Interim report January – September 2017
Third quarter of 2017
- Net sales for the period amounted to SEK 3.3 (1.0) million.
- Earnings for the period amounted to SEK -13.5 (-10.2) million, which corresponds to earnings per share of SEK -0.58 (-1.37).
- During the quarter, ChromoGenics invoiced and completed deliveries of dynamic glass to the head office of the Swedish Energy Agency, an office within Saldeen Real Estate and the first partial delivery to Atrium Ljungberg’s project Gränbystaden in Uppsala.
- ChromoGenics has appointed Michael Felthaus to market and drive sales of ConverLight™ in Denmark.
- ChromoGenics is in an expansion phase and the progress is going according to the plan. The new share issue in conjunction with the IPO in March 2017 brought in net SEK 78 million. Cash and cash equivalents as at September 30 amounted to SEK 57 million. The Board is continuously working with securing the company’s long-term financial position.
|Net sales|| 3,3|| 1,0|| 6,1|| 2,8|| 3,0|
|EBITDA|| -12,0|| -8,6|| -32,7|| -33,1|| -42,2|
|Net income|| -13,5|| -10,2|| -37,4|| -37,8|| -49,5|
|EPS before dilution, SEK|| -0,58|| -1,37|| -1,95|| -6,57|| -7,60|
|EPS after dilution, SEK|| -0,58|| -1,37|| -1,95|| -6,57|| -7,60|
|Cash and cash equivalents |
at end of the period
| 56,7|| 2,1|| 56,7|| 2,1|| 8,5|
“We are now taking the next step by launching ConverLight™ in Denmark!”
Comments from the CEO
Our products are receiving a lot of interest from the market, and I am convinced that this is just the beginning of a successful growth journey for ChromoGenics. Our dynamic glass ConverLight™ offers property owners, architects, energy consultants, construction companies and players in the window and facade glass industry an attractive and cost-efficient solution for solar control. ConverLight™ increases the energy efficiency and indoor comfort of buildings and contributes to environmental certifications, which is high on the environmental agenda for the sustainability work of both the EU and the commercial sector.
We are now taking the next step by launching ConverLight™ in Denmark with Michael Felthaus in the lead. Michael has a solid background within the glass and façade industry and will position the company in the Danish market.
We are also speeding up within retro-fit sales, where existing, inefficient glass and solar protection are upgraded to ConverLight™.
During the quarter, deliveries of dynamic glasses to two retro-fit projects were completed: the head office of the Swedish Energy Agency in Eskilstuna and an office buildling owned by the real estate company, Saldeen Real Estate. The office building had previously had extensive problems with high heat radiation. Considerable amounts of energy were consumed for cooling, which resulted in unnecessarily high costs and a negative impact on the environment. ChromoGenics’ energy-effective technology has lowered the need to cool the building and the indoor climate has become much more comfortable. These are fantastic customer references for us as we take the next step in our expansion.
We also completed the first partial delivery to the Atrium Ljungberg’s project Gränbystaden in Uppsala during the quarter. The plan is to inaugurate the project prior to the 2018 Christmas holiday shopping season.
After another successful Dynamic Glass Academy seminar, we are now taking the concept further in Sweden and Denmark. Through the seminar we create awareness and knowledge about the company’s dynamic glass among customers and stakeholders as well as awareness about energy efficiency and comfort in buildings, with a focus on sustainability.
The considerable interest we are meeting from various industry representatives confirms that our unique technology is creating good opportunities for continued successful expansion and future profitability!
Thomas Almesjö, CEO
Thomas Almesjö, CEO
Susanne Andersson, CFO & Head of Communications
Tel: +46 18 430 0430
This information constitutes such information that ChromoGenics AB (publ) is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted by the above-mentioned contact persons for publication on October 26, 2017, at 8:30 a.m. CET.
ChromoGenics is a leader in dynamic glass with controllable heat- and light transmission. The company’s unique electrochromic technology ConverLight™, provides sustainable solar control with increased indoor comfort and energy efficiency. In 2016 the company started commercial sales to real estate projects in Scandinavia.
ChromoGenics is located in Uppsala and has about 20 employees. The technology is derived from the world leading research center at Ångström Laboratory at Uppsala University. The plant has been partly financed by a conditional loan from the Swedish Energy Agency. ChromoGenics share (CHRO) is listed on Nasdaq First North Stockholm with G&W Fondkommission as Certified Adviser.