Interim Report January – March 2018
Increased market presence results in greater interest for ChromoGenics’ dynamic glasses
Q1 2018
- Net sales for the period amounted to SEK 1.9 (1.0) million.
- Earnings for the period amounted to SEK -21.3 (-13.3) million, which corresponds to earnings per share of SEK -0.64 (-1.21). During the quarter, a provision was made for SEK 3.2 million related to the change in CEO.
- Cash and cash equivalents as at March 31 amounted to SEK 48.3 million.
- ChromoGenics invoiced final deliveries of dynamic glass to Atrium Ljungberg’s project Gränbystaden in Uppsala.
- ChromoGenics exhibited at the international R+T trade fair in Stuttgart and Nordbygg 2018 trade show in Stockholm.
- Jerker Lundgren was appointed CEO and will assume his role on May 1, 2018. This entails a robust strengthening of the ongoing sales efforts to launch the company's unique technology ConverLight®.
- Poul Erik Schou-Pedersen stepped down from the Board of Directors on January 31, 2018 at his own request.
- During the quarter, a rights issue was completed for approximately SEK 25 million net.
- The Board has given the incoming CEO an assignment to draw up an action plan to strengthen the company operationally and financially.
- The Board of Directors is working continuously to secure the company’s long-term financial position.
| SEK million | 2018 Jan-Mar |
2017 Jan-Mar |
2017 Jan-Dec |
| Net sales | 1,9 | 1,0 | 6,9 |
| EBITDA | -19,8 | -11,5 | -50,8 |
| Net income | -21,3 | -13,3 | -57,2 |
| EPS before dilution, SEK | -0,64 | -1,21 | -3,17 |
| EPS after dilution, SEK | -0,64 | -1,21 | -3,17 |
| Cash and cash equivalents at end of the period | 48,3 | 82,5 | 38,5 |
ChromoGenics offers dynamic glass with controllable heat- and light transmission. 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. www.chromogenics.com
“More market activities and reference projects result in greater interest in our product. Customers are contacting us as they search for cost-effective solar control solutions with greater comfort and energy savings. More evidence that ConverLight® has timed the market perfectly!”
Events during the quarter
During the quarter, our strengthened sales and marketing team carried out a greater number of activities. In February, ChromoGenics was an exhibitor at the R+T trade show in Stuttgart, a global show for solar protection for participants in the real estate and construction industry. At the beginning of April, the company participated in Sweden’s largest construction trade show, Nordbygg 2018, in Stockholm. The stand presented the customer benefit from a reference project, ICEHOTEL 365 in Jukkasjärvi, and a demonstration of the product. These trade shows resulted in several interesting contacts and future meetings.
During the quarter, the final deliveries of dynamic glass were made to Atrium Ljungberg’s project Gränbystaden in Uppsala. The project has a high environmental profile and all new construction will be environmentally certified in accordance with the BREEAM standard.
Following the completed rights issue, the company has secured funding for increased market presence and strengthened sales capacity that will lead to future orders and increased project deliveries.
Production costs have continued to be high during the quarter, as production yield has not yet fully been optimized, and renegotiated supplier agreements will not give effect until the second half 2018. The company focuses on sales and, in parallel, continuously looks at all costs.
ConverLight® is now installed in a number of reference projects, including both newly built and existing commercial premises such as offices and hotels as well as service buildings such as libraries and schools. Customers are pleased with the functionality that both saves energy and creates better indoor comfort while also reducing maintenance costs. Interest from service buildings utilized for health care and education has increased sharply.
The use of glass in buildings is increasing since people need daylight and visual contact with their surroundings to feel good. This is where our sustainable technology makes a difference.
Contact:
Thomas Almesjö, CEO
Susanne Andersson, CFO & Head of Communications
Tel: +46 18 430 0430
E-mail: info@chromogenics.com
Certified Adviser: G&W Fondkommission
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 April 27, 2018, at 8:30 a.m. 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. 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. www.chromogenics.com
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