Earnings Release • Nov 4, 2022
Earnings Release
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| July−September | January−September | January−December | |||||
|---|---|---|---|---|---|---|---|
| Amounts in SEK million | 2022 | 2021 | % | 2022 | 2021 | 2021 | 2020 |
| Key Ratio | |||||||
| Series Production* | 3.6 | 3.2 | 13% | 3.5 | 3.1 | 3.1 | 2.5 |
| Revenue** | 29.8 | 25.3 | 18% | 85.8 | 77.8 | 107.4 | 95.4 |
| Operating result | 12.9 | 8.0 | 63% | 26.1 | 23.7 | 31.5 | 21.7 |
| Operating margin % | 43.4 | 31.4 | 38% | 30.4 | 30.4 | 29.3 | 22.7 |
| Return on shareholders' equity, % | 9.5 | 6.4 | 49% | 21.5 | 22.4 | 29.6 | 20.2 |
| Earnings per share, SEK** | 1.55 | 0.95 | 63% | 3.57 | 3.62 | 4.65 | 3.13 |
| Dividends per share, SEK | - | - | - | 2.50 | 2.00 | 4.01 | 3.50 |
| Cashflow from operations per share, SEK | 1.51 | 1.87 | -19% | 1.88 | 4.04 | 4.71 | 3.12 |
* Annualised millions of Engine Equivalents.
** According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).
Definition of key ratios can be found in the Annual Report.
Following strong production through the summer shutdown period, with July and August both setting new monthly highs, the volume in September was lower than anticipated, primarily due to decreases in two high-volume programmes caused by supply chain constraints. Ultimately, annualised production in September finished at 3.6 million Engine Equivalents, resulting in 3.6 million Engine Equivalents for the third quarter, equalling the all-time quarterly record set in the previous quarter. Year-on-year production for the third quarter was up by 12.5% while year-to-date production for the January to September period was up by 13%. The highlight of the quarter was the strong ramp of the new Scania commercial vehicle production following the return from the summer shutdown, reinforcing the positive growth outlook for the rest of the year and for 2023.
Benefitting from strong series production and increased USD / SEK exchange rates, revenue for the period increased by 18%. The revenue from series production, derived from the production fee, consumables and software licence fees, increased by 32% as Sampling Cup shipments also recovered during the quarter. During the first two quarters, Sampling Cup shipments were down by 20% as customers reduced inventory levels in response to improving global supply chains. However, year-on-year Sampling Cup shipments for the third quarter increased by 27%, recovering some of the earlier deficit. Year to date, Sampling Cup shipments remain 9% behind 2021, impacting the revenue comparison by approximately SEK 2.5 million. Installation revenue is similarly down by SEK 2.9 million year-to-date. Ultimately, the revenue for the first three quarters of the year finished at SEK 85.8 million, providing a 10% year-on-year increase.
Series production remained strong in the third quarter, finishing at 3.6 million Engine Equivalents, equalling the all-time high set in the second quarter. Year-on-year growth for the third quarter was 12.5% while the year-to-date growth for the January to September period was 13%.
The highlight of the quarter was the strong ramp of the new Scania commercial vehicle production following the return from the summer shutdown, reinforcing the positive growth outlook for the rest of the year and for 2023.
Commercial vehicles accounted for 45% of the production volume during the second quarter, providing the largest contribution, and the largest growth opportunity. The ramp of the new Scania 13 litre engine provided a strong contribution to the commercial vehicle wave during the third quarter, and is expected to provide one million
incremental Engine Equivalents when mature volume is reached. In addition to the 13 litre ramp, Scania recently announced two new developments that will provide incremental volume for SinterCast. The Scania announcements include the launch of a new 11 litre version of the engine that will be used by the global Traton group, plus the construction of a new wholly-owned manufacturing facility in China that is planned to start production during late-2024 or early-2025. With an intended production of at least 20,000 commercial vehicles per year for the domestic Chinese and the Asian export market, the Chinese facility provides further growth opportunities for SinterCast.
First Automobile Works (FAW) in China started production of a new 16 litre commercial vehicle engine during the second quarter. As a new entry in the market, and in the face of continued Covid-related challenges in China, the production has not yet provided a meaningful contribution and the volume is expected to remain limited during the fourth quarter. However, FAW has recently started the development of new 11 litre and 13 litre derivatives of the 16 litre engine, also with SinterCast-CGI cylinder blocks. Pre-production of these engines commenced during the third quarter and initial series production is expected during 2023. Considering that China is the largest heavy duty commercial vehicle market in the world, and that FAW has been the sales leader for six consecutive years with approximately 25% market share, the new 11 litre and 13 litre CGI engines provide a significant growth opportunity for SinterCast within the five year planning horizon, and beyond.
During the period, Ram Trucks announced that sales of the 3.0 litre V6 diesel engine used in the Ram 1500, with SinterCast-CGI cylinder block and bedplate, would be discontinued by year-end, affecting the current volume by approximately 2%. While the overall market continues to benefit from pent-up demand and improving semiconductor supply, the outlook is simultaneously burdened by increasing energy prices, inflation, recession concerns, and geopolitical conflict. Despite the increased uncertainty, SinterCast has posted quarterly production records in each of the three quarters in 2022, providing a strong foundation for further growth. With lower than expected volume in September, the target to reach the monthly four million Engine Equivalent milestone before year-end has become more difficult, and it is now likely that this milestone will fall into 2023. We maintain our targets of reaching the monthly five million Engine Equivalent milestone in 2024; and, continuing our track record of delivering double-digit compounded annual growth rates.
Considering that China is the largest heavy duty commercial vehicle market in the world, and that FAW has been the sales leader for six consecutive years with approximately 25% market share, the new 11 litre and 13 litre CGI engines provide a significant growth opportunity for SinterCast within the five year planning horizon, and beyond.
During the period, two new orders were received CGI process control systems in China. These include a fully automated System 4000 at the Dongfeng Automobile foundry and a mini-system installation at the Dongya foundry. The Dongfeng Auto installation will be commissioned during 2023 and will enable the new greenfield facility to compete for future CGI commercial vehicle orders within the Dongfeng Group. The Dongya installation is planned to be commissioned during the fourth quarter with the start of industrial power production beginning before yearend.
Following reduced investment commitments throughout the foundry industry during the Covid years, the installation revenue thus far during 2022 revenue has been limited to SEK 1.3 million. While the Ladle Tracker installation at the Teksid foundry in Mexico and the mini-system at the Dongya foundry in China will provide a welcome boost
during the fourth quarter, full-year installation revenue is expected to be well below the historical average of SEK 8 million. Building on the System 4000 installation at Dongfeng Automobile, and with ongoing discussions for CGI process control systems, capacity upgrades and Tracking installations, we expect installation revenue to return to historical levels in both 2023 and 2024.
Dr. Steve Dawson President & CEO
SinterCast is the world's leading supplier of process control technology for the reliable high volume production of Compacted Graphite Iron (CGI). The properties of CGI enable improved transport solutions, increasing efficiency and reducing carbon emissions in passenger vehicle, commercial vehicle and industrial power applications. As a specialist supplier of precision measurement and process control solutions to the metals industry, SinterCast also supplies the SinterCast Ladle Tracker® and SinterCast Cast Tracker® technologies, to improve production efficiency and Industry 4.0 traceability in a variety of applications. With 57 installations in 14 countries, SinterCast is a publicly traded company, quoted on the Small Cap segment of the Nasdaq Stockholm stock exchange (SINT). For more information: www.sintercast.com
The revenue for the SinterCast Group relates primarily to income from series production, equipment, and engineering service.
| Revenue Breakdown | July−September | January−September | ||
|---|---|---|---|---|
| (Amounts in SEK million) | 2022 | 2021 | 2022 | 2021 |
| Series production1 | 29.2 | 22.1 | 83.3 | 72.4 |
| Equipment2 | 0.3 | 2.5 | 1.3 | 4.2 |
| Engineering service3 | 0.3 | 0.7 | 1.2 | 1.3 |
| Total | 29.8 | 25.3 | 85.8 | 77.8 |
| Number of Sampling Cups shipped | 45,000 | 35,400 | 142,300 | 156,300 |
2 Includes revenue from sold and leased CGI and Tracking systems and spare parts
The July−September 2022 revenue increased by 18% to SEK 29.8 million (SEK 25.3 million). Series production revenue increased by 32% and amounted to SEK 29.2 million (SEK 22.1 million), following annualised series production of 3.6 million (3.2 million) Engine Equivalents and shipment of 45,000 (35,400) Sampling Cups, combined with favourable exchange rates. Equipment revenue amounted to SEK 0.3 million (SEK 2.5 million). Engineering Service amounted to SEK 0.3 million (SEK 0.7 million).
The January−September 2022 revenue increased by 10% to SEK 85.8 million (SEK 77.8 million). Series production revenue increased by 15% and amounted to SEK 83.3 million (SEK 72.4 million) following annualised series production of 3.5 million (3.1 million) Engine Equivalents and shipment of 142,300 (156,300) Sampling Cups. The increases in production volume and favourable exchange rates were partially offset by the 9% decrease in Sampling Cup shipments and lower equipment revenue. Equipment revenue amounted to SEK 1.3 million (SEK 4.2 million). Engineering Service amounted to SEK 1.2 million (SEK 1.3 million).
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 | July−September | January−September | ||
|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2022 | 2021 | 2022 | 2021 |
| Operating result | 12.9 | 8.0 | 26.1 | 23.7 |
| Result for the period after tax | 11.0 | 7.4 | 25.3 | 25.7 |
| Earnings per share (SEK) | 1.6 | 1.0 | 3.6 | 3.6 |
The July−September 2022 operating result increased by SEK 5.0 million to SEK 12.9 million (SEK 8.0 million). The gross margin increased by SEK 4.5 million due to higher production fee revenue and lower consumables and
equipment sales. Operating costs increased by SEK 0.4 million. Other operating income increased by SEK 2.3 million primarily due to revaluation of customer receivables from USD to SEK. The result for the period after tax increased by SEK 3.6 million to SEK 11.0 million (SEK 7.4 million), primarily due to the SEK 5.0 million increase in operating result, a SEK 1.4 million reduction in financial net (revaluation changes in unrealised forward contracts following the recent depreciation of the Swedish krona).
The January−September 2022 operating result increased by SEK 2.3 million to SEK 26.1 million (SEK 23.7 million), due to the combined effect of a SEK 8.3 million increase in gross margin and a SEK 2.4 million increase in operating costs. Other operating income increased by SEK 1.7 million primarily due to revaluation of customer receivables from USD to SEK. Other operating costs increased by SEK 5.4 million primarily due to the termination of the deferred purchase agreement with WHB resulting in a one-time impact on the result of approximately SEK 4.9 million. The System 4000 will be returned to SinterCast and will be refurbished for resale. The result for the period after tax decreased by SEK 0.4 million to SEK 25.3 million (SEK 25.7 million), primarily due to the SEK 2.3 million increase in operating result, increased financial costs of SEK 1.8 million and lower tax income of SEK 0.9 million following the revaluation of the deferred tax asset.
| Cashflow Summary | January−September | Cashflow Changes | |||
|---|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2022 | 2021 | 2022 vs 2021 | ||
| Cashflow from operations, before change in working capital | 26.6 | 25.0 | 1.6 | ||
| Change in working capital | -13.3 | 3.7 | -17.0 | ||
| Cashflow from operations | 13.3 | 28.7 | -15.3 | ||
| Cashflow from investing activities | -2.0 | -2.7 | 0.7 | ||
| Cashflow from financing activities | -18.9 | -14.9 | -4.0 | ||
| Cashflow total | -7.6 | 11.1 | -18.7 | ||
| Liquidity | 20.0 | 37.4 |
The January−September 2022 cashflow from operations decreased by SEK 15.3 million, compared to the same period last year, primarily due to the SEK 17.0 million increase in working capital. The increase, since year-end 2021, is primarily due to a SEK 9.9 million increase in customer receivables following the mandatory extension of payment terms by a major customer from 60 to 90 days and a SEK 4.9 million increase in inventory to secure upcoming customer deliveries. Total investments amounted to SEK 2.0 million (SEK 2.7 million). Total cashflow amounted to SEK -7.6 million (SEK 11.1 million). Liquidity on 30 September 2022 was SEK 20.0 million (SEK 37.4 million). SinterCast currently has no loans. An overdraft credit facility in the amount of SEK 12.5 million is under discussion with the SinterCast bank. Year-end liquidity, together with the pending credit facility, is expected to be in excess of SEK 20 million.
Tax income for the January−September 2022 period amounted to SEK 3.0 million (SEK 3.9 million). The estimated future taxable profit and deferred tax asset calculation is reassessed every quarter. As of 30 September 2022, SEK 248.0 million (SEK 233.5 million) of the SinterCast total carried-forward tax losses are the basis of the updated calculation, resulting in SEK 51.1 million (SEK 48.1 million) being capitalised as a deferred tax asset. The deferred tax asset calculation is based on historical ten-year average currency rates.
Uncertainty factors for SinterCast include the timing of OEM decisions for new CGI engines and other components, adherence to start-of-production dates and ramp projections, the global economy for new vehicle sales, technology trends and emissions legislation, and the individual sales success of vehicles equipped with SinterCast-CGI components.
Covid-19, related material shortages, energy costs, inflation, interest rate and economic uncertainties and the geopolitical instability exacerbated by the war in Ukraine are the dominant near-term risk factors for the global foundry and automotive industries. While it is not yet possible to quantify the impact of these factors on the nearterm market development, SinterCast remains confident in the long-term growth of CGI. Other factors that may influence the market risk for SinterCast and its end-user industries include the renegotiation of international tariffs and free-trade agreements on vehicle sales, climate change legislation and the associated growth of alternative powertrain technologies, and the overall demand for goods transportation.
No significant risk of material adjustment to the carrying amounts of assets and liabilities has been identified at the balance sheet date and no costs have been taken to the profit and loss due to Covid-19.
For additional risk and uncertainty factor information, see the SinterCast Annual Report.
With successful high volume CGI production in customer foundries located in Europe, Asia and the Americas, SinterCast has established a global organisation with employees and offices in Sweden, the United Kingdom, the United States, China, Korea and Germany. As of 30 September 2022, the Group had 32 (30) employees, 7 (6) of whom are female. Recent personnel increases ensure that SinterCast is well positioned to support global market activities and to drive the future growth of the company.
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its registered office located in Stockholm, Sweden. On 30 September 2022, the Parent Company had 26 (25) employees. The average number of employees during the period was 26 (24). The majority of the operations are managed by the Parent Company while local operations in the United Kingdom, United States, Korea and China are managed by the local companies. The information given for the Group in this report corresponds in all material respects to the Parent Company. However, the result for the period may differ between the group and the Parent Company due to intercompany transactions between the Parent Company and its subsidiaries.
The SinterCast share has been listed and quoted on the Small Cap segment of the Nasdaq Stockholm stock exchange, since 26 April 1993. SinterCast share capital is SEK 7,090,133 at par value of SEK 1 per share. ABG Sundal Collier is the appointed liquidity provider for the SinterCast share.
The following analysts are covering SinterCast: Adrian Gilani at ABG Sundal Collier, [email protected], +46 8 566 286 92 Per Bernhult at Stockpicker, [email protected], +46 8 662 06 69
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 first dividend was distributed in May 2011 for the financial year 2010 and an increasing ordinary dividend has been distributed every year since then. Since 2019, the dividend has been distributed in two equal instalments. The dividend is approved at the Annual General Meeting. Since the first dividend was provided, SinterCast has distributed SEK 243 million to its shareholders, representing 104% of its operating result.
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, chapter 9 interim report, and RFR 2. The accounting policies that have been applied for the group and the Parent Company agree with the accounting policies used in the preparation of the company's latest Annual Report.
The group has Financial assets consisting of derivative instruments (included in other debtors or other creditors) and commercial papers and fixed income instruments. The fair value of derivative instruments, not traded on an active market, is based on observable market currency rates. Cash flows are discounted using market interest rates. Commercial papers and fixed income instruments are traded on an active market and the fair value is determined by available market prices. These effects are recognised in the profit & loss statement.
The total amount shown in tables and statements may not always sum to the same value due to rounding differences. The primary objective is for each line item to correspond to the source. This may sometimes result in rounding or truncation differences in the total.
Alternative Performance Measures are defined and included in this report in the Key Ratio and Share Data tables. More information of Accounting Policies is included in the Annual Report 2021, pages 41-49.
No material transactions have taken place between SinterCast and the Board or the Management during the period. The following press releases were issued during the period:
5 July 2022 – Teksid orders SinterCast Ladle Tracker technology 12 July 2022 – Record series production in second quarter
There have been no significant events since the balance sheet date of 30 September 2022 that could materially change these financial statements. The following press releases were issued after the balance sheet date:
19 September 2022 – SinterCast continues record series production 24 October 2022 – Increased production opportunities at Scania and FAW 26 October 2022 – Dongfeng to install SinterCast technology at new greenfield foundry in China 2 November 2022 – Dongya foundry adopts SinterCast technology for industrial power production
The Annual General Meeting (AGM) of the shareholders decided on an ordinary dividend of SEK 4.50 per share and an extraordinary dividend of SEK 0.50 per share (totally SEK 35,450,665) for the financial year 2021. The dividend is divided into two equal payments of SEK 2.50 per share with the record date 19 May 2022 for the first payment and the record date 7 November 2022 for the second payment
While the market continues to benefit from pent-up demand and improving semiconductor supply, the outlook is simultaneously burdened by increasing energy prices, inflation, recession concerns, and geopolitical conflict. Higher interest rates have started to impact vehicle sales, offsetting the pent-up demand. With lower than expected volume in September, the ambition of reaching the monthly four million Engine Equivalent milestone before year-end has become more difficult, and it is now likely that this milestone will fall into 2023. SinterCast maintains the target of reaching the monthly five million Engine Equivalent milestone in 2024. Following reduced investment commitments during the Covid years, and installation revenue of just SEK 1.3 million thus far during 2022, full-year installation revenue is expected to be well below the historical average of SEK 8 million. Installation revenue is expected to return to historical levels in both 2023 and 2024.
Overall, the market outlook is positive. Semiconductor supply has started to improve and this recovery is expected to span well into 2023, fuelling recovery momentum for the automotive and foundry industries. While the onset of war in Ukraine disrupted the supply of some subcomponents, particularly for European OEMs, this challenge has been largely overcome and has not had any significant impact on the SinterCast production. At the half-year point, we have posted quarterly production records in both the first and second quarters, providing a strong foundation for further growth in the second half of the year and beyond. We maintain our targets of reaching the monthly four million Engine Equivalent milestone this year, and reaching the monthly five million Engine Equivalent milestone in 2024, continuing our track record of delivering double-digit compounded annual growth rates.
The Annual General Meeting 2023 of SinterCast AB (publ) will be held on Tuesday 16 May 2023.
Shareholders wishing to have a matter considered at the Annual General Meeting should provide written submissions to [email protected] or to the company: SinterCast AB (publ), Kungsgatan 2, 641 30 Katrineholm, Sweden, at least seven weeks prior to the Annual General Meeting for the proposal to be included in the notice of the meeting. Further details on how and when to register will be published in advance of the Annual General Meeting.
The Nomination Committee, elected by the Annual General Meeting 2022, consists of Victoria Skoglund, Chairman, Andrea Fessler, Jan Åke Jonsson, Chairman of the Board of Directors, Aage Figenschou and Carina Andersson. Shareholders wishing to provide input or proposals should provide written submissions to the Nomination Committee (e-mail: [email protected]) at least seven weeks prior to the Annual General Meeting for the proposal to be included in the notice of the meeting.
Interim Reports Publication Date October–December 2022 and Full Year Results 2022 8 February 2023 January–March 2023 26 April 2023 April–June 2023 16 August 2023 July–September 2023 8 November 2023
This report has been reviewed by the company's Auditors.
Stockholm 4 November 2022
For further information please contact:
| Office: | +46 150 794 40 |
|---|---|
| Mobile: | +44 771 002 6342 |
| e-mail: | [email protected] |
| website: | www.sintercast.com |
| Corp. Id. | 556233-6494 |
This press release contains information SinterCast AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the President & CEO Dr. Steve Dawson, at 08:00 CET on 4 November 2022.
To the Board of Directors of SinterCast AB (publ.)
Corp. id. 556233-6494
We have reviewed the condensed interim financial information (interim report) of SinterCast AB (publ.) as of 30 September 2022 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the 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 International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information 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 International Standards on Auditing and other generally accepted auditing practices and consequently does 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, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm
KPMG AB
Jonas Eriksson
Authorized Public Accountant
| July−September | January−September | January−December | ||||
|---|---|---|---|---|---|---|
| Amounts in SEK million | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 |
| Revenue | 29.8 | 25.3 | 85.8 | 77.8 | 107.4 | 95.4 |
| Cost of goods sold | -6.6 | -6.3 | -21.6 | -22.0 | -31.3 | -27.1 |
| Gross result | 23.2 | 19.0 | 64.2 | 55.8 | 76.1 | 68.3 |
| Cost of sales and marketing | -7.8 | -6.0 | -22.3 | -19.3 | -26.6 | -25.0 |
| Cost of administration | -2.2 | -2.8 | -6.9 | -7.0 | -9.6 | -8.5 |
| Cost of research & development | -2.5 | -3.3 | -8.0 | -8.7 | -11.8 | -11.6 |
| Other operating income | 2.3 | 1.0 | 4.6 | 2.9 | 3.3 | 0.0 |
| Other operating costs | 0.0 | 0.0 | -5.4 | 0.0 | 0.0 | -1.6 |
| Operating result | 12.9 | 8.0 | 26.1 | 23.7 | 31.5 | 21.7 |
| Financial income | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 1.1 |
| Financial costs | -1.9 | -0.5 | -3.8 | -2.0 | -2.5 | -0.5 |
| Financial net | -1.9 | -0.5 | -3.7 | -1.9 | -2.4 | 0.6 |
| Result before income tax | 11.0 | 7.4 | 22.3 | 21.8 | 29.0 | 22.3 |
| Income tax | 0.0 | 0.0 | 3.0 | 3.9 | 3.9 | -0.1 |
| Result for the period | 11.0 | 7.4 | 25.3 | 25.7 | 32.9 | 22.2 |
| Result attributable to: | ||||||
| Equity holder of the parent company | 11.0 | 7.4 | 25.3 | 25.7 | 32.9 | 22.2 |
| Non-controlling interests | - | - | - | - | - | - |
| Earnings per share, SEK | 1.6 | 1.0 | 3.6 | 3.6 | 4.6 | 3.1 |
| Earnings per share, diluted, SEK | 1.6 | 1.0 | 3.6 | 3.6 | 4.6 | 3.1 |
| Number of shares at the close of the period, thousands | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 |
| Average number of shares, thousands | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 |
| Average number of shares, diluted | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 |
| July−September | January−September | January−December | |||||
|---|---|---|---|---|---|---|---|
| Amounts in SEK million | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 | |
| Result for the period | 11.0 | 7.4 | 25.3 | 25.7 | 32.9 | 22.2 | |
| Other comprehensive income | |||||||
| Items may be reclassified to the income statement | |||||||
| Translation differences, foreign subsidiaries | 0.1 | 0.1 | 0.2 | 0.3 | 0.2 | -0.4 | |
| Other comprehensive income, net of tax | 0.1 | 0.1 | 0.2 | 0.3 | 0.2 | -0.4 | |
| Total comprehensive income for the period | 11.1 | 7.5 | 25.5 | 26.0 | 33.2 | 21.9 | |
| Total comprehensive income attributable to: | |||||||
| Shareholder of the parent company | 11.1 | 7.5 | 25.5 | 26.0 | 33.2 | 21.9 | |
| Non-controlling interests | - | - | - | - | - | - |
| 30 Sep | 30 Sep | 30 Jun | 30 Jun | 31 Dec | 31 Dec | |
|---|---|---|---|---|---|---|
| Amounts in SEK million | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 |
| ASSETS | ||||||
| Intangible assets | 5.6 | 6.5 | 5.6 | 6.9 | 5.9 | 6.2 |
| Tangible assets* | 6.1 | 6.2 | 6.2 | 6.4 | 6.4 | 6.7 |
| Other long term receivables | 0.6 | 4.3 | 0.6 | 5.8 | 4.5 | 5.8 |
| Deferred tax asset | 51.1 | 48.1 | 51.1 | 48.1 | 48.1 | 44.1 |
| Total fixed assets | 63.4 | 65.1 | 63.5 | 67.2 | 64.9 | 62.8 |
| Inventory | 15.3 | 10.9 | 14.2 | 10.0 | 10.4 | 9.4 |
| Short-term receivables | 41.5 | 25.4 | 42.1 | 33.6 | 28.7 | 29.1 |
| Short term deposits and cash at bank and in hand | 20.0 | 37.4 | 10.0 | 24.7 | 27.5 | 26.3 |
| Total current assets | 76.7 | 73.6 | 66.2 | 68.2 | 66.6 | 64.9 |
| Total assets | 140.1 | 138.7 | 129.8 | 135.4 | 131.5 | 127.7 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity | 121.6 | 120.6 | 110.5 | 113.3 | 113.8 | 108.8 |
| Long term liabilities* | 1.8 | 2.5 | 1.8 | 2.7 | 2.4 | 3.2 |
| Current liabilities* | 16.8 | 15.6 | 17.5 | 19.3 | 15.3 | 15.7 |
| Total liabilities | 18.6 | 18.1 | 19.3 | 22.0 | 17.7 | 18.9 |
| Total shareholders' equity and liabilities | 140.1 | 138.7 | 129.8 | 135.4 | 131.5 | 127.7 |
* Includes right of use assets (SEK 3.0 million) , long term lease liability (SEK 1.8 million) and short term lease liabilities (SEK 1.4 million)
| Share | Paid in | Exchange | Cumulative | ||
|---|---|---|---|---|---|
| Amounts in SEK million | Capital | Capital | Differences | Results | Total Equity |
| Opening balance 1 January 2021 | 7.1 | 44.9 | 1.2 | 55.6 | 108.8 |
| Total comprehensive income | |||||
| Result for the period | - | - | - | 25.7 | 25.7 |
| Other comprehensive income | - | - | 0.3 | - | 0.3 |
| Total comprehensive income | - | - | 0.3 | 25.7 | 26.0 |
| Dividend | - | - | - | -14.2 | -14.2 |
| Closing balance 30 September 2021 | 7.1 | 44.9 | 1.5 | 67.1 | 120.6 |
| Opening balance 1 January 2022 | 7.1 | 44.9 | 1.5 | 60.4 | 113.8 |
| Total comprehensive income | |||||
| Result for the period | - | - | - | 25.3 | 25.3 |
| Other comprehensive income | - | - | 0.2 | 0.0 | 0.2 |
| Total comprehensive income | - | - | 0.2 | 25.3 | 25.5 |
| Dividend | - | - | - | -17.7 | -17.7 |
| Closing balance 30 September 2022 | 7.1 | 44.9 | 1.7 | 68.0 | 121.6 |
| July−September | January−September | January−December | ||||
|---|---|---|---|---|---|---|
| Amounts in SEK million | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 |
| Operating activities | ||||||
| Operating result | 12.9 | 8.0 | 26.1 | 23.7 | 31.5 | 21.7 |
| Adjustments for items not included in the cash flow | ||||||
| Depreciation | 1.1 | 1.0 | 3.2 | 2.9 | 3.8 | 3.7 |
| Other | -0.6 | 0.0 | 0.0 | 0.0 | -0.5 | 0.0 |
| Unrealised exchange rate differences | -0.5 | -0.7 | -2.4 | -1.3 | -1.9 | 0.5 |
| Paid interest | -0.1 | -0.1 | -0.3 | -0.3 | -0.5 | -0.4 |
| Paid income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 |
| Total cashflow from operating activities | 12.8 | 8.2 | 26.6 | 25.0 | 32.5 | 25.4 |
| before change in working capital | ||||||
| Change in working capital | ||||||
| Inventory | -1.1 | 0.5 | -4.9 | 0.0 | -1.0 | -1.1 |
| Operating receivables | -0.2 | 8.2 | -9.9 | 3.7 | 1.8 | -3.9 |
| Operating liabilities | -0.7 | -3.7 | 1.5 | -0.1 | 0.1 | 1.7 |
| Total change in working capital | -2.1 | 5.0 | -13.3 | 3.7 | 0.9 | -3.3 |
| Cashflow from operations | 10.7 | 13.2 | 13.3 | 28.7 | 33.4 | 22.1 |
| Investing activities | ||||||
| Acquisition of intangible assets | -0.4 | -0.2 | -1.0 | -1.9 | -2.4 | -1.2 |
| Acquisition of tangible assets | 0.0 | -0.2 | -1.0 | -0.8 | -0.8 | -1.6 |
| Cashflow from investing activities | -0.4 | -0.4 | -2.0 | -2.7 | -3.2 | -2.8 |
| Financing activities | ||||||
| Payment lease liability | -0.3 | -0.2 | -1.2 | -0.7 | -0.7 | -1.1 |
| Dividend | 0.0 | 0.0 | -17.7 | -14.2 | -28.4 | -24.8 |
| Cashflow from financing activities | -0.3 | -0.2 | -18.9 | -14.9 | -29.1 | -25.9 |
| Exchange rate differences in cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 |
| Cashflow for the period | 10.0 | 12.6 | -7.6 | 11.1 | 1.2 | -6.6 |
| Cash - opening balance | 10.0 | 24.7 | 27.5 | 26.3 | 26.3 | 32.9 |
| Cash - closing balance* | 20.0 | 37.4 | 20.0 | 37.4 | 27.5 | 26.3 |
* The cash and cash equivalents comprise short-term deposits and cash at bank and in hand
| July−September | January−September | January−December | ||||
|---|---|---|---|---|---|---|
| Amounts in SEK million | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 |
| Key Ratio | ||||||
| Revenue* | 29.8 | 25.3 | 85.8 | 77.8 | 107.4 | 95.4 |
| Operating result | 12.9 | 8.0 | 26.1 | 23.7 | 31.5 | 21.7 |
| Operating margin % | 43.4 | 31.4 | 30.4 | 30.4 | 29.3 | 22.7 |
| Result for the period* | 11.0 | 7.4 | 25.3 | 25.7 | 32.9 | 22.2 |
| Solidity, % | 86.8 | 87.0 | 86.8 | 87.0 | 86.6 | 85.2 |
| Shareholders' equity | 121.6 | 120.6 | 121.6 | 120.6 | 113.8 | 108.8 |
| Capital employed | 123.4 | 123.1 | 123.4 | 123.1 | 116.2 | 112.0 |
| Total assets | 140.1 | 138.7 | 140.1 | 138.7 | 131.5 | 127.7 |
| Return on shareholders' equity, % | 9.3 | 6.4 | 21.5 | 22.4 | 29.6 | 20.2 |
| Return on capital employed, % | 9.2 | 6.2 | 21.1 | 21.9 | 28.9 | 19.7 |
| Return on total assets, % | 8.1 | 5.5 | 18.6 | 19.3 | 25.4 | 17.4 |
| Employees | ||||||
| Number of employees at the end of the period | 31 | 30 | 31 | 30 | 30 | 28 |
| Data per Share | ||||||
| Earnings per share, SEK* | 1.55 | 1.05 | 3.57 | 3.62 | 4.65 | 3.13 |
| Dividends per share, SEK | - | - | 2.50 | 2.00 | 4.01 | 3.50 |
| Cashflow from operations per share, SEK | 1.51 | 1.87 | 1.88 | 4.04 | 4.71 | 3.12 |
| Share price at the end of the period, SEK | 111.8 | 146.6 | 111.8 | 146.6 | 140.8 | 124.2 |
* According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).
Definition of key ratios can be found in the Annual Report.
| Operating margin % | Weighted average of the number of shares outstanding for the |
|---|---|
| Operating results as percentage of revenue | period |
| Solidity % | Average number of shares adjusted for dilution |
| Adjusted shareholders' equity expressed as percentage of total | Weighted average of the number of shares for the period adjusted |
| assets end of period | for dilution |
| Equity per share | Earnings per share |
| Shareholders' equity divided by the average number of shares | Result for the period divided by the average number of shares |
| Capital employed | Earnings per share, diluted |
| Total assets less non-interest bearing liabilities | Result for the period divided by the average number of shares |
| Return on shareholders' equity % | adjusted for dilution |
| Result for the period as a percentage of average shareholders' | Dividend per share |
| equity. Quarterly values are not annualised | Dividend divided by the number of shares |
| Return on capital employed % | Cashflow from operations per share |
| Result for the period as a percentage of average capital employed | Cashflow from operations divided by the number of shares |
| Quarterly values are not annualised | Share price at the end of the period |
| Return on total assets % | Latest paid price for the SinterCast share at NASDAQ Stockholm |
| Result for the period as a percentage of total average assets. | Value presented as "0.0" |
| Quarterly values are not annualised | Amount below SEK 50,000 |
| Average number of shares | Value presented as "-" |
| No amount applicable |
| July−September | January−September | January−December | ||||
|---|---|---|---|---|---|---|
| Amounts in SEK million | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 |
| Revenue | 29.8 | 25.0 | 85.4 | 77.0 | 106.7 | 94.6 |
| Cost of goods sold | -6.2 | -7.0 | -21.5 | -22.7 | -32.5 | -27.5 |
| Gross result | 23.6 | 18.0 | 63.9 | 54.3 | 74.2 | 67.1 |
| Cost of sales and marketing | -7.3 | -6.1 | -22.2 | -19.6 | -26.6 | -25.0 |
| Cost of administration | -2.2 | -2.7 | -6.9 | -7.0 | -9.6 | -8.6 |
| Cost of research & development | -2.5 | -3.3 | -8.0 | -8.7 | -11.8 | -11.6 |
| Other operating income | 0.0 | 1.2 | 1.0 | 2.9 | 2.6 | 0.0 |
| Other operating costs | 0.0 | 0.0 | -5.4 | 0.0 | 0.0 | -0.8 |
| Operating result | 11.6 | 7.1 | 22.4 | 21.9 | 28.8 | 21.1 |
| Financial income | 0.0 | -1.0 | 0.0 | 0.1 | 0.1 | 1.1 |
| Financial costs | -1.8 | 0.5 | -3.5 | -1.8 | -2.3 | -0.1 |
| Financial net | -1.8 | -0.5 | -3.4 | -1.7 | -2.2 | 1.0 |
| Result before income tax | 9.8 | 6.6 | 19.0 | 20.2 | 26.6 | 22.1 |
| Income tax | 0.0 | 0.0 | 3.0 | 4.0 | 4.0 | -0.1 |
| Result for the period | 9.8 | 6.6 | 22.0 | 24.2 | 30.6 | 22.0 |
| Result attributable to: | ||||||
| Equity holder of the parent company | 9.8 | 6.6 | 22.0 | 24.2 | 30.6 | 22.0 |
| Non-controlling interests | - | - | - | - | - | - |
| Earnings per share, SEK | 1.4 | 0.9 | 3.1 | 3.4 | 4.3 | 3.1 |
| Earnings per share, diluted, SEK | 1.4 | 0.9 | 3.1 | 3.4 | 4.3 | 3.1 |
| Number of shares at the close of the period, thousands | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 |
| Average number of shares, thousands | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 |
| Average number of shares, diluted | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 | 7090.1 |
| July−September | January−September | January−December | ||||
|---|---|---|---|---|---|---|
| Amounts in SEK million | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 |
| Result for the period | 9.8 | 6.6 | 22.0 | 24.2 | 30.6 | 22.0 |
| Total comprehensive income for the period | 9.8 | 6.6 | 22.0 | 24.2 | 30.6 | 22.0 |
| 30 Sep | 30 Sep | 30 Jun | 30 Jun | 31 Dec | 31 Dec | |
|---|---|---|---|---|---|---|
| Amounts in SEK million | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 |
| ASSETS | ||||||
| Intangible assets | 5.6 | 6.5 | 5.6 | 6.9 | 5.9 | 6.2 |
| Tangible assets | 3.1 | 3.1 | 3.4 | 3.0 | 2.8 | 2.8 |
| Other long term receivables | 2.3 | 6.0 | 2.3 | 7.4 | 6.1 | 7.4 |
| Deferred tax asset | 51.1 | 48.1 | 51.1 | 48.1 | 48.1 | 44.1 |
| Total fixed assets | 62.1 | 63.6 | 62.3 | 65.4 | 62.9 | 60.4 |
| Inventory | 15.0 | 10.7 | 14.0 | 9.8 | 10.3 | 9.3 |
| Short-term receivables | 42.6 | 29.6 | 43.0 | 35.8 | 29.0 | 30.7 |
| Short term deposits and cash at bank and in hand | 16.6 | 33.4 | 7.1 | 21.9 | 23.8 | 22.7 |
| Total current assets | 74.2 | 73.7 | 64.1 | 67.4 | 63.0 | 62.7 |
| Total assets | 136.3 | 137.3 | 126.4 | 132.8 | 126.0 | 123.2 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity | 107.1 | 110.7 | 97.3 | 104.1 | 102.9 | 100.7 |
| Current liabilities | 29.2 | 26.6 | 29.1 | 28.7 | 23.1 | 22.5 |
| Total liabilities | 29.2 | 26.6 | 29.1 | 28.7 | 23.1 | 22.5 |
| Total shareholders' equity and liabilities | 136.3 | 137.3 | 126.4 | 132.8 | 126.0 | 123.2 |
| Restricted Equity | Unrestricted Equity | ||||||
|---|---|---|---|---|---|---|---|
| Reserve | Share | Results | Results | ||||
| Share | Statutory | Developm. | Premium | brought | for the | Total | |
| Amounts in SEK million | Capital | Reserve | Costs | Reserve | Forward | Year | Equity |
| Opening balance 1 January 2021 | 7.1 | 9.5 | 5.0 | 35.3 | 21.7 | 22.0 | 100.7 |
| Appropriation of last year's result | - | - | - | - | 22.0 | -22.0 | 0.0 |
| Capitalised development costs | - | - | 1.7 | - | -1.7 | - | 0.0 |
| Depreciation, development costs | - | - | -1.3 | - | 1.3 | - | 0.0 |
| Total comprehensive income | - | - | - | - | - | 24.2 | 24.2 |
| Dividend | - | - | - | - | -14.2 | - | -14.2 |
| Closing balance 30 September 2021 | 7.1 | 9.5 | 5.4 | 35.3 | 29.1 | 24.2 | 110.7 |
| Opening balance 1 January 2022 | 7.1 | 9.5 | 5.0 | 35.3 | 15.3 | 30.6 | 102.9 |
| Appropriation of last year's result | - | - | - | - | 30.6 | -30.6 | 0.0 |
| Capitalised development costs | - | - | 1.1 | - | -1.1 | - | 0.0 |
| Depreciation, development costs | - | - | -1.3 | - | 1.3 | - | 0.0 |
| Total comprehensive income | - | - | - | - | - | 22.0 | 22.0 |
| Dividend | - | - | - | - | -17.7 | - | -17.7 |
| Closing balance 30 September 2022 | 7.1 | 9.5 | 4.8 | 35.3 | 28.4 | 22.0 | 107.1 |
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