CISH Q3 Report 2021
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.