Q2 2018 Preliminary results of Cimco Marine AB (Publ) and additional fund raise
Based on preliminary estimates, Cimco achieved sales of 19.5MSEK (6.8MSEK in the corresponding period) and losses for the period of -25.2MSEK (-12.2MSEK in the corresponding period).
Summary of the preliminary results are as follows:
| Overview | ||||||
| CIMCO MARINE AB | 1 Apr 2018 - | 1 Apr 2017 - | 1 Jan 2018 - | 1 Jan 2017 - | 1 Jan 2017 - | 1 Jan 2016 - |
| 30 Jun 2018 | 30 Jun 2017 | 30 Jun 2018 | 30 Jun 2017 | 31 Dec 2017 | 31 Dec 2016 | |
| (amount in KSEK) | ||||||
| Net turnover | 19 483 | 6 819 | 27 793 | 13 076 | 14 602 | 6 878 |
| Net profit/loss for the period | -25 299 | -12 216 | -54 791 | -21 725 | -50 979 | -27 088 |
| Total Equity | 112 675 | 103 298 | 112 675 | 103 298 | 137 901 | 19 148 |
| Total Assets | 239 448 | 170 668 | 239 448 | 170 668 | 182 053 | 118 240 |
| Cash in bank (incl in Total assets) | 41 348 | 41 376 | 41 348 | 41 376 | 14 170 | 9 041 |
| Equity Asset ratio | 47% | 61% | 47% | 61% | 76% | 16% |
| Total shares outstanding | 26 101 617 | 19 768 290 | 26 101 617 | 19 768 290 | 24 101 617 | 13 311 920 |
| Average number of shares | 26 101 617 | 17 348 290 | 24 819 425 | 15 330 105 | 18 905 175 | 11 294 410 |
| Earnings per share | -0,97 | -0,70 | -2,21 | -1,42 | -2,70 | -2,40 |
| Number of employees | 23 | 30 | 23 | 30 | 31 | 14 |
| OXE untis produced | 90 | 23 | 140 | 48 | 55 | 25 |
| OXE untis sold | 86 | 23 | 126 | 48 | 55 | 25 |
The company has managed to achieve its best quarter for sales and production – it has produced 90 units in Q2 bringing the total number of units produced to 220 units since start of production in 2016. Production has recommenced last week following the summer recess with the aim of achieving a production run rate of 25 units a week by the end of September. The 200hp unit remains on course to be re-introduced at the end of September.
The higher losses when compared to the previous period is due to reduced unit sales price (all units sold are 150hp in 2018 compared to 200hp in 2017) and higher cost associated to improvements to the product and warranty claims. The company is working to narrow the losses through price increases of its product and cost down of its parts purchases as volume increases.
The Board has decided to publish the preliminary results to provide all investors the same information whilst the company is in discussion with several Investors for the purposes of raising additional funding needed to meet its working capital requirements for production ramp up this year.
The company will publish its full Q2 2018 interim report on 31stAugust 2018.
- I believe we are entering an exciting stage of growth of the company and I am looking forward to ramping up our production to meet our stated target of 25 units a week as well as the re-introduction of the 200hp engine, says Andreas Blomdahl.
For further information, please contact:
Anders Berg, Chairman, anders.berg@oxe-diesel.com, +46 70 358 91 55
Andreas Blomdahl, CEO, andreas.blomdahl@oxe-diesel.com, +46 431 44 98 99
Myron Mahendra, CFO and EvP in charge of Administration and HR, myron.mahendra@oxe-diesel.com, +46 76 347 59 82
Certified Adviser
Västra Hamnen Corporate Finance AB is Cimco’s Certified Adviser.
Cimco Marine AB (publ) is obligated to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 17 August 2018 at 07:30 am.
Cimco Marine AB (publ) has, after several years of development, constructed the OXE Diesel, the world´s first diesel outboard engine in the high power segment. OXE Diesel has a unique belt driven propulsion system that allows a hydraulic multi-friction gearbox to be mounted. This means that the engine can handle significantly higher loads than a traditional outboard engine. Cimco’s OXE diesel has a horizontally mounted engine as opposed to a traditional outboard with a vertically mounted engine.
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