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    AAC   SE0009268154

AAC CLYDE SPACE AB (PUBL)

(AAC)
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AAC Clyde Space : Interim Report Q2 2021

08/26/2021 | 02:41am EDT

AAC CLYDE SPACE AB (publ)

INTERIM REPORT,

Q2 2021

SECOND QUARTER, APRIL-JUNE 2021 (COMPARED WITH APRIL-JUNE 2020)

Net sales increased 156% to

SEK 47.4 M (18.5)

Omnisys Instruments, which was acquired on 30 April, accounted for

SEK 15.5 M

Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to

SEK -3.5 M (-7.5)

and to

SEK -1.8 M (-7.5)

excluding acquisition costs of SEK 1.7 M (0)

Earnings before interest and tax (EBIT) amounted to

SEK -7.7 M (-10.3)

excluding acquisition costs

The loss after tax was

SEK -9.6 M (-10.5)

Omnisys Instruments, which was acquired on 30 April, contributed a profit of SEK 3.02 M to earnings after tax

Basic and diluted earnings per share amounted to

SEK -0.06(-0.11)

Cash flow from operating activities totalled

SEK +5.9 M (-0.4)

The order backlog increased 152% to

SEK 413 M (164)

AAC CLYDE SPACE AB (PUBL) INTERIM REPORT JANUARY - JUNE 2021

2

JANUARY-JUNE 2021 (COMPARED WITH JANUARY-JUNE 2020)

Net sales increased 99% to

The loss after tax was

SEK 84.2 M (42.4)

SEK -13.6 M (-20.0)

Net sales excluding companies acquired during 2020 and 2021 increased 21% to

SEK 51.4 M (42.4)

Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to

SEK -3.9 M (-13.7)

and to

SEK -2.3 M (-13.7)

excluding acquisition costs of SEK 1.7 M (0)

Earnings before interest and tax (EBIT) amounted to

SEK -12.1 M (-19.5)

excluding acquisition costs

Basic and diluted earnings per share amounted to

SEK -0.08(-0.21)

Cash flow from operating activities totalled

SEK -14.9 M (-6.5)

The huge progress we have made is reflected in our orderbook, which now stands at SEK 413M - over four times FY2020 revenues.

AAC CLYDE SPACE AB (PUBL) INTERIM REPORT JANUARY - JUNE 2021

3

SIGNIFICANT

EVENTS IN THE SECOND QUARTER OF 2021

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

  • AAC Clyde Space entered into a GBP 8.4 M (approx. SEK 100 M) contract to deliver Space Data as a Service to Canadian Earth observation company Wyvern Inc.
  • AAC Clyde Space was honoured to be visited by Her Majesty The Queen and Her Royal Highness The Princess Royal at the Glasgow facility.
  • AAC Clyde Space received a USD 135,000 order (approx. SEK 1.1 M) to continue operating the SeaHawk-1 satellite from its Operations Centre in Glasgow for a further 12 months.
  • Horizon Space Technologies Ltd. placed a GBP 4.6 M (approx. SEK 54 M) order for a full turn-key solution, including two new satellite launches, operations and data delivery.
  • AAC Clyde Space won a USD 1.0 M (approx. SEK 8.3 M) order for subsystems for the ice-drilling mission IM-2 led by the US company Intuitive Machines.
  • AAC Clyde Space's US subsidiary SpaceQuest received an order of USD 0.55 M (approx. SEK 4.6 M) for global navigation satellite systems (GNSS) receivers and antennas to be delivered to a customer in Asia.
  • AAC Clyde Space was selected by Astroscale UK Ltd to co-engineer their UK-based space debris removal programme known as End-of- Life Services (ELSA-M). The contract is valued at GBP 0.26 M (approx. SEK 3 M).
  • Nicole Robinson was newly elected to the Board of Directors at the 2021 Annual General Meeting.
  • AAC Clyde Space was selected by the Mohammed Bin Rashid Space Centre in the United Arab Emirates to deliver a EUR 0.2 M (approx. SEK 2 M) computer system for the Rashid lunar rover.
  • AAC Clyde Space acquired all of the shares in Omnisys Instruments AB on 30 April 2021. The company was consolidated into the financial reporting from 1 May 2021.
  • AAC established AAC Space Africa in South Africa to join Africa's quickly growing space sector.

AAC CLYDE SPACE AB (PUBL) INTERIM REPORT JANUARY - JUNE 2021

4

FINANCIAL OVERVIEW - GROUP

kSEK

Apr-Jun

Apr-Jun

Jan-Jun

Jan-Jun

full-year

2021

2020

2021

2020

2020

Net sales

47,377

18,538

84,160

42,372

98,384

EBITDA

-3,485

-7,517

-3,948

-13,744

-26,819

EBIT

-9,341

-10,334

-13,786

-19,462

-37,532

Basic and diluted earnings per share, SEK

-0.06

-0.11

-0.08

-0.21

-0.37

Equity ratio

81%

86%

81%

86%

88%

Cash flow from operating activities

5,900

-364

-14,949

-6,527

-14,464

Cash flow for the period

64,525

-6,320

38,676

-17,061

10,771

Cash and cash equivalents

101,700

35,161

101,700

35,161

62,432

Order backlog

412,784

163,558

412,784

163,558

156,317

NET SALES AND EBITDA BROKEN DOWN BY QUARTER, ADJUSTED FOR ACQUISITION AND NON-RECURRING COSTS

kSEK

50 000

40 000

30 000

20 000

10 000

0

2020-Q1

2020-Q2

2020-Q3

2020-Q4*

2021-Q1

2021-Q2**

-10 000

Net sales

EBITDA

  • EBITDA for Q4 2020 adjusted for acquisition costs of SEK 7.6 M and non-recurring personnel costs of SEK 1.8 M
  • EBITDA for Q2 2021 adjusted for acquisition costs of SEK 1.7 M

As well as securing new contracts, our existing partnerships are moving from strength to strength - a testament to the AAC client experience.

AAC CLYDE SPACE AB (PUBL) INTERIM REPORT JANUARY - JUNE 2021

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

AAC Clyde Space AB published this content on 26 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2021 06:40:08 UTC.


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Sales 2021 204 M 23,6 M 23,6 M
Net income 2021 -19,4 M -2,25 M -2,25 M
Net cash 2021 119 M 13,8 M 13,8 M
P/E ratio 2021 -25,5x
Yield 2021 -
Capitalization 524 M 60,8 M 60,8 M
EV / Sales 2021 1,99x
EV / Sales 2022 1,35x
Nbr of Employees 163
Free-Float 100%
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Number of Analysts 0
Last Close Price 2,81 SEK
Average target price 3,65 SEK
Spread / Average Target 29,9%
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Managers and Directors
Luis Gomes President, CEO & VP-Business Development
Mats Thideman Chief Financial Officer & Deputy CEO
Rolf Fredrik Hallencreutz Chairman
Andrew Strain Chief Technology Officer
Per Gunnar Ernst Aniansson Independent Director
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