STOCKHOLM, July 23, 2021 /PRNewswire/ -- OXE Marine AB
(publ) (NASDAQ STO: OXE) (OTCQX: CMMCF)
Interim report
Second quarter (April - June
2021)
- Net turnover of SEK 21.8m
(SEK 21.3m)
- Gross Profit of SEK 5.9m
(SEK 1.2m) or gross margin of 27%
(6%)
- Operating Loss/EBIT of SEK -12.8m
(SEK -12.2m)
- Result for the period of SEK
-15.1m (SEK -14.3m)
- Order book amounted to EUR 12.2 m
or SEK 124 m at the end of the
quarter.
First half of 2021 (January - June 2021)
- Year to date net turnover of SEK
31.8m (SEK 31.6m)
- Gross Profit of SEK 8.6m
(SEK 3.6m) or gross margin of 27%
(11%)
- Operating Loss/EBIT of SEK -34.2m
(SEK -29.8m)
- Result for the period of SEK
-38.9m (SEK -33.8m).
- Order book amounted to EUR 12.2 m
or SEK 124 m at the end of the first
half of 2021.
Significant events during the Second quarter
- No significant events occurred during the quarter.
Significant events after the reporting period
- Magnus Grönborg started as CEO of OXE Marine AB (publ) on
1 July 2021.
- OXE Marine AB (publ) announced outcome of incentive program
2021/2025 and additional transfer of warrants of series
2019:2.
Comments by the CEO
During the quarter, the company achieved net turnover of
SEK 21.8m (SEK
21.3m). We reached our highest quarterly gross profit of
SEK 5.9m (SEK
1.2m) with a margin of 27% (6%), driven by higher sales of
the OXE300 and a more favourable product mix. The company's order
book stood at a healthy SEK 124m at
the end of the quarter
Improvements were made during the quarter in reducing our
accounts receivable balance to SEK
15.2m - down from SEK 35.5m at
the beginning of this year, and we continue to have a strong focus
on optimising working capital.
During the quarter, much progress has been made with our
assembly partner in Poland in
respect to the OXE300 as well as in the US with regards to the
OXE125-200 series. We continue to work closely with our assembly
partners focussing on productivity improvements in assembly
processes and developing quality control standards. We also
continue to work closely with key suppliers in respect to improving
lead times of parts delivery and quality standards. During the
quarter we have experienced disruption and shortages of certain
material and electrical components in the supply chain, however, we
believe this should be alleviated by the next quarter as the
situation will gradually improve, and despite these challenges we
see good progress in the ramp-up.
We continue to see more positive activity from our distribution
network through improved marketing initiatives as well as demo
programs with key commercial and governmental customers and we
clearly see a growing interest and demand in general in the
market.
Our marketing activities during the quarter continue to gain
pace following the successful launch of our new website in Q1 –
significant improvements have been achieved in usability and
development of strong content. We continue to increase our
engagement with the public via social media and other media
channels.
Furthermore, we are continuing with our preliminary assessment
of BMW's 4-cylinder two litre turbo diesel engine for marine
application as well as other development work including electric
outboard solutions.
In summary, the quarter show results from our efforts and we are
encouraged by the positive development in accounts receivables and
gross margins as well as a the good trend in ramp-up of production
with significant focus on delivering products with high-quality
standards in a controlled manner.
The Board and Management remain confident of the future
prospects and look forward to growing the business in a sustainable
and profitable manner.
We are driven by the ambition to transform the outboard motor;
impacting the journey towards a more sustainable and ecologically
positive marine environment.
We are engineering the future. Our future.
Myron Mahendra
Chief Executive Officer, OXE Marine AB
This disclosure contains information that OXE Marine AB is
obliged to make public pursuant to the EU Market Abuse Regulation
(EU nr 596/2014). The information was submitted for publication,
through the agency of the contact person, on 23-07-2021 11:00
CET.
Certified Adviser
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 info@fnca.se.
For further information, please contact:
Magnus
Grönborg, CEO, magnus.gronborg@oxemarine.com, +46 76 724 73 00
Myron Mahendra, EVP,
myron.mahendra@oxemarine.com, +46 763 47 59 82
Anders Berg, Chairman,
anders.berg@oxemarine.com, +46 70 358 91 55
OXE Marine AB (publ) (NASDAQ STO: OXE), (OTCQX:
CMMCF) has, after several years of development, constructed
the OXE Diesel, the world ́s first diesel outboard engine in the
high-power segment. OXE Diesel has a unique belt driven propulsion
system that allows a hydraulic multi-friction gearbox to be
mounted. This means that the engine can handle significantly higher
loads than a traditional outboard engine. OXE ́s OXE diesel has a
horizontally mounted engine as opposed to a traditional outboard
with a vertically mounted engine.
This information was brought to you by Cision
https://news.cision.com/oxe-marine-ab/r/oxe-marine-ab--publ--interim-report-1-april-to-30-june-2021,c3388009
The following files are available for download:
https://mb.cision.com/Main/16067/3388009/1447607.pdf
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Q2 2021 INTERIM
REPORT
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https://news.cision.com/oxe-marine-ab/i/q2-2021-interim-report,c2937693
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Q2 2021 INTERIM
REPORT
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SOURCE OXE Marine AB