Cimco Marine AB (publ) Publishes Interim Report for Q2 2018
Read the full report at http://www.oxe-diesel.com/category/financial-report/
Second quarter of 2018 (April to June)
- Net Turnover of SEK 19.5 million (SEK 6.8 million)
- Operating Loss/EBIT of SEK -23 million (SEK-10 million)
- Result for the period of SEK -25.3 million (SEK-12.2 million)
- Cashflow for the period SEK -48.7 million (SEK 13.9 million)
- Earnings per share amounted to SEK -0.97 (SEK -0.70)
- Production of OXE units: 90 (23)
First half of 2018
- Net Turnover of SEK 27.8 million (SEK 13.1 million)
- Operating Loss/EBIT of SEK -42.8 million (SEK -19.1 million)
- Result for the period of SEK-54.8 million (SEK -21.7 million)
- Cashflow for the period SEK 27.2 million (SEK 32.3 million)
- Earnings per share amounted to SEK -2.21 (SEK -1.42)
- Production of OXE units 140 (48)
Significant event in the second quarter
- Successfully list the SEK 80 million Corporate Bond on Nasdaq First North Bond Market.
First day of trading was 19th April 2018.
- Adjusts financial goals of 2018. The company will not reach the financial targets for 2018 being 2,000 engines sold and a
turnover of 600 million SEK. The goal for 2018 is to achieve a secure production volume of
25 engines per week after the summer.
Cimco’s long-term plan of achieving sales of 10% of its addressable market, equating to 7,700 engines per year,
and EBITDA margin of more than 20 percent is unchanged.
- The preliminary study on the 3.0 litre six-cylinder twin turbodiesel engine from BMW was successful
and will result in the development of a prototype after summer. The study was done in cooperation with Semcon AB.
- Annual General Meeting of shareholders was held on 19th April 2018.
- Cimco awarded the “Best Industrial Exporter IPO Sweden 2017 Award” by CFI.co.
- Andreas Blomdahl appointed as CEO of Cimco on 13th June 2018.
Significant event after the reporting period
- Production status – Cimco produced 42 units in the month of June and the 200hp OXE to be re-introduced at the
end of September.
- Preliminary results of Q2 2018 and announcement to raise additional funding to meet the company’s working
capital requirement.
- Cimco Marine AB (publ) resolves on a rights issue of approximately SEK 25.5 million. This issuance is
100% underwritten by subscriptions and guarantees by Prioritet group AB and Per Lindberg.
For further information, please contact:
Andreas Blomdahl, CEO Cimco Marine AB, andreas.blomdahl@oxe-diesel.com, +46 431 44 98 99
Anders Berg, Chairman of the Board of Cimco Marine AB, +46 70-358 91 55, anders.berg@oxe-diesel.com
Myron Mahendra, CFO Cimco Marine AB, +46 763-47 59 82, myron.mahendra@oxe-diesel.com
Lars Sjögrell, Head of Public Relations, Cimco Marine AB, +46 702 69 53 00, lars.sjogrell@perspective.se
www.oxe-diesel.com
Certified Adviser
Västra Hamnen Corporate Finance AB is Certified Adviser for Cimco Marine AB.
Cimco Marine AB (publ) is obligated to make this information public pursuant to the EU Market Abuse Regulation. The information was provided by the contacts above to be submitted for publication on August 31st 2018, 07:30 CET.
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.
