myFC Holding AB (publ) interim report January – June 2019
Quarter April - June 2019
- Net sales amounted to SEK 0 (0)
- Operating profit amounted to SEK -107.5 million (-24). The operating profit is charged with one-off write-downs of SEK 82.2 million (one-off write-down of SEK 75.1 million of intangible assets and a write-down of SEK 7.1 million of obsolete material).
- Earnings per share amounted to SEK -1.37 (-0,34)
Significant events April – June
- myFC's rights issue raises SEK 40 million
- myFC Holding’s Board of Directors appoints Peter Friedrichsen as new president and CEO
- myFC streamlines operations after strategic review
- myFC showcases its hydrogen fuel cell technology at MWC Shanghai
Comment from CEO Peter Friedrichsen:
“During the second quarter of the year, myFC carried out a rights issue, I took over as CEO after a change in Group Management, and prior to the Annual General Meeting on June 11, we informed the market of the conclusions of our strategic review of the company. The most comprehensive result of this review was the decision to close down the development and sales of our own consumer products. We made this decision to ensure that we have capital that will take us into the third quarter of 2020 without any capital injection. With the measures already communicated, we also have a plan for this. The work of implementing the result of our strategic review is now well underway and will continue during the third quarter.
During the second quarter, the streamlining entails a one-off write-down of SEK 75.1 million of intangible assets and a write-down of SEK 7.1 million of obsolete material in myFC AB linked to its own consumer products. The write-down does not affect the company’s cash flow. The value of our intangible assets for our core technology remains as before.
Our fuel cell is a core differentiator, and the opportunities our electronics and software offer have exceeded my expectations. The perhaps most important differentiating factor for our technology is that it offers a very high degree of freedom for design, and the value in this should not be underestimated. The work to define and articulate it together with our customers now continues with high intensity.”
This information is information that myFC is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 CET on 26 July 2019.
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Swedish innovation company myFC offers thin, scalable fuel cells that are easy to dimension and adapt to any electric application. myFC develops hybrid technology solutions combining batteries and hydrogen-based micro fuel cells for extended usage and reduced carbon footprint. The company was founded in 2005 and was listed on NASDAQ | First North in 2014. Its headquarters are in Stockholm. For more information, visit myFC.se