MANAGEMENT REPORT
Information about the business
All products developed by OXE are built on the core value of Engineering the Future. The OXE Diesel product line is no exception. Utilizing modern diesel powerheads from the automotive industry, heavy duty gearbox design and patented belt transmission system provides for robust outboards with inboard features and high torque capacity.
Significant events during the financial year
- The Company initiated the relocation of assembly of OXE125-200 which was commenced by ONM in Albany (GA, USA).
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The Company's Board of Directors resolved to appoint Magnus Grönborg as CEO and to reorganize its management team by appointing the previous CEO
Myron Mahendra as EVP Business Development, Sales and Marketing. In addition, the Chairman of the boardAnders Berg increased his operational focus on the Company by assuming a supportive operational role with the management team. - The Company's first units of OXE300 assembled and shipped from PanLink's Polish site in Tczew.
- The Company announced outcome of incentive program 2021/2025 and additional transfer of warrants of series 2019:2.
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The Company carried out a directed share issue of
SEK 22.8m . -
The Company entered into an agreement to acquire 100% of Diesel Outboards and Outdoor Network Manufacturing's US distribution and manufacturing business. The purchase price of
USD 10.8 million , was financed through a share issue in kind to the selling entityPowersports Plus LLC (anOutdoor Network Group Company ), making them the largest shareholder in OXE. The transaction was completed on16 February 2022 . -
During December and in conjunction with the transaction it was announced that Magnus Grönborg decided to step-down as CEO. Magnus served as CEO until
16 February 2022 and will focus on strategic projects.Anders Berg took on the role of CEO as of16 February 2022 and continues the outstanding work that Magnus has done.
Future prospects
OXE Marine's future growth is dependent on the Company developing and producing sustainable products. The Company continues to explore new technologies, including electric and hybrid solutions with the aim to be at the forefront of outboard marine technology. The Company continues to develop an organization that works in a structured and efficient way with quality and innovation. Additionally, with the acquisition of Diesel Outboards, OXE strengthened its position in the US market, creating a direct to market model, gaining access to end-user, dealer, governmental and OEM networks. This, in combination with new ongoing development projects, supports management's assessment that demand will continue to be strong from the market.
NOTE: The English version is a translation of the Swedish version, for any inconsistencies in the translation refer to the Swedish version.
Certified Adviser
For further information, please contact:
Jonas Wikström, Chair of the board, jonas.wikstrom@oxemarine.com, +46 70 753 65 66
https://news.cision.com/oxe-marine-ab/r/oxe-marine-ab--publ--publishes-annual-report-for-2021,c3540063
https://mb.cision.com/Main/16067/3540063/1561702.pdf
https://news.cision.com/oxe-marine-ab/i/annual-report-2021,c3034886
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