OXE Marine AB publishes annual report for 2019
OXE Marine AB today published the annual report for the 2019 financial year on the company's website www.oxemarine.com.
Significant events during the financial year
- Andreas Blomdahl left his post as acting CEO and is replaced by the then CFO Myron Mahendra, who was appointed CEO on July 1st, according to a board decision.
- During the year, two new issues were completed with a capital injection of a total of SEK 152.3 million, according to the following breakdown: SEK 101.5 m through a rights issue in April and SEK 33.6 m through a rights issue in October, together with SEK 17.2 m through a directed share issue in October.
- The company is completing the validation and is currently conducting a ‘design freeze’ for the OXE300 - production start is expected in May 2020 with a controlled rate of increase to monitor parts and design quality. During the fourth quarter of 2019, OXE Diesel was shown at 15 international exhibitions. OXE Diesel continues to receive increasing attention.
- The company entered into a financing agreement with the European Investment Bank (EIB) in July 2019 for a loan facility of up to EUR 14 million. This consists of three tranches. Tranche A of EUR 4 m was drawn down in September. Tranche B, also at EUR 4 m, is available subject to the company fulfilling the following conditions: successful raise of SEK 50 m in October 2019; achieve net sales of at least EUR 7.5 m over the past 12 months and achieve a positive gross margin over the last three months of the reporting period. The company has fulfilled all the above conditions and is eligible for payment of Tranche B of EUR 4 m.
- The company produced 98 units during the fourth quarter of 2019, through a secure and controlled process to verify that all quality standards were met while improving the efficiency of the assembly of the parts. The stable production also helped the company to reduce its inventory of finished units (mainly 150 hp variant). The company will add additional resources in its supply chain, its quality processes and its production management.
- The company sold 142 units during Q4 2019, which contributed to 309 engines sold for 2019 - almost double the sales of previous years (157 units). Demand for OXE200 accelerated after the reintroduction of its power unit (tropical variant) at the end of May 2019.
- At the end of 2019, the company sold effectively all units from production as well as from inventory. Production continues at an evenly controlled rate. The order book for deliveries in 2020 currently stands at approximately EUR 4.1 m and represents about half of the company's net sales for 2019.
OXE Marine AB's Annual General Meeting will be held on May 22, 2020 (13.00) in Ängelholm, Sweden.
FNCA Sweden AB is Certified Adviser for OXE Marine AB (publ). Contact details to FNCA Sweden AB: tel. +46 8 528 00 399, e-mail firstname.lastname@example.org.
For further information, please contact:
Myron Mahendra, CEO, email@example.com, +46 76 347 59 82
Anders Berg, Chairman, firstname.lastname@example.org, +46 70 358 91 55
OXE 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 persons set out above, on 26 March 2020 at 07:30.
OXE 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. The Company’s unique patented engine-to-propulsion power transmission solutions have led to high demand for the Company’s engines worldwide.