Strong organic growth and substantially improved earn-ings. Restructuring of the foundry operation completed

FIRST QUARTER•NetsalesreachedSEK906million(708),up28.1%onthesameperiodlastyear.• Earnings(EBIT)adjustedfornon-recurringitemswereSEK46million(19),whichcorrespondsto

anadjustedoperatingmarginof5.1%(2.7).• Earnings(EBIT)reachedSEK63million(19),whichcorrespondstoanoperatingmarginof7.0%(2.7).• ProfitaftertaxwasSEK44million(6)andSEK30million(6)whenadjustedfornon-recurring

itemsrelatedtorestructuringofthefoundrybusiness.•OrderbookingsamountedtoSEK963million(820),up17.5%onthesameperiodlastyear.• CashflowfromcurrentactivitieswasSEK-30million(51),mainlyattributabletothemajor

expansionofdivisionBulten.• EarningspersharewasSEK2.10(0.28).Adjustedfornon-recurringitems,earningspershare

wasSEK1.46(0.28).• TheSwedishaluminiumbusinesswithintheFinnvedenMetalStructuresdivisionhasbeensold.

“Our positive sales trend, order bookings and earnings continued at the start of the year. During the quarter we focused on the start up of the new, major FSP contracts in the Bulten division. The division has extensive experience of starting and running FSP contracts and the phasing in of the first contract has gone well and according to plan. Another significant contract will start in Q2 and full volumes for both contracts are expected in 2015. Start up costs related to the new business amounted to approximately SEK 7 million during the quarter. We have finalized the restructuring of the casting business in the Finnveden Metal Structures division. All magnesium casting has been consolidated to Poland and the aluminium foundry business has now been divested, which also provided positive results over the quarter. The profitability of Finnveden Metal Structures has been strengthened thanks to increased volumes and rationalization measures carried out. The work with evaluating a split of the Group in 2014 has been intensified. The Board and the management team are favourable to dividing the business and expect this to improve the divisions’ future opportunities and provide shareholders with added value over time.”

Johan Westman, President and CEO

inteRim RepoRt JanuaRy–maRch 2014

INTERIMREPORTJANUARY-MARCH2014 3

AdjUSTEd

AdjUSTEd AdjUSTEd

64% 36%

BULTEN FINNVEDENMETALSTRUCTURES

REpoRTEd

REpoRTEd

AdjUSTEd

REpoRTEd

NET SALES

NET MARGIN

opERATING EARNINGS

opERATING MARGIN

EARNINGS AFTER TAx

NET SALES pER dIVISIoN

2 INTERIMREPORTJANUARY-MARCH2014

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Group summaryMarketOftheGroup’stotalnetsales,around82%isattributabletovehicleproducers(OEMs)andaround18%totheirsub-suppliersandtoothersectors.Deliveriesforlightvehicles(carsandlightcommercialvehicles)currentlyaccountfor79%ofFinnveden-Bulten’sincomewhileheavycommercialvehiclesaccountfor21%.

InQ1,FinnvedenBultennotedcontinuedimprovementindemand.Inthesegmentforheavycommercialvehicles,thenewEUROVIemissionsdirective,whichcameintoeffecton1January2014,hadapre-buyeffectthatimpactedpositivelyonsalesinQ42013.ThiswastosomeextentbalancedoutinQ12014byanega-tiveeffectwhichisalsoexpectedtoaffectthesecondquarterinasimilarway.

AccordingtotheLMCAutomotivesforecastfromQ12014,annualproductionoflightvehiclesinEuropeisexpectedtohaverisenby1.5%andannualproductionofheavyvehiclestohaverisenby0.9%in2014comparedwith2013.WeightedforFinnvedenBulten’sexposure,thismeansanincreaseofaround1.4%.

outlook for 2014TheBultendivisionhasgrownstronglyandhasaclearfocusonorganicgrowthinEurope,RussiaandChina.Theconditionsforcontinuedorganicgrowthontheglobalautomarketarecontinedgood.ThroughstructuralmeasureswithinFinnvedenMetalStruc-tures,thedivisionhascutitsoperatingcostsandstrengtheneditscompetitiveness,whichhasalsocreatedimprovedpossibilitiesfororganicgrowthandacquisitionsinthefuture.

ToestablishfurtherbusinessfocusandclarifythevalueineachdivisionasplitoftheGroupin2014isbeingevaluated.Thisevalu-ationhasbeenintensifiedoverthequarterandtheBoardandmanagementbelievethatdividingtheGroupispositive.AsplitoftheGroupisexpectedtoimprovethedivisions’futureprospectsandprovideshareholderswithaddedvalueoverthelongterm.

order bookings and net sales OrderbookingswereSEK963.0million(819.9),anincreaseof17.5%comparedwiththecorrespondingperiodlastyear.TheincreaseisattributabletonewcontractsfromtheBultendivision.

NetsalesfortheGrouptotalledSEK906.0million(707.5),anincreaseof28.1%comparedwiththecorrespondingperiodlastyear.Adjustedforcurrencyeffects,organicgrowthwas24.6%comparedwiththecorrespondingperiodlastyear.

0

200

400

600

800

1,000

0

2011 2012 2013 2014

SEKm SEKm

1,000

800

600

400

200

Net sales Order intake

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

SEK 906MILLIoN SEK 46MILLIoN

5.1%

SEK 30MILLIoN

3.3%

SEK44MILLIoN

4.8%7.0%

REpoRTEd SEK63MILLIoN

FINANCIAL SUMMARY (SEK m)

INTERIMREPORTJANUARY-MARCH2014 32 INTERIMREPORTJANUARY-MARCH2014

Jan - march12-month

rolling Full year

2014 2013 april 2013 - march 2014 2013

Netsales 906.0 707.5 28.1% 3,252.5 3 054.0 6.5%

Grossprofit 149.3 104.7 44.6 530.8 486.2 44.6

Earningsbeforedepreciation(EBITDA) 82.9 38.5 44.4 239.1 194.7 44.4

Adjustedearningsbeforedepreciation(EBITDA) 65.5 38.5 27.0 245.5 218.5 27.0

Operatingearnings(EBIT) 63.5 19.3 44.2 150.0 105.8 44.2

Operatingmargin,% 7.0 2.7 4.3 4.6 3.5 1.1

Adjustedoperatingearnings(EBIT) 46.1 19.3 26.8 171.4 144.6 26.8

Adjustedoperatingmargin,% 5.1 2.7 2.4 5.3 4.7 0.6

Earningsaftertax 43.9 5.9 38.0 126.2 88.2 38.0

Adjustedearningsaftertax 30.3 5.9 24.4 115.8 91.4 24.4

Orderbookings 963.0 819.9 17.5% 3,426.0 3,282.9 4.4%

Returnoncapitalemployed,% – – – 10.6 7.8 2.8

Adjustedreturnoncapitalemployed,% – – – 12.0 10.6 1.4

Earnings and profitabilityTheGroup’sgrossprofitwasSEK149.3million(104.7),correspond-ingtoagrossmarginof16.5%(14.8).Earningsbeforedepreciation(EBITDA)wereSEK82.9million(38.5),correspondingtoanEBITDAmarginof9.2%(5.4).Adjustedfornon-recurringitems,earningsbeforedepreciationwereSEK65.5million(38.5),cor-respondingtoanadjustedEBITDAmarginof7.2%(5.4).

Earnings(EBIT)wereSEK63.5million(19.3),correspondingtoanoperatingmarginof7.0%(2.7).Adjustedfornon-recurringitems,EBITwasSEK46.1million(19.3),correspondingtoanadjustedoperatingmarginof5.1%(2.7).Non-recurringitemsofSEK17.4millionrelatingtotherestructuringprogrammetorefinethefoundrybusinessaffectedtheoperatingearningsoverthequarter.Duringthequarter,wehadstartupcostsrelatedtothenewbusinessofapproximatelySEK7million.

NetfinancialitemsintheGroupwereSEK-4.9million(-10.6).FinancialincomewasSEK0.2million(-).FinancialcostswereSEK-5.1million(-10.6),mainlycomprisinginterestcostsofSEK-3.8million(-3.6)andotherfinancialcostsofSEK-1.3million(-0.3)andlastyearalsoincludedcurrencylossesofSEK-6.7million.

TheGroup’sprofitbeforetaxwasSEK58.6million(8.7)andtheprofitaftertaxwasSEK43.9million(5.9).

Cash flow, working capital, investments and financial positionCashflowfromoperatingactivitiestotalledSEK-30.4million(51.5).CashfloweffectsofchangesinworkingcapitalamountedtoSEK-77.5million(24.6).InventoriesincreasedovertheperiodbySEK6.0million(-21.8),whileoperatingreceivablesincreasedbySEK77.1million(41.8).Cashflowhasbeennegativelyaffecteddue

tonetworkingcapitalincreaseattributabletothemajorexpan-sionofdivisionBulten.

CashflowfrominvestingactivitieswereSEK45.5million(29.7).InvestmentsofSEK44.2million(28.2)relatedtomachineryandequipment,whereofSEK17.2millionarerelatedtotheRussianoperation.ThecorrespondingsumforintangiblefixedassetswasSEK1.3million(1.5).SaleoffixedassetsamountedtoSEK15.3million(2.0)ofwhichSEK15.0millionrelatetothedivestmentofthealuminiumbusiness.

Attheendoftheperiod,thenetdebtamountedtoSEK250.2million(231.0)ofwhichcashandcashequivalentsamountedtoSEK131.7million(68.9).

4 INTERIMREPORTJANUARY-MARCH2014 INTERIMREPORTJANUARY-MARCH2014 5

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Division

BULTEN• NetsalesinQ1rosebySEK163million,up38.9%onthesameperiodlastyear.• OperatingearningsinQ1amountedtoSEK34million(20).• InQ1Bultenstarteddeliveriesforanew,majorFSPcontractandanotherisexpectedtostartdeliveriesinQ2.

SEK34MILLIoN SEK 581MILLIoN 5.8%

Bulten is one of the leading suppliers of fasteners to the European automotive industry. The company’s product range includes everything from customer-specific standard products to specialist, customized fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof.

TheBultendivisioniscontinuingitsincreasedsalestrend,improvedprofitabilityandstrongorderbookings.Thedivisioncontin-uestogainmarketshares,mainlywithintheframeworkofitsFullServiceProviderconcept.

Bultenisexpectedtoachieveconsider-ableorganicgrowthfromnewbusiness(anuallyworthofapproximatelySEK500millionatfullpace)signedin2013andfromtheplannedproductionstartinRussia.

ThedivisionhashadamajorfocusonthestartofthenewandsignificantFSPcontractsduringthequarter.ThedivisionhasextensiveexperienceofstartingandrunningFSPcontractsandthephasinginofthefirstcontracthasgonewellandaccord-ingtoplan.AnothersignificantcontractwillstartinQ2andfullvolumesforbothcon-tractsareexpectedin2015.

Marginimprovementsareexpectedwhenthenewcontractsarefullyimple-mentedandanoptimizationofthedealshasbeencarriedout.

ThepreviousestimateconcerningstartupcostsforthesecontractsofaroundSEK15millionforQ12014remainunchanged,ofwhicharoundSEK7millionaffectedresultsinQ1.TheincreasedvolumeswillalsomeananeedtofurtherinvestinmachineryandequipmentbyaroundSEK25million,andoperatingcapitaltiedupofaround20%oftheincreasedannualearnings.ThebuildupofworkingcapitaltookplaceinQ1toalargeextent.

PreparationsforproductionstartinRussiaareongoingwithplannedadditionstomachinery.Interestamongpotentialnewcustomers,bothdomesticandinterna-tional,remainsstrong.Bulten’sbusinessactivityinRussiaisajointventurecompanywiththeRussiancompanyGAZ.Thecom-panywillinitiallymainlysupplytheRussianautomotiveindustry.ThepoliticalsituationinthecountryhasnotalteredtheplantoestablishandstartupwithdeliveriesinQ32014.

First quarterOrderbookingsamountedtoSEK632.0million(485.6),up30.1%comparedwiththesameperiodlastyear.

NetsalesreachedSEK581.5million(418.6),up38.9%comparedwiththesameperiodlastyearandup33.8%whenadjustedforcurrencyeffects.Thesignifi-cantincreaseinorderbookingsoverthequarterwasconvertedtodeliveriesinQ1.

Earningsbeforedepreciation(EBITDA)reachedSEK45.0million(31.2),corre-spondingtoanEBITDAmarginof7.7%(7.5).

Operatingearnings(EBIT)wereSEK34.0million(20.1),correspondingtoanoperatingmarginof5.8%(4.8).

Bulten develops and processes products aimed at minimizing workload during component assembly, thereby cutting overall costs for customers. The picture shows an example of these types of products.

EBITNET SALES opERATING MARGIN

FINANCIAL SUMMARY (SEK m)Jan - march

12-month rolling Full year

2014 2013 april 2013 - march 2014 2013

Netsales 581.5 418.6 38.9% 1,967.3 1,804.4 9.0%Earningsbeforedepreciation(EBITDA) 45.0 31.2 13.8 169.6 155.8 13.8Operatingearnings(EBIT) 34.0 20.1 13.9 126.2 112.9 13.3Operatingmargin,% 5.8 4.8 1.0 6.4 6.3 0.1Orderbookings 632.0 485.6 30.1% 2,157.9 2,011.5 7.3%

4 INTERIMREPORTJANUARY-MARCH2014 INTERIMREPORTJANUARY-MARCH2014 5

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FINNVEDEN METAL STRUCTURES

• NetsalesinQ1rosebySEK36million,up12.4%onthesameperiodlastyear.• OperatingearningsinQ1wereSEK31million(-1),orSEK14million(-1)whenadjustedfornon-recurringitems.• Completedrestructuringofthefoundrybusinesshasstrengthenedgeneratedearnings.• ThesaleoftheSwedishaluminiumbusinesswascompletedwithapositiveeffectonoperatingearnings.

Finnveden Metal Structures mass-produces steel and magnesium components or a combination of both. The main manufacturing processes include stamping, die casting and joining. The components are included in interiors, chassis and bodywork parts in the automotive industry, but also in customer- specific components in general industry.

NetsalesforFinnvedenMetalStructuresdivisonimprovedby12.4%comparedwiththesameperiodlastyear.ResultsalsoimprovedinQ1asaresultofincreasedvolumes,restructuringandrationalizationmeasures.Inaddition,thesaleofthedivi-sion’saluminiumbusinesshadapositiveimpact.

Allmagnesiumcastingisnowconsoli-datedtothedivision’sfoundryinPoland.Thealuminiumbusinesswassoldasplannedduringthequarterandwill,asfromQ2andonwards,nolongerbeincludedintheGroup’saccounts.

Thedivision’sreportedoperatingearn-ingsforQ1amountedtoSEK30.9million(-0.5).Adjustedfornon-recurringitemsrelatedtotherestructuringofthefoundrybusinesstheoperatingearningsamountedtoSEK13.5million.ThedivestedaluminiumbusinesscontributedwithnetSEK14.7millionduringthequarter.Excludingthenet

contributiontheoperatingearningsfortheremainingbusinessamountedtoSEK16.2million.

ThroughstructuralmeasureswithinFinnvedenMetalStructures,thedivisionhasstrengtheneditscompetitivenessandpositioninEuropeandimprovedfuturepossibilitiesfororganicgrowthandacquisi-tions.

First quarterOrderbookingsamountedtoSEK331.8million(336.1),down1.3%comparedwiththesameperiodlastyear.Orderbookingsarenegativelyaffectedbythephaseoutofthealuminiumbusiness.

NetsalesreachedSEK326.4million(290.4),up12.4%onthesameperiodlastyear,andup11.3%whenadjustedforcur-rencyeffects.

Earningsbeforedepreciation(EBITDA)reachedSEK39.3million(7.5),correspond-

ingtoanEBITDAmarginof12.0%(2.6).Adjustedfornon-recurringitems,earningsbeforedepreciationamountedtoSEK21.9million(7.5),correspondingtoanadjustedEBITDAmarginof6.7%(2.6).

Operatingearnings(EBIT)wereSEK30.9million(-0.5),correspondingtoanoperatingmarginof9.5%(-0.2).Adjustedfornon-recurringitems,EBITwasSEK13.5million(-0.5),correspondingtoanadjustedoperatingmarginof4.1%(-0.2).

Cabriolet frame. Cast lightweight magnesium. Helps make a light, safe and quiet roofing solution for cars in the premium segment.

SEK326MILLIoN 4.1%SEK14MILLIoN AdjUSTEd

REpoRTEd

AdjUSTEd

REpoRTEd

NET SALES opERATING MARGINEBIT

FINANCIAL SUMMARY (SEK m)Jan - march

12-month rolling Full year

2014 2013 april 2013 - march 2014 2013

Netsales 326.4 290.4 12.4% 1,292.5 1,256.5 2.9%

Earningsbeforedepreciation(EBITDA) 39.3 7.5 31.8 74.6 42.8 31.8

Adjustedearningsbeforedepreciation(EBITDA) 21.9 7.5 14.4 81.0 66.6 14.4

Operatingearnings(EBIT) 30.9 -0.5 31.4 28.3 -3.1 31.4

Operatingmargin,% 9.5 -0.2 9.7 2.2 -0.2 2.4

Adjustedoperatingearnings(EBIT) 13.5 -0.5 14.0 49.7 35.7 14.0

Adjustedoperatingmargin,% 4.1 -0.2 4.3 3.8 2.8 1.0Orderbookings 331.8 336.1 -1.3% 1,274.5 1,278.8 -0.3%

SEK31MILLIoN 9.5%

INTERIMREPORTJANUARY-MARCH2014 76 INTERIMREPORTJANUARY-MARCH2014

Accounting principlesThisconsolidatedinterimreporthasbeendrawnupinaccordancewithIAS34(InterimFinancialReporting)andtheSwedishannualaccountsact.ThefinancialstatementfortheparentcompanyhasbeendrawnupinaccordancewithRFR2(Reportingforlegalentities)oftheSwedishFinancialAccountingStandardsCouncil.

Witheffectfromthefirstquarterof2014,FinnvedenBultenisapplyingIFRS11“Jointarrangements.”ThechangeinaccountingpolicymeanstheGroup’sjointventure(currently60percentofBBBServiceLtdanditssubsidiaries)isaccountedforundertheequitymethodinsteadoftheproportionalconsolidationmethod.Thenewprincipleaffectsfinancialstatementsretroactively,whichiswhyarestatementofthefinancialstatementsfor2013hasbeenmade.Theeffectsoftherestatementarepresentedonpage11.Notransitioneffectarisesfromequityintheopeningbalanceon1January2013.Otherwise,theaccountingprinciplesareunchanged.

Risks and risk management ExposurestooperationalandfinancialrisksareanaturalpartofbusinessactivityandthisisreflectedinFinnvedenBulten’sapproachtoriskmanagement.Thepurposeistoidentifyandpreventrisksandlimitanydamagethatmayresult.ThemainrisksthattheGroupisexposedtorelatetotheimpactofthebusinesscycleondemand,suppliesofrawmaterialsandtheirpricevariations,aswellasgeneraleconomicfactors.Foramoredetaileddescriptionoftheserisks,seeNote3,Risksandriskmanagement,ofthecompany’s2013annualreport.

Seasonal variationsFinnvedenBultenisnotexposedtotraditionalseasonalvariations.Theyearreflectscustomers’productiondays,whichvarybetweenquar-ters.ThelowestnetsalesandoperatingearningsnormallyoccurinQ3,wheretherearefewestproductiondays.Theotherquartersarerelativelyevenalthoughvariationsmayoccur.

Transaction with related partiesNotransactionsweremadewithrelatedpartiesduringthereportingperiod.Forfurtherinformation,seenote39ofthe2013annualreport.

Financial targets•TheGroup’stargetistoachieveprofitableorganicgrowthandto

growmorestronglythantheindustryingeneral.•TheGroup’stargetisthattheoperatingmarginshallbeatleast

seven(7)percent.•TheGroup’stargetisthatthereturnonaverageworkingcapital

shallbeatleastfifteen(15)percent.

EmployeesThetotalnumberofemployeesintheGroupamountedontheclosingdayto1,931(1,801).

Contingent liabilities Duringthereportperiodtherewasnosignificantchangeincontin-gentliabilities.

parent company FinnvedenBultenAB(publ)owns,directlyorindirectly,allthecompa-niesintheGroup.Theequity/assetsratiowas79.9%(82.3).EquitywasSEK1,184.9million(1,204.1).Disposablecashandcashequiva-lentsintheparentcompanytotalledSEK4.0(10.5)million.Thecompanyhad8employeesontheclosingday.

Important events after the end of the interim periodTherewerenosignificanteventstoreportaftertheclosing.

Auditor’s verificationThisreporthasnotbeenverifiedbythecompany’sauditor.

Göteborg,29April2014FinnvedenBultenAB(publ)

JohanWestmanPresident and CEO

other information

INTERIMREPORTJANUARY-MARCH2014 76 INTERIMREPORTJANUARY-MARCH2014

HeadofficeTradingcompanyProductionSales/logisticscentreDevelopmentAssembly

FinnvedenBulten’s footprint

pRodUCTIoN•ProductiontakesplacemainlyinWesternandEasternEuropewith

significantlow-costproductioninPolandandChina.•LeanandwellpositionedmanufacturingfacilitiesinEuropeand

Asia.

EURopE

ChINA

INTERIMREPORTJANUARY-MARCH2014 98 INTERIMREPORTJANUARY-MARCH2014

conSoliDateD income Statement

Jan - march12-month

rolling Full year

SeK million 2014 2013april 2013 - mars 2014 2013

Netsales 906.0 707.5 198.5 3,252.5 3,054.0Costofgoodssold -756.7 -602.8 -153.9 -2,721.7 -2,567.8Gross profit 149.3 104.7 44.6 530.8 486.2

Otheroperatingincome 29.3 9.4 19.9 49.1 29.2Sellingexpenses -48.0 -37.0 -11.0 -165.8 -154.8Administrativeexpenses -63.7 -55.5 -8.2 -226.8 -218.6Otheroperatingexpenses -3.4 -3.0 -0.4 -32.2 -31.8ShareofprofitofJointVenture – 0.7 -0.7 -5.1 -4.4operating earnings Note1 63.5 19.3 44.2 150.0 105.8

Financialincome 0.2 – 0.2 0.7 0.5Financialexpenses -5.1 -10.6 5.5 -12.4 -17.9earnings before tax 58.6 8.7 49.9 138.3 88.4

Taxonperiod’searnings Note2 -14.7 -2.8 -11.9 -12.1 -0.2earnings after tax 43.9 5.9 38.0 126.2 88.2

Attributableto 44.3 5.9 38.4 126.7 88.3Parentcompanyshareholders -0.4 – -0.4 -0.5 -0.1Minorityinterests 43.9 5.9 38.0 126.2 88.2

non-recurring items in the periodNote1RestructuringofthediecastingbusinessImpairmentoffixedassets – – – -15.0 -15.0Restructuringprogram -7.8 – -7.8 -7.8 –Resultfromdivestment 25.2 – 25.2 1.4 -23.8total non-recurring items with effect on operating earning 1) 17.4 – 17.4 -21.4 -38.8

Note2Taxonperiod’searningsTaxeffectonrestructuringcost -3.8 – -3.8 4.7 8.5Deferredtaxonadditionaltaxlosscarryforward – – – 27.1 27.1total one-off effect on tax adjustment with effect on period’s earnings -3.8 – -3.8 31.8 35.6

Earningspershare,SEK2) 2.10 0.28 1.82 6.02 4.20Earningspershare,adjustedforone-offeffect,SEK2) 1.46 0.28 1.18 5.53 4.35Weightedoutstandingordinaryshares,0002) 21,040.2 21,040.2 – 21,040.2 21,040.2

1) Non-recurringitemsofSEK-7.8millionareaccountedasCostofgoodssoldandSEK25.2millionasOtheroperatingincomeinQ12014.DuringJan-Dec2013non-recurringitemsofSEK8.2millionareaccountedasCostofgoodssoldandOtheroperatingexpensesofSEK30.6millionwhereofSEK15.0millionasImpairmentoffixedassets.

2) Bothbeforeandafterdilution.

conSoliDateD Statement oF compRehenSive incomeJan - march

12-month rolling Full year

SeK million 2014 2013april 2013 - mars 2014 2013

Earningsaftertax 43.9 5.9 38.0 126.2 88.2Othercomprehensiveincome

Itemsthatwillnotbereclassifiedtoprofitorloss

Revaluationofdefinedbenifitpensionplannetaftertax – – – 0.8 0.8Itemsthatmaybereclassifiedsubsequentlytoprofitorloss

Derivativeinstruments,cashflowhedging,netaftertax – 0.5 -0.5 -1.4 -0.9 Exchangeratedifferences 0.3 -18.7 19.0 30.9 11.9total comprehensive income 44.2 -12.3 56.5 156.5 100.0Attributableto

Parentcompanyshareholders 44.6 -12.3 56.9 157.0 100.1Minorityinterests -0.4 – -0.4 -0.5 -0.1total comprehensive income 44.2 -12.3 56.5 156.5 100.0

INTERIMREPORTJANUARY-MARCH2014 98 INTERIMREPORTJANUARY-MARCH2014

conSoliDateD Balance Sheet

SeK million 31-03-2014 31-03-2013 31-12-2013

aSSetS

Fixed assets

Intangiblefixedassets1) 220.4 195.7 215.9Tangiblefixedassets 450.9 403.2 444.9Financialassets 144.2 108.0 147.0total fixed assets 815.5 706.9 807.8current assets

Inventories 532.5 472.6 526.5Currentreceivables 735.9 668.9 658.8Cashandcashequivalents 131.7 68.9 100.6total current assets 1,400.1 1,210.4 1,285.8total assets 2,215.5 1,917.3 2,093.6

eQuity anD liaBilitieS

equity

Equityattributabletoparentcompanyshareholders 1,133.2 1,018.3 1,088.6Minorityinterests 17.7 – 14.9total equity 1,150.9 1,018.3 1,103.5non-current liabilities

Non-currentinterest-bearingliabilitiesandprovisions 336.0 272.7 245.9Non-currentnon-interest-bearingliabilitiesandprovisions 6.0 2.1 3.7total non-current liabilities 342.0 274.8 249.6current liabilities

Interest-bearingcurrentliabilities 48.6 30.6 46.0Currentliabilities,non-interest-bearing 674.0 593.6 694.5total current liabilities 722.6 624.2 740.5total equity and liabilities 2,215.5 1,917.3 2,093.6Pledgedassets 1,533.0 1,365.9 1,491.5Contingentliabilities 49.6 80.0 50.0

1)WhereofgoodwillSEK196,3million(181,4).

conSoliDateD Statement oF chanGeS in eQuitySeK million 31-03-2014 31-03-2013 31-12-2013

Openingequity 1,030.5 1,030.6 1,030.6comprehensive income

Earningsaftertax 43.9 5.9 88.2Othercomprehensiveincome

Itemsthatwillnotbereclassifiedtoprofitorloss

Actuarialgainonpostemploymentbenifitobligationsaftertax – – 0.8Itemsthatmaybereclassifiedsubsequentlytoprofitorloss

Derivativeinstruments,cashflowhedging,netaftertax – 0.5 -0.9Exchangeratedifferences 0.3 -18.7 11.9total comprehensive income 44.2 -12.3 100.0transactions with shareholders

Minorityinterest 3.2 – 15.0Dividendpaidtoparentcompanyshareholders – – -42.1total transactions with shareholders 3.2 – -27.1closing equity 1,150.9 1,018.3 1,103.5

INTERIMREPORTJANUARY-MARCH2014 1110 INTERIMREPORTJANUARY-MARCH2014

conSoliDateD caSh Flow Statement

Jan - march Full year

SeK million 2014 2013 2013

operating activities

Earningsafterfinancialitems 58.6 8.7 88.4Adjustmentsforitemsnotincludedincashflow -3.4 25.2 106.0Taxespaid -8.1 -7.0 -25.6Cashflowfromoperatingactivitiesbeforechangesinworkingcapital 47.1 26.9 168.8cash flow from changes in working capital

Changeinworkingcapital -77.5 24.6 45.9Cashflowfromoperatingactivities -30.4 51.5 214.7

investing activities

Acquisitionofintangiblefixedassets -1.3 -1.5 -6.6Acquisitionoftangiblefixedassets -44.2 -28.2 -111.1Disposaloftangiblefixedassets 15.3 2.0 43.0Settlementoffinancialassets -0.9 0.2 0.5Cashflowfrominvestingactivities -31.1 -27.5 -74.2

Financing activities

Changeinoverdraftfacilitiesandotherfinancialliabilities 92.7 -3.9 -49.3Dividendpaidtoparentcompanyshareholders – – -42.1Cashflowfromfinancingactivities 92.7 -3.9 -91.4

cash flow for the period 31.2 20.1 49.1

Changeincashandcashequivalents 31.2 20.1 49.1Cashandcashequivalentsatstartoffinancialyear 100.6 50.5 50.5Exchangeratedifferenceincashandcashequivalents -0.1 -1.7 1.0Cashandcashequivalentsatendofperiod 131.7 68.9 100.6

conSoliDateD net DeBt compoSition

SeK million 31-03-2014 31-03-2013 31-12-2013

Non-currentinterest-bearingliabilities 314.5 251.5 225.0Provisionsforpensions 21.4 21.2 20.9Currentinterest-bearingliabilities 48.6 30.6 46.0Financialinterest-bearingliabilities -2.6 -3.4 -2.6Cashandcashequivalents -131.7 -68.9 -100.6net debt 250.2 231.0 188.7

INTERIMREPORTJANUARY-MARCH2014 1110 INTERIMREPORTJANUARY-MARCH2014

conSoliDateD SeGment RepoRtS

Jan - march 2014

SeK million BultenFinnveden

metal Structures other* the Group

Netsales 581.5 326.4 -1.9 906.0

Earningsbeforedepreciation(EBITDA) 45.0 39.3 -1.4 82.9

Adjustedearningsbeforedepreciation(EBITDA)1) 45.0 21.9 -1.4 65.6

Operatingprofit(EBIT) 34.0 30.9 -1.4 63.5

Operatingmargin,% 5.8 9.5 – 7.0

Adjustedoperatingmargin(EBIT)1) 34.0 13.5 -1.4 46.1

Adjustedoperatingmargin,%1) 5.8 4.1 – 5.1

Jan - march 2013

SeK million Bulten2)Finnveden

metal Structures other* the Group

Netsales 418.6 290.4 -1.5 707.5

Earningsbeforedepreciation(EBITDA) 31.2 7.5 -0.2 38.5

Operatingprofit(EBIT) 20.1 -0.5 -0.3 19.3

Operatingmargin,% 4.8 -0.2 – 2.7

* OtherincludesparentcompanyandGroupeliminations.1) AdjustmentrelatestorestructuringitemswithindivisionFinnvedenMetalStructuresofSEK17.4millionduringQ1.2) Adjustedforchangeofaccountingpolicyfromtheproportionateconsolidationmethodtotheequitymethodregardingthejointventure.Seesection”Changeinaccounting

policy-restatementofcomparativefigures”foradescriptionoftherevaluationeffect.

chanGe in accountinG policy - ReStatement oF compaRative FiGuReS

Witheffectfromthefirstquarterof2014,FinnvedenBultenisapplyingIFRS11“Jointarrangements.”ThechangeinaccountingpolicymeanstheGroup’sjointventureisaccountedforundertheequitymethodinsteadoftheproportionalconsolidationmethod.Thenewprincipleaffectsfinan-cialstatementsretroactively,whichiswhyarestatementofthefinancialstatementsfor2013hasbeenmadebelow.Thetablesshowtherestatedfiguresunderthenewprinciples,andthetranslationeffectarisingcomparedtopreviouslyreportedamounts.ThetranslationeffectisentirelyattributabletotheBultendivision.

SeK million Q1 2013Revaluation

effect Q2 2013Revaluation

effect Q3 2013Revaluation

effect Q4 2013Revaluation

effect

Netsales 819.8 -3.2 714.7 0.5 812.0 2.3 707.5 -1.9Grossresult 133.9 -3.5 112.9 -3.9 134.7 -6.0 104.7 -5.0Operatingprofit(EBIT) 40.7 0.1 24.7 0.3 21.1 0.3 19.3 -0.2Netresult 28.7 – 14.2 – 39.4 – 5.9 –

SeK million Jan-Dec 2013Revaluation

effect

Jan-Sept 2013Revaluation

effect Jan-June 2013Revaluation

effect Jan-march 2013Revaluation

effect

Netsales 3,054.0 -7.0 2,234.2 -3.7 1,519.5 -4.2 707.5 -1.9Grossresult 486.2 -18.4 352.3 -14.9 239.4 -11.0 104.7 -5.0Operatingprofit(EBIT) 105.8 0.5 65.1 0.4 40.4 0.1 19.3 -0.2Netresult 88.2 – 59.5 – 45.3 – 5.9 –

SeK million 31-12-2013Revaluation

effect 30-09-2013Revaluation

effect 30-06-2013Revaluation

effect 31-03-2013Revaluation

effect

Fixedassets 807.8 -1.8 731.5 -1.5 730.7 -1.4 706.9 -1.1Currentassets 1,285.8 15.1 1,241.7 16.8 1,242.8 15.1 1,210.3 15.9Totalequity 1,103.5 – 1,042.9 – 1,026.9 – 1,018.3 –Non-currentliabilities 249.6 – 273.1 – 252.3 – 274.8 –Currentliabilities 740.5 13.3 657.2 15.3 694.4 13.7 624.1 14.8

INTERIMREPORTJANUARY-MARCH2014 1312 INTERIMREPORTJANUARY-MARCH2014

income Statement, paRent company

Jan - march Full year

SeK million 2014 2013 2013

Netsales 6.9 6.7 27.2Costofgoodssold – – –Grossprofit 6.9 6.7 27.2

Administrativeexpenses -8.8 -7.5 -30.9Operatingearnings -1.9 -0.8 -3.7

Incomefromotherinvestmentsheldasfixedassets – – -4.5Interestexpensesandsimilaritems -2.6 -2.5 -10.5Earningsafterfinancialitems -4.5 -3.3 -18.7Appropriations – – 15.5Earningsbeforetax -4.5 -3.3 -3.2

Taxonearningsfortheyear1)2) 1.4 0.7 26.6earnings after tax -3.1 -2.6 23.5

1) DeferredtaxrevenuefromadditionaltaxlossesofSEK27.1millionwasreportedintheperiodJanuary-December2013.

Balance Sheet, paRent company

SeK million 31-03-2014 31-03-2013 31-12-2013

aSSetS

Fixedassets

Tangiblefixedassets

Equipment 0.2 0.2 0.2Totaltangiblefixedassets 0.2 0.2 0.2Financialfixedassets

ParticipationsinGroupcompanies 1,382.5 1,381.3 1,382.5Deferredtaxassets 76.9 49.6 75.5Othernon-currentreceivables 0.6 5.5 0.7Totalfinancialfixedassets 1,460.0 1,436.4 1,458.7Totalfixedassets 1,460.2 1,436.6 1,458.9Currentassets

Currentreceivables 18.2 16.5 18.1Cashandcashequivalents 4.0 10.5 4.1Totalcurrentassets 22.2 27.0 22.2total assets 1,482.4 1,463.6 1,481.1

eQuity anD liaBilitieS

Equity 1,184.9 1,204.1 1,188.0Non-currentliabilities

LiabilitiestoGroupcompanies 283.1 249.0 280.6Totalnon-currentliabilities 283.1 249.0 280.6Currentliabilities

Othercurrentliabilities 14.4 10.5 12.5Totalcurrentliabilities 14.4 10.5 12.5total equity and liabilities 1,482.4 1,463.6 1,481.1

Pledgedassets 1,382.5 1,385.7 1,382.5Contingentliabilities 12.8 45.5 13.4

INTERIMREPORTJANUARY-MARCH2014 1312 INTERIMREPORTJANUARY-MARCH2014

Instrument panel structure to passenger car.

INTERIMREPORTJANUARY-MARCH2014 1514 INTERIMREPORTJANUARY-MARCH2014

conSoliDateD Key inDicatoRS

the GRoup

Jan - march Full year

2014 2013 2013

margins EBITDAmargin,% 9.2 5.4 6.4AdjustedEBITDAmargin,% 7.2 5.4 7.2EBITmargin(operatingmargin),% 7.0 2.7 3.5AdjustedEBITmargin(operatingmargin),% 5.1 2.7 4.7Netmargin,% 4.8 0.8 2.9Adjustednetmargin,% 3.3 0.8 3.0capital structure

Interestcoverageratio,times 12.6 1.8 5.9Data per share

Earningspershare,SEK*) 2.10 0.28 4.20Earningspershare,adjustedforone-offeffects,SEK*)1) 1.46 0.28 4.35number of outstanding ordinary shares

Weightedoutstandingordinaryshares,000*) 21,040.2 21,040.2 21,040.2

the GRoup 31-03-2014 31-03-2013 31-12-2012

capital structure

Netdebt/equityratio,times 0.2 0.2 0.2Equity/assetsratio,% 51.9 54.2 52.7other

Netdebt,SEKm 250.2 231.0 188.7

the GRoup, 12 months rolling

12-month rolling Full year

april 2013 - mars 2014

april 2012 - mars 2013 2013

Return indicators

Returnoncapitalemployed,% 10.6 6.1 7.8Adjustedreturnoncapitalemployed,%5) 12.0 6.1 10.6Returnonequity,% 11.8 1.9 8.3Adjustedreturnonequity,%2) 10.8 3.7 8.6capital structure

Capitalturnover,times 2.3 2.1 2.2employees

Netsalesperemployee,SEK‘000 1,694.4 1,590.2 1,662.5Operatingprofit/lossperemployee,SEK‘000 77.7 45.8 57.6Averageno.ofemployeesonclosingdate 1,931 1,801 1,837

*)Referstobothbeforeandafterdilution.

DeFinitionS Definitionsofkeyindicatorsareunchangedcomparedwiththoseusedinthe2013annualreport.Otherkeyindicatorsnotusedintheannualreportareexplainedbelow.1)Earningspershareadjustedfornon-recurringitems:Netearningsadjustedfornon-recurringitemsdividedbythenumber

ofweightedoutstandingordinarysharesontheclosingday.Currentanddeferredtaxisconsideredforalladjusteditems.2)Adjustedreturnonequity:Netearningsadjustedfornon-recurringitemsdividedwithaverageequity.3)Netdebt/AdjustedEBITDA:NetdebtdividedwithEarningsbeforedepreciation(EBITDA)adjustedwithnonrecurringitems.4)Adjustedoperatingearnings:Operatingearningsadjustedfornon-recurringcosts.5)Adjustedreturnoncapitalemployed:Earningsafterfinancialitemsplusfinancialcostsandnon-recurringcostsasapercentage

ofaveragecapitalemployed.6)Adjustedearningsbeforedepreciation(EBITDA):Earningsbeforedepreciation(EBITDA)adjustedwithnon-recurringitems.7)Thecomparativefiguresfor2012havenotbeenrestatedregardingthenewaccountingpolicyforjointventures,becausetheconversion

effectsarenotdeemedtobesignificant.

INTERIMREPORTJANUARY-MARCH2014 1514 INTERIMREPORTJANUARY-MARCH2014

conSoliDateD QuaRteRly Data

2014 2013 20127)

the GRoup Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

Orderbookings 963.0 927.4 709.4 826.2 819.9 577.8 609.7 780.7 864.7income statement

Netsales 906.0 819.8 714.7 812.0 707.5 676.7 649.3 830.4 807.1Grossearnings 149.3 133.9 112.9 134.7 104.7 92.7 92.3 128.7 132.9Earningsbeforedepreciation(EBITDA) 82.9 56.7 44.7 54.8 38.5 30.9 30.6 59.3 59.0Adjustedearningsbeforedepreciation(EBITDA)6) 65.5 60.7 48.9 70.4 38.5 30.9 30.6 59.3 59.0Operatingearnings(EBIT) 63.5 40.7 24.7 21.1 19.3 11.5 11.4 40.2 40.2Adjustedoperatingearnings(EBIT)4) 46.1 44.7 28.9 51.7 19.3 11.5 11.4 40.2 40.2cash flow statement

Cashflowfromcurrentactivities -30.4 84.8 13.8 64.7 51.5 43.5 -83.7 62.5 50.1Cashflowfrominvestmentactivities -31.1 -39.7 15.2 -22.2 -27.5 -37.2 -28.7 -21.6 -22.9Cashflowfromfinancingactivities 92.7 -24.7 -14.0 -48.8 -3.9 -1.4 39.2 -43.8 -4.2Cashflowfortheperiod 31.2 20.3 15.0 -6.3 20.1 4.9 -73.2 -2.9 23.0Data per share

Earningspershare,SEK*) 2.10 1.37 0.68 1.87 0.28 -0.70 0.15 1.20 1.42Earningspershare,adjustedforone-offeffects,SEK*)1) 1.46 1.52 0.83 1.72 0.28 0.21 0.15 1.20 1.42number of outstanding ordinary shares

Weightedoutstandingordinaryshares,000*) 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2 21,040.2

the GRoup 31-03-2013 31-12-2013 30-09-2013 30-06-2013 31-03-2013 31-12-201230-09-201230-06-2012 31-03-2012

Balance sheet

Fixedassets 815.5 807.8 731.5 730.7 706.9 705.0 713.5 701.1 702.8Currentassets 1,400.1 1,285.8 1,241.7 1,242.8 1,210.4 1,145.0 1,225.2 1,272.9 1,267.2Equity 1,150.9 1,103.5 1,042.9 1,026.9 1,018.3 1,030.6 1,044.6 1,047.1 1,067.6Non-currentliabilities 342.0 249.6 273.1 252.2 274.8 272.4 275.6 243.5 246.2Currentliabilities 722.6 740.6 657.2 694.4 624.2 547.0 618.5 683.4 656.2other

Netdebt 250.2 188.7 234.6 225.7 231.0 246.1 250.4 132.8 135.6

GRoup, 12 months rolling

april 2013- march 2014

January 2013-

December 2013

october 2012-

September 2013

July 2012-

June 2013

april 2012- march 2013

January 2012-

December 2012

october 2011-

September 2012

July 2011-June 2012

april 2011-

march 2012

Orderbookings 3,426.0 3,282.9 2,933.3 2,833.7 2,788.1 2,832.9 3,035.2 3,161.5 3,235.2

income statement

Netsales 3,252.5 3,054.0 2,910.9 2,845.5 2,863.9 2,963.5 3,089.7 3,144.3 3,096.0Grossearnings 530.9 486.2 444.9 424.5 418.4 446.6 493.1 517.0 539.2Earningsbeforedepreciation(EBITDA) 239.1 194.7 168.8 154.6 159.2 179.8 210.7 240.7 260.7Adjustedearningsbeforedepreciation(EBITDA)6) 245.4 218.5 188.6 170.2 159.2 179.8 210.7 240.7 260.7Operatingearnings(EBIT) 150.0 105.8 76.6 63.3 82.4 103.3 135.2 166.9 188.0Adjustedoperatingearnings(EBIT)4) 171.4 144.7 111.6 93.8 82.4 103.3 135.3 167.2 193.7employees

Netsalesperemployee,SEK‘000 1,694.4 1,662.5 1,615.4 1,578.2 1,590.2 1,637.3 1,690.2 1,707.0 1,718.1Operatingprofit/lossperemployee,SEK‘000 77.7 57.6 42.5 35.1 45.8 57.1 73.9 90.6 104.3Averageno.ofemployeesonclosingdate 1,931 1,837 1,802 1,803 1,801 1,810 1,828 1,842 1,802Return indicators

Capitalemployed,% 10.6 7.8 5.8 4.9 6.1 8.2 10.4 12.8 14.6Adjustedreturnoncapitalemployed,%5) 12.0 10.6 8.4 7.2 6.1 8.2 10.5 12.8 15.0Equity,% 11.8 8.3 4.3 3.2 1.9 4.2 8.5 10.5 12.2Adjustedreturnonequity,%2) 10.8 8.6 6.1 4.8 3.7 6.1 8.5 10.5 12.2other

Netdebt/EBITDA 1.1 1.0 1.4 1.5 1.5 1.4 1.2 0.6 0.5Netdebt/AdjustedEBITDA3) 1.0 0.9 1.2 1.3 1.5 1.4 1.2 0.6 0.5

*)Referstobothbeforeandafterdilution.

heaD oFFice

FinnvedenBulten aB (publ)Box914840093GöteborgSWEDENVisitingaddress:AugustBarksGata6BTel +4631-7345900Fax+4631-7345909www.finnvedenbulten.com

DiviSionS

BultenBox914840093GöteborgSWEDENVisitingaddress:AugustBarksGata6BTel +4631-7345900Fax+4631-7345939

Finnveden metal StructuresBox914840093GöteborgSWEDENVisitingaddress:AugustBarksGata6BTel +4631-7345900Fax+4631-7345959

FinnvedenBultendevelopsandmanagesindustrialbusinesses,offeringproducts,technicalsolutionsandsystemsinmetallicmaterials.TheGroupoperatesasabusinesspartnertointernationalcustomersintheengineeringindustry,primarilytheautomotiveindustry.FinnvedenBultenisstructuredintotwodivisions—BultenandFinnvedenMetalStructures—bothwithstrongpositionsintheirrespectivecustomersegments.CustomersaremainlyfoundintheautomotiveandengineeringindustriesinEurope,AsiaandtheUS.ProductiontakesplaceSweden,Germany,PolandandChinawithongoingestablishmentinRussia.

FutuRe Financial RepoRt DateS 11 July 2014 |HalfyearreportJanuary-June201423 october 2014 |InterimreportJanuary-September20145 February 2015 |FullyearreportJanuary-December2014

ThereportsareavailableonFinnvedenBulten’swebsite,www.finnvedenbulten.comasoftheabovedates.

Forfurtherinformation,pleasecontactKamillaOresvärd,VicePresidentCorporateCommunications.Tel.+4631-7345917,Switchboard:+4631-7345900,e-mail:kamilla.oresvard@finnvedenbulten.com

invitation to conFeRence callInvestors,analystsandmediaareinvitedtoparticipateintheteleconferenceonApril29at14:30CETwhenthereportwillbepresentedbyFinnvedenBulten’sPresidentandCEOJohanWestman.AdditionalparticipantsfromthecompanyareExecutiveVicePresidentTommyAnderssonandCFOHelenaWennerström.

Toparticipate,pleasecall5minutesbeforetheopeningoftheconferencecalltoSweden+46850644386,UK+442071539154,US+18774230830.Code:147938#.

AreplayofthetelephoneconferenceisavailableuntilMay13,2014onthephonenumbersSweden+468-50556473,UK+442033645200,USA+18776792989.Code:351119#.