTEN IS ONE OF THE LARGEST SUPPLIERS OF FASTENERS TO THE EUROPEAN AUTOMOTIVE MARKET Development and production of a wide range of metallic fasteners and related services ̶ Major player in critical fasteners for ENGINEERING engines ̶ Customer‐specific, special fasteners is a large DESIGN RIVET LI
Slide 8: Bulten has its strongest position in Northern Europe but will grow on emerging markets
BULTEN HAS ITS STRONGEST POSITION IN NORTHERN EUROPE BUT WILL GROW ON EMERGING MARKETS GEOGRAPHIC SALES DISTRIBUTION JANUARY – MARCH 2015 Great Britain, 30.8% Germany, 22.4% Sweden, 13.8% Poland, 1.0% Rest of Europe, 19.7% Russia, 0.6% US, 5.0% The major part of sales go to production of vehicles in
Slide 9: Bulten is expanding its manufacturing and logistic footprint
BULTEN IS EXPANDING ITS MANUFACTURING AND LOGISTIC FOOTPRINT LEAN AND WELL POSITIONED MANUFACTURING FACILITIES IN‐HOUSE VS. TRADING IN EUROPE AND ASIA (SALES VALUE) Logistics 3% Trading 42% In‐house 55% Head office Production Development Sales/logistics Production mainly in Western and Eastern Eur
Slide 10: Strong customer base and relationships with major OEMs and Tier 1 suppliers
STRONG CUSTOMER BASE AND RELATIONSHIPS WITH MAJOR LIGHT VEHICLE AND HEAVY COMMERCIAL VEHICLE OEMS AS WELL AS TIER 1 SUPPLIERS SELECTION OF CUSTOMERS OEMs – OEMs – TIER LIGHT VEHICLES HEAVY VEHICLES AUTOMOTIVE SUPPLIERS 75% Share of Bulten’s sale, YTD 2015 . 14% 11% Share of Bulten’s sale, YTD 2015.
Slide 11: Key success factors for Bulten's strong growth
KEY SUCCESS FACTORS FOR BULTEN’S STRONG GROWTH Bulten is one of few in Europe that offers complete responsibility Full Service Provider concept throughout the entire value chain for fasteners, from product development to final delivery to the customers’ production lines. Production takes place mainl
Slide 12: Shareholder information
SHAREHOLDER INFORMATION Listed on Nasdaq Stockholm since 20 May 2011. ̶ Ticker BULTEN FIVE LARGEST SHAREHOLDERS, 31 MARCH 2015 SHARE DEVELOPMENT Total number of Shareholders 6 031 Owner No of shares Votes and capital (%) Volito AB 4 400 000 20.9 Öresund Investment AB 2 107 587 10.0 JP Morgan (incl
Slide 13: 2014 in brief
2014 IN BRIEF
Slide 14: 2014 was a significant year when Bulten took a big step forward
2014 WAS A SIGNIFICANT YEAR WHEN BULTEN TOOK A BIG STEP FORWARD Focus on fasteners for the automotive industry ̶ Division Finnveden Metal Structures was sold to Shiloh Industries Inc. ̶ The continuing business focused on the fast growing and international fastener business A new organization was
Slide 15: Bulten market share development
BULTEN MARKET SHARE DEVELOPMENT BULTEN MARKET SHARE DEVELOPMENT Management estimates*: 15% 14% 11% ̶ Bultens market share to be 14% of 10% the European market of fasteners 2013 for the automotive industry 2014, 5% 2014 up 3 pp. since 2013 ̶ Bulten market share of FSP 0% contracts for the same mark
Slide 16: Financial targets
FINANCIAL TARGETS Bulten FY 2014 Profitable organic growth in excess of the market 34% EBIT margin of at least 7% 5.5% ROCE exceeding 15% 9.6% Dividend: 1/3 of net income after tax 36% AGM 2015 16
Slide 17: 4. First quarter 2015
4. FIRST QUARTER 2015
Slide 18: Operational highlights during the quarter
OPERATIONAL HIGHLIGHTS DURING THE QUARTER The two FSP contracts signed in 2013 and the supplementary order received during the autumn 2014 represents a large portion of sales growth General improvement in demand for light vehicles in Europe Signed a couple of smaller contracts in Russia – outs
Slide 19: Group summary
GROUP SUMMARY FIRST QUARTER COMMENTS Net sales up 22.7% Positive trend in sales and order intake continued in the first quarter EBIT margin 5.1% (5.7) - FSP and supplementary order + a couple of smaller contracts Earnings after tax SEK 29 m (23) Improved EBIT, but neg effects of currency t
Slide 20: Significant increase in sales and order intake
SIGNIFICANT INCREASE IN SALES AND ORDER INTAKE MSEK 800 713 700 660 600 500 400 300 200 100 0 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Net Sales Order bookings Sales up 23% in Q1 vs last year Order intake up 4% in Q1 vs last year THREE MONTHS REPORT, 2015 20
Slide 21: Balance sheet
BALANCE SHEET BALANCE SHEET, MSEK 2015‐03‐31 2014‐03‐31 2014‐12‐31 ASSETS Total fixed assets 699.3 815.5 622.9 Total current assets 1,238.9 1,400.1 1,262.0 Total assets 1,938.2 2,215.5 1,884.9 EQUITY AND LIABILITIES Total equity 1,312.6 1,150.9 1,272.7 Total non‐current liabilities 115.9 342.0 119.7
Slide 22: Key indicators – capital structure and return indicators
KEY INDICATORS – CAPITAL STRUCTURE AND RETURN INDICATORS 12 M ROLLING FULL YEAR Apr 2014‐ Apr 2013‐ THE GROUP, 12 MONTHS Mar 2015 Mar 2014 2014 RETURN INDICATORS Return on capital employed, % 9.6 8.6 9.6 Return on equity % 13.3 11.8 15.0 Return on equity, adjusted % 12.6 10.8 13.1 CAPITAL STRUCTURE
Slide 23: 3. Going forward
3. GOING FORWARD
Slide 24: Opportunities ahead
OPPORTUNITIES AHEAD Bulten’s opportunities ahead are: ̶ Continued organic growth potential • New FSP contracts and supplementary order drives growth • Continued path of gaining market share in Western Europe • Significant opportunities in emerging markets ̶ Ongoing optimization gives improvements
Slide 25: Bulten – a stronger solution
BULTEN – A STRONGER SOLUTION