Year-End Report 2018


Continue increase order intake and more customers

Fourth quarter of 2018

  • Net sales for the period amounted to SEK 6.8 (0.8) million and earnings to SEK -22.9 (-19.9) million, which corresponds to earnings per share of SEK -0.53 (-0.86).
  • Cash and cash equivalents on December 31 amounted to SEK 7.5 million.
  • A new order of SEK 4.5 million was received in December for Ångströmlaboratoriet in Uppsala.
  • After the acquisition the assets of I-Window International AB were acquired to broaden the product portfolio and strengthen the sales organization we see a positive trend on incoming orders.
  • Order intake amounted to SEK 10 million during the quarter. Total outstanding tender base, including the acquisition of I-Window, amounts to over SEK 120 million on the reporting date. We start 2019 with an order volume of 17 MSEK.
  • Significantly increased customer interest in the Company’s products.
  • A short-term debt financing of SEK 12.6 million has been agreed with external investors
  • The board of Directors decided 17 December 2018 to convene an extra-ordinary general meeting at 17th January 2019 to carry out a new share issue with pre-emption rights for existing shareholders.

Events after the end of the period 

  • During the period 28th of January to 15th of February a new share issue was performed which gave SEK 77.7 million in capital injection. Every existing share gave the right to subscribe three new shares.
  • A new order on 7 MSEK was received in February from Humlegården Fastigheter.
  • An order on 4,5 MSEK was taken in second half of February from Ticon Broen AS in Norway.
  • As a result of the share issue the terms of the warrants (TO2) will be recalculated. See page 4.
2018 2017 2018 2017
SEK million Oct-Dec Oct-Dec Jan-Dec Jan-Dec
Net sales 6,8 0,8 11,2 6,9
EBITDA -20,5 -18,3 -66,5 -51,0
Net income -22,9 -19,9 -73,4 -57,2
EPS before dilution, SEK -0,53 -0,86 -1,83 -3,17
EPS after dilution, SEK -0,53 -0,86 -1,83 -3,17
Cash and bank end of the period 7,5 38,5 7,5 38,5

To secure quality and widen our offer is our focus.
Our presence in the whole of Scandinavia together with a growing interest in climate smart glass will pave the way for an offensive 2019

The CEO´s comments

The market demands more climate smart and sustainable products. ChromoGenics has the solutions and already today offers the glasses of the future. We have the products which maintain the view but block more than 90 percent of the solar energy and in the same time half the heat radiation in winter time. With an extended offer with construction services give us a possibility to reach the end customers, close to the decision makers. The year 2018 has been eventful in many ways with an acquisition of I-Window and developing initiatives. In the same time the run-in problems on deliveries made during the spring and summer needed to be handled. Large resources have been invested in product stability, productivity and an improved sales process. Investments which have generated a stable product and a strong sales team. Now we act in the long-term to get continuously improved confidence in the market and to ConverLight® will be the natural choice when selecting façade glass.

During the last quarter we have won several orders at a value of nearly 10 MSEK and many quotations of project are under discussion which likely will be new orders in short future.

We continue to have a close dialogue with our customers concerning our earlier initial problems and damages. Re-deliveries have started and will continue to do so during 2019. Deliveries will be done in close dialogue with the affected customers. At year-end we have provided just over 10 MSEK in respect of re-deliveries. It is not excluded that further costs might arise.

During the last quarter a lot of time has been spent on quality control and preparations for our new share issue. It has been rewarding and developing to meet investors and industry players. It has given us a better position and made ChromoGenics better known in the market. With all facts in hand we can conclude that it went well, and we have received the confidence of the market through a fully subscribed share issue.

In the fourth quarter we have received two break-through orders on ConverLight Dynamic at two different school buildings, one in Norway and one in Gothenburg, Sweden. In both projects the product was selected for its unique dynamic characteristics and non-existing maintenance. Schools have rarely cooling but have high demands on daylighting and solar protection and therefore find advantages with dynamic glass. Through long-term ownership of a building there is earnings over time to use ConverLight as the first choice.

The vision within five years is to reach annual deliveries of ConverLight of at least 100 000 square meters remains. We are working methodically and hard to reach this target and are doing all the needed work to scale up the sales and production.    

Jerker Lundgren, CEO
 

 

Contact:

Jerker Lundgren, CEO
Lars Ericsson, CFO and Head of Communications
Tel: +46 (0)18 430 0430
E-mail: info@chromogenics.com
Certified Adviser: G&W Fondkommission, e-mail: ca@gwkapital.se, tel.: +46 (0) 8 503 000 50

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 28 February, 2019, at 08:30 CET.

Every care has been taken in the translation of this document. In the event of discrepancies, the Swedish original will supersede the English translation. 

About ChromoGenics
ChromoGenics offers dynamic glass with controllable heat- and light transmission and static glass with world leading performance. The company’s unique technology ConverLight® provides sustainable solar control for increased indoor comfort and energy efficiency. ConverLight also contributes to Green Building certifications. In 2016 the company started commercial sales to real estate projects in Scandinavia.

ChromoGenics is located in Uppsala, Sweden, and 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. http://www.chromogenics.com 


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