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interim report improved profitability and good order intake first quarter

“Bulten"s sales to European carmakers, especially in the premium segment, remained good during the start of the year while sales to

the heavy vehicle segment were initially at a slower pace. Net sales were therefore marginally lower than market growth for European

vehicle production. Incoming orders were however very good during the quarter.

In Russia we received several smaller orders during the quarter, one of which was from the country"s biggest vehicle manufacturer.

The total annual value is initially relatively low, but the development potential is large. By this we have established a foothold among

several customers on the Russian market and we see good opportunities for the future.

Bulten"s profitability continued to strengthen during the quarter as an eect of even, disruption-free production and the completed

optimization program. Strong cash ow has been generated due to good results and a reduction in operating capital, which is also

noted in the improved return on capital employed.

Ahead of us we see a year of expansion in line with market growth while in the coming years we see very good prospects for gaining

higher market shares based on received contracts and ongoing discussions with customers."

Tommy Andersson, President and CEO

January-

m arch 2016 Q1

BuLten in Summary

MARKET AND OUTLOOK FOR 2016

ORDER BOOKINGS AND NET SALES

Q1

Net salesOrder intake

SEKm

2012 2013 2014 2015 2016

0200400600800

Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q1 Q1 Q2 Q2 Q3Q3Q4Q4Q3

Q1 2016 2

FinanciaL Summary (SeK m)Jan - march

12-month roLLing

FuLL year

continuing operationS20162015 apriL 2015 - m arch 20162015

55.336.418.9176.1157.218.9

40.429.510.9114.0103.110.9

1) adjusted for non-recurring items. see page 6.

net S a L e

Soperating earningS

SEK 715MILLION SEK 55MILLION

operating margin 7.7 % Q1

EARNINGS AND PROFITABILITY

Q1

CASH FLOW, WORKING CAPITAL,

INVESTMENTS AND FINANCIAL POSITION

Q1

Q1 2016 3

other inFormation accounting principles risks and risk management seasonal variations transaction with related parties financial targets employees contingent liabilities divested business cash flow parent company auditor's verification

President and CEO

Q1 2016 4

the Share bulten's 10 largest shareholders

SharehoLderno oF ShareShoLding, %

ż400,0001.9

Source: Euroclear Sweden AB´s register, 31 March 2016 Bulten Share SEKBulten IndexOMX Stockholm PI IndexFebMarAprMayJunJulySeptAugOctNovDecJan -300255075100 SEK -20 -10010 Ind ex the share

Source: Cision register, 31 March 2016

Q1 2016 5

conSoLidated income Statement

Jan-march

12-month roLLing

FuLL year

S eK miLLion20162015 apriL 2015 - m arch 20162015 gross prot135.9130.65.3515.4510.1 operating earnings55.336.418.9183.9165.0 earnings before tax54.339.414.9168.6153.7 earnings after tax40.429.510.9121.8110.9

41.330.410.9127.7116.8

40.429.510.9121.8110.9

non-recurring items in the period ---7.87.8 total one-o eect ---7.87.8 earnings per share attributable to parent company shareholders

2.031.440.595.875.30

20,359.721,040.2-680.520,660.820,829.5

1)

Both before and after dilution.

conSoLidated Statement oF comprehenSive income

Jan-march

12-month roLLing

FuLL year

S eK miLLion20162015 apriL 2015 - m arch 20162015

͵--0.90.9

-2.110.4-12.5-34.0-21.5 total comprehensive income38.339.9-1.688.790.3

38.639.2-0.697.998.5

total comprehensive income38.339.9-1.688.790.3

Q1 2016 6

conSoLidated BaLance Sheet S eK miLLion31-03-201631-03-201531-12-2015 assets fixed assets

201.2201.6202.9

total xed assets866.9699.3877.3 current assets

420.8427.5472.2

total current assets1,103.11,238.91,067.2 total assets1,970.01,938.21,944.5 equity and liabilities equity

1,272.01,292.01,233.5

total equity1,283.51,312.61,245.2 non-current liabilities

159.5115.9167.7

total non-current liabilities 159.5115.9167.7 current liabilities

53.42.253.5

total current liabilities527.0509.7531.6 total equity and liabilities1,970.01,938.21,944.5 1) Whereof goodwill SEK 199.5 million (200.8) (201.3). conSoLidated Statement o

F changeS in eQuity

Jan-marchFuLL year

S eK miLLion31-03-201631-03-201531-12-2014 comprehensive income

40.429.5110.9

͵͵0.9

-2.110.4-21.5 total comprehensive income38.339.990.3 transactions with shareholders

͵͵-54.7

total transactions with shareholders͵͵-117.8 closing equity1,283.51,312.61,245.2

Q1 2016 7

conSoLidated caSh FLow Statement

Jan-marchFuLL year

S eK miLLion201620152015 continuing operations operating activities

54.339.4153.7

cash ow from operating activities before changes in working capital67.648.8186.8 cash ow from changes in working capital

10.3-0.1-45.5

cash ow from operating activities77.948.7141.3 investing activities -0.1͵ͳϭ͘ϭ cash ow from investing activities-16.0-87.6-306.9 financing activities -8.3ͳϰ͘ϭ73.8 cash ow from nancing activities-8.3-4.1-44.0 cash ow for the period continuing operations53.6-43.0-209.6 discontinued operations cash ow for the period discontinued operations͵ͳϮ͘ϱ-2.5 cash ow for the period

53.6-45.5-212.1

cash and cash equivalents at end of period94.0209.540.5 conSoLidated net deBt / net caSh S eK miLLion31-03-201631-03-201531-12-2015

Net debt(-)/Net cash(+) -114.095.2-176.0

Adjusted net debt(-)/net cash(+)-76.197.5-137.7

Q1 2016 8

income Statement, parent company

Jan-marchFuLL year

S eK miLLion201620152015 gross prot5.95.727.0 operating earnings-2.1-2.4-9.0 earnings after nancial items-4.3-4.9-19.0

͵͵120.0

earnings before tax-4.3-4.9101.0 earnings after tax-3.4-3.978.4 Ba

Lance Sheet, parent company

S eK miLLion31-03-201631-03-201531-12-2015 assets fixed assets

1,2͵1,1

total intangible and tangible xed assets2,81,92,8 financial xed assets

1 382,51 382,51 382,5

total nancial xed assets1 437,71 459,81 436,5 total xed assets1 440,51 461,71 439,3 current assets

122,3108,1122,7

total current assets122,6109,5123,8 total assets1 563,11 571,21 563,1 equity and liabilities equity

1 097,41 136,31 100,8

non-current liabilities

329,2353,5328,4

total non-current liabilities 329,2353,5328,4 current liabilities

136,581,4133,9

total current liabilities136,581,4133,9 total equity and liabilities1 563,11 571,21 563,1

Q1 2016 9

conSoLidated Key indicatorS the group

Jan-marchFuLL year

201620152015

margins

10.17.18.4

capital structure

30.722.914.4

data per share attributable to parent company shareholders

2.031.445.61

2.031.445.30

number of outstanding ordinary shares

20,359.721,040.220,829.5

the group31-03-201631-03-201531-12-2015 capital structure -0.10.1-0.1 other -114.095.2-176.0 -76.197.5-137.7 the group, 12 monthS roLLing

12-month roLLingFuLL year

apriL 2015 - m arch 2016apriL 2014 - m arch 20152015 return indicators 2)

9.512.68.9

capital structure

1.81.71.9

employees

2,193.12,136.22,246.5

*) Refers to both before and after dilution. deFinitionS Definitions of key indicators are unchanged compared with those used in the 2014 annual report. Other key indicators not used in the annual report are explained below. 1)

Earnings per share adjusted for non-recurring items: Earnings after tax adjusted for non-recurring items divided by the number

of weighted outstanding ordinary shares on the closing day. Current and deferred tax is considered for all adjusted items.

2) Including discontinued operations for all periods before 30-06-2014. 3)

Adjusted return on equity: Net earnings adjusted for non-recurring items divided with average equity.

4)

Adjusted net debt: Net debt adjusted for interest bearing liabilities related to financial lease agreements.

Q1 2016 10

conSoLidated QuarterLy data

201620152014

the groupQ1Q4Q3Q2Q1Q4Q3Q2Q1 income statement cash ow from earnings per share attributable to parent company shareholders

2.031.331.141.691.441.040.891.301.09

2.031.211.141.501.441.040.481.301.09

number of outstanding ordinary shares the group 2) balance sheet other the group, 12 monthS roLLingapriL 2015- m arch 2016Jan 2015- dec 2015oct 2014-

Sept 2015JuLy 2014-

June 2015apriL 2014-

m arch 2015Jan 2014- dec 2014oct 2013-

Sept 2014JuLy 2013-

June 2014apriL 2013-

m arch 2014 income statement employees return indicators 2)

9.58.98.77.612.613.114.415.310.8

other 2) -0.3-0.6-0.30.10.50.80.50.9-1.2 *) Refers to both before and after dilution.

Q1 2016 11

Future FinanciaL report dateS

26 april 2016

13 July 2016

25 october 2016

9 february 2017

CONTACT

invitation to conFerence caLL

Bulten is one of the leading suppliers of fasteners to the international automotive industry. The company"s product range includes

everything from customer-specific standard products to customized special fasteners. The company also provides technical development,

line-feeding, logistics, material and production expertise. Bulten o?ers a Full Service provider concept or parts thereof. The company was

founded in 1873, has some 1,200 employees in nine countries and head oce in Gothenburg. The share (BULTEN) is listed on Nasdaq

Stockholm. read more at www.bulten.com

bulten ab (publ)

JANUARY-

M

ARCH 2016

bulten has been awarded volvo cars quality excellence (vqe) award

The award was presented during a

ceremony at Volvo Cars on January 28,

2016 where Victor Augustsson, Quality

and Environmental Manager Bulten

Sweden AB and Magnus Carlunger, SVP

Technology and Business Development,

received the award.quotesdbs_dbs35.pdfusesText_40

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