FULL YEAR REPORT

Strong earnings, cash flow and order bookings fourth quarter •NetsalesreachedSEK674million(667),anincreaseof1.0%onthesameperiodlastyear.•Operatingearnings(EBIT)wereSEK52million(47),whichcorrespondstoanoperatingmarginof7.7%(7.1).•EarningsaftertaxwereSEK37million(24).•OrderbookingsamountedtoSEK744million(674),anincreaseof10.5%onthesameperiodlastyear.•CashflowfromoperatingactivitieswasSEK122million(91).•EarningspersharewereSEK1.82(1.33).

january – december•NetsalesreachedSEK2,676million(2,693),down-0.6%onthesameperiodlastyear.•Operatingearnings(EBIT)wereSEK200million(165),whichcorrespondstoanoperatingmarginof7.5%(6.1).•EarningsaftertaxwereSEK146million(111).•OrderbookingsamountedtoSEK2,717million(2,673),anincreaseof1.6%onthesameperiodlastyear.•CashflowfromoperatingactivitieswasSEK351million(141).•EarningspersharewereSEK7.27(5.61).•NetcashwasSEK30million(-176)andtheequity/assetsratioattheendoftheperiodwas68.9%(64.0).•TheBoardofBultenABproposestotheAGMatotaldividendofSEK4.50persharefor2016,ofwhichSEK3.50(3.25)pershareistobeconsideredasordinarydividendandSEK1.00pershareistobeconsideredasextradividend.

ceo’s comments

“The year ended strongly with a 10.5% rise in order bookings for the final quarter compared with the same period last year. Bulten’s prospects for winning market share will be good from the second half of 2017, based on signed contracts and also on ongoing discussions with customers. Bulten continued to perform well in terms of profitability in the fourth quarter and is again reporting strong earnings and cash flow. During the quarter we have further reinforced our financial position and our key indicators, which is very pleasing. The board therefore proposes the AGM a total dividend of SEK 4.50 per share for 2016, of which SEK 3.50 per share is to be considered as ordinary dividend and SEK 1.00 per share is to be considered as extra dividend. The operating margin increased to 7.7% and the return on capital employed to 13.9%, which are the consequence of a good, even rate of production and of completed optimisation measures. Being a supplier to the automotive industry is challenging on many levels but we have managed to strengthen our customer relations by, among other things, supplying the best quality and service at the lowest possible cost. We have also advanced our position in technology for electric cars and hybrids.”

Tommy Andersson, President and CEO

JAnUARY – DEcEMBER 2016

Q4

BULTEn In SUMMARY

development during the quarterTheyearendedstronglywitha10.5%increaseinorderbookingsforthefinalquartercomparedwiththesameperiodlastyear. Bultencontinueditsstrongprogressinthefinalquarterandisagainreportingstrongearningsandcashflow.Bultentherebyfurtherreinforceditsfinancialpositionandkeyindicators.Thecontinuedpositivetrendsinearningsandoverallprofitability,withanoperatingmarginof7.7%andareturnoncapitalemployedof13.9%,aretheconsequenceofagood,evenrateofproductionandofcompletedoptimisationmeasures. Bultenhaspositioneditselfwithtechnologyforelectriccarsandhybrids,amongotherthingsbydevelopingitscooperationwithoneoftheworld’slargestelectriccarproducersandbeenappointedCertifiedPreferredSupplier. DuringthefourthquarterBultenadvanceditspositioninChina,winninganorderfromanewcustomer.Theorderwasforfasten-ersforenginesforaChinesecarmaker.Thedeliveriesareinitiallysmall. Inthefinalquarterof2016BultenannouncedthattheGroupmanagementteamwouldbegaininganewmemberandthatanewglobalsalesandmarketingorganizationcameintoeffecton1January2017.Thisorganizationwillbedividedintotworegions,eastandwest.Therewillbenochangestoconsolidatedsegmentreportingasaresultofthisorganizationalchange.

market and outlook for 2016/2017OfBulten’snetsales,approximately87%isattributabletolightvehiclesandapproximately13%tocommercialvehicles.Oftotalnetsales,approximately90%aredirectdeliveriestovehicleproducers(OEMs)andtheremaindertotheirsub-suppliersandtoothersectors. AccordingtoLMCAutomotive’slatestforecastfromQ4,pro-ductionofvehiclesinEuropegrewin2016.Accordingtothefore-cast,productionoflightvehiclesincreasedby2.6%andproduc-tionofheavycommercialvehiclesby2.5%.WeightedforBulten’sexposure,thismeansariseofaround2.6%overallin2016.AccordingtothesameforecastLMCAutomotivepredictsthatannualproductionoflightvehiclesinEuropefor2017willriseby1.9%comparedwith2016,afallof0.9%comparedwithitsQ3forecast.ProductionofheavycommercialvehiclesinEuropeforthesameperiodisexpectedtoincreaseby2.5%in2017com-paredwith2016,afallof5.2%comparedwiththeQ3forecast.WeightedforBulten’sexposure,thismeansariseofaround2.0%overallin2017,areductioncomparedwiththeQ3forecastof1.4%. EuropeancarsalesinEurope(EUandEFTA)roseby6.8%in2016accordingtostatisticsfromACEA.DemandforBulten’sproductsisaffectedbyproductionofvehiclesfortheglobalmar-ketandBulten’smanagementteamconsidersthattheunderlyingdemandforlightvehiclesinEuroperemainsgood.DemandforvehiclesearmarkedforexportfromEuropetoglobalmarkets,includingChina,andproductionofheavyvehiclesrecoveredinthefinalquarterbutremaindifficulttopredict.OngoingmodelchangesbycustomersmaygivesomevolatilityindemandforBulten’sproductsgoingforward. Attheendof2016andstartof2017,pricesroseonglobalmar-ketsforsteelandothermetals.AsignificantportionofBulten’spurchasevolumesconsistofrawmaterialswhichsteelaccountsforthelargestpart.Therelativelysteepriseinpricesisexpectedtohaveashort-termnegativeeffectonprofitabilityforBultenatthestartof2017ofaroundSEK4-5millioninthefirstquarter.Theeffectsofpricerisesarethenexpectedtograduallybebal-ancedbytherawmaterialclausesthatBultenhasinagreementswithitscustomers.

 Bulten’sestimatedmarketshareattheendof2016wasaround17%oftheEuropeanmarketforfastenersfortheautosector,whichisunchangedonthefigurefor2015.OnthecorrespondingmarketforFSPbusiness,Bulten’smarketshareisestimatedataround60%,whichisalsounchangedonthefigurefor2015.ThisestimateisbasedondataabouttheEuropeanautoindustry’spur-chasingoffastenersin2016accordingtotheEuropeanIndustrialFastenersInstitute(EIFI). Bulten’sprospectsforwinningmarketsharearegoodfromthesecondhalfof2017basedonsignedcontractsandalsoonongoingdiscussionswithcustomers.

order bookings and net salesQ4OrderbookingswereSEK744.0million(673.6),anincreaseof10.5%comparedwiththecorrespondingperiodinthepreviousyear. NetsalesfortheGrouptotalledSEK673.7million(666.7),anincreaseof1.1%comparedwiththecorrespondingperiodinthepreviousyear.Adjustedforcurrencyeffects,organicgrowthwas-2.9%inthesameperiod.

January-DecemberOrderbookingswereSEK2,716.5million(2,673.5),anincreaseof1.6%comparedwiththecorrespondingperiodinthepreviousyear. NetsalesfortheGrouptotalledSEK2,676.0million(2,693.5),adecreaseof-0.6%comparedwiththecorrespondingperiodinthepreviousyear.Adjustedforcurrencyeffects,organicgrowthwas-1.2%forthesameperiod.

Net sales Order intake

SEKm

0

200

400

600

800

2012 2013 2014 2015 2016

Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2Q2 Q1 Q1 Q2 Q2 Q3 Q3 Q3Q4 Q4 Q4Q3

earnings and profitability Q4TheGroup’sgrossearningswereSEK140.1million(131.6),corres-pondingtoagrossmarginof20.8%(19.7).Earningsbeforedepre-ciation(EBITDA)wereSEK71.3million(63.9),correspondingtoanEBITDAmarginof10.6%(9.6).Earnings(EBIT)wereSEK51.9million(47.4),correspondingtoanoperatingmarginof7.7%(7.1). OperatingearningswereaffectednegativelybycurrencychangesamountingnettoSEK-3.0million(-3.6)whenconvertingoperatingcapitalontheclosingdate.Operatingearningsin2016werepositivelyaffectedbycapitalgainsofSEK4.0millionrelatingtothesaleofmachinery. NetfinancialitemsintheGroupwereSEK-2.1million(-7.3).FinancialcostswereSEK-2.1million(-7.3),ofwhichinterestcostswereSEK-0.9million(-1.8),currencycostswereSEK-0.9million(-2.8)andotherfinancialcostswereSEK-0.3million(-2.7).TheGroup’searningsbeforetaxwereSEK49.8million(40.1)andearningsaftertaxwereSEK37.3million(24.3).

Q4 2016 2

FInAncIAL SUMMARY (SEK M) Q4 FULL YEAR

cOnTInUIng OPERATIOnS 2016 2015 2016 2015

Netsales 673.7 666.7 1.1% 2,676.0 2,693.5 -0.6%Grossprofit 140.1 131.6 8.5 530.8 510.1 20.7

Earningsbeforedepreciation(EBITDA) 71.3 63.9 7.4 271.2 225.0 46.2

Operatingearnings(EBIT) 51.9 47.4 4.5 200.1 165.0 35.1

Operatingmargin,% 7.7 7.1 0.6 7.5 6.1 1.4

Adjustedoperatingearnings(EBIT)1) 51.9 43.4 8.5 200.1 157.2 42.9

Adjustedoperatingmargin,% 7.7 6.5 1.2 7.5 5.8 1.7

Earningsaftertax 37.3 24.3 13.0 146.5 110.9 35.6

Adjustedearningsaftertax1) 37.3 20.3 17.0 146.5 103.1 43.4

Orderbookings 744.0 673.6 10.5% 2,716.5 2,673.5 1.6%

Returnoncapitalemployed,% – – – 13.9 11.5 2.4

1) Adjusted for non-recurring items. See page 13.

nET SALES OPERATIng EARnIngS

sek 674million sek 52million

OPERATIng MARgIn

7.7 % Q4

January-DecemberTheGroup’sgrossearningswereSEK530.8million(510.1),corres-pondingtoagrossmarginof19.8%(18.9).Earningsbeforedepreci-ation(EBITDA)wereSEK271.2million(225.0),correspondingtoanEBITDAmarginof10.1%(8.4).Earnings(EBIT)wereSEK200.1million(165.0),correspondingtoanoperatingmarginof7.5%(6.1). OperatingearningswereaffectedpositivelybycurrencychangesamountingnettoSEK3.8million(-18.2)whenconvertingoperatingcapitalontheclosingdate.OperatingearningsinthepreviousyearwerepositivelyaffectedbycapitalgainsofSEK3.8millionrelatingtothesaleofaformerwarehouseintheUKandofSEK4.0millionrelatingtothesaleofmachinery. NetfinancialitemsintheGroupwereSEK-4.1million(-11.3).FinancialincomewasSEK2.5million(0.1),ofwhichcurrencygainswereSEK2.2million(–).FinancialcostswereSEK-6.6million(-11.4),ofwhichinterestcostswereSEK-5.0million(-5.0),cur-rencylosseswereSEK–million(-2.5)andotherfinancialcostswereSEK-1.6million(-3.9). TheGroup’searningsbeforetaxwereSEK196.0million(153.7)andearningsaftertaxwereSEK146.5million(110.9).

cash flow, working capital, investments and financial positionQ4CashflowfromoperatingactivitiestotalledSEK122.3million(90.8).CashfloweffectsofchangesinworkingcapitalamountedtoSEK60.2million(39.6).InventoriesincreasedintheperiodbySEK16.1million(-6.1),whileoperatingreceivablesdecreasedbySEK-12.5million(-34.0).OperatingliabilitiesincreasedbySEK63.9million(27.0).

 CashflowfrominvestingactivitieswasSEK-30.6million(-146.3).InvestmentsofSEK30.4million(151.4)relatetotangibleassets.ThecorrespondingfigureforintangibleassetswasSEK0.4million(0.3).SalesoftangibleassetsamountedtoSEK-0.2million(-5.2)ChangesinfinancialfixedassetswereSEK–million(0.2).InQ42015,theindustrialandofficepremisesinHallstahammarinwhichBultenoperateswereacquired.ThetotalacquisitionvaluewasSEK116.3million.January-DecemberCashflowfromoperatingactivitiestotalledSEK350.7million(141.3).CashfloweffectsofchangesinworkingcapitalamountedtoSEK103.8million(-45.5).InventorieschangedduringtheperiodbySEK-22.6million(46.4)andoperatingreceivablesdecreasedbySEK-15.9million(-26.1).OperatingliabilitieschangedbySEK51.2million(-12.2). CashflowfrominvestingactivitieswasSEK-82.1million(-306.9).InvestmentsofSEK81.8million(249.2)relatetotan-gibleassets.ThecorrespondingfigureforintangibleassetswasSEK0.6million(1.1).SalesoftangibleassetsamountedtoSEK-0.3million(-9.1)ChangesinfinancialfixedassetswereSEK–mil-lion(-65.7). AttheendoftheperiodnetcashwasSEK30.4million,ofwhichcashandcashequivalentswereSEK108.6million.PreviousyearnetdebtwasSEK-176.0million,ofwhichcashandcashequival-entswereSEK40.5million.Adjustedforfinancialleasing,netcashwasSEK68.2million.PreviousyearadjustednetdebtwasSEK-137.7million.

Q4 2016 3

OTHER InFORMATIOn

accounting principlesThisinterimreporthas,fortheGroup,beendrawnupinaccord-ancewithIAS34(InterimFinancialReporting)andtheSwedishannualaccountsact.Thefinancialstatementfortheparentcom-panyhasbeendrawnupinaccordancewiththeSwedishannualaccountsactandRFR2(Reportingforlegalentities)oftheSwedishFinancialAccountingStandardsCouncil.Theaccountingprinciplesareunchangedcomparedwiththeprinciplesexplainedinthe2015annualreport.

risks and risk management ExposuretooperationalandfinancialrisksareanaturalpartofbusinessactivityandthisisreflectedinBulten’sapproachtoriskmanagement.Thepurposeistoidentifyandpreventrisksandlimitanydamagethatmayresult.ThemainrisksthattheGroupisexposedtorelatetotheimpactofthebusinesscycleondemand,suppliesofrawmaterialsandtheirpricevariations,aswellasgeneraleconomicandgeopoliticalfactors. TheGroupcontinuallymonitorsthefunctionalcurrencyoffor-eignsubsidiaries.PartlyasaconsequenceofseveralrecentlywoncustomercontractshavingtheirsalespricesdenominatedinEUR,managementhasdecidedthatthefunctionalcurrencyofthejointventure,BBBServicesLtdanditssubsidiary,BultenLtd.UK,isnowEURratherthanGBP.ThefunctioncurrencywaschangedstartingfromDecember2015forBBBServicesLtdandfromJanuary2016forBultenLtd.UK.Thischangeinfunctionalcurrencyisexpectedtoreducetransaction-relatedcurrencyexposurebetweenGBPandEURsignificantly. Foramoredetaileddescriptionoftheserisks,seeNote3,Risksandriskmanagement,ofthecompany’s2015annualreport.

incentive schemeTheAnnualGeneralMeetingheldon26April2016resolvedtoestablishalong-termshare-basedincentiveschemeforaround15seniorexecutivesandkeyemployeesoftheBultenGroup.TheschemewillrunoverthreeyearsstartinginApril2016andwillcompriseamaximumof300,000shares,correspondingtoadilu-tioneffectofapproximately1.5%ofthetotalnumberofoutstand-ingshares.Participantsintheschemewillinvestinsharesinthecompanyandforeachinvestedsharetheparticipantwillreceivefree-of-chargeaso-calledmatchingshare.Inaddition,theparti-cipantwillhavetheopportunitytoreceiveadditionalsharesfree-of-charge,so-calledperformanceshares,providedthataperformancetarget(earningspershare)setbytheboardismet.InaccordancewithIFRS2,thecostoftheschemewillbecarriedintheincomestatementduringthevestingperiod(20May2016-20May2019).ThereportedcostofthisschemewasSEK1.1million(-)inQ4andSEK3.0million(-)forthefullyear.

seasonal variationsBultenisnotexposedtotraditionalseasonalvariations.Theyearreflectscustomers’productiondays,whichvarybetweenquarters.ThelowestnetsalesandoperatingearningsnormallyoccurinQ3,wheretherearefewestproductiondays.Theotherquartersarerelativelyevenalthoughvariationsmayoccur.

transaction with related partiesNosignificanttransactionsweremadewithrelatedpartiesduringthereportingperiod. Forfurtherinformation,seenote34ofthe2015annualreport.

employeesThetotalnumberofemployeesintheGroupamountedontheclosingdayto1,264(1,199).

contingent liabilities Duringthereportperiodtherewasnosignificantchangeincontin-gentliabilities.

divested business Asof30June2014theGroupcompletedthedivestmentoftheFinnvedenMetalStructuresdivisionandconsequentlyFinnvedenMetalStructuresisreportedasdiscontinuedoperationsseparatefromcontinuingoperations.

cash flowFortheJanuary-DecemberperiodcashflowfordiscontinuedoperationswasSEK–million(2.5).

parent company BultenAB(publ)owns,directlyorindirectly,allthecompaniesintheGroup.Theequity/assetsratiowas73.1%(70.4).EquitywasSEK1,154.7million(1,100.8).Disposablecashandcashequival-entsintheparentcompanytotalledSEK–(1.1)million.Thecom-panyhad9employeesontheclosingday.

significant events after the end of the reporting periodTherewerenosignificanteventstoreport.

proposed dividendBulten’stargetistopaydividendstoshareholdersrepresentingovertimeonethirdofnetearningsaftertax.ConsiderationshallhoweverbegiventoBulten’sfinancialposition,cashflowandoutlook. TheBoardofBultenABproposestotheAGMatotaldividendofSEK4.50persharefor2016,ofwhichSEK3.50(3.25)pershareistobeconsideredasordinarydividendandSEK1.00pershareistobeconsideredasextradividend.Thisrepresentsaround62%ofnetearningsaftertaxadjustedfornon-recurringitems.Therecon-ciliationdateforthedividendisproposedtobe27April2017.

2017 annual general meetingTheAnnualGeneralMeetingforBultenAB(publ)willbeheldon25April2017inGöteborg.ShareholderswishingtohavemattersdealtwithatthemeetingmustsendtheirproposalstotheBoardofdirectorsviaemailtochairman@bulten.comorviapostto

BultenAB(publ)ÅrsstämmaBox9148SE-40093GöteborgSweden

Proposalsmustreachthecompanynolaterthan17February2017.

Q4 2016 4

ABOUT BULTEn

visionSupportingtheglobalautomotiveindustrywithstateoftheartfastenertechnologyandservices.

business conceptBultenshall:•betheleadingbusinesspartnerandthemostcost-effectivesupplieroffastenersandservicestotheautomotiveindustry.

•withempoweredanddedicatedpeoplecontinuouslydevelopitsfullserviceconceptandactivelylaunchinnovations.

•developlong-termrelationsbasedonprofessionalismandgoodbusinessethics.

financial targets and dividend policy•TheGroup’stargetistoachieveprofitableorganicgrowthandtogrowmorestronglythantheindustryingeneral.

•TheGroup’stargetisthattheoperatingmarginshallbeatleastseven(7)percent.

•TheGroup’stargetisthatthereturnonaverageworkingcapitalshallbeatleastfifteen(15)percent.

•TheGroup’sdividendpolicyovertimeistopayoutadividendofatleastonethirdofnetearningsaftertax.Considerationisgiven,however,tothecompany’sfinancialposition,cashflowandoutlook.*)

*)ThedividendpolicywasrevisedApril26,2016.

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 offers a Full service Provider concept or parts thereof. The company was founded in 1873, has some 1,300 coworkers in nine countries and head office in Gothenburg. The share (BUlTen) is listed on nasdaq stockholm.

strategyBultenhasaclearfocusonorganicgrowthinEurope,RussiaandChina.OverthepastsixyearsBultenhasreportedanaveragegrowthofaround12%peryear,whichismuchhigherthanthemarketingeneral.TheprospectsforBultentogroworganicontheglobalautomotivemarketarecontinuedgood.

Bultenshallbeapreferredfullserviceproviderandprovideeverythingfromdevelopment,productionandlogisticstofinaldeliveryatthecustomer’sassemblyline.Thishasbeenasuccess-fulconceptandthestrategyistocontinuedevelopingthebusinessinthisdirection.AlreadytodayBulten’scontractportfolioconsistsofapproximatelythreequartersfullservicecontractsandtheshareisexpectedtoincrease.

Bulten’sstrategyisbasedonofferingcompetitiveproductsandservices.Thiswillbeachievedbyhavingadvancedproductionpro-cessesatlowcostswithgeographicalproximitytothecustomer.Bulteniscontinuouslyworkingtodevelopitsexpertiseinordertoofferitscustomersthebestpossiblequalityatthebestpossibleprice.

PartofBulten’sstrategyisalsotoconstantlydeveloptheinnovativeandtechnologicalknow-howneededtocreatenewproductstogetherwithcustomers,thusofferingimprovedandmorecost-effectivesolutionstoOEMs.

2016 annual report Bulten’sannualreportfor2016isexpectedtobeavailableatthelateston5April2017whenitwillbepublishedonthecompany’swebsite,www.bulten.se,whereitmayalsobeorderedinprintedform.

auditor’s verificationThisreporthasnotbeenverifiedbythecompany’sauditors.

nominations committeeInaccordancewiththeresolutionoftheAGM,theNominationsCom-mitteeshallcomprisefourmembers,onerepresentativeeachforthethreelargestshareholdersasofthefinalbankingdayinSeptemberwhowishtoappointarepresentativetothenominationscommittee,andthechairmanoftheBoard.Thethreelargestshareholdersarethoseregisteredandowner-groupedbyEuroclearSwedenABasofthefinalbankingdayinSeptember.

TheNominationsCommitteeforthe2017AGMisasfollows:

•ClaesMurander,appointedbyLanneboFonder•ÖysteinEngebretsen,appointedbyInvestmentABÖresund•PärAndersson,appointedbySpiltanFonderAB•UlfLiljedahl,ChairmanofBultenAB

Göteborg,Sweden9February2017BultenAB(publ)

TommyAndersson PresidentandCEO

Q4 2016 5

bulten’s ten largest shareholders

SHAREHOLDER nO OF SHARES HOLDIng, %

VolitoAB 4,450,000 21.2Lannebofonder 2,896,443 13.8InvestmentABÖresund 2,263,535 10.8JPMorgan 1,046,329 5.0SpiltanFonderAB 752,479 3.6BultenAB 680,500 3.2Sjöbergstiftelsen 400,000 1.9ClientsAccounts-DCS 362,996 1.7CBNY-JOHNHANCOCKFUNDS 314,593 1.5CBNY-DFA-INTSMLCAPV 310,142 1.5

Totalnumberofshareholders: 6,568

Source: Euroclear Sweden AB s register, 31 December 2016

Bulten Share SEK Bulten Index OMX Stockholm PI Index

Feb Mar Oct Nov DecJan Apr May Jun July SeptAug40

60

80

90

100

SEK

0

-20

20

40

60

Index

the share

Source: Cision register, 31 December 2016

Q4 FULL YEAR

PRIcE-RELATED SHARE DATA 2016 2015 2016 2015

Sharepriceatperiod-end(finalpayprice),SEK 89.00 82.00 7.00 89.00 82.00 7.00Highestsharepriceduringperiod(finalpayprice),SEK 99.75 87.50 12.25 99.75 104.75 -5.00Lowestsharepriceduringperiod(finalpayprice),SEK 79.25 71.75 7.50 67.75 62.00 5.75Marketvalueatperiodend,MSEK 1,812.0 1,669.5 142.5 1,812.0 1,669.5 142.5P/E – – – 12.23 14.62 -2.39P/E,adjustedfornon-recurringitems – – – 12.23 15.47 -3.24Dividendyield,% – – – 5.06 3.96 1.10Data per share

Earningsbeforedepreciation(EBITDA) 3.50 3.13 0.37 13.32 10.80 2.52Operatingearnings(EBIT) 2.55 2.32 0.23 9.83 7.92 1.91Earningsafternetfinancialitems(EAFI) 2.45 1.96 0.49 9.63 7.38 2.25Earningsfortheperiod 1.82 1.33 0.49 7.27 5.61 1.66Earningsfortheperiod,adjustedfornon-recurringitems 1.82 1.21 0.61 7.27 5.30 1.97Shareholdersequity – – – 65.96 60.58 5.38Cashflowfromtheoperatingactivities 6.01 4.37 1.64 17.23 6.79 10.44Cashflowfortheperiod 1.12 -1.68 2.80 3.27 -10.07 13.34Dividend1) – – – 4.50 3.25 1.25Total outstanding ordinary shares, 000s

Weightedtotalduringtheperiod 20,359.7 20,457.6 -97.9 20,359.7 20,829.5 -469.8Atperiodend 20,359.7 20,359.7 – 20,359.7 20,359.7 –

1) The Board of Bulten AB proposes to the AGM a total dividend of SEK 4.50 per share for 2016, of which SEK 3.50 (3.25) per share is to be considered as ordinary dividend and SEK 1.00 per share is to be considered as extra dividend.

information about this interim report

Bultenaimstooperateasustainablebusinessandstrivestoidentifyareaswherewecanreduceourenvironmentalimpact.StartinginQ22016wewillthereforenolongerproduceourinterimreportinprintedpaperformat.

AllofBulten’sreportscanbereadat,anddownloadedfrom,www.bulten.se.ShareholderswhoareunabletoreadreportsonlinemayorderaprintedcopybycontactingBulten.

Oursubscriptionserviceatwww.bulten.segivesyoutheopportunitytosubscribeforBulten’sreportsandpressreleasesviaemail.

SHAREHOLDER InFORMATIOn

Q4 2016 6

cOnSOLIDATED IncOME STATEMEnTQ4 FULL YEAR

SEK MILLIOn 2016 2015 2016 2015

Netsales 673.7 666.7 7.0 2,676.0 2,693.5 -17.5Costofgoodssold -533.6 -535.1 1.5 -2,145.2 -2,183.4 38.2Gross profit 140.1 131.6 8.5 530.8 510.1 20.7Otheroperatingincome 5.5 10.6 -5.1 26.5 32.5 -6.0Sellingexpenses -48.7 -49.5 0.8 -188.0 -191.6 3.6Administrativeexpenses -42.5 -40.6 -1.9 -164.8 -166.5 1.7Otheroperatingexpenses -3.5 -4.3 0.8 -1.5 -19.7 18.2ShareofresultofJointVenture 1.0 -0.4 1.4 -2.9 0.2 -3.1Operating earnings 51.9 47.4 4.5 200.1 165.0 35.1Financialincome – – – 2.5 0.1 2.4Financialexpenses -2.1 -7.3 5.2 -6.6 -11.4 4.8Earnings before tax 49.8 40.1 9.7 196.0 153.7 42.3Taxonperiod’searnings -12.5 -15.8 3.3 -49.5 -42.8 -6.7Earnings after tax 37.3 24.3 13.0 146.5 110.9 35.6AttributabletoParentcompanyshareholders 37.2 27.2 10.0 148.1 116.8 31.3Minorityinterests 0.1 -2.9 3.0 -1.6 -5.9 4.3Earnings after tax 37.3 24.3 13.0 146.5 110.9 35.6

Earnings per share attributable to parent company shareholdersEarningspershare,SEK1) 1.82 1.33 0.49 7.27 5.61 1.66

Earningspershare,adjustedforone-offeffect,SEK1) 1.82 1.21 0.61 7.27 5.30 1.97Weightedoutstandingordinaryshares,0001) 20,359.7 20,457.6 -97.9 20,359.7 20,829.5 -469.8

1) Both before and after dilution.

cOnSOLIDATED STATEMEnT OF cOMPREHEnSIvE IncOMEQ4 FULL YEAR

SEK MILLIOn 2016 2015 2016 2015

Earningsaftertax 37.3 24.3 13.0 146.5 110.9 35.6OthercomprehensiveincomeItemsthatwillnotbereclassifiedtoprofitorlossRevaluationofdefinedbenifitpensionplan,netaftertax 1.4 0.9 0.5 1.4 0.9 0.5ItemsthatmaybereclassifiedsubsequentlytoprofitorlossExchangeratedifferences -1.9 -22.3 20.4 27.7 -21.5 49.2

Total comprehensive income 36.8 2.9 36.0 175.6 90.3 85.3AttributabletoParentcompanyshareholders 35.4 7.0 28.4 173.8 98.5 75.3Minorityinterests 1.4 -4.1 5.5 1.8 -8.2 10.0Total comprehensive income 36.8 2.9 33.9 175.6 90.3 85.3

FInAncIAL InFORMATIOn

Q4 2016 7

cOnSOLIDATED BALAncE SHEET

SEK MILLIOn 31-12-2016 31-12-2015

ASSETS

Fixed assets

Intangiblefixedassets1) 206.0 202.9Tangiblefixedassets 570.5 547.5Financialassets 60.7 61.2Deferredtaxreceivables 35.0 65.7Total fixed assets 872.2 877.3

Current assets

Inventories 449.6 472.2Currentreceivables 538.7 554.5Cashandcashequivalents 108.6 40.5Total current assets 1,096.9 1,067.2Total assets 1,969.1 1,944.5

EQUITY AND LIABILITIES

Equity

Equityattributabletoparentcompanyshareholders 1,342.9 1,233.5Minorityinterests 13.9 11.7Total equity 1,356.8 1,245.2

Non-current liabilities

Non-currentinterest-bearingliabilitiesandprovisions 78.1 167.7Total non-current liabilities 78.1 167.7

Current liabilities

Currentliabilities,interest-bearing 4.8 53.5Currentliabilities,non-interest-bearing 529.4 478.1Total current liabilities 534.2 531.6Total equity and liabilities 1,969.1 1,944.5

Pledgedassets 1,333.5 1,260.8Contingentliabilities 46.2 47.2

1) Whereof goodwill SEK 203.9 million (201.3).

cOnSOLIDATED STATEMEnT OF cHAngES In EQUITY

SEK MILLIOn 31-12-2016 31-12-2015

Openingequity 1,245.2 1,272.7Comprehensive income

Earningsaftertax 146.5 110.9Othercomprehensiveincome 29.1 -20.6Total comprehensive income 175.6 90.3

Transactions with shareholders

Buy-backofownshares – -54.7Share-basedpaymenttoemployees 2.2 –Dividendpaidtoparentcompanyshareholders -66.2 -63.1Total transactions with shareholders -64.0 -117.8Closing equity 1,356.8 1,245.2

Q4 2016 8

cOnSOLIDATED cASH FLOw STATEMEnT

Q4 FULL YEAR

SEK MILLIOn 2016 2015 2016 2015

CONTINUING OpErATIONS

Operating activities

Earningsafterfinancialitems 49.8 40.1 196.0 153.7Adjustmentsforitemsnotincludedincashflow 17.0 15.1 71.6 54.7Taxpaid -4.7 -4.0 -20.7 -21.6Cash flow from operating activities before changes in working capital 62.1 51.2 246.9 186.8Cash flow from changes in working capital

Changeinworkingcapital 60.2 39.6 103.8 -45.5Cash flow from operating activities 122.3 90.8 350.7 141.3

Investing activities

Acquisitionofintangiblefixedassets -0.4 -0.3 -0.6 -1.1Acquisitionoftangiblefixedassets1) -30.4 -151.4 -81.8 -249.2Disposaloftangiblefixedassets 0.2 5.2 0.3 9.1Changeoffinancialassets – 0.2 – -65.7Cash flow from investing activities -30.6 -146.3 -82.1 -306.9

Financing activities

Changeinoverdraftfacilitiesandotherfinancialliabilities -68.9 41.9 -135.9 73.8Buybackofownshares – -21.0 – -54.7Dividendpaidtoparentcompanyshareholders – – -66.2 -63.1Cash flow from financing activities -68.9 20.9 -202.1 -44.0Cash flow for the period continuing operations 22.8 -34.6 66.5 -209.6

DISCONTINUED OpErATIONS

Cashflowfromoperatingactivities – – – -2.5Cash flow for the period discontinued operations – – – -2.5

Cash flow for the period 22.8 -34.6 66.5 -212.1

Changeincashandcashequivalents 22.8 -34.6 66.5 -212.1Cashandcashequivalentsatstartoffinancialyear 86.1 78.0 40.5 255.5Exchangeratedifferenceincashandcashequivalents -0.3 -2.9 1.6 -2.9Cash and cash equivalents at end of period 108.6 40.5 108.6 40.5

1) Cash flow from the acquisition of tangible fixed assets in Q4 2015 include cash flow effect of the acquisition of industrial and office property in Hallstahammar.

cOnSOLIDATED nET cASH/nET DEBT

SEK MILLIOn 31-12-2016 31-12-2015

Non-currentinterest-bearingliabilities -60.4 -147.7Provisionsforpensions -17.7 -20.0Currentinterest-bearingliabilities -4.8 -53.5Financialinterest-bearingliabilities 4.7 4.7Cashandcashequivalents 108.6 40.5Net cash(+)/net debt(-) 30.4 -176.0

Adjustedforinterestbearingliabilitiesrelatedtofinancialleaseagreements 37.8 38.3Adjusted net cash(+)/net debt(-) 68.2 -137.7

cOnSOLIDATED BALAncE SHEET

SEK MILLIOn 31-12-2016 31-12-2015

ASSETS

Fixed assets

Intangiblefixedassets1) 206.0 202.9Tangiblefixedassets 570.5 547.5Financialassets 60.7 61.2Deferredtaxreceivables 35.0 65.7Total fixed assets 872.2 877.3

Current assets

Inventories 449.6 472.2Currentreceivables 538.7 554.5Cashandcashequivalents 108.6 40.5Total current assets 1,096.9 1,067.2Total assets 1,969.1 1,944.5

EQUITY AND LIABILITIES

Equity

Equityattributabletoparentcompanyshareholders 1,342.9 1,233.5Minorityinterests 13.9 11.7Total equity 1,356.8 1,245.2

Non-current liabilities

Non-currentinterest-bearingliabilitiesandprovisions 78.1 167.7Total non-current liabilities 78.1 167.7

Current liabilities

Currentliabilities,interest-bearing 4.8 53.5Currentliabilities,non-interest-bearing 529.4 478.1Total current liabilities 534.2 531.6Total equity and liabilities 1,969.1 1,944.5

Pledgedassets 1,333.5 1,260.8Contingentliabilities 46.2 47.2

1) Whereof goodwill SEK 203.9 million (201.3).

cOnSOLIDATED STATEMEnT OF cHAngES In EQUITY

SEK MILLIOn 31-12-2016 31-12-2015

Openingequity 1,245.2 1,272.7Comprehensive income

Earningsaftertax 146.5 110.9Othercomprehensiveincome 29.1 -20.6Total comprehensive income 175.6 90.3

Transactions with shareholders

Buy-backofownshares – -54.7Share-basedpaymenttoemployees 2.2 –Dividendpaidtoparentcompanyshareholders -66.2 -63.1Total transactions with shareholders -64.0 -117.8Closing equity 1,356.8 1,245.2

Q4 2016 9

cOnSOLIDATED KEY InDIcATORS

THE gROUP

Q4 FULL YEAR

2016 2015 2016 2015

Margins

EBITDAmargin,% 10.6 9.6 10.1 8.4AdjustedEBITDAmargin,% 10.6 9.0 10.1 8.1EBITmargin(operatingmargin),% 7.7 7.1 7.5 6.1AdjustedEBITmargin(operatingmargin),% 7.7 6.5 7.5 5.8Netmargin,% 5.5 3.6 5.5 4.1Adjustednetmargin,% 5.5 3.0 5.5 3.8Capital structure

Interestcoverageratio,times 40.9 6.4 30.6 14.4Data per share attributable to parent company shareholders

Earningspershare,SEK*) 1.82 1.33 7.27 5.61Earningspershare,adjustedforone-offeffects,SEK*) 1.82 1.21 7.27 5.30Number of outstanding ordinary shares

Weightedoutstandingordinaryshares,000*) 20,359.7 20,457.6 20,359.7 20,829.5

THE gROUP 31-12-2016 31-12-2015

Capital structure

Netdebt/equityratio,times 0.0 -0.1Equity/assetsratio,% 68.9 64.0Other

Netcash(+)/netdebt(-),SEKm 30.4 -176.0Adjustednetcash(+)/netdebt(-),SEKm 68.2 -137.7Equity per share attributable to parent company shareholders

Equitypershare,SEK*) 65.96 60.58Number of outstanding ordinary shares

Numberofoutstandingordinarysharesatperiodend,000*) 20,359.7 20,359.7

THE gROUP, 12 MOnTHS ROLLIng 2016 2015

return indicators

Returnoncapitalemployed,% 13.9 11.5Adjustedreturnoncapitalemployed,%1) 13.9 11.0Returnonequity,% 11.5 9.4Adjustedreturnonequity,%2) 11.5 8.9Capital structure

Capitalturnover,times 1.8 1.9Employees

Salesperemployee,SEK‘000 2,117.1 2,246.5Operatingearningsperemployee,SEK‘000 158.3 137.6Numberofemployeesonclosingdate 1,264 1,199

*) Refers to both before and after dilution.

DEFInITIOnS

Definitions of key indicators are unchanged compared with those used in the 2015 annual report.Other key indicators not used in the annual report or on page 13, 14 in this interimreport are explained below.1) Adjusted return on capital employed: Earnings before financial cost adjusted for non-recurring items in percentage of average capital employed.2) Adjusted return on equity: Net earnings adjusted for non-recurring items divided with average equity.

Q4 2016 10

cOnSOLIDATED QUARTERLY DATA

2016 2015

THE gROUP Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

Orderbookings 744.0 602.1 671.8 698.6 673.6 652.3 688.0 659.6

Income statement

Netsales 673.7 600.6 686.4 715.3 666.7 617.5 695.8 713.5Grossearnings 140.1 116.6 138.2 135.9 131.6 112.0 135.9 130.6

Earningsbeforedepreciation(EBITDA) 71.3 57.4 70.5 72.0 63.9 50.9 59.7 50.5

EBITDAmargin,% 10.6 9.6 10.3 10.1 9.6 8.2 8.6 7.1

Adjustedearningsbeforedepreciation(EBITDA) 71.3 57.4 70.5 72.0 59.9 50.9 55.9 50.5

AdjustedEBITDAmargin,% 10.6 9.6 10.3 10.1 9.0 8.2 8.0 7.1

Operatingearnings(EBIT) 51.9 39.3 53.6 55.3 47.4 36.0 45.2 36.4

EBITmargin(operatingmargin),% 7.7 6.5 7.8 7.7 7.1 5.8 6.5 5.4

Adjustedoperatingearnings(EBIT) 51.9 39.3 53.6 55.3 43.4 36.0 41.4 36.4

AdjustedEBITmargin(operatingmargin),% 7.7 6.5 7.8 7.4 6.4 5.8 5.9 5.1

Earningsaftertax 37.3 29.9 38.9 40.4 24.3 21.8 35.3 29.5

Netmargin,% 5.5 5.0 5.7 5.6 3.6 3.5 5.1 4.1

Adjustedearningsaftertax 37.3 29.9 38.9 40.4 20.3 21.8 31.5 29.5

Adjustednetmargin,% 5.5 5.0 5.7 5.6 3.0 3.5 4.5 4.1Cash flow from

operatingactivities 122.3 55.4 95.1 77.9 90.8 -12.4 14.2 48.7investmentactivities -30.6 -29.0 -6.5 -16.0 -146.3 -40.0 -33.0 -87.6financingactivities -68.9 9.8 -134.7 -8.3 20.9 4.6 -65.4 -4.1Cashflowfortheperiod 22.8 36.2 -46.1 53.6 -34.6 -47.8 -84.2 -43.0Earnings per share attributable to parent company shareholders

Earningspershare,SEK*) 1.82 1.50 1.92 2.03 1.33 1.14 1.69 1.44Earningspershare,adjustedforone-offeffects,SEK*) 1.82 1.50 1.92 2.03 1.21 1.14 1.50 1.44Number of outstanding ordinary shares

Weightedoutstandingordinaryshares,000*) 20,359.7 20,359.7 20,359.7 20,359.7 20,457.6 20,786.7 21,040.2 21,040.2

THE gROUP 31-12-2016 30-09-2016 30-06-2016 31-03-2016 31-12-2015 30-09-2015 30-06-2015 31-03-2015

Balance sheet

Fixedassets 872.2 867.6 851.6 866.9 877.3 725.4 711.1 699.3Currentassets 1,096.9 1,070.7 1,037.4 1,103.1 1,067.2 1,144.8 1,161.6 1,238.9Equity 1,356.8 1,319.2 1,267.1 1,283.5 1,245.2 1,263.3 1,276.6 1,312.6Non-currentliabilities 78.1 100.3 89.7 159.5 167.7 153.8 114.2 115.9Currentliabilities 534.2 518.8 532.2 527.0 531.6 453.1 481.9 509.7Other

Netcash(+)/netdebt(-) 30.4 -62.6 -89.3 -114.0 -176.0 -73.2 12.0 95.2Adjustednetcash(+)/netdebt(-) 68.2 -24.7 -52.6 -76.1 -137.7 -71.3 14.1 97.5Equity per share attributable to parent company shareholders

Equitypershare,SEK*) 65.96 64.20 61.63 62.48 60.58 60.52 59.71 61.40Number of outstanding ordinary shares

Numberofoutstandingordinarysharesatperiodend,000*) 20,359.7 20,359.7 20,359.7 20,359.7 20,359.7 20,612.7 21,040.2 21,040.2Shareprice

Sharespriceatperiodend,(SEK) 89.00 97.50 81.75 74.50 82.00 71.50 81.50 93.50

*) Refers to both before and after dilution.

Q4 2016 11

cOnSOLIDATED, 12 MOnTH ROLLIng

THE gROUP, 12 MOnTH ROLLIng

JAnUARY 2016–

DEcEMBER 2016

OcTOBER 2015–

SEPT EMBER 2016

JULY 2015–

JUnE 2016

APRIL2015–

MARcH 2016

JAnUARY 2015–

DEcEMBER 2015

OcTOBER 2014–

SEPT EMBER 2015

JULY 2014–

JUnE 2015

APRIL2014–

MARcH 2015

JAnUARY 2014–

DEcEMBER 2014

Orderbookings 2,716.5 2,646.1 2,696.3 2,712.5 2,673.5 2,705.5 2,623.7 2,584.4 2,556.8

Income statement

Netsales 2,676.0 2,669.0 2,685.9 2,695.3 2,693.5 2,647.9 2,623.7 2,546.3 2,414.3Grossresult 530.8 522.3 517.7 515.4 510.1 493.4 486.2 474.9 454.6

Earningsbeforedepreciation(EBITDA) 271.2 263.8 257.3 246.5 225.0 212.5 197.3 186.4 179.8EBITDA-margin,% 10.1 9.9 9.6 9.1 8.4 8.0 7.5 7.3 7.4Adjustedearningsbeforedepreciation(EBITDA) 271.2 259.8 253.3 238.7 217.2 208.7 182.3 175.2 168.6AdjustedEBITDA-margin,% 10.1 9.7 9.4 8.9 8.1 7.9 6.9 6.9 7.0

Operatingearnings(EBIT) 200.1 195.6 192.3 183.9 165.0 156.0 144.7 136.9 133.4EBIT-margin(operatingmargin),% 7.5 7.3 7.2 6.8 6.1 5.9 5.5 5.4 5.5Adjustedoperatingearnings(EBIT) 200.1 191.6 188.3 176.1 157.2 152.2 129.7 125.7 122.2AdjustedEBIT-margin(operatingmargin),% 7.5 7.2 7.0 6.5 5.8 5.7 4.9 4.9 5.1

Earningsaftertax 146.5 133.5 125.4 121.8 110.9 105.0 100.2 91.4 84.4Netmargin,% 5.5 5.0 4.7 4.5 4.1 4.0 3.8 3.6 3.5Adjustedearningsaftertax 146.5 129.5 121.4 114.0 103.1 101.2 87.7 82.7 75.7Adjustednetmargin,% 5.5 4.9 4.5 4.2 3.8 3.8 3.3 3.2 3.1

Employees

Netsaleperemployee,SEK000 2,117.1 2,114.9 2,153.9 2,193.1 2,246.5 2,215.8 2,168.3 2,136.2 2,054.7Operatingearningsperemployee,SEK000 158.3 155.0 154.2 149.6 137.6 130.5 119.6 114.8 113.5Numberofemployeeonclosingday 1,264 1,262 1,247 1,229 1,199 1,195 1,210 1,192 1,175

return indicators

Returnoncapitalemployed,% 13.9 13.7 13.4 12.3 11.5 10.9 10.7 9.6 9.6Adjustedreturnoncapitalemployed,%1) 13.9 13.5 13.1 11.8 11.0 10.6 9.6 8.8 8.8Returnonequity,% 11.5 10.8 10.5 10.0 9.4 9.0 8.6 13.3 15.0Adjustedreturnonequity,%2) 11.5 10.6 10.3 9.5 8.9 8.7 7.6 12.6 13.1

Others

Netcash(+)/netdebt(-)/EBITDA 0.1 -0.2 -0.3 -0.5 -0.8 -0.3 0.1 0.5 0.8Adjustednetcash(+)/netdebt(-)/EBITDA 0.3 -0.1 -0.2 -0.3 -0.6 -0.3 0.1 0.5 0.8

Q4 2016 12

REcOncILIATIOn BETwEEn IFRS AnD USED KEY InDIcATORS

SomeoftheinformationinthisreportusedbycompanymanagersandanalyststoassesstheGroup’sdevelopmentisnotproducedinaccordancewithIFRS.CompanymanagersconsiderthatthisinformationmakesiteasierforinvestorstoanalysetheGroup’sresultsandfinancialstructure.Investorsshouldseethisinformationasacomplementto,ratherthanareplacementfor,financialreportinginaccordancewithIFRS.

adjusted net sales, organic growth Q4 FULL YEAR

ADJUSTED nET SALES 2016 2015 2016 2015

Netsales 673.7 666.7 1.1% 2,676.0 2,693.5 -0.6%Currencyeffectcurrentperiod -26.4 – – -15.9 – –Adjusted net sales 647.3 666.7 -2.9% 2,660.1 2,693.5 -1.2%

Whencalculatingadjustednetsales,organicgrowth,netsalesareadjustedusingcurrencyeffectsofthecurrentperiodandifnecessarywithnetsalesfromcompletedacquisitions.Thismeasurementgivesafigureforcomparingnetsaleswiththepreviousyear.

earnings before depreciation, ebitda Q4 FULL YEAR

EARnIngS BEFORE DEPREcIATIOn (EBITDA) 2016 2015 2016 2015

Operatingearnings(EBIT) 51.9 47.4 4.5 200.1 165.0 35.1Depreciationandamortisation 19.4 16.5 2.9 71.1 60.0 11.1Earnings before depreciation (EBITDA) 71.3 63.9 7.4 271.2 225.0 46.2

Whencalculatingoperatingearningsexcludingdepreciation(EBITDA),depreciationandimpairmentsarereturnedtooperatingearnings(EBIT).Thismeasurementprovidesafigureforoperatingearningsexcludingdepreciationwhichareinturnbasedoninvestments.

adjusted operating earningsQ4 FULL YEAR

ADJUSTED OPERATIng EARnIngS 2016 2015 2016 2015

Operatingearnings(EBIT) 51.9 47.4 4.5 200.1 165.0 35.1Capitalgainfromsaleoftangiblefixedassets – -4.0 4.0 – -7.8 7.8Adjusted operating earnings 51.9 43.4 8.5 200.1 157.2 42.9

Whencalculatingadjustedoperatingearnings(EBIT),non-recurringitemsarereturnedtooperatingearnings(EBIT).Thismeasurementprovidesafigureforoperatingearningsexcludingnon-recurringitems,whichmayaffectcomparability.

adjusted earnings after taxQ4 FULL YEAR

ADJUSTED EARnIngS AFTER TAx 2016 2015 2016 2015

Earningsaftertax 37.3 24.3 13.0 146.5 110.9 35.6Capitalgainfromsaleoftangiblefixedassets – -4.0 4.0 – -7.8 7.8Adjusted earnings after tax 37.3 20.3 17.0 146.5 103.1 43.4

Whencalculatingadjustedearningsaftertax,non-recurringitemsaftertaxarereturnedtoearningsaftertax.Thismeasurementprovidesafigureforearningsaftertaxexcludingnon-recurringitems,whichmayaffectcomparability.

Q4 2016 13

REcOncILIATIOn BETwEEn IFRS AnD USED KEY InDIcATORS

adjusted earnings per share Q4 FULL YEAR

ADJUSTED EARnIngS PER SHARE 2016 2015 2016 2015

Earningsaftertaxattributabletoparentcompanyshareholders 37.2 27.2 10.0 148.1 116.8 31.3Capitalgainfromsaleoftangiblefixedassetsaftertaxattributabletoparentcompanyshareholders – -2.5 2.5 – -6.4 6.4Adjusted earnings after tax attributable to parent company shareholders 37.2 24.7 12.5 148.1 110.4 37.7Weightedoutstandingordinaryshares 20,359.7 20,457.6 -97.9 20,359.7 20,829.5 -469.8Adjusted earnings per share 1) 1.82 1.21 0.61 7.27 5.30 1.971) Attributable to parent company shareholders.

Whencalculatingadjustedearningsaftertaxattributabletotheparentcompany,non-recurringitemsaftertaxattributabletotheparentcompanyarereturnedtoearningsaftertaxattributabletotheparentcompany.Thismeasurementprovidesafigureforearningspershareexcludingnon-recurringitems,whichmayaffectcomparability.

adjusted net cash/net debt

ADJUSTED nET cASH / nET DEBT 31-12-2016 31-12-2015

Netcash(+)/netdebt(-),MSEK 30.4 -176.0Adjustedforinterestbearingliabilitiesrelatedtofinancialleaseagreements 37.8 38.3Adjusted net cash(+)/net debt(-), MSEK 68.2 -137.7

Whencalculatingadjustednetcash/netdebt,interest-bearingdebtattributabletofinancialleasesisdeductedfromnetcash/netdebt.Thismeasurementprovidesafigureforarefinedfinancialstructureexcludingleaseliabilities.

Q4 2016 14

IncOME STATEMEnT, PAREnT cOMPAnY Q4 FULL YEAR

SEK MILLIOn 2016 2015 2016 2015

Netsales 6.0 10.0 -4.0 27.9 27.0 0.9Gross profit 6.0 10.0 -4.0 27.9 27.0 0.9Administrativeexpenses -8.6 -9.8 1.2 -39.1 -36.0 -3.1Operating earnings -2.6 0.2 -2.8 -11.2 -9.0 -2.2Interestexpensesandsimilaritems -1.9 -2.5 0.6 -8.4 -10.0 1.6Earnings after financial items -4.5 -2.3 -2.2 -19.6 -19.0 -0.6Appropriations 174.0 120.0 54.0 174.0 120.0 54.0Earnings before tax 169.5 117.7 51.8 154.4 101.0 53.4Taxonperiod’searnings -37.4 -26.0 -11.4 -34.3 -22.6 -11.7Earnings after tax 132.1 91.7 40.4 120.1 78.4 41.7

BALAncE SHEET, PAREnT cOMPAnY SEK MILLIOn 31-12-2016 31-12-2015

ASSETS

Fixed assets

Intangiblefixedassets 1.1 1.1Tangiblefixedassets 1.3 1.7Total intangible and tangible fixed assets 2.4 2.8

Financial fixed assets

ParticipationsinGroupcompanies 1,382.5 1,382.5Deferredtaxassets 19.3 53.6Othernon-currentreceivables 0.3 0.4Total financial fixed assets 1,402.1 1,436.5Total fixed assets 1,404.5 1,439.3

Current assets

CurrentreceivablesfromGroupcompanies 174.1 120.2Othercurrentreceivables 2.1 2.5Cashandcashequivalents – 1.1Total current assets 176.2 123.8Total assets 1,580.7 1,563.1

EQUITY AND LIABILITIES

Equity

Restrictedequity 110.1 110.1Non-restrictedequity 1,044.6 990.7Total equity 1,154.7 1,100.8

Non-current liabilities

Non-currentliabilitiestoGroupcompanies 345.6 328.4Total non-current liabilities 345.6 328.4

Current liabilities

CurrentliabilitiestoGroupcompanies 67.0 121.1Othercurrentliabilities 13.4 12.8Total current liabilities 80.4 133.9Total equity and liabilities 1,580.7 1,563.1

Pledgedassets 1,382.5 1,382.5Contingentliabilities 6.5 6.6

REcOncILIATIOn BETwEEn IFRS AnD USED KEY InDIcATORS

Q4 2016 15

future financial report dates 25 April 2017 Interimreport,Janyary–March201712 July 2017 Halfyearreport,January–June201726 October 2017 Interimreport,January–September20178 February 2018 Fullyearreport,January–December2017

ThereportsareavailableonBulten’swebsite,www.bulten.comasoftheabovedates. contactForfurtherinformation,pleasecontactKamillaOresvärd,SeniorVicePresidentCorporateCommunicationsTel:+46317345900,e-mail:kamilla.oresvard@bulten.com

invitation to presentationInvestors,analystsandmediaareinvitedtoparticipateintheteleconferenceonFebrary9at15.30CETwhenthereportwillbepresentedbyTommyAndersson,PresidentandCEOandHelenaWennerström,ExecutiveVicePresidentandCFO.

ThepresentationwillbeheldinEnglishandcanbefollowedliveviathelink:https://wonderland.videosync.fi/bulten-q4-report-2016.Itwillalsobepossibletotakepartoftheaudiocastafterwardsatthesameaddressoratwww.bulten.com/ir.

Toparticipateintheteleconference,pleasecall5minutesbeforetheopeningtoSE:+46856642509,UK:+442030089807US:+18558315945.

ThisinformationisinformationthatBultenAB(publ)isobligedtomakepublicpursuanttotheEUMarketAbuseRegulation.Theinformationwassubmittedforpublication,throughtheagencyofthecontactpersonsetoutabove,at13.30CETonFebruary9,2017.

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 offers a Full Service Provider concept or parts thereof. The company was founded in 1873, has some 1,300 employees in nine countries and head office in Gothenburg. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com

Bulten AB (publ) Box9148,SE-40093Göteborg,SwedenVisitingaddress:AugustBarksGata6ATel+46317345900,Fax+46317345909www.bulten.com

JAnUARY – DEcEMBER 2016

Bulten has positioned itself with technology for electric cars and hybrids, among oter things by developing its cooperation with one of the world’s largest electric car producers and been appointed Certified Preferred Supplier.