Interim report for the third quarter 2017

Climeon AB (publ) releases interim report for the third quarter 2017

The quarter in numbers  

  • Order intake amounted to SEK 293.8 million (34.2)  
  • Net sales amounted to SEK 0.0 million (0.0)  
  • Operating profit/loss amounted to SEK -13.0 million (-7.0)   
  • Profit before tax amounted to SEK -13.5 million (-6.9) 
  • Earnings per share amounted to SEK -0.38 (-0.21) 
  • Cash flow from operating activities amounted to SEK -10.1 million (-3.8) 
  • Cash flow after investing activities amounted to SEK -17.4 million (-8.8) 
  • Cash flow from financing activities amounted to SEK 23.9 million (0.2) 

Important events 

  • Maersk Line placed an order for a pilot installation of one Climeon Heat Power module. The Swedish Energy Agency has in parallel awarded a grant to verify the products application on bulk carriers 
  • In August 2017, Climeon received its first, conditional order in the geothermal energy segment from an Icelandic operator. The total order value, provided that the conditions are met, is in excess of EUR 30 million 
  • During September 2017 Climeon announced the intention to list the class B shares on Nasdaq First North Premier and to raise capital through a new share issue to finance the future growth of the Company 
  • In August 2017 Climeon received payment of loans for order financing from Collector Bank for SEK 8.8 million and Almi Företagspartner for SEK 12.0 million 
  • In July, the remaining part of the Company’s shareholder loans was received (SEK 2.5 million) 

Message from CEO, Thomas Öström  

The third quarter of 2017 has been one of the best quarters in the company's history and contained multiple milestones. We received two orders within new fields (geothermal and container shipping) and the order backlog increased from 25 to 126 modules corresponding over 350 MSEK at the end of the quarter. In parallel, thousands of hours of hard work to design, produce and deliver the top quality that our customers expect.

We are scaling up the business for sustainable and profitable future growth and investing in the build-up of our sales, delivery and service organization, resulting in a higher operational loss. Our revenues during the quarter have, as expected, been modest due to varying time from contract to delivery. The successful capital raise has added a stable base to expand and together with the Nasdaq First North Premier listing will power the company to the next level.

The first modules rolled out of the production site at Mastec in Vaggeryd during September 2017, in line with set quality requirements. Fully ramped production rate at the Vaggeryd site is 2,500 modules per year. The test site in Norrköping has also been prepared to perform fully functional system production tests. 

Important post closing events 

  • During November 2017 Climeon signed a non-binding LOI covering a supply of Climeon Heat Power modules to a geothermal power plant project in the Municipality of Kirchweidach in Germany. The potential order value is estimated to be about EUR 5 million
  • Climeon’s class B share was listed on Nasdaq First North Premier on 13 October 2017 under the short name “CLIME”. In connection to the listing, capital was raised through a new share issue of class B shares. In addition, the over-allotment option from the IPO was exercised in full 9 November 2017. The new share issue provided in total SEK 230 million excluding issue expenses.
  • Short-term shareholder loans SEK 12.1 million and loan from Collector Bank SEK 8.8 million where settled during October 2017
  • During October 2017 Climeon received an award at Green Shipping Rotterdam Summit as ”The most exceptional contribution to green shipping of the year”

Certified Advisor 

FNCA Sweden AB is Certified Advisor for Climeon.

This press release contains such information that Climeon AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was published for public disclosure on November 30th 2017 at 08:00 CET through the agency of the contact persons set out above.