GROWING INTEREST IN HEATPOWER 300, NOW FULL-SCALE TESTING BASED ON CUSTOMER DATA
During the quarter,
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OCTOBER - DECEMBER
- Order intake amounted to
SEK 0.6 million (2.2) and pertained to service and aftermarket work. - Net sales amounted to
SEK 9.1 million (3.2) - Operating profit/loss amounted to
SEK -40.5 million (-35.0) including non-recurring, non-cash generating, items ofSEK -15.4 million (-3.8). - Profit/loss after financial items amounted to
SEK -38.9 million (-36.2) - Earnings per share, before and after dilution, amounted to
SEK -0.41 (-1.93) - Cash flow from operating activities after changes in working capital amounted to
SEK -26.6 million (-28.6) where the negative change in working capital of (-6 MSEK) mainly consisted of an adjustment of previously paid-in customer advances.
IMPORTANT EVENTS DURING THE PERIOD
Climeon commissioned a HeatPower 150 module onboard Havila Voyage's vessel, Polaris, during the quarter.Climeon also delivered two more modules toHavila Capella andHavila Castor , respectively, which are planned to be commissioned during the first half of 2023.Climeon 's Icelandic customer Varmaorka announced that they intend to wind down their operations.Climeon has therefore chosen to write down the order backlog regardingIceland bySEK 131.6 million before exchange rate changes. In addition, a furtherSEK 10.4 million was reserved in costs for anticipated customer losses.Patrik Engstrand Kemi was recruited to the newly created role of Executive Vice President Energy & Industry and thus becomes overall commercially responsible forClimeon 's business within energy and industry and will be part of the management team. He most recently came from a position as Head of Industry segments, Network Solutions atVattenfall Eldistribution .- The company's EVP, R&D, Jonas Måhlén, takes overall responsibility for the technical operations ranging from research and development to delivery and service of products in operation. At the same time, Robin Goodoree has chosen to leave
Climeon to pursue new challenges.
JANUARY - DECEMBER
- Order intake amounted to
SEK 3.6 million (2.3) - Net sales amounted to
SEK 13.9 million (28.8) - Order backlog amounted to
SEK 37.1 million (179.7) - Operating profit amounted to
SEK -115.8 million (-150.3) - Profit/loss after financial items amounted to
SEK -125.9 million (-107.3) - Earnings per share, before and after dilution, amounted to
SEK -1.46 (-1.93) - Cash flow from operating activities after changes in working capital amounted to
SEK -70.7 million (-126.9) - Total cash and cash equivalents amounted to
SEK 139.3 million (152.0) - The board proposes that no dividend will be paid for the financial year 2022 (0).
A WORD FROM OUR CEO:
ONGOING CUSTOMER DIALOGUES - HEATPOWER 300 IS TESTED AGAINST ACTUAL CUSTOMER DATA
The final quarter of the year has passed, and we can look back on an eventful quarter and an eventful year. The world has been turbulent with growing geopolitical tensions with a war in our vicinity and rapidly rising prices for electricity and fossil fuels. It is even more obvious that we must speed up the transition towards significantly more efficient, and renewable, electricity production and reduce our dependency on fossil fuels. I am convinced that
All markets are surrounded by uncertainty ahead of the coming year, but I can state that interest in us and our technology increased consistently during 2022, not least during the last quarter of the year. The interest came from the marine, energy, and industrial markets as well as from several different parts of the world.
For us, the marine industry is interesting because it has a clearly identified need for energy efficiency to reduce both emissions and operating costs. It is also an industry in which we have extensive experience, as well as an existing customer base. During the fall and winter, our marine sales team worked on following up and identifying interesting projects and partners, which meant traveling in
In the field of energy and industry, our collaboration with
When it comes to the geothermal market, we receive a lot of inquiries, mainly from
We continue to commission, install and service HeatPower 150 in ongoing and previously commissioned customer installations. There are a number of HeatPower 150s that have been running for many years and will continue to produce electricity for a long time to come. However, future sales efforts will be focused on the HeatPower 300, as it is a more cost effective and profitable product for our customers and for us.
Regarding the technical development work on HeatPower 300, during the quarter we continued to develop a product that meets the requirements of maritime customers, as well as select customers within the energy and industry markets. Tests based on technical customer data and our own practical experience of how the system needs to function in operation, were carried out on a full scale at our facility in Kista.
We have also spent, and continue to spend, a lot of time on customer documentation and adapting our product to the requirements set by authorities and organizations, as well as preparing our supply and production chain. It is work that may not be visible from the outside, but necessary.
Our net sales for the fourth quarter amounted to
I am also happy to say that
For full report, please see attached file below.
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