Bulten Ab · OMXSTO:BULTEN
Bulten Ab — Q1 2024 Earnings Presentation
19 slides from Bulten Ab's earnings presentation, Apr 25, 2024
Slide 1: Interim Report Q1, 2024
Interim Report Q1, 2024 April 25 2024 1
Slide 2: Agenda
Agenda • Bulten in brief • Market development • Q1 update • In focus April 25 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 Q4 2023 Q1 2024 Q4 2023 Q1 2024 14% 14% 13,1% 12% 12% 10,2% 10% 10% 8% 8% 6,0% 6% 6% 5,2% 4% 3,2% 4% 2,1% 1,6% 2% 1,0% 1,1% 2% 0% 0% -2% -2% -1,9% -4% -4% 2023 202
Slide 5: Highlights Q1 2024
Highlights Q1 2024 • Improved operating margin level (7.5%) quarter on quarter • Sales remain strong • Improved capacity situation in Europe despite issues due to failed hardening furnace in Poland, and installation problems of new production equipment in Sweden. Extraordinary achievement of the Reg
Slide 6: New regional organization structure – Europe, Asia and North America
New regional organization structure – Europe, Asia and North America Benefits: • Ability to better meet the unique customer needs and requirements • Increased operational effectiveness fast-moving, competitive and profitable April 25 2024 6
Slide 7: Regional highlights
Regional highlights Europe • Action plan with prioritized activities to work more result-oriented both in manufacturing and towards the market • Improved collaboration with one of our key customers Asia • New President with 100 day plan • Establishment of micro screw plant according to time plan Nor
Slide 8: New President Region Asia
New President Region Asia Michael Richards: ─ Born in 1968 ─ American ─ Master of Science in Industrial Administration (MBA) ─ Recently worked as a consultant in his own business ─ Extensive experience from senior positions in manufacturing, sales, and other areas ─ Has worked for several internatio
Slide 9: Growth in sales volumes
Growth in sales volumes Q1 • Group net sales – an increase of 10.5% vs the same period previous year April 25 2024 9
Slide 10: EBIT level
EBIT level Quarter EBIT margin Reported Adjusted for non-recurring items Q1 2024 9% 8,4% 8,4% • EBIT SEK 116 (116) million with 8% 7,5% 7,5% EBIT margin amounted to 7.5% (8.4) 7% 6% 5% Conclusion: 4,0% 4% 3,5% • The EBIT margin has improved 21 3% 2,3% 2,6% 2,1% 2,1% positively 98 compared 99 to 43 t
Slide 11: Change in R12M March 2023 to March 2024
Change in R12M March 2023 to March 2024 SEK m +1 076 SEK m (+22,3%) 6 000 5 903 +149 +327 +72 +529 4 827 4 000 Sales R12M OEM OEM Automotive Other Sales R12M March 23 light veh. heavy veh. suppliers industries March 24 April 25 2024 11
Slide 12: Net sales per customer group – R12M
Net sales per customer group – R12M Net sales per customer group Net sales per customer group April 2023 – March 2024 April 2022 – March 2023 OEM, heavy vehicles OEM, light vehicles OEM, heavy vehicles OEM, light vehicles Other industries 9,2% Other industries 9,7% outside Automotive outside Automot
Slide 13: Earnings per share
Earnings per share Q1 R12M FY APRIL 2023 MARCH 2024 2023 ∆ 2024 2023 ∆ Earnings per share before dilution, SEK 3.22 3.56 -0.34 4.56 4.89 -0.33 Adjusted earnings per share before dilution, SEK 3.22 3.56 -0.34 5.17 5.51 -0.34 April 25 2024 13
Slide 14: Cash Flow and Net Debt
Cash Flow and Net Debt Q1 FULL YEAR CASH FLOW STATEMENT (MSEK) 2024 2023 2023 Cash flow from operating activities including changes in working capital 123 196 353 Cash flow from investing activities -39 -40 -659 Cash flow from financing activities 5 -216 203 Cash flow for the period 89 -60 -103 Cash
Slide 15: Key indicators
Key indicators R12 M FULL YEAR APRIL 23- APRIL 22 – 2023 MARCH 24 MARCH 23 THE GROUP, 12 MONTHS RETURN INDICATORS Return on capital employed, % 8.2 11.2 8.1 Adjusted return on capital employed, % 8.5 11.9 8.5 Return on capital employed, (excluding financial lease) % 8.9 12.6 8.7 Adjusted return on c
Slide 16: Financial guidelines
Financial guidelines R12M Q1 2024 FULL YEAR 2023 GUIDELINES Average net working capital as % of sales 16.5 17.0 20-25 CAPEX as % of sales 2.6 2.6 2-3 Depreciation as % of sales (without IFRS 2.1 2.1 2-3 16) April 25 2024 16
Slide 17: Our strategy
Our strategy STRONG POSITION Enhanced offering, including leadership in FSP/FSPS concept, geographical proximity to important customers, sustainability and innovation. forefront of innovation and sustainability GROWTH Net sales SEK 5 billion Organic and acquisition growth, inside and outside automot
Slide 18: In focus
In focus • Improve operating margin, especially within the Automotive sector in Europe April 25 2024 18
Slide 19: Questions?
Questions? BULTEN re) April 25 2024 A STRONGER SOLUTION