FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2023
===== SIDA 1 =====
SinterCast Results:
First Quarter 2023
After slow start, March delivers third highest month on record
First Quarter 2023
• Revenue for Period: SEK 26.4 million (SEK 28.1 million)
• Operating Result: SEK 6.5 million (SEK 8.0 million)
• Earnings per Share: SEK 0.89 per share (SEK 1.12 per share)
• Cashflow from Operations: SEK 8.8 million (SEK -1.4 million)
• Highest first quarter on record; 3.3 million Engine Equivalents
• Five consecutive quarters of record production
• Increase in new product development and long-term growth opportunities
• Upturn in installation discussions; positive installation outlook for 2023-2025
• Installed Base: 57 (54) installations, (25 (24) fully automated systems, 25 (24) mini-systems and seven (six)
tracking systems) in 13 (14) countries
Key Facts and Figures
January−March January−December
Amounts in SEK million 2023 2022 % 2022 2021 %
Key Ratio
Series Production* 3.3 3.2 3% 3.5 3.1 13%
Revenue** 26.4 28.1 -6% 118.7 107.4 10%
Operating result 6.5 8.0 -19% 30.6 29.5 4%
Operating margin % 24.5 28.5 -14% 25.8 27.4 -6%
Return on shareholders' equity, % 5.2 6.7 -22% 29.4 29.6 -1%
Earnings per share, SEK** 0.89 1.12 -21% 4.68 4.64 1%
Dividend per share, SEK - - 5.00 4.00 25%
Cashflow from operations per share, SEK 1.238 -0.199 723% 3.59 4.64 -23%
* Annualised millions of Engine Equivalents.
** According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).
With effect from the 4Q 2022 Interim Report, USD/SEK forward contracts have been reclassified from ‘financial net’ to ‘other operating
cost/income’. Comparison figures have been adjusted accordingly.
Definition of key ratios can be found in the Annual Report.
===== SIDA 2 =====
SinterCast Results:
First Quarter 2023
CEO Message
Slow start behind; positive outlook ahead
While the first quarter marked the fifth consecutive quarter with record series production, it also provided a
disappointing start to the year. Following annualised production of 3.1 million Engine Equivalents in January due to
new year shutdowns and 3.0 million in February due to holiday periods for some of our key customers, series
production increased to 3.8 million Engine Equivalents in March, marking the third highest month on record. The
strong production in March boosted the first quarter volume to 3.3 million Engine Equivalents, providing a 3% year-
on-year increase, and a positive step toward the four million Engine Equivalent milestone.
The lower production in January and February was exacerbated by a 33% decrease in year -on-year first quarter
Sampling Cup shipments, from 48,800 in 2022 to 32,900 in 2023. The reduction is not related to future production
demand, but rather to order timing and customer efforts to re-establish minimum stock levels following the
normalisation of global supply chains. Together, the increase in production and the decrease in Sampling Cup
shipments resulted in a 6 % reduction in year-on-year revenue and a corresponding reduction in the year -on-year
operating result.
With lower than expected series production in the first quarter, the target to reach the monthly four million Engine
Equivalent has been further delayed and it is likely that the goal to reach the monthly five million Engine Equivalent
milestone before the end of 2024 will also be delayed. Despite these delays, we remain confident in continuing to
deliver double-digit growth rates and in reaching the five million milestone, with growth beyond. Indeed, new product
development opportunities have intensified over the past year. With new development activities in each of the
passenger vehicle, commercial vehicle and off -road industrial power sectors, we also target the seven million
Engine Equivalent milestone, with continued growth through 2030.
Following strong production of 3.8 million Engine Equivalents in March, annualised series production for the first quarter finished
at 3.3 million Engine Equivalents, providing the highest first quarter on record and five consecutive quarters of record production.
With new development activities in each of the passenger vehicle, commercial vehicle and off-road
industrial power sectors, we also target the seven million Engine Equivalent milestone, with
continued growth through 2030.
===== SIDA 3 =====
SinterCast Results:
First Quarter 2023
The near-term outlook for series production is positive. In our home market in Sweden, the ramp-up of the new
Scania 13 litre cylinder block and head provided new contributions during the first quarter and continued growth is
expected throughout the rest of the year. Deliveries to Navistar started during the first quarter and the production
will continue to ramp up during 2024 and 2025 as the volumes increase and as remaining Traton Group companies
introduce the engine, ultimately providing one million incremental Engine Equivalents when full volume is reached.
The outlook in the US, our largest end-user market, is also positive with the start of sales of the remodelled Ford
super-duty pick-up during the first quarter, improving semi-conductor supply and an 8% year-on-year improvement
in year-to-date new vehicle sales. The outlook in China also continues to improve as Scania proceeds with the
construction of its new manufacturing facility and as First Automobile Works (FAW) proceeds with the development
of new 11 litre and 13 litre engines. With heavy duty production on par with the entire European or American
markets, the development of new SinterCast -CGI heavy duty engines at FAW provides the opportunity for more
than one million incremental Engine Equivalents.
With heavy duty production on par with the entire European or American markets, the development
of new SinterCast -CGI heavy duty engines at FAW provides the opportunity for more than one
million incremental Engine Equivalents.
Upturn in installation planning provides positive outlook
The near-term outlook for installation revenue continues to improve, as several discussions for new CGI process
control systems and capacity and functionality upgrades are ongoing. The current opportunities include the
previously announced System 4000 installation at the Dongfeng Auto foundry in China which is now expected to
be commissioned during the third quarter. Although the timing of the potential new installations is not yet defined,
it is expected th at the current opportunities will enable the average installation revenue during the 2023 to 2025
period to return the historical level of approximately SEK 8 million per year.
In parallel with the current installation discussions, SinterCast will also participate at the GIFA World Foundry Trade
Fair, 12-16 June 2023. The largest foundry trade fair in the world, held every four years in Düsseldorf, GIFA 2023
provides the opportunity for SinterCast to showcase its process control and traceability solutions to the global
foundry industry.
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 13 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
Dr. Steve Dawson
President & CEO
===== SIDA 4 =====
SinterCast Results:
First Quarter 2023
Financial Summary
Revenue
The revenue for the SinterCast Group relates primarily to income from series production, equipment, and
engineering service.
Revenue Breakdown January−March January−December
(Amounts in SEK million) 2023 2022 2022 2021
Series production1 25.6 26.9 113.4 97.4
Equipment2 0.7 0.8 3.4 8.5
Engineering service3 0.2 0.4 1.9 1.5
Total 26.4 28.1 118.7 107.4
Number of Sampling Cups shipped 32,900 48,800 196,200 208,700
1. Includes revenue from consumables, production fees and software licence fees
2 Includes revenue from sold and leased CGI and Tracking systems and spare parts
3. Includes revenue from engineering service, demonstrations and test pieces
The January−March 2023 revenue amounted to SEK 26.4 million (SEK 28.1 million). Series production revenue
decreased by 5% to SEK 25.6 million (SEK 26.9 million), due to a 3% increase in production, a 33% decrease in
Sampling Cup shipments due to customer inventory adjustments and a 12% USD/SEK exchange rate tailwind.
Equipment revenue amounted to SEK 0.7 million (SEK 0.8 million), primarily due to spare parts shipments.
Exchange differences had a positive effect of SEK 2.3 million (10%) on revenue during the period.
Results
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 January−March January−December
(Amounts in SEK million if not otherwise stated) 2023 2022 2022 2021
Operating result 6.5 8.0 30.6 29.5
Result for the period after tax 6.3 7.9 33.1 32.9
Earnings per share (SEK) 0.89 1.12 4.68 4.65
The January−March 2023 operating result decreased by SEK 1.5 million to SEK 6.5 million (SEK 8.0 million). The
gross result decreased by SEK 1.8 million primarily due to lower consumables sales and decreased gross margin
percentage (-2.1%) due to higher allocated expenses for customer service and logistics activities. Operating costs
increased with SEK 0.4 million primarily related to personnel increases to secure the transition for two employees
who will retire during first half of 2023. Other operating costs and income combined contributed by SEK 0.7 million
primarily due to gains from revaluation changes in unrealised forward contracts. The result for the period after tax
decreased by SEK 1.6 million to SEK 6.3 million (SEK 7.9 million), primarily due to the SEK 1.5 million decrease in
operating result.
===== SIDA 5 =====
SinterCast Results:
First Quarter 2023
Cashflow, Liquidity and Investments
The January−March 2023 cashflow from operations increased by SEK 10.2 million, compared to the same period
last year, primarily due to the SEK 12.4 million decrease in working capital. The decrease, since year-end 2022, is
primarily due to a SEK 4.1 million decrease in customer receivables following reduced payment terms by a major
customer from 90 to 60 days and a SEK 2.7 million decrease in liabilities due to decreased salary related provisions.
The payment terms have been renegotiated to 60 days effective from 1 January 2023 and will result in a step-
increase in liquidity in the first and second quarters. Total investments amounted to SEK 2.4 million (SEK 1.2
million). Total cashflow amounted to SEK 5.9 million (SEK -3.0 million) increasing the liquidity to SEK 20.1 million
(SEK 24.5 million) on 31 March 2023. The opening balance liquidity amounted to SEK 14.2 million (SEK 27.5
million). SinterCast currently has no loans. As an additional liquidity buffer, an overdraft credit facility in the amount
of SEK 12.5 million was established during the fourth quarter of 2022. Together, the liquidity plus the overdraft credit
facility provide effective liquidity of SEK 32.6 million.
Cashflow Summary January−March ∆
(Amounts in SEK million if not otherwise stated) 2023 2022 2023 vs 2022
Cashflow from operations, before change in working capital 6.9 9.1 -2.2
Change in working capital 1.9 -10.5 12.4
Cashflow from operations 8.8 -1.4 10.2
Cashflow from investing activities -2.4 -1.2 -1.2
Cashflow from financing activities -0.4 -0.4 0.0
Cashflow total 5.9 -3.0 8.9
Liquidity, opening balance 14.2 27.5
Liquidity 20.1 24.5
Income Tax and Deferred Tax Asset
Tax costs for the January−March 2023 period amounted to SEK -0.1 million (SEK 0.0 million). The estimated future
taxable profit and deferred tax asset calculation is reassessed every quarter. As of 31 March 2023, 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.
Risks and Uncertainty Factors
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 legislat ion, and the individual sales success of vehicles equipped with SinterCast -CGI
components.
Material shortages , energy costs, inflation, interest rate and economic uncertainties , the geopolitical instability
exacerbated by the Russian invasion of Ukraine and the remaining effects of the Covid-19 pandemic constitute 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 near-term 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
===== SIDA 6 =====
SinterCast Results:
First Quarter 2023
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 or the Russian invasion of
Ukraine.
For additional risk and uncertainty factor information, see the SinterCast Annual Report.
Organisation
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 31 March 2023, the Group had 32 (30) employees, 7 (6) of whom
are female. Personnel increases have been made to secure the transition for two employees who will retire during
the first-half of 2023, and to ensure that SinterCast is well positioned to support global market activities and to drive
the future growth of the company.
Parent Company
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its registered office located in Stockholm,
Sweden. On 31 March 2023, 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 trans actions
between the Parent Company and its subsidiaries.
The Share and Analysts
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, adrian.gilani@abgsc.se, +46 8 566 286 92
Per Bernhult at Stockpicker, staff@stockpicker.se, +46 8 662 06 69
Accounting Principles
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 . With effect from the 4Q 2022 Interim Report , the
income statement has been reclassified. Revaluation changes of customer receivables (USD to SEK) are presented
in other operating costs and income. To mitigate these currency effects, forward contracts have been established.
In order to include the net currency effects in the operating result, the unrealised revaluation changes in forward
===== SIDA 7 =====
SinterCast Results:
First Quarter 2023
contracts are now disclosed in other operating costs and income instead of in the financial net. Comparison figures
have been recalculated accordingly. This change also influences the cashflow statements.
Fair Value Measurement of Financial Assets and Liabilities
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.
Rounding
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 corres pond 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 2022, pages 52-60.
Material Transactions and Events after the Balance Sheet Date
No material transactions have taken place between SinterCast and the Board or the Management during the period.
The Annual Report 2022 was published on the SinterCast website on 23 March 2023. The following press releases
were issued during the period:
8 February 2023
23 March 2023
SinterCast Results October–December 2022
SinterCast Annual Report 2022
There have been no significant events since the balance sheet date of 31 March 2023 that could materially change
these financial statements. The following press releases were issued after the balance sheet date:
11 April 2023 Notice of the Annual General Meeting of SinterCast Aktiebolag
Outlook Guidance
The attainment of the annualised four million Engine Equivalent milestone has been delayed and it is likely that the
goal to reach the monthly five million Engine Equivalent miles tone before the end of 2024 will also be delayed.
Despite these delays, we remain confident in continued double-digit growth rates and in reaching the five million
milestone, with growth beyond. While the outlook for both the near -term and long- term are positive, there is an
inevitable churn rate with new programmes starting production and some existing programmes coming to end -of-
life. Such changes do not affect the overall outlook. With new development activities in each of the passenger
vehicle, commercial vehicle and off -road industrial power sectors, SinterCast targets the seven million Engine
Equivalent milestone, with continued growth through 2030. Several installation discussions are ongoing and,
although the timing of the potential new installations is not yet defined, it is expected that the current opportunities
will enable the average installation revenue during the 2023 to 2025 period to return the historical level of
approximately SEK 8 million per year.
===== SIDA 8 =====
SinterCast Results:
First Quarter 2023
Previously Published (8 February 2023)
Despite the ongoing macroeconomic challenges related to political uncertainty, energy supply and recession
concerns, the near-term outlook for SinterCast remains positive. Series production in 2023 is expected to maintain
double-digit growth, benefitting from the start of production of the Model Year 2023 Ford Super Duty in the first
quarter; the continued ramp of both the Scania commercial vehicle production for the global Traton group and new
heavy duty production for First Automobile Works (FAW) in China; the general outlook that passenger vehicle sales
in the US will improve; and, the continued recovery of semiconductor supply. During the year, two series production
programmes were discontinued. Other programmes have cease d production in the past and it can be expected
that additional programmes will come to end-of -life in the future. Nonetheless, SinterCast remains confident in
continued growth, reaching the five million Engine Equivalent milestone, and beyond. Installation revenue finished
at SEK 3.4 million in 2022, well below the historical average of approximately SEK 8 million. However, several
discussions are at a mature stage and, although the timing of the new installations is not yet defined, average
installation revenue in 2023 and 2024 is expected to return historical levels.
Dividend and Dividend Policy
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 f irst dividend was distributed in May 2011 for the
financial year 2010 and an increasing ordinary dividend has been distributed since then. Since 2019, the dividend
has been distributed in two equal instalments. Considering the current dividend proposal, SinterCast will have
distributed SEK 282.4 million to its shareholders, representing 111% of the operating result over the same period.
Proposed Dividend 2023
The Board of Directors propose an ordinary dividend of SEK 5.00 per share (SEK 4.50 per share) with an
extraordinary dividend of SEK 0.50 (SEK 0.50 per share), representing a distribution of SEK 39.0 million (SEK 35.5
million) to the shareholders of SinterCast AB (publ) for the financial year 2022, distributed in two equal payments
===== SIDA 9 =====
SinterCast Results:
First Quarter 2023
of SEK 2.7 5 per share (SEK 2.50 per share). The Board proposes 19 May 2023 as the record date for the first
dividend payment and 10 November 2023 as the record date for the second dividend payment. In deciding the
amount of the ordinary dividend to be proposed to the AGM 2023, 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 Group.
Annual General Meeting 2023
The Annual General Meeting 2023 of SinterCast AB (publ) will be held on Tuesday 16 May 2023.
Right to Participate and to Vote
Shareholders who wish to participate in the Annual General Meeting
- must be recorded in the share register maintained by Euroclear Sweden AB on Monday 8 May 2023,
and
- must notify SinterCast of their attendance no later than Wednesday 10 May 2023.
In addition, any shareholders whose shares are registered in the name of a custodian must temporarily have the
shares re -registered in their own names in order to be entitled to participate in the Annual General Meeting.
Shareholders must therefore, well i n advance, contact the custodian in accordance with the custodian’s routines
and request such re-registration. A re-registration of shares made by the custodian no later than Wednesday 10
May 2023 will be taken into account when procuring the share register.
Full information is available in the published notice.
Information
Interim Reports Publication Date
April-June 2023 08:00 CET on 16 August 2023
July-September 2023 08:00 CET on 8 November 2023
October-December 2023 and Full Year Results 2023 08:00 CET on 14 February 2024
January-March 2024 08:00 CET on 24 April 2024
Annual General Meeting 2023 Date
The Annual General Meeting of SinterCast AB (publ) Tuesday 16 May 2023
===== SIDA 10 =====
SinterCast Results:
First Quarter 2023
This report has not been reviewed by the company’s Auditors.
Stockholm 26 April 2023
For further information please contact:
Dr. Steve Dawson
President & CEO
SinterCast AB (publ)
Office: +46 150 794 40
Mobile: +44 771 002 6342
e-mail: steve.dawson@sintercast.com
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 26 April 2023.
===== SIDA 11 =====
SinterCast Results:
First Quarter 2023
Income Statement – Group
January−March January−December
Amounts in SEK million 2023 2022 2022 2021
Revenue 26.4 28.1 118.7 107.4
Cost of goods sold -8.0 -7.9 -31.9 -31.3
Gross result 18.4 20.2 86.7 76.1
Cost of sales and marketing -7.4 -7.0 -31.4 -26.6
Cost of administration -2.2 -2.2 -10.2 -9.6
Cost of research & development -2.6 -2.6 -10.7 -11.8
Other operating costs & income 0.3 -0.4 -3.8 1.3
Operating result 6.5 8.0 30.6 29.5
Financial income 0.0 0.0 0.1 0.0
Financial costs -0.1 -0.1 -0.4 -0.5
Financial net -0.1 -0.1 -0.3 -0.5
Result before income tax 6.4 7.9 30.3 29.0
Income tax -0.1 0.0 2.9 3.9
Result for the period 6.3 7.9 33.1 32.9
Result attributable to:
Equity holder of the parent company 6.3 7.9 33.1 32.9
Non-controlling interests - - - -
Earnings per share, SEK 0.89 1.12 4.68 4.64
Earnings per share, diluted, SEK 0.89 1.12 4.68 4.64
Number of shares at the close of the period, thousands 7090.1 7090.1 7090.1 7090.1
Average number of shares, thousands 7090.1 7090.1 7090.1 7090.1
Average number of shares, diluted 7090.1 7090.1 7090.1 7090.1
With effect from the 4Q 2022 Interim Report, USD/SEK forward contracts have been reclassified from ‘financial net’ to ‘other operating
cost/income’. Comparison figures have been adjusted accordingly.
Statement of Result and Other Comprehensive Income – Group
January−March January−December
Amounts in SEK million 2023 2022 2022 2021
Result for the period 6.3 7.9 33.1 32.9
Other comprehensive income
Items may be reclassified to the income statement
Translation differences, foreign subsidiaries -0.1 -0.2 0.2 0.2
Other comprehensive income, net of tax -0.1 -0.2 0.2 0.2
Total comprehensive income for the period 6.2 7.7 33.3 33.2
Total comprehensive income attributable to:
Shareholder of the parent company 6.2 7.7 33.3 33.2
Non-controlling interests - - - -
===== SIDA 12 =====
SinterCast Results:
First Quarter 2023
Balance Sheet – Group
31 Mar 31 Mar 31 Dec 31 Dec
Amounts in SEK million 2023 2022 2022 2021
ASSETS
Intangible assets 4.7 5.6 4.7 5.9
Tangible assets* 7.7 6.6 5.8 6.4
Other long term receivables 0.6 4.7 0.7 4.5
Deferred tax asset 51.1 48.1 51.1 48.1
Total fixed assets 64.2 65.1 62.2 64.9
Inventory 16.2 10.1 16.7 10.4
Short-term receivables 33.3 37.1 37.4 28.7
Short term deposits and cash at bank and in hand 20.1 24.5 14.2 27.5
Total current assets 69.7 71.7 68.3 66.6
Total assets 133.9 136.8 130.5 131.5
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 118.2 121.6 111.9 113.8
Long term liabilities* 1.3 2.1 1.5 2.4
Current liabilities* 14.4 13.2 17.1 15.3
Total liabilities 15.7 15.2 18.5 17.7
Total shareholders' equity and liabilities 133.9 136.8 130.5 131.5
* Includes right of use assets (SEK 2.6 million) , long term lease liability (SEK 1.3 million) and short term lease
liabilities (SEK 1.5 million)
===== SIDA 13 =====
SinterCast Results:
First Quarter 2023
Statement of Changes in Equity – Group
Amounts in SEK million
Share
Capital
Paid in
Capital
Exchange
Differences
Cumulative
Results Total Equity
Opening balance 1 January 2022 7.1 44.9 1.5 60.4 113.8
Total comprehensive income
Result for the period - - - 7.9 7.9
Other comprehensive income - - -0.2 - -0.2
Total comprehensive income - - -0.2 7.9 7.7
Closing balance 31 March 2022 7.1 44.9 1.3 68.3 121.6
Opening balance 1 January 2023 7.1 44.9 1.6 58.4 111.9
Other 0.1 0.1
Total comprehensive income
Result for the period - - - 6.3 6.3
Other comprehensive income - - -0.1 -0.1
Total comprehensive income - - -0.1 6.3 6.2
Closing balance 31 March 2023 7.1 44.9 1.5 64.7 118.2
===== SIDA 14 =====
SinterCast Results:
First Quarter 2023
Cashflow Statement – Group
January−March January−December
Amounts in SEK million 2023 2022 2022 2021
Operating activities
Operating result 6.5 8.0 30.6 29.5
Adjustments for items not included in the cash flow
Depreciation 1.1 1.1 4.3 3.8
Other 0.2 -0.3 0.2 -0.5
Unrealised exchange rate differences -0.7 0.4 0.9 -0.3
Received interest 0.0 0.0 0.1 0.0
Paid interest -0.1 -0.1 -0.4 -0.5
Paid income tax -0.1 0.0 -0.1 -0.1
Total cashflow from operating activities 6.9 9.1 35.6 31.9
before change in working capital
Change in working capital
Inventory 0.4 0.4 -6.2 -1.0
Operating receivables 4.1 -8.7 -5.7 1.8
Operating liabilities -2.7 -2.1 1.8 0.1
Total change in working capital 1.9 -10.5 -10.2 0.9
Cashflow from operations 8.8 -1.4 25.4 32.9
Investing activities
Acquisition of intangible assets 0.0 -0.3 -0.6 -1.9
Acquisition of tangible assets -2.4 -0.9 -1.1 -0.8
Cashflow from investing activities -2.4 -1.2 -1.7 -2.7
Financing activities
Payment lease liability -0.4 -0.4 -1.6 -0.7
Dividend 0.0 0.0 -35.5 -28.4
Cashflow from financing activities -0.4 -0.4 -37.1 -29.1
Exchange rate differences in cash and cash equivalents 0.0 0.0 0.0 0.1
Cashflow for the period 5.9 -3.0 -13.3 1.2
Cash - opening balance 14.2 27.5 27.5 26.3
Cash - closing balance* 20.1 24.5 14.2 27.5
* The cash and cash equivalents comprise short-term deposits and cash at bank and in hand
With effect from the 4Q 2022 Interim Report, USD/SEK forward contracts have been reclassified from ‘financial net’ to
‘other operating cost/income’. Comparison figures have been adjusted accordingly.
===== SIDA 15 =====
SinterCast Results:
First Quarter 2023
Key Ratio and Share Data – Group
January−March January−December
Amounts in SEK million 2023 2022 2022 2021
Key Ratio
Revenue* 26.4 28.1 118.7 107.4
Operating result 6.5 8.0 30.6 29.5
Operating margin % 24.5 28.5 25.8 27.4
Result for the period* 6.3 7.9 33.1 32.9
Solidity, % 88.3 88.9 85.8 86.6
Shareholders' equity 118.2 121.6 111.9 113.8
Capital employed 118.2 121.6 111.9 113.8
Total assets 133.9 136.8 130.5 131.5
Return on shareholders' equity, % 5.2 6.7 29.4 29.6
Return on capital employed, % 5.2 6.7 29.4 29.6
Return on total assets, % 4.6 5.9 25.3 25.4
Employees
Number of employees at the end of the period 32 30 32 30
Data per Share
Earnings per share, SEK* 0.89 1.12 4.68 4.64
Dividend per share, SEK - - 5.00 4.00
Cashflow from operations per share, SEK 1.24 -0.20 3.59 4.64
Share price at the end of the period, SEK 106.8 122.8 114.0 140.8
* 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 %
Operating results as percentage of revenue
Solidity %
Adjusted shareholders' equity expressed as percentage of total
assets end of period
Equity per share
Shareholders' equity divided by the average number of shares
Capital employed
Total assets less non-interest bearing liabilities
Return on shareholders' equity %
Result for the period as a percentage of average shareholders'
equity. Quarterly values are not annualised
Return on capital employed %
Result for the period as a percentage of average capital employed
Quarterly values are not annualised
Return on total assets %
Result for the period as a percentage of total average assets.
Quarterly values are not annualised
Average number of shares
Weighted average of the number of shares outstanding for the
period
Average number of shares adjusted for dilution
Weighted average of the number of shares for the period adjusted
for dilution
Earnings per share
Result for the period divided by the average number of shares
Earnings per share, diluted
Result for the period divided by the average number of shares
adjusted for dilution
Dividend per share
Dividend divided by the number of shares
Cashflow from operations per share
Cashflow from operations divided by the number of shares
Share price at the end of the period
Latest paid price for the SinterCast share at NASDAQ Stockholm
Value presented as "0.0"
Amount below SEK 50,000
Value presented as "-"
No amount applicable
===== SIDA 16 =====
SinterCast Results:
First Quarter 2023
Income Statement – Parent Company
January−March January−December
Amounts in SEK million 2023 2022 2022 2021
Revenue 26.4 27.9 118.3 106.7
Cost of goods sold -8.3 -8.3 -34.2 -32.5
Gross result 18.1 19.6 84.1 74.2
Cost of sales and marketing -8.5 -7.0 -31.4 -26.6
Cost of administration -2.2 -2.2 -10.2 -9.6
Cost of research & development -2.6 -2.6 -10.7 -11.8
Other operating costs & income 0.3 -0.8 -5.3 0.5
Operating result 5.0 7.0 26.4 26.7
Financial income 0.0 0.0 0.1 0.1
Financial costs -0.1 0.0 -0.2 -0.1
Financial net -0.1 0.0 -0.1 0.0
Result before income tax 4.9 7.0 26.3 26.6
Income tax 0.0 0.0 2.9 4.0
Result for the period 4.9 7.0 29.2 30.6
Result attributable to:
Equity holder of the parent company 4.9 7.0 29.2 30.6
Non-controlling interests - - - -
Earnings per share, SEK 0.69 0.99 4.12 4.31
Earnings per share, diluted, SEK 0.69 0.99 4.12 4.31
Number of shares at the close of the period, thousands 7090.1 7090.1 7090.1 7090.1
Average number of shares, thousands 7090.1 7090.1 7090.1 7090.1
Average number of shares, diluted 7090.1 7090.1 7090.1 7090.1
With effect from the 4Q 2022 Interim Report, USD/SEK forward contracts have been reclassified from ‘financial net’ to
‘other operating cost/income’. Comparison figures have been adjusted accordingly.
Statement of Result and Other Comprehensive Income – Parent Company
January−March January−December
Amounts in SEK million 2023 2022 2022 2021
Result for the period 4.9 7.0 29.2 30.6
Total comprehensive income for the period 4.9 7.0 29.2 30.6
===== SIDA 17 =====
SinterCast Results:
First Quarter 2023
Balance Sheet – Parent Company
31 Mar 31 Mar 31 Dec 31 Dec
Amounts in SEK million 2023 2022 2022 2021
ASSETS
Intangible assets 4.7 5.6 4.7 5.9
Tangible assets 5.2 3.5 3.0 2.8
Other long term receivables 2.3 6.3 2.3 6.1
Deferred tax asset 51.1 48.1 51.1 48.1
Total fixed assets 63.3 63.5 61.1 62.9
Inventory 15.9 9.9 16.3 10.3
Short-term receivables 34.2 38.1 38.2 29.0
Short term deposits and cash at bank and in hand 18.3 21.1 11.8 23.8
Total current assets 68.4 69.1 66.4 63.0
Total assets 131.7 132.7 127.5 126.0
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 101.5 109.9 96.6 102.9
Current liabilities 30.2 22.8 30.9 23.1
Total liabilities 30.2 22.8 30.9 23.1
Total shareholders' equity and liabilities 131.7 132.7 127.5 126.0
===== SIDA 18 =====
SinterCast Results:
First Quarter 2023
Statement of Changes in Equity – Parent Company
Restricted Equity Unrestricted Equity
Amounts in SEK million
Share
Capital
Statutory
Reserve
Reserve
Developm.
Costs
Share
Premium
Reserve
Results
brought
Forward
Results
for the
Year
Total
Equity
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 - - 0.3 - -0.3 - 0.0
Depreciation, development costs - - -0.5 - 0.5 - 0.0
Total comprehensive income - - - - - 7.0 7.0
Closing balance 31 March 2022 7.1 9.5 4.8 35.3 46.1 7.0 109.9
Opening balance 1 January 2023 7.1 9.5 3.9 35.3 11.5 29.2 96.6
Appropriation of last year's result - - - - 29.2 -29.2 0.0
Capitalised development costs - - 0.5 - -0.5 - 0.0
Depreciation, development costs - - -0.4 - 0.4 - 0.0
Total comprehensive income - - - - - 4.9 4.9
Closing balance 31 March 2023 7.1 9.5 4.0 35.3 40.7 4.9 101.5