Bulten Ab · OMXSTO:BULTEN
Bulten Ab — Q2 2024 Earnings Presentation
17 slides from Bulten Ab's earnings presentation, Jul 10, 2024
Slide 1: Interim Report Q2, 2024
Interim Report Q2, 2024 July 10 2024 1
Slide 2: Agenda
Agenda • Bulten in brief • Market development • Q2 update • In focus July 10 2024 2
Slide 3: Bulten in brief
Bulten in brief 5‚757 Net sales 2023 (SEK million) 230 243 Operating earnings Adjusted operating (SEK million) earnings (SEK million) 4.0 % 4.2 % Operating margin Adjusted operating margin 28.7 % 1,668 Growth Employees (FTE) NET SALES PER GEOGRAPHIC MARKET 5% North America 20% Asia • Countries where
Slide 4: Forecast for long-term global vehicle production
Forecast for long-term global vehicle production GLOBAL PRODUCTION GROWTH RATE (YEAR-OVER-YEAR) LIGHT VEHICLES HEAVY COMMERCIAL VEHICLES Q1 2024 Q2 2024 Q1 2024 Q2 2024 12% 14% 13,2% 10,3% 12% 10% 10% 8% 8% 6,7% 6% 5,5% 6% 4% 4% 2% -1,5% 3,0% 1,8% 0% 2% 1,6% -2% 0,3% -1,6% 0% -4% 2023 2024 2025 2026
Slide 5: Group highlights Q2 2024
Group highlights Q2 2024 • Sales remain strong • Improved operating results in comparison to Q2, 2023 • Expansions – Exim expanding into new Asian regions, as well to Europe • Innovation – first business win for TensionCam • Sustainability – Collaboration with FNsteel enables more sustainable produc
Slide 6: Regional updates
Regional updates Europe • Improve productivity and efficiency • Action plan with prioritized activities to work more result-oriented both in manufacturing and towards the market (cont. since Q1) • Focus on quality and accident rate Asia • New President - finalizing 100 day plan • New leadership, suc
Slide 7: Challenges Q2 2024
Challenges Q2 2024 • Operating results not in line with expectations • Uneven demand in Europe causes inefficient production, which impacts the financial performance • Heat furnace failure in Poland having larger impact on manufacturing processes than previously estimated • New organization – change
Slide 8: Growth in sales volumes
Growth in sales volumes Q2 • Group net sales – an increase of 3.5% vs the same period previous year July 10 2024 8
Slide 9: EBIT level
EBIT level Quarter EBIT margin Reported Adjusted for non-recurring items Q2 2024 8% 7,5% 7,5% • EBIT SEK 74 (50) million with 7% EBIT margin amounted to 5.1% (3.5) 6% 5,1% 5,1% 5% 4,0% Conclusion: 4% 3,5% • The EBIT margin has improved 21 3% 2,3% 2,6% 2,1% 2,1% 2% compared 98 to 99 Q2, 2023,43 howev
Slide 10: Change in R12M June 2023 to June 2024
Change in R12M June 2023 to June 2024 SEK m +716 SEK m (+13,7%) 6 000 5 953 +193 +363 +41 5 237 +119 5 000 4 000 Sales R12M OEM OEM Automotive Other Sales R12M June 23 light veh. heavy veh. suppliers industries June 24 July 10 2024 10
Slide 11: Net sales per customer group – R12M
Net sales per customer group – R12M Net sales per customer group Net sales per customer group July 2023 – June 2024 July 2022 – June 2023 OEM, heavy vehicles OEM, light vehicles OEM, heavy vehicles OEM, light vehicles 9,0% 9,5% Other industries Other industries outside Automotive outside Automotive
Slide 12: Earnings per share
Earnings per share Q2 R12M FY JULY 2023 JUNE 2024 2023 ∆ 2024 2023 ∆ Earnings per share before dilution, SEK 1.64 1.82 -0.18 4.37 4.89 -0.52 Adjusted earnings per share before dilution, SEK 1.64 2.20 -0.56 4.61 5.51 -0.90 July 10 2024 12
Slide 13: Cash flow and net debt
Cash flow and net debt Q2 FULL YEAR CASH FLOW STATEMENT (MSEK) 2024 2023 2023 Cash flow from operating activities including changes in working capital 107 46 353 Cash flow from investing activities -51 -33 -659 Cash flow from financing activities -2 -91 203 Cash flow for the period 54 -78 -103 Cash
Slide 14: Key indicators
Key indicators R12 M FULL YEAR JULY 23- JULY 22 – 2023 JUNE 24 JUNE 23 THE GROUP, 12 MONTHS RETURN INDICATORS Return on capital employed, % 8.2 11.8 8.1 Adjusted return on capital employed, % 8.4 12.5 8.5 Return on capital employed, (excluding financial lease) % 9.2 13.1 8.7 Adjusted return on capit
Slide 15: Financial guidelines
Financial guidelines R12M Q2 2024 FULL YEAR 2023 GUIDELINES Average net working capital as % of sales 16.3 17.0 20-25 CAPEX as % of sales 2.9 2.6 2-3 Depreciation as % of sales (without IFRS 2.1 2.1 2-3 16) July 10 2024 15
Slide 16: In focus
In focus • Improve profitability • Continuous work to stabilize operations in Europe to speed up efficiency and productivity • Trim new organization • Stronger focus on commercial terms July 10 2024 16
Slide 17: Questions?
Questions? BULTEN re) July 10 2024 A STRONGER SOLUTION