THIRD QUARTER – JULY-SEPTEMBER 2023
- Revenue amounted to SEK 13,119 thousand (14,361).
- Operating loss amounted to SEK -13,893 thousand (-1,487).
- Net financial items amounted to SEK 13,972 thousand (53,964).
- Unrealised changes in property values amounted to SEK -6,785 thousand (4,598).
- Result before tax amounted to SEK -6,706 thousand (57,075) and result after tax amounted to SEK 47 thousand (66,442), corresponding to SEK 0 (0.14) per share.

NINE MONTH PERIOD – jANUARY-SEPTEMBER 2023
- Revenue amounted to SEK 34,108 thousand (33,280).
- Operating loss amounted to SEK -44,669 thousand (-16,758).
- Net financial items amounted to SEK 142,359 thousand (68,467).
- Unrealised changes in property values amounted to SEK -33,753 thousand (11,653).
- Result before tax amounted to SEK 63,949 thousand (67,959) and result after tax amounted to SEK 55,845 thousand (66,219), corresponding to SEK 0.12 (0.14) per share.

EVENTS DURING JANUARY-SEPTEMBER 2023
- On February 3rd, Crown acquired 85% of SmarTee S.a.r.l., the parent holding company of AccYouRate Group which focuses on wearable medical technologies, for a consideration of Euros 163 million of which Euros 75 million was paid upon signing. For more information see note 8
- On April 27th Crown announced receipt of a further $8 million taking the total received amount under the October 2021 Sale and Purchase Agreement to $99 million.
- On April 27th the company stated that AccYouRate had taken a step forward in the production of its ‘smart T-shirt’ using printed polymetric ink.
- Crown also announced on May 11th that it is withdrawing from the South African Block 2 B licence and returning its equity to the other joint venture partners.
- On May 31:st Crown Energy AB announced the decision to evaluate the conditions for listing the company's share on Nasdaq First North. Growth Market, Stockholm.
- The Annual General Meeting was held on 1 June.
- The change of list for Crown Energy’s share will not be able to be carried through during 2023, and the plan is now for 2024.
 
EVENTS AFTER THE PERIOD
- The final study the so called “Rett study” was released. The study shows that significant and beneficial information was gathered using Accyourate’s technology and product.
- On October 20th 2023 Crown received a further $8 million taking the total received amount under the October 2021 Sale and Purchase Agreement to $107 million.

CEO statement

Dear shareholders and investors,
We are happy and excited with the new strategic direction of Crown Energy, now transforming into a company investing in green growth and sustainability, with a focus on the field of medical technologies. The starting point of our new path was when we in the autumn of 2021 divested the majority of our Energy assets through a sale and purchase agreement. Our commitment to the new direction became even clearer in May 2023 when we announced our withdrawal from the South African Licence, ending our active participation in the oil and gas industry. On February 3rd 2023 we took a large step forward by acquiring 85% of SmarTee S.a.r.l., a Luxembourg company which is the parent holding company of the Italian registered AccYouRate Group. The total acquisition price was Euros 163 million of which we have now paid Euros 75 million.

The AccYouRate Group focuses on medical grade wearable technologies and holds various patents focused on advanced and cutting-edge technologies. AccYouRate can produce wearable textiles, currently in the form of a ‘smart T-shirt' enabling monitoring of the wearer’s bio signals and transmission of those to the cloud, where a comprehensive biomedical database is hosted.

We see great value in our technology, from the smart garments that can be produced, the health monitoring services that can be provided, the medical information that can be gathered through our algorithmic analyses, the medical predictions that can be extrapolated from that data, and the substantial database of medical information that AccYouRate is building up.

During the year some very encouraging studies have been released on the usage of wearables, and specifically the smart T-shirt within the field of healthcare, showing great potential compared to traditional methods of measuring and monitoring vital health parameters. It is also exciting to notice that several interesting collaborations are being discussed within the areas of telemedicine, sports and occupational medicine.
We are still planning to improve our company’s visibility by transitioning to a Nasdaq First North listing. In addition, we have enhanced our corporate website for better transparency and seamless access to information for our investors. The process to change list is ongoing and the current plan is to do it in 2024.

ASSET DEVELOPMENT AND MANAGEMENT
The gentle improvement in the market for office and residential rentals in Angola continues. The higher sustained price of oil as well as the growth in economic activities in the country have been important factors in firming up the market. However, during the second quarter the decline of the Kwanza exchange rate diminished both our income as well as the value of our assets in Angola in SEK equivalent.

Although price pressures continue to remain, we are seeing respectable rates of occupancy in our properties and expect demand to remain relatively firm given the attractiveness of the locations of these buildings. The business area Asset development and management is currently subject to an ongoing strategic overview.

ENERGY
Our income from the Sale and Purchase Agreement of October 2021 continues to come in regularly. We have now received as of October this year a total of USD $107 million with another $73 million securely due to come in by October 2026 and we have moved into the second phase of the Licence.

In May we announced that we have withdrawn from the South African Licence. This ends our active participation in the oil and gas industry. I am confident in the way Crown now operates our current business areas while we continue the transition into our new more sustainable business direction and I am truly looking forward to continuing this journey and to make the most of what the future has to offer our company and our shareholders.

Yoav Ben-Eli
CEO, Crown Energy