A Strong Quarter Completes a Strong Year
PowerCell Sweden AB grew its sales by 41 percent during the fourth quarter 2020, from MSEK 27.0 to MSEK 38.2. For the full year 2020 sales increased by 55 percent to MSEK 103.5 (66.9).
Operating income before items affecting comparability for the fourth quarter weakened to MSEK -29.5 (-28.7) due to, among other things, continued aggressive investments to grow the business within new segments and to negative currency effects.
“In terms of sales, the fourth quarter 2020 amounted to the strongest quarter in the company’s history and led to that PowerCell Sweden achieved total sales in excess of MSEK 100 for a single year for the first time. What primarily drove sales during the quarter were the large orders from Robert Bosch GmbH”, Richard Berkling, CEO of PowerCell Sweden said.
During the fourth quarter 2020 total sales amounted to 38,150 thousand SEK compared to 26,983 thousand SEK the same quarter previous year, an increase by 41 percent. Operating income before items affecting comparability amounted to -29,543 thousand SEK for the fourth quarter compared to
-28,736 thousand SEK during the same quarter 2019.
To enter into new and prioritized segments PowerCell continued to invest aggressively in sales and marketing during the quarter, which has resulted in higher costs and lower profitability. Negative operational currency effects also affected profitability adversely during the quarter.
Richard Berkling, who took over as new CEO of PowerCell Sweden on the first of January, sees great opportunities for the company going forward.
“It’s obvious that hydrogen and fuel cells are facing a very exciting period and what I have seen since I came to PowerCell has convinced me of the company’s great opportunities. PowerCell Sweden has the advantage of combining a long experience with a maintained genuine entrepreneurial spirit which gives us an extremely strong position going forward”, Richard Berkling, CEO of PowerCell said.
Financial highlights
| All amounts in thousand SEK | 2020 Oct-Dec |
2019 Oct-Dec |
2020 Jan-Dec |
2019 Jan-Dec |
| Net sales | 38,150 | 29,983 | 103,528 | 66,850 |
| Operating income before items affecting comparability | -29,543 | -28,736 | -97,749 | -79,898 |
| Operating income | -29,543 | -28,763 | -103,386 | 448,408 |
| Profit/loss after tax | -50,324 | -40,977 | -116,622 | 438,011 |
| Operating cash flow | -33,826 | -21,445 | -3,863 | 369,146 |
For further information, please contact:
Richard Berkling Mårten Wikforss
CEO, PowerCell Sweden AB (publ) Investor Relations
Phone: +46 (0) 31 720 36 20 +46 705 59 11 49
Email: richard.berkling@powercell.se Email: marten.wikforss@powercell.se
This information is insider information that PowerCell Sweden AB (Publ) 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 above, at 08:30 CET on February 25, 2021.
About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) develops and produces fuel cell stacks and systems for stationary and mobile applications with a world class energy density. The fuel cells are powered by hydrogen, pure or reformed, and produce electricity and heat with no emissions other than water. As the stacks and systems are compact, modular and scalable, they are easily adjusted to any customer need.
PowerCell was founded in 2008 as an industrial spinout from the Volvo Group. The share (PCELL) is since 2014 subject to trade at Nasdaq First North Growth Market, Stockholm. G&W Fondkommission is Certified Adviser, e-mail: ca@gwkapital.se, phone: +46 8 503 000 50.