Earnings Release • Feb 22, 2017
Earnings Release
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Annualised series production equalled the all-time high of 2.2 million Engine Equivalents in the fourth quarter, despite lower shipments in December due to year-end shutdowns.
* Annualised average production of Engine Equivalents during the quarter (1 Engine Equivalent = 50 kg)
The progress of 2016 provided record results for revenue, operating result, Sampling Cup shipments and series production. Compared to 2015, revenue increased by 4% while the operating result increased by 30%, following strong installation performance in the third quarter and prudent cost control throughout the year. During the fourth quarter, series production equalled the previous record high of 2.2 million Engine Equivalents, providing 5% growth compared to the fourth quarter of 2015 and marking two full years with series production at or above the 2.0 million Engine Equivalent threshold. The vast majority of the current series production programmes increased during the year, but a small number of programmes declined, limiting the ability to post larger gains. The reductions were derived from one passenger vehicle programme, one commercial vehicle programme and an overall decline in industrial power production due to global reductions in energy, agriculture and mining activities. The high series production also led toward record Sampling Cup shipments of 168,800, representing an increase of 10% above the previous record established in 2015. Since 2012, SinterCast has achieved four consecutive years of growth, with 50% increase in series production, 64% increase in revenue and a 25-fold increase in operating result. This positive development, coupled with the confidence in the business outlook, has led the Board to propose an increased dividend that will result in a cumulative transfer of SEK 100 million to the shareholders since the first dividend was provided in 2011.
The overall outlook for series production remains positive, with the pick-up sector in the United States continuing to perform well as demand remains strong for full size vehicles. At the North American International Auto Show in early-January, Ford introduced a 3.0 litre V6 diesel engine option for the model year 2018 F-150 pick-up; America's best-selling truck for 40 consecutive years and best-selling vehicle for 35 years. Based on a SinterCast-CGI cylinder block, the engine will be the first-ever diesel offered in the F-150. Together with the 2.7 litre V6 SinterCast-CGI EcoBoost® petrol engine, the introduction of the diesel engine option results in two of the five F-150 engine options being based on SinterCast-CGI cylinder blocks. Diesel sales are scheduled to begin in the autumn of 2017. The US pick-up outlook was buoyed during the fourth quarter by new awards and recognition for the 2017 Ford Super Duty pick-up. After winning the Truck of Texas award in September, the Ford Super Duty, with a take rate of more than 80% for the SinterCast-CGI V8 diesel engine, won the Motor Trend Truck of the Year award in November. The Ford Super Duty was also one of three finalists at the North American Car and Truck of the Year awards at the North American International Auto Show in January.
In early-January, the EPA issued a notice of violation to FCA stating that, under certain conditions, NOx emissions from the 3.0 litre diesel engine were above the permissible limit. FCA has stated that it has complied with the emissions legislation and it will provide a formal reply after evaluating the assertions issued by the EPA. In the meantime, sales of the model year 2016 Ram 1500 diesel are continuing and OEMs including Ford, General Motors and Mazda have announced new diesel engine offerings in their US line-ups.
Installation discussions are ongoing, including the expansion of current installations to increase capacity; functionality upgrades to accommodate customer requests for additional process control features; and, new installations. The recent installation discussion activity has been augmented by the introduction of the Ladle TrackerTM technology, which has been well-received in the industry. At present, Ladle TrackerTM installation discussions are ongoing with current SinterCast customers, with grey and ductile iron foundries and with
metallurgical plants beyond the cast iron foundry industry. These initial discussions have identified new opportunities to expand the tracking capabilities that SinterCast can bring to the industry and SinterCast has been invited to present the technology at conferences and in international publications. In addition to these new development 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 cast iron foundry industry.
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) | 2016 | 2015 | 2016 | 2015 | |
| Number of Sampling Cups shipped | 35,000 | 40,700 | 168,800 | 152,700 | |
| Equipment 1 | 0.4 | 0.4 | 7.1 | 7.7 | |
| Series Production 2 | 16.4 | 16.6 | 66.5 | 63.6 | |
| Engineering Service 3 | 0.4 | 0.2 | 1.8 | 1.0 | |
| Other | 0.0 | 0.0 | 0.0 | 0.1 | |
| Total | 17.2 | 17.2 | 75.4 | 72.4 |
Notes: 1. Includes revenue from system sales and leases and sales of spare parts 2. Includes revenue from production fees, consumables and software licence fees
The October-December 2016 revenue amounted to SEK 17.2 million (SEK 17.2 million). Revenue from series production decreased by 1% to SEK 16.4 million (SEK 16.6 million), due to the decreased shipment of 35,000 (40,700) Sampling Cups in the quarter. Annualised fourth quarter series production increased by 5% to 2.2 million (2.1 million) Engine Equivalents. Equipment revenue amounted to SEK 0.4 million (SEK 0.4 million) for Spare Parts and Lease Fees. Engineering Service amounted to SEK 0.4 million (SEK 0.2 million) following support provided to various customers globally and the sale of test pieces.
The January-December 2016 revenue amounted to SEK 75.4 million (SEK 72.4 million). Revenue from series production increased by 5% to SEK 66.5 million (SEK 63.6 million), due to the increased shipment of 168,800 (152,700) Sampling Cups and a 1% increase in full-year series production. Equipment revenue decreased to SEK 7.1 million (SEK 7.7 million). Engineering Service amounted to SEK 1.8 million (SEK 1.0 million) following support provided to various customers globally and the sale of test pieces.
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) | 2016 | 2015 | 2016 | 2015 |
| Operating Result | 4.8 | 4.4 | 26.4 | 20.3 |
| Result for the period after tax | 5.1 | 9.0 | 26.8 | 25.2 |
| Earnings per Share (SEK), from operations | 0.7 | 0.6 | 3.7 | 2.9 |
| Earnings per Share (SEK) | 0.7 | 1.3 | 3.8 | 3.6 |
The October-December 2016 operating result of SEK 4.8 million (SEK 4.4 million) increased as a result of a reduction in other operating expenses of SEK 0.4 million. The result for the period after tax amounted to SEK 5.1 million (SEK 9.0 million). The decrease is primarily related to foreign exchange gains due to the parent company's settlement of debts toward its subsidiaries in US and UK in 2015, the net effect of which amounted to SEK +4.5 million in 2015. The remaining increase of SEK 0.6 million is primarily related to the increased operating result of SEK 0.4 million, decreased unrealised revaluation losses derived from outstanding hedge contracts of SEK 0.1 million and the increased tax income of SEK 0.1 million.
The January-December 2016 operating result of SEK 26.4 million (SEK 20.3 million), increased as a result of higher gross results of SEK 3.4 million primarily derived from higher revenue, combined with decreased operating costs of SEK 1.1 million, and increased other operating income (exchange gains) of SEK 0.5 million and decreased other operating costs (exchange losses) of SEK 1.1 million. The result for the period after tax amounted to SEK 26.8 million (SEK 25.2 million). The increase relates primarily to the increased operating result of SEK 6.1 million, a SEK 0.2 million decrease in the financial net and a SEK 0.2 million increase in tax income. The remaining decrease of SEK 4.5 million relates to the parent company's settlement of debts toward its subsidiaries in US and UK in 2015.
Tax income for the January-December 2016 period amounted to SEK 1.0 million (SEK 0.8 million). The estimated future taxable profit and deferred tax asset calculation is reassessed every quarter. As of 31 December 2016, SEK 142.3 million (SEK 137.8 million) of the SinterCast total carried-forward tax losses have been used as the basis of the updated calculation, resulting in SEK 31.3 million (SEK 30.3 million) being capitalised as a deferred tax asset.
| Cashflow Summary 2016 Full Year | January-December | Cashflow Changes | |
|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2016 | 2015 | 2016 vs. 2015 |
| Cashflow from operations, before change in working capital | 26.9 | 21.3 | 5.6 |
| Change in working capital | -1.5 | -0.9 | -0.6 |
| Cashflow from operations | 25.4 | 20.4 | 5.0 |
| Cashflow from investing activities | -3.3 | -1.7 | -1.6 |
| Cashflow from financing activities | -24.8 | -15.6 | -9.2 |
| Exchange rate differences in cash and cash equivalents | 0.0 | 0.0 | 0.0 |
| Cashflow total | -2.7 | 3.1 | -5.8 |
| Liquidity | 45.3 | 48.0 |
The January-December 2016 cashflow from operations increased by SEK 5.0 million compared to the same period in 2015. This was primarily due to the net effect of an increase of SEK 5.6 million in cashflow from operations before changes in working capital, plus changes in working capital (SEK -0.6 million), derived from changed cashflow from inventory (SEK 1.0 million), receivables (SEK 4.5 million) and operating liabilities (SEK -6.1 million).
The total cashflow decreased by SEK 5.8 million following the dividend of SEK 24.8 million (SEK 15.6 million). Total investments amounted to SEK 3.3 million, primarily related to the activation of products under development (SEK 1.9 million), patent investments (SEK 0.4 million), production equipment (SEK 0.4 million) and facilities upgrades (SEK 0.6 million). The total cashflow amounted to SEK -2.7 million (SEK 3.1 million).
Liquidity on 31 December 2016 was SEK 45.3 million (SEK 48.0 million). SinterCast has no loans.
Uncertainty factors for SinterCast include the timing of OEM decisions for new CGI engines and other components, the global economy for new vehicle sales, and the individual sales success of vehicles equipped with SinterCast-CGI components.
The economies have developed differently in Europe, Asia and the Americas over the last several years. The European passenger vehicle, commercial vehicle, and construction equipment markets have recovered and are experiencing steady growth. In Asia, the dominant Chinese market is characterised by overcapacity in the commercial vehicle and construction equipment sectors, which represent the primary opportunity for CGI. This overcapacity, coupled with the current economic uncertainty in China, influences product development cycles and production volumes. In contrast, consumer confidence has increased in North America and SinterCast has benefitted from increased vehicle sales. The geographical diversification of SinterCast helps to mitigate changing macroeconomic conditions in the different regions.
For full risk and uncertainty factor information, see Note 26 on pages 46 and 47 in SinterCast Annual Report 2015
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 2016, the Group had 21 (20) 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 2016, the Parent Company had 16 (15) 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 (12) patents, granted or pending, and maintains 58 (69) individual national phase patents worldwide. These patents address the SinterCast metallurgical technology, thermal analysis, the Sampling Cup for CGI and ductile iron, 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 and RFR 2. The accounting policies that have been applied for the Group and the Parent Company are in agreement with the accounting policies used in the preparation of the company's latest Annual Report. The implementation date of IFRS 15 has been changed from 1 January 2017 to 1 January 2018.
The European Securities and Markets Authority (ESMA) has issued new guidelines regarding the disclosure of financial measures not defined or specified according to IFRS. These financial measures should be referred to as Alternative Performance Measures (APMs). The APMs included in the Key Ratio and Share Data tables have been defined since the 3Q 2016 Interim Report.
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 2016 that could materially change these financial statements. The following press releases have been issued: 10 January 2017 – Ford reveals diesel F-150 at North American International Auto Show
The Nomination Committee, elected by the Annual General Meeting 2016, consists of Karl-Arne Henriksson, Chairman, Hans-Erik Andersson, Chairman of the Board of Directors, Ulla-Britt Fräjdin-Hellqvist and Andrea Fessler. 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.
The Annual General Meeting 2017 of SinterCast AB (publ) will be held on Thursday 18 May 2017.
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 Annual General Meeting of SinterCast AB (publ) held on 19 May 2016 approved an ordinary dividend for the financial year 2015 amounting to SEK 2.0 (1.5) per share and an extraordinary dividend amounting to SEK 1.5 (0.7) per share. A total amount of SEK 24.8 (15.6) million was distributed to the shareholders.
The Board's intention is to continue to provide an ordinary dividend to the shareholders, based primarily on the cashflow from operations. In the event that the Board considers that the liquidity exceeds the amount needed to support the operational requirements and strategic objectives, the Board has the option to propose an extraordinary dividend or a share buy-back to further adjust the liquidity.
The Board of Directors propose an ordinary dividend of SEK 2.5 per share (SEK 2.0) plus an extraordinary dividend of SEK 1.5 (1.5) per share, representing a distribution of SEK 28.4 million (SEK 24.8 million) to the shareholders of SinterCast AB (publ) for the financial year 2016. The Board proposes 22 May 2017 as the record date for entitlement to receive dividends. In deciding the amount of the ordinary dividend to be proposed to the AGM 2017, 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.
Including the proposed dividend, the total payout to shareholders since the first dividend was provided in 2011 will reach SEK 100 million.
The Annual Report 2016 will be published on 6 April 2017.
The Interim Report January-March 2017 will be published on 26 April 2017 The Interim Report April-June 2017 will be published on 23 August 2017 The Interim Report July-September 2017 will be published on 22 November 2017 The Interim Report October-December and Full Year Results 2017 will be published on 21 February 2018
This report has not been reviewed by the company's Auditors.
Stockholm 22 February 2017
For further information please contact:
Dr. Steve Dawson President & CEO SinterCast AB (publ) Office: +46 0 150 794 40 Mobile: +44 771 002 6342 e-mail: [email protected] website: www.sintercast.com
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, with 44 installations in 13 countries, is primarily used for the production of petrol and diesel engine cylinder blocks and exhaust components for passenger vehicles, medium-duty and heavy-duty cylinder blocks and heads for commercial vehicles, and industrial power engine components for marine, rail, off-road and stationary engine applications. SinterCast supports the series production of components ranging from 2 kg to 9 tonnes, all using the same proven process control technology. The SinterCast share is quoted on the Small Cap segment of the Stockholm NASDAQ OMX stock exchange (Stockholmsbörsen: SINT). For more information: www.sintercast.com
| October-December | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | |
| Revenue | 17.2 | 17.2 | 75.4 | 72.4 | |
| Cost of goods sold | -3.5 | -3.5 | -16.6 | -17.0 | |
| Gross result | 13.7 | 13.7 | 58.8 | 55.4 | |
| Gross result % | 80% | 80% | 78% | 77% | |
| Cost of sales and marketing | -4.6 | -4.9 | -19.0 | -20.1 | |
| Cost of administration | -1.5 | -1.6 | -6.0 | -6.3 | |
| Cost of research & development | -2.7 | -2.3 | -7.9 | -7.6 | |
| Other operating income | -0.1 | 0.0 | 0.5 | 0.0 | |
| Other operating costs | 0.0 | -0.5 | 0.0 | -1.1 | |
| Operating result | 4.8 | 4.4 | 26.4 | 20.3 | |
| Financial income | 0.0 | 4.5 | 0.0 | 4.6 | |
| Financial costs | 0.3 | 0.2 | -0.6 | -0.5 | |
| Income Tax | 0.0 | -0.1 | 1.0 | 0.8 | |
| Result for the period | 5.1 | 9.0 | 26.8 | 25.2 | |
| Result attributable to: | |||||
| Equity holder of the parent company | 5.1 | 9.0 | 26.8 | 25.2 | |
| Non-controlling interests | - | - | - | - | |
| Earnings per share, SEK | 0.7 | 1.3 | 3.7 | 3.6 | |
| Earning per share, diluted, SEK | 0.7 | 1.3 | 3.8 | 3.6 | |
| 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 | 2016 | 2015 | 2016 | 2015 |
| Result for the period | 5.1 | 9.0 | 26.8 | 25.2 |
| Other comprehensive income | ||||
| Items may be reclassified to the income statement: | ||||
| Translation differences, foreign subsidiaries | 0.1 | 0.0 | 0.6 | -0.3 |
| Translation diff., settlement of debts in subsidiaries* | - | -4.5 | 0.0 | -4.5 |
| Other comprehensive income, net of tax | 0.1 | -4.5 | 0.6 | -4.8 |
| Total comprehensive income for the period | 5.2 | 4.5 | 27.4 | 20.4 |
| Total comprehensive income attributable to: | ||||
| Shareholder of the parent company | 5.2 | 4.5 | 27.4 | 20.4 |
| Non-controlling interests | - | - | - | - |
* During December 2015, translation differences were reclassified from other comprehensive income to financial income arising from the parent company settlement of its debts toward the subsidiaries in US and UK.
| October-December | January-December | January-December | |||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 2014 |
| Operating activities | |||||
| Operating result | 4.8 | 4.4 | 26.4 | 20.3 | 20.3 10.2 |
| Adjustments for items not included in the cash flow | |||||
| Depreciation | 0.2 | 0.3 | 1.0 | 0.8 | 0.8 0.8 |
| Other | 0.0 | -0.1 | 0.0 | -0.2 | -0.2 0.0 |
| Unrealised exchange rate differences | 0.4 | 0.2 | -0.5 | 0.6 | 0.6 -0.3 |
| Received interest | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 0.4 |
| Paid interest | 0.0 | -0.1 | 0.0 | -0.1 | -0.1 -0.1 |
| Paid income tax | 0.0 | -0.1 | 0.0 | -0.2 | -0.2 -0.1 |
| Total cashflow from operating activities | |||||
| before change in working capital | 5.4 | 4.6 | 26.9 | 21.3 | 21.3 10.9 |
| Change in working capital | |||||
| Inventory | 0.0 | -1.1 | 0.1 | -0.9 | -0.9 0.4 |
| Operating receivables | 5.9 | -2.7 | -0.1 | -4.6 | -4.6 -3.1 |
| Operating liabilities | -0.3 | 3.8 | -1.5 | 4.6 | 4.6 -1.5 |
| Total change in working capital | 5.6 | 0.0 | -1.5 | -0.9 | -0.9 -4.2 |
| Cashflow from operations | 11.0 | 4.6 | 25.4 | 20.4 | 20.4 6.7 |
| Investing activities | |||||
| Acquisition of intangible assets | -1.2 | -0.3 | -2.3 | -1.6 | -1.6 -1.1 |
| Acquisition of tangible assets | -0.4 | 0.0 | -1.0 | -0.1 | -0.1 -0.2 |
| Cashflow from investing activities | -1.6 | -0.3 | -3.3 | -1.7 | -1.7 -1.3 |
| Financing activities | |||||
| Dividend | - | 0.0 | -24.8 | -15.6 | -15.6 -8.5 |
| Cashflow from financing activities | - | 0.0 | -24.8 | -15.6 | -15.6 -8.5 |
| Exchange rate differences in cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 0.2 |
| Change in cash and cash equivalents* | 9.4 | 4.3 | -2.7 | 3.1 | 3.1 -2.9 |
| Cash - opening balance | 35.9 | 43.7 | 48.0 | 44.9 | 44.9 47.8 |
| Cash - closing balance | 45.3 | 48.0 | 45.3 | 48.0 | 48.0 44.9 |
* The cash and cash equivalents comprises short-term deposits and cash at bank and in hand
| 31 Dec | 31 Dec | 30 Sep | 30 Sep | 31 Dec | |
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 |
| ASSETS | |||||
| 3.6 | |||||
| Intangible assets | 5.2 | 3.6 | 4.1 | 3.5 | 1.3 |
| Tangible assets | 1.9 | 1.3 | 1.7 | 1.3 | |
| Financial assets | 0.4 | 0.4 | 0.4 | 0.4 | |
| Deferred tax asset | 31.3 | 30.3 | 31.3 | 30.3 | 30.3 |
| Total fixed assets | 38.8 | 35.6 | 37.5 | 35.5 | 35.6 |
| Inventory | 4.3 | 4.4 | 4.3 | 3.3 | |
| Short term receivables | 19.1 | 18.4 | 24.4 | 15.3 | 18.4 |
| Short term deposits and cash at bank and in hand | 45.3 | 48.0 | 35.9 | 43.7 | 48.0 |
| Total current assets | 68.7 | 70.8 | 64.6 | 62.3 | 70.8 |
| Total assets | 107.5 | 106.4 | 102.1 | 97.8 | 106.4 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||||
| Shareholders' equity | 95.8 | 93.2 | 90.6 | 88.6 | 93.2 |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 | |
| Current liabilities | 11.7 | 13.2 | 11.5 | 9.2 | 13.2 |
| Total shareholders' equity and liabilities | 107.5 | 106.4 | 102.1 | 97.8 | 106.4 |
| Adjusted equity per share, SEK | 13.5 | 13.1 | 12.8 | 12.5 | 13.1 |
| Additional | |||||
|---|---|---|---|---|---|
| * STATEMENT OF CHANGES IN EQUITY | Share | Paid in | Exchange Accumulated | Total | |
| Attributable to the equity holder of the parent company | Capital | Capital | Differences | Result | Equity |
| Opening balance 1 January 2015 | 7.09 | 44.87 | 6.36 | 30.05 | 88.37 |
| Total comprehensive income | - | - | -4.81 | 25.25 | 20.44 |
| Dividend | - | - | - | -15.60 | -15.60 |
| Closing balance 31 December 2015 | 7.09 | 44.87 | 1.55 | 39.70 | 93.21 |
| Opening balance 1 January 2016 | 7.09 | 44.87 | 1.55 | 39.70 | 93.21 |
| Total comprehensive income | - | - | 0.55 | 26.83 | 27.38 |
| Dividend | - | - | - | -24.82 | -24.82 |
| Closing balance 31 December 2016 | 7.09 | 44.87 | 2.10 | 41.71 | 95.77 |
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.
The fair value of financial instruments such as accounts receivable, accounts payable, and other noninterest bearing financial assets and liabilities which are reported at the accrued acquisition value less any depreciation, is adjudged to correspond to the reported value due to their short anticipated terms.
| October-December | January-December | January-December | |||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 2014 |
| Key Ratio | |||||
| Revenue* | 17.2 | 17.2 | 75.4 | 72.4 | 72.4 |
| Result for the period* | 5.1 | 9.0 | 26.8 | 25.2 | 25.2 |
| Operating margin % | 27.9 | 25.6 | 35.0 | 28.0 | 28.0 |
| Solidity, % | 89.1 | 87.6 | 89.1 | 87.6 | 87.6 |
| Adjusted shareholders' equity | 95.8 | 93.2 | 95.8 | 93.2 | 93.2 |
| Capital employed | 95.8 | 93.2 | 95.8 | 93.2 | 93.2 |
| Total assets | 107.5 | 106.4 | 107.5 | 106.4 | 106.4 |
| Return on shareholders' equity, % | 5.5 | 9.9 | 28.4 | 27.8 | 27.8 |
| Return on capital employed, % | 5.5 | 9.9 | 28.4 | 27.8 | 27.8 |
| Return on total assets, % | 4.9 | 8.8 | 25.1 | 24.8 | 24.8 |
| Debt-to-equity ratio | - | - | - | - | - |
| Employees | |||||
| Number of employees at the end of the period | 21 | 20 | 21 | 20 | 20 |
| Data per Share | |||||
| Earnings per share, SEK* | 0.7 | 1.3 | 3.8 | 3.6 | 3.6 |
| Dividends per share, SEK | - | - | 3.5 | 2.2 | 2.2 |
| Cashflow from operations per share, SEK | 1.6 | 0.6 | 3.6 | 2.9 | 2.9 |
| Share price at the end of the period, SEK | 81.8 | 88.3 | 81.8 | 88.3 | 88.3 |
* According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).
Adjusted shareholders' equity expressed as percentage Weighted average of the number of shares for the period of total assets end of period adjusted for dilution
Adjusted 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
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 OMX stock exchange, Stockholmsbörsen
Result for the period as a percentage of total average assets. Amount below SEK 50,000
Interest bearing liabilities divided by adjusted shareholders' equity
| October-December | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | |
| Revenue | 17.1 | 17.0 | 74.7 | 70.9 | |
| Cost of goods sold | -3.8 | -3.5 | -16.9 | -17.0 | |
| Gross result | 13.3 | 13.5 | 57.8 | 53.9 | |
| Gross result % | 78% | 79% | 77% | 76% | |
| Cost of sales and marketing | -4.4 | -4.9 | -19.0 | -19.8 | |
| Cost of administration | -1.5 | -1.5 | -6.0 | -6.2 | |
| Cost of research & development | -2.8 | -2.2 | -7.9 | -7.6 | |
| Other operating income | -0.2 | 0.0 | 0.7 | 0.0 | |
| Other operating costs | 0.0 | -0.5 | 0.0 | -2.3 | |
| Operating result | 4.4 | 4.4 | 25.6 | 18.0 | |
| Financial income* | 0.0 | 15.3 | 0.0 | 15.4 | |
| Financial costs** | 0.4 | -3.1 | -0.5 | -3.8 | |
| Income Tax | 0.0 | 0.0 | 1.0 | 1.0 | |
| Result for the period | 4.8 | 16.6 | 26.1 | 30.6 | |
| Result attributable to: | |||||
| Equity holder of the parent company | 4.8 | 16.6 | 26.1 | 30.6 | |
| Non-controlling interests | - | - | - | - | |
| Earnings per share, SEK | 0.7 | 2.3 | 3.7 | 4.3 | |
| Earning per share, diluted, SEK | 0.7 | 2.3 | 3.7 | 4.3 | |
| 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 |
* In December 2015, the parent company settled its debts toward the subsidiaries in US and UK (SEK 15.3 million). The settlement was made by offsetting receivables against repayment of equity and shareholder contribution.
** In December 2015, shares in SinterCast Ltd. were written off (SEK 3.3 million).
| October-December | January-December | |||
|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 |
| Result for the period | 4.8 | 16.6 | 26.1 | 30.6 |
| Total comprehensive income for the period | 4.8 | 16.6 | 26.1 | 30.6 |
| Total comprehensive income attributable to: Shareholder of the parent company Non-controlling interests |
4.8 - |
16.6 - |
26.1 - |
30.6 - |
| 31 Dec | 31 Dec | 30 Sep | 30 Sep | |
|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 |
| ASSETS | ||||
| Intangible assets | 5.2 | 3.6 | 4.1 | 3.5 |
| Tangible assets | 1.9 | 1.3 | 1.7 | 1.3 |
| Financial assets | 2.1 | 2.0 | 2.0 | 4.4 |
| Deferred tax asset | 31.3 | 30.3 | 31.3 | 30.3 |
| Total fixed assets | 40.5 | 37.2 | 39.1 | 39.5 |
| Inventory | 4.2 | 4.3 | 4.2 | 3.3 |
| Short-term receivables | 18.6 | 17.6 | 26.5 | 22.7 |
| Short term deposits and cash at bank and in hand | 43.3 | 44.2 | 33.5 | 42.1 |
| Total current assets | 66.1 | 66.1 | 64.2 | 68.1 |
| Total assets | 106.6 | 103.3 | 103.3 | 107.6 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity* | 90.6 | 89.3 | 85.8 | 72.8 |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 16.0 | 14.0 | 17.5 | 34.8 |
| Total shareholders' equity and liabilities | 106.6 | 103.3 | 103.3 | 107.6 |
| Adjusted equity per share, SEK | 12.8 | 12.6 | 12.1 | 10.3 |
| * CHANGES IN EQUITY to the equity holder of the parent company |
Share Capital |
Statutory Reserve |
Other Reserve |
Share Premium Brought Reserve |
Results Forward |
Results for the Year |
Total Equity |
|---|---|---|---|---|---|---|---|
| Opening balance 1 January 2015 | 7.09 | 9.53 | - | 35.34 | 13.55 | 8.81 | 74.32 |
| Appropriation of last year´s result | - | - | - | - | 8.81 | -8.81 | - |
| Total comprehensive income | - | - | - | - | - | 30.58 | 30.58 |
| Dividend | - | - | - | - | -15.60 | - | -15.60 |
| Closing balance 31 December 2015 | 7.09 | 9.53 | - | 35.34 | 6.76 | 30.58 | 89.30 |
| Opening balance 1 January 2016 | 7.09 | 9.53 | - | 35.34 | 6.76 | 30.58 | 89.30 |
| Appropriation of last year´s result | - | - | - | - | 30.58 | -30.58 | - |
| Change other reserve | - | - | 1.95 | - | -1.95 | - | - |
| Total comprehensive income | - | - | - | - | - | 26.14 | 26.14 |
| Dividend | - | - | - | - | -24.82 | - | -24.82 |
| Closing balance 31 December 2016 | 7.09 | 9.53 | 1.95 | 35.34 | 10.57 | 26.14 | 90.62 |
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