Earnings Release • Apr 28, 2010
Earnings Release
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Press Release: 28 April 2010
Following Ford's announcement of its all-new 6.7 litre V8 diesel engine during September 2009, sales of the 2011 F-Series Super Duty® pick-up trucks have begun in North America. The F-250, F-350, F-450 and F-550 vehicles establish a new benchmark as the first application of a Compacted Graphite Iron (CGI) cylinder block in the high volume North American pick-up truck sector. Series production of the SinterCast-CGI cylinder block began at the Tupy foundry in Brazil during mid-2009, with a rapid ramp-up during late 2009 and early 2010 to enable a seamless transition from the Model Year 2010 engine. The rapid ramp-up of the Ford engine has resulted in record production during the first quarter, at an annualised rate of approximately 900,000 Engine Equivalents (45,000 tonnes), surpassing the previous annualised high of 750,000 Engine Equivalents set in September 2008, prior to the onset of the economic downturn. Sampling Cup shipments also reached an all-time high of 23,250 units shipped during the quarter.
On 10 March 2010, Navistar International Corporation launched its new MaxxForce® 7 diesel engine at the National Truck Equipment Association (NTEA) Work Truck Show in St. Louis. The state-of-the-art 6.4 litre V8 diesel engine, based on a SinterCast-CGI cylinder block, began series production at the Cifunsa foundry in Mexico during January 2010. The Navistar MaxxForce® 7 cylinder block is the first CGI series production component at Cifunsa and provides an important CGI production reference as Cifunsa supports ongoing product development of other CGI components in the passenger vehicle and commercial vehicle sectors. The MaxxForce® 7 is available for use in a variety of mid-size commercial vehicle applications.
First Automobile Works (FAW), the largest vehicle manufacturer in China, completed its training at the SinterCast Technical Centre in Sweden on 5 February 2010 and the Mini-System 3000 was thereafter shipped to the FAW Foundry Co., Ltd., R&D foundry located in Changchun, China. The Mini-System will be commissioned during May 2010. The Mini-System 3000 will be used to support CGI product development activities for FAW passenger vehicles, light-duty and heavy-duty commercial vehicles, and busses.
Also during the period, SinterCast joined the U.S. Coalition for Advanced Diesel Cars, a Washington-based advocacy group established in February 2009 by a group of leading automotive suppliers to generate awareness among consumers, legislators and regulators of the benefits of clean diesel technology. The coalition, which is committed to promoting technology-neutral regulatory policies, energy efficiency and the environmental benefits of advanced clean diesel technology for passenger vehicles, provides a further opportunity for SinterCast to convey its belief in the diesel engine as an important part of the solution for fuel independence and CO2 reduction in North America.
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 | ||||||
|---|---|---|---|---|---|---|
| 31 March 2010 | 31 December 2009 | |||||
| Activity | KEQVS* | MSEK/yr** | KEQVS* | MSEK/yr** | ||
| Current Series Production1 | 900 | 21 | 550 | 13 | ||
| Potential Mature Volume2 | 1,200 | 28 | 1,200 | 27 | ||
| Production Orders Secured3 | 400 | 9 | 400 | 9 | ||
| Development Pipeline4 | 2,500 | 57 | 2,700 | 62 | ||
| Near-term Market Opportunity5 | 4,100 | 94 | 4,300 | 99 |
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 | January-March | January-December | ||
|---|---|---|---|---|
| 2010 | 2009 | 2009 | 2008 | |
| Number of Sampling Cups shipped | 23,250 | 11,300 | 54,600 | 57,600 |
| Equipment 1 | 0.9 | 0.3 | 2.6 | 5.7 |
| Series Production 2 | 7.0 | 3.3 | 15.6 | 17.2 |
| Engineering Service 3 | 0.1 | 0.4 | 1.7 | 1.8 |
| Other | 0.0 | 0.0 | 0.1 | 0.1 |
| Total | 8.0 | 4.0 | 20.0 | 24.8 |
(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 January-March 2010 revenue amounted to SEK 8.0 million (SEK 4.0 million). The revenue increase of 100% is because 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 shipped during the period. The revenue from series production increased by 112% to SEK 7.0 million (SEK 3.3 million), due to the record production at an annualised rate of approximately 900,000 (400,000) Engine Equivalents and the shipment of 23,250 (11,300) Sampling Cups. Additional contractual revenue for the FAW Mini-System 3000 will be accounted for when the installation is completed and as engineering service is performed.
| Results Summary | January-March | January-December | |||
|---|---|---|---|---|---|
| 2010 | 2009 | 2009 | 2008 | ||
| Operating Result | 0.7 | -2.7 | -6.3 | -5.7 | |
| Result for the period | 1.0 | -13.7 | -2.7 | 13.1 | |
| Result after tax per share (SEK) | 0.2 | -2.5 | -0.5 | 2.4 | |
(Amounts in SEK million if not otherwise stated)
The January-March 2010 operating result of SEK 0.7 million (SEK -2.7) million was primarily affected by higher gross result of SEK 3.4 million, compared to the same period 2009. The costs have not increased in comparison to the same period last year, as a result of the overall cost control focus within the Company. The result after tax for the January-March 2010 period amounted to SEK 1.0 million (SEK -13.7 million), primarily related to the revaluation during 2009 of the deferred tax asset, as described in the section entitled "Deferred Tax Asset".
The tax accounted for during the period is SEK 0.0 million (SEK -10.5 million).
As of 31 March 2010, the cost of the employee stock option programme 2009-2013 was calculated at a total amount of SEK 3.2 million (SEK 3.3 million as of 31 December 2009), based on a closing share price of SEK 48.1 on 31 December 2009 (SEK 50.5). Thus far during 2010, SEK 0.3 million (SEK 0.2 million) has been accounted for as costs related to the option programme.
The January-March 2010 cashflow result was SEK -2.1 million (SEK 0.4 million), providing a Group liquidity of SEK 22.7 million (SEK 9.4 million) on 31 March 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 significant increase in working capital required during the period. Investments during the period amounted to SEK 0.1 million (SEK 0.0 million), relating to the activation of the Pressurised Pouring Furnace development project.
| Cashflow Summary | January-March | January-December | |||
|---|---|---|---|---|---|
| 2010 | 2009 | 2009 | 2008 | ||
| Cashflow from operating activities | 1.3 | -1.6 | -3.2 | -3.3 | |
| Cashflow from working capital | -3.3 | -1.0 | -1.7 | -3.7 | |
| Cashflow from investment activities | -0.1 | 0.0 | -0.6 | -0.3 | |
| Cashflow from financing activities | -0.0 | 3.0 | 21.3 | - | |
| Cashflow total | -2.1 | 0.4 | 15.8 | -7.3 | |
| Liquidity | 22.7 | 9.4 | 24.8 | 9.0 | |
| Investments | 0.1 | 0.0 | 1.3 | 0.3 |
(Amounts in SEK million if not otherwise stated)
Current liquidity is SEK 22.7 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.
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 4.1 million Engine Equivalents. Some signs of recovery have appeared in the automotive sector, but volumes are still significantly below predownturn levels, particularly in the commercial vehicle sector. 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 current liquidity is SEK 22.7 million, with the prospect of an additional SEK 11.6 million being raised during September 2010 from the warrants related to the 2009 rights issue. 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 31 March 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 31 March 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 Annual General Meeting 2010 will be held at 15:00 on 20 May 2010 at The Royal Swedish Academy of Engineering Sciences (IVA), Grev Turegatan 16, Stockholm.
The notice to the Annual General Meeting was published on 20 April 2010 and is available on the Company's website.
The Annual Report 2009 was published on the SinterCast website on 20 April 2010. In consideration of cost efficiency and environmental concern, the Annual Report 2009 will be issued in electronic format, as a PDF file, and will not be generally distributed as a printed document.
The Interim Report April-June 2010 will be published on 25 August 2010 The Interim Report July-September 2010 will be published on 3 November 2010 The Interim Report January-March 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
This report has not been reviewed by the Company's Auditors.
Stockholm, 28 April 2010
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
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, 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).
| January-March | January-December | |||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2009 | 2008 | ||
| Revenue | 8,0 | 4,0 | 20,0 | 24,8 | ||
| Cost of goods sold | -2,3 | -1,7 | -7,0 | -9,4 | ||
| Gross result | 5,7 | 2,3 | 13,0 | 15,4 | ||
| Cost of sales and marketing | -2,5 | -2,6 | -10,1 | -11,0 | ||
| Cost of administration | -1,3 | -1,4 | -5,2 | -6,5 | ||
| Cost of research & development | -1,0 | -1,0 | -3,9 | -3,9 | ||
| Other operating income | 0,0 | 0,0 | 0,0 | 0,0 | ||
| Other operating costs | -0,2 | 0,0 | -0,1 | 0,3 | ||
| Operating result | 0,7 | -2,7 | -6,3 | -5,7 | ||
| Financial Income | 0,4 | 0,3 | 1,8 | 0,7 | ||
| Financial Costs | -0,1 | -0,8 | -0,9 | -0,4 | ||
| Income Tax | 0,0 | -10,5 | 2,7 | 18,5 | ||
| Result for the period | 1,0 | -13,7 | -2,7 | 13,1 | ||
| Result attributable to: | ||||||
| Equity holder of the parent company | 1,0 | -13,7 | -2,7 | 13,1 | ||
| Non-controlling interests | - | - | - | - | ||
| Earnings per share, SEK | 0,2 | -2,5 | -0,5 | 2,4 | ||
| Earning per share, diluted, SEK | 0,2 | -2,5 | -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 | ||
| Average number of shares, thousands | 6.478,4 | 5.552,9 | 5.815,1 | 5.552,9 | ||
| Average number of shares adjusted for outstanding warrants | 6.649,2 | 5.552,9 | 5.815,1 | 5.552,9 |
| January-March | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2009 | 2008 | |
| Result for the period | 1,0 | -13,7 | -2,7 | 13,1 | |
| Other comprehensive income | |||||
| Translation differences, foreign subsidiaries | 0,1 | 0,1 | 0,0 | 0,1 | |
| Other comprehensive income, net of tax | 0,1 | 0,1 | 0,0 | 0,1 | |
| Total comprehensive income | 1,1 | -13,6 | -2,7 | 13,2 | |
| Total comprehensive income attributable to: | |||||
| Equity holder of the parent company | 1,1 | -13,6 | -2,7 | 13,2 | |
| Non-controlling interests | - | - | - | - |
| January-March | January-December | |||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2009 | 2008 | ||
| Operating activities | ||||||
| Operating result | 0,7 | -2,7 | -6,3 | -5,7 | ||
| Adjustments for items not included in the cash flow | ||||||
| Depreciation | 0,2 | 0,2 | 1,5 | 1,2 | ||
| Other | 0,3 | 0,8 | 1,4 | 0,6 | ||
| Exchange rate differences | -0,2 | 0,0 | 0,4 | 0,3 | ||
| Received interest | 0,4 | 0,1 | 0,0 | 0,7 | ||
| Paid interest | -0,1 | 0,0 | -0,2 | -0,4 | ||
| Total cashflow from operating activities | ||||||
| before change in working capital | 1,3 | -1,6 | -3,2 | -3,3 | ||
| Change in working capital* | ||||||
| Stock | 0,2 | 0,4 | 1,2 | -1,8 | ||
| Operating receivables | -3,8 | 0,3 | 0,6 | -0,5 | ||
| Operating liabilities | 0,3 | -1,7 | -3,5 | -1,4 | ||
| Total change in working capital | -3,3 | -1,0 | -1,7 | -3,7 | ||
| Cashflow from operations | -2,0 | -2,6 | -4,9 | -7,0 | ||
| Investing activities | ||||||
| Acquisition of intangible assets | -0,1 | 0,0 | -0,5 | -0,2 | ||
| Acquisition of tangible assets | 0,0 | 0,0 | -0,1 | -0,1 | ||
| Increase/decrease in long-term receivables/payables | 0,0 | 0,0 | 0,0 | 0,0 | ||
| Cashflow from investing activities | -0,1 | 0,0 | -0,6 | -0,3 | ||
| Financing activities | ||||||
| Rights Issue** | 0,0 | - | 18,3 | - | ||
| Bank Loan | 0,0 | 3,0 | 3,0 | - | ||
| Cashflow from financing activities | 0,0 | 3,0 | 21,3 | - | ||
| Change in cash and cash equivalents*** | -2,1 | 0,4 | 15,8 | -7,3 | ||
| Cash - opening balance | 24,8 | 9,0 | 9,0 | 16,3 | ||
| Cash - closing balance | 22,7 | 9,4 | 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.
| 31 March 31 March | 31 Dec | 31 Dec | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2009 | 2008 | ||
| ASSETS | ||||||
| Intangible assets | 3,2 | 3,3 | 3,3 | 3,5 | ||
| Tangible assets | 0,1 | 0,1 | 0,1 | 0,1 | ||
| Financial assets | 21,4 | 8,2 | 21,4 | 18,7 | ||
| Total fixed assets | 24,7 | 11,6 | 24,8 | 22,3 | ||
| Stock | 3,6 | 4,6 | 3,8 | 5,0 | ||
| Short-term receivables | 9,6 | 4,3 | 5,8 | 4,4 | ||
| Short term deposits and cash at bank and in hand | 22,7 | 9,4 | 24,8 | 9,0 | ||
| Total current assets | 35,9 | 18,3 | 34,4 | 18,4 | ||
| Total Assets | 60,6 | 29,9 | 59,2 | 40,7 | ||
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity* | 51,8 | 20,8 | 50,5 | 34,1 | ||
| Long term liabilities | 0,0 | 0,0 | 0,0 | 0,0 | ||
| Current liabilities | 8,8 | 9,1 | 8,7 | 6,6 | ||
| Total shareholders' equity and liabilities | 60,6 | 29,9 | 59,2 | 40,7 | ||
| Adjusted equity per share | 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 | Result | Equity | ||
| Capital | ||||||
| Opening balance 1 January 2009 | 5,55 | 9,53 | 19,07 | 34,15 | ||
| Employee share option programme | - | - | 0,25 | 0,25 | ||
| Total comprehensive income | - | - | -13,60 | -13,60 | ||
| Closing Balance 31 March 2009 | 5,55 | 9,53 | 5,72 | 20,80 | ||
| Opening balance 1 January 2010 | 6,48 | 26,90 | 17,10 | 50,48 | ||
| Employee share option programme | 0,20 | 0,20 | ||||
| Total comprehensive income | 1,14 | 1,14 | ||||
| Closing Balance 31 March 2010 | 6,48 | 26,90 | 18,44 | 51,82 |
| January-March | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2009 | 2008 | 2007 |
| Key Ratio | |||||
| Revenue, SEK millions | 8,0 | 4,0 | 20,0 | 24,8 | 22,8 |
| Net result, SEK millions | 1,0 | -13,7 | -2,7 | 13,1 | -4,5 |
| Operating margin % | 8,8 | -67,5 | -31,5 | -23,0 | -22,4 |
| Solidity, % | 85,5 | 69,6 | 85,3 | 83,8 | 71,2 |
| Adjusted shareholders' equity, SEK millions | 51,8 | 20,8 | 50,5 | 34,1 | 20,0 |
| Capital employed, SEK millions | 54,8 | 20,8 | 53,5 | 34,1 | 20,0 |
| Total assets, SEK millions | 60,6 | 29,9 | 59,2 | 40,7 | 28,1 |
| Return on shareholders' equity, % | 2,0 | -50,0 | -6,4 | 48,4 | -20,7 |
| Return on capital employed, % | 2,1 | -49,8 | -5,6 | 50,0 | -19,2 |
| Return on total assets, % | 1,9 | -47,2 | -4,1 | 66,5 | -29,7 |
| Debt-to-equity ratio | 0,1 | - | 0,1 | - | - |
| Employees | |||||
| Number of employees at the end of the period | 13 | 13 | 13 | 15 | 14 |
| Data per Share | |||||
| Earnings per share, SEK | 0,2 | -2,5 | -0,5 | 2,4 | -0,8 |
| Dividends per share, SEK | - | - | - | - | - |
| Cashflow per share, SEK | -0,3 | 0,1 | 2,7 | -1,3 | 0,1 |
| Share price at the end of the period, SEK | 48,1 | 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
| Income Statement - SinterCast AB | ||
|---|---|---|
| ---------------------------------- | -- | -- |
| January-March | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2009 | 2008 | |
| Revenue | 7,8 | 3,5 | 19,3 | 22,3 | |
| Cost of goods sold | -2,5 | -2,2 | -7,8 | -9,3 | |
| Gross result | 5,3 | 1,3 | 11,5 | 13,0 | |
| Cost of sales and marketing | -1,2 | -1,2 | -8,9 | -11,1 | |
| Cost of administration | -1,0 | -1,1 | -5,4 | -6,6 | |
| Cost of research & development | -0,9 | -0,9 | -3,8 | -3,9 | |
| Other operating income | 0,0 | 0,0 | 0,0 | 0,2 | |
| Other operating costs | 0,0 | 0,0 | -0,1 | 0,0 | |
| Operating result | 2,2 | -1,9 | -6,7 | -8,4 | |
| Financial Income | 0,4 | 0,4 | 1,8 | 0,6 | |
| Financial Costs | 0,0 | -0,8 | -0,9 | -0,4 | |
| Income Tax | 0,0 | -10,5 | 2,7 | 18,5 | |
| Result for the period | 2,6 | -12,8 | -3,1 | 10,3 | |
| Result attributable to: | |||||
| Equity holder of the parent company | 2,6 | -12,8 | -3,1 | 10,3 | |
| Non-controlling interests | - | - | - | - | |
| Earnings per share, SEK | 0,4 | -2,3 | -0,5 | 1,9 | |
| Earning per share, diluted, SEK | 0,4 | -2,3 | -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 | |
| Average number of shares, thousands | 6.478,4 | 5.552,9 | 5.815,1 | 5.552,9 | |
| Average number of shares adjusted for outstanding warrants | 6.478,4 | 5.552,9 | 5.815,1 | 5.552,9 |
| January-March | January-December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2009 | 2008 | |
| Result for the period | 2,6 | -12,8 | -3,1 | 10,3 | |
| Total comprehensive income | 2,6 | -12,8 | -3,1 | 10,3 | |
| Total comprehensive income attributable to: Equity holder of the parent company Non-controlling interests |
2,6 - |
-12,8 - |
-3,1 - |
10,3 - |
| 31 March 31 March | 31 Dec | 31 Dec | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2010 | 2009 | 2009 | 2008 | ||
| ASSETS | ||||||
| Intangible assets | 3,2 | 3,3 | 3,3 | 3,5 | ||
| Tangible assets | 0,1 | 0,1 | 0,1 | 0,1 | ||
| Financial assets | 23,5 | 9,8 | 23,4 | 20,1 | ||
| Total fixed assets | 26,8 | 13,2 | 26,8 | 23,7 | ||
| Stock | 2,8 | 4,6 | 3,0 | 5,0 | ||
| Short-term receivables | 10,0 | 4,2 | 5,3 | 3,8 | ||
| Short term deposits and cash at bank and in hand | 22,4 | 9,1 | 24,4 | 8,2 | ||
| Total current assets | 35,2 | 17,9 | 32,7 | 17,0 | ||
| Total Assets | 62,0 | 31,1 | 59,5 | 40,7 | ||
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity* | 45,2 | 13,7 | 42,3 | 26,4 | ||
| Long term liabilities | 0,1 | 0,1 | 0,1 | 0,1 | ||
| Current liabilities | 16,7 | 17,3 | 17,1 | 14,2 | ||
| Total shareholders' equity and liabilities | 62,0 | 31,1 | 59,5 | 40,7 | ||
| Adjusted equity per share | 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 | - | - | 0,10 | 0,10 | ||
| Total comprehensive income | - | - | -12,80 | -12,80 | ||
| Closing Balance 31 March 2009 | 5,55 | 9,53 | -1,42 | 13,66 | ||
| Opening balance 1 January 2010 | 6,48 | 9,53 | 26,32 | 42,33 | ||
| Employee share option programme | 0,30 | 0,30 | ||||
| Total comprehensive income | 2,61 | 2,61 | ||||
| Closing Balance 31 March 2010 | 6,48 | 9,53 | 29,23 | 45,24 |
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