CLIMEON AB CLIMEON IN PRODUCTION AND DELIVERY PHASE - STRENGTHENED FINANCING AND CONTINUED SUCCESS FOR HEATPOWER 300
At the end of the fourth quarter of the year,
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OCTOBER - DECEMBER
- Order intake amounted to
SEK 10.5 million (0.6). - Net sales amounted to
SEK 1.2 million (9.1) and were primarily attributable to commissioning and aftermarket revenues. - Operating profit/loss amounted to
SEK -25.1 million (-40.5) includingSEK -2.0 million (-15.4) of non-recurring, non-cash generating items, mainly attributable to write-downs of inventory. - Profit/loss after financial items amounted to
SEK -36.0 million (-38.9) - Earnings per share, before and after dilution, amounted to
SEK -0.27 (-0.41) - Cash flow from operating activities after changes in working capital amounted to
SEK -27.7 million (-26.6).
IMPORTANT EVENTS DURING THE PERIOD
- A leading global shipping company, with the aim of increasing energy efficiency on board two of its existing container ships, signs an order for
Climeon 's HeatPower 300. The order value is approximatelyEUR 1 million and the HeatPower 300 modules will be delivered to the customer in 2024. - The first HeatPower 300 module for NEO Group's factory in
Lithuania was delivered toClimeon 's test facility in Kista after production atClimeon 's partner in southernSweden . Final tests and verification will take place atClimeon before delivery and installation at the customer in 2024. Climeon announced that the rights issue decided onOctober 30 was oversubscribed. A total of 2,180,795 Units were subscribed, corresponding to 111 percent of the issue. The company will thus receive approximatelySEK 100 million before costs attributed to the Rights Issue.
JANUARY - DECEMBER
- Order intake amounted to
SEK 52.0 million (3.6) - Net sales amounted to
SEK 6.2 million (13.9) - Order backlog amounted to
SEK 80.5 million (37.1) - Operating profit amounted to
SEK -102.6 million (-115.8), including non-recurring items ofSEK -11.2 (-17.4) million. - Profit/loss after financial items amounted to
SEK -135.7 million (-125.9) - Earnings per share, before and after dilution, amounted to
SEK -1.29 (-1.46) - Cash flow from operating activities after changes in working capital amounted to
SEK -90.1 million (-70.7) and total cash and cash equivalents amounted toSEK 77.5 million (139.3).
POST CLOSING EVENTS
Climeon andBaseload Capital have entered into an agreement regardingClimeon 's ownership inBaseload Capital Holding AB as well as non-commissioned HeatPower 150 modules. The previous order for HeatPower 150 made by Baseload Power Taiwan is also cancelled. The agreement, which is expected to be completed in 2024, does not have any liquidity impact forClimeon beyond a possible future exercise of a call option thatClimeon issues regarding its remaining shares inBaseload Capital Holding .Climeon 's intention is therefore, over time, to divest its entire ownership inBaseload Capital .
A WORD FROM OUR CEO:
FOURTH QUARTER 2023: STRENGTHENED FINANCIAL POSITION AND ACHIEVED NOTEWORTHY SUCCESS IN THE MARITIME SECTOR FOR HEATPOWER 300
Looking back on 2023, it was a year marked by geopolitical tensions and a turbulent global economy with ongoing high inflation and high interest rates. The urgent need for a transition to a more sustainable future became increasingly apparent. At
In 2023, we took several steps towards our vision. We were able to secure important contracts with large and respected customers. The customer projects in the maritime market are within our focus areas – that is, both newly built ships, where
In
In the energy and industrial sectors, our primary focus is on selected European countries, with an emphasis on industrial applications and energy companies, such as power plants and geothermal projects. The key is that the technical prerequisites match our product platform, and that we can create projects that are profitable for both the customers and our company. We are working on several projects, both those that we are striving to move forward with in 2024 and other further down the line.
On the home front, we continued to improve our production and supply chain, with a focus on ensuring timeliness and quality for the customer projects we have already undertaken, while also preparing for the projects we are currently working to secure. For
During the fall, we also worked intensively on strengthening our financing and liquidity. Fortunately, our rights issue was oversubscribed, providing the company with approximately 100 million Swedish kronor before deductions for costs attributable to the Rights Issue. As previously communicated, we have also paid off all bank loans. In addition, we have consistently reduced our operating expenses over the past two years and have now established ourselves at a level that we intend to maintain in the coming year. As part of the rights issue in the fall, we also issued options that can be exercised by respective holders in June, potentially providing an additional capital injection.
In summary, it is very gratifying to note that we were able to conclude 2023 in a fantastic way with both an oversubscribed rights issue and customer orders for existing container ships - all while ongoing customer projects continued to progress as planned. I want to extend a big thank you to the entire
For full report, please see attached file below.
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