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JANUARY - JUNE 2021 BULTEN HALF YEAR REPORT 2 Streamlining and an earlier FSP contract mitigated the effects of negative macroeconomic factors SECOND QUARTER • Net sales amounted to SEK 910 ( 441 ) million , an increase of 106.2 % on the same period last year . • Operating earnings ( EBIT ) totaled SEK 55 ( -59 ) million , equating to an operating margin of 6.0 % ( -13.3 ) . • Earnings after tax amounted to SEK 38 ( -39 ) million . Order bookings amounted to SEK 947 ( 409 ) million , an increase of 131.7 % on the same period last year . Cash flow from operating activities totaled SEK 32 ( 51 ) million . • Earnings per share were SEK 1.80 ( -1.85 ) . · • In May , Bulten started the construction of a new manufacturing facility in Radziechowy - Wieprz in Poland . JANUARY - JUNE • Net sales amounted to SEK 2,013 ( 1,262 ) million , an increase of 59.5 % on the same period last year . Adjusted for acquisitions , the increase amounted to 53.3 % . The acquisition of PSM took place on February 28 , 2020 . • Operating earnings ( EBIT ) totaled SEK 153 ( -16 ) million , equating to an operating margin of 7.6 % ( -1.2 ) . · • Earnings after tax amounted to SEK 106 ( -30 ) million . · • Order bookings totaled SEK 1,957 ( 1,097 ) million , an increase of 78.4 % on the same period last year . • Cash flow from operating activities totaled SEK 125 ( 114 ) million . · • Earnings per share were SEK 5.01 ( -1.26 ) . • Net debt amounted to SEK 438 ( 634 ) million . Net debt ( excluding lease liabilities ) totaled SEK 94 ( 371 ) million . The equity / assets ratio was 51.6 % ( 54.4 ) at the end of the period . The equity / assets ratio ( excluding lease liabilities ) totaled SEK 57.6 % ( 59.4 ) . · CEO'S COMMENTS " The progressive recovery that characterized the global automotive market from the second half of 2020 was interrupted during the second quarter of this year . The shortage of semiconductors is now a clearly inhibiting factor for production across the automotive industry , something both we and others in the industry have warned of previously . Underlying demand in the consumer stage remains strong , but at present vehicle production cannot keep up with demand . Bulten's net sales did increase by 106.2 % , but the comparison quarter was severely affected by the pandemic . Compared to Q1 2021 , which was more representative of Bulten's performance in a normalized market , net sales fell by 17.5 % , due to lower production among customers during the quarter . The new Full Service Provider ( FSP ) contract that was signed during 2020 , alongside streamlining and realized synergetic effects , largely compensated for lower capacity utilization and higher steel prices . The shortage of semiconductors , along with price rises for steel and shipping , are three macroeconomic and partly geopolitical factors that have resulted in an extreme situation for the entire global industry . These factors are expected to have a further negative impact on Bulten's sales and margins during the second half of 2021. We are continuing to focus on what we can control , and are continuing to strengthen Bulten's position and offering . May also saw construction begin on our new production unit in Radziechowy - Wieprz , Poland , with production start - up planned for the first half of 2023. This will give Bulten a facility with world - class surface treatment processes in terms of efficiency , quality , and sustainability . The facility is a vertical integration of our existing plant in Bielsko - Biala , and will further strengthen our competitiveness . We see good opportunities during the remainder of 2021 to take market share and grow , both within and outside of the automotive industry . " Anders Nyström , President and CEO