Embed Size (px)
Citation preview
myFC | Interim report January – June 2020 1
Financial report January – June 2020
myFC | Interim report January – June 2020 2
SIGNIFICANT EVENTS APRIL – JUNE • Michael Glantz appointed CEO of myFC
• Sebastian Weber appointed CTO of myFC
• myFC demonstrates hybrid concept for electric vehicles
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
• Extraordinary general meeting resolves targeted new share issues generating approximately 52 million SEK.
April–June
2020 April–June
2019 Jan–June
2020 Jan–June
2019 Full year
2019
Net sales, SEK 000 0 0 0 0 0
Operating margin, % neg neg neg neg neg
Equity per share, SEK 0.2 0.9 0.2 0.9 0.6
Equity ratio, % 77.8 84.1 77.8 84.1 87.1
Average number of employees 15 21 14 23 21
myFC | Interim report January – June 2020 3
A word from our CEO My first quarter as CEO of myFC coincided with a global pandemic which affected us all. One obvious consequence is that meetings with prospective partners and customers are now primarily digital. I can assure you, however, that the meetings are still happening at an uninterrupted and even increasing pace. My distinct feeling is that interest in what our technology has to offer is picking up. During the second quarter, we demonstrated our fully functional hybrid concept vehicle and secured continued funding. At the same time, we saw many of the ongoing shifts in the world accelerate as a consequence of the pandemic. Increased online shopping and demand for access to home delivery of meals and medication are some examples. Demand for access to electrified, non-polluting mobility is steadily increasing across the world. At myFC, we define electrified mobility as 2-4-wheel vehicles and marine applications and their auxiliary systems such as climate control. myFC is very well positioned to continue to explore these opportunities. On June 17, we demonstrated a fully functional concept vehicle using our fuel cell technology for electric propulsion. It was a milestone and an example of what our technology, integrated into our customers’ applications, is capable of. In essence, we showed how our hydrogen fuel cells can offset and solve some of the pain points of batteries, supporting the global shift to electrification. Adding to that, our small and modular fuel cell provides unparallel freedom in design. Representatives from the automotive and hydrogen industries discussed market maturity and demand in a panel discussion which can be found on our website. We are now at a point in time when the maturity of our technology matches the readiness of the market. Last month, I issued my first Executive Brief. I intend to do so continuously. In the Executive Briefs, I will share updates and reflections on market developments as well as extended reading about news issued by us. You will be able to find (and subscribe to) the Executive Briefs on our website. As I mentioned initially, my feeling is that the interest in our offering is increasing. It is up to me and my colleagues at myFC to turn all these interesting conversations into commercial reality. Until next time, Michael Glantz CEO myFC
myFC | Interim report January – June 2020 4
Significant events during the second quarter MICHAEL GLANTZ APPOINTED CEO OF myFC myFC Holding’s Board of Directors appoints Michael Glantz as the new CEO of the Swedish micro fuel cell company. Michael Glantz joined myFC as Chief Product Officer in 2012, was appointed CTO in 2018, and has been a member of the executive leadership team since he joined the company. He assumes the position as CEO of myFC with immediate effect. SEBASTIAN WEBER APPOINTED CTO OF myFC Sebastian Weber is appointed CTO, replacing Michael Glantz. Sebastian Weber joined myFC as Chief Technology Integration Officer in May 2018. He has previous experience from Ericsson and Fingerprint Cards. myFC DEMONSTRATES HYBRID CONCEPT FOR ELECTRIC VEHICLES myFC demonstrated a fully functional concept vehicle using the company’s fuel cell technology for electric propulsion on June 17. The fuel cell battery hybrid concept further develops the integration of myFC’s fuel cell technology and power & energy management to maximize the range and lifespan of the system. The demonstration provided a detailed run-through of the technology as well as a test drive.
Significant events after the end of the period EXTRAORDINARY GENERAL MEETING RESOLVES TARGETED NEW SHARE ISSUES GENERATING APPROXIMATELY 52 MILLION SEK New and existing investors, including executive management will subscribe to 26 million shares in Swedish fuel cell company myFC in two proposed targeted new share issues. The proposed share issues will generate about SEK 52 million before issue costs and were resolved at an extraordinary general meeting on 6 July.
myFC | Interim report January – June 2020 5
Financial overview NET SALES AND RESULTS, 1 APRIL– 30 JUNE 2020 Net sales during the second quarter of 2020 amounted to SEK 0 M (0). Other operating income amounted to SEK 0.1 M (0.5) during the second quarter and relates to exchange rate gains, etc.
Operating expenses during the second quarter amounted to SEK -15.4 million (-108.9). This is a large decrease compared with the second quarter of 2019 and most of this is due to the large write-down made during the second quarter of 2019.
• Other external costs have decreased by SEK 3.1 million compared with the same
quarter in 2019 as a result of the revised strategy to focus on integrating the company's technology into customer applications.
• Personnel costs for the second quarter of 2020 have also decreased by SEK 2.0 million compared with the second quarter of 2019. The number of employees has decreased by 29 percent compared with the same period in 2019. This follows the plan that the company communicated earlier.
• Depreciation and write-downs for the second quarter are significantly lower than for the second quarter of 2019. The reason for this is the large write-downs made during the second quarter of 2019.
The company's operating profit for the second quarter of 2020 amounted to SEK -15.3 million (-107.5). Net financial items for the same period were SEK 0.0 million (0.0). CASH FLOW, INVESTMENTS AND FINANCIAL POSITION Cash flow during the second quarter amounted to SEK -12.4 million (14.0). Cash flow from operating activities during the second quarter of 2020 was SEK -12.2 million (-18.7) and from investing activities SEK -0.3 million (-0.3). The improved cash flow from operating activities can be attributed to the change in strategy that has been implemented with the associated savings program. On June 30, 2020, the Group's cash and cash equivalents amounted to SEK 8.1 M (36.9). INTANGIBLE ASSETS The book value of the Group's intangible assets amounts to SEK 27.7 million, and includes our core technology, including patents and the like. EQUITY On June 30, 2020, the Group's equity amounted to SEK 33.5 M (73.6). The equity / assets ratio on 30 June 2020 was 77.8% (84.1). EMPLOYEES The number of employees was 15 (23) at the end of the period. PARENT COMPANY myFC Holding AB is the parent company of the Group. The company's Group Management is employed by myFC Holding AB and the Parent Company invoices myFC AB for the time the Group management works in myFC AB. Net income in the Parent Company for the second quarter of 2020 was SEK 2.5 M (2.7).
myFC | Interim report January – June 2020 6
The parent company's operating expenses for the second quarter amounted to SEK -16.5 million (-112.5). During the second quarter of 2019, an accumulated shareholder contribution was booked to myFC AB, hence the high amount during the second quarter of 2019. The major part of the operating cost is attributable to shareholder contributions that the parent company sends to subsidiaries.
myFC | Interim report January – June 2020 7
Miscellaneous SIGNIFICANT RISKS AND UNCERTAINTIES As a provider of innovative technology, myFC’s material business risks primarily involve all technical risks, market maturity and demand for fuel cells, changing business climate generally or on certain markets, difficulty in attracting and retaining skilled employees, capital risks and currency risks to a lesser extent. A more detailed description of material risks and uncertainty factors can be found in myFC’s annual report and prospectus, published on myFC’s website, myFC.se. ACCOUNTING PRINCIPLES This interim report has been prepared in accordance with the Annual Accounts Act and the Swedish Accounting Standards Board’s general regulations BFNAR 2012:1 Annual Report and Consolidated Financial Statements (K3). CALENDAR 23 October 2020 Interim report January – September 2020 26 February 2021 Year-end report January – December 2020 Stockholm, 24 July 2019 Board of Directors myFC Holding AB The interim report has not been reviewed by the company’s auditor For further information, please contact: Michael Glantz, CEO Ulf Henning, CFO + 46 70 775 49 00 +46 70 555 35 54 [email protected] [email protected] This information is information that myFC 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 below, at 08:00 CET on 24 July 2019.
myFC | Interim report January – June 2020 8
Financial reports CONSOLIDATED INCOME STATEMENT
SEK 000 Apr–June
2020 Apr–June
2019 Jan–June
2020 Jan–June
2019 Full year
2019
Operating income Net sales 0 0 0 0 0
Own work capitalised 0 950 0 2 662 2 662
Other operating income 51 502 843 504 2 064
Total operating income 51 1 452 843 3 165 4 726
Operating expenses Raw materials, consumables and goods for resale 0 -7 100 0 -8 191 0
Other external expenses -6 952 -10 051 -11 615 -20 042 -31 425
Personnel costs -6 880 -8 881 -11 574 -16 868 -28 890
Depreciation and write downs of tangible and intangible assets -1 425 -82 795 -2 850 -88 326 -100 244
Share of associated companies' income after tax 0 0 0 -1 059 -881
Other operating expenses -133 -94 -146 -148 -8 750
Total operating expenses -15 389 -108 921 -26 185 -134 634 -170 190
Operating loss -15 338 -107 469 -25 341 -131 469 -165 464
Profit/loss from financial items Net financial items 0 -1 -34 -61 -62
Loss after financial items -15 338 -107 470 -25 375 -131 530 -165 526
Tax - - - - -
Loss for the period -15 338 -107 470 -25 375 -131 530 -165 526
Earnings per share before dilution (SEK) -0,10 -1,37 -0,16 -1,68 -1,76
after dilution (SEK) na na na na na
Average number of outstanding shares at the close of the report period before dilution (000) 156 697 78 355 154 319 78 355 94 244
myFC | Interim report January – June 2020 9
CONSOLIDATED BALANCE SHEET
SEK 000 June 30
2020 June 30
2019 Dec 31
2019
ASSETS
Subscribed unpaid capital 0 0 21 105
Fixed assets Intangible fixed assets 27 731 32 465 30 068
Property, plant and equipment 1 259 9 866 1 428
Interests in associated companies 0 0 0
Total fixed assets 28 991 42 331 31 496
Current assets Inventories 2 716 3 099 2 716
Accounts receivable 699 0 51
Current tax assets 238 489 154
Other receivables 1 605 2 909 906
Prepaid expenses and accrued income 783 1 731 1 250
Cash and cash equivalents 8 054 36 927 9 827
Total current assets 14 094 45 155 14 904
Total assets 43 085 87 486 67 505
EQUITY AND LIABILITIES
Equity Share capital 9 166 6 420 6 420
Ongoing new issue 0 0 21 105
Other capital provided 559 489 542 957 541 048
Retained earnings -509 770 -344 244 -344 244
Loss for the period -25 375 -131 530 -165 526
Total equity 33 510 73 603 58 803
Current liabilities Accounts payable 2 390 4 704 2 350
Other liabilities 1 130 1 467 714
Accrued expenses and deferred income 6 055 7 712 5 638
Total current liabilities 9 575 13 882 8 702
Total equity and liabilities 43 085 87 486 67 505
myFC | Interim report January – June 2020 10
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
SEK 000 Share capital Other capital
provided Other equity Total equity Total equity
2019-12-31 6 420 562 153 -344 244 -165 526 58 803
Disposition acc to AGM 0 -165 526 165 526 0
New issue 2 746 18 475 21 222
Issue cost -34 -34
Ongoing new issue -21 105 -21 105
Profit/loss for the period -25 375 -25 375
2020-06-30 9 166 559 489 -509 770 -25 375 33 510 CONSOLIDATED STATEMENT OF CASH FLOWS
SEK 000 Apr–June
2020 Apr–June
2019 Jan–June
2020 Jan–June
2019 Full year
2019
Cash flow from current operations -12 256 -18 662 -22 616 -45 453 -70 355
Cash flow from investing activities -262 -317 -345 -2 317 -2 607
Cash flow from financing activities 82 32 952 21 188 32 765 30 857
Cash flow for the period -12 436 13 973 -1 774 -15 005 -42 105
Opening balance, cash and cash equivalents 20 489 22 955 9 827 51 933 51 933
Cash and cash equivalents at the end of the period 8 053 36 928 8 053 36 928 9 828
myFC | Interim report January – June 2020 11
INCOME STATEMENT FOR PARENT COMPANY
SEK 000 Apr–June
2020 Apr–June
2019 Jan–June
2020 Jan–June
2019 Full year
2019
Operating income Net sales 2 523 2 695 5 340 5 116 9 232
Other income 0 0 0 0 53
Total operating income 2 523 2 695 5 340 5 116 9 285
Operating expenses External costs -1 048 -1 033 -1 736 -2 217 -4 547
Personnel costs -3 632 -5 119 -8 058 -9 065 -16 569
Shareholder contribution to subsidiary -11 787 -106 363 -20 915 -124 328 -152 828
Operating profit/loss -13 943 -109 820 -25 369 -130 494 -164 660
Profit/loss from financial items Net financial items 0 -1 -4 -1 -6
Impairment of participations in subsidiaries 0 -82 200 0 -82 200 -82 200
Impairment of participations in associated companies 0 0 0 -1 059 -881
Profit/loss after financial items -13 943 -192 021 -25 372 -213 754 -247 747
Tax - - - - -
Profit/loss for the period -13 943 -192 021 -25 372 -213 754 -247 747
myFC | Interim report January – June 2020 12
BALANCE SHEET FOR THE PARENT COMPANY
SEK 000 June 30
2020 June 30
2019 Dec 31
2019
ASSETS
Subscribed unpaid capital 0 0 21 105
Fixed assets Interests in subsidiaries 112 415 112 415 112 415
Interests in associated companies 0 0 0
Total fixed assets 112 415 112 415 112 415
Current assets Receivables in Group companies 27 431 45 842 28 670
Tax receivables 0 189 0
Other receivables 59 522 165
Prepaid expenses and accrued income 78 256 239
Cash and cash equivalents 7 039 28 512 8 834
Total current assets 34 606 75 322 37 908
Total assets 147 021 187 737 171 428
EQUITY AND LIABILITIES
Equity Share capital 9 166 6 420 6 420
Ongoing new issue 0 0 21 105
Premium reserve 521 041 504 509 502 600
Retained earnings -363 973 -116 226 -116 226
Loss for the period -25 372 -213 754 -247 747
Total equity 140 862 180 949 166 152
Current liabilities Accounts payable 426 848 202
Current tax liability 0 0 -
Other liabilities 937 918 487
Accrued expenses and deferred income 4 796 5 021 4 587
Total current liabilities 6 159 6 788 5 275
Total equity and liabilities 147 021 187 737 171 428
myFC | Interim report January – June 2020 13
STATEMENT OF CHANGES IN PARENT COMPANY'S EQUITY
SEK 000 Share capital Other capital
provided Other equity Profit/loss for
the period Total equity
2019-12-31 6 420 523 706 -116 227 -247 747 166 152
Transfer of last year's profit/loss -247 747 247 747 0
New issue 2 746 18 475 21 221
Issue costs -34 -34
Ongoing new issue -21 105 -21 105
Loss for the period -25 372 -25 372
2020-06-30 9 166 521 041 -363 973 -25 372 140 862 KEY FIGURES
Apr–June
2020 Apr–June
2019 Jan–June
2020 Jan–June
2019 Full year
2019
Net sales, SEK 000 0 0 0 0 0
Operating margin, % neg neg neg neg neg
Return on equity, % neg neg neg neg neg
Equity per share, SEK 0,2 0,9 0,2 0,9 0,6
Equity ratio, % 77,8 84,1 77,8 84,1 87,1
Number of employees at end of period 15 23 15 23 13
This information is information that myFC 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 below, at 08:00 CET on 24 July 2020. FOR MORE INFORMATION, PLEASE CONTACT: CERTIFIED ADVISER: myFC Press Office Avanza Bank Mail: [email protected] Mail: [email protected] Phone: +46 738 09 33 83 Phone: +46 8 409 421 20 ABOUT myFC Swedish innovation company myFC offers thin, scalable fuel cells that are easy to dimension and adapt to any electric application. myFC develops hybrid technology solutions combining batteries and hydrogen-based micro fuel cells for extended usage and reduced carbon footprint. The company was founded in 2005 and was listed on NASDAQ First North Growth Market in 2014. Its headquarters are in Stockholm. For more information, visit myfc.se
