Clean Industry Solutions Holding Europe AB: Quarterly Report July-September 2021

3rd Quarter from 01.07.2021 to 30.09.2021 (01.07.2020 to 30.09.2020), Q3 YTD from 01.01.2021 to 30.09.2021 (01.01.2020 to 30.09.2020)

CISH AB Group
RESULTS IN BRIEF | in TSEK
2021
Q3
2020
Q3
2021
Q3 YTD
2020
Q3 YTD
Sales 794 -339 1,173 774
Increase in finished goods, inventories and wip 1,519 0 1,512 0
Other own work capitalized 0 0 0 0
Income 2,313 -339 2,686 774
Other operating income 1,785 593 4,926 1,783
Operating Income 4,098 254 7,612 2,557
Cost of Sales -729 -155 -1,363 -729
Personnel Costs -3,111 -3,105 -10,552 -7,525
Other external expenses -2,533 -904 -5,193 -2,499
Other operating expenses -1 0 -50 -6
Depreciation -201 -229 -614 -494
Operating Costs -6,574 -4,393 -17,772 -11,253
Operating result (EBIT) -2,477 -4,139 -10,160 -8,696
Elimination of extraordinary Costs * 1,443 0 1,752 0
Operating Costs after eliminations -5,131 -4,393 -16,020 -11,253
Operating result (EBIT) after eliminations -1,034 -4,139 -8,408 -8,696
Financial result -32 26 -28 -55
Profit (+) / loss (-) after financial items -2,508 -4,113 -10,188 -8,751
Taxes 1 0 -1 0
Profit (+) / loss (-) after taxes -2,508 -4,113 -10,189 -8,751
Profit (+) / loss (-) after taxes & eliminations -1,065 -4,113 -8,437 -8,751
* One time expenses for switch to Nasdaq First North
Number of Shares 12,188,792 12,188,792 12,188,792 12,188,792
Result per share amounted (in SEK) -0.2058 -0.3374 -0.8359 -0.7180
Cash available end of period 7,362 18,839 7,362 24,926

Significant events during the reporting period

  • Clean Industry Solutions listed at Nasdaq First North Growth Market
  • Industrial Solar awarded grant for R&D project in the field of Artificial Intelligence
  • Spanish Center for Energy, Environmental and Technological Research purchases MDPilot system with SolarSpring’s next generation module technology
  • SolarSpring Receives First Order from atmosfair for CO2 Mitigation

Significant events after the reporting period

  • Fresnel Solar Steam Generator from Industrial Solar highlighted at COP26
  • Amendment of SHIP2FAIR Grant Agreement
  • Luleå University of Technology, Sweden, orders MDLab research unit from SolarSpring GmbH
  • SolarSpring contracted for MD lab system used in cutting edge offshore hydrogen generation project
  • Industrial Solar Awarded Grant for R&D Project to Push Market Introduction of Solar Steam Generation

Comments from the CEO Christian Zahler

As we could not travel during the pandemic, we ramped up our sales activities in our home market Germany – with appropriate solutions for the German market in terms of climate and solar irradiation. On the other hand, this Covid-19 induced adaptation of our business model resulted in some confusion and misinterpretation among potential patrons and shareholders. I would like to clarify that we are resuming our operations with renewed hope and increased determination; our expansion towards photovoltaic systems and hybrid photovoltaic-solar thermal systems is only strengthening our position in the market, which leads to more solid revenues.

Having said that, I’m excited to share that our total operating income during the first three quarters of 2021 grew by 198 % compared to the same period in 2020. A significant increase marking the beginning of the new solar era. Due to the change of the government in Germany and, e.g., the obligation to install PV systems on newly constructed buildings from 2022 on and other measures, we expect a dynamic growth of our business in the coming year.

Clean Industry Solutions Holding Europe AB

Head Office
c/o Win-Win Ekonomi AB
Palmfeltsvägen 21
121 62 Johanneshov
Sweden