Bulten release full year report 2021

Bulten has released its full year report for the year 2021, highlighting a strengthened market position and sales record despite a turbulent year.

In the fourth quarter, the group’s net sales amounted to SEK 953 (1,080) million, a decrease of 11.7% on the same period last year. Operating earnings (EBIT) totalled SEK 48 (92) million, equating to an operating margin of 5.0% (8.5). Additionally, earnings after tax amounted to SEK 32 (63) million. Earnings per share were SEK 1.16 (2.96).


  • Net sales amounted to SEK 3,730 (3,195) million, an increase of 16.7% on the same period last year. Adjusted for acquisitions, the increase amounted to 14.3%. The acquisition of PSM International took place on February 28, 2020.
  • Operating earnings (EBIT) totalled SEK 232 (116) million, equating to an operating margin of 6.2% (3.6).
  • Earnings after tax amounted to SEK 154 (50) million.
  • Cash flow from operating activities totalled SEK 48 (447) million.
  • Earnings per share were SEK 6.85 (2.66).
  • Net debt amounted to SEK 655 (458) million. Net debt (excluding lease liabilities) totalled SEK 323 (112) million.
  • The equity/assets ratio was 49.3% (49.4) at the end of the period. The equity/assets ratio (excluding lease liabilities) totalled SEK 54.4% (55.2).
  • In May, construction began on a new production plant in Radziechowy-Wieprz, Poland. 
  • In July, a strategically important contract was signed in China with a leading player in consumer electronics. The contract has an estimated annual value of approximately SEK 50 million. Deliveries began in Q3 2021. 
  • In August, an existing Full Service Provider (FSP) contract was extended by a European vehicle manufacturer. The order is worth approximately SEK 68 million a year, and deliveries began in Q4 2021. 
  • In September, an FSP contract was signed with a European vehicle manufacturer, a new customer for Bulten. The contract relates to a new ¬electric vehicle that is under development. The contract is worth in the region of SEK 220 million a year at full production. Deliveries are expected to begin in Q3 2022. 
  • In December, Bulten’s existing credit agreement with Handelsbanken was extended by SEK 550 million. This brings the company’s total credit to SEK 1,300 million. 

The Board of Bulten AB will propose to the Annual General Meeting a dividend of SEK 2.25 (2.00) per share for 2021.

In January, an FSP contract was signed for a new European vehicle program at a global automotive manufacturer. The contract is worth in the region of SEK 100 million a year at full production. Bulten’s clear sustainability offering was a key factor in winning the contract.                                  

Anders Nyström, President and CEO said: “Looking at 2021 as a whole, we grew faster than the market and achieved our highest annual sales ever with SEK 3,730 (3,195) million and an EBIT margin of 6.2% (3.5). This was despite a turbulent year affected by difficulties in the supply chain, significant price rises for raw materials, and a semiconductor shortage that had major consequences for the automotive industry, especially on our main market of Europe, where fewer vehicles were produced in 2021 than in 2020. It is also pleasing to see that sales outside of the automotive market increased by as much as 96% during the year.” 

Investors, analysts and media are invited to participate in the teleconference on February 10 at 15:30 CET. The report will be presented by President and CEO Anders Nyström and CFO Anna Åkerblad via audiocast.

The presentation will be held in English and can be followed live via the link: https://tv.streamfabriken.com/bulten-q4-2021. It will also be possible to take part of the audiocast afterwards at the same address or at www.bulten.com/ir.