Bulten Ab · OMXSTO:BULTEN
Bulten Ab — FinnvedenBulten — Shareholder Meeting (April 2012)
22 slides from Bulten Ab's shareholder meeting presentation, Apr 26, 2012
Slide 1: AGM 26 April 2012
AGM 26 APRIL 2012 JOHAN WESTMAN, PRESIDENT AND CEO FINNVEDENBULTEN
Slide 2: FinnvedenBulten in short
FINNVEDENBULTEN IN SHORT
Slide 3: FinnvedenBulten in short: the group and its two divisions
AGM 2012 | FinnvedenBulten in short FinnvedenBulten develops and manages industrial businesses, offering products, technical solutions and systems in metallic materials The Group FinnvedenBulten is structured into two divisions, both with strong positions in their respective customer segments. Divis
Slide 4: Advanced product portfolio with new technology and quality leadership
AGM 2012 | FinnvedenBulten in short FinnvedenBulten offers an advanced product portfolio with new technology and quality leadership FASTENERS OIL PAN Many vehicles contain a Complex deep‐ total of 1,500‐2,000 drawn product. fasteners supplied by FinnvedenBulten. ENGINE FASTENERS TRUCK FOOT STEP High
Slide 5: Bulten as Full Service Provider across the value chain
AGM 2012 | FinnvedenBulten in short Bulten is one of few Full Service Providers taking care of the entire value chain, from conceptual ideas to deliveries direct to the customer’s production line The physical product is just the tip of the iceberg … …the majority of Bulten’s work takes place beh
Slide 6: Finnveden Metal Structures creates customer value
AGM 2012 | FinnvedenBulten in short Finnveden Metal Structures creates customer value by providing design advice, industrialization reliability and cost efficient production Combines material know‐how and capabilities from stamping and die casting One of few suppliers that can offer flexibility
Slide 7: 2011 in short
2011 IN SHORT
Slide 8: 2011 in short
AGM 2012 | 2011 in short 2011 in short Relocation of production of Finnveden Metal Structures’ factory in Mora to Olofström and Poland is completed The Group changes name from Finnveden to FinnvedenBulten FinnvedenBulten was listed on NASDAQ OMX Stockholm, with the first day of trading on May
Slide 9: 2011 in figures
AGM 2012 | 2011 in short 2011 in figures Order bookings SEK 3,209 million (2,965) Operating margin (EBIT) 6,5% (4,4). Adjusted operating margin, excl. non‐reoccurring costs 7.1% (4.8) Net sales SEK 3,085 million (2,607) Earnings after tax SEK 114 million (181*) Operating earnings (EBIT) SE
Slide 10: Extensive cost structure rationalizations, SEK 260m permanent savings
AGM 2012 | 2011 in short FinnvedenBulten has accomplished extensive cost structure rationalizations – SEK 260m in permanent cost savings achieved SIGNIFICANTLY IMPROVED MARGIN ON HIGHER VOLUME PRODUCTION, MATERIAL AND OTHER COST 3 200 8% Factory rationalization and shift of production to LCC 7,1%
Slide 11: Financial objectives and achievements 2011
AGM 2012 | 2011 in short Financial objectives and achievements 2011 TARGETS 2011 Sales growth Target to achieve a profitable organic growth in 18.3 % excess of the market growth on the Company’s respective markets. Adjusted EBIT margin1 Target to achieve an EBIT margin of at least 7 %. 7.1% Return o
Slide 12: Q1, 2012
Q1, 2012
Slide 13: Group summary
AGM 2012 | Q1, 2012 Group summary First quarter Comments Net sales up 1.4% Organic growth and order bookings up in a weaker market Weak demand initially, significantly higher in March Operating margin 5.0% Imbalanced demand and disturbances in production had a Profit after tax SEK 29.9 m
Slide 14: Division Bulten
AGM 2012 | Q1, 2012 Division Bulten Continued to gain market share and increased sales on a weaker market during the quarter Growth in new and existing FSP contracts ‐ in line with division strategy Profitability was held back by imbalanced demand which affected productivity negatively compare
Slide 15: Division Bulten: signed term sheet with GAZ
AGM 2012 | Q1, 2012 Division Bulten: signed term sheet with GAZ INTENDED JOINT VENTURE SETUP RUSSIAN AUTOMOTIVE MARKET CONCENTRATION Bulten/GAZ Joint venture FinnvedenBulten to invest approximately Automotive industry concentration EUR 6.6 million to become the majority shareholder by 63%, GAZ Gro
Slide 16: Division Bulten: Unique bridgehead on Russian market
AGM 2012 | Q1, 2012 Division Bulten: Unique bridgehead on Russian market The potential of the Russian market is estimated to be significant Growing middle class drives demand for both LV and HCV High import duties in Russia and high demand for quality products create great opportunities of eff
Slide 17: Division Finnveden Metal Structures
AGM 2012 | Q1, 2012 Division Finnveden Metal Structures Low volume at the beginning of the quarter but increased towards the end of the quarter – Imbalanced production temporarily led to an unfavorable resource utilization and low productivity Continued high costs for starting up new customer pr
Slide 18: Outlook going forward
OUTLOOK GOING FORWARD
Slide 19: Macro environment uncertain but solid financial position
AGM 2012 | Outlook going forward The macro environment is still uncertain but FinnvedenBulten has a solid financial position and a good flexibility to adjust its operations GLOBAL MARKET UNCERTAINTY FINNVEDENBULTEN HAS A GOOD FINANCIAL POSITION Concerns about consumption effects due Significantl
Slide 20: Outlook for 2012
AGM 2012 | Outlook going forward Outlook for 2012 Initiated improvement actions are expected to improve the cost structure coming quarters IHS Global Insight estimates for Western Europe automotive production show a volume reduction of 6.6% in 2012 compared to 2011, weighted to FinnvedenBulten’s
Slide 21: Strategy to develop Bulten and Finnveden Metal Structures
AGM 2012 | Outlook going forward FinnvedenBulten’s strategy is to continue the development of Bulten and Finnveden Metal Structures to realise the full potential in both divisions Bulten’s strategy Finnveden Metal Structures’ strategy Organic growth Organic growth – Gain market share in Europe –
Slide 22: Thank you for your attention!
THANK YOU FOR YOUR ATTENTION! www.finnvedenbulten.com 22