Kvartalsrapport Q3 2023

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===== SIDA 1 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Record Series Production in August and September 
provides positive outlook for strong finish to 2023 
 
 
Third Quarter 2023 
• Revenue for Period: SEK 40.3 million (SEK 29.8 million), up 35% year-on-year.  Recurring revenue from 
Engine Equivalents increased by 37% to SEK 37.3 million (SEK 29.2 million) 
• Operating Result: SEK 14.3 million (SEK 11.1 million), up 29%, yielding 35.5% Operating Margin after non-
recurring costs of SEK 2.4 million  
• Earnings per Share: SEK 2.00 per share (SEK 1.55 per share), up 29% 
• Cashflow from Operations: SEK 12.2 million (SEK 10.7 million), up 14% 
• All-time high of 4.5 million annualised Engine Equivalents in September 
• Record production of 4.2 million annualised Engine Equivalents in third quarter provides tenth consecutive 
quarter of year-on-year production increase 
 
Year-to-Date 2023 
• Revenue for Period: SEK 98.5 million (SEK 85.8 million), up 15% year-on-year, benefitting from 7.5% year-
on-year production increase, strong consumables sales and favourable exchange rates 
• Operating Result: SEK 27.1 million (SEK 22.6 million), up 20% 
• Earnings per Share: SEK 3.76 per share (SEK 3.57 per share), up 5% 
• Cashflow from Operations: SEK 34.7 million (SEK 13.3 million), up 161% following improved payment 
terms at major customer 
• Dividend Payments: Second installment of SEK 2.75 per share to be paid on 15 November with record date 
of 10 November 
• Installed Base: 56 (57) installations, (25 (25) fully automated systems, 24 (25) mini-systems and seven 
(seven) tracking systems) in 13 (13) countries 
 
Key Facts and Figures 
 July−September  January−September January−December 
AMOUNTS IN SEK MILLION, unless otherwise stated  2023 2022 %    2023 2022  2022 2021 
Annualised Engine Equivalents, millions  4.2 3.6 17%  3.7 3.5  3.5 3.1 
Recurring revenue* 37.3 29.2 27%  93.7 83.3  113.4 97.4 
Revenue** 40.3 29.8 35%  98.5 85.8  118.7 107.4 
Gross margin, % 76.4 77.9 -2%  74.2 74.8  73.1 70.9 
Operating result 14.3 11.1 29%  27.1 22.6  30.6 29.5 
Operating margin, % 35.5 37.2 -5%  27.5 26.3  25.8 27.4 
Earnings per share, SEK** 2.00 1.55 29%  3.76 3.57  4.68 4.64 
Dividend per share, SEK - -   2.75 2.50  5.00 4.00 
* 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).  
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. 
Definition of key ratios can be found after "Key Ratio and Share Data -  Group" in this Report.

===== SIDA 2 =====

SinterCast Results: 
Third Quarter 2023 
 
 
CEO Message 
 
Strong Production, Strong Outlook  
Reflecting on our journey over the last thirty years, the third quarter stands out as a highlight.  After celebrating our 
achievement of the four million Engine Equivalent milestone in June, the third quarter started strong with our highest 
July on record.  The momentum continued to increase, with consecutive monthly records of 4.3 million annualised 
Engine Equivalents in August and 4.5 million in September.  Ultimately, annualised production for the third quarter 
finished at 4.2 million Engine Equivalents, providing a new quarterly record, 17% year-on-year growth and marking 
our tenth consecutive quarter of year-on-year growth.   
 
The recent strong production also boosts the full -year outlook.  At the three-quarter point, year -on-year series 
production is up 7.5% and, with two months left in the year, the current production provides the opportunity to post 
yet another year of double-digit series production growth. 
 
Consumable shipments were also strong during the third quarter, up 40% compared to the year -ago quarter.  
Initially, year-on-year consumable shipments were down 32% at the end of the first quarter, as key customers 
reduced stock levels following the post-Covid normalisation of supply chains.  However, the recent strong demand 
has pulled the year-to-date volume 2% ahead of 2022.  In total 145,600 Sampling Cups have been shipped year -
to-date, with 63,000 units accounted for in the third quarter.   
 
Together, the increases in series production and consumables sales, combined with favourable exchange rates, 
resulted in a 35% quarterly increase in year -on-year revenue and a 15% increase in year -to-date revenue. The 
strong growth in series production and consumables sales also resulted in a 27% increase in year-on-year recurring 
revenue to SEK 37.3 million.  The increase in recurring revenue, paired with a stable gross margin of 76.5% for the 
quarter, exemplifies the soundness of our business, with growing volume and steadily increasing profits.  Operating 
margin for the quarter finished at 35.5%, well above our current target of 30% and setting a marker toward our long-
term goal of 40%. 
 
Together, the increases in series production and consumables sales, combined with favourable 
exchange rates, resulted in a 35% increase in year -on-year revenue and a 15% increase in year -
to-date revenue. 
 
Production was strong on all fronts in September, with increased volume for the new Traton Group commercial 
vehicle engine and no impact from the UAW strike against the Detroit 3 automakers (Ford, GM and Stellantis) that 
began in North America on 14 September.   
 
At the outset of the strike, SinterCast had potential exposure with three high volume engine programmes at Ford 
and one high volume programme at Stellantis.  The strike against Ford was resolved on 26 October, with no 
interruption of SinterCast volume.  The strike against Stellantis was resolved on 28 October, also with no interruption 
of the SinterCast volume. The negotiated terms at both Ford and Stellantis are currently being voted upon by the 
UAW members.  The result of the ratification votes is expected to be known during mid-November.  The strikes at 
Ford and Stellantis focussed on vehicle assembly plants while the SinterCast engine production is conducted at 
separate facilities that were not affected by the strike.

===== SIDA 3 =====

SinterCast Results: 
Third Quarter 2023 
 
 
 
With record production in August and September, series production for the third quarter finished at 4.2 million Engine Equivalents, 
providing a new all-time high and ten consecutive quarters of year-on-year growth. 
 
During the quarter, in-house activities intensified to strengthen the supply base to support the future market growth.  
The activities are related to the ordering of tooling for the production of the patented Sampling Cup, including new 
tooling at the current sole supplier in Sweden after 24 years of continuous production, and the ongoing development 
of a second source for Sampling Cup production in Slovakia. To date, the total capital investments for these 
proactive expansions amounts to approximately SEK 3.7 million, of which SEK 1.7 million was allocated to the third 
quarter.  These activities are expected to be completed before year-end, assuring the long-term security of supply.  
 
Upturn in Installation Activities  
The initial commissioning of the System 4000 CGI installation at the Dongfeng Auto foundry in China during 
September provided SEK 2.5 million in installation revenue, increasing the year-to-date installation revenue to SEK 
3.9 million.  As a greenfield foundry, the initial commissioning was done during the construction phase and the final 
commissioning and training will be completed during early -2024 when the foundry becomes operational.  The 
current installation opportunities also include an ongoing extended trial of a CGI mini-system for the industrial power 
sector that has the potential to result in a system sale before year -end.  Despite lower than normal installation 
revenue in 2022 and 2023, it is expected that the current opportunities will enable the average installation revenue 
during the 2024 to 2025 period to return to the historical level of approximately SEK 8 million per year. 
 
Climate Contribution 
The third quarter volume corresponds to the production of approximately 300,000 vehicles, of which more than 95% 
are commercial vehicles, pick-up trucks and off-road equipment.  Throughout their service lives, these fuel-efficient 
vehicles will contribute to the cumulative saving of more than three million tonnes of CO2.  At the three-quarter point, 
we forecast that our total CO2 contribution for full-year 2023 will be more than nine million tonnes. This will increase 
our cumulative savings to approximately 59 million tonnes, bringing us another step closer to our five-year target of 
saving 100 million tonnes of CO
2. In perspective, Tesla reported combined CO2 saving from its global fleet of cars, 
energy storage systems and solar panels of 13.4 million tonnes in 2022.  
 
The third quarter volume corresponds to the production of approximately 300,000 vehicles, of which 
more than 95% are commercial vehicles, pick-up trucks and off-road equipment.  Throughout their 
service lives, these fuel-efficient vehicles will contribute to the cumulative saving of more than three 
million tonnes of CO2.

===== SIDA 4 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Succession Plan Announced 
On 20 September, SinterCast announced the recruitment of Dr Vítor Anjos.  A Portuguese citizen born in 1982, Dr 
Anjos has considerable experience in the international foundry and automotive industries and is a specialist in the 
core SinterCast fields of cast iron thermal analysis and process control.  He will join the company on 1 January in 
the capacity of Operations Director and as a member of the executive management team.  The recruitment provides 
an in-house succession path for the current CEO, planned for the 2026 Annual General Meeting. 
  
 
 
 
 
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 56 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 5 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Financial Summary 
Revenue 
The revenue for the SinterCast Group relates primarily to income from series production, equipment, and 
engineering service. 
  
Revenue Breakdown   July−September January−September   
(Amounts in SEK million)    2023 2022  2023 2022   
Recurring revenue from series production1    37.3 29.2  93.7 83.3   
Equipment2    2.9 0.3  3.9 1.3   
Engineering service3    0.2 0.3  0.9 1.2   
Total    40.3 29.8  98.5 85.8   
           
Number of Sampling Cups shipped    63,000 45,100  145,600 142,400   
           
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 July−September 2023 revenue increased by 35% to SEK 40.3 million (SEK 29.8 million) . Recurring revenue 
from series production increased by 27% and amounted to SEK 37.3 million (SEK 29.2 million), following annualised 
series production of 4.2 million (3.6 million) Engine Equivalents and shipment of 63,000 (45,100) Sampling Cups, 
combined with favourable exchange rates . Equipment revenue amounted to SEK 2.9 million (SEK 0.3 million), 
following the initial commissioning of a SinterCast System 4000 at the new Dongfeng Auto (DFAC) foundry in China. 
Engineering Service amounted to SEK 0.2 million (SEK 0.3 million). Exchange d ifferences had a positive effect of 
SEK 1.4 million (4%) on revenue during the period. 
 
The January−September 2023 revenue increased by 15% to SEK 98.5 million (SEK 85.8 million). Recurring 
revenue from series production increased by 12% and amounted to SEK 93.7 million (SEK 83.3 million) following 
annualised series production of 3.7  million (3.5 million) Engine Equivalents and shipment of 145,600 (142,400) 
Sampling Cups, combined with favourable exchange rates. Equipment revenue amounted to SEK 3.9 million (SEK 
1.3 million). Engineering Service amounted to SEK 0.9  million (SEK 1.2  million). Exchange differences had a 
positive effect of SEK 5.6 million (6%) 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 July−September January−September 
(Amounts in SEK million if not otherwise stated)  2023 2022  2023 2022 
Gross margin, %  76.4 77.9  74.2 74.8 
Operating result  14.3 11.1  27.1 22.6 
Operating margin, %  35.5 37.2  27.5 26.3 
Result for the period after tax  14.2 11.0  26.6 25.3 
Earnings per share (SEK)  2.00 1.55  3.76 3.57

===== SIDA 6 =====

SinterCast Results: 
Third Quarter 2023 
 
 
 
The July−September 2023 operating result increased by SEK 3.2 million to SEK 14.3 million (SEK 11.1 million). 
The gross result increased by SEK 7.6 million primarily due to increased revenue and a 1.5% decrease in gross 
margin percentage to 76.4% due to increased expenses related to procurement and engineering service. Operating 
costs increased by SEK 2.7 million primarily related to impairment costs in capitalised development (SEK 2.0 million) 
and severance payments (SEK 0.4 million), both linked to the decision to withdraw from the active development of 
Tracking Technologies.  Other operating costs and income combined decreased by SEK 1 .7 million due to 
movements in foreign currencies as revaluation gains in 3Q 2022 reverted into losses in 3Q 2023. The result for 
the period after tax in creased by SEK 3.2 million to SEK 14.2 million (SEK 11.0 million), primarily due to the SEK 
3.2 million increase in operating result. 
  
The January−September 2023 operating result increased by SEK 4.5 million to SEK 27.1 million (SEK 22.6 
million), due to the combined effect of a SEK 8.8 million increase in gross margin, SEK 5.9 million increase in 
operating costs and decreased other operating cost and income of SEK 1.6 million. The increase in operating costs 
is related to personnel increases to secure the transition for two employees who retired  during first half of 2023, 
costs related to the GIFA world foundry trade fair, held every four years and impairment costs in capitalised 
development and severance payments related to Tracking Technologies. The result for the period after tax 
increased by SEK 1.3 million to SEK 26.6 million (SEK 25.3 million), primarily due to the SEK 4.5 million increase 
in operating result and lower tax income of SEK 3.1 million following the revaluation of the deferred tax asset in 
2022. 
  
Cashflow, Liquidity and Investments 
The January−September 2023 cashflow from operations increased by SEK 21.4 million, compared to the same 
period last year, due to increased cashflow before working capital of SEK 5.8 million and a SEK 1 5.7 million 
decrease in working capital. The working capital decrease is primarily due to a SEK 11.9 million decrease in 
customer receivables following reduced payment terms with a major customer from 90 days in 2022 to 60 days in 
2023 and improved cashflow of SEK 5.9 million from inventory. Total investments amounted to SEK 5.1 million 
(SEK 2.0 million). Following the dividend payment of SEK 19.5 million, total cashflow amounted to SEK 8.9 million 
(SEK -7.6 million). Liquidity on 30 September 2023 was SEK 23.2 million (SEK 20.0 million). 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 35.7 million. 
 
Cashflow Summary January−September ∆ 
(Amounts in SEK million if not otherwise stated) 2023 2022 2023 vs 2022 
Cashflow from operations, before change in working capital 32.4 26.6 5.8 
Change in working capital 2.4 -13.3 15.7 
Cashflow from operations 34.7 13.3 21.4 
Cashflow from investing activities -5.1 -2.0 -3.1 
Cashflow from financing activities -20.7 -18.9 -1.8 
Cashflow total 8.9 -7.6 16.5 
Liquidity, opening balance 14.2 27.5   
Liquidity  23.2 20.0

===== SIDA 7 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Income Tax and Deferred Tax Asset  
Tax Income for the January−September 2023 period amounted to SEK -0.1  million (SEK 3.0  million). The 
estimated future taxable profit and deferred tax asset calculation is reassessed every quarter. As of 30 September 
2023, SEK 248.0 million (SEK 248.0 million) of the SinterCast total carried-forward tax losses are the basis of the 
updated calculation, resulting in SEK 51.1 million (SEK 51.1 million) being capitalised as a deferred tax asset. The 
deferred tax asset calculation is based on historical ten-year average currency rates.  Following the strong recent 
results, the historical carried-forward tax losses of SinterCast AB were fully utilised during the quarter. SinterCast 
will start to account for income tax in 4Q 2023. 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.   
 
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 legislation, the individual sales success of vehicles equipped with SinterCast -CGI 
components, and the possibility that the volume of existing programmes may decrease or prematurely come to end-
of-life. 
 
The increasing geopolitical instability, together with material shortages, energy costs, inflation, interest rate and 
economic uncertainties, 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 Si nterCast and its end-user industries include the ratification of the 
UAW strikes in the US, 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 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 30 September 2023, the Group had 29 (32) employees, 7 (7) of 
whom are female. Personnel increases were previously made to secure the transition for two employees who retired 
during the second quarter of 2023. Further reductions in headcount and operating costs have been activated during 
the second half of the year. 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.

===== SIDA 8 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Parent Company 
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its registered office located in Stockholm, 
Sweden. On 30 September 2023, the Parent Company had 24 (26) employees. The average number of employees 
during the period was 25 (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 trans actions 
between the Parent Company and its subsidiaries. 
 
Outlook Guidance: 
Over the past five months, from May through September, the average annualised series production was 4.1 million 
Engine Equivalents, clearly establishing four million as the new normal. More recently, annualised series production 
in August and September was 4.3 and 4.5 million Engine Equivalents respectively. The strong production in August 
and September provide the opportunity to post full -year double-digit growth.  The recent production has benefited 
from the continued ramp of the new 13 litre cylinder block and head for the  Traton Group, encompassing Scania, 
MAN, Navistar and Volkswagen Truck & Bus.  The mature volume of the Traton programme is expected to provide 
approximately one million Engine Equivalents per year, with the current production accounting for less than half  of 
the mature potential.  Despite the positive market development, one of our high volume programmes will reach its 
end-of-life stage during the second half of 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.  The current outlook calls for continued growth 
through 2030, with high volume production well beyond 2035. Following the strong recent results, it is now 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 (16 August 2023) 
The four million milestone has been achieved and we now set our sights on reaching the five million milestone 
toward the end of 2025.  In perspective, from the start of our series production in 1999, it took 11 years to reach the 
one million milestone, five years to reach two million, and four years for each of the three million and four million 
steps.  With the planned acceleration in our production, we expect to achieve the next one million step in less than 
2.5 years. Despite the positive growth outlook, it is now expected that one of our high volume programmes will 
reach its end-of-life stage during the second half of 2024.  The expected conclusion of this programme will result in 
a temporary decrease in volume and a consequent delay with respect to our previous target to reach the five million 
milestone in 2024. Despite the temporary decrease, the production stop does not change our abili ty to reach the 
five million Engine Equivalent milestone or our ambition to reach the seven million Engine Equivalent target, 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 2024 to 2025 period to return the historical level of approximately SEK 8 million per 
year. 
  
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.

===== SIDA 9 =====

SinterCast Results: 
Third Quarter 2023 
 
 
 
The following analysts are covering SinterCast: 
Henric Hintze at ABG Sundal Collier, henric.hintze@abgsc.se, +46 8 566 294 89   
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 
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 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 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 following press releases were issued during the period: 
 
5 July 2023 – SinterCast breaks four million Engine Equivalent milestone 
16 August 2023 – SinterCast Results April-June 2023 
5 September 2023 – SinterCast sets all-time production high in August 
18 September 2023 – SinterCast announces financial targets and long-term growth outlook 
20 September 2023 – SinterCast appoints new Operations Director 
21 September 2023 – The members of the Nomination Committee for the SinterCast Annual General Meeting 2024 
have been appointed 
26 September 2023 – SinterCast commissions CGI installation at new Dongfeng foundry in China

===== SIDA 10 =====

SinterCast Results: 
Third Quarter 2023 
 
 
There have been no significant events since the balance sheet date of 30 September 2023 that could materially 
change these financial statements. The following press releases were issued after the balance sheet date: 
 
10 October 2023 – SinterCast sets all-time production high in September and for the third quarter 
 
Dividend and Dividend Policy  
The Annual General Meeting (AGM) of the shareholders decided on 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. The 
dividend will be distributed in two equal payments of SEK 2.75 per share, with the record date 19 May 2023 for the 
first payment and the record date 10 November 2023 for the second payment. 
 
The Board’s intention is to continue to provide an ordinary dividend to the shareholders, based primarily on the 
cashflow from operations. In the event that the Board considers that the liquidity exceeds the amount needed to 
support the operational requirements and strategic objectives, the Board has the option to propose an extraordinary 
dividend or a share buy -back to further adjust the liquidity. The first dividend was distributed in May 2011 for the 
financial year 2010 and an increasing ordinary dividend has been distributed since then. Since 2019, the dividend 
has been distributed in two equal instalments. Considering the dividend approved at the AGM 2023, SinterCast will 
have distributed SEK 282.4 million to its shareholders, representing 111% of the operating result over the same 
period. 
 
 
 
 
Annual General Meeting 
The next Annual General Meeting of SinterCast AB (publ) will be held on Tuesday 21 May 2024, at 15:00 at IVA, 
Stockholm. 
 
Shareholders wishing to have a matter considered at the Annual General Meeting should provide written 
submissions to the Board of Directors at agm.registration@sintercast.com or: SinterCast AB (publ), Kungsgatan 2, 
641 30 Katrineholm, Sweden, at least seven weeks prior to the Annual General Meeting for the proposal to be

===== SIDA 11 =====

SinterCast Results: 
Third Quarter 2023 
 
 
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.  
 
Nomination Committee 
The Nomination Committee has been appointed based on the ownership structure as of 31 August 2023.  Ulf 
Stenbeck is the Chairman of the committee.  The other members of the committee are Einar Ahlström, Torbjörn 
Gustafsson and David Walton, fund manager at Canaccord Genuity Wealth Management.  The committee also 
includes Robert Dover, Chairman of the Board of SinterCast, as an adjunct member, with no voting rights.  
Shareholders who wish to submit  proposals to the Nomination Committee may send an e- mail to:  
nomination.committee@sintercast.com.   
 
 
Information 
Interim Reports Publication Date 
October–December 2023 and Full Year Results 2023 08:00 CET on 28 February 2024 
January–March 2024 08:00 CET on 24 April 2024 
April–June 2024 08:00 CET on 21 August 2024 
July–September 2024 08:00 CET on 6 November 2024 
 
This report has been reviewed by the company’s Auditors. 
  
 
Stockholm 8 November 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 8 November 2023.

===== SIDA 12 =====

Translation from the Swedish original 
 
 
Review report 
To the Board of Directors of SinterCast AB (publ.) 
Corp. id. 556233-6494 
Introduction 
We have reviewed the condensed interim financial information (interim report) of SinterCast AB (publ.) as of 30 
September 2023 and the nine-month period then ended. The Board of Directors and the Managing Director are 
responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual 
Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.  
Scope of review 
We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of 
Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information 
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying 
analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance 
with International Standards on Auditing and other generally accepted auditing practices and consequently does not 
enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. 
Accordingly, we do not express an audit opinion. 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, 
in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent 
Company in accordance with the Annual Accounts Act.  
 
Stockholm  8 November 2023 
  
KPMG AB  
  
  
  
Jonas Eriksson   
Authorized Public Accountant

===== SIDA 13 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Income Statement – Group 
 
 July−September January−September January−December 
Amounts in SEK million 2023 2022  2023 2022  2022 2021 
Revenue 40.3 29.8  98.5 85.8  118.7 107.4 
Cost of goods sold -9.5 -6.6  -25.4 -21.6  -31.9 -31.3 
Gross result 30.8 23.2  73.0 64.2  86.7 76.1 
         Cost of sales and marketing -8.3 -7.8  -25.8 -22.3  -31.4 -26.6 
Cost of administration -2.1 -2.2  -7.3 -6.9  -10.2 -9.6 
Cost of research & development -4.8 -2.5  -10.0 -8.0  -10.7 -11.8 
Other operating costs & income -1.3 0.4  -2.9 -4.4  -3.8 1.3 
Operating result 14.3 11.1  27.1 22.6  30.6 29.5 
         Financial income 0.0 0.0  0.0 0.0  0.1 0.0 
Financial costs -0.1 -0.1  -0.3 -0.3  -0.4 -0.5 
Financial net -0.1 -0.1  -0.3 -0.3  -0.3 -0.5 
Result before income tax 14.2 11.0  26.8 22.3  30.3 29.0 
         Income tax 0.0 0.0  -0.1 3.0  2.9 3.9 
Result for the period 14.2 11.0  26.6 25.3  33.1 32.9 
         Result attributable to:         
Equity holder of the parent company 14.2 11.0  26.6 25.3  33.148 32.9 
Non-controlling interests - -  - -  - - 
         Earnings per share, SEK 2.00 1.55  3.76 3.57  4.68 4.64 
Earnings per share, diluted, SEK 2.00 1.55  3.76 3.57  4.68 4.64 
Number of shares at the close of the period, thousands 7090.1 7090.1  7,090.1 7090.1  7090.1 7090.1 
Average number of shares, thousands 7090.1 7090.1  7,090.1 7090.1  7090.1 7090.1 
Average number of shares, diluted 7090.1 7090.1  7,090.1 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 
 
 July−September January−September January−December 
Amounts in SEK million 2023 2022  2023 2022  2022 2021 
Result for the period 14.2 11.0  26.6 25.3  33.1 32.9 
         Other comprehensive income         
Items may be reclassified to the income statement         
Translation differences, foreign subsidiaries -0.2 0.1  -0.2 0.2  0.2 0.2 
Other comprehensive income, net of tax -0.2 0.1  -0.2 0.2  0.2 0.2 
Total comprehensive income for the period 14.0 11.1  26.4 25.5  33.3 33.2 
Total comprehensive income attributable to:         
Shareholder of the parent company 14.0 11.1  26.4 25.5  33.3 33.2 
Non-controlling interests - -  - -  - -

===== SIDA 14 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Balance Sheet – Group 
 
 30 Sep 30 Sep  30 Jun 30 Jun  31 Dec 31 Dec 
Amounts in SEK million 2023 2022  2023 2022  2022 2021 
ASSETS         
Intangible assets 1.9 5.6  4.3 5.6  4.7 5.9 
Tangible assets* 8.7 6.1  7.4 6.2  5.8 6.4 
Other long term receivables 0.4 0.6  0.7 0.6  0.7 4.5 
Deferred tax asset 51.1 51.1  51.1 51.1  51.1 48.1 
Total fixed assets 62.1 63.4  63.5 63.5  62.2 64.9 
         
Inventory 15.6 15.3  18.2 14.2  16.7 10.4 
Short-term receivables 35.4 41.5  27.7 42.1  37.4 28.7 
Short term deposits and cash at bank and in hand 23.2 20.0  13.5 10.0  14.2 27.5 
Total current assets 74.3 76.7  59.4 66.2  68.3 66.6 
Total assets 136.3 140.1  122.9 129.8  130.5 131.5 
         
SHAREHOLDERS' EQUITY AND LIABILITIES         
         
Shareholders' equity 99.7 121.6  85.4 110.5  111.9 113.8 
         
Long term liabilities* 0.8 1.8  0.9 1.8  1.5 2.4 
Current liabilities* 35.9 16.8  36.5 17.5  17.1 15.3 
Total liabilities 36.7 18.6  37.4 19.3  18.5 17.7 
Total shareholders' equity and liabilities 136.3 140.1  122.9 129.8  130.5 131.5 
* Includes right of use assets (SEK 2.1 million) , long term lease liability (SEK 0.8 million) and short term lease liabiliti es (SEK 1.4 million)

===== SIDA 15 =====

SinterCast Results: 
Third 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  - - - 25.3 25.3 
Other comprehensive income  - - 0.2 - 0.2 
Total comprehensive income  - - 0.2 25.3 25.5 
Dividend  - - - -17.7 -17.7 
Closing balance 30 September 2022  7.1 44.9 1.7 68.0 121.6 
       
Opening balance 1 January 2023  7.1 44.9 1.6 58.4 111.9 
Other  - - - 0.3 0.3 
Total comprehensive income       
Result for the period  - - - 26.6 26.6 
Other comprehensive income  - - -0.2  -0.2 
Total comprehensive income  - - -0.2 26.6 26.4 
Dividend  - - - -39.0 -39.0 
Closing balance 30 September 2023  7.1 44.9 1.4 46.3 99.7

===== SIDA 16 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Cashflow Statement – Group 
 
 July−September January−September January−December 
Amounts in SEK million 2023 2022  2023 2022  2022 2021 
Operating activities         
Operating result 14.3 11.1  27.1 22.6  30.6 29.5 
Adjustments for items not included in the cash flow         
    Depreciation 3.6 1.1  5.5 3.2  4.3 3.8 
    Other -0.2 0.0  0.0 0.0  0.2 -0.5 
    Unrealised exchange rate differences  0.4 0.6  0.3 1.1  0.9 -0.3 
Received interest 0.0 0.0  0.0 0.0  0.1 0.0 
Paid interest  -0.1 -0.1  -0.3 -0.3  -0.4 -0.5 
Paid income tax 0.0 0.0  -0.1 0.0  -0.1 -3.1 
Total cashflow from operating activities  18.0 12.7  32.4 26.6  35.6 28.9 
before change in working capital         
         
Change in working capital         
Inventory 2.6 -1.1  1.0 -4.9  -6.2 -1.0 
Operating receivables -7.8 -0.2  2.0 -9.9  -5.7 1.8 
Operating liabilities -0.6 -0.7  -0.7 1.5  1.8 0.1 
Total change in working capital -5.8 -2.0  2.4 -13.3  -10.2 0.9 
         
Cashflow from operations 12.2 10.7  34.7 13.3  25.4 29.8 
         
Investing activities         
Acquisition of intangible assets 0.0 -0.4  -0.5 -1.0  -0.6 -1.9 
Acquisition of tangible assets -1.7 0.0  -4.6 -1.0  -1.1 -0.8 
Cashflow from investing activities -1.7 -0.4  -5.1 -2.0  -1.7 -2.7 
         
Financing activities         
Payment lease liability -0.8 -0.3  -1.2 -1.2  -1.6 -0.7 
Dividend 0.0 0.0  -19.5 -17.7  -35.5 -28.4 
Cashflow from financing activities -0.8 -0.3  -20.7 -18.9  -37.1 -29.1 
         
Exchange rate differences in cash and cash equivalents 0.0 0.0  0.0 0.0  0.0 0.1 
Cashflow for the period 9.7 10.0  8.9 -7.6  -13.3 -1.9 
Cash - opening balance 13.5 10.0  14.2 27.5  27.5 26.3 
Cash - closing balance* 23.2 20.0  23.2 20.0  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 17 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Key Ratio and Share Data – Group 
 
 July−September January−September January−December 
Amounts in SEK million 2023 2022  2023 2022  2022 2021 
Key Ratio         
Revenue* 40.3 29.8  98.5 85.8  118.7 107.4 
Gross margin, % 76.4 77.9  74.2 74.8  73.1 70.9 
Operating result 14.3 11.1  27.1 22.6  30.6 29.5 
Operating margin, % 35.5 37.2  27.5 26.3  25.8 27.4 
Result for the period* 14.2 11.0  26.6 25.3  33.1 32.9 
Solidity, % 73.1 86.8  73.1 86.8  85.8 86.6 
Shareholders' equity 99.7 121.6  99.7 121.6  111.9 113.8 
Capital employed 99.7 121.6  99.7 121.6  111.9 113.8 
Total assets 136.3 140.1  136.3 140.1  130.5 131.5 
Return on shareholders' equity, % 12.8 9.5  25.2 21.5  29.4 29.6 
Return on capital employed, % 12.8 9.5  25.2 21.5  29.4 29.6 
Return on total assets, % 10.3 8.1  20.0 18.6  25.3 25.4 
Employees         
Number of employees at the end of the period 29 32  29 32  32 30 
Data per Share         
Earnings per share, SEK* 2.00 1.55  3.76 3.57  4.68 4.64 
Dividend per share, SEK - -  2.75 2.50  5.00 4.00 
Share price at the end of the period, SEK 100.0 111.8  100.0 111.8  114.0 140.8 
         
* 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 18 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Income Statement – Parent Company 
 
 July−September January−September January−December 
Amounts in SEK million  2023 2022  2023 2022  2022 2021 
Revenue  39.5 29.8  97.3 85.4  118.3 106.7 
Cost of goods sold  -9.9 -6.2  -27.0 -21.5  -34.2 -32.5 
Gross result  29.6 23.6  70.3 63.9  84.1 74.2 
          
Cost of sales and marketing  -7.4 -7.3  -25.8 -22.2  -31.4 -26.6 
Cost of administration  -2.2 -2.2  -7.2 -6.9  -10.2 -9.6 
Cost of research & development  -4.8 -2.5  -10.0 -8.0  -10.7 -11.8 
Other operating costs & income  -1.1 -1.8  -3.6 -7.8  -5.3 0.5 
Operating result  14.0 9.8  23.7 19.1  26.4 26.7 
          
Financial income  0.0 0.0  0.0 0.0  0.1 0.1 
Financial costs  -0.2 0.0  -0.5 -0.1  -0.2 -0.1 
Financial net  -0.2 0.0  -0.5 0.0  -0.1 0.0 
Result before income tax  13.8 9.8  23.2 19.0  26.3 26.6 
          
Income tax  0.0 0.0  0.0 3.0  2.9 4.0 
Result for the period  13.8 9.8  23.2 22.0  29.2 30.6 
          
Result attributable to:          
Equity holder of the parent company  13.8 9.8  23.2 22.0  29.2 30.6 
Non-controlling interests  - -  - -  - - 
          
Earnings per share, SEK  1.95 1.38  3.27 3.10  4.12 4.31 
Earnings per share, diluted, SEK  1.95 1.38  3.27 3.10  4.12 4.31 
Number of shares at the close of the period, thousands  7090.1 7090.1  7090.1 7090.1  7090.1 7090.1 
Average number of shares, thousands  7090.1 7090.1  7090.1 7090.1  7090.1 7090.1 
Average number of shares, diluted  7090.1 7090.1  7090.1 7090.1  7090.1 7090.1 
          
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 
 
 July−September January−September January−December 
Amounts in SEK million 2023 2022  2023 2022  2022 2021 
Result for the period 13.8 9.8  23.2 22.0  29.2 30.6 
         Total comprehensive income for the period 13.8 9.8  23.2 22.0  29.2 30.6

===== SIDA 19 =====

SinterCast Results: 
Third Quarter 2023 
 
 
Balance Sheet – Parent Company 
 30 Sep 30 Sep  30 Jun 30 Jun  31 Dec 31 Dec 
Amounts in SEK million 2023 2022  2023 2022  2022 2021 
         ASSETS         
Intangible assets 1.9 5.6  4.3 5.6  4.7 5.9 
Tangible assets 6.6 3.1  5.3 3.4  3.0 2.8 
Other long term receivables 2.2 2.3  2.3 2.3  2.3 6.1 
Deferred tax asset 51.1 51.1  51.1 51.1  51.1 48.1 
Total fixed assets 61.8 62.1  63.0 62.3  61.1 62.9 
         Inventory 15.4 15.0  17.9 14.0  16.3 10.3 
Short-term receivables 34.9 42.6  27.2 43.0  38.2 29.0 
Short term deposits and cash at bank and in hand 20.4 16.6  11.2 7.1  11.8 23.8 
Total current assets 70.6 74.2  56.3 64.1  66.4 63.0 
Total assets 132.4 136.3  119.3 126.4  127.5 126.0 
         SHAREHOLDERS' EQUITY AND LIABILITIES         
         Shareholders' equity 80.8 107.1  67.0 97.3  96.6 102.9 
         Current liabilities 51.6 29.2  52.3 29.1  30.9 23.1 
Total liabilities 51.6 29.2  52.3 29.1  30.9 23.1 
Total shareholders' equity and liabilities 132.4 136.3  119.3 126.4  127.5 126.0

===== SIDA 20 =====

SinterCast Results: 
Third 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 - - 1.1 - -1.1 - 0.0 
Depreciation, development costs - - -1.3 - 1.3 - 0.0 
Total comprehensive income - - - - - 22.0 22.0 
Dividend - - - - -17.7 - -17.7 
Closing balance 30 September 2022 7.1 9.5 4.8 35.3 28.4 22.0 107.1 
        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 - - -3.2 - 3.2 - 0.0 
Total comprehensive income - - - - - 23.2 23.2 
Dividend - - - - -39.0 - -39.0 
Closing balance 30 September 2023 7.1 9.5 1.2 35.3 4.4 23.2 80.8