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Clean Industry Solutions Holding Europe AB: Quarterly Report October-December 2023

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Q4 from 01-10-2023 to 31-12-2023 (01-10-2022 to 31-12-2022), FY from 01-01-2023 to 31-12-2023 (01-01-2022 to 31-12-2022)

The report can be found here:https://cleanindustrysolutions.com/en/investor-relations/financial-reports/

The period in brief – financial summary for the fourth quarter

  • Income amounted to SEK 7.8 million
  • Other operating income amounted to SEK 4.0 million
  • Income from shares in group companies amounts to SEK 18.4 million from the insolvency-related deconsolidation of Industrial Solar GmbH
  • Operating Expenses for the fourth quarter amounted to SEK -7.2 million
  • Operating result (EBIT) for the fourth quarter amounted to SEK 19.0 million
  • Financial result amounted to SEK -19.2 million mainly due to the deconsolidation of Industrial Solar GmbH
  • Earnings per share, before and after dilution, for the fourth quarter amounted to SEK -0.0033
  • Cash flow from operating activities for the fourth quarter amounted to SEK -4.7 million
  • As of 31-12 equity amounted to SEK 6.1 million
  • Cash and cash equivalents on 31-12 amounted to SEK 7.0 million

Significant events during the reporting period

  • Successful Partner Training Workshop at Industrial Solar
  • Clean Industry Solutions subsidiary SolarSpring signs MOU with Aqualia
  • SolarSpring Receives National Grant Award for R&D Project BEFuel
  • Clean Industry Solutions Holding Europe AB’s subsidiary Industrial Solar GmbH will file for insolvency proceedings in Germany
  • Aalborg University, Denmark, purchases MD pilot system for high-purity water production

Significant events after the reporting period

  • Clean Industry Solutions announces termination of the liquidity provider agreement
  • Clean Industry Solutions Holding Europe AB’s subsidiary Industrial Solar GmbH will cease operations by the end of February
  • SolarSpring receives EU LIFE programme grant award for R&D project SALTEAU
  • Clean Industry Solutions announces the dismissal of the management of Industrial Solar by the insolvency trustee

Comments from the CEO Christian Zahler

Unfortunately, the fourth quarter of 2023 was not a continuation of the achievements that we were able to share during the first three quarters of the year. It is with profound sadness that I must confirm that Industrial Solar had to stop operations at the end of February due to insolvency.
This is undoubtedly a moment of profound regret for all of us who have poured our dedication, passion, and hard work into the success of the company. To our colleagues at Industrial Solar, I want to express my deepest gratitude for their unwavering dedication, creativity, and hard work. Each one of them has played an integral role in the journey of the company, and their commitment has been nothing short of inspiring. It is sad but true that circumstances beyond our control have led us to this point. However, let us not forget the incredible achievements Industrial Solar brought to the solar thermal world.
We must now navigate through uncharted waters and do so with a collective spirit of support and understanding.    

The happier we are that SolarSpring is currently experiencing increasing interest in membrane distillation pilot systems from a variety of industries and research centers. Besides high-purity water production for hydrogen electrolysers, the removal of ammonia from wastewater for further use and the volume reduction of highly saline effluents are the most commonly requested applications.
As communicated in late December, Denmark’s Aalborg University (AAU) purchased a membrane distillation pilot system from SolarSpring GmbH with a nominal capacity of 100 l of highly pure water per hour to be used in conjunction with the generation of green hydrogen as well as other applications.

Financially, the upward trend of the group continued in Q4 2023: On a year-to-year basis, the growth of total operating income compared to last year is +47.5% (without income from shares in group companies, +87.9% including it).
Due to the insolvency of Industrial Solar GmbH, its balance sheet is no longer consolidated and its income statement is only consolidated up to the beginning of the insolvency. Although the profit from the corresponding consolidation entries must be eliminated by adding them as “Income from shares in group companies” (18.4 MSEK), the operating income still amounts to 28.0 MSEK and thus reaches a new high.

This disclosure contains information that Clean Industry Solutions Holding Europe is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 29-03-2024 08:45 CET.

Contact information:

Clean Industry Solutions Holding Europe AB
c/o Win-Win Ekonomi AB
Palmfeltsvägen 21
SE-121 62 Johanneshov/Sweden
E-Mail: info@cleanindustrysolutions.com

Amudova AB is Clean Industry Solutions’ certified adviser. Phone +46 8 546 017 58
E-mail: info@amudova.se

Clean Industry Solutions Holding Europe AB holds 100% of SolarSpring GmbH, located in Freiburg/Germany.  
Founded in 2009 as a spin-off of the Fraunhofer ISE, SolarSpring GmbH - membrane solutions, has evolved into an international pioneer in the field of membrane distillation offering innovative waste- and drinking water treatment technology.
Find out more about SolarSpring GmbH at the following address:
https://solarspring.de/en/

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