Earnings Release • Aug 24, 2016
Earnings Release
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Annualised series production increased to 2.2 million Engine Equivalents, equalling the all-time high.
* Annualised average production of Engine Equivalents during the quarter (1 Engine Equivalent = 50 kg)
Following the ramp-up of several new programmes, series production in the second quarter remained strong and stable, providing six consecutive quarters above the two million Engine Equivalent threshold, and equalling the all-time high production of 2.2 million Engine Equivalents. Sampling Cup shipments were also at an all-time record high of 82,900 units in the first-half of 2016, 10% above the previous half-year high established in 2015. While most of the series production programmes provided stable or increased volumes, a small number of programmes have reported reductions during the first half of 2016. These reductions were offset by gains in the remaining programmes, resulting in a run-rate that was 3% higher than the 2015 full-year volume. Passenger vehicles showed the largest gain due to strong vehicle sales in Europe and North America, plus the contribution from the ramp-up of the Cummins 5.0 litre V8 for Nissan. The commercial vehicle volume was also higher, primarily owing to a total market increase of more than 10% in year-on-year commercial vehicle sales in Western Europe. The overall outlook remains positive, with a stable platform and the potential for the start of production of new engine programmes for both passenger vehicle and commercial vehicle applications.
The installation outlook also remains positive. Installation revenue thus far in 2016 is behind the pace of 2015, due to order timing. During the second quarter, a capacity upgrade was commissioned for a North American customer, and several other capacity upgrades, functionality expansions and new installations are under discussion for the second half of 2016. Following approvals issued by Brazilian customs, the Teksid do Brazil System 3000 Plus was shipped during July and the revenue will therefore be recognised in the third quarter results. Commissioning of the Teksid installation is scheduled during the autumn.
In the United States, the Automotive Science GroupTM awarded the Ford F-150, equipped with the SinterCast-CGI 2.7 litre petrol engine, "best environmental performance" in the full size truck category. This reinforces the environmental contribution of SinterCast-CGI in downsized engines and complements earlier awards for North America's best-selling vehicle, including the 2016 Green Truck of the Year award. This marks two consecutive years with SinterCast-CGI engines winning the Green Truck of the Year award.
Launched at the SinterCast AGM on 19 May, the new Ladle TrackerTM technology provides opportunities for additional installation revenue. The product marketing was reinforced by a joint Tupy-SinterCast presentation of the Ladle TrackerTM technology at the Mexican Foundry Congress in June. The publication associated with the presentation is expected to be published in the September edition of the Mexican foundry journal, Fundidores. Following the initial installation at the Tupy Saltillo foundry, Tupy has ordered an extended Ladle TrackerTM measurement station that is planned to be installed during the third quarter. A 'stand-alone' version of the Ladle TrackerTM technology is currently being developed to enable the technology to be sold as an independent product, without the need for a pre-existing SinterCast-CGI installation. The stand-alone version is expected to be available before the end of 2016. While the focus of the R&D activity remains on the core CGI technology, SinterCast continually investigates 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 | April-June | January-June | |||
|---|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2016 | 2015 | 2016 | 2015 | |
| Number of Sampling Cups shipped | 46,800 | 34,900 | 82,900 | 75,100 | |
| Equipment 1 | 0.7 | 0.2 | 0.8 | 2.3 | |
| Series Production 2 | 16.9 | 15.4 | 32.7 | 31.7 | |
| Engineering Service 3 | 0.7 | 0.2 | 0.9 | 0.5 | |
| Other | 0.0 | 0.0 | 0.0 | 0.1 | |
| Total | 18.3 | 15.8 | 34.4 | 34.6 |
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 April-June 2016 revenue amounted to SEK 18.3 million (SEK 15.8 million). Revenue from series production increased by 10% to SEK 16.9 million (SEK 15.4 million), due to the increased shipment of 46,800 (34,900) Sampling Cups. The annualised production amounted to approximately 2.2 million (2.2 million) Engine Equivalents. Equipment revenue amounted to SEK 0.7 million (SEK 0.2 million) following the sale of equipment to an existing North American customer to increase production capacity. Engineering Service amounted to SEK 0.7 million (SEK 0.2 million) following support provided to various customers globally and the sale of test pieces.
The January-June 2016 revenue amounted to SEK 34.4 million (SEK 34.6 million). The lower revenue is primarily due to installation timing, where no new installations were shipped during the first half of 2016. In comparison, to two Mini-System 3000 installations were shipped during the same period last year. Equipment revenue amounted to SEK 0.8 million (SEK 2.3 million). Revenue from series production increased by 3% to SEK 32.7 million (SEK 31.7 million), due to higher series production and the increased shipment of 82,900 (75,100) Sampling Cups. Engineering Service amounted to SEK 0.9 million (SEK 0.5 million) following support provided to various customers globally.
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 | April-June | January-June | ||||
|---|---|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2016 | 2015 | 2016 | 2015 | ||
| Operating Result | 5.8 | 2.9 | 10.4 | 8.8 | ||
| Result for the period after tax | 6.0 | 3.5 | 10.7 | 9.3 | ||
| Earnings per Share (SEK) | 0.8 | 0.5 | 1.5 | 1.3 |
The April-June 2016 operating result of SEK 5.8 million (SEK 2.9 million) increased by SEK 2.9 million as a result of higher gross results of SEK 1.4 million primarily derived from higher revenue, combined with increased other operating income (exchange gains) of SEK 0.6 million and decreased other operating costs (exchange losses) of SEK 0.9 million. The result for the period after tax amounted to SEK 6.0 million (SEK 3.5 million). The increase of SEK 2.5 million is primarily related to the increased operating result of SEK 2.9 million and the decreased financial net of SEK 0.4 million (primarily unrealised revaluation losses derived from outstanding hedge contracts). Tax income amounted to SEK 1.0 million (SEK 1.0 million), following revaluation of the deferred tax asset.
The January-June 2016 Operating Result of SEK 10.4 million (SEK 8.8 million), increased by SEK 1.6 million as a result of higher gross results of SEK 0.1 million primarily derived from lower revenue, combined with increased other operating income (exchange gains) of SEK 0.6 million and decreased other operating costs (exchange losses) of SEK 0.9 million.
The Result for the period after tax amounted to SEK 10.7 million (SEK 9.3 million), increased by SEK 1.4 million, primarily related to the increased operating result of SEK 1.6 million and a SEK 0.2 million decrease in the financial net (primarily unrealised revaluation losses derived from outstanding hedge contracts).
Tax for the April-June 2016 period amounted to SEK 1.0 million (SEK 1.0 million). The estimated future taxable profit and deferred tax asset calculation is reassessed every quarter. As of 30 June 2016, SEK 142.3 million (SEK 137.8 million) of SinterCast's 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 Year-to-Date January-June |
Cashflow Changes | |||
|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2016 | 2015 | 2016 vs. 2015 | |
| Cashflow from operations, before change in working capital | 10.5 | 8.4 | 2.1 | |
| Change in working capital | -3.1 | 0.9 | -4.0 | |
| Cashflow from operations | 7.4 | 9.3 | -1.9 | |
| Cashflow from investing activities | -1.0 | -1.0 | 0.0 | |
| 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 | -18.4 | -7.3 | -11.1 | |
| Liquidity | 29.6 | 37.6 |
The January-June 2016 cashflow from operations decreased by SEK 1.9 million compared to the same period in 2015. This was primarily due to the net effect of an increase of SEK 2.1 million in cashflow from operations before changes in working capital, plus changes in working capital (SEK -4.0 million), derived from changed cashflow from inventory (SEK 0.4 million), receivables (SEK -1.2 million) and operating liabilities (SEK -3.2 million).
The total cashflow decreased by SEK 11.1 million following the dividend of SEK 24.8 million (SEK 15.6 million). Total investments amounted to SEK 1.0 million, primarily related to the activation of products under
development (SEK 0.4 million), patent investments (SEK 0.2 million) and production equipment (SEK 0.4 million). The total cashflow amounted to SEK -18.4 million (SEK -7.3 million). Liquidity on 30 June 2016 was SEK 29.6 million (SEK 37.6 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, but uncertainty remains in the market. 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. SinterCast's geographical diversification 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's Annual Report 2015
With successful high volume CGI production in 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 30 June 2016, the Group had 20 (19) employees, four (four) of whom are female. The company is well positioned to support global market activities and to drive SinterCast's future growth.
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its registered office located in Stockholm, Sweden. On 30 June 2016, the Parent Company had 15 (14) 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.
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.
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 30 June 2016 that could materially change these financial statements.
The Interim Report July-September 2016 will be published on 23 November 2016 The Interim Report October-December and Full Year Results 2016 will be published on 22 February 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
This report has not been reviewed by the company's Auditors.
The Board of Directors and the CEO certify that the half-yearly financial report provides a true and fair overview of the operations, outlook, financial position and results of the Company and the Group, and describes the material risks and uncertainties that the Company and the companies in the Group face.
Stockholm 24 August 2016
Hans-Erik Andersson Chairman of the Board
Aage Figenschou Vice Chairman of the Board Robert Dover Member of the Board
Laurence Vine-Chatterton Member of the Board
Carina Andersson Member of the Board Jason Singer Member of the Board
Steve Dawson President & CEO Member of the Board
For further information please contact:
Dr. Steve Dawson President & CEO SinterCast AB (publ) Office: +46 8 660 7750 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's series production components range 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
| April-June | January-June | January-December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 | |
| Revenue | 18.3 | 15.8 | 34.4 | 34.6 | 72.4 | 54.5 | |
| Cost of goods sold | -4.5 | -3.4 | -7.7 | -8.0 | -17.0 | -13.7 | |
| Gross result | 13.8 | 12.4 | 26.7 | 26.6 | 55.4 | 40.8 | |
| Gross result % | 75% | 78% | 78% | 77% | 77% | 75% | |
| Cost of sales and marketing | -5.2 | -5.4 | -10.0 | -10.2 | -20.1 | -18.2 | |
| Cost of administration | -1.6 | -1.6 | -3.2 | -3.2 | -6.3 | -6.5 | |
| Cost of research & development | -2.0 | -1.8 | -3.7 | -3.5 | -7.6 | -6.5 | |
| Other operating income | 0.6 | 0.0 | 0.6 | 0.0 | 0.0 | 0.6 | |
| Other operating costs | 0.2 | -0.7 | 0.0 | -0.9 | -1.1 | 0.0 | |
| Operating result | 5.8 | 2.9 | 10.4 | 8.8 | 20.3 | 10.2 | |
| Financial income | -0.1 | 0.1 | 0.0 | 0.1 | 4.6 | 1.3 | |
| Financial costs | -0.7 | -0.5 | -0.7 | -0.6 | -0.5 | -0.1 | |
| Income Tax | 1.0 | 1.0 | 1.0 | 1.0 | 0.8 | 0.9 | |
| Result for the period | 6.0 | 3.5 | 10.7 | 9.3 | 25.2 | 12.3 | |
| Result attributable to: | |||||||
| Equity holder of the parent company | 6.0 | 3.5 | 10.7 | 9.3 | 25.2 | 12.3 | |
| Non-controlling interests | - | - | - | - | - | - | |
| Earnings per share, SEK | 0.8 | 0.5 | 1.5 | 1.3 | 3.6 | 1.7 | |
| Earning per share, diluted, SEK | 0.8 | 0.5 | 1.5 | 1.3 | 3.6 | 1.7 | |
| Number of shares at the close of the period, thousands | 7,090.1 | 7,090.1 | 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 | 7,090.1 | 7,090.1 | |
| Average number of shares, diluted | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| April-June | January-June | January-December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 | |
| Result for the period | 6.0 | 3.5 | 10.7 | 9.3 | 25.2 | 12.3 | |
| Other comprehensive income | |||||||
| Items may be reclassified to the income statement: | |||||||
| Translation differences, foreign subsidiaries | 0.1 | -1.1 | 0.3 | -1.1 | -0.3 | -0.1 | |
| Translation diff., settlement of debts in subsidiaries* | 0.0 | - | 0.0 | - | -4.5 | - | |
| Other comprehensive income, net of tax | 0.1 | -1.1 | 0.3 | -1.1 | -4.8 | -0.1 | |
| Total comprehensive income for the period | 6.1 | 2.4 | 11.0 | 8.2 | 20.4 | 12.2 | |
| Total comprehensive income attributable to: Shareholder of the parent company Non-controlling interests |
6.1 - |
2.4 - |
11.0 - |
8.2 - |
20.4 - |
12.2 - |
* 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.
| April-June | January-June | January-December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| Operating activities | ||||||
| Operating result | 5.8 | 2.9 | 10.4 | 8.8 | 20.3 | 10.2 |
| Adjustments for items not included in the cash flow | ||||||
| Depreciation | 0.3 | 0.2 | 0.6 | 0.4 | 0.8 | 0.8 |
| Other | -0.3 | 0.2 | -0.1 | 0.1 | -0.2 | 0.0 |
| Unrealised exchange rate differences | -0.5 | -1.0 | -0.4 | -1.0 | 0.6 | -0.3 |
| Received interest | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.4 |
| Paid interest | 0.0 | 0.1 | 0.0 | 0.0 | -0.1 | -0.1 |
| Paid income tax | 0.0 | 0.0 | 0.0 | 0.0 | -0.2 | -0.1 |
| Total cashflow from operating activities | ||||||
| before change in working capital | 5.3 | 2.5 | 10.5 | 8.4 | 21.3 | 10.9 |
| Change in working capital | ||||||
| Inventory | -0.6 | -1.5 | -1.8 | -2.2 | -0.9 | 0.4 |
| Operating receivables | -1.9 | 2.8 | -1.7 | -0.5 | -4.6 | -3.1 |
| Operating liabilities | 1.6 | 1.0 | 0.4 | 3.6 | 4.6 | -1.5 |
| Total change in working capital | -0.9 | 2.3 | -3.1 | 0.9 | -0.9 | -4.2 |
| Cashflow from operations | 4.4 | 4.8 | 7.4 | 9.3 | 20.4 | 6.7 |
| Investing activities | ||||||
| Acquisition of intangible assets | -0.3 | -0.2 | -0.6 | -0.9 | -1.6 | -1.1 |
| Acquisition of tangible assets | -0.4 | -0.1 | -0.4 | -0.1 | -0.1 | -0.2 |
| Cashflow from investing activities | -0.7 | -0.3 | -1.0 | -1.0 | -1.7 | -1.3 |
| Financing activities | ||||||
| Dividend | -24.8 | -15.6 | -24.8 | -15.6 | -15.6 | -8.5 |
| Cashflow from financing activities | -24.8 | -15.6 | -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* | -21.1 | -11.1 | -18.4 | -7.3 | 3.1 | -2.9 |
| Cash - opening balance | 50.7 | 48.7 | 48.0 | 44.9 | 44.9 | 47.8 |
| Cash - closing balance | 29.6 | 37.6 | 29.6 | 37.6 | 48.0 | 44.9 |
* The cash and cash equivalents comprises short-term deposits and cash at bank and in hand
| 30 Jun | 30 Jun | 31 Mar | 31 Mar | 31 Dec | 31 Dec | |
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| ASSETS | ||||||
| Intangible assets | 3.8 | 3.4 | 3.7 | 3.0 | 3.6 | 2.4 |
| Tangible assets | 1.6 | 1.4 | 1.3 | 1.5 | 1.3 | 1.6 |
| Financial assets | 0.4 | 0.4 | 0.3 | 0.4 | 0.4 | 0.4 |
| Deferred tax asset | 31.3 | 30.3 | 30.3 | 29.3 | 30.3 | 29.3 |
| Total fixed assets | 37.1 | 35.5 | 35.6 | 34.2 | 35.6 | 33.7 |
| Inventory Short term receivables Short term deposits and cash at bank and in hand Total current assets Total assets SHAREHOLDERS' EQUITY AND LIABILITIES |
6.2 20.1 29.6 55.9 93.0 |
5.7 14.2 37.6 57.5 93.0 |
5.6 18.2 50.7 74.5 110.1 |
4.2 18.0 48.7 70.9 105.1 |
4.4 18.4 48.0 70.8 106.4 |
3.5 14.7 44.9 63.1 96.8 |
| Shareholders' equity | 79.4 | 81.0 | 98.1 | 94.1 | 93.2 | 88.4 |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 13.6 | 12.0 | 12.0 | 11.0 | 13.2 | 8.4 |
| Total shareholders' equity and liabilities | 93.0 | 93.0 | 110.1 | 105.1 | 106.4 | 96.8 |
| Adjusted equity per share, SEK | 11.2 | 11.4 | 13.8 | 13.3 | 13.1 | 12.5 |
| 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 | - | - | -1.10 | 9.30 | 8.20 |
| Dividend | - | - | - | -15.60 | -15.60 |
| Closing balance 30 June 2015 | 7.09 | 44.87 | 5.26 | 23.75 | 80.97 |
| Opening balance 1 January 2016 | 7.09 | 44.87 | 1.55 | 39.70 | 93.21 |
| Total comprehensive income | - | - | 0.31 | 10.70 | 11.01 |
| Dividend | - | - | - | -24.82 | -24.82 |
| Closing balance 30 June 2016 | 7.09 | 44.87 | 1.86 | 25.58 | 79.40 |
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.
| April-June | January-June | January-December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 | |
| Key Ratio | |||||||
| Revenue | 18.3 | 15.8 | 34.4 | 34.6 | 72.4 | 54.5 | |
| Result for the period | 6.0 | 3.5 | 10.7 | 9.3 | 25.2 | 12.3 | |
| Operating margin % | 31.7 | 18.4 | 30.2 | 25.4 | 28.0 | 18.7 | |
| Solidity, % | 85.4 | 87.1 | 85.4 | 87.1 | 87.6 | 91.3 | |
| Adjusted shareholders' equity | 79.4 | 81.0 | 79.4 | 81.0 | 93.2 | 88.4 | |
| Capital employed | 79.4 | 81.0 | 79.4 | 81.0 | 93.2 | 88.4 | |
| Total assets | 93.0 | 93.0 | 93.0 | 93.0 | 106.4 | 96.8 | |
| Return on shareholders' equity, % | 6.8 | 4.0 | 12.4 | 11.0 | 27.8 | 14.2 | |
| Return on capital employed, % | 6.8 | 4.0 | 12.4 | 11.0 | 27.8 | 14.2 | |
| Return on total assets, % | 5.9 | 3.5 | 10.7 | 9.8 | 24.8 | 12.9 | |
| Debt-to-equity ratio | - | - | - | - | - | - | |
| Employees | |||||||
| Number of employees at the end of the period | 20 | 19 | 20 | 19 | 20 | 19 | |
| Data per Share | |||||||
| Earnings per share, SEK | 0.8 | 0.5 | 1.5 | 1.3 | 3.6 | 1.7 | |
| Dividends per share, SEK | 3.5 | 2.2 | 3.5 | 2.2 | 2.2 | 1.2 | |
| Cashflow from operations per share, SEK | 0.6 | 0.7 | 1.0 | 1.3 | 2.9 | 0.9 | |
| Share price at the end of the period, SEK | 81.5 | 90.0 | 81.5 | 90.0 | 88.3 | 76.0 |
of total assets end of period adjusted for dilution
Adjusted equity per share Earnings per share
Adjusted shareholders' equity divided by the average number of shares Result for the period divided by the average number of shares Adjusted shareholders' equity Earnings per share, diluted
Capital employed adjusted for dilution
Total assets less non-interest bearing liabilities Dividend per share
Result for the period as a percentage of average adjusted Cashflow from operations 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
Quarterly values are not annualised Value presented as "-"
Interest bearing liabilities divided by adjusted shareholders' equity
Operating results as percentage of revenue Weighted average of the number of shares outstanding for the period Solidity % Average number of shares adjusted for dilution
Adjusted shareholders' equity expressed as percentage Weighted average of the number of shares for the period
Shareholders' equity plus 78% of untaxed reserves, if any Result for the period divided by the average number of shares
shareholders' equity. Quarterly values are not annualised Cashflow from operations divided by the number of shares
Debt-to-equity ratio No amount applicable
| April-June | January-June | January-December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 | |
| Revenue | 18.1 | 16.0 | 34.1 | 34.6 | 70.9 | 53.8 | |
| Cost of goods sold | -4.6 | -3.7 | -7.8 | -8.3 | -17.0 | -13.8 | |
| Gross result | 13.5 | 12.3 | 26.3 | 26.3 | 53.9 | 40.0 | |
| Gross result % | 75% | 77% | 77% | 76% | 76% | 74% | |
| Cost of sales and marketing | -5.9 | -5.9 | -10.2 | -10.0 | -19.8 | -18.6 | |
| Cost of administration | -1.6 | -1.6 | -3.2 | -3.2 | -6.2 | -6.7 | |
| Cost of research & development | -1.8 | -1.8 | -3.5 | -3.5 | -7.6 | -6.5 | |
| Other operating income | 0.8 | 0.0 | 0.8 | 0.0 | 0.0 | 0.0 | |
| Other operating costs | 0.0 | -0.6 | 0.0 | -2.2 | -2.3 | -1.6 | |
| Operating result | 5.0 | 2.4 | 10.2 | 7.4 | 18.0 | 6.6 | |
| Financial income* | -0.1 | 0.1 | 0.0 | 0.1 | 15.4 | 1.3 | |
| Financial costs** | -0.7 | -0.6 | -0.7 | -0.7 | -3.8 | 0.0 | |
| Income Tax | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.9 | |
| Result for the period | 5.2 | 2.9 | 10.5 | 7.8 | 30.6 | 8.8 | |
| Result attributable to: | |||||||
| Equity holder of the parent company | 5.2 | 2.9 | 10.5 | 7.8 | 30.6 | 8.8 | |
| Non-controlling interests | - | - | - | - | - | - | |
| Earnings per share, SEK | 0.7 | 0.4 | 1.5 | 1.1 | 4.3 | 1.2 | |
| Earning per share, diluted, SEK | 0.7 | 0.4 | 1.5 | 1.1 | 4.3 | 1.2 | |
| Number of shares at the close of the period, thousands | 7,090.1 | 7,090.1 | 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 | 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 | 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).
| April-June | January-June | January-December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| Result for the period | 5.2 | 2.9 | 10.5 | 7.8 | 30.6 | 8.8 |
| Total comprehensive income for the period | 5.2 | 2.9 | 10.5 | 7.8 | 30.6 | 8.8 |
| Total comprehensive income attributable to: Shareholder of the parent company |
5.2 | 2.9 | 10.5 | 7.8 | 30.6 | 8.8 |
| Non-controlling interests | - | - | - | - | - | - |
| 30 Jun 2016 |
30 Jun 2015 |
31 Mar 2016 |
31 Mar 2015 |
31 Dec 2015 |
31 Dec 2014 |
|
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | ||||||
| ASSETS | ||||||
| Intangible assets | 3.8 | 3.4 | 3.7 | 3.0 | 3.6 | 2.4 |
| Tangible assets | 1.5 | 1.4 | 1.3 | 1.5 | 1.3 | 1.5 |
| Financial assets | 2.0 | 4.4 | 2.0 | 4.4 | 2.0 | 4.5 |
| Deferred tax asset | 31.3 | 30.3 | 30.3 | 29.3 | 30.3 | 29.3 |
| Total fixed assets | 38.6 | 39.5 | 37.3 | 38.2 | 37.2 | 37.7 |
| Inventory | 6.1 | 4.9 | 5.6 | 4.2 | 4.3 | 3.5 |
| Short-term receivables | 21.7 | 20.5 | 19.3 | 20.5 | 17.6 | 13.8 |
| Short term deposits and cash at bank and in hand | 26.9 | 35.9 | 48.3 | 47.2 | 44.2 | 43.7 |
| Total current assets | 54.7 | 61.3 | 73.2 | 71.9 | 66.1 | 61.0 |
| Total assets | 93.3 | 100.8 | 110.5 | 110.1 | 103.3 | 98.7 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity* | 75.0 | 66.6 | 94.6 | 79.3 | 89.3 | 74.3 |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 18.3 | 34.2 | 15.9 | 30.8 | 14.0 | 24.4 |
| Total shareholders' equity and liabilities | 93.3 | 100.8 | 110.5 | 110.1 | 103.3 | 98.7 |
| Adjusted equity per share, SEK | 10.6 | 9.4 | 13.3 | 11.2 | 12.6 | 10.5 |
| * CHANGES IN EQUITY | Share | Statutory | Other | Share Premium Brought |
Results | Results for | Total | |
|---|---|---|---|---|---|---|---|---|
| to the equity holder of the parent company | Capital | Reserve | Reserve | Reserve Forward | the Year | 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 | - | - | - | - | - | 7.85 | 7.85 | |
| Dividend | - | - | - | - | -15.60 | - | -15.60 | |
| Closing balance 30 June 2015 | 7.09 | 9.53 | - | 35.34 | 6.76 | 7.85 | 66.57 | |
| 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 | - | - | 0.41 | - | -0.41 | - - |
- | |
| Total comprehensive income | - | - | - | - | - | 10.53 | 10.53 | |
| Dividend | - | - | - | - | -24.82 | - | -24.82 | |
| Closing balance 30 June 2016 | 7.09 | 9.53 | 0.41 | 35.34 | 12.11 | 10.53 | 75.01 |
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