Earnings Release • Aug 25, 2010
Earnings Release
Open in ViewerOpens in native device viewer
Series production for the second quarter ran at an annualised rate of approximately 950,000 Engine Equivalents (47,500 tonnes), providing 5% growth relative to the first quarter of 2010 and a 125% increase compared to the same quarter in 2009. The increase is primarily due to the continued ramp-up of the Ford 6.7 litre V8 cylinder block in Brazil and increased production of exhaust components in China. However, production of some of the passenger vehicle V-diesel cylinder blocks and commercial vehicle engine components that began series production before the onset of the economic downturn also contributed to the increase during the quarter.
Jaguar Land Rover, the first automotive company to introduce a high volume engine based on a CGI cylinder block, unveiled its fourth CGI engine – a 4.4 litre V8 turbodiesel. Similar to the engine's 3.6 litre predecessor launched during 2006, the new 4.4 litre upgrade is based on a SinterCast-CGI cylinder block produced at the Tupy foundry in Brazil. Series production began during early 2010. The 4.4 litre upgrade delivers 230 kW (308 horsepower) and 700 Nm (516 lb-ft) of torque, representing 15% and 10% improvements respectively. Despite the larger displacement and significant power increases, the new engine provides a 10% reduction in CO2 emissions compared to the 3.6 litre predecessor. The Euro 5 engine is expected to be available in Land Rover vehicles during autumn 2010.
During the period, First Automobile Works (FAW), the largest vehicle manufacturer in China, commissioned a new Mini-System 3000 installation at the FAW Foundry Co., Ltd., R&D foundry in Changchun, China. SinterCast-CGI components were successfully produced to support product development in both the commercial vehicle and passenger vehicle sectors. Also during the period, the System 2000 that was initially installed at the Halberg foundry in Brebach, Germany in 1998 was transferred to the Halberg foundry located in Leipzig, Germany. The transfer marks the end of niche volume production of the Audi 4.2 litre V8 diesel cylinder block at Brebach and was effected by Halberg to support ongoing pre-production of a new commercial vehicle engine component which is scheduled to begin series production during the third quarter of 2010.
On 3 August 2010, Ford Motor Company announced a power upgrade for the 6.7 litre V8 diesel engine installed in Ford's Super Duty pick-up trucks. A software upgrade increases the performance to 400 horsepower and 1,085 Nm of torque, making the CGI engine the most powerful diesel ever installed in a pick-up truck. The increased power and torque allow drivers to reach higher gears earlier, and to remain in higher gears over a wider range of driving conditions, providing lower engine speed, improved fuel economy and reduced noise. The performance upgrade is expected to improve overall fuel economy by at least 2%.
Based on the current production programmes and the potential market recovery during SinterCast's five year planning horizon, the five year outlook is summarised as follows:
| Approximate Annual Production Potential and Revenue | ||||
|---|---|---|---|---|
| 30 June 2010 | 31 March 2010 | |||
| Activity | KEQVS* | MSEK/yr** | KEQVS* | MSEK/yr** |
| Current Series Production1 | 950 | 22 | 900 | 21 |
| Potential Mature Volume2 | 1,300 | 30 | 1,200 | 28 |
| Production Orders Secured3 | 400 | 9 | 400 | 9 |
| Development Pipeline4 | 2,500 | 58 | 2,500 | 57 |
| Near-term Market Opportunity5 | 4,200 | 97 | 4,100 | 94 |
Notes: 1. Current annualised production rate
The revenue for the SinterCast Group relates primarily to income from equipment (sales and leases), series production and engineering service.
| Revenue Breakdown | April-June | January-June | ||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| Number of Sampling Cups shipped | 25,400 | 9,300 | 48,650 | 20,600 |
| Equipment 1 | 0.4 | 1.7 | 1.3 | 2.0 |
| Series Production 2 | 7.4 | 3.1 | 14.4 | 6.4 |
| Engineering Service 3 | 0.6 | 0.4 | 0.7 | 0.8 |
| Other | 0.2 | 0.1 | 0.2 | 0.1 |
| Total | 8.6 | 5.3 | 16.6 | 9.3 |
(Amounts in SEK million if not otherwise stated)
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 2010 revenue amounted to SEK 8.6 million (SEK 5.3 million). The revenue increase of 62% is a result of the significant increases in series production and Sampling Cup shipments. The revenue from series production increased by 140% to SEK 7.4 million (SEK 3.1 million), due to the record production at an annualised rate of approximately 950,000 (400,000) Engine Equivalents and the shipment of 25,400 (9,300) Sampling Cups.
The January-June 2010 revenue amounted to SEK 16.6 million (SEK 9.3 million). The revenue increase of 78% is as a result of the significant increases in series production and Sampling Cup shipments and the invoicing of the Mini-System 3000 to First Automobile Works in China, which was installed during the period. The revenue from series production increased by 125% to SEK 14.4 million (SEK 6.4 million), due to the record production at an annualised rate of approximately 900,000 (400,000) Engine Equivalents and the shipment of 48,650 (20,600) Sampling Cups. Actual production during the first half of 2010 was approximately 450,000 Engine Equivalents, compared to actual production of approximately 400,000 Engine Equivalents during full-year 2009.
| Results Summary | April-June January-June 2010 2009 2010 2009 |
||||
|---|---|---|---|---|---|
| Operating Result | 0.6 | -1.0 | 1.3 | -3.7 | |
| Result for the period | 3.4 | 2.0 | 4.4 | -11.7 | |
| Result after tax per share (SEK)* | 0.5 | 0.4 | 0.7 | -2.1 | |
| (Amounts in SEK million if not otherwise stated) |
*Based on 6,478,383 shares
The April-June 2010 operating result of SEK 0.6 million (SEK -1.0) million was primarily affected by higher gross result of SEK 2.4 million compared to the same period 2009. The result after tax for the April-June 2010 period amounted to SEK 3.4 million (SEK 2.0 million), primarily related to the revaluation of the deferred tax asset, as described in the section entitled "Deferred Tax Asset".
The January-June 2010 operating result of SEK 1.3 million (SEK -3.7) million was primarily affected by higher gross result of SEK 5.8 million compared to the same period 2009. The result after tax for the January-June 2010 period amounted to SEK 4.4 million (SEK -11.7 million), primarily related to the revaluation of the deferred tax asset, as described in the section entitled "Deferred Tax Asset".
SinterCast calculates its estimated future taxable profit from secured production orders on a quarterly basis, in order to determine the valuation of its deferred tax asset.
| Deferred Tax Asset | April-June | January-June | ||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| Estimated future taxable profit | 92.2 | 39.9 | 92.2 | 39.9 |
| Change in carry-forward tax loss taken into consideration | 11.9 | 9.6 | 11.9 | -30.2 |
| Deferred tax asset | 24.3 | 10.5 | 24.3 | 10.5 |
| Tax result | 3.1 | 2.5 | 3.1 | -8.0 |
(Amounts in SEK million if not otherwise stated), (FY: Full Year)
SinterCast has reassessed the estimated future taxable profit and deferred tax asset calculation from secured orders to reflect the current expectation of programme longevity and the typical lifecycle for engine programmes in the automotive industry. As of 30 June 2010, SEK 92.2 million (SEK 80.3 million) of SinterCast's total carried-forward tax losses have been used as the basis of the updated calculation, resulting in SEK 24.3 million (SEK 21.2 million) being capitalised as a deferred tax asset.
As of 30 June 2010, the cost of the employee stock option programme 2009-2013 was calculated at a total amount of SEK 3.3 million (SEK 3.2 million), based on a closing share price of SEK 49.4 (SEK 30.4). Thus far during 2010, SEK 0.7 million (SEK 0.5 million) has been accounted for as costs related to the option programme.
The April-June 2010 cashflow result was SEK 2.8 million (SEK -0.3 million), providing a Group liquidity of SEK 25.5 million (SEK 9.1 million) on 30 June 2010. It is noted that the cashflow result from operating activities was positive during the period, however, the time delay between invoicing and payment has resulted in a decrease in working capital required during the period. Investments during the period amounted to SEK 0.1 million (SEK 0.7 million), relating to the activation of the Pressurised Pouring Furnace development project.
| Cashflow Summary | April-June | January-June | ||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| Cashflow from operating activities | 1.1 | -1.2 | 2.4 | -2.8 |
| Cashflow from working capital | 1.8 | 1.6 | -1.5 | 0.6 |
| Cashflow from investment activities | -0.1 | -0.7 | -0.2 | -0.7 |
| Cashflow from financing activities | - | - | - | 3.0 |
| Cashflow total | 2.8 | -0.3 | 0.7 | 0.1 |
| Liquidity | 25.5 | 9.1 | 25.5 | 9.1 |
| Investments | 0.1 | 0.7 | 0.2 | 0.7 |
(Amounts in SEK million if not otherwise stated)
Current liquidity is SEK 25.5 million, with the prospect of an additional SEK 11.6 million being raised during September 2010 from the warrants related to the rights issue conducted during September 2009 and an additional SEK 1.7 million from the potential exercise of the first 15% of the employee stock options during November-December 2010.
Despite the positive increase in series production since mid-2009, the main uncertainty factor for SinterCast continues to be the overall timing of the CGI market ramp-up, which primarily depends on the global economy for new vehicle sales and on the individual sales success of the vehicles equipped with SinterCast-CGI components. The economic conditions facing the global foundry and automotive industries have caused automotive OEMs to reduce production and, in some cases, delay production launches. In parallel, foundries have delayed plans for new investment in CGI production capacity. The overall decline in the automotive market has resulted in a reduction of SinterCast's near-term market opportunity calculation from a peak of 5.7 million Engine Equivalents on 30 June 2008 to the current value of 4.2 million Engine Equivalents. Although the automotive sector has begun to recover, volumes are still significantly below pre-downturn levels. While SinterCast continues to support new product development activities, and anticipates new production launches and new opportunities for installation revenue, the Board believes that it is still not possible to determine the ultimate effect of the global economic recession or the timing and rate of the overall market recovery.
SinterCast regularly monitors its cash position with reference to market forecasts and internal expense budgets. In consideration of current expense and revenue forecasts, the Board judges that the Company's financial position is secure. The Company will continue its prudent approach toward expenses and new recruitment as the overall market recovery evolves.
SinterCast has played a leading role in the development and application of CGI since the early 1990's. SinterCast enjoys global brand recognition and respect as the CGI technology leader and is welcomed by the industry as a reliable and trustworthy partner. However, virtually every company encounters competition, and SinterCast is no exception. As the CGI market has developed, some foundry supply companies have proposed alternative CGI technologies. To SinterCast's knowledge, these have included Hereaus-Electronite, OxyCast, OCC and NovaCast. It is also possible that some foundries may opt to produce CGI using in-house control and discipline, but this is generally judged to become less likely as product complexity and production volumes increase, and as specification requirements become more rigidly enforced by the end-users. SinterCast judges that its technology and engineering know-how provides the most reliable and cost-effective solution for the production of high quality CGI. Based on its proven technology, production experience and engineering service, SinterCast will continue to support new CGI development activities to further increase its share of the world CGI production capacity. With respect to the development of alternative automotive technologies such as biofuels, hybrids and fuel cells, SinterCast does not expect these to have a significant effect on the Company's competitive position for the foreseeable future.
As of 30 June 2010, the Group had 13 (13) employees, two (two) of which were female. The core technical staff has the necessary skills and resources to support ongoing customer activities and to support the current intensified market development. Further recruitment will be phased with the development of field activities, particularly the need to support new installations.
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. As of 1 January 2009, several amendments to existing standards, new interpretations and one new standard (IFRS 8) have come into effect. In accordance with IAS 1, SinterCast has opted to present the Group's total earnings divided into two statements: a separate income statement and a statement of comprehensive income. Furthermore, the consolidated statement of changes in shareholders' equity only includes transactions with the Group's owners. As of 1 April 2009, development costs that can be directly attributed to the design and testing of identifiable and unique new products controlled by the Group are recognised as intangible assets when the criteria of IAS38 are met. Beginning with the 3Q09 report, SinterCast has reassessed the estimated future taxable profit and deferred tax asset calculation to reflect the typical lifecycle of an engine programme in the automotive industry. In compliance with IFRS 8, beginning with the 4Q09 report, the Geographical Market presentation summary has been removed from the financial statements, to better correspond with the internal reporting within the Group. The reporting for the Parent Company has been prepared in accordance with Sweden's Annual Accounts Act. The accounting policies that have been applied for the Group and for the Parent Company are in agreement with the accounting policies used in the preparation of the Company's latest annual 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 30 June 2010 that could materially change these financial statements.
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with registered office located in Stockholm, Sweden. The Parent Company has 10 (12) employees. The majority of the operations are conducted by the Parent Company, including responsibility for the representative office in China and sales representatives in Australia, India, Japan and Korea. Operations in the UK and the USA are managed by the local companies. The information given for the Group in this report corresponds in all material respects to the Parent Company.
The Interim Report July-September 2010 will be published on 3 November 2010 The Interim Report October- December and Full Year Results 2010 will be published on 18 February 2011 The Interim Report January-March 2011 will be published on 4 May 2011 The Interim Report April-June 2011 will be published on 24 August 2011
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, 25 August 2010
| Ulla-Britt Fräjdin-Hellqvist | |
|---|---|
| Chairman of the Board |
Aage Figenschou Vice Chairman of the Board Andrea Fessler Member of the Board
Robert Dover 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) Tel: +46 8 660 7750 Mobile: +44 771 002 6342 e-mail: [email protected]
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 weight, noise and emissions. SinterCast produces a variety of CGI components ranging from 2 kg to 17 tonnes, all using the same process control technology. The endusers of SinterCast-CGI components include Aston Martin, Audi, Caterpillar, Chrysler, DAF Trucks, Ford, Ford-Otosan, General Electric Transportation Systems, General Motors, Hyundai, Navistar, Jaguar, Kia, Land Rover, MAN, Porsche, PSA Peugeot-Citroën, Renault, Rolls-Royce Power Engineering, Toyota, Volkswagen, Volvo and Waukesha Engine. The SinterCast share is quoted on the Small Cap segment of the Nordic Exchange, Stockholm (Stockholmsbörsen: SINT).
| April-June | January-June | January-December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2010 | 2009 | 2009 | 2008 |
| Revenue | 8.6 | 5.3 | 16.6 | 9.3 | 20.0 | 24.8 |
| Cost of goods sold | -2.8 | -1.9 | -5.1 | -3.6 | -7.0 | -9.4 |
| Gross result | 5.8 | 3.4 | 11.5 | 5.7 | 13.0 | 15.4 |
| Cost of sales and marketing | -2.8 | -2.5 | -5.3 | -5.1 | -10.1 | -11.0 |
| Cost of administration | -1.6 | -1.5 | -2.9 | -2.9 | -5.2 | -6.5 |
| Cost of research & development | -1.0 | -0.5 | -2.0 | -1.5 | -3.9 | -3.9 |
| Other operating income | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 |
| Other operating costs | 0.2 | 0.0 | 0.0 | 0.0 | -0.1 | 0.3 |
| Operating result | 0.6 | -1.0 | 1.3 | -3.7 | -6.3 | -5.7 |
| Financial income | 0.0 | -0.1 | 0.4 | 0.2 | 1.8 | 0.7 |
| Financial costs | -0.3 | 0.6 | -0.4 | -0.2 | -0.9 | -0.4 |
| Income Tax | 3.1 | 2.5 | 3.1 | -8.0 | 2.7 | 18.5 |
| Result for the period | 3.4 | 2.0 | 4.4 | -11.7 | -2.7 | 13.1 |
| Result attributable to: | ||||||
| Equity holder of the parent company | 3.4 | 2.0 | 4.4 | -11.7 | -2.7 | 13.1 |
| Non-controlling interests | - | - | - | - | - | - |
| Earnings per share, SEK | 0.5 | 0.4 | 0.7 | -2.1 | -0.5 | 2.4 |
| Earning per share, diluted, SEK | 0.5 | 0.4 | 0.7 | -2.1 | -0.5 | 2.4 |
| Number of shares at the close of the period, thousands | 6 478.4 | 5 552.9 | 6 478.4 | 5 552.9 | 6 478.4 | 5 552.9 |
| Average number of shares, thousands | 6 478.4 | 5 552.9 | 6 478.4 | 5 552.9 | 5 815.1 | 5 552.9 |
| Average number of shares adjusted for outstanding warrants | 6 727.9 | 5 552.9 | 6 727.9 | 5 552.9 | 5 815.1 | 5 552.9 |
| April-June | January-June | January-December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2010 | 2009 | 2009 | 2008 |
| Result for the period | 3.4 | 2.0 | 4.4 | -11.7 | -2.7 | 13.1 |
| Other comprehensive income | ||||||
| Translation differences, foreign subsidiaries | -0.1 | -0.1 | 0.0 | 0.0 | 0.0 | 0.1 |
| Other comprehensive income, net of tax | -0.1 | -0.1 | 0.0 | 0.0 | 0.0 | 0.1 |
| Total comprehensive income | 3.3 | 1.9 | 4.4 | -11.7 | -2.7 | 13.2 |
| Total comprehensive income attributable to: | ||||||
| Equity holder of the parent company | 3.3 | 1.9 | 4.4 | -11.7 | -2.7 | 13.2 |
| Non-controlling interests | - | - | - | - | - | - |
| April-June | January-June January-December |
|||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2010 | 2009 | 2009 | 2008 |
| Operating activities | ||||||
| Operating result | 0.6 | -1.0 | 1.3 | -3.7 | -6.3 | -5.7 |
| Adjustments for items not included in the cash flow | ||||||
| Depreciation | 0.2 | 0.2 | 0.4 | 0.4 | 1.5 | 1.2 |
| Other | 0.2 | -0.3 | 0.5 | 0.5 | 1.4 | 0.6 |
| Exchange rate differences | 0.1 | 0.0 | -0.1 | 0.0 | 0.4 | 0.3 |
| Received interest | 0.0 | 0.0 | 0.4 | 0.1 | 0.0 | 0.7 |
| Paid interest | 0.0 | -0.1 | -0.1 | -0.1 | -0.2 | -0.4 |
| Total cashflow from operating activities | ||||||
| before change in working capital | 1.1 | -1.2 | 2.4 | -2.8 | -3.2 | -3.3 |
| Change in working capital* | ||||||
| Stock | -0.4 | 0.7 | -0.2 | 1.1 | 1.2 | -1.8 |
| Operating receivables | 1.3 | 0.4 | -2.5 | 0.7 | 0.6 | -0.5 |
| Operating liabilities | 0.9 | 0.5 | 1.2 | -1.2 | -3.5 | -1.4 |
| Total change in working capital | 1.8 | 1.6 | -1.5 | 0.6 | -1.7 | -3.7 |
| Cashflow from operations | 2.9 | 0.4 | 0.9 | -2.2 | -4.9 | -7.0 |
| Investing activities | ||||||
| Acquisition of intangible assets | -0.1 | -0.7 | -0.2 | -0.7 | -0.5 | -0.2 |
| Acquisition of tangible assets | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | -0.1 |
| Increase/decrease in long-term receivables/payables | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cashflow from investing activities | -0.1 | -0.7 | -0.2 | -0.7 | -0.6 | -0.3 |
| Financing activities | ||||||
| Rights Issue** | - | - | - | - | 18.3 | - |
| Bank Loan | - | 0.0 | - | 3.0 | 3.0 | - |
| Cashflow from financing activities | 0.0 | 0.0 | 0.0 | 3.0 | 21.3 | - |
| Change in cash and cash equivalents*** | 2.8 | -0.3 | 0.7 | 0.1 | 15.8 | -7.3 |
| Cash - opening balance | 22.7 | 9.4 | 24.8 | 9.0 | 9.0 | 16.3 |
| Cash - closing balance | 25.5 | 9.1 | 25.5 | 9.1 | 24.8 | 9.0 |
* Classification between individual items has been changed compared to Books Closing Report 2009.
** The Rights Issue amounted to SEK 23.1 million before transaction costs
*** The cash and cash equivalents comprises short-term deposits and cash at bank and in hand.
| 30 June 30 June | 31 March 31 March | 31 Dec | 31 Dec | |||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2010 | 2009 | 2009 | 2008 |
| ASSETS | ||||||
| Intangible assets | 3.1 | 3.8 | 3.2 | 3.3 | 3.3 | 3.5 |
| Tangible assets | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Financial assets | 24.5 | 10.7 | 21.4 | 8.2 | 21.4 | 18.7 |
| Total fixed assets | 27.7 | 14.6 | 24.7 | 11.6 | 24.8 | 22.3 |
| Stock | 4.0 | 3.9 | 3.6 | 4.6 | 3.8 | 5.0 |
| Short-term receivables | 8.2 | 3.7 | 9.6 | 4.3 | 5.8 | 4.4 |
| Short term deposits and cash at bank and in hand | 25.5 | 9.1 | 22.7 | 9.4 | 24.8 | 9.0 |
| Total current assets | 37.7 | 16.7 | 35.9 | 18.3 | 34.4 | 18.4 |
| Total Assets | 65.4 | 31.3 | 60.6 | 29.9 | 59.2 | 40.7 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity* | 55.5 | 22.9 | 51.8 | 20.8 | 50.5 | 34.1 |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 9.9 | 8.4 | 8.8 | 9.1 | 8.7 | 6.6 |
| Total shareholders' equity and liabilities | 65.4 | 31.3 | 60.6 | 29.9 | 59.2 | 40.7 |
| Adjusted equity per share | 8.6 | 4.1 | 8.0 | 3.7 | 7.8 | 6.1 |
| * STATEMENT OF CHANGES IN EQUITY | Share | Additional Accumulated | Total | |||
| Attributable of the equity holder of the parant company | Capital | Paid in Capital |
Result | Equity | ||
| Opening balance 1 January 2009 | 5.55 | 9.53 | 19.07 | 34.15 | ||
| Employee share option programme | - | - | 0.47 | 0.47 | ||
| Total comprehensive income | - | - | -11.72 | -11.72 | ||
| Closing Balance 30 June 2009 | 5.55 | 9.53 | 7.82 | 22.90 | ||
| Opening balance 1 January 2010 | 6.48 | 26.90 | 17.10 | 50.48 | ||
| Employee share option programme | 0.64 | 0.64 | ||||
| Total comprehensive income | 4.42 | 4.42 | ||||
| Closing Balance 30 June 2010 | 6.48 | 26.90 | 22.16 | 55.54 |
| April-June | January-June | January-December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2010 | 2009 | 2009 | 2008 | 2007 |
| Key Ratio | |||||||
| Revenue, SEK millions | 8.6 | 5.3 | 16.6 | 9.3 | 20.0 | 24.8 | 22.8 |
| Net result, SEK millions | 3.4 | 2.0 | 4.4 | -11.7 | -2.7 | 13.1 | -4.5 |
| Operating margin % | 7.0 | -18.9 | 7.8 | -39.8 | -31.5 | -23.0 | -22.4 |
| Solidity, % | 84.9 | 73.2 | 84.9 | 69.6 | 85.3 | 83.8 | 71.2 |
| Adjusted shareholders' equity, SEK millions | 55.5 | 22.9 | 55.5 | 20.8 | 50.5 | 34.1 | 20.0 |
| Capital employed, SEK millions | 58.5 | 22.9 | 58.5 | 23.8 | 53.5 | 34.1 | 20.0 |
| Total assets, SEK millions | 65.4 | 31.3 | 65.4 | 29.9 | 59.2 | 40.7 | 28.1 |
| Return on shareholders' equity, % | 6.3 | 9.5 | 8.3 | -54.5 | -6.4 | 48.4 | -20.7 |
| Return on capital employed, % | 6.4 | 10.5 | 8.7 | -53.2 | -5.6 | 50.0 | -19.2 |
| Return on total assets, % | 5.9 | 12.9 | 7.8 | -62.0 | -4.1 | 66.5 | -29.7 |
| Debt-to-equity ratio | 0.1 | - | 0.1 | - | 0.1 | - | - |
| Employees | |||||||
| Number of employees at the end of the period | 13 | 13 | 13 | 13 | 13 | 15 | 14 |
| Data per Share | |||||||
| Earnings per share, SEK | 0.5 | 0.4 | 0.7 | -2.1 | -0.5 | 2.4 | -0.8 |
| Dividends per share, SEK | - | - | - | - | - | - | - |
| Cashflow per share, SEK | 0.4 | -0.1 | 0.1 | 0.0 | 2.7 | -1.3 | 0.1 |
| Share price at the end of the period, SEK | 49.4 | 30.4 | 49.4 | 30.4 | 50.5 | 32.5 | 140.0 |
Operating results as percentage of revenue Net result as a percentage of average adjusted Average number of shares shareholders' equity Weighted average of the number of shares outstanding for the period Return on capital employed Average number of shares adjusted for outstanding warrants Net result after financial items plus financial Weighted average of the number of shares and warrants outstanding for the period expenses as a percentage of average capital employed Earnings per share Return on total assets Net result divided by the average number of shares Net result after financial items plus financial expenses Earnings per share adjusted for outstanding warrants as a percentage of total average assets No outstanding warrants Debt-to-equity ratio Adjusted equity per share Interest bearing liabilities divided by adjusted Adjusted shareholders' equity divided by the average number of shares shareholders' equity Adjusted equity per share adjusted for outstanding warrants Share price at the end of the period No outstanding warrants Latest paid price for the SinterCast share at Solidity the Swedish stock exchange, Stockholmsbörsen Adjusted shareholders' equity expressed as percentage Value presented as "0.0" of total assets end of period Amount below SEK 50,000 Adjusted shareholders' equity Value presented as "-" Shareholders' equity plus of untaxed reserves No amount applicable Capital employed Total assets less non-interest bearing liabilities
Operating margin % Return on shareholders' equity
| April-June | January-June | January-December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2010 | 2009 | 2009 | 2008 | |
| Revenue | 8.3 | 4.5 | 16.1 | 8.0 | 19.3 | 22.3 | |
| Cost of goods sold | -2.8 | -1.2 | -5.3 | -3.4 | -7.8 | -9.3 | |
| Gross result | 5.5 | 3.3 | 10.8 | 4.6 | 11.5 | 13.0 | |
| Cost of sales and marketing | -3.8 | -1.2 | -5.0 | -2.4 | -8.9 | -11.1 | |
| Cost of administration | -1.9 | -1.2 | -2.9 | -2.3 | -5.4 | -6.6 | |
| Cost of research & development | -1.0 | -0.5 | -1.9 | -1.4 | -3.8 | -3.9 | |
| Other operating income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | |
| Other operating costs | -0.3 | -0.5 | -0.3 | -0.5 | -0.1 | 0.0 | |
| Operating result | -1.5 | -0.1 | 0.7 | -2.0 | -6.7 | -8.4 | |
| Financial income | 0.0 | -0.2 | 0.4 | 0.2 | 1.8 | 0.6 | |
| Financial costs | -0.4 | 0.6 | -0.4 | 0.0 | -0.9 | -0.4 | |
| Income Tax | 3.1 | 2.5 | 3.1 | -8.0 | 2.7 | 18.5 | |
| Result for the period | 1.2 | 2.8 | 3.8 | -9.8 | -3.1 | 10.3 | |
| Result attributable to: | |||||||
| Equity holder of the parent company | 1.2 | 2.8 | 3.8 | -9.8 | -3.1 | 10.3 | |
| Non-controlling interests | - | - | - | - | - | - | |
| Earnings per share, SEK | 0.2 | 0.5 | 0.6 | -1.8 | -0.5 | 1.9 | |
| Earning per share, diluted, SEK | 0.2 | 0.5 | 0.6 | -1.8 | -0.5 | 1.9 | |
| Number of shares at the close of the period, thousands | 6 478.4 | 5 552.9 | 6 478.4 | 5 552.9 | 6 478.4 | 5 552.9 | |
| Average number of shares, thousands | 6 478.4 | 5 552.9 | 6 478.4 | 5 552.9 | 5 815.1 | 5 552.9 | |
| Average number of shares adjusted for outstanding warrants | 6 727.9 | 5 552.9 | 6 727.9 | 5 552.9 | 5 815.1 | 5 552.9 |
| April-June | January-June | January-December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2010 | 2009 | 2009 | 2008 |
| Result for the period | 1.2 | 2.8 | 3.8 | -9.8 | -3.1 | 10.3 |
| Total comprehensive income | 1.2 | 2.8 | 3.8 | -9.8 | -3.1 | 10.3 |
| Total comprehensive income attributable to: | ||||||
| Equity holder of the parent company | 1.2 | 2.8 | 3.8 | -9.8 | -3.1 | 10.3 |
| Non-controlling interests | - | - | - | - | - | - |
| 30 June | 30 June | 31 March 31 March | 31 Dec | 31 Dec | |||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2010 | 2009 | 2009 | 2008 | |
| ASSETS | |||||||
| Intangible assets | 3.1 | 3.8 | 3.2 | 3.3 | 3.3 | 3.5 | |
| Tangible assets | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Financial assets | 26.8 | 12.5 | 23.5 | 9.8 | 23.4 | 20.1 | |
| Total fixed assets | 30.0 | 16.4 | 26.8 | 13.2 | 26.8 | 23.7 | |
| Stock | 3.2 | 3.0 | 2.8 | 4.6 | 3.0 | 5.0 | |
| Short-term receivables | 10.6 | 5.9 | 10.0 | 4.2 | 5.3 | 3.8 | |
| Short term deposits and cash at bank and in hand | 24.9 | 8.5 | 22.4 | 9.1 | 24.4 | 8.2 | |
| Total current assets | 38.7 | 17.4 | 35.2 | 17.9 | 32.7 | 17.0 | |
| Total Assets | 68.7 | 33.8 | 62.0 | 31.1 | 59.5 | 40.7 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||||||
| Shareholders' equity* | 46.7 | 17.1 | 45.2 | 13.7 | 42.3 | 26.4 | |
| Long term liabilities | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Current liabilities | 21.9 | 16.6 | 16.7 | 17.3 | 17.1 | 14.2 | |
| Total shareholders' equity and liabilities | 68.7 | 33.8 | 62.0 | 31.1 | 59.5 | 40.7 | |
| Adjusted equity per share | 7.0 | 2.5 | 7.0 | 2.5 | 6.5 | 4.8 | |
| * STATEMENT OF CHANGES IN EQUITY | Share | Additional Accumulated | Total | ||||
| Attributable of the equity holder of the parant company | Capital | Paid in Capital |
Result | Equity | |||
| Opening balance 1 January 2009 | 5.55 | 9.53 | 11.28 | 26.36 | |||
| Employee share option programme | - | - | 0.47 | 0.47 | |||
| Total comprehensive income | - | - | -9.75 | -9.75 | |||
| Closing Balance 30 June 2009 | 5.55 | 9.53 | 2.00 | 17.08 | |||
| Opening balance 1 January 2010 | 6.48 | 9.53 | 26.32 | 42.33 | |||
| Employee share option programme | - | - | 0.64 | 0.64 | |||
| Total comprehensive income | - | - | 3.75 | 3.75 | |||
| Closing Balance 30 June 2010 | 6.48 | 9.53 | 30.71 | 46.72 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.