Quarterly Report • Aug 19, 2009
Quarterly Report
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Series production for the second quarter ran at an annualised rate of approximately 400,000 Engine Equivalents (20,000 tonnes). This volume is effectively the same as the first quarter of 2009 and provides an indication that the underlying automotive demand has stabilised. The production volume during the first half of 2009 is down from the fourth quarter 2008 level of 625,000 Engine Equivalents (31,250 tonnes), but this decrease directly parallels the overall reductions in the wider automotive industry and is not indicative of any specific reductions related to the SinterCast technology or to CGI. Although the production seems to have stabilised, the Company judges that it is prudent not to anticipate any significant recovery in automotive sales during the balance of 2009, or indeed through much of 2010. Any near-term increases in the production volume would therefore primarily depend upon the start of production of new SinterCast-CGI products rather than a recovery of existing programmes.
During the period, a Mini-System 2000 process control system was installed at the Luitpoldhütte foundry in Germany. Luitpoldhütte is a global leader in the production of complex heavy section iron castings for the agriculture, offhighway, construction and industrial power sectors, and a member of the international Concern Tractor Plants (CTP) group. The long-term technology supply agreement with Luitpoldhütte broadens SinterCast's footprint in the German foundry industry and significantly improves SinterCast's ability to supply the CGI needs of the off-road sector. The second quarter also resulted in a further hardware upgrade/expansion at the Tupy foundry in Brazil, in anticipation of increased CGI production activities. Coupled with revenue received from the intensified trial activities earlier in the year, the Luitpoldhütte installation and the Tupy expansion resulted in an effectively neutral cashflow result for the second quarter, amounting to SEK -0.3 million.
Despite the economic downturn, several positive developments are underway in the market. In China, production of exhaust components at the Dashiang Precision foundry has increased as new CGI products have successfully come on-stream and ramped-up. SinterCast is also scheduled to begin its first ever CGI production trial in India during August, at the DCM Engineering foundry, the largest independent cylinder block foundry in India. SinterCast-CGI prototype components will be cast for several OEMs in the domestic market. Also, following a delay of several months, it is expected that the extended production trial that was initiated during 2008 will resume during the third quarter. SinterCast continues to support ongoing discussions for new installations and remains optimistic for additional installation revenue during the second half of 2009. The Company also anticipates the launch of the first SinterCast-CGI V-diesel engine for the North American passenger vehicle sector during the second half of the year.
Internally, the development of the new System 3000 process control system is proceeding according to schedule and is planned for market launch during the autumn. The System 3000 incorporates a suite of comprehensive advances in the functionality of the hardware, software and the consumable Sampling Cup.
Based on the apparent stabilisation of the current production programmes, and the expected market recovery during SinterCast's five year planning horizon, the five year outlook remains unchanged from the outlook published as of 31 March 2009. The current outlook is summarised as follows:
| Approximate Annual Production Potential and Revenue | |||||||
|---|---|---|---|---|---|---|---|
| 30 June 2009 | 31 March 2009 | ||||||
| Activity | KEQVS* | MSEK/yr** | KEQVS* | MSEK/yr** | |||
| Current Series Production1 | 400 | 9 | 400 | 9 | |||
| Potential Mature Volume2 | 1,000 | 23 | 1,000 | 23 | |||
| Production Orders Secured3 | 500 | 12 | 500 | 12 | |||
| Development Pipeline4 | 2,600 | 60 | 2,600 | 60 | |||
| Near-term Market Opportunity5 | 4,100 | 94 | 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. During April-June 2009 revenue decreased by 12% compared to the same period 2008, to SEK 5.3 million (SEK 6.0 million). Series production revenue amounted to SEK 3.1 million, representing a 37% decrease compared to 2008. Equipment revenue for the period was SEK 1.7 million (SEK 0.6 million), primarily related to the Mini-System 2000 installation at the Luitpoldhütte foundry in Germany and the hardware upgrade/expansion at the Tupy foundry in Brazil.
During January-June, revenue decreased by 18 % to SEK 9.3 million (SEK 11.4 million). The decreased revenue for the period results mainly from the decreased series production among foundry customers. A total of 20,600 (27,500) Sampling Cups were sold during the period. Equipment revenue for January-June 2009 exceeded the equipment revenue for the same period during 2008.
| Revenue Breakdown | April-June | January-June | |||
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | ||
| Number of Sampling Cups shipped | 9,300 | 16,500 | 20,600 | 27,500 | |
| Equipment 1 | 1.7 | 0.6 | 2.0 | 1.8 | |
| Series Production 2 | 3.1 | 4.9 | 6.4 | 8.6 | |
| Engineering Service 3 | 0.4 | 0.4 | 0.8 | 0.9 | |
| Other | 0.1 | 0.1 | 0.1 | 0.1 | |
| Total | 5.3 | 6.0 | 9.3 | 11.4 |
(Amounts in SEK million if not otherwise stated)
Notes: 1. includes revenue from System 2000 sales and leases, sales of the Mini-System 2000 and spare parts
The April-June 2009 operating result of SEK -1.0 million is SEK 0.9 million higher than the same period 2008, primarily affected by reduced gross margins of SEK -0.3 Million, cost reductions of SEK -0.7 million and income from capitalised development of SEK 0.5 million.
The result for the April-June 2009 period amounted to SEK 2.0 million (SEK -0.3 million), primarily related to the revaluation of the deferred tax asset, SEK 2.5 million.
The operating result for the January-June 2009 period amounted to SEK -3.7 million and is SEK 0.4 million higher than the same period 2008. The gross margin was reduced by SEK 1.6 million to SEK 5.7 million (SEK 7.3 million), which was compensated by cost reductions and by income from the capitalised development. The cost reductions are primarily related to salaries, travel and external consultants, stemming from the Company's pro-active liquidity protection plan.
The result for the period amounted to SEK -11.7 million (SEK 18.5 million), primarily related to the revaluation of the deferred tax asset, SEK -8.0 million.
| Result Summary | April-June | January-June | ||||
|---|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |||
| Operating Result | -1.0 | -1.9 | -3.7 | -4.1 | ||
| Result for the period | 2.0 | -0.3 | -11.7 | 18.5 | ||
| Result after tax per share (SEK) | 0.4 | -0.1 | -2.1 | 3.3 | ||
(Amounts in SEK million if not otherwise stated)
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. As of 31 December 2008, this calculation resulted in SEK 70.1 million, representing 11.8% of the Company's total carried-forward tax losses, being used as the basis of the deferred tax asset calculation. However, the global economic crisis has resulted in a reduced forecast of secured production orders, and a corresponding reduction of the carried-forward tax losses being taken into consideration. As of 30 June 2009, SEK 39.9 million (6.7%) of SinterCast's total carried-forward tax losses have been used as the basis of the updated calculation, resulting in SEK 10.5 million being capitalised as a deferred tax asset. The Company will continue to review its forecast on a quarterly basis, and to capitalise additional tax assets as new production orders are confirmed.
| Deferred Tax Asset | April-June | January-June | ||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| Estimated future taxable profit | 39.9 | 80.0 | 39.9 | 80.0 |
| Change in carried-forward tax loss taken into consideration | 9.6 | 5.0 | -30.2 | 80.0 |
| Deferred tax asset | 10.5 | 22.4 | 10.5 | 22.4 |
| Tax result | 2.5 | 1.4 | -8.0 | 22.4 |
(Amounts in SEK million if not otherwise stated)
As of 30 June 2009, the cost of the existing 2006-2010 employee stock option programme was calculated at a total amount of SEK 3.2 million (SEK 4.3 million as of 30 June 2008), based on a closing share price of SEK 30.4 on 30 June 2009 (SEK 121). During 2009, SEK 0.5 million (SEK 0.8 million) was accounted for as costs related to the option programme. The Board of Directors has also proposed a new employee stock option programme, to be decided upon by an Extraordinary General meeting of the shareholders on 20 August 2009. In the event that the proposed new option programme is approved, all employees will automatically forfeit any options held in the 2006-2010 programme, such that there will only be one active programme at the outset of the proposed new option programme.
The April-June 2009 cashflow result was SEK -0.3 million (SEK -1.5 million), providing a Group liquidity of SEK 9.1 million on 30 June 2009 (SEK 11.7 million). The January-June 2009 cashflow result was SEK 0.1 million (SEK -4.6 million). The liquidity was primarily affected by a bank loan received from Sörmlands Sparbank in the amount of 3.0 MSEK million, an operational loss of SEK -2.8 million (SEK -3.0 Million) and a decrease in working capital of SEK 0.6 million (SEK -1.6 Million). The bank loan is conditional and will be reviewed during December 2009. Investments during the period amounted to SEK 0.7 million (SEK 0.0 million).
| Cashflow Summary | April-June | January-June | ||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| Cashflow from operating activities | -1.2 | -1.3 | -2.8 | -3.0 |
| Cashflow from working capital | 1.6 | -0.2 | 0.6 | -1.6 |
| Cashflow from investment activities | -0.7 | 0.0 | -0.7 | 0.0 |
| Cashflow from financing activities | - | - | 3.0 | - |
| Cashflow total | -0.3 | -1.5 | 0.1 | -4.6 |
| Liquidity | 9.1 | 11.7 | 9.1 | 11.7 |
| Investments | 0.6 | 0.0 | 0.7 | 0.0 |
(Amounts in SEK million if not otherwise stated)
The main uncertainty factor for SinterCast is the 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 resulted in significant reductions in demand in both the passenger vehicle and commercial vehicle sectors, causing automotive OEMs to reduce production and, in some cases, delay production launches. 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 4.1 million Engine Equivalents. This reduction of approximately 28% is less than the overall automotive market decline of 40~60% during the same period, primarily because the launch of new SinterCast-CGI components have provided incremental volumes. It is also noted that SinterCast's production of components other than automotive cylinder blocks and heads has not decreased as significantly as the core cylinder block and head sector, thus providing a compensating effect on the overall series production volume. While SinterCast continues to support new product development activities, and anticipates new production launches and installation revenue during 2009, the ultimate effect of the global economic recession cannot yet be fully quantified.
SinterCast regularly monitors its cash position with reference to market forecasts and expense budgets, and has implemented a pro-active liquidity protection plan that has included personnel reductions. While the Company believes that new installation opportunities can provide cash injections to reinforce the liquidity, and that new series production launches can provide a positive contribution to production volumes and revenues, the timing of the overall recovery in the automotive and foundry industries remains uncertain. The current series production volume of approximately 400,000 Engine Equivalents is insufficient to provide positive cashflow, resulting in a near-term cash burn outlook for the Company. As a result of the current series production level and the broader market uncertainty, and in consideration of the fact that SEK 3.0 million of the Company's current SEK 9.1 million liquidity is comprised of a bank loan that is due for review in December 2009, the Board of Directors has judged that it is in the best interest of the shareholders to proceed with a new rights issue at this time. The new rights issue, if approved by an Extraordinary General Meeting of the Shareholders on 20 August 2009, will ensure the long-term security of the Company and enable the Company to take offensive operational actions as the market recovers. On this basis, the Board of Directors has proposed a pre-emptive rights issue of shares and warrants that will generate SEK 23.1 million, prior to transaction costs.
Virtually every company encounters competition, and SinterCast is no exception. However, based on SinterCast's pioneering and 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 in the industry. 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 it's 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 cylinder block and head production capacity. With respect to the development of alternatives 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.
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) came 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. 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.
During the period, no material transactions have taken place between SinterCast and the Board or the Management.
There have been no significant events since the balance sheet date of 30 June 2009 that could materially change these financial statements, with the exception of the Board of Directors' proposal for a new rights issue and a new employee stock option programme, to be decided upon at an Extraordinary General Meeting of the Shareholders on 20 August 2009.
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.
As of 31 June 2009, the Group had 13 (16) employees, two (three) 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.
An Extraordinary General Meeting of the Shareholders will be held at 14:00 on Thursday 20 August 2009 at the premises of Remium AB, Kungsgatan 12-14, Stockholm, Sweden.
The Interim Report July-September 2009 will be published on 4 November 2009 The Interim Report October-December and Full Year Results 2009 will be published on 10 February 2010 The Interim Report January-March 2010 will be published on 28 April 2010 The Interim Report April-June 2010 will be published on 25 August 2010
This report has 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, 19 August 2009
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] Website: www.sintercast.com
We have reviewed this report for the period 1 January 2009 to 30 June 2009 for SinterCast AB. The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden, RS, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, 19 August 2009
PricewaterhouseCoopers
Liselott Stenudd Authorised Public Accountant Auditor in Charge
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 end-users 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, MAN B&W Diesel, 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 | 2009 | 2008 | 2009 | 2008 | 2008 | 2007 |
| Revenue | 5,3 | 6,0 | 9,3 | 11,4 | 24,8 | 22,8 |
| Cost of goods sold | -1,9 | -2,3 | -3,6 | -4,1 | -9,4 | -8,7 |
| Gross result | 3,4 | 3,7 | 5,7 | 7,3 | 15,4 | 14,1 |
| Cost of sales and marketing | -2,5 | -2,7 | -5,1 | -5,7 | -11,0 | -9,8 |
| Cost of administration | -1,5 | -2,1 | -2,9 | -3,6 | -6,5 | -6,3 |
| Cost of research & development | -0,5 | -0,7 | -1,5 | -2,0 | -3,9 | -4,1 |
| Other operating income | 0,1 | 0,0 | 0,1 | 0,0 | 0,0 | 1,0 |
| Other operating costs | 0,0 | -0,1 | 0,0 | -0,1 | 0,3 | 0,0 |
| Operating result | -1,0 | -1,9 | -3,7 | -4,1 | -5,7 | -5,1 |
| Interest income and similar items | -0,1 | 0,1 | 0,2 | 0,3 | 0,7 | 0,9 |
| Interest expenses and similar items | 0,6 | 0,1 | -0,2 | -0,1 | -0,4 | -0,3 |
| Income Tax | 2,5 | 1,4 | -8,0 | 22,4 | 18,5 | 0,0 |
| Result for the period | 2,0 | -0,3 | -11,7 | 18,5 | 13,1 | -4,5 |
| Result attributable to: | ||||||
| Equity holder of the parent company | 2,0 | -0,3 | -11,7 | 18,5 | 13,1 | -4,5 |
| Non-controlling interests | - | - | - | - | - | - |
| Earnings per share, SEK | 0,4 | -0,1 | -2,1 | 3,3 | 2,4 | -0,8 |
| Earning per share, diluted, SEK | 0,4 | -0,1 | -2,1 | 3,3 | 2,4 | -0,8 |
| Number of shares at the close of the period, thousands | 5.552,9 | 5.552,9 | 5.552,9 | 5.552,9 | 5.552,9 | 5.552,9 |
| Average number of shares, thousands | 5.552,9 | 5.552,9 | 5.552,9 | 5.552,9 | 5.552,9 | 5.552,9 |
| April-June | January - June | January - December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2009 | 2008 | 2009 | 2008 | 2008 | 2007 |
| Result for the period | 2,0 | -0,3 | -11,7 | 18,5 | 13,1 | -4,5 |
| Other comprehensive income | ||||||
| Translation differences, foreign subsidiaries | -0,1 | 0,0 | 0,0 | -0,1 | 0,1 | 0,2 |
| Employee share option programme | 0,2 | 0,2 | 0,4 | 0,4 | 0,9 | 0,9 |
| Income tax relating to other comprehensive income | ||||||
| Other comprehensive income, net of tax | 0,1 | 0,2 | 0,4 | 0,3 | 1,0 | 1,2 |
| Total comprehensive income | 2,1 | -0,1 | -11,3 | 18,8 | 14,1 | -3,3 |
| Total comprehensive income attributable to: | ||||||
| Equity holder of the parent company | 2,1 | -0,1 | -11,3 | 18,8 | 14,1 | -3,3 |
| Non-controlling interests | - | - | - | - | - | - |
| Revenue January - June |
Operating Result January - June |
Revenue Op. Result January-December |
||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2009 | 2008 | 2009 | 2008 | 2008 | 2008 |
| Europe | 2,2 | 3,4 | 4,5 | -10,4 | 6,9 | -19,4 |
| Americas | 5,5 | 4,7 | -8,6 | 4,0 | 11,5 | 8,8 |
| Asia | 1,6 | 3,3 | 0,4 | 2,3 | 6,4 | 4,9 |
| Total | 9,3 | 11,4 | -3,7 | -4,1 | 24,8 | -5,7 |
*SinterCast provides only one product, process control systems for the reliable production of Compacted Graphite Iron, and related services for product development, installations, calibration and maintenance. The company judges that the opportunities and risks are not primarily related to the geographical markets but associated with the overall CGI market development. The operation is defined as the primary segment and no further split has been made other than the presented financial statements.
Based on the present customer base and the geographical areas, the secondary segment has been split into Europe Americas, and Asia. The income, operating results, assets and investments presented are allocated based on the location of the individual customers in these geographical areas.
| April-June | January - June | January - December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2009 | 2008 | 2009 | 2008 | 2008 | 2007 |
| Operating activities | ||||||
| Operating result | -1,0 | -1,9 | -3,7 | -4,1 | -5,7 | -5,1 |
| Adjustments for items not included in the cash flow | ||||||
| Depreciation | 0,2 | 0,4 | 0,4 | 0,6 | 1,2 | 1,3 |
| Other | -0,3 | -0,2 | 0,5 | 0,2 | 0,6 | 0,9 |
| Exchange rate differences | 0,0 | 0,2 | 0,0 | 0,1 | 0,3 | 0,1 |
| Received interest income and similar items | 0,0 | 0,1 | 0,1 | 0,3 | 0,7 | 0,9 |
| Paid interest expenses and similar items | -0,1 | 0,1 | -0,1 | -0,1 | -0,4 | -0,3 |
| Total cashflow from operating activities | ||||||
| before change in working capital | -1,2 | -1,3 | -2,8 | -3,0 | -3,3 | -2,2 |
| Change in working capital | ||||||
| Stock | 0,7 | -0,4 | 1,1 | -0,4 | -1,8 | 0,3 |
| Operating receivables | 0,4 | 0,1 | 0,7 | -1,5 | -0,5 | 1,9 |
| Operating liabilities | 0,5 | 0,1 | -1,2 | 0,3 | -1,4 | 2,2 |
| Total change in working capital | 1,6 | -0,2 | 0,6 | -1,6 | -3,7 | 4,4 |
| Cashflow from operations | 0,4 | -1,5 | -2,2 | -4,6 | -7,0 | 2,2 |
| Investing activities | ||||||
| Acquisition of intangible assets | -0,7 | 0,0 | -0,7 | 0,0 | -0,2 | -0,3 |
| 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 | -1,0 |
| Cashflow from investing activities | -0,7 | 0,0 | -0,7 | 0,0 | -0,3 | -1,4 |
| Financing activities | 0,0 | - | 3,0 | - | - | - |
| Cashflow from financing activities | 0,0 | - | 3,0 | - | - | - |
| Change in cash and cash equivalents* | -0,3 | -1,5 | 0,1 | -4,6 | -7,3 | 0,8 |
| Cash - opening balance | 9,4 | 13,2 | 9,0 | 16,3 | 16,3 | 15,5 |
| Cash - closing balance | 9,1 | 11,7 | 9,1 | 11,7 | 9,0 | 16,3 |
*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 | 2009 | 2008 | 2009 | 2008 | 2008 | 2007 |
| ASSETS | ||||||
| Intangible assets | 3,8 | 3,9 | 3,3 | 4,1 | 3,5 | 4,4 |
| Tangible assets | 0,1 | 0,1 | 0,1 | 0,1 | 0,1 | 0,1 |
| Financial assets | 10,7 | 22,6 | 8,2 | 21,2 | 18,7 | 0,2 |
| Total fixed assets | 14,6 | 26,6 | 11,6 | 25,4 | 22,3 | 4,7 |
| Stock | 3,9 | 3,6 | 4,6 | 3,2 | 5,0 | 3,2 |
| Short-term receivables | 3,7 | 5,4 | 4,3 | 5,5 | 4,4 | 3,9 |
| Short term deposits and cash at bank and in hand | 9,1 | 11,7 | 9,4 | 13,2 | 9 | 16,3 |
| Total current assets | 16,7 | 20,7 | 18,3 | 21,9 | 18,4 | 23,4 |
| Total Assets | 31,3 | 47,3 | 29,9 | 47,3 | 40,7 | 28,1 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity* | 22,9 | 38,9 | 20,8 | 39,0 | 34,1 | 20,0 |
| Long term liabilities | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Current liabilities | 8,4 | 8,4 | 9,1 | 8,3 | 6,6 | 8,1 |
| Total shareholders' equity and liabilities | 31,3 | 47,3 | 29,9 | 47,3 | 40,7 | 28,1 |
| Adjusted equity per share | 4,1 | 7,0 | 3,7 | 7,0 | 6,1 | 3,6 |
| * STATEMENT OF CHANGES IN EQUITY | Share Capital | Additional Paid Accumulated Total Equity | ||||
| Attributable of the equity holder of the parant company | In Capital | Result | ||||
| Opening balance 1 January 2008 | 5,55 | 81,27 | -66,77 | 20,05 | ||
| Total comprehensive income | - | -71,74 | 90,57 | 18,83 | ||
| Closing Balance 30 June 2008 | 5,55 | 9,53 | 23,80 | 38,88 | ||
| Opening balance 1 January 2009 | 5,55 | 9,53 | 19,07 | 34,15 | ||
| Total comprehensive income | - | - | -11,25 | -11,25 | ||
| Closing Balance 30 June 2009 | 5,55 | 9,53 | 7,82 | 22,90 |
| April-June | January - June | January - December | ||||||
|---|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2009 | 2008 | 2009 | 2008 | 2008 | 2007 | ||
| Key Ratio | ||||||||
| Revenue, SEK millions | 5,3 | 6,0 | 9,3 | 11,4 | 24,8 | 22,8 | ||
| Net result, SEK millions | 2,0 | -0,3 | -11,7 | 18,5 | 13,1 | -4,5 | ||
| Solidity, % | 73,3 | 82,2 | 69,6 | 82,2 | 83,8 | 71,2 | ||
| Adjusted shareholders' equity, SEK millions | 22,9 | 38,9 | 20,8 | 38,9 | 34,1 | 20,0 | ||
| Capital employed, SEK millions | 22,9 | 38,9 | 23,8 | 38,9 | 34,1 | 20,0 | ||
| Total assets, SEK millions | 31,3 | 47,3 | 29,9 | 47,3 | 40,7 | 28,1 | ||
| Return on shareholders' equity, % | 9,5 | -1,0 | -54,5 | 62,8 | 48,3 | -20,7 | ||
| Return on capital employed, % | 10,5 | -1,1 | -53,2 | 63,3 | 50,0 | -19,2 | ||
| Return on total assets, % | 12,9 | -0,8 | -62,0 | 49,4 | 66,5 | -29,7 | ||
| Debt-to-equity ratio | - | - | - | - | - | - | ||
| Employees | ||||||||
| Number of employees at the end of the period | 13 | 16 | 13 | 16 | 15 | 14 | ||
| Data per Share | ||||||||
| Dividends per share, SEK | - | - | - | - | - | - | ||
| Share price at the end of the period, SEK | 30,4 | 123,0 | 30,4 | 123,0 | 32,5 | 140,0 | ||
| Average number of shares | Return on shareholders' equity | |||||||
| Weighted average of the number of shares outstanding for the period | Net result as a percentage of average adjusted | |||||||
| Average number of shares adjusted for outstanding warrants | shareholders' equity | |||||||
| No outstanding warrants | Return on capital employed | |||||||
| Earnings per share | Net result after financial items plus financial | |||||||
| Net result divided by the average number of shares | expenses as a percentage of average capital employed | |||||||
| Earnings per share adjusted for outstanding warrants | Return on total assets | |||||||
| No outstanding warrants | Net result after financial items plus financial expenses | |||||||
| Adjusted equity per share | as a percentage of total average assets | |||||||
| Adjusted shareholders' equity divided by the average number of shares | Debt-to-equity ratio | |||||||
| Adjusted equity per share adjusted for outstanding warrants | Interest bearing liabilities divided by adjusted | |||||||
| No outstanding warrants | shareholders' equity | |||||||
| Solidity | Share price at the end of the period | |||||||
| Adjusted shareholders' equity expressed as percentage | Latest paid price for the SinterCast share at | |||||||
| of total assets | the Swedish stock exchange, Stockholmsbörsen | |||||||
| Adjusted shareholders' equity | Value presented as "0.0" | |||||||
| Shareholders' equity plus of untaxed reserves | Amount below SEK 50,000 | |||||||
| Capital employed | Value presented as "-" | |||||||
| Total assets less non-interest bearing liabilities, including deferred tax liabilities | No amount applicable |
| AMOUNTS IN SEK MILLION | April - June | January - June | January - December | |||
|---|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | 2008 | 2007 | |
| Revenue | 4,5 | 5,6 | 8,0 | 10,6 | 22,3 | 20,7 |
| Cost of goods sold | -1,2 | -0,8 | -3,4 | -4,0 | -9,3 | -8,3 |
| Gross result | 3,3 | 4,8 | 4,6 | 6,6 | 13,0 | 12,4 |
| Cost of sales and marketing | -1,2 | -2,5 | -2,4 | -5,0 | -11,1 | -8,8 |
| Cost of administration | -1,2 | -2,0 | -2,3 | -3,4 | -6,6 | -6,2 |
| Cost of research & development | -0,5 | -0,8 | -1,4 | -2,0 | -3,9 | -4,1 |
| Other operating income | 0,0 | 0,2 | 0,0 | 0,2 | 0,2 | 1,0 |
| Other operating costs | -0,5 | 0,0 | -0,5 | 0,0 | 0,0 | 0,0 |
| Operating result | -0,1 | -0,3 | -2,0 | -3,6 | -8,4 | -5,7 |
| Interest income and similar items | -0,2 | 0,1 | 0,2 | 0,3 | 0,6 | 1,0 |
| Interest expenses and similar items | 0,6 | 0,1 | -0,2 | -0,1 | -0,4 | -0,3 |
| Income Tax | 2,5 | 1,4 | -8,0 | 22,4 | 18,5 | 0,0 |
| Result for the period | 2,8 | 1,3 | -10,0 | 19,0 | 10,3 | -5,0 |
| AMOUNTS IN SEK MILLION | 30 June 2009 |
30 June 2008 |
31 March 2009 |
31 March 2008 |
30 Dec 2008 |
31 Dec 2007 |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Intangible assets | 3,8 | 3,9 | 3,3 | 4,1 | 3,5 | 4,4 |
| Tangible assets | 0,1 | 0,0 | 0,1 | 0,1 | 0,1 | 0,1 |
| Financial assets | 12,5 | 23,8 | 9,8 | 22,2 | 20,1 | 1,0 |
| Total fixed assets | 16,4 | 27,7 | 13,2 | 26,4 | 23,7 | 5,5 |
| Stock | 3,0 | 3,6 | 4,6 | 3,2 | 5,0 | 3,2 |
| Short-term receivables | 5,9 | 7,3 | 4,2 | 5,3 | 3,8 | 3,1 |
| Short term deposits and cash at bank and in han | 8,5 | 11,1 | 9,1 | 12,8 | 8,2 | 15,4 |
| Total current assets | 17,4 | 22,0 | 17,9 | 21,3 | 17,0 | 21,7 |
| Total Assets | 33,8 | 49,7 | 31,1 | 47,7 | 40,7 | 27,2 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Restricted capital | 15,1 | 15,1 | 15,1 | 86,8 | 15,1 | 86,8 |
| Accumulated Deficit | 2,0 | 19,4 | -1,4 | -53,7 | 11,3 | -71,7 |
| Total Shareholders' equity | 17,1 | 34,5 | 13,7 | 33,1 | 26,4 | 15,1 |
| Long term liabilities | 0,1 | 0,0 | 0,1 | 0,1 | 0,1 | 0,1 |
| Current liabilities | 16,6 | 15,2 | 17,3 | 14,5 | 14,2 | 12,0 |
| Total shareholders' equity and liabilities | 33,8 | 49,7 | 31,1 | 47,7 | 40,7 | 27,2 |
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