PRESS RELEASE |GOTHENBURG, 13 JULY 2012
Good cash flow and growth but lower margin on a weaker market
- Net sales reached SEK 830 million (782), up 6.2% on the same period last year.
- Earnings (EBIT) were SEK 40 million (61), which gave an operating margin of 4.8% (7.8).
- The profit after tax for the quarter was SEK 25 million (40).
- Order bookings amounted to SEK 781 million (854), down 8.6% on the same period last year.
- Cash flow from current activities was SEK 63 million (49).
- Earnings per share were SEK 1.20 (2.47).
- Deliveries have started of fasteners for a new, global engine platform.
- Net sales reached SEK 1,637 million (1,578), up 3.8% on the same period last year.
- Earnings (EBIT) were SEK 80 million (115), which gave an operating margin of 4.9% (7.3).
- The profit after tax was SEK 55 million (63).
- Order bookings amounted to SEK 1,645 million (1,693), down 2.8% on the same period last year.
- Cash flow from current activities was SEK 113 million (89).
- Earnings per share were SEK 2.62 (4.54).
"FinnvedenBulten increased its net sales during the second quarter with 6.2% in a weaker automotive market, partly due to a higher than normal share of tool sales in the Finnveden Metal Structures division. After adjustments for currency effects, organic growth was 6.6%. Cash flow from current activities has been good and the Group has a strong financial position.
Several customer projects have been launched within the Finnveden Metal Structures division, and the improvement activities that have been initiated are expected to provide a better cost structure in the next quarters. Development within the Bulten division remains good. The Bulten division is strengthening its position on the market and is gaining market share. Deliveries of fasteners have started for a newly developed engine platform, and gradually increasing delivery volumes are expected for the coming years."
Johan Westman, President and CEO
The report will be presented by FinnvedenBulten's President and CEO Johan Westman at a teleconference on Friday, July 13 at 10:00 CET.
The full report is attached to this press release. Copies of the presentation will be available on www.finnvedenbulten.comapproximately 30 minutes before the conference starts.
To participate in the telephone conference, please call 5 minutes before the opening of the conference to Sweden +46 (0)8 506 269 00, UK +44 (0)207 750 9905, US +1 631 886 5378. Code: 610601#.
A replay of the telephone conference is available until July 27, 2012 on the phone numbers: Sweden +46 (0) 8-506 269 49, UK +44(0) 207 750 99 28, USA +1 866 305 62 92. Code 273630#.
For further information, please contact:
Johan Westman, President and CEO
Tel: + 46 (0)31-734 59 00
Kamilla Oresvärd, Vice President Corporate Communications
Tel: +46 (0)70-520 59 17, e-mail: firstname.lastname@example.org
The information in this announcement is required to be disclosed by FinnvedenBulten AB (publ) under the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08:00 CET on July 13, 2012.
FinnvedenBulten develops and manages industrial businesses, offering products, technical solutions and systems in metallic materials. The Group operates as a business partner to international customers in the engineering industry, primarily the automotive industry. FinnvedenBulten is structured into two divisions - Bulten and Finnveden Metal Structures - both with strong positions in their respective customer segments. FinnvedenBulten is listed on NASDAQ OMX Stockholm. Further information at www.finnvedenbulten.com