AGM Information • May 7, 2008
AGM Information
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Press Release: 7 May 2008
At the SinterCast AB (publ) Annual General Meeting on 6 May 2008 in Stockholm, presentations were made by Mr Edward Grainger, Executive Director – Sales at Grainger & Worrall Ltd, Mr Bertil Isaksson, Senior Manager, Application Development at Sandvik Coromant AB, and by Dr Steve Dawson, President & CEO of SinterCast. The recorded presentations will be available on the SinterCast website, www.sintercast.com, on or before Friday 9 May 2008.
As the world's leading provider of rapid prototyping solutions for Compacted Graphite Iron, Mr Edward Grainger reviewed the remarkable development in the awareness and application of CGI. From an almost unknown material in the mid-1990's, CGI has evolved to the point where it is regularly included as a material option in virtually every new diesel engine development programme. Indeed, Mr Grainger confirmed that the majority of Grainger & Worrall's North American business is currently related to CGI, and that CGI has effectively become a standard material for V-diesel cylinder blocks. Finally, Mr Grainger stated that his company has supported approximately 15 SinterCast-CGI prototype programmes and that these programmes could potentially result in the production of approximately 2.5 million Engine Equivalents per year, when full series production is reached.
Based on experience from supporting Compacted Graphite Iron product development and series production programmes around the world, Mr Bertil Isaksson confirmed that CGI has become an accepted high volume material for diesel engine cylinder blocks and heads, and that CGI is one of Sandvik Coromant's core growth areas. Mr Isaksson explained that cost-effective machining of CGI can be achieved through the use of CGI-specific machining solutions, through the incorporation of productivity "success factors" in the design of the component, and by ensuring consistent CGI microstructures and properties. Mr Isaksson presented examples of Sandvik Coromant's CGI machining solutions and CGI design recommendations, but acknowledged that Sandvik Coromant has no control over the material consistency provided by the foundry. Mr Isaksson confirmed that the consistency of CGI produced by the SinterCast technology is a key element in Sandvik Coromant's ability to meet OEM demands for tool life, up-time and productivity.
Following the Grainger & Worrall and Sandvik Coromant presentations, Dr Steve Dawson provided an overview of SinterCast's recent market development. Dr Dawson noted that SinterCast's series production increased by 53% over the past year, primarily due to the growth in the commercial vehicle sector, where nine new SinterCast-CGI components have started production since the 2007 AGM. Looking forward, Dr Dawson stated that SinterCast's foundry customers have received series production orders for programmes that are currently forecast to provide more than 2.3 million Engine Equivalents per year, including SinterCast's involvement in North American V-diesel programmes, with high volume series production starting during 2009. Finally, Dr Dawson confirmed that the liquidity was secure and therefore SinterCast's focus for 2008 is to reinforce the technical team in preparation for increased market activities, and to continue to grow the business. Despite increased staffing, sales activities and operating costs, the Company continues to target a full-year neutral cashflow result for 2008.
During the AGM, Ulla-Britt Fräjdin-Hellqvist, Aage Figenschou, Andrea Fessler, Robert Dover and Steve Dawson were re-elected as Board members. The AGM also decided upon the constitution of the Nomination Committee until the next AGM, comprised of Ulla-Britt Fräjdin-Hellqvist, Lars Ahlström and Lennart Svantesson. After 17 years of continuous service to the Company, Bertil Hagman retired from the Nomination Committee and was thanked for his many contributions.
In the statutory Board meeting held immediately after the AGM, Ulla-Britt Fräjdin-Hellqvist was re-elected as Chairman of the Board and Aage Figenschou was re-elected as Vice Chairman. It was also resolved that the Board intends to recommend to the 2009 AGM that a dividend be paid.
Stockholm, 7 May 2008 On behalf of the Board of Directors
Dr. Steve Dawson President & CEO Office: +44 1932 862 100 Mobile: +44 7710 026 342 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 2.1 kg to 17 tonnes, all using the same process control technology. The end-users of SinterCast-CGI components include Aston Martin, Audi, Caterpillar, Chrysler, Ford, General Electric Transportation Systems, General Motors, Hyundai, International Truck and Engine, Jaguar, Kia, Land Rover, MAN, MAN B&W Diesel, PSA Peugeot-Citroën, 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).
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