Earnings Release • Feb 19, 2020
Earnings Release
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Annualised production in the fourth quarter decreased to 3.1 million Engine Equivalents due to planned year-end shutdowns. Year-on-year series production increased by 19% while full-year series production increased by approximately 30%.
* Annualised average production of Engine Equivalents during the quarter (1 Engine Equivalent = 50 kg)
With new programmes coming on stream and existing programmes ramping up during the year, series production grew by approximately 30% in 2019. This marks the second consecutive year of strong growth, following a 19% increase in series production in 2018. The strong series production resulted in a 33% increase in full-year revenue, a 36% increase in operating result, a 48% increase in earnings per share, and a 52% increase in cashflow from operations. Sampling Cup revenue also increased by 5% on the back of price increases and positive currency mix, despite a 4% decrease in Sampling Cup shipments caused by reduced exhaust component production in China. Within series production, the growth was accounted for by a 54% increase in passenger vehicles – primarily due to continued strong demand for pick-ups and SUVs in North America – and by a 15% increase in commercial vehicle volume. The fourth quarter volume decreased from the mid-year run-rate of approximately 3.5 million Engine Equivalents to 3.1 million Engine Equivalents due to planned year-end shutdowns at some foundries and OEMs. Despite the shutdowns, year-on-year volume for the fourth quarter was up 19%, benefitting from new production of commercial vehicle components at the Teksid foundry in Brazil and industrial power components at the Teksid foundry in Mexico. The full-year production split provided a balance of approximately 60% passenger vehicle, 35% commercial vehicle, and 5% 'other' components, with future growth opportunities in each sector.
Installation activity was particularly strong during 2019. With ten separate installations and upgrades during the year, 2019 provided SEK 11.9 million in installation revenue, outpacing the historical average of approximately SEK 7 million and surpassing the previous record of SEK 10.1 million set in 2013. The installations included four system and capacity upgrades, three new CGI installations and three new Tracking Technology installations. The installations and upgrades provide the basis for the positive growth outlook for the future.
Building upon orders received in 2019 for System 4000 Plus installations at the new Scania foundry in Sweden and at the First Automobile Works (FAW) foundry in China, plus the ongoing trial of a full System 4000 installation at the WHB foundry in Brazil with a purchase option in the second quarter, SinterCast is poised to set a second consecutive year of record installation revenue. Additional installations will also be realised during the year, leading to an installation outlook of more than SEK 15 million for 2020.
The Scania installation is scheduled for mid-2020 with initial production of commercial vehicle engine components beginning before year-end. The production is forecast to ramp-up over a three-to-five year period, potentially providing incremental revenue of SEK 20 million. The FAW installation is also scheduled for mid-2020 with start of production of heavy duty cylinder blocks before year-end. As the largest commercial vehicle manufacturer in China, accounting for 23.7% of the domestic heavy duty vehicle market in 2019, the FAW production has the potential to provide high volume contributions to the SinterCast production base throughout the planning horizon.
Several other installation discussions are ongoing for CGI process control systems, capacity upgrades, and Tracking Technologies installations in grey iron, CGI and ductile iron foundries. In addition to the current installation opportunities, SinterCast is also investigating the development of other unique technologies – within and beyond the scope of thermal analysis – to improve quality and production efficiency in the metals industry, and to broaden our product portfolio and our production base.
The revenue for the SinterCast Group relates primarily to income from equipment, series production and engineering service.
| Revenue Breakdown | October–December | January–December | |||
|---|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2019 | 2018 | 2019 | 2018 | |
| Number of Sampling Cups shipped | 47,900 | 53,800 | 189,800 | 197,900 | |
| Equipment 1 | 2.4 | 1.7 | 11.9 | 4.6 | |
| Series Production 2 | 25.2 | 22.3 | 102.3 | 81.3 | |
| Engineering Service 3 | 1.7 | 0.6 | 2.3 | 1.8 | |
| Total | 29.3 | 24.6 | 116.5 | 87.7 |
Notes: 1. Includes revenue from system sales and leases and sales of spare parts
Includes revenue from production fees, consumables and software licence fees
Includes revenue from technical support, on-site trials and sales of test pieces
The October–December 2019 revenue amounted to SEK 29.3 million (SEK 24.6 million). Series production revenue increased by 13% to SEK 25.2 million (SEK 22.3 million) due to a 19% increase in annualised series production combined with an 11% decrease in Sampling Cup shipments. Equipment revenue amounted to SEK 2.4 million (SEK 1.7 million), primarily derived from a capacity upgrade at the Teksid foundry in Brazil.
The January–December 2019 revenue amounted to SEK 116.5 million (SEK 87.7 million). Revenue from series production increased to SEK 102.3 million (SEK 81.3 million), due to approximately 30% increase in series production and a 5% increase in Sampling Cup revenue. Equipment revenue amounted to SEK 11.9 million (SEK 4.6 million) primarily due to the installation of new CGI systems and capacity upgrades, and the installation of a Cast Tracker system at the Tupy foundry in Mexico.
The business activities of SinterCast are best reflected by the Operating Result. This is because the "Result for the period after tax" and the "Earnings per Share" are influenced by the financial income and costs and by the revaluation of tax assets.
| Results Summary | October–December | January–December | ||
|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2019 | 2018 | 2019 | 2018 |
| Operating Result | 3.8 | 7.5 | 40.1 | 29.4 |
| Income Tax | 7.4 | 2.3 | 8.3 | 3.3 |
| Result for the period after tax | 11.6 | 10.2 | 48.2 | 32.7 |
| Earnings per Share (SEK) | 1.6 | 1.4 | 6.8 | 4.6 |
The October–December 2019 operating result amounted to SEK 3.8 million (SEK 7.5 million). The gross result improved by SEK 1.6 million. However, the higher gross result was offset by non-recurring costs associated with: the implementation of new manufacturing routines (SEK -2.0 million); revaluation losses from outstanding receivables in foreign currency (SEK -1.8 million); and, provision for anticipated credit losses associated with the insolvency declaration of the Gusswerke foundry in Germany (SEK -1.1 million). The
Result for the period after tax amounted to SEK 11.6 million (SEK 10.2 million), benefitting from an increase of SEK 5.1 million due the reassessed deferred tax calculation. The implementation of IFRS 16 – Leases had no material effect on the fourth quarter Operating Result.
The January–December 2019 operating result amounted to SEK 40.1 million (SEK 29.4 million), as a result of higher gross results of SEK 20.1 million primarily derived from higher revenue, combined with higher operating costs of SEK 9.4 million, primarily due to increased expenses for additional sales personnel plus one-time costs for sales consultants and the GIFA World Foundry Trade Fair held every four years. The Result for the period after tax amounted to SEK 48.2 million (SEK 32.7 million), primarily related to the SEK 10.7 million increase in the operating result and the increase of SEK 5.0 million due the reassessed deferred tax calculation. The implementation of IFRS 16 – Leases increased the Operating Result by approximately SEK 0.2 million by transferring lease expenses to depreciation and interest expenses.
| Cashflow Summary 2019 | January–December | Cashflow Changes | |
|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2019 | 2018 | 2019 vs. 2018 |
| Cashflow from operations, before change in working capital | 43.0 | 31.6 | 11.4 |
| Change in working capital | -5.2 | -6.8 | 1.6 |
| Cashflow from operations | 37.8 | 24.8 | 13.0 |
| Cashflow from investing activities | -1.2 | -2.6 | 1.4 |
| Cashflow from financing activities | -36.5 | -19.5 | -17.0 |
| Exchange rate differences in cash and cash equivalents | 0.0 | 0.0 | 0.0 |
| Cashflow total | 0.1 | 2.7 | -2.6 |
| Liquidity | 32.9 | 32.8 |
The January–December 2019 cashflow from operations increased by SEK 13.0 million due to the increase in cashflow before changes in working capital of SEK 11.4 million and the decrease in working capital of SEK 1.6 million. Total investments amounted to SEK 1.2 million. The total cashflow amounted to SEK 0.1 million (SEK 2.7 million), primarily due to the dividend payment in the amount of SEK 35.5 million (SEK 19.5 million).
Liquidity on 31 December 2019 was SEK 32.9 million (SEK 32.8 million). SinterCast has no loans.
Tax income for the January–December 2019 period amounted to SEK 8.3 million (SEK 3.3 million), of which SEK 8.5 million was due the reassessed deferred tax calculation and SEK -0.2 million was due to paid income tax. The estimated future taxable profit and deferred tax asset calculation is reassessed every quarter. As of 31 December 2019, SEK 213.1 million (SEK 171.6 million) of the SinterCast total carried-forward tax losses are the basis of the updated calculation, resulting in SEK 44.1 million (SEK 35.6 million) being capitalised as a deferred tax asset. The deferred tax asset calculation is based on historical eight-year average currency rates.
Uncertainty factors for SinterCast include the timing of OEM decisions for new CGI engines and other components, adherence to start-of-production dates and ramp projections, the global economy for new vehicle sales, technology trends and emissions legislation, and the individual sales success of vehicles equipped with
SinterCast-CGI components. In Europe, passenger vehicle sales have increased for the last six years. Most forecasters indicate a stable near-term outlook for passenger vehicles and moderate growth for commercial vehicles. However, uncertainty remains and this could affect infrastructure, investment, trade and, ultimately, vehicle sales. In Asia, the dominant Chinese market has shown recovery in the commercial vehicle sector, which represents the primary opportunity for CGI. The long term growth for SinterCast in China depends on the continued modernisation of road infrastructure, enforcement of emissions legislation, and acceptance of the SinterCast business model. In North America, passenger vehicle sales remain strong and SinterCast has benefitted from the recent market growth and the trend toward larger crossovers, SUVs and pick-ups. Although the top-three best-selling vehicles in America have recently committed to diesel engine options, the long-term outlook for diesel passenger vehicles remains uncertain. The possible renegotiation of international tariffs and free trade agreements could also have an impact on the global passenger vehicle and commercial vehicle markets. The onset of the COVID-19 virus may also have an impact on the global supply chain, potentially leading to production constraints for vehicles equipped with SinterCast-CGI components.
For full risk and uncertainty factor information, see Note 26 on pages 50 and 51 in SinterCast Annual Report 2018
With successful high volume CGI production in customer foundries located in Europe, Asia and the Americas, SinterCast has established a global organisation with employees and offices in Sweden, the United Kingdom, the United States, China and Korea. As of 31 December 2019, the Group had 23 (21) employees, four (four) of whom are female. SinterCast is well positioned to support global market activities and to drive the future growth of the company.
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its registered office located in Stockholm, Sweden. On 31 December 2019, the Parent Company had 18 (16) employees. The majority of the operations are managed by the Parent Company while local operations in the United Kingdom, United States, Korea and China are managed by the local companies. The information given for the Group in this report corresponds in all material respects to the Parent Company. However, the result for the period may differ between the Group and the Parent Company due to intercompany transactions between the Parent Company and its subsidiaries.
SinterCast currently holds 8 (8) patents, granted or pending, and maintains 42 (42) individual national phase patents worldwide. These patents address the SinterCast metallurgical technology, thermal analysis, the Sampling Cup, product applications and machining.
The information provided on behalf of the Group in this interim report has been prepared in accordance with Sweden's Annual Accounts Act and IAS 34 Interim Financial Reporting. The reporting for the Parent Company has been prepared in accordance with Sweden's Annual Accounts Act, chapter 9 interim report, and RFR 2. The accounting policies that have been applied for the Group and the Parent Company agree with the accounting policies used in the preparation of the company's latest Annual Report.
The new IFRS standard IFRS – 16 Leases was applied from the financial year beginning 1 January 2019 and SinterCast has chosen the cumulative catch-up approach and has opted to not restate comparative figures
(2018). The lease portfolio includes a limited number of contracts, primarily related to operational leases for offices, warehouses, company cars and office equipment. Right-of-use assets have been determined as an amount equal to the lease liabilities as identified at initial application. A single discount rate has been applied. Lease contracts shorter than 12 months or ending within 12 months at the date of application are considered short-term and hence not recognised as lease liability or right-of-use asset. Low value contracts (with a value below EUR 5,000) are also excluded from being recognised as lease liability or right-of-use asset. The adjustment to the opening balance 1 January 2019 is shown in the following table:
| Closing balance | Estimated | Estimated | Estimated | |
|---|---|---|---|---|
| 31 Dec 2018 | reclassifications due | adjustments | adjusted | |
| before transition to | to transition to | due to transition to | opening balance | |
| (SEK million) | IFRS 16 Leases | IFRS 16 Leases | IFRS 16 Leases | 1 Jan 2018 |
| Right-of-use assets | - | - | 3.3 | 3.3 |
| Lease liabilities, interest bearing | - | - | 3.3 | 3.3 |
The consolidated balance sheet as of 31 December 2019 includes right of use assets amounting to SEK 2.7 million, including long term lease liabilities amounting to SEK 1.9 million and short-term liabilities amounting to SEK 0.9 million.
Alternative Performance Measures are defined and included in this report in the Key Ratio and Share Data tables. More information of Accounting Policies is included in the Annual Report 2018, pages 35-41.
No material transactions have taken place between SinterCast and the Board or the Management during the period.
There have been no significant events since the balance sheet date of 31 December 2019 that could materially change these financial statements. No press releases have been issued.
The Annual General Meeting (AGM) of the shareholders, held on 23 May 2019, decided upon an ordinary dividend of SEK 3.50 per share (SEK 2.75 per share) and an extraordinary dividend of SEK 1.50 per share (SEK 0.0 per share), representing a distribution of SEK 35.5 million (SEK 19.5 million) to the shareholders of SinterCast AB (publ) for the financial year 2018.
In accordance with the dividend policy, the Board of Directors propose an ordinary dividend of SEK 4.50 per share (SEK 3.50 per share) plus an extraordinary dividend of SEK 2.25 (SEK 1.50 per share), representing a distribution of SEK 47.9 million (SEK 35.5 million) to the shareholders of SinterCast AB (publ) for the financial year 2019, distributed in two payments of SEK 3.38 and SEK 3.37 per share (SEK 2.50 per share). The Board proposes 22 May 2020 as the record date for the first payment and 23 November 2020 as the record date for the second payment. In deciding the amount of the ordinary dividend to be proposed to the AGM 2020 the Board considered cashflow from operations, the financial position, investment requirements and other factors, such as market outlook, growth strategy and the internal financial forecast for the Group.
The Annual General Meeting 2020 of SinterCast AB (publ) will be held on Tuesday 19 May 2020.
Shareholders wishing to have a matter considered at the Annual General Meeting should provide written submissions to [email protected] or to the company: SinterCast AB (publ), Kungsgatan 2, 641 30 Katrineholm, Sweden, at least seven weeks prior to the Annual General Meeting for the proposal to be included in the notice of the meeting. Further details on how and when to register will be published in advance of the Annual General Meeting.
The Nomination Committee, elected by the Annual General Meeting 2019, consists of Ulla-Britt Fräjdin-Hellqvist, Chairman, Andrea Fessler, Jan Åke Jonsson, Chairman of the Board of Directors, and Aage Figenschou. Shareholders wishing to provide input or proposals should provide written submissions to the Nomination Committee (e-mail: [email protected]) at least seven weeks prior to the Annual General Meeting for the proposal to be included in the notice of the meeting.
January-March 2020 21 April 2020 April-June 2020 19 August 2020 July-September 2020 28 October 2020 October-December 2020 and Full Year Results 2020 10 February 2021
The Annual Report of SinterCast AB (publ) 2 April 2020
The Annual General Meeting of SinterCast AB (publ) 19 May 2020
This report has not been reviewed by the company's Auditors.
Stockholm 19 February 2020
For further information please contact:
SinterCast AB (publ) Office: +46 150 794 40
Mobile: +44 771 002 6342 e-mail: [email protected] website: www.sintercast.com
This press release contains information SinterCast AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the President & CEO Dr. Steve Dawson, at 08:00 CET on 19 February 2020.
SinterCast is the world's leading supplier of process control technology for the reliable high volume production of Compacted Graphite Iron (CGI). With at least 75% higher tensile strength, 45% higher stiffness and approximately double the fatigue strength of conventional grey cast iron and aluminium, CGI allows engine designers to improve performance, fuel economy and durability while reducing engine size, weight, noise and emissions. The SinterCast technology is used for the production of petrol and diesel engine cylinder blocks and exhaust components for passenger vehicles, mediumduty and heavy-duty cylinder blocks and heads for commercial vehicles, and industrial power engine components for agriculture, marine, rail, off-road and stationary engine applications. SinterCast supports the series production of components ranging from 2.7 kg to 9 tonnes, all using the same proven process control technology. As a specialist supplier of precision measurement and process control solutions to the metals industry, SinterCast also supplies the SinterCast Ladle Tracker® and SinterCast Cast Tracker® technologies, to improve process control, productivity and traceability in a variety of applications. With 57 installations in 14 countries, SinterCast is a publicly traded company, quoted on the Small Cap segment of the Nasdaq Stockholm stock exchange (SINT). For more information: www.sintercast.com
| October-December | January-December | |||
|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2019 | 2018 | 2019 | 2018 |
| Revenue | 29.3 | 24.6 | 116.5 | 87.7 |
| Cost of goods sold | -8.7 | -5.6 | -27.5 | -18.8 |
| Gross result | 20.6 | 19.0 | 89.0 | 68.9 |
| Gross result % | 70% | 77% | 76% | 79% |
| Cost of sales and marketing | -8.5 | -6.3 | -27.3 | -21.4 |
| Cost of administration | -2.4 | -2.0 | -8.9 | -7.4 |
| Cost of research & development | -4.1 | -2.9 | -12.0 | -10.3 |
| Other operating income | -1.1 | 0.0 | 0.0 | 0.0 |
| Other operating costs | -0.7 | -0.3 | -0.7 | -0.4 |
| Operating result | 3.8 | 7.5 | 40.1 | 29.4 |
| Financial income | 0.2 | 0.1 | 0.2 | 0.1 |
| Financial costs | 0.2 | 0.3 | -0.4 | -0.1 |
| Income Tax | 7.4 | 2.3 | 8.3 | 3.3 |
| Result for the period | 11.6 | 10.2 | 48.2 | 32.7 |
| Result attributable to: | ||||
| Equity holder of the parent company | 11.6 | 10.2 | 48.2 | 32.7 |
| Non-controlling interests | - | - | - | - |
| Earnings per share, SEK | 1.6 | 1.4 | 6.8 | 4.6 |
| Earning per share, diluted, SEK | 1.6 | 1.4 | 6.8 | 4.6 |
| Number of shares at the close of the period, thousands | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| Average number of shares, thousands | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| Average number of shares, diluted | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| October-December | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2019 | 2018 | 2019 | 2018 | |
| Result for the period | 11.6 | 10.2 | 48.2 | 32.7 | |
| Other comprehensive income | |||||
| Items may be reclassified to the income statement: | |||||
| Translation differences, foreign subsidiaries | -0.2 | -0.1 | -0.2 | -0.1 | |
| Other comprehensive income, net of tax | -0.2 | -0.1 | -0.2 | -0.1 | |
| Total comprehensive income for the period | 11.4 | 10.1 | 48.0 | 32.6 | |
| Total comprehensive income attributable to: Shareholder of the parent company Non-controlling interests |
11.4 - |
10.1 - |
48.0 - |
32.6 - |
| October-December | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2019 | 2018 | 2019 | 2018 | |
| Operating activities | |||||
| Operating result | 3.8 | 7.5 | 40.1 | 29.4 | |
| Adjustments for items not included in the cash flow | |||||
| Depreciation | 0.8 | 0.5 | 3.2 | 2.2 | |
| Other | 0.0 | 0.0 | 0.0 | 0.0 | |
| Unrealised exchange rate differences | 0.2 | 0.0 | -0.2 | 0.0 | |
| Received interest | 0.1 | 0.1 | 0.1 | 0.1 | |
| Paid interest | 0.1 | 0.0 | -0.2 | -0.1 | |
| Paid income tax | 0.1 | 0.0 | 0.0 | 0.0 | |
| Total cashflow from operating activities | |||||
| before change in working capital | 5.1 | 8.1 | 43.0 | 31.6 | |
| Change in working capital | |||||
| Inventory | -2.2 | -1.1 | -1.9 | -2.3 | |
| Operating receivables | 2.2 | -5.1 | -5.3 | -6.9 | |
| Operating liabilities | 2.1 | 2.1 | 2.0 | 2.4 | |
| Total change in working capital | 2.1 | -4.1 | -5.2 | -6.8 | |
| Cashflow from operations | 7.2 | 4.0 | 37.8 | 24.8 | |
| Investing activities | |||||
| Acquisition of intangible assets | 0.0 | -0.6 | -0.6 | -1.7 | |
| Acquisition of tangible assets | 0.0 | 0.0 | -0.6 | -0.9 | |
| Cashflow from investing activities | 0.0 | -0.6 | -1.2 | -2.6 | |
| Financing activities | |||||
| Dividend | -17.8 | 0.0 | -35.5 | -19.5 | |
| Payment lease liability | -0.2 | - | -1.0 | - | |
| Cashflow from financing activities | -18.0 | 0.0 | -36.5 | -19.5 | |
| Exchange rate differences in cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 | |
| Change in cash and cash equivalents* | -10.8 | 3.4 | 0.1 | 2.7 | |
| Cash - opening balance | 43.7 | 29.4 | 32.8 | 30.1 | |
| Cash - closing balance | 32.9 | 32.8 | 32.9 | 32.8 |
* The cash and cash equivalents comprises short-term deposits and cash at bank and in hand
| 31 Dec | 31 Dec | 30 Sep | 30 Sep | |
|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2019 | 2018 | 2019 | 2018 |
| ASSETS | ||||
| Intangible assets | 6.7 | 7.6 | 7.2 | 7.4 |
| Tangible assets, including right of use assets * | 4.6 | 2.1 | 4.9 | 2.2 |
| Financial assets | 0.4 | 0.4 | 0.4 | 0.4 |
| Deferred tax asset | 44.1 | 35.6 | 36.6 | 33.3 |
| Total fixed assets | 55.8 | 45.7 | 49.1 | 43.3 |
| Inventory | 8.4 | 6.5 | 6.2 | 5.4 |
| Short term receivables | 30.5 | 25.2 | 32.7 | 20.1 |
| Short term deposits and cash at bank and in hand | 32.9 | 32.8 | 43.7 | 29.4 |
| Total current assets | 71.8 | 64.5 | 82.6 | 54.9 |
| Total assets | 127.6 | 110.2 | 131.7 | 98.2 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity | 111.7 | 99.2 | 118.1 | 89.0 |
| Long term liabilities* | 1.9 | 0.0 | 2.1 | 0.0 |
| Current liabilities* | 14.0 | 11.0 | 11.5 | 9.2 |
| Total shareholders' equity and liabilities | 127.6 | 110.2 | 131.7 | 98.2 |
| Equity per share, SEK | 15.8 | 14.0 | 16.7 | 12.6 |
* Includes right of use assets (SEK 2.7 Million), long term lease liability (SEK 1.9 million) and short term liability (SEK 0.9 million)
| Additional | |||||
|---|---|---|---|---|---|
| * STATEMENT OF CHANGES IN EQUITY | Share | Paid in | Exchange | Accum. | Total |
| Attributable to the equity holder of the parent company | Capital | Capital | Differences | Result | Equity |
| Opening balance 1 January 2018 | 7.09 | 44.87 | 1.91 | 31.92 | 85.79 |
| Change in accounting principles | - | - | - | 0.28 | 0.28 |
| Revised opening balance 1 January 2018 | 7.09 | 44.87 | 1.91 | 32.20 | 86.07 |
| Total comprehensive income | - | - | -0.06 | 32.65 | 32.59 |
| Dividend | - | - | - | -19.50 | -19.50 |
| Closing balance 31 December 2018 | 7.09 | 44.87 | 1.85 | 45.35 | 99.16 |
| Opening balance 1 January 2019 | 7.09 | 44.87 | 1.85 | 45.36 | 99.17 |
| Total comprehensive income | - | - | -0.23 | 48.19 | 47.96 |
| Dividend | - | - | - | -35.45 | -35.45 |
| Closing balance 31 December 2019 | 7.09 | 44.87 | 1.62 | 58.10 | 111.68 |
The group have Financial assets consisting of derivative instruments, included in other debtors or other creditors, and commercial papers and fixed income instruments. The fair value of derivative instruments, not traded on an active market, is based on observable market currency rates. Cash flows are discounted using market interest rates. Commercial papers and fixed income instruments are traded on an active market and the fair value is determined by available market prices. These effects are recognized over profit & loss.
| October-December | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2019 | 2018 | 2019 | 2018 | |
| Key Ratio | |||||
| Revenue* | 29.3 | 24.6 | 116.5 | 87.7 | |
| Result for the period* | 11.6 | 10.2 | 48.2 | 32.7 | |
| Operating margin % | 13.0 | 30.6 | 34.4 | 33.5 | |
| Solidity, % | 87.5 | 90.0 | 89.7 | 90.0 | |
| Shareholders' equity | 111.7 | 99.2 | 118.1 | 99.2 | |
| Capital employed | 113.6 | 99.2 | 113.6 | 99.2 | |
| Total assets | 127.6 | 110.2 | 127.6 | 110.2 | |
| Return on shareholders' equity, % | 10.1 | 10.9 | 45.7 | 35.4 | |
| Return on capital employed, % | 10.1 | 10.9 | 45.7 | 35.4 | |
| Return on total assets, % | 8.9 | 9.8 | 40.5 | 31.9 | |
| Employees | |||||
| Number of employees at the end of the period | 23 | 21 | 23 | 21 | |
| Data per Share | |||||
| Earnings per share, SEK* | 1.6 | 1.4 | 6.8 | 4.6 | |
| Dividends per share, SEK | 2.5 | - | 5.0 | 2.8 | |
| Cashflow from operations per share, SEK | 1.0 | 0.6 | 5.3 | 3.5 | |
| Share price at the end of the period, SEK | 195.0 | 80.8 | 195.0 | 80.8 |
* According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs). Definition of key rations can be found in the Annual Report 2018, note 29.
Operating margin % Average number of shares adjusted for dilution Operating result as percentage of revenue Weighted average of the number of shares for the period Solidity % adjusted for dilution Shareholders' equity expressed as percentage Earnings per share of total assets end of period Result for the period divided by the average number of shares Equity per share Earnings per share, diluted Shareholders' equity divided by the average number of shares Result for the period divided by the average number of shares Capital employed adjusted for dilution Total assets less non-interest bearing liabilities Dividend per share Return on shareholders' equity % Dividend diveded by the number of shares Result for the period as a percentage of average shareholders' equity Cashflow from operations per share Quarterly values are not annualised Cashflow from operations divided by the number of shares Return on capital employed % Share price at the end of the period Result for the period as a percentage of average capital employed Latest paid price for the SinterCast share at Quarterly values are not annualised NASDAQ Stockholm stock exchange Return on total assets % Value presented as "0.0" Result for the period as a percentage of total average assets. Amount below SEK 50,000 Quarterly values are not annualised Value presented as "-" Average number of shares No amount applicable Weighted average of the number of shares outstanding for the period
| October-December | January-December | |||
|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2019 | 2018 | 2019 | 2018 |
| Revenue | 29.2 | 24.5 | 115.2 | 87.1 |
| Cost of goods sold | -8.6 | -5.3 | -27.8 | -18.8 |
| Gross result | 20.6 | 19.2 | 87.4 | 68.3 |
| Gross result % | 71% | 78% | 78% | 78% |
| Cost of sales and marketing | -8.5 | -6.3 | -27.3 | -21.4 |
| Cost of administration | -2.4 | -2.0 | -8.9 | -7.4 |
| Cost of research & development | -4.1 | -2.9 | -12.0 | -10.3 |
| Other operating income | -1.1 | 0.0 | 0.0 | 0.0 |
| Other operating costs | -1.2 | -1.0 | -1.2 | -1.1 |
| Operating result | 3.3 | 7.0 | 38.0 | 28.1 |
| Financial income | 0.2 | 0.1 | 0.2 | 0.1 |
| Financial costs | 0.4 | 0.3 | -0.1 | -0.1 |
| Income Tax | 7.3 | 2.3 | 8.3 | 3.3 |
| Result for the period | 11.2 | 9.7 | 46.4 | 31.4 |
| Result attributable to: | ||||
| Equity holder of the parent company | 11.2 | 9.7 | 46.4 | 31.4 |
| Non-controlling interests | - | - | - | - |
| Earnings per share, SEK | 1.6 | 1.4 | 6.5 | 4.4 |
| Earning per share, diluted, SEK | 1.6 | 1.4 | 6.5 | 4.4 |
| Number of shares at the close of the period, thousands | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| Average number of shares, thousands | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| Average number of shares adjusted for dilution | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| October-December | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2019 | 2018 | 2019 | 2018 | |
| Result for the period | 11.2 | 9.7 | 46.4 | 31.4 | |
| Total comprehensive income for the period | 11.2 | 9.7 | 46.4 | 31.4 | |
| Total comprehensive income attributable to: | |||||
| Shareholder of the parent company | 11.2 | 9.7 | 46.4 | 31.4 | |
| Non-controlling interests | - | - | - | - |
| 31 Dec 31 Dec | 30 Sep | 30 Sep | ||
|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2019 | 2018 | 2019 | 2018 |
| ASSETS | ||||
| Intangible assets | 6.7 | 7.6 | 7.2 | 7.4 |
| Tangible assets | 1.8 | 2.0 | 1.9 | 2.2 |
| Financial assets | 2.3 | 2.3 | 2.3 | 2.2 |
| Deferred tax asset | 44.1 | 35.6 | 36.6 | 33.3 |
| Total fixed assets | 54.9 | 47.5 | 48.0 | 45.1 |
| Inventory | 8.3 | 6.5 | 6.1 | 5.3 |
| Short-term receivables | 32.2 | 24.9 | 37.4 | 23.1 |
| Short term deposits and cash at bank and in hand | 30.5 | 31.2 | 41.1 | 27.7 |
| Total current assets | 71.0 | 62.6 | 84.6 | 56.1 |
| Total assets | 125.9 | 110.1 | 132.6 | 101.2 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity* | 103.4 | 92.5 | 110.0 | 82.9 |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 22.5 | 17.6 | 22.6 | 18.3 |
| Total shareholders' equity and liabilities | 125.9 | 110.1 | 132.6 | 101.2 |
| Adjusted equity per share, SEK | 14.6 | 13.0 | 15.5 | 11.7 |
| Share | Results | ||||||
|---|---|---|---|---|---|---|---|
| * CHANGES IN EQUITY | Share Statutory | Other | Premium Brought | Results for | Total | ||
| to the equity holder of the parent company | Capital | Reserve | Reserve | Reserve Forward | the Year | Equity | |
| Opening balance 1 January 2018 | 7.09 | 9.53 | 5.08 | 35.34 | 5.22 | 18.30 | 80.56 |
| Change in accounting principles | - | - | - | - | 0.07 | - | 0.07 |
| Revised opening balance 1 January 2018 | 7.09 | 9.53 | 5.08 | 35.34 | 5.29 | 18.30 | 80.63 |
| Appropriation of last year´s result | - | - | - | - | 18.30 | -18.30 | - |
| Change other reserve | - | - | 1.70 | - | -1.70 | - | - |
| Reversal, change other reserve | - | - | -0.79 | - | 0.79 | - | - |
| Total comprehensive income | - | - | - | - | - | 31.39 | 31.39 |
| Dividend | - | - | - | - | -19.50 | - | -19.50 |
| Closing balance 31 December 2018 | 7.09 | 9.53 | 5.99 | 35.34 | 3.18 | 31.39 | 92.52 |
| Opening balance 1 January 2019 | 7.09 | 9.53 | 5.99 | 35.34 | 3.19 | 31.39 | 92.53 |
| Appropriation of last year´s result | - | - | - | - | 31.39 | -31.39 | - |
| Change other reserve | - | - | 0.52 | - | -0.52 | - | - |
| Reversal, change other reserve | - | - | -1.29 | - | 1.29 | - | - |
| Total comprehensive income | - | - | - | - | - | 46.37 | 46.37 |
| Dividend | - | - | - | - | -35.45 | - | -35.45 |
| Closing balance 31 December 2019 | 7.09 | 9.53 | 5.22 | 35.34 | -0.10 | 46.37 | 103.45 |
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