Quarterly Report • Nov 23, 2016
Quarterly Report
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Annualised series production amounted to 2.0 million Engine Equivalents in the third quarter, reflecting a seasonal reduction due to the annual summer shutdown period at many foundries and OEMs.
* Annualised average production of Engine Equivalents during the quarter (1 Engine Equivalent = 50 kg)
Series production remained stable in the third quarter, recording the seventh consecutive quarter with volume at or above the two million Engine Equivalent threshold. The volume in the third quarter was 5-10% lower than the first two quarters of the year, due to the annual summer shutdown at many foundries and OEMs during July and August. Despite the reduction in the third quarter, the year-to-date volume in 2016 represents the highest all-time production for the January to September period. Sampling Cup shipments remain at a high level, with third quarter shipments 38% above the same period last year and year-to-date shipments up 19% compared to 2015.
The overall outlook for series production remains positive, with the pick-up sector in the United States continuing to perform well as demand remains strong for full size vehicles. The 2017 Ford Super Duty pickup, with a take-rate of more than 80% for the SinterCast-CGI V8 diesel engine, won the Truck of Texas award at the Texas State Fair in September. The Truck of Texas title is regarded as one of the most prestigious awards in the industry, with more than 20% of all pick-ups in the United States being sold in Texas. Following the Ram EcoDiesel in 2013; the Ford F-150 V6 petrol engine in 2014; and the Nissan Titan XD 5.0L V8 diesel in 2015, the 2016 victory for the Ford Super Duty marks the fourth consecutive year that a truck with a SinterCast-CGI engine has won the coveted award. The outlook for commercial vehicle production also remains positive with continued ramp-up of heavy duty engine programmes for European OEMs and with successful product development and pre-production at the ASIMCO foundry in China for domestic medium duty and heavy duty engine programmes.
Following the delivery of the System 3000 Plus to the Teksid foundry in Brazil, installation revenue increased significantly during the third quarter. The installation planning is currently underway and the foundry is preparing the infrastructure for the equipment. The installation is expected to be commissioned during the first quarter of 2017. Installation discussions are also underway with several other customers, including the expansion of current installations to increase capacity; functionality upgrades to accommodate customer requests for additional process control features; and, new installations. The recent installation activity has been augmented by the introduction of the Ladle TrackerTM technology, which has been well-received in the industry. At present, Ladle TrackerTM installation discussions are ongoing with current SinterCast customers, with ductile iron foundries and with metallurgical plants beyond the cast iron foundry industry. These initial discussions have identified new opportunities to expand the tracking capabilities that SinterCast can bring to the industry. In addition to these new development opportunities, SinterCast is also investigating the development of other unique technologies – within and beyond the scope of thermal analysis – to improve quality and production efficiency in the cast iron foundry industry.
The revenue for the SinterCast Group relates primarily to income from equipment, series production and engineering service.
| Revenue Breakdown | July-September | January-September | ||
|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2016 | 2015 | 2016 | 2015 |
| Number of Sampling Cups shipped | 50,900 | 36,900 | 133,800 | 112,000 |
| Equipment 1 | 5.9 | 5.0 | 6.7 | 7.3 |
| Series Production 2 | 17.4 | 15.3 | 50.1 | 47.0 |
| Engineering Service 3 | 0.5 | 0.3 | 1.4 | 0.8 |
| Other | 0.0 | 0.0 | 0.0 | 0.1 |
| Total | 23.8 | 20.6 | 58.2 | 55.2 |
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 July-September 2016 revenue amounted to SEK 23.8 million (SEK 20.6 million). Revenue from series production increased by 14% to SEK 17.4 million (SEK 15.3 million), due to the increased shipment of 50,900 (36,900) Sampling Cups. The annualised production amounted to approximately 2.0 million (2.0 million) Engine Equivalents. Equipment revenue amounted to SEK 5.9 million (SEK 5.0 million) following the delivery of the System 3000 Plus installation to Teksid do Brazil. Engineering Service amounted to SEK 0.5 million (SEK 0.3 million) following support provided to various customers globally and the sale of test pieces.
The January-September 2016 revenue amounted to SEK 58.2 million (SEK 55.2 million). Revenue from series production increased by 7% to SEK 50.1 million (SEK 47.0 million), due to the increased shipment of 133,800 (112,000) Sampling Cups and a 1% increase of the series production. Equipment revenue decreased to SEK 6.7 million (SEK 7.3 million), despite the Teksid installation, as a result of the very strong installation activity in 2015. Engineering Service amounted to SEK 1.4 million (SEK 0.8 million) following support provided to various customers globally and the sale of test pieces.
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) | 2016 | 2015 | 2016 | 2015 | |
| Operating Result | 11.2 | 7.1 | 21.6 | 15.9 | |
| Result for the period after tax | 11.0 | 6.9 | 21.7 | 16.2 | |
| Earnings per Share (SEK) | 1.6 | 1.0 | 3.1 | 2.3 |
The July-September 2016 operating result of SEK 11.2 million (SEK 7.1 million) increased by SEK 4.1 million as a result of higher gross results of SEK 3.3 million primarily derived from higher revenue, combined with decreased operating costs of SEK 1.1 million and decreased other operating income (net exchange gains) of SEK 0.3 million.
The result for the period after tax amounted to SEK 11.0 million (SEK 6.9 million). The increase of SEK 4.1 million is primarily related to the increased operating result of SEK 4.1 million, the decreased financial net of SEK 0.1 million (primarily unrealised revaluation losses derived from outstanding hedge contracts) and decreased tax expenses of SEK 0.1 million.
The January-September 2016 Operating Result of SEK 21.6 million (SEK 15.9 million), increased by SEK 5.7 million as a result of higher gross results of SEK 3.4 million primarily derived from higher revenue, combined with decreased operating costs of SEK 1.1 million and increased other operating income (exchange gains) of SEK 0.6 million and decreased other operating costs (exchange losses) of SEK 0.6 million.
The Result for the period after tax amounted to SEK 21.7 million (SEK 16.2 million), increased by SEK 5.5 million, primarily related to the increased operating result of SEK 5.7 million, a SEK 0.3 million decrease in the financial net (primarily unrealised revaluation losses derived from outstanding hedge contracts) and increased tax income of SEK 0.1 million.
Tax for the January-September 2016 period amounted to SEK 1.0 million (SEK 0.9 million). The estimated future taxable profit and deferred tax asset calculation is reassessed every quarter. As of 30 September 2016, SEK 142.3 million (SEK 137.8 million) of SinterCast's total carried-forward tax losses have been used as the basis of the updated calculation, resulting in SEK 31.3 million (SEK 30.3 million) being capitalised as a deferred tax asset.
| Cashflow Summary 2016 Year-to-Date January-September |
Cashflow Changes | ||||
|---|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2016 | 2015 | 2016 vs. 2015 | ||
| Cashflow from operations, before change in working capital | 21.5 | 16.7 | 4.8 | ||
| Change in working capital | -7.1 | -0.9 | -6.2 | ||
| Cashflow from operations | 14.4 | 15.8 | -1.4 | ||
| Cashflow from investing activities | -1.7 | -1.4 | -0.3 | ||
| Cashflow from financing activities | -24.8 | -15.6 | -9.2 | ||
| Cashflow total | -12.1 | -1.2 | -10.9 | ||
| Liquidity | 35.9 | 43.7 |
The January-September 2016 cashflow from operations decreased by SEK 1.4 million compared to the same period in 2015. This was primarily due to the net effect of an increase of SEK 4.8 million in cashflow from operations before changes in working capital, plus changes in working capital (SEK -6.2 million), derived from changed cashflow from inventory (SEK -0.1 million), receivables (SEK -4.1 million) and operating liabilities (SEK -2.0 million).
The total cashflow decreased by SEK 10.9 million following the dividend of SEK 24.8 million (SEK 15.6 million). Total investments amounted to SEK 1.7 million, primarily related to the activation of products under development (SEK 0.8 million), patent investments (SEK 0.3 million), production equipment (SEK 0.4 million) and facilities upgrades (SEK 0.2 million). The total cashflow amounted to SEK -12.1 million (SEK -1.2 million).
Liquidity on 30 September 2016 was SEK 35.9 million (SEK 43.7 million). SinterCast has no loans.
Uncertainty factors for SinterCast include the timing of OEM decisions for new CGI engines and other components, the global economy for new vehicle sales, and the individual sales success of vehicles equipped with SinterCast-CGI components.
The economies have developed differently in Europe, Asia and the Americas over the last several years. The European passenger vehicle, commercial vehicle, and construction equipment markets have recovered, but uncertainty remains in the market. In Asia, the dominant Chinese market is characterised by overcapacity in the commercial vehicle and construction equipment sectors, which represent the primary opportunity for CGI. This overcapacity, coupled with the current economic uncertainty in China, influences product development cycles and production volumes. In contrast, consumer confidence has increased in North America and SinterCast has benefitted from increased vehicle sales. SinterCast's geographical diversification helps to mitigate changing macroeconomic conditions in the different regions.
For full risk and uncertainty factor information, see Note 26 on pages 46 and 47 in SinterCast's Annual Report 2015
With successful high volume CGI production in 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 and Korea. As of 30 September 2016, the number of employees in the Group increased to 21 (19), as a result of increases in R&D activities. Four (four) of the employees are female. 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 2016, the Parent Company had 16 (14) employees. 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 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 the Parent Company are in agreement with the accounting policies used in the preparation of the company's latest Annual Report. The implementation date of IFRS 15 has been changed from 1 January 2017 to 1 January 2018.
The European Securities and Markets Authority (ESMA) has issued new guidelines regarding the disclosure of financial measures not defined or specified according to IFRS. These financial measures should be referred to as Alternative Performance Measures (APMs). In the table Key Ratio and Share Data, including its definitions, used APMs are defined as of the 3Q 2016 Interim 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 30 September 2016 that could materially change these financial statements.
The Nomination Committee, elected by the Annual General Meeting 2016, consists of Karl-Arne Henriksson, Chairman, Hans-Erik Andersson, Chairman of the Board of Directors, Ulla-Britt Fräjdin-Hellqvist and Andrea Fessler. 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.
The Annual General Meeting 2017 of SinterCast AB (publ) will be held on Thursday 18 May 2017.
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 Interim Report October-December and Full Year Results 2016 will be published on 22 February 2017 The Interim Report January-March 2017 will be published on 26 April 2017 The Interim Report April-June 2017 will be published on 23 August 2017 The Interim Report July-September 2017 will be published on 22 November 2017
This report has been reviewed by the company's Auditors.
Stockholm 23 November 2016
For further information please contact:
Dr. Steve Dawson President & CEO SinterCast AB (publ) Office: +46 0 150 794 40 Mobile: +44 771 002 6342 e-mail: [email protected] website: www.sintercast.com
We have reviewed the condensed interim financial information (interim report) of SinterCast AB (publ) as of 30 September 2016 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We have conducted my review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, 23 November 2016
Öhrlings PricewaterhouseCoopers AB
Tobias Stråhle Authorized Public Accountant
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 size, weight, noise and emissions. The SinterCast technology, with 44 installations in 13 countries, is primarily used for the production of petrol and diesel engine cylinder blocks and exhaust components for passenger vehicles, medium-duty and heavy-duty cylinder blocks and heads for commercial vehicles, and industrial power engine components for marine, rail, off-road and stationary engine applications. SinterCast's series production components range from 2 kg to 9 tonnes, all using the same proven process control technology. The SinterCast share is quoted on the Small Cap segment of the Stockholm NASDAQ OMX stock exchange (Stockholmsbörsen: SINT). For more information: www.sintercast.com
| July-September | January-September | January-December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| Revenue | 23.8 | 20.6 | 58.2 | 55.2 | 72.4 | 54.5 |
| Cost of goods sold | -5.4 | -5.5 | -13.1 | -13.5 | -17.0 | -13.7 |
| Gross result | 18.4 | 15.1 | 45.1 | 41.7 | 55.4 | 40.8 |
| Gross result % | 77% | 73% | 77% | 76% | 77% | 75% |
| Cost of sales and marketing | -4.4 | -5.0 | -14.4 | -15.2 | -20.1 | -18.2 |
| Cost of administration | -1.3 | -1.5 | -4.5 | -4.7 | -6.3 | -6.5 |
| Cost of research & development | -1.5 | -1.8 | -5.2 | -5.3 | -7.6 | -6.5 |
| Other operating income | 0.0 | 0.0 | 0.6 | 0.0 | 0.0 | 0.6 |
| Other operating costs | 0.0 | 0.3 | 0.0 | -0.6 | -1.1 | 0.0 |
| Operating result | 11.2 | 7.1 | 21.6 | 15.9 | 20.3 | 10.2 |
| Financial income | 0.0 | 0.0 | 0.0 | 0.1 | 4.6 | 1.3 |
| Financial costs | -0.2 | -0.1 | -0.9 | -0.7 | -0.5 | -0.1 |
| Income Tax | 0.0 | -0.1 | 1.0 | 0.9 | 0.8 | 0.9 |
| Result for the period | 11.0 | 6.9 | 21.7 | 16.2 | 25.2 | 12.3 |
| Result attributable to: | ||||||
| Equity holder of the parent company | 11.0 | 6.9 | 21.7 | 16.2 | 25.2 | 12.3 |
| Non-controlling interests | - | - | - | - | - | - |
| Earnings per share, SEK | 1.6 | 1.0 | 3.1 | 2.3 | 3.6 | 1.7 |
| Earning per share, diluted, SEK | 1.6 | 1.0 | 3.1 | 2.3 | 3.6 | 1.7 |
| Number of shares at the close of the period, thousands | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| Average number of shares, thousands | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| Average number of shares, diluted | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| July-September | January-September | January-December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 | |
| Result for the period | 11.0 | 6.9 | 21.7 | 16.2 | 25.2 | 12.3 | |
| Other comprehensive income | |||||||
| Items may be reclassified to the income statement: | |||||||
| Translation differences, foreign subsidiaries | 0.2 | 0.8 | 0.5 | -0.3 | -0.3 | -0.1 | |
| Translation diff., settlement of debts in subsidiaries* | 0.0 | - | 0.0 | - | -4.5 | - | |
| Other comprehensive income, net of tax | 0.2 | 0.8 | 0.5 | -0.3 | -4.8 | -0.1 | |
| Total comprehensive income for the period | 11.2 | 7.7 | 22.2 | 15.9 | 20.4 | 12.2 | |
| Total comprehensive income attributable to: Shareholder of the parent company |
11.2 | 7.7 | 22.2 | 15.9 | 20.4 | 12.2 | |
| Non-controlling interests | - | - | - | - | - | - |
* During December 2015, translation differences were reclassified from other comprehensive income to financial income arising from the Parent Company settlement of its debts toward the subsidiaries in US and UK.
| July-September | January-September | January-December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| Operating activities | ||||||
| Operating result | 11.2 | 7.1 | 21.6 | 15.9 | 20.3 | 10.2 |
| Adjustments for items not included in the cash flow | ||||||
| Depreciation | 0.2 | 0.1 | 0.8 | 0.5 | 0.8 | 0.8 |
| Other | 0.1 | -0.2 | 0.0 | -0.1 | -0.2 | 0.0 |
| Unrealised exchange rate differences | -0.5 | 1.4 | -0.9 | 0.4 | 0.6 | -0.3 |
| Received interest | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.4 |
| Paid interest | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | -0.1 |
| Paid income tax | 0.0 | -0.1 | 0.0 | -0.1 | -0.2 | -0.1 |
| Total cashflow from operating activities | ||||||
| before change in working capital | 11.0 | 8.3 | 21.5 | 16.7 | 21.3 | 10.9 |
| Change in working capital | ||||||
| Inventory | 1.9 | 2.4 | 0.1 | 0.2 | -0.9 | 0.4 |
| Operating receivables | -4.3 | -1.4 | -6.0 | -1.9 | -4.6 | -3.1 |
| Operating liabilities | -1.6 | -2.8 | -1.2 | 0.8 | 4.6 | -1.5 |
| Total change in working capital | -4.0 | -1.8 | -7.1 | -0.9 | -0.9 | -4.2 |
| Cashflow from operations | 7.0 | 6.5 | 14.4 | 15.8 | 20.4 | 6.7 |
| Investing activities | ||||||
| Acquisition of intangible assets | -0.5 | -0.4 | -1.1 | -1.3 | -1.6 | -1.1 |
| Acquisition of tangible assets | -0.2 | 0.0 | -0.6 | -0.1 | -0.1 | -0.2 |
| Cashflow from investing activities | -0.7 | -0.4 | -1.7 | -1.4 | -1.7 | -1.3 |
| Financing activities | ||||||
| Dividend | 0.0 | - | -24.8 | -15.6 | -15.6 | -8.5 |
| Cashflow from financing activities | 0.0 | - | -24.8 | -15.6 | -15.6 | -8.5 |
| Exchange rate differences in cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 |
| Change in cash and cash equivalents* | 6.3 | 6.1 | -12.1 | -1.2 | 3.1 | -2.9 |
| Cash - opening balance | 29.6 | 37.6 | 48.0 | 44.9 | 44.9 | 47.8 |
| Cash - closing balance | 35.9 | 43.7 | 35.9 | 43.7 | 48.0 | 44.9 |
* The cash and cash equivalents comprises short-term deposits and cash at bank and in hand
| AMOUNTS IN SEK MILLION | 30 Sep 2016 |
30 Sep 2015 |
30 Jun 2016 |
30 Jun 2015 |
31 Dec 2015 |
31 Dec 2014 |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Intangible assets | 4.1 | 3.5 | 3.8 | 3.4 | 3.6 | 2.4 |
| Tangible assets | 1.7 | 1.3 | 1.6 | 1.4 | 1.3 | 1.6 |
| Financial assets | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Deferred tax asset | 31.3 | 30.3 | 31.3 | 30.3 | 30.3 | 29.3 |
| Total fixed assets | 37.5 | 35.5 | 37.1 | 35.5 | 35.6 | 33.7 |
| Inventory | 4.3 | 3.3 | 6.2 | 5.7 | 4.4 | 3.5 |
| Short term receivables | 24.4 | 15.3 | 20.1 | 14.2 | 18.4 | 14.7 |
| Short term deposits and cash at bank and in hand | 35.9 | 43.7 | 29.6 | 37.6 | 48.0 | 44.9 |
| Total current assets | 64.6 | 62.3 | 55.9 | 57.5 | 70.8 | 63.1 |
| Total assets | 102.1 | 97.8 | 93.0 | 93.0 | 106.4 | 96.8 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity | 90.6 | 88.6 | 79.4 | 81.0 | 93.2 | 88.4 |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 11.5 | 9.2 | 13.6 | 12.0 | 13.2 | 8.4 |
| Total shareholders' equity and liabilities | 102.1 | 97.8 | 93.0 | 93.0 | 106.4 | 96.8 |
| Adjusted equity per share, SEK | 12.8 | 12.5 | 11.2 | 11.4 | 13.1 | 12.5 |
| * STATEMENT OF CHANGES IN EQUITY | Additional Share Paid in |
Exchange Accumulated | Total | ||
|---|---|---|---|---|---|
| Attributable to the equity holder of the parent company | Capital Capital | Differences | Result | Equity | |
| Opening balance 1 January 2015 | 7.09 | 44.87 | 6.36 | 30.05 | 88.37 |
| Total comprehensive income | - | - | -0.34 | 16.20 | 15.86 |
| Dividend | - | - | - | -15.60 | -15.60 |
| Closing balance 30 September 2015 | 7.09 | 44.87 | 6.02 | 30.65 | 88.63 |
| Opening balance 1 January 2016 | 7.09 | 44.87 | 1.55 | 39.70 | 93.21 |
| Total comprehensive income | - | - | 0.48 | 21.69 | 22.17 |
| Dividend | - | - | - | -24.82 | -24.82 |
| Closing balance 30 September 2016 | 7.09 | 44.87 | 2.03 | 36.57 | 90.56 |
The group have 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 recognized over profit & loss.
The fair value of financial instruments such as accounts receivable, accounts payable, and other noninterest bearing financial assets and liabilities which are reported at the accrued acquisition value less any depreciation, is adjudged to correspond to the reported value due to their short anticipated terms.
| July-September | January-September | January-December | |||||
|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 | |
| Key Ratio | |||||||
| Revenue* | 23.8 | 20.6 | 58.2 | 55.2 | 72.4 | 54.5 | |
| Result for the period* | 11.0 | 6.9 | 21.7 | 16.2 | 25.2 | 12.3 | |
| Operating margin % | 47.1 | 34.5 | 37.1 | 28.8 | 28.0 | 18.7 | |
| Solidity, % | 88.7 | 90.6 | 88.7 | 90.6 | 87.6 | 91.3 | |
| Adjusted shareholders' equity | 90.6 | 88.6 | 90.6 | 88.6 | 93.2 | 88.4 | |
| Capital employed | 90.6 | 88.6 | 90.6 | 88.6 | 93.2 | 88.4 | |
| Total assets | 102.1 | 97.8 | 102.1 | 97.8 | 106.4 | 96.8 | |
| Return on shareholders' equity, % | 12.9 | 8.1 | 23.6 | 18.3 | 27.8 | 14.2 | |
| Return on capital employed, % | 12.9 | 8.1 | 23.6 | 18.4 | 27.8 | 14.2 | |
| Return on total assets, % | 11.3 | 7.3 | 20.8 | 16.8 | 24.8 | 12.9 | |
| Debt-to-equity ratio | - | - | - | - | - | - | |
| Employees | |||||||
| Number of employees at the end of the period | 21 | 19 | 21 | 19 | 20 | 19 | |
| Data per Share | |||||||
| Earnings per share, SEK* | 1.6 | 1.0 | 3.1 | 2.3 | 3.6 | 1.7 | |
| Dividends per share, SEK | - | - | 3.5 | 2.2 | 2.2 | 1.2 | |
| Cashflow from operations per share, SEK | 1.0 | 0.9 | 2.0 | 2.2 | 2.9 | 0.9 | |
| Share price at the end of the period, SEK | 85.5 | 88.8 | 85.5 | 88.8 | 88.3 | 76.0 |
* According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).
of total assets end of period adjusted for dilution
Adjusted equity per share Earnings per share Adjusted shareholders' equity divided by the average number of shares Result for the period divided by the average number of shares Adjusted shareholders' equity Earnings per share, diluted
Total assets less non-interest bearing liabilities Dividend per share
Result for the period as a percentage of average capital employed Latest paid price for the SinterCast share at Quarterly values are not annualised NASDAQ OMX stock exchange, Stockholmsbörsen
Result for the period as a percentage of total average assets. Amount below SEK 50,000 Quarterly values are not annualised Value presented as "-"
Interest bearing liabilities divided by adjusted shareholders' equity
Operating margin % Average number of shares Operating results as percentage of revenue Weighted average of the number of shares outstanding for the period Solidity % Average number of shares adjusted for dilution Adjusted shareholders' equity expressed as percentage Weighted average of the number of shares for the period Shareholders' equity plus 78% of untaxed reserves, if any Result for the period divided by the average number of shares Return on shareholders' equity % Dividend diveded by the number of shares Result for the period as a percentage of average adjusted Cashflow from operations per share shareholders' equity. Quarterly values are not annualised Cashflow from operations divided by the number of shares Return on capital employed % Share price at the end of the period Return on total assets % Value presented as "0.0"
| July-September | January-September | January-December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| Revenue | 23.5 | 19.3 | 57.6 | 53.9 | 70.9 | 53.8 |
| Cost of goods sold | -5.3 | -5.2 | -13.1 | -13.5 | -17.0 | -13.8 |
| Gross result | 18.2 | 14.1 | 44.5 | 40.4 | 53.9 | 40.0 |
| Gross result % | 77% | 73% | 77% | 75% | 76% | 74% |
| Cost of sales and marketing | -4.4 | -4.9 | -14.6 | -14.9 | -19.8 | -18.6 |
| Cost of administration | -1.3 | -1.5 | -4.5 | -4.7 | -6.2 | -6.7 |
| Cost of research & development | -1.6 | -1.9 | -5.1 | -5.4 | -7.6 | -6.5 |
| Other operating income | 0.1 | 0.0 | 0.9 | 0.0 | 0.0 | 0.0 |
| Other operating costs | 0.0 | 0.4 | 0.0 | -1.8 | -2.3 | -1.6 |
| Operating result | 11.0 | 6.2 | 21.2 | 13.6 | 18.0 | 6.6 |
| Financial income* | 0.0 | 0.0 | 0.0 | 0.1 | 15.4 | 1.3 |
| Financial costs** | -0.2 | 0.0 | -0.9 | -0.7 | -3.8 | 0.0 |
| Income Tax | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 0.9 |
| Result for the period | 10.8 | 6.2 | 21.3 | 14.0 | 30.6 | 8.8 |
| Result attributable to: | ||||||
| Equity holder of the parent company | 10.8 | 6.2 | 21.3 | 14.0 | 30.6 | 8.8 |
| Non-controlling interests | - | - | - | - | - | - |
| Earnings per share, SEK | 1.5 | 0.9 | 3.0 | 2.0 | 4.3 | 1.2 |
| Earning per share, diluted, SEK | 1.5 | 0.9 | 3.0 | 2.0 | 4.3 | 1.2 |
| Number of shares at the close of the period, thousands | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| Average number of shares, thousands | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
| Average number of shares adjusted for dilution | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 | 7,090.1 |
* In December 2015, the Parent Company settled its debts toward the subsidiaries in US and UK (SEK 15.3 million).
The settlement was made by offsetting receivables against repayment of equity and shareholder contribution.
** In December 2015, shares in SinterCast Ltd. were written off (SEK 3.3 million).
| July-September | January-September | January-December | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| Result for the period | 10.8 | 6.2 | 21.3 | 14.0 | 30.6 | 8.8 |
| Total comprehensive income for the period | 10.8 | 6.2 | 21.3 | 14.0 | 30.6 | 8.8 |
| Total comprehensive income attributable to: Shareholder of the parent company |
10.8 | 6.2 | 21.3 | 14.0 | 30.6 | 8.8 |
| Non-controlling interests | - | - | - | - | - | - |
| AMOUNTS IN SEK MILLION | 30 Sep 2016 |
30 Sep 2015 |
30 Jun 2016 |
30 Jun 2015 |
31 Dec 2015 |
31 Dec 2014 |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Intangible assets | 4.1 | 3.5 | 3.8 | 3.4 | 3.6 | 2.4 |
| Tangible assets | 1.7 | 1.3 | 1.5 | 1.4 | 1.3 | 1.5 |
| Financial assets | 2.0 | 4.4 | 2.0 | 4.4 | 2.0 | 4.5 |
| Deferred tax asset | 31.3 | 30.3 | 31.3 | 30.3 | 30.3 | 29.3 |
| Total fixed assets | 39.1 | 39.5 | 38.6 | 39.5 | 37.2 | 37.7 |
| Inventory | 4.2 | 3.3 | 6.1 | 4.9 | 4.3 | 3.5 |
| Short-term receivables | 26.5 | 22.7 | 21.7 | 20.5 | 17.6 | 13.8 |
| Short term deposits and cash at bank and in hand | 33.5 | 42.1 | 26.9 | 35.9 | 44.2 | 43.7 |
| Total current assets | 64.2 | 68.1 | 54.7 | 61.3 | 66.1 | 61.0 |
| Total assets | 103.3 | 107.6 | 93.3 | 100.8 | 103.3 | 98.7 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Shareholders' equity* | 85.8 | 72.8 | 75.0 | 66.6 | 89.3 | 74.3 |
| Long term liabilities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 17.5 | 34.8 | 18.3 | 34.2 | 14.0 | 24.4 |
| Total shareholders' equity and liabilities | 103.3 | 107.6 | 93.3 | 100.8 | 103.3 | 98.7 |
| Adjusted equity per share, SEK | 12.1 | 10.3 | 10.6 | 9.4 | 12.6 | 10.5 |
| * CHANGES IN EQUITY to the equity holder of the parent company |
Share Capital |
Statutory Reserve |
Other Reserve |
Share Premium Brought Reserve |
Results Forward |
Results for the Year |
Total Equity |
|---|---|---|---|---|---|---|---|
| Opening balance 1 January 2015 | 7.09 | 9.53 | - | 35.34 | 13.55 | 8.81 | 74.32 |
| Appropriation of last year´s result | - | - | - | - | 8.81 | -8.81 | - |
| Total comprehensive income | - | - | - | - | - | 14.05 | 14.05 |
| Dividend | - | - | - | - | -15.60 | - | -15.60 |
| Closing balance 30 September 2015 | 7.09 | 9.53 | - | 35.34 | 6.76 | 14.05 | 72.77 |
| Opening balance 1 January 2016 | 7.09 | 9.53 | - | 35.34 | 6.76 | 30.58 | 89.30 |
| Appropriation of last year´s result | - | - | - | - | 30.58 | -30.58 | - |
| Change other reserve | - | - | 0.68 | - | -0.68 | - - |
- |
| Total comprehensive income | - | - | - | - | - | 21.34 | 21.34 |
| Dividend | - | - | - | - | -24.82 | - | -24.82 |
| Closing balance 30 September 2016 | 7.09 | 9.53 | 0.68 | 35.34 | 11.84 | 21.34 | 85.82 |
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