Despite market difficulties, Bulten saw record sales in 2022, with net sales up 19.9% to SEK 4,474 (3,730) million on the previous year.
Operating earnings (EBIT) totalled SEK 180 (232) million, equating to an operating margin of 4.0% (6.2). Adjusted operating earnings totalled SEK 284 (232) million, equating to an adjusted operating margin of 6.3% (6.2). In light of Russia’s invasion of Ukraine and the related sanctions, Bulten discontinued its operation in Russia during Q2. Close-down costs related burdened the result by SEK -93 million.
Earnings after tax amounted to SEK 74 (154) million. Adjusted earnings after tax amounted to SEK 176 (154) million. Cash flow from operating activities totalled SEK 298 (48) million.
Year highlights included Bulten signing a Full Service Provider contract for a new European vehicle programme for an existing customer, worth in the region of SEK 100 million a year at full production. Bulten’s clear sustainability focus was a key factor in winning the contract. In March, Bulten signed an FSP contract for a new European electric vehicle for an existing customer, a contract worth in the region of SEK 75 million a year at full production.
September saw Bulten nominated as a supplier of fasteners for a new global electric car platform, to be produced in China, with an order value estimated at SEK 155 million a year at full production. In September, Bulten began a collaboration with Polestar on the development project Polestar 0, which aims to build a climate-neutral electric car by 2030 by eliminating emissions in the supply chain. Bulten’s contribution will be the delivery of climate-neutral fasteners.
“It is pleasing to see that once again in 2022 as a whole, Bulten achieved the highest ever sales in its almost 150 years in business, and that in Q4 we achieved an operating margin in line with our financial target for 2024," said Anders Nyström, President and CEO. "This is a sign of strength in a time of uncertainty characterised by inflation and component shortages.”
Q4 Focus
Net sales amounted to SEK 1,339 (953) million, an increase of 40.5% on the same period the previous year. Operating earnings (EBIT) totalled SEK 103 (48) million, equating to an operating margin of 7.6% (5.0).
Adjusted operating earnings totalled SEK 114 (48) million, equating to an adjusted operating margin of 8.5% (5.0). In December, Bulten decided to close its manufacturing plant in Pembroke, UK, in order to streamline the operation. Costs for the ongoing restructuring have burdened the 2022 figures by approximately SEK 10 million.
In October, Bulten was awarded a Platinum Medal for its sustainability work by EcoVadis, an international provider of sustainability ratings.
