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Nexam Chemical Holding AB (publ). Interim Financial Statements for Quarter 3, July–September 2013

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The Quarter at a Glance

Operations:

  • The first commercial application in electronics has been confirmed by the Japanese company Sumitomo
  • The Clean Sky project, which aims to develop new high-temperature composites for aircraft engines, has resulted in a new high-temperature material based on Rolls-Royce's specification
  • Further positive test results have been obtained from a large potential customer in the field of modification of PET foam
  • Increased interest in both existing and new applications (e.g. "in service curing") from a large number of leading nylon producers (such as BASF and DSM)
  • Optimisation of process and injection moulding tool has progressed in the Nylon-66 project with BASF
  • Nexam products for the PO-CROSS project regarding polyethylene have been delivered and tested by the project participants ABB, IRPC and Repsol, and have generated positive test results
  • Collaboration with a number of major contract manufacturers has been intensified as part of the preparations for the expected multi-tonne needs for Nexam's products
  • Nexam's production unit Nexam St. Andrews was awarded ISO 9001, ISO 14001 and OHSAS 18001 certification during the quarter • Nexam's patent relating to crosslinked nylon was granted in the US during the quarter

Financial & Legal:

  • Net turnover for the period amounted to SEK 337 (447) thousand. Net profit/loss before tax was SEK –6,323 (–3,980) thousand
  • Total assets at the end of the period amounted to SEK 59,600 (27,240) thousand, with cash and cash equivalents accounting for SEK 39,640 (13,830) thousand of this amount
  • Cash flow for the period was SEK –6,829 (–3,559) thousand, which is according to plan

Key Events After the End of the Period

  • A leading US-based supplier of materials to the aerospace industry has purchased NEXIMID 100 (PEPA) to qualify Nexam as a supplier to an aircraft project lasting several years
  • Nexam has entered into a cooperation agreement with an American materials company for the production of a new high-temperature resin for the aerospace industry containing NEXIMID 100 (PEPA) and NEXIMID 400 (EBPA)
  • Nexam has received an order for high-temperature resin from the Clean Sky project, with Rolls-Royce as the end customer, corresponding to an order value of approx. SEK 900 thousand
  • Scale-up tests at a world-leading customer in PET foam have continued in close cooperation with Nexam, and the customer is preparing for full-scale testing in its regular production during November-December. Nexam has delivered products for these tests
  • Continuing strong interest from a number of leading nylon producers, of which we can mention BASF, DSM, EMS and Unitika 
  • Process development and a scale-up in production of a number Nexam products for thermoplastics has now begun at the internal production unit Nexam St. Andrews and at three major European contract manufacturers, in preparation for the delivery of commercial volumes to current projects and a number of product launches to the broader market
  • A new nylon project has been initiated with a potential customer, aimed at improving the properties of thin-wall injection-moulding in applications such as mobile phones and tablets
  • The PO-CROSS project has been completed and both IRPC and ABB have announced their desire to continue working with Nexam with a view to commercialisation. Cooperation agreements are being discussed with each party
  • Nexam St Andrews has now, after some delay, started the shipping and invoicing of products relating to the external contract manufacturing order with a total value of SEK 900 thousand

Lund, 25 November 2013
Board of Directors

These financial statements have not been audited by the Company’s auditor. Note: This report has been translated from Swedish.
The Swedish text shall govern for all purposes and prevail in case of any discrepancy with the English version. Read the PDF for the complete report

For more information, please contact:
Lennart Holm, Chairman of the Board: +46 (0)706 30 8562
Per Palmqvist Morin, CEO, +46 (0)706 55 55 82

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