SinterCast Results January-March 2014

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| Source: SinterCast AB
     Record quarterly series production of 1.70 million Engine Equivalents


First Quarter 2014
  * Revenue for Period: SEK 14.6 million (SEK 11.7 million)
  * Operating Result: SEK 2.9 million (SEK 1.5 million)
  * Earnings per Share: SEK 0.45 per share (SEK 0.33 per share)
  * Cashflow from Operations: SEK -2.1 million (SEK 0.2 million)
  * New System 3000 Plus installation shipped to world's first purpose-built CGI
    foundry, in China
  * 100% year-on-year Engine Equivalent growth for commercial vehicles
  * Ram diesel pick-up enjoys strong start of sales in North America
  * Installed Base: 23 fully automated systems and 16 mini-systems in Europe,
    Asia and the Americas



Series Production*

See PDF for graph

Series production increased 30% year-on-year, with the first quarter of 2014
providing a new quarterly record of 1.70 million Engine Equivalents. The outlook
for series production remains positive as commercial vehicle and pick-up volumes
continue to grow.

* Annualised average production of Engine Equivalents during the quarter (1
Engine Equivalent = 50 kg)


CEO Comments

Commercial vehicles and pick-ups lead the increase in series production
Annualised series production during the quarter increased to 1.70 million Engine
Equivalents, providing a new quarterly record and 30% growth compared to the
first quarter of 2013.  Production in March totalled 1.75 million Engine
Equivalents, SinterCast's second highest month ever.

The  increase in series  production was primarily  driven by a 100% year-on-year
increase  in commercial vehicle volume, benefitting from new engine launches and
the  introduction  of  Euro  6 emissions  legislation  on  1 January  2014.  All
commercial vehicles produced for sale in Western Europe must now comply with the
Euro  6 standard.   Series  production  also  benefitted  from increased pick-up
volume  in North  America, with  the Ram  1500 becoming the  second best-selling
vehicle  in North America during March 2014, due  in part to the start of diesel
sales  in February.  The three best-selling vehicles in North America throughout
the  first quarter were all pick-ups.  SinterCast's links to the important pick-
up  sector were  further reinforced  during the  first quarter, following Ford's
introduction  of the first-ever high volume CGI petrol engine.  Announced at the
North  American International Auto  Show on 13 January,  the 2.7 litre V6 petrol
engine  will be  available later  this year  in the  Ford F150.  Nissan has also
announced  the introduction  of a  SinterCast-CGI V8  diesel engine  in the next
generation  Titan, which  has been  confirmed for  launch at  the North American
International Auto Show in January 2015.  This progress provides SinterCast with
a  presence  in  three  of  the  five  full-size pick-up entries, in a market of
approximately two million vehicles per year.

The first quarter also marked the start of series production of industrial power
components  at the Tupy foundry in Brazil, with the production of a CGI cylinder
head  for an upgrade of  the MTU Series 2000 engine.   The use of SinterCast-CGI
was  specified  to  enable  increased  power  while  ensuring  durability in the
demanding duty cycles experienced by marine, mining, construction and stationary
power  generating applications.   The  MTU cylinder head  establishes CGI series
production  at Tupy across the complete spectrum of passenger vehicle petrol and
diesel  cylinder  blocks,  commercial  vehicle  cylinder  blocks  and heads, and
industrial power engine components. The entry into industrial power applications
is a part of Tupy's announced strategy to increase the CGI share in its cylinder
block and head production from the current 16% to 25%.

Intensified installation activity
Following record installation revenue in 2013, the Technical Team is
particularly busy supporting new installations and upgrades in Europe, Asia and
the Americas.  During January, SinterCast secured a new order for a System 3000
Plus from one of China's largest automotive component conglomerates, to be
installed at a purpose-built CGI foundry in China.  The equipment was shipped
during the first quarter and is planned to be installed during summer 2014.
SinterCast will also supply the mechanical infrastructure for the cored-wire
base treatment and correction operations and will provide technical support
during the installation and start of production.  New installation discussions
are ongoing, providing opportunities to further expand the production base.

SinterCast  continues  to  provide  technical  support  for  product development
programmes  for  passenger  vehicle,  commercial  vehicle  and  industrial power
applications  in  Europe,  Asia  and  the  Americas.   It  is estimated that the
combined   potential  of  the  current  series  production  programmes  and  the
programmes  currently  under  development  represents  a  market  opportunity of
approximately  4.7 million Engine Equivalents per  year within SinterCast's five
year  planning horizon.  It is  further estimated  that the  programmes that are
currently  in series  production have  the potential  to provide  more than 2.5
million Engine Equivalents when they reach mature volume.

Ductile Iron technology
The recent development of the ductile iron technology has been affected by the
increased intensity in CGI activities and the need to allocate resources to the
core business.  However, the technical development is continuing and market
opportunities remain. The R&D function was reinforced during the first quarter
with the recruitment of a specialist engineer with a PhD in cast iron
solidification and extensive cast iron research experience in Swedish academia.
The new Senior Research Engineer began employment at the Technical Centre in
Katrineholm on 14 April and will provide additional resources to expand and
accelerate SinterCast's development activities.  The SinterCast ductile iron
technology is expected to provide additional benefit to customers by reducing
magnesium consumption, improving mould yield and reducing casting defects in the
foundry, and by improving machinability.


Financial Summary

Revenue
The revenue for the SinterCast Group relates primarily to income from equipment,
series production and engineering service.

Revenue Breakdown                January-March                  January-December

(Amounts in SEK million if not     2014   2013    2013                      2012
otherwise stated)
--------------------------------------------------------------------------------
Number of Sampling Cups shipped  37,100 28,900 118,500                   102,400

Equipment (1)                       2.5    2.3    10.1                       9.0

Series Production (2)              11.6    9.0    40.2                      35.8

Engineering Service( 3)             0.5    0.3     1.4                       1.0

Other                               0.0    0.1     0.2                       0.1
--------------------------------------------------------------------------------
Total                              14.6   11.7    51.9                      45.9
--------------------------------------------------------------------------------


Notes: 1. Includes revenue from system sales and leases and sales of
          spare parts

       2. Includes revenue from production fees, consumables and software
          licence fees

       3. Includes revenue from technical support, on-site trials and
          sales of test pieces


The  January-March 2014 revenue amounted to SEK 14.6 million (SEK 11.7 million).
The  revenue from series production increased  by approximately 30% to SEK 11.6
million  (SEK 9.0 million), due to  the production of approximately 1.70 million
(1.30 million) annualised Engine Equivalents and the shipment of 37,100 (28,900)
Sampling  Cups. Equipment revenue amounted to SEK 2.5 million (SEK 2.3 million),
following  the shipment of a complete System 3000 Plus to one of China's largest
automotive  component conglomerates.  Engineering Service  amounted to  SEK 0.5
million  (SEK  0.3 million)  following  support  provided  to  various customers
globally and the sale of test pieces.


Results
The business activities of SinterCast are best reflected by the Operating
Result. This is because the "Result for the period after tax" and the "Earnings
per Share" are influenced by the financial income and costs and by the
revaluation of tax assets.

Results Summary                                  January-March January- December

(Amounts in SEK million if not otherwise stated) 2014     2013 2013         2012
--------------------------------------------------------------------------------
Operating Result                                  2.9      1.5  7.3          1.0

Result for the period after tax                   3.2      2.4  8.1         -3.7

Earnings per Share (SEK)                          0.5      0.3  1.2         -0.5
--------------------------------------------------------------------------------


The  January-March 2014 Operating  Result of  SEK 2.9 million  (SEK 1.5 million)
increased  by SEK 1.4 million, as  a result of higher  gross results of SEK 1.5
million  derived from  higher revenue,  higher operational  expenses of SEK 0.3
million, and higher exchange gains from operating receivables and liabilities of
SEK 0.2 million.

The  Result  for  the  period  after  tax  amounted to SEK 3.2 million (SEK 2.4
million),  primarily related to an increase in  the Operating Result of SEK 1.4
million, the increased financial net of SEK 0.2 million and decreased tax net of
SEK 0.8 million.

Deferred Tax Asset
Tax amounted to SEK -0.1 million (SEK 0.7 million).  The difference is explained
by the increase of the deferred tax asset that was made during the first quarter
2013. The  estimated future taxable profit and deferred tax asset calculation is
reassessed  every quarter.  As of  31 March 2014, SEK  128.5 million (SEK 128.5
million)  of SinterCast's total carried-forward tax losses have been used as the
basis  of  the  updated  calculation,  resulting  in SEK 28.3 million (SEK 28.3
million) being capitalised as a deferred tax asset.

Cashflow, Liquidity and Investments

Cashflow Summary                                 January-March January- December

(Amounts in SEK million if not otherwise stated) 2014     2013 2013         2012
--------------------------------------------------------------------------------
Cashflow   from  operations,  before  change  in  3.4      1.9  8.1          3.5
working capital

Change in working capital                        -5.5     -1.7  6.3         -2.2
--------------------------------------------------------------------------------
Cashflow   from   operations,  after  change  in -2.1      0.2 14.4          1.3
working capital

Cashflow from investment activities              -0.1      0.0 -0.6         -1.6
Cashflow from financing activities                  -        - -1.4        -11.9
--------------------------------------------------------------------------------
Cashflow total                                   -2.2      0.2 12.4        -12.2

Liquidity                                        45.6     35.6 47.8         35.4
--------------------------------------------------------------------------------

The January-March 2014 cashflow from operations before change in working capital
was  SEK 3.4 million  (SEK 1.9 million).  The cashflow  after changes in working
capital  amounted to SEK  -2.1 (SEK 0.2 million)  primarily related to increased
receivables  (SEK 3.7 million), decreased stock  (SEK 0.4 million) and decreased
operating  liabilities (SEK 2.2 million). The  total cashflow result amounted to
SEK  -2.2 million (SEK  0.2 million), after investments  of SEK 0.1 million (SEK
0.0 million).

Risks and Uncertainty Factors
The main uncertainty factor for SinterCast continues to be the timing of the CGI
market ramp-up.  This primarily depends on OEM decisions for new CGI products,
the global economy for new vehicle sales, and the individual sales success of
vehicles equipped with SinterCast-CGI components. The European and Asian
economies continue to be uncertain and this may impact passenger vehicle and
commercial vehicle sales. SinterCast's diversification between V-diesel engines
for passenger vehicles, commercial vehicle engines, exhaust components,
industrial power engines and most recently, the first high volume CGI petrol
engine launch, combined with its presence in Europe, Asia and the Americas,
reduces the dependence on individual product applications and geographical
regions.

SinterCast  enjoys global  brand recognition  and respect  as the CGI technology
leader  and is welcomed by  the industry as a  reliable and trustworthy partner.
However,  virtually every company  encounters competition, and  SinterCast is no
exception.   SinterCast  judges  that  its  technology  and engineering know-how
provides  the most reliable and cost-effective solution for series production of
high quality CGI.

New powertrain technologies, such as vehicle electrification (hybrid and plug-in
vehicles)  and  fuel  cells  attract  significant  media attention; however, the
development and implementation of these technologies remain a long-term prospect
and  SinterCast does not expect these  technologies to have a significant effect
on the Company's competitive position for the foreseeable future.

For  full risk and uncertainty factor information, please see note 26 on p.46 in
SinterCast's Annual Report 2013

Organisation
With successful high volume CGI production in foundries located in Europe, Asia
and the Americas, SinterCast has established a global organisation with
employees and offices in Sweden, the United Kingdom, the United States, China
and Korea. As of 31 March 2014, the Group had 17 (19) employees, following the
reassignment of two individuals from employees to retained consultants.  Three
(three) of the employees are female. A new Senior Research Engineer was
recruited during the period, with start of employment at the Technical Centre in
Katrineholm on 14 April.  The Company is well positioned to support global
market activities and to drive SinterCast's future growth.

Parent Company
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its
registered office located in Stockholm, Sweden. The Parent Company has 12 (13)
employees. The majority of the operations are managed by the Parent Company
while local operations in the UK, USA, 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.

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 and RFR 2. The accounting policies
that have been applied for the Group and the Parent Company are in agreement
with the accounting policies used in preparation of the Company's latest annual
report.

No  material transactions have  taken place between  SinterCast and the Board or
the Management during the period.

Events after the Balance Sheet Date
The following press release has been issued:
15 April 2014 - Notice of the Annual General Meeting of SinterCast AB (publ)

There  have been no other significant events since the balance sheet date of 31
March 2014 that could materially change these financial statements.

Annual Report 2013
The Annual Report 2013 was published on the SinterCast website on 3 April 2014.
In consideration of cost efficiency and environmental concern, the Annual Report
2013 was only issued in electronic format, as a PDF file.

Annual General Meeting
The Annual General Meeting 2014 of SinterCast AB (publ) will be held at 15:00 on
Tuesday 20 May 2014, at the Royal Swedish Academy of Engineering Sciences (IVA),
Grev Turegatan 16, Stockholm. The notice to the Annual General Meeting was
published on 15 April 2014 and is available on the SinterCast website.

Proposed Dividend
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 Board of Directors propose an ordinary dividend of SEK 1.2 per share (SEK
1.0), representing a transfer of SEK 8.5 million (SEK 7.0 million) to the
shareholders of SinterCast AB (publ). The Board proposes 23 May, 2014 as the
record date for entitlement to receive dividends. In deciding the amount of the
dividend to be proposed to the AGM 2014, 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 Company and for the Group.

The Board of Directors propose the following dates for the Annual General
Meeting and for entitlement to receive dividends:
14 May 2014 Shareholders who wish to participate in the AGM, must be recorded in
            the share register maintained by Euroclear, in their own names, and
            notify SinterCast of their attendance.

15 May 2014 Shares traded on this date are eligible for dividend

16 May 2014 Shares traded on this date are not eligible for dividend

20 May 2014 The Annual General Meeting will be held at 15:00

23 May 2014 The record date for entitlement to receive dividends is three bank
            days after the AGM.

28 May 2014 Anticipated payment of dividend via Euroclear, three bank days after
            the record date for entitlement to receive dividends.


Information
The Interim Report April-June 2014 will be published on 20 August 2014
The Interim Report July-September 2014 will be published on 5 November 2014
The Interim Report October-December 2014 and Full Year Results 2014 will be
published on 11 February 2015
The Interim Report January-March 2015 will be published on 29 April 2015

This report has not been reviewed by the Company's Auditors.



Stockholm 23 April 2014

For further information please contact:

Dr. Steve Dawson

President & CEO

SinterCast AB (publ)

Office:  +46 8 660 7750

Mobile:  +44 771 002 6342

e-mail:  steve.dawson@sintercast.com

website: www.sintercast.com




SinterCast is the world's leading supplier of process control technology for the
reliable  high volume production of Compacted Graphite Iron (CGI). With at least
75% higher  tensile strength, 45% higher stiffness  and approximately double the
fatigue strength of conventional grey cast iron and aluminium, CGI allows engine
designers  to improve  performance, fuel  economy and  durability while reducing
engine  size, weight, noise  and emissions. The  SinterCast technology, with 39
installations  in 12 countries, is  primarily used for  the production of petrol
and diesel engine cylinder blocks and exhaust components for passenger vehicles,
medium-duty  and heavy-duty cylinder  blocks and heads  for commercial vehicles,
and industrial power engine components for marine, rail, off-road and stationary
engine  applications. SinterCast's series production  components range from 2 kg
to  9 tonnes,  all  using  the  same  proven  process  control  technology.  The
SinterCast  share is quoted on the Small Cap segment of the Stockholm NASDAQ OMX
stock    exchange    (Stockholmsbörsen:    SINT).    For    more    information:
www.sintercast.com

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