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SinterCast Results October - December 2021

08:00 / 8 February 2022 SinterCast Press release

Continued double-digit growth outlook

Fourth Quarter 2021
· Revenue for Period: SEK 29.6 million (SEK 32.9 million)
· Operating Result: SEK 7.8 million (SEK 9.3 million)
· Earnings per Share: SEK 1.0 per share (SEK 1.3 per share)
· Cashflow from Operations: SEK 4.7 million (SEK 6.3 million)
· Highest December production on record, 25% above 2020 and 20% above 2019
· Highest fourth quarter Sampling Cup shipments, yields full-year record of 208,700
· Fourth quarter installation revenue exceeds first three quarters

2021 Year-to-Date
· Revenue for Period: SEK 107.4 million (SEK 95.4 million)
· Operating Result: SEK 31.5 million (SEK 21.7 million)
· Earnings per Share: SEK 4.6 per share (SEK 3.1 per share)
· Cashflow from Operations: SEK 33.4 million (SEK 22.1 million)
· Dividend: Proposed ordinary dividend of SEK 4.50 per share (SEK 4.00 per share) and extraordinary dividend of SEK 0.50 per share (SEK 0.00 per share), equivalent to SEK 35.5 million (SEK 28.4 million), to be paid in two equal instalments
· Installed Base: 55 (54) installations in 14 Countries(25 (24) fully automated systems, 24 (25) mini-systems and six (five) tracking systems)

Series Production*
Benefitting from the strongest December on record, annualised series production for the fourth quarter finished at 3.1 million Engine Equivalents, 19% higher than the fourth quarter of 2020 and equalling the previous record for a fourth quarter, set in 2019. Full-year series production amounted to 3.1 million Engine Equivalents, providing a 24% increase compared to 2020.

CEO Comments

Indicators align to reinforce double-digit growth outlook
Series production finished strong in December as many customers bypassed traditional year-end shutdowns to meet the market demand, providing the highest December on record.  December production amounted to 3.0 million Engine Equivalents; 25% higher than December 2020 and 20% higher than the pre-Covid high of 2.5 million Engine Equivalents set in December 2019.  Series production for the fourth quarter finished at 3.1 million Engine Equivalents, corresponding to a 19% increase over the fourth quarter of 2020 and equalling the previous record for a fourth quarter, set in 2019.  Sampling Cup volume also set a fourth quarter high, with 52,400 Sampling Cups shipped, providing a full-year record of 208,700 Sampling Cups, 6% higher than the previous record established in 2018.
Full-year series production amounted to 3.1 million Engine Equivalents, corresponding to an increase of 24% compared to 2020.  However, the 2021 volume was 6% below the full-year pre-Covid volume of 3.3 million Engine Equivalents set in 2019.  Based on industry data and customer feedback, we estimate that semiconductor shortages and other supply chain challenges affected the 2021 full year volume by approximately 10%.  Looking forward, the combination of pent-up market demand, recovering supply chains, strong Sampling Cup orders, the pending start of commercial vehicle production at Scania and First Automobile Works, and additional CGI programmes coming on stream all align to reinforce our double-digit growth outlook, providing the opportunity to break the monthly four million milestone in 2022 and the ambition to reach the five million milestone in 2024.
Strong finish for installations
Following a difficult start to the year for international travel and customer visitation, installation activity intensified during the fourth quarter with the commissioning of a System 4000 at the new Impro foundry in Mexico, and a Ladle Tracker installation at the Hyundai foundry in Korea.  Two new functionality upgrades were also implemented at existing customer installations.  The fourth quarter progress boosted the installation revenue from SEK 4.2 million at the end of the third quarter to SEK 8.5 million by year-end, surpassing the ten-year historical average of SEK 8.3 million.  Together, the strong fourth quarter results for series production, Sampling Cup shipments and installations resulted in full-year revenue of SEK 107.4 million, providing a 13% increase over 2020.  In perspective, the 2020 revenue benefitted from record installation revenue of SEK 16.6 million, with SEK 9.8 million coming in the fourth quarter.  The high installation revenue in 4Q20 caused year-on-year revenue to decrease by 10%, despite the improvements in series production and consumables.  Excluding installations, the fourth quarter revenue was 9% higher while the full-year revenue was 25% higher than 2020.
Installation discussions are ongoing for CGI process control systems, capacity upgrades, and Tracking Technologies installations.  In addition to these current installation opportunities, SinterCast is also investigating the development of other unique technologies – within and beyond the scope of thermal analysis – to improve quality and production efficiency in the metals industry, and to broaden our product portfolio and our production base.

For further information please contact:
Dr. Steve Dawson
President & CEO
SinterCast AB (publ)
Office: +46 150 794 40
Mobile: +44 771 002 6342
CIN: 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 February 2022. 

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 55 installations in 14 countries, SinterCast is a publicly traded company, quoted on the Small Cap segment of the Nasdaq Stockholm stock exchange (SINT). For more information:

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This information was distributed by MFN