Earnings Release • Feb 20, 2013
Earnings Release
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Series production declined to 1.2 million Engine Equivalents during the fourth quarter, primarily due to decreased commercial vehicle volumes in Europe and the Americas. Foundry production of the Navistar 13 Litre cylinder block, interrupted during the second half of 2012, has resumed, providing an increase in the annualised volume in January.
* Annualised average production of Engine Equivalents during the quarter (1 Engine Equivalent = 50 Kg)
Annualised series production during the quarter was 1.20 million Engine Equivalents, which represents a decline of approximately 8% relative to the third quarter of 2012. Much of the decline continues to be attributed to the interrupted shipment of the Navistar Big Bore commercial vehicle cylinder block in North America, and to reduced commercial vehicle demand in Europe. However, foundry production of the Navistar 13 Litre cylinder block resumed at both the Tupy foundry in Brazil and the Pure Power foundry in the USA during January, providing an overall increase in annualised series production for the first month of 2013. Sales of the Navistar MaxxForceTM 13 engine are expected to resume during March 2013. The nearterm production outlook continues to be linked to the recovery of commercial vehicle production and the launch of new CGI engines.
Series production of high volume passenger vehicle V-diesel engines continued at a strong pace throughout the quarter, with stable contributions from the Audi and Ford engines and increased production of the VM Motori 3.0 Litre V6 engine. The VM Motori engine was launched in the Jeep Grand Cherokee at the North American International Auto Show in Detroit on 14 January. Thereafter, on 14 February, Ram Trucks announced the application of the engine in the Ram 1500, providing a breakthrough for diesel and SinterCast in the high volume US light duty pick-up sector. The diesel Grand Cherokee will be available in US dealer showrooms during the second quarter of 2013 while the Ram 1500 is scheduled to begin sales during the third quarter of 2013. The engine was introduced in North America following successful debuts in the Jeep Grand Cherokee, Chrysler 300 and Lancia Thema in Europe. VM Motori is an Italian specialist diesel engine manufacturer, jointly owned by Fiat and General Motors. Increased volumes of the VM Motori V6 are expected as the Grand Cherokee and Ram 1500 sales begin, and as the engine is applied to additional vehicles within the Fiat/Chrysler group.
Despite the wider economic uncertainty, new CGI series production commitments were secured during the period and new product development programmes have been initiated in Europe, Asia and the Americas. The increased CGI product development activities provided the foundation for record installation revenues during 2012 as foundries prepared for the series production planning of their customers. The installation outlook remains positive and SinterCast announced its first series production installation of 2013 on 11 February. The installation, ordered by an undisclosed major European commercial vehicle OEM, is scheduled to be shipped and commissioned during the second half of February. Pre-production began during 2012 with on-site engineering support.
The commissioning of SinterCast's most comprehensive installation to date, at the Tupy foundry in Saltillo, Mexico, is planned for March 2013. The installation is designed to support the production of a new passenger vehicle cylinder block with a planned mature volume of more than 300,000 blocks per year, potentially the highest volume CGI engine in the world. In parallel with the installation of the new System 3000 Plus, the existing SinterCast equipment on the passenger vehicle production line at the Saltillo foundry will be moved to the commercial vehicle production line to support ongoing product development for heavy duty engine applications.
SinterCast continues to support product development programmes for passenger vehicle, commercial vehicle and industrial power applications in Europe, Asia and the Americas. This development includes SinterCast's first high volume CGI petrol engine commitment, which remains on schedule for the start of
series production during 2013. Pre-production of the petrol engine began during January. It is estimated that the combined potential of the current series production programmes and the programmes currently under development represents a market opportunity of approximately 4.65 million Engine Equivalents per year within SinterCast's five year planning horizon.
The development of the ductile iron technology continued throughout the quarter in anticipation of market introduction at the Ductile Iron Society annual meeting in June 2013. The ductile iron technology is expected to provide a cost-benefit by reducing magnesium consumption, improving mould yield and reducing casting defects in the foundry, and by improving machinability. In the lead-up to the market introduction, the development will continue with in-house testing and a planned external case study to further define the technical correlations, the process control applications and the magnitude of the cost-benefit opportunity.
The revenue for the SinterCast Group relates primarily to income from equipment, series production and engineering service.
| Revenue Breakdown | October-December | January-December | |||
|---|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2012 | 2011 | 2012 | 2011 | |
| Number of Sampling Cups shipped | 21,500 | 33,100 | 102,400 | 138,200 | |
| Equipment 1 | 7.0 | 4.6 | 9.0 | 7.9 | |
| Series Production 2 | 7.2 | 11.0 | 35.8 | 39.0 | |
| Engineering Service 3 | 0.2 | 0.4 | 1.0 | 2.0 | |
| Other | 0.0 | 0.0 | 0.1 | 0.1 | |
| Total | 14.4 | 16.0 | 45.9 | 49.0 |
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 October-December 2012 revenue amounted to SEK 14.4 million (SEK 16.0 million). Equipment revenue amounted to SEK 7.0 million (SEK 4.6 million), including revenue from the System 3000 Plus process control system shipped to the Tupy foundry in Saltillo, Mexico, the Teksid System 3000 refurbishment, and the Mini-System 3000 shipped to an undisclosed Asian foundry. The revenue from series production decreased due to lower Sampling Cup shipments and reduced series production, primarily related to the Navistar Big Bore commercial vehicle cylinder block in North America and to lower commercial vehicle demand in Europe.
The January-December 2012 revenue amounted to SEK 45.9 million (SEK 49.0 million). The revenue decrease is a result of lower series production and a reduction in Sampling Cup shipments, as predicted at the 2012 AGM, primarily due to reduced demand for exhaust components produced for passenger vehicles in Europe. A new record for revenue from Equipment, SEK 9.0 million (SEK 7.9 million) was established in 2012.
The business activities of SinterCast are best reflected by the Operating Result. This is because the "Result for the period after tax" and the "Earnings per Share" are influenced by the financial income and costs and by the revaluation of tax assets.
| Results Summary | October-December | January-December | ||
|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2012 | 2011 | 2012 | 2011 |
| Operating Result | 2.0 | 4.1 | 1.0 | 11.6 |
| Result for the period after tax | -3.6 | 4.8 | -3.7 | 14.5 |
| Earnings per Share (SEK) | -0.5 | 0.7 | -0.5 | 2.1 |
The October-December 2012 Operating Result of SEK 2.0 million (SEK 4.1 million), decreased as a result of lower gross results of SEK 1.6 million, higher operational expenses of SEK 0.9 million and improved other operating income of SEK 0.4 million. The lower gross result is due to lower revenue and changes in product mix, with a higher proportion of the 2012 revenue being derived from Equipment revenue rather than series production.
The Result for the period after tax amounted to SEK -3.6 million (SEK 4.8 million), primarily related to the revaluation of the deferred tax asset, as described in the section entitled "Deferred Tax Asset".
The January-December 2012 Operating Result of SEK 1.0 million (SEK 11.6 million), decreased as a result of lower gross results of SEK 2.6 million, higher operational expenses of SEK 6.3 million, and reduced operational exchange gains in the amount of SEK 1.7 million, reported as other operating income. The higher operational expenses are related to recruiting and salary expenses incurred in order to position the Company for further growth, as outlined at the 2012 AGM.
The Result after tax for January-December 2012 amounted to SEK -3.7 million (SEK 14.5 million), decreased as a result of lower Operating Results of SEK 10.6 million and the improved Financial Result of SEK 1.5 million. The remaining difference of SEK 9.1 million is primarily related to revaluation of the deferred tax asset, as described in the section entitled "Deferred Tax Asset". The tax expenses refer mainly to business and income tax paid in China.
Tax amounted to SEK -5.7 million (SEK 3.4 million) during the period, of which SEK -5.4 million was due to the change in the Swedish corporate tax rate from 26.3% to 22%. SEK -0.3 million was due to tax paid in China.
The estimated future taxable profit and deferred tax asset calculation is reassessed every quarter. As of 31 December 2012, SEK 125.1 million (SEK 125.1 million) of SinterCast's total carried-forward tax losses have been used as the basis of the updated calculation, resulting in SEK 27.5 million (SEK 32.9 million) being capitalised as a deferred tax asset. The deferred tax asset is included in the financial assets in the balance sheet.
As of 31 December 2012, the total cost of the employee stock option program 2009-2013 was calculated at SEK 2.9 million (SEK 3.3 million), based on a closing share price of SEK 43.8 (SEK 45.0). During 2012, SEK 0.4 million (SEK 0.7 million) was accounted for as costs related to the option program.
| Cashflow Summary | October-December | January-December | ||
|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2012 | 2011 | 2012 | 2011 |
| Cashflow from operations | 1.8 | 4.6 | 1.3 | 14.5 |
| Cashflow from investment activities | -1.4 | -0.1 | -1.6 | -0.4 |
| Cashflow from financing activities | - | -0.3 | -11.9 | -6.8 |
| Cashflow total | 0.4 | 4.2 | -12.2 | 7.3 |
| Liquidity | 35.4 | 47.6 | 35.4 | 47.6 |
The October-December 2012 cashflow from operations was SEK 1.8 million (SEK 4.6 million). The positive cashflow from operations during the period is primarily explained by the positive Operating Result. Investments, primarily related to new production tooling, reduced the cashflow by SEK 1.4 million during the period. The total cashflow amounted to SEK 0.4 million (SEK 4.2 million).
The January-December 2012 cashflow from operations was SEK 1.3 million (SEK 14.5 million). The lower cashflow result during the period, compared to 2011, is primarily explained by reduced Operating Result and increased working capital during 2012, including paid out accrued expenses of a one-time character.
Cashflow from financial activities amounted to SEK 11.9 million (SEK 6.8 million), following the payment of the dividend to shareholders in the amount of SEK 11.9 million (SEK 3.5 million). The total cashflow result for the period was SEK -12.2 million (SEK 7.3 million), resulting in SEK 35.4 million (SEK 47.6 million) in liquidity on 31 December 2012.
Investments amounted to SEK 2.0 million (SEK 1.0 million) during the period, of which SEK 1.6 million (SEK 0.4 million) was paid out as cashflow during the year. Investments include new production tooling, capitalised process control equipment, computer equipment and capitalised patent expenses.
The main uncertainty factor for SinterCast continues to be the overall timing of the CGI market ramp-up. This primarily depends on OEM decisions for new CGI products, the global economy for new vehicle sales, and the individual sales success of vehicles equipped with SinterCast-CGI components. The global economy has recently become more uncertain and this has begun to influence consumer confidence and automotive sales. SinterCast's diversification between V-diesel engines for passenger vehicles, commercial vehicle engine components, and other applications such as exhaust components and industrial power engines, combined with its presence in Europe, Asia and the Americas, reduces the dependence on individual product applications and geographical regions.
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. SinterCast judges that its technology and engineering know-how provides the most reliable and cost-effective solution for series production of high quality CGI.
New powertrain technologies, such as vehicle electrification (hybrid and plug-in vehicles) and fuel cells attract significant media attention; however, the development and implementation of these technologies remain a long-term prospect and SinterCast does not expect these technologies to have a significant effect on the Company's competitive position for the foreseeable future.
For full risk and uncertainty factor information, please see note 26 on p.39 in SinterCast's Annual Report 2011
With successful high volume CGI production in foundries located in Europe, Asia and the Americas, SinterCast has established a global organisation with employees and representatives in Sweden, the United Kingdom, the United States, China, Korea, Japan, India and Australia. During the second quarter of 2012, a new subsidiary was established in Korea and during the fourth quarter of 2012, the establishment of the Chinese subsidiary was completed. As of 31 December 2012, the Group had 19 (17) employees, three (three) of whom were female. The Company is well positioned to support global market activities and to drive SinterCast's future growth.
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its registered office located in Stockholm, Sweden. The Parent Company has 15 (14) employees. The majority of the operations are managed by the Parent Company, including responsibility for the representative office in China and sales representatives in Australia, India and Japan. Operations in the UK, USA and Korea are managed by the local companies. The information given for the Group in this report corresponds in all material respects to the Parent Company.
SinterCast currently holds 11 (11) patents and maintains 43 (53) individual national phase patents granted or pending worldwide. The 11 base patents address SinterCast's metallurgical technology, the Sampling Cup, product applications and machining.
The information provided on behalf of the Group in this interim report has been prepared in accordance with Sweden's Annual Accounts Act and IAS 34 Interim Financial Reporting. The reporting for the Parent Company has been prepared in accordance with Sweden's Annual Accounts Act and RFR 2. The accounting policies that have been applied for the Group and 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.
The following press releases have been issued since the balance sheet date of 31 December 2012. 11 February 2013: SinterCast secures new order for commercial vehicle series production installation 18 February 2013: Breakthrough for SinterCast: First diesel engine for US light duty pick-up trucks
There have been no other significant events since the balance sheet date of 31 December 2012 that could materially change these financial statements.
The Nomination Committee, elected by the Annual General Meeting 2012, consists of Karl-Arne Henriksson, Chairman, Ulla-Britt Fräjdin-Hellqvist and Torbjörn Nordberg. The Nomination Committee can be contacted at: [email protected]
The Annual General Meeting 2013 of SinterCast AB (publ) will be held on Wednesday 15 May 2013.
Shareholders wishing to have a matter considered at the Annual General Meeting should submit their proposals in writing to [email protected] or to the Company: SinterCast AB (publ), P.O. Box 10203, SE-100 55 Stockholm, Sweden, at least seven weeks prior to the Annual General Meeting for the proposal to be included in the notice to the meeting. Further details on how and when to register will be published in advance of the Annual General Meeting.
The Annual General Meeting of SinterCast AB (publ) held on 24 May 2012 approved an ordinary dividend for 2012 amounting to SEK 1.0 per share and an extraordinary dividend amounting to SEK 0.7 per share. A total amount of SEK 11.9 million was transferred to the shareholders.
The Board's intention is to continue to provide an ordinary dividend to the shareholders, based primarily on the cashflow from operations. In the event that the Board considers that the liquidity exceeds the amount needed to support the operational requirements and strategic objectives, the Board has the option to propose an extraordinary dividend or a share buy-back to further adjust the liquidity.
The Board of Directors propose an ordinary dividend of SEK 1.0 per share (SEK 1.0), representing a transfer of SEK 7.0 million (SEK 7.0 million) to the shareholders of SinterCast AB (publ). An extraordinary dividend in the amount of SEK 0.7 per share was also paid in 2012, resulting in a total transfer of SEK 11.9 million to the shareholders in 2012. The Board proposes 20 May, 2013 as the record date for entitlement to receive dividends. In deciding the amount of the ordinary dividend to be proposed to the AGM 2013, the Board considered cashflow from operations, the financial position, investment requirements and other factors, such as market outlook, growth strategy and the internal financial forecast for the Company and for the Group.
The Interim Report January-March 2013 will be published on 24 April 2013
The Interim Report April-June 2013 will be published on 21 August 2013
The Interim Report July-September 2013 will be published on 6 November 2013
The Interim Report October-December and Full Year Results 2013 will be published on 26 February 2014
The Annual Report 2012 will be published on 5 April 2013.
This report has not been reviewed by the Company's Auditors.
Stockholm 20 February 2013
For further information please contact:
Dr. Steve Dawson President & CEO SinterCast AB (publ) Office: +46 8 660 7750 Mobile: +44 771 002 6342 e-mail: [email protected] website: www.sintercast.com
SinterCast is the world's leading supplier of process control technology for the reliable high volume production of Compacted Graphite Iron (CGI). With at least 75% higher tensile strength, 45% higher stiffness and approximately double the fatigue strength of conventional grey cast iron and aluminium, CGI allows engine designers to improve performance, fuel economy and durability while reducing engine weight, noise and emissions. The SinterCast technology is used for the production of more than 50 CGI components, ranging from 2 kg to 17 tonnes, all using the same proven process control technology. The end-users of SinterCast-CGI components include Aston Martin, Audi, Cameron Compression, Caterpillar, Chrysler, DAF Trucks, Ford, Ford-Otosan, General Electric Transportation Systems, General Motors, Hyundai, Jaguar, Jeep, Kia, Lancia, Land Rover, MAN, Navistar, Porsche, PSA Peugeot-Citroën, Renault, Rolls-Royce Power Engineering, Scania, Toyota, VM Motori, Volkswagen, Volvo and Waukesha Engine. The SinterCast share is quoted on the Small Cap segment of the NASDAQ OMX stock exchange (Stockholmsbörsen: SINT). For more information: www.sintercast.com
| October - December | January - December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2012 | 2011 | 2012 | 2011 | |
| Revenue | 14.4 | 16.0 | 45.9 | 49.0 | |
| Cost of goods sold | -4.7 | -4.7 | -13.7 | -14.2 | |
| Gross result | 9.7 | 11.3 | 32.2 | 34.8 | |
| Cost of sales and marketing | -5.3 | -4.3 | -19.7 | -14.4 | |
| Cost of administration | -1.5 | -1.7 | -6.5 | -6.6 | |
| Cost of research & development | -1.4 | -1.3 | -5.5 | -4.4 | |
| Other operating income | 0.5 | 0.1 | 0.5 | 2.2 | |
| Other operating costs | 0.0 | 0.0 | 0.0 | 0.0 | |
| Operating result | 2.0 | 4.1 | 1.0 | 11.6 | |
| Financial income | -0.2 | 0.2 | 1.1 | 0.6 | |
| Financial costs | 0.0 | 0.4 | -0.1 | -1.1 | |
| Income Tax | -5.4 | 0.1 | -5.7 | 3.4 | |
| Result for the period | -3.6 | 4.8 | -3.7 | 14.5 | |
| Result attributable to: | |||||
| Equity holder of the parent company | -3.6 | 4.8 | -3.7 | 14.5 | |
| Non-controlling interests | - | - | - | - | |
| Earnings per share, SEK | -0.5 | 0.7 | -0.5 | 2.1 | |
| Earning per share, diluted, SEK | -0.5 | 0.7 | -0.5 | 2.1 | |
| Number of shares at the close of the period, thousands | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | |
| Average number of shares, thousands | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | |
| Average number of shares adjusted for outstanding warrants | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 |
| October - December | January - December | |||
|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2012 | 2011 | 2012 | 2011 |
| Result for the period | -3.6 | 4.8 | -3.7 | 14.5 |
| Other comprehensive income | ||||
| Translation differences, foreign subsidiaries | 0.0 | 0.2 | -0.2 | 0.4 |
| Other comprehensive income, net of tax | 0.0 | 0.2 | -0.2 | 0.4 |
| Total comprehensive income | -3.6 | 5.0 | -3.9 | 14.9 |
| Total comprehensive income attributable to: | ||||
| Equity holder of the parent company | -3.6 | 5.0 | -3.9 | 14.9 |
| Non-controlling interests | - | - | - | - |
| October - December | January - December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2012 | 2011 | 2012 | 2011 | |
| Operating activities | |||||
| Operating result | 2.0 | 4.1 | 1.0 | 11.6 | |
| Adjustments for items not included in the cash flow | |||||
| Depreciation | 0.3 | 0.2 | 1.0 | 0.9 | |
| Other | 0.1 | 0.2 | 0.4 | 0.8 | |
| Unrealised exchange rate differences | 0.1 | -0.4 | 0.6 | -0.4 | |
| Received interest | 0.0 | 0.2 | 0.6 | 0.6 | |
| Paid interest | 0.0 | 0.0 | -0.1 | -0.1 | |
| Total cashflow from operating activities | |||||
| before change in working capital | 2.5 | 4.3 | 3.5 | 13.4 | |
| Change in working capital | |||||
| Stock | 2.2 | -0.1 | 0.1 | -1.9 | |
| Operating receivables | -1.8 | -0.1 | -0.4 | 3.7 | |
| Operating liabilities | -1.1 | 0.5 | -1.9 | -0.7 | |
| Total change in working capital | -0.7 | 0.3 | -2.2 | 1.1 | |
| Cashflow from operations | 1.8 | 4.6 | 1.3 | 14.5 | |
| Investing activities | |||||
| Acquisition of intangible assets | 0.0 | 0.0 | 0.0 | -0.1 | |
| Acquisition of tangible assets | -1.4 | -0.1 | -1.6 | -0.3 | |
| Increase/decrease in long-term receivables/payables | 0.0 | 0.0 | 0.0 | 0.0 | |
| Cashflow from investing activities | -1.4 | -0.1 | -1.6 | -0.4 | |
| Financing activities | |||||
| Employee share option programme* | - | -0.3 | - | -0.3 | |
| Bank loan | - | - | - | -3.0 | |
| Dividend | - | - | -11.9 | -3.5 | |
| Cashflow from financing activities | - | -0.3 | -11.9 | -6.8 | |
| Change in cash and cash equivalents** | 0.4 | 4.2 | -12.2 | 7.3 | |
| Cash - opening balance | 35.0 | 43.4 | 47.6 | 40.3 | |
| Cash - closing balance | 35.4 | 47.6 | 35.4 | 47.6 |
* The subscription of employee stock options during 2011 amounted to SEK -0.3 million.
** The cash and cash equivalents comprises short-term deposits and cash at bank and in hand.
| 31 Dec | 31 Dec | 30 Sept | 30 Sept | ||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2012 | 2011 | 2012 | 2011 | |
| ASSETS | |||||
| Intangible assets | 1.7 | 2.3 | 1.8 | 2.5 | |
| Tangible assets | 2.0 | 0.4 | 0.7 | 0.7 | |
| Financial assets | 27.8 | 32.9 | 33.2 | 32.8 | |
| Total fixed assets | 31.5 | 35.6 | 35.7 | 36.0 | |
| Stock | 4.0 | 4.4 | 6.5 | 4.3 | |
| Short term receivables | 12.1 | 12.3 | 10.1 | 10.8 | |
| Short term deposits and cash at bank and in hand | 35.4 | 47.6 | 35.0 | 43.4 | |
| Total current assets | 51.5 | 64.3 | 51.6 | 58.5 | |
| Total Assets | 83.0 | 99.9 | 87.3 | 94.5 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||||
| Shareholders' equity* | 77.9 | 93.2 | 81.4 | 88.3 | |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 | |
| Current liabilities | 5.1 | 6.7 | 5.9 | 6.2 | |
| Total shareholders' equity and liabilities | 83.0 | 99.9 | 87.3 | 94.5 | |
| Adjusted equity per share, SEK | 11.2 | 13.4 | 11.7 | 12.7 | |
| Additional | |||||
| * STATEMENT OF CHANGES IN EQUITY | Share | Paid in | Accumul. | Total | |
| Attributable to the equity holder of the parent company | Capital | Capital | Result | Equity | |
| Opening balance 1 January 2011 | 6.98 | 39.41 | 34.90 | 81.29 | |
| Employee share option programme, IFRS 2 | - | - | 0.78 | 0.78 | |
| Cash exercise, share option programme | - | - | -0.26 | -0.26 | |
| Dividend | - | - | -3.49 | -3.49 | |
| Total comprehensive income | - | - | 14.88 | 14.88 | |
| Closing Balance 31 December 2011 | 6.98 | 39.41 | 46.81 | 93.20 | |
| Opening balance 1 January 2012 | 6.98 | 39.41 | 46.81 | 93.20 | |
| Employee share option programme, IFRS 2 | - | - | 0.44 | 0.44 | |
| Dividend | - | - | -11.86 | -11.86 | |
| Total comprehensive income | - | - | -3.89 | -3.89 |
Closing Balance 31 December 2012 6.98 39.41 31.50 77.89
| Key Ratio and Share Data - SinterCast Group | ||||||
|---|---|---|---|---|---|---|
| -- | -- | -- | -- | -- | --------------------------------------------- | -- |
| October - December | January - December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2012 | 2011 | 2012 | 2011 | |
| Key Ratio | |||||
| Revenue | 14.4 | 16.0 | 45.9 | 49.0 | |
| Net result | -3.6 | 4.8 | -3.7 | 14.5 | |
| Operating margin % | 13.9 | 25.6 | 2.2 | 23.7 | |
| Solidity, % | 93.9 | 93.3 | 93.9 | 93.3 | |
| Adjusted shareholders' equity | 77.9 | 93.2 | 77.9 | 93.2 | |
| Capital employed | 77.9 | 93.2 | 77.9 | 93.2 | |
| Total assets | 83.0 | 99.9 | 83.0 | 99.9 | |
| Return on shareholders' equity, % | -4.5 | 5.2 | -4.3 | 16.6 | |
| Return on capital employed, % | -4.5 | 4.8 | -4.3 | 16.4 | |
| Return on total assets, % | -4.2 | 4.8 | -4.0 | 15.2 | |
| Debt-to-equity ratio | - | - | - | - | |
| Employees | |||||
| Number of employees at the end of the period | 19 | 17 | 19 | 17 | |
| Data per Share | |||||
| Earnings per share, SEK | -0.5 | 0.7 | -0.5 | 2.1 | |
| Dividends per share, SEK | - | - | 1.7 | 0.5 | |
| Cashflow from operations per share, SEK | 0.3 | 0.7 | 0.2 | 2.1 | |
| Share price at the end of the period, SEK | 43.8 | 45.0 | 43.8 | 45.0 |
Weighted average of the number of shares outstanding for the period Return on capital employed
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 adjusted for outstanding warrants Debt-to-equity ratio related to the employee stock options Interest bearing liabilities divided by adjusted
Adjusted shareholders' equity divided by the average number of shares Dividend per share
Adjusted shareholders' equity divided by the average number of shares adjusted for Cashflow from operations per share outstanding warrants related to employee stock options Cashflow from operationsdivided by the number of shares
Adjusted shareholders' equity expressed as percentage Latest paid price for the SinterCast share at
Shareholders' equity plus 73.7% of untaxed reserves, if any Amount below SEK 50,000
Total assets less non-interest bearing liabilities No amount applicable
Operating results as percentage of revenue Net result as a percentage of average adjusted
Net result divided by the average number of shares Net result after financial items plus financial expenses
of total assets end of period NASDAQ OMX stock exchange, Stockholmsbörsen
| October - December | January - December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2012 | 2011 | 2012 | 2011 | |
| Revenue | 14.1 | 13.9 | 43.6 | 46.1 | |
| Cost of goods sold | -4.1 | -4.0 | -13.5 | -14.1 | |
| Gross result | 10.0 | 9.9 | 30.1 | 32.0 | |
| Cost of sales and marketing | -5.8 | -3.0 | -19.2 | -12.1 | |
| Cost of administration | -1.6 | -1.8 | -6.5 | -6.6 | |
| Cost of research & development | -1.4 | -1.3 | -5.5 | -4.4 | |
| Other operating income | 0.6 | 0.1 | 0.8 | 2.2 | |
| Other operating costs | 0.0 | 0.0 | 0.0 | 0.0 | |
| Operating result | 1.8 | 3.9 | -0.3 | 11.1 | |
| Financial income | -0.3 | 0.2 | 1.1 | 0.6 | |
| Financial costs | 0.0 | 0.4 | -0.1 | -1.1 | |
| Income Tax | -5.4 | 0.1 | -5.7 | 3.4 | |
| Result for the period | -3.9 | 4.6 | -5.0 | 14.0 | |
| Result attributable to: | |||||
| Equity holder of the parent company | -3.9 | 4.6 | -5.0 | 14.0 | |
| Non-controlling interests | - | - | - | - | |
| Earnings per share, SEK | -0.6 | 0.7 | -0.7 | 2.0 | |
| Earning per share, diluted, SEK | -0.6 | 0.7 | -0.7 | 2.0 | |
| Number of shares at the close of the period, thousands | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | |
| Average number of shares, thousands | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 | |
| Average number of shares adjusted for outstanding warrants | 6,975.7 | 6,975.7 | 6,975.7 | 6,975.7 |
| October - December | January - December | ||||
|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2012 | 2011 | 2012 | 2011 | |
| Result for the period | -3.9 | 4.6 | -5.0 | 14.0 | |
| Total comprehensive income | -3.9 | 4.6 | -5.0 | 14.0 | |
| Total comprehensive income attributable to: | |||||
| Equity holder of the parent company | -3.9 | 4.6 | -5.0 | 14.0 | |
| Non-controlling interests | - | - | - | - |
| 31 Dec | 31 Dec | 30 Sept | 30 Sept | |
|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2012 | 2011 | 2012 | 2011 |
| ASSETS | ||||
| Intangible assets | 1.7 | 2.3 | 1.8 | 2.5 |
| Tangible assets | 1.9 | 0.4 | 0.6 | 0.3 |
| Financial assets | 31.4 | 36.0 | 36.4 | 35.9 |
| Total fixed assets | 35.0 | 38.7 | 38.8 | 38.7 |
| Stock | 4.0 | 3.7 | 6.5 | 3.5 |
| Short-term receivables | 12.2 | 9.7 | 16.7 | 15.0 |
| Short term deposits and cash at bank and in hand | 34.1 | 45.4 | 34.4 | 41.8 |
| Total current assets | 50.3 | 58.8 | 57.6 | 60.3 |
| Total Assets | 85.3 | 97.5 | 96.4 | 99.0 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity* | 68.3 | 84.6 | 72.0 | 80.0 |
| Long term liabilities | 0.1 | 0.1 | 0.1 | 0.1 |
| Current liabilities | 16.9 | 12.8 | 24.3 | 18.9 |
| Total shareholders' equity and liabilities | 85.3 | 97.5 | 96.4 | 99.0 |
| Adjusted equity per share, SEK | 9.8 | 12.1 | 10.3 | 11.5 |
| * STATEMENT OF CHANGES IN EQUITY Attributable to the equity holder of the parent company |
Share Statutory Capital Reserve |
Share Premium Reserve |
Results Brought Forward |
Results For the Year |
Total Equity |
||
|---|---|---|---|---|---|---|---|
| Opening balance 1 January 2011 | 6.98 | 9.53 | 29.88 | 10.19 | 16.99 | 73.57 | |
| Appropriation of last year´s result | - | - | - | 16.99 | -16.99 | 0.00 | |
| Employee share option programme, IFRS 2 | - | - | - | 0.78 | - | 0.78 | |
| Cash exercise, share option programme | - | - | - | -0.26 | - | -0.26 | |
| Dividend | - | - | - | -3.49 | - | -3.49 | |
| Total comprehensive income | - | - | - | - | 14.03 | 14.03 | |
| Closing Balance 31 December 2011 | 6.98 | 9.53 | 29.88 | 24.21 | 14.03 | 84.63 | |
| Opening balance 1 January 2012 | 6.98 | 9.53 | 29.88 | 24.21 | 14.03 | 84.63 | |
| Appropriation of last year´s result | - | - | - | 14.03 | -14.03 | 0.00 | |
| Employee share option programme, IFRS 2 | - | - | - | 0.44 | - | 0.44 | |
| Dividend | - | - | - | -11.86 | - | -11.86 | |
| Total comprehensive income | - | - | - | - | -4.96 | -4.96 | |
| Closing Balance 31 December 2012 | 6.98 | 9.53 | 29.88 | 26.82 | -4.96 | 68.25 |
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