FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
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SinterCast Results:
First Quarter 2024
Twelfth consecutive quarter of year-on-year growth
First Quarter 2024
• Revenue for Period: SEK 32.1 million (SEK 26.4 million)
• Operating Result: SEK 7.4 million (SEK 6.5 million). Operating Result excluding revaluation of existing
hedge contracts: SEK 12.0 million (SEK 5.4 million), yielding 37% operating margin
• Earnings per Share: SEK 0.87 per share (SEK 0.89 per share). Earnings per Share excluding revaluation of
existing hedge contracts: SEK 1.70 per share (SEK 0.76 per share)
• Cashflow from Operations: SEK 15.2 million (SEK 8.8 million)
• Highest first quarter on record; 3.9 million Engine Equivalents
• Cumulative CO2 savings exceeds 60 million tonnes; on pace for 100 million tonne target by 2028
• Upturn in installation activity; positive installation outlook for 2024-2025
• Installed Base: 57 (57) installations 25 (25) fully automated systems, 25 (25) mini-systems and seven (seven)
tracking systems in 13 (13) countries
Key Facts and Figures
January−March January−December
AMOUNTS IN SEK MILLION, unless otherwise stated 2024 2023 % 2023 2022 %
Annualised Engine Equivalents, millions 3.9 3.3 18% 3.7 3.5 6%
Recurring revenue* 30.7 25.6 20% 127.0 113.4 12%
Revenue** 32.1 26.4 22% 134.4 118.7 13%
Gross margin, % 70.1 69.7 1% 73.3 73.1 0%
Operating result 7.4 6.5 14% 42.7 30.6 40%
Operating margin, % 23.0 24.5 -6% 31.8 25.8 23%
Earnings per share, SEK** 0.87 0.89 -1% 5.94 4.68 27%
Distributed dividend per share, SEK - - - 5.50 5.00 10%
* Recurring revenue from production fees, consumables and software licence fees
** According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).
Definition of key ratios can be found after "Key Ratio and Share Data - Group" in this Report.
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SinterCast Results:
First Quarter 2024
CEO Message
Positive start for series production
The first quarter provided a positive start to the year with January, February and March each achieving all -time
highs for series production. Overall, series production for the first quarter finished at 3.9 million Engine Equivalents,
providing 18% year -on-year growth. Sampling Cup shipments also started positively, with a 36% increase
compared to the year -ago period. Together, the increases in series production and consumable s shipments
contributed toward total revenue of SEK 32.1 million for the quarter, providing a 22% year-on-year increase. During
the period, 95.4% of the total revenue was derived from recurring revenue related to the Production Fee levied for
each Engine Equivalent, plus consumables sales and software licence fees.
The operating result for the period finished at SEK 7.4 million, corresponding to a 23% operating margin. While the
operating result represented a 14% year-on-on-year increase, it was strongly affected by recent swings in the USD
/ SEK exchange rate, resulting in unrealised revaluation losses of SEK 4.6 million from existing hedge contracts.
The adjusted operating result, excluding unrealised revaluation losses, is SEK 12.0 million, corresponding to a 37%
operating margin. With a positive growth outlook, and benefitting from cost reductions implemented during 2023,
we expect to improve upon our 2023 full-year operating margin of 31.8% by year-end, making a positive step toward
our long-term goal of 40% by 2028.
While the first quarter marked the twelfth consecutive quarter of year -on-year series production increases, the
volume of 3.9 million Engine Equivalents was slightly below the run-rate of 4.0 million Engine Equivalents
established during the second half of 2023. Compared to full-year 2023 (3.7 million Engine Equivalents), the first
quarter provided 5% growth and we maintain ou r ambition to achieve double-digit growth for the full-year. During
the quarter, the production breakdown was approximately 53% commercial vehicle, 29% super -duty pick-up, 10%
full-size pick-up, 4% mid-size pick-up and SUV, and 4% off-road equipment. With our focus on large vehicles, we
estimate that the improved fuel efficiency of the vehicles that use our technology saved approximately 2.4 million
tonnes of CO2 during the first quarter. This increases our cumulative contribution to more than 60 million tonnes,
keeping us on pace to meet our goal of 100 million tonnes of CO2 reduction by 2028.
With our focus on large vehicles, we estimate that the improved fuel efficiency of the vehicles that
use our technology saved approximately 2.4 million tonnes of CO 2 during the first quarter. This
increases our cumulative contribution to more than 60 million tonnes, keeping us on pace to meet
our goal of 100 million tonnes of CO2 reduction by 2028.
The growth during the remaining three quarters will depend on three key levers: the previously announced mid-year
stoppage of one of our high volume programmes; the continued ramp of the Traton Group 13 litre commercial
vehicle engine; and, the start of production of a new family of 11, 13 and 16 litre commercial vehicle engines at First
Automobile Works (FAW) in China. With the mid-year stoppage approaching, it is unlikely that the five million
Engine Equivalent milestone will be reached before the stoppage occurs. However, the temporary decrease in
volume does not change our goal to post double-digit growth in 2024 and we maintain our target to deliver double-
digit CAGR through 2030, with growth beyond.
When the Traton order was received in 2019, the mature volume was said to be more than one million incremental
Engine Equivalents per year. The Traton production started in 2022 with deliveries to Scania and was extended to
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SinterCast Results:
First Quarter 2024
Navistar in 2023. With the total volume not yet half-way through the ramp, the pending start of production for MAN
during 2024 provides continued growth opportunities in 2024 and 2025. The FAW programmes also provide the
opportunity for growth, with init ial contributions expected during 2024, followed by stronger growth in 2025 and
beyond. While the FAW production will provide significant contributions, the heavy duty commercial vehicle market
in China is still evolving and it is not yet possible to determine the product mix between natural gas and diesel
engines. With the current development, only the diesel version of the engines is planned to use CGI cylinder blocks.
Beyond Traton and FAW, the development pipe for conventional internal combustion engine applications remains
strong, with ongoing SinterCast-CGI development programmes planned for launch through the 2028-2030 window.
We also continue to actively support t he development of small passenger vehicle engines for hybrid and range
extender applications, and for large commercial vehicle engines running on net -zero fuels and hydrogen. These
activities provide the opportunity for continued long-term growth, with an addressable market of approximately 15
million Engine Equivalents.
Series production for the first quarter finished at 3.9 million Engine Equivalents, providing twelve consecutive quarters of year-on-
year growth.
We also continue to actively support the development of small passenger vehicle engines for hybrid
and range extender applications, and for large commercial vehicle engines running on net -zero
fuels and hydrogen. These activities provide the opportunity for continued long-term growth, with
an addressable market of approximately 15 million Engine Equivalents.
Aktiespararna added for commissioned research
On 5 April, SinterCast announced the addition of Aktiespararna as a new analyst for commissioned research. The
comprehensive initiation report provided a strong assessment, ranking SinterCast as the number one investment
opportunity among publicly listed Swedish companies for the combined ‘Magic Rank’ criteria of undervalued share
price and high profitability. The report concludes that the main forecast scenario justifies a current share price of
SEK 150 per share, representing 50% growth above the current market value. The suite of services provided by
Aktiespararna will include published analyst reports after each quarterly report and investor presentations at
Aktiespararna Investor Day events. The dates for SinterCast presentations in 2024 have been set for 11 June and
26 November.
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SinterCast Results:
First Quarter 2024
Upturn in installation activity provides positive outlook
The first quarter also provided a positive start for early installation revenue and for the progression of ongoing
planning discussions. Installation revenue for the first quarter amounted to SEK 1.2 million, up 71% year -on-year.
The early revenue was primarily derived from equipment upgrades at two foundries in Europe and from the
conclusion of the System 4000 commissioning at the Dongfeng Auto foundry in China. With the installation
complete, Dongfeng Auto, an affiliate company of China’s second largest automobile manufacturer, will seek CGI
series production opportunities in the passenger vehicle, commercial vehicle and off -road sectors, both within the
Dongfeng group and in the wider domestic market.
Installation discussions are currently underway for system upgrades and expansions, new CGI System 4000
installations, and new Ladle Tracker installations. We estimate that the current level of installation discussions
provides the opportunity to exceed t he historical average of SEK 8 million in installation revenue during 2024 and
2025.
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
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SinterCast Results:
First Quarter 2024
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) 2024 2023 2023 2022
Recurring revenue from series production1 30.7 25.6 127.0 113.4
Equipment2 1.2 0.7 6.0 3.4
Engineering service3 0.3 0.2 1.5 1.9
Total 32.1 26.4 134.4 118.7
Number of Sampling Cups shipped 44,600 32,900 205,700 196,200
1. Recurring revenue from production fees, consumables and software licence fees
2 Revenue from sold and leased CGI and Tracking systems and spare parts
3. Revenue from engineering service, demonstrations and test pieces
The January−March 2024 revenue increased by 22% to SEK 32.1 million (SEK 26.4 million). Recurring revenue
from series production increased by 20% and amounted to SEK 30.7 million (SEK 25.6 million), accounting for
95.4% of the total revenue. The total revenue benefitted from a nnualised series production of 3.9 million (3.3
million) Engine Equivalents and shipment of 44,600 (32,900) Sampling Cups. Equipment revenue amounted to SEK
1.2 million (SEK 0.7 million), following equipment upgrades at two European foundries . Engineering Service
amounted to SEK 0.3 million (SEK 0.2 million). Exchange differences had a 1% effect 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 revaluation of tax assets.
Results Summary January−March January−December
(Amounts in SEK million if not otherwise stated) 2024 2023 2023 2022
Gross margin, % 70.1 69.7 73.3 73.1
Operating result 7.4 6.5 42.7 30.6
Operating margin, % 23.0 24.5 31.8 25.8
Result for the period after tax 6.2 6.3 42.1 33.1
Earnings per share (SEK) 0.87 0.89 5.94 4.68
The January−March 2024 operating result increased by SEK 0.9 million to SEK 7.4 million (SEK 6.5 million), due
to the combined effect of a SEK 4.1 million increase in gross margin, SEK 0.2 million decrease in operating costs
and increase of other operating cost and income of SEK 3. 4 million. The decrease in operating costs is primarily
related to the reduction in headcount following the retirement of two employees in the second quarter of 2023 and
redundancies effected in the second half of 2023. Other operating costs and income combined in creased by SEK
3.4 million, primarily due to movements in foreign currencies resulting in unrealised revaluation losses of existing
hedge contracts. The result for the period after tax decreased by SEK 0.1 million to SEK 6.2 million (SEK 6.3
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SinterCast Results:
First Quarter 2024
million), primarily due to the SEK 0.9 million improvement in operating result and the accounted increase in income
tax of SEK 1.2 million.
Income Tax and Deferred Tax Asset
Tax for the January−March 2024 period amounted to SEK 1.2 million (SEK 0.1 million). During 4Q 2023, SinterCast
AB started to account for calculated income tax as it came into a tax position. The Group’s total carried forward tax
losses, remaining to be utilised are calculated to be SEK 241.2 million (248.0 MSEK), resulting in a deferred tax
asset of SEK 49.7 million (SEK 51.1 million). It is estimated that SinterCast will begin to pay Swedish income tax
during approximately late-2027 or early-2028, depending on results and currency rates.
Cashflow, Liquidity and Investments
The January−March 2024 cashflow from operations improved by SEK 6.4 million, compared to the same period
last year, due to increased cashflow before working capital of SEK 1.6 million and a SEK 4.8 million improvement
in working capital. The improved working capital since year-end is primarily due to a SEK 10.3 million improvement
in cashflow from accounts receivable. Total investments amounted to SEK 0.1 million (SEK 2.4 million). During
2023, investments primarily related to production tooling, and investment in a second source for Sampling Cup
production to prepare for future growth and to ensure the security of supply. Total cashflow amounted to SEK 13.6
million (SEK 5.9 million). Liquidity on 31 March 2024 was SEK 25.8 million (SEK 20.1 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 s
effective liquidity of SEK 38.3 million.
Cashflow Summary January−March ∆
(Amounts in SEK million if not otherwise stated) 2024 2023 2024 vs 2023
Cashflow from operations, before change in working capital 8.6 6.9 1.6
Change in working capital 6.7 1.9 4.8
Cashflow from operations 15.2 8.8 6.4
Cashflow from investing activities -0.1 -2.4 2.3
Cashflow from financing activities -1.6 -0.4 -1.1
Cashflow total 13.6 5.9 7.6
Liquidity 25.8 20.1
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 longevity of each engine programme; the
possibility that the volume of existi ng programmes may decrease or come to end- of-life earlier than expected; the
global economy for new vehicle sales; technology trends and emissions legislation; and, the individual sales
success of vehicles equipped with SinterCast-CGI components.
The increasing geopolitical instability, exacerbated by war and conflict in multiple regions, together with material
shortages, energy costs and global economic uncertainties, 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
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SinterCast Results:
First Quarter 2024
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. The development of AI may
also increase the possibilities to develop potentially competitive technologies or to reverse engineer the SinterCast
technology.
No significant risk of material adjustment to the carrying amounts of assets and liabilities has been identified at the
balance sheet date. 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, Germany and Portugal. As of 31 March 2024, the Group had 27 (32) employees, 6
(7) of whom are female. The reduction in headcount was the result of two retirements during the first half of 2023
plus redundancies effected during the second half of 2023 as a result of the decision to withdraw from the active
development of Tracking Technologies. Benefitting from accumulated experience and efficiency improvements,
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 2024, the Parent Company had 22 (26) employees. The average number of employees
during the period was 23 (26). 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.
Outlook Guidance:
The growth during the remaining three quarters will depend on three key levers: the previously announced mid-year
stoppage of one of our high volume programmes; the continued ramp of the Traton Group 13 litre commercial
vehicle engine; and, the start of production of a new family of 11, 13 and 16 litre commercial vehicle engines at First
Automobile Works (FAW) in China. With the mid-year stoppage approaching, it is unlikely that the five million
Engine Equivalent milestone will be reached before the stoppage occurs. However, the temporary decrease in
volume does not change our goal to post double-digit growth in 2024 and we maintain our target to deliver double-
digit CAGR through 2030, with growth beyond.
When the Traton order was received in 2019, the mature volume was said to be more than one million incremental
Engine Equivalents per year. The Traton production started in 2022 with deliveries to Scania and was extended to
Navistar in 2023. With the total volume not yet half-way through the ramp, the pending start of production for MAN
during 2024 provides continued growth opportunities in 2024 and 2025. The FAW programmes also provide the
opportunity for growth, with initial contributions expected during 2024, followed by stronger growth in 2025 and
beyond. While the FAW production will provide significant contributions, the heavy duty commercial vehicle market
in China is still evolving and it is not yet possible to determine the product mix between natural gas and diesel
engines. With the current development, only the diesel version of the engines is planned to use CGI cylinder blocks.
===== SIDA 8 =====
SinterCast Results:
First Quarter 2024
Beyond Traton and FAW, the development pipe for conventional internal combustion engine applications remains
strong, with ongoing SinterCast-CGI development programmes planned for launch through the 2028-2030 window.
We also continue to actively support t he development of small passenger vehicle engines for hybrid and range
extender applications, and for large commercial vehicle engines running on net -zero fuels and hydrogen. These
activities provide the opportunity for continued long-term growth, with an addressable market of approximately 15
million Engine Equivalents.
Following the strong recent results, it is estimated that SinterCast will begin to pay Swedish income tax during
approximately late-2027 or early-2028, depending on results and currency rates.
Previously Published (28 February 2024)
Following the attainment of the four million Engine Equivalent milestone in June 2023, series production averaged
4.0 million Engine Equivalents from June through December, reinforcing 4.0 million Engine Equivalents as the new
normal. More than 95% of the production volume in 2023 was derived from commercial vehicles, pick -up trucks
and off-road equipment, where electrification is in its infancy. Less than 1% of the SinterCast production in 2023
was for passenger cars. Commercial vehicles continue to provide the largest growth opportunity as more of the
new vehicle fleet converts to CGI in order to meet increasingly stringent emissions legislation. The near -term
outlook provides for double- digit growth through 2030, while the SinterCast product mix provides for long-term
growth, with high-volume production well beyond 2035.
Despite the positive market outlook, one of our high volume programmes will reach its end-of-life stage during mid-
2024, causing a temporary decrease in volume. It is not yet clear if the five million Engine Equivalent milestone will
be reached before the stoppage occurs. Regardless, the temporary decrease does not change our ability to surpass
the five million Engine Equivalent milestone and we maintain our ambition to reach the seven million Engine
Equivalent milestone, with growth beyond. Following the strong recent results, it is estimated that SinterCast will
begin to pay Swedish income tax during approximately late-2027 or early-2028, depending on results and currency
rates.
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:
Henric Hintze at ABG Sundal Collier
, henric.hintze@abgsc.se, +46 8 566 294 89
Philip Wendt at Aktiespararna, philip.wendt@aktiespararna.se, +46 8 50 65 15 00
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
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SinterCast Results:
First Quarter 2024
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.
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 obs ervable 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 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 2023, pages 48-53.
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 2023 was published on the SinterCast website on 22 March 2024.The following press releases
were issued during the period:
24 January 2024 – SinterCast posts 13% full-year revenue growth
28 February 2024 - SinterCast Results October-December 2023
6 March 2024 - Positive start for SinterCast
22 March 2024 - SinterCast Annual Report 2023
There have been no other significant events since the balance sheet date that could materially change these
financial statements. The following press releases were issued after the balance sheet date:
17 April 2024 – Notice of the Annual General Meeting of SinterCast Aktiebolag
Dividend Policy and Dividend
The Board’s intention is to continue to provide an ordinary dividend to the shareholders, based primarily on the
cashflow from operations, after investments. 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 buyback 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. Since the first dividend was provided,
SinterCast has distributed SEK 282.4 million to its shareholders, representing 111% of its operating result over the
period. The cumulative dividend provided since 2010 amounts to SEK 39.9 per share.
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SinterCast Results:
First Quarter 2024
Share Buyback
On 21 November 2023, in accordance with the resolution at the 2023 AGM, SinterCast initiated a share buyback
programme with an initial amount of up to SEK 5.0 million. During 4Q 2023 SinterCast acquired 11,338 shares
amounting to SEK 1.2 million. During 1Q 2024, a further 11,263 shares were acquired amounting to SEK 1.2 million.
As of 23 April 2024, the total number of shares acquired is 22,601 shares, in the total amount of SEK 2.4 million.
The purpose of the share buyback programme is to optimise the company’s capital structure and thereby to create
value for the shareholders. SinterCast intends to propose a reduction of the share capital by cancellation of the
acquired shares by resolution at the 2024 AGM. SinterCast also intends to seek approval to continue the share
buyback programme after the 2024 AGM.
Proposed Dividend 2024
The Board of Directors propose an ordinary dividend of SEK 5.50 per share (SEK 5.00 per share) with an
extraordinary dividend of SEK 0.60 (SEK 0.50 per share), representing a distribution of SEK 43.1 million (SEK 39.0
million) to the shareholders of Sinter Cast AB (publ) for the financial year 2023, distributed in two equal payments
of SEK 3.05 per share (SEK 2.75 per share) . The Board proposes 23 May 2024 as the record date for the first
dividend payment and 7 November 2024 as the record date for the second dividend payment. In deciding the
amount of the ordinary dividend to be proposed to the AGM 2024, 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 2024
The Annual General Meeting 2024 of SinterCast AB (publ) will be held on Tuesday 21 May 2024.
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SinterCast Results:
First Quarter 2024
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 13 May 2024, and
- must notify SinterCast of their attendance no later than Wednesday 15 May 2024.
In addition, to be entitled to participate in the Annual General Meeting, a shareholder whose shares are held in the
name of a nominee must register its shares in its own name so that the shareholder is recorded in the share register
on Monday 13 May 2024. Such registration may be temporary (so-called voting right registration) and is requested
from the nominee in accordance with the nominee’s procedures and in such time in advance as the nominee
determines. Voting right registrations completed by the nominee not later than Wednesday 15 May 2024 are taken
into account when preparing the share register.
Full information is available in the published notice.
Information
Interim Reports Publication Date
April-June 2024 08:00 CET on 21 August 2024
July-September 2024 08:00 CET on 6 November 2024
October-December 2024 and Full Year Results 2024 08:00 CET on 19 February 2025
January-March 2025 08:00 CET on 30 April 2025
This report has not been reviewed by the company’s Auditors.
Stockholm 24 April 2024
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 24 April 2024.
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SinterCast Results:
First Quarter 2024
Income Statement – Group
January−March January−December
Amounts in SEK million 2024 2023 2023 2022
Revenue 32.1 26.4 134.4 118.7
Cost of goods sold -9.6 -8.0 -35.9 -31.9
Gross result 22.5 18.4 98.5 86.7
Cost of sales and marketing -7.7 -7.4 -34.7 -31.4
Cost of administration -2.2 -2.2 -9.9 -10.2
Cost of research & development -2.1 -2.6 -12.5 -10.7
Other operating costs & income -3.1 0.3 1.2 -3.8
Operating result 7.4 6.5 42.7 30.6
Financial income 0.0 0.0 0.2 0.1
Financial costs -0.1 -0.1 -0.4 -0.4
Financial net -0.1 -0.1 -0.1 -0.3
Result before income tax 7.3 6.4 42.6 30.3
Income tax -1.2 -0.1 -0.4 2.9
Result for the period 6.2 6.3 42.1 33.1
Result attributable to:
Equity holder of the parent company 6.2 6.3 42.1 33.1
Non-controlling interests - - - -
Earnings per share, SEK 0.87 0.89 5.94 4.68
Earnings per share, diluted, SEK 0.87 0.89 5.94 4.68
Number of shares at the close of the period, thousands 7,067.5 7,090.1 7,078.8 7,090.1
Average number of shares, thousands 7,067.8 7,090.1 7,088.9 7,090.1
Average number of shares, diluted 7,067.8 7,090.1 7,088.9 7,090.1
Statement of Result and Other Comprehensive Income – Group
January−March January−December
Amounts in SEK million 2024 2023 2023 2022
Result for the period 6.2 6.3 42.1 33.1
Other comprehensive income
Items may be reclassified to the income statement
Translation differences, foreign subsidiaries 0.2 -0.1 -0.6 0.2
Other comprehensive income, net of tax 0.2 -0.1 -0.6 0.2
Total comprehensive income for the period 6.4 6.2 41.5 33.3
Total comprehensive income attributable to:
Shareholder of the parent company 6.4 6.2 41.5 33.3
Non-controlling interests - - - -
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SinterCast Results:
First Quarter 2024
Balance Sheet – Group
31 Mar 31 Mar 31 Dec 31 Dec
Amounts in SEK million 2024 2023 2023 2022
ASSETS
Intangible assets 1.5 4.7 1.7 4.7
Tangible assets* 8.0 7.7 8.7 5.8
Other long term receivables 0.4 0.6 0.4 0.7
Deferred tax asset 49.7 51.1 50.9 51.1
Total fixed assets 59.7 64.2 61.6 62.2
Inventory 13.7 16.2 14.1 16.7
Short-term receivables 33.3 33.3 43.6 37.4
Short term deposits and cash at bank and in hand 25.8 20.1 12.3 14.2
Total current assets 72.8 69.7 70.0 68.3
Total assets 132.5 133.9 131.6 130.5
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 118.9 118.2 113.6 111.9
Long term liabilities* 0.2 1.3 0.5 1.5
Current liabilities* 13.4 14.4 17.5 17.1
Total liabilities 13.6 15.7 17.9 18.5
Total shareholders' equity and liabilities 132.5 133.9 131.6 130.5
* Includes right of use assets (SEK 1.5 million), long term lease liability (SEK 0.2 million) and short term lease liabilities
(SEK 1.4 million)
===== SIDA 14 =====
SinterCast Results:
First Quarter 2024
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 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
Opening balance 1 January 2024 7.1 44.9 1.0 60.6 113.6
Other - - - 0.1 0.1
Total comprehensive income
Result for the period - - - 6.2 6.2
Other comprehensive income - - 0.2 - 0.2
Total comprehensive income - - 0.2 6.2 6.4
Repurchase own shares - - - -1.2 -1.2
Closing balance 31 March 2024 7.1 44.9 1.3 65.7 118.9
===== SIDA 15 =====
SinterCast Results:
First Quarter 2024
Cashflow Statement – Group
January−March January−December
Amounts in SEK million 2024 2023 2023 2022
Operating activities
Operating result 7.4 6.5 42.7 30.6
Adjustments for items not included in the cash flow
Depreciation 0.9 1.1 6.4 4.3
Other 0.3 0.2 0.2 0.2
Unrealised exchange rate differences 0.0 -0.7 0.0 0.9
Received interest 0.0 0.0 0.2 0.1
Paid interest -0.1 -0.1 -0.4 -0.4
Paid income tax 0.0 -0.1 -0.4 -0.1
Total cashflow from operating activities 8.6 6.9 48.7 35.6
before change in working capital
Change in working capital
Inventory 0.5 0.4 2.5 -6.2
Operating receivables 10.3 4.1 -6.1 -5.7
Operating liabilities -4.1 -2.7 0.4 1.8
Total change in working capital 6.7 1.9 -3.2 -10.2
Cashflow from operations 15.2 8.8 45.5 25.4
Investing activities
Acquisition of intangible assets 0.0 0.0 -0.5 -0.6
Acquisition of tangible assets -0.1 -2.4 -5.1 -1.1
Cashflow from investing activities -0.1 -2.4 -5.6 -1.7
Financing activities
Payment lease liability -0.4 -0.4 -1.6 -1.6
Dividend 0.0 0.0 -39.0 -35.5
Repurchase own shares -1.2 0.0 -1.2 -
Cashflow from financing activities -1.6 -0.4 -41.8 -37.1
Exchange rate differences in cash and cash equivalents 0.0 0.0 0.0 0.0
Cashflow for the period 13.6 5.9 -1.9 -13.3
Cash - opening balance 12.3 14.2 14.2 27.5
Cash - closing balance* 25.8 20.1 12.3 14.2
* The cash and cash equivalents comprise short-term deposits and cash at bank and in hand
===== SIDA 16 =====
SinterCast Results:
First Quarter 2024
Key Ratio and Share Data – Group
January−March January−December
Amounts in SEK million 2024 2023 2023 2022
Key Ratio
Revenue* 32.1 26.4 134.4 118.7
Gross margin, % 70.1 69.7 73.3 73.1
Operating result 7.4 6.5 42.7 30.6
Operating margin, % 23.0 24.5 31.8 25.8
Result for the period* 6.2 6.3 42.1 33.1
Solidity, % 89.8 88.3 86.4 85.8
Shareholders' equity 118.9 118.2 113.6 111.9
Capital employed 118.9 118.2 113.6 111.9
Total assets 132.5 133.9 131.6 130.5
Return on shareholders' equity, % 5.3 5.5 37.3 29.4
Return on capital employed, % 5.3 5.5 37.3 29.4
Return on total assets, % 4.7 4.8 32.1 25.4
Employees
Number of employees at the end of the period 27 32 28 32
Data per Share
Earnings per share, SEK* 0.87 0.89 5.94 4.68
Dividend per share, SEK 0.00 0.00 5.50 5.00
Cashflow from operations per share, SEK 2.15 1.24 6.42 3.58
Share price at the end of the period, SEK 101.0 106.8 102.0 114.0
* According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).
Gross margin %
Gross results as percentage of revenue
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 17 =====
SinterCast Results:
First Quarter 2024
Income Statement – Parent Company
January−March January−December
Amounts in SEK million 2024 2023 2023 2022
Revenue 31.9 26.4 133.3 118.3
Cost of goods sold -10.0 -8.3 -38.4 -34.2
Gross result 21.9 18.1 94.9 84.1
Cost of sales and marketing -7.8 -8.5 -34.6 -31.4
Cost of administration -2.2 -2.2 -9.7 -10.2
Cost of research & development -2.1 -2.6 -12.5 -10.7
Other operating costs & income -4.1 0.3 1.3 -5.3
Operating result 5.7 5.0 39.4 26.4
Financial income 0.0 0.0 0.2 0.1
Financial costs -0.2 -0.1 -0.7 -0.2
Financial net -0.2 -0.1 -0.5 -0.1
Result before income tax 5.6 4.9 38.9 26.3
Income tax -1.1 0.0 -2.1 2.9
Result for the period 4.4 4.9 36.8 29.2
Earnings per share, SEK 0.62 0.69 5.20 4.12
Earnings per share, diluted, SEK 0.62 0.69 5.20 4.12
Number of shares at the close of the period, thousands 7,067.5 7,090.1 7,078.8 7,090.1
Average number of shares, thousands 7,067.8 7,090.1 7,088.9 7,090.1
Average number of shares, diluted 7,067.8 7,090.1 7,088.9 7,090.1
Statement of Result and Other Comprehensive Income – Parent Company
January−March January−December
Amounts in SEK million 2024 2023 2023 2022
Result for the period 4.4 4.9 36.8 29.2
Total comprehensive income for the period 4.4 4.9 36.8 29.2
===== SIDA 18 =====
SinterCast Results:
First Quarter 2024
Balance Sheet – Parent Company
31 Mar 31 Mar 31 Dec 31 Dec
Amounts in SEK million 2024 2023 2023 2022
ASSETS
Intangible assets 1.5 4.7 1.7 4.7
Tangible assets 6.5 5.2 6.8 3.0
Other long term receivables 2.2 2.3 2.2 2.3
Deferred tax asset 47.9 51.1 49.0 51.1
Total fixed assets 58.2 63.3 59.7 61.1
Inventory 13.4 15.9 13.9 16.3
Short-term receivables 33.1 34.2 43.2 38.2
Short term deposits and cash at bank and in hand 23.6 18.3 10.6 11.8
Total current assets 70.1 68.4 67.7 66.4
Total assets 128.3 131.7 127.4 127.5
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 96.5 101.5 93.3 96.6
Current liabilities 31.7 30.2 34.1 30.9
Total liabilities 31.7 30.2 34.1 30.9
Total shareholders' equity and liabilities 128.3 131.7 127.4 127.5
===== SIDA 19 =====
SinterCast Results:
First Quarter 2024
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 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 -
Capitalised development costs - - 0.5 - -0.5 - -
Depreciation, development costs - - -0.4 - 0.4 - -
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
Opening balance 1 January 2024 7.1 9.5 1.1 35.3 3.3 36.8 93.3
Appropriation of last year's result - - - - 36.8 -36.8 -
Capitalised development costs - - - - - - -
Depreciation, development costs - - -0.1 - 0.1 - -
Total comprehensive income - - - - - 4.4 4.4
Repurchase own shares - - - - -1.2 - -1.2
Closing balance 31 March 2024 7.1 9.5 1.0 35.3 39.1 4.4 96.5