Minesto publishes Year-End Report 2019

March 19, 2020

CEO Dr Martin Edlund: “At the beginning of 2020, Minesto holds a stronger cash position than ever. This means that we can increase the company’s commercial activity, with the goal of entering into further customer collaboration arrangements and secure project financing for the expansion of larger marine energy production arrays.”

Significant events October–December 2019

  • Minesto is granted EU funding for site project in France.
  • Minesto carries out a directed issue of units of SEK 60 million.

After the end of the fiscal year

  • Minesto carries out an over-subscribed rights issue of units of SEK 86 million.
  • Minesto signs a power purchase agreement with the electric utility company SEV for installations in the Faroe Islands.
  • Establishment of subsidiary in the Faroe Islands.

The Group in summary January–December 2019

  • Total operating income amounted to SEK 40,101 thousand (38,981 thousand) and consisted mainly of capitalised work on own account of SEK 35,747 thousand (34,549 thousand).
  • Loss after net financial items was SEK –125,874 thousand (–12,005 thousand). The negative result largely consists of a one-off write down of previously capitalised technology development that differs significantly from Minesto’s technology today (see also Comments from the CEO on page 3 in the Year-End Report). In addition, the negative result is attributable to business development and administration related to technology development and includes, among other things, personnel costs, rents and services.
  • Earnings per share were SEK –0.92 (–0.12). The corresponding earnings per share after taking into account dilution of existing warrants was SEK –0.84 (–0.10).
  • At year-end, capitalised development costs amounted to SEK 165,346 thousand (232,936 thousand).
  • Grants of up to SEK 55,551 thousand (71,401 thousand) were raised during the year, of which SEK 51,012 thousand (66,977 thousand) reduced the acquisition value of the capitalised development costs. During the year, payments of SEK 58,798 thousand (51,015 thousand) were received from public funding schemes, of which SEK 46,421 thousand (48,789 thousand) relates to approved claims and the remainder relates to advances.
  • Cash flow amounted to SEK 50,986 thousand (–44,141 thousand).
  • Equity amounted to SEK 398,703 thousand (304,224 thousand) at the end of the reporting period.

The Year-End Report is available to download at Minesto’s website at www.minesto.com/investors.

 

For additional information please contact

Magnus Matsson
Head of Communications & Investor Relations, Minesto AB
+46 31 774 14 89
press@minesto.com

 

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 08:45 CET on 19 March 2020.

 

About Minesto

Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean.

Minesto’s award winning and patented product, Deep Green, is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.

With more than €40 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union’s largest investment in marine energy to date.

Minesto was founded in 2007 and has operations in Sweden, Wales, Northern Ireland and Taiwan. The major shareholders in Minesto are BGA Invest and Midroc New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission, email: ca@gwkapital.se, telephone: +46 8 503 000 50.

Read more about Minesto at www.minesto.com

Press images and other media material is available for download via bit.ly/Minesto_media.