January-December 2015
· The combined revenue of associated companies has grown by 200% during 2015,
taking into account only those companies that were in the portfolio during 2014
(estimated non-audited).
· Cleantech Invest has successfully carried out its Nordic strategy during the
financial period: it now has a strong presence both in Finland and Sweden, First
North Stockholm listing plans were announced in Q4/2015.
· The most significant events in associate companies:
· Nocart continued its good development. The company a little more than four
-folded revenues in 2015 to 3.9 MEUR and made a strong positive result of 0.57
MEUR (estimated, non-audited). Cleantech Invest increased its ownership in
Nocart from 15% to 20% during the year;
· Swap.com (Netcycler Oy) experienced strong growth during 2015. In May 2015
Cleantech Invest SPV 1 AB made an equity investment of 4.2 MEUR into Swap.com.
This was followed by Cleantech Invest SPV 2 AB investment of 2M EUR later in the
year. Cleantech Invest increased its effective ownership in Swap.com from 5.6%
to 8.0% during the year;
· Nuuka experienced strong growth in the number of buildings connected to
Nuuka’s proprietary service platform. The growth in the number of buildings
served by Nuuka during 2015 was more than 13-fold. At the end of the reporting
period there were 531 buildings under contract;
· Savo-Solar Oyj raised 4.1 MEUR as it listed both in First North Stockholm
and First North Helsinki in April 2015. The company raised another 4.2 MEUR in
December 2015;
· Enersize delivered its first large energy efficiency project in China with
an estimated 800,000 EUR in annual savings for the customer; and
· Sofi Filtration expanded from mining sector water applications to
opportunities in the power generation and construction industries. The revenue
grew by over 200% when compared to last reporting period.
· Cleantech Invest has made follow-on investments during the financial period
in Aurelia Turbines, Savosolar, Enersize, Nuuka Solutions, Sofi Filtration and
Nocart. Cleantech Invest increased ownership in Swap.com via Cleantech Invest
SPV 1 AB and Cleantech Invest SPV 2 AB.
· Cleantech Invest has also invested in three new companies: Watty AB,
PlugSurfing GmbH and Eagle Filters Oy.
· Alexander Lidgren started as the CEO of the firm in January 2015.
July-December 2015
· In December 2015 Cleantech Invest SPV 2 AB made an equity investment of 2
MEUR into Swap.com. After these rounds, the effective fully diluted ownership of
Cleantech Invest in Swap.com was 8.0%.
· In August 2015 a directed share issue was carried out. New strategic
investors from China, Silicon Valley and Sweden invested into Cleantech Invest.
The investment was done as a directed share issue of 1 170 000 new Series A
shares, resulting in the new shareholders acquiring 6% equity of Cleantech
Invest. The main part of the emission was invested by Zhejiang Ruiyang
Technologies Company (Ruiyang), located in one of the fastest growing cities and
growth hubs of China, Hangzhou City. Ruiyang is a leading industrial player as
well as investor in the Chinese cleantech sector.
· During Q4/2015 Cleantech Invest started preparations for Stockholm First
North IPO and selected G&W Fondkommission to handle the process. To increase the
liquidity of the share it was announced that in connection with the parallel
listing there would be a limited share issue in the range of 1 MEUR with an
option attached to each share to subscribe more at a higher price for a limited
time.
Key figures
+---------------------+---------+---------+---------+---------+
|EUR ‘000 |7-12/2015|7-12/2014|1-12/2015|1-12/2014|
+---------------------+---------+---------+---------+---------+
|Turnover |105 |89 |249 |89 |
+---------------------+---------+---------+---------+---------+
|Operational result |-450 |-400 |-872 |-693 |
+---------------------+---------+---------+---------+---------+
|Result for the |-940 |-575 |-1 306* |-868 |
|financial period | | | | |
+---------------------+---------+---------+---------+---------+
|Cash and cash |802 |1790 |802 |1790 |
|equivalents at end of| | | | |
|period | | | | |
+---------------------+---------+---------+---------+---------+
|Shareholders equity |6 739 |6 324 |6 739 |6 324 |
|at end of period | | | | |
+---------------------+---------+---------+---------+---------+
|Equity ratio at end |98.9% |98.5% |98.9% |98.5% |
|of period | | | | |
+---------------------+---------+---------+---------+---------+
*Please note: A reduction of value amounting 575,000 EUR was made on the
valuation of Savo-Solar Oyj’s shares, which negatively affected the Profit and
Loss.
Comments by the Managing Director Alexander Lidgren
A year of Acceleration
In 2015, we set out to gain better footholds on international markets, increase
our shareholder base as well as investor network in Sweden and actively
contribute to accelerating the growth pace of our portfolio.
It has gone well.
We raised two funding rounds totaling 6.2 MEUR into Swap.com through holding
companies, where we in turn have 20% ownership. This means that we increased our
ownership in one of our fastest growing companies by investing legwork rather
than money, and secured their funding at the same time. For you as a shareholder
it means we did not have to dilute your ownership in Cleantech Invest in order
to get more ownership in Swap.com. In these companies we brought in private
investors from our networks in Sweden, Finland, UK and Silicon Valley. We
learned more about Swap.com by doing it, and it gave us an even closer
connection to the private investor community.
In October we brought in three strategic owners into Cleantech Invest. Ryuang
Group of China, Epstein Advisors of Silicon Valley and GLD Holding of Stockholm.
These new owners are already adding value, have invested directly into several
of our companies and as we increase our interaction on these very markets over
the coming year it is valuable to have them on board.
Beginning of this year we closed an oversubscribed funding round that brought in
12 MSEK to list Cleantech Invest on First North Sweden. The reason was to
increase our shareholder base and increase awareness of us in Sweden. The issue
was subscribed more then 3 1/2 times and we now have more than 1200 new Swedish
investors. In April trading starts on Nasdaq First North Sweden, making us
listed in two countries.
Our companies have been busy too, to say the least. Portfolio revenue growth of
200% during the year tells most of the story, and it is a remarkable
development. Two of our companies, Nocart and Swap.com, four-folded revenues
during the year and we expect strong growth to continue in 2016. While expanding
revenues fast Nocart still managed to make a big leap also in profitability,
with unaudited, estimated result now at 0.6 MEUR. Nocart is at the forefront of
building up reliable renewable-based distributed electricity infrastructure in
Africa, and Swap.com is on track to being the category leader in the fast
growing US online consignment market.
A number of early stage cases found their target application and started taking
off during the year. Notably so Enersize, that have received their first
payments from big energy efficiency projects in China, Nuuka, that more than 13
-folded the number of buildings connected to their cloud-based energy management
system (now 531 buildings in total); and Sofi Filtration, that delivered water
purification systems to a number of paying customers after successful trial
periods. Plugsurfing continued growing , adding 5000 new payable electric
vehicle charging points to their system. All the above-mentioned companies also
increased revenues significantly.
A strong year but one cut in valuation
Our own result this year is in line with our expectations. We increased revenues
from advisory services and increased costs somewhat from a one-time
extraordinary cost and the added administrative costs of being listed. The
revenue growth of our portfolio companies is remarkable but is not reflected in
our bottom line until it is realized.
This year we have written down the value of one of our firms, Savo-Solar. The
company raised a rights issue to current owners on First North Sweden and the
valuation was cut to secure that the money would come in. The company had grown
revenues well over the year but delays of major projects pursued in Denmark
caused the necessity for this down round to happen. This write-down does not
affect our cash flow and it should be noted that the overall balance sheet value
of Cleantech Invest has risen over the year due to write-ups in Swap.com and
Clean Future Fund, which however does not affect the result.
The rights issue of Savo-Solar was oversubscribed, the company received ca. €
4.2 million in new equity and targets to more than double revenues in 2016 from
just over 2 MEUR in 2015.
The fossil fuel window is closing and growth is increasingly in the hands of the
companies
The climate deal in Paris end of 2015 came at a time when renewables and energy
efficiency solutions had already reached point of no return. Renewable energy
options have come down radically in price, and reasons for reducing emissions
are piling up, being now everything from climate change to energy security,
political risk, and local air pollution that keeps people indoors in some of the
worlds largest cities. But the climate deal still matters. It removed any shed
of doubt that the policy risk has shifted to the fossil side of the table. It
now remains to be seen if participating countries will enable an even faster
transition. This would benefit a number of our companies.
Macro trends overall currently strongly favor the development of our portfolio.
The growth of decentralized renewable energy generation and the re-sale online
market, demand for energy and air quality management in buildings, increased
energy efficiency focus in industries and the decreasing costs of enabling
technologies such as sensors, processing power and bandwidth are some of these
trends. The main risks for our companies going forward, however, lies in
securing further growth funding and in successful market roll-outs. We are
focusing our efforts on making sure that our best performing firms have the
needed resources to remove these bottlenecks and achieve their goals.
The heat is on
This has been my first year as CEO of the Cleantech Invest. What can I say about
it? I love the action and I love being a part of solving some of the biggest
challenges of our time. I think our small team has worked very hard and have
managed to achieve the results we wanted this past year. What we now need to
keep in mind is this: We are living through a truly transformative change into
renewables and resource efficiency. The largest part of this journey is ahead of
us. That goes for us as well as for the markets our companies operate on.
We don’t give financial projections but we expect big leaps in some of our
associate companies, especially in the following group of companies: Swap.com,
Nocart, Enersize, Sofi Filtration and Nuuka Solutions.
We have an ambitious growth plan to become the leading European cleantech
accelerator and we will execute it. I look forward to an exciting 2016.
Cleantech Invest’s holding in associate companies on 31 December 2015
+-----------------+---------+---------+---------+---------+---------+
|Associate company|Direct |Clean |Cleantech|Cleantech|Effective|
| |ownership|Future |Invest |Invest |ownership|
| |% * |Fund |SPV 1 AB |SPV 2 AB |** |
| | |Ky |ownership|ownership| |
| | |ownership|% * |% * | |
| | |% * | | | |
+-----------------+---------+---------+---------+---------+---------+
|Aurelia Turbines |3,8 % | | | |3,8 % |
|Oy | | | | | |
+-----------------+---------+---------+---------+---------+---------+
|Clean Future Fund|36,8 % | | | |36,8 % |
|Ky | | | | | |
+-----------------+---------+---------+---------+---------+---------+
|Eagle Filters Oy |10,0 % | | | |10,0 % |
+-----------------+---------+---------+---------+---------+---------+
|Enersize Oy |42,1 % |5,4 % | | |44,1 % |
+-----------------+---------+---------+---------+---------+---------+
|Lumeron Oy |14,3 % | | | |14,3 % |
+-----------------+---------+---------+---------+---------+---------+
|MetGen Oy |2,0 % |1,9 % | | |2,7 % |
+-----------------+---------+---------+---------+---------+---------+
|Netcycler Oy |3,5% |1,6 % |15,6 % |4,1 % |8,0 % |
+-----------------+---------+---------+---------+---------+---------+
|Nocart Oy |20,0 % | | | |20,0 % |
+-----------------+---------+---------+---------+---------+---------+
|Nuuka Solution Oy|34,0 % | | | |34,0 % |
+-----------------+---------+---------+---------+---------+---------+
|One1 Oy |10,0 % |7,8 % | | |12,9 % |
+-----------------+---------+---------+---------+---------+---------+
|Oricane AB |21,2 % | | | |21,2 % |
+-----------------+---------+---------+---------+---------+---------+
|Plugsurfing Gmbh |2,5 % | | | |2,5 % |
+-----------------+---------+---------+---------+---------+---------+
|Sansox Oy |9,2 % | | | |9,2 % |
+-----------------+---------+---------+---------+---------+---------+
|Savo Solar Oy |6,7 % |1,5 % | | |7,3 % |
+-----------------+---------+---------+---------+---------+---------+
|Sofi Filtration |23,1 % | | | |23,1 % |
+-----------------+---------+---------+---------+---------+---------+
|Watty Ab |1,0 % | | | |1,0 % |
+-----------------+---------+---------+---------+---------+---------+
| |
+-----------------+---------+---------+---------+---------+---------+
|*Fully diluted |
|ownership |
|including |
|options. In |
|Metgen, there are |
|both investor and |
|employee options. |
+-----------------+---------+---------+---------+---------+---------+
|**Cleantech |
|Invest Oyj's |
|total effective |
|ownership |
|directly and |
|indirectly.Please |
|note: The |
|ownership % may |
|differ from the |
|final |
|distribution of |
|proceeds in exit. |
|This is due to |
|liquidation |
|preferences, as |
|is customary in |
|venture-funded |
|companies. |
+-----------------+---------+---------+---------+---------+---------+
Associate Companies' Performance During the Year 2015
Cleantech Invest briefly comments on all of the associate companies’ business
development during the financial period.
The reporting principles used for performance figures for associate companies
are as follows:
· The summary text where the business development is described for each
associate firm is not a complete description of each of the associated
companies’ situation and their risks;
· Revenue and profitability figures are disclosed only for those associate
companies where the revenue exceeds 1MEUR;
· If there is a business reason (e.g., for competition purposes) for not
disclosing the revenue and profitability figures, the figures are not disclosed
despite the revenue exceeding 1 MEUR; and
· A key indicator may also be disclosed that describes the development in the
associate firm.
Associate companies are divided into two groups: 1) Energy and Resource
Efficiency; and 2) Decentralized Renewable Energy. The combined revenue of the
associated companies was 13.4 MEUR in 2015, which comprised: 7.1 MEUR for Energy
and Resource Efficiency; and 6.3 MEUR for Decentralized Renewable Energy. The
combined revenue of associated companies has grown by 200% during 2015, taking
into account only those companies that were in the portfolio during 2014. All
associate company revenue figures except for Savo-Solar Oyj for 2015 are
estimated and non-audited.
1) Energy and Resource Efficiency (Swap.com, Nuuka Solutions, Eagle Filters,
Enersize, Lumeron, Metgen, PlugSurfing, Sansox, Sofi Filtration, Oricane,
Watty):
Swap.com (Netcycler Oy) moved in H2/2015 from the previous 66 000 square feet
fulfillment center to a new, larger 350 000 square feet (3.3 hectares)
fulfillment center in Bolingbrook, Illinois. This new fulfillment center allows
Swap.com to continue its rapid growth. The company grew its fulfillment center
staff through active recruiting. In the end of 2015, Swap.com had over 650 000
items in inventory making it the largest on-line consignment store in the US. In
December 2015 Swap.com closed a 5 MEUR funding round.
In 2016 Swap.com is continuing to grow its business and item selection rapidly.
The company will also launch a mobile app and is evaluating expanding item
categories. First deals where partner companies are marketing Swap.com to their
customers have been made and Swap.com is looking to escalate this marketing
model to a large amount of partners.
+-----------------+-----------------------------------+----------+
|EUR |1-12/2015 |1-12/2014 |
+-----------------+-----------------------------------+----------+
|Turnover, EUR |Swap.com revenue not disclosed. |1,105,211 |
| |Current annualized monthly run rate| |
| |>$10M | |
+-----------------+-----------------------------------+----------+
|Operating | |-2,509,590|
|profit/loss, EUR | | |
+-----------------+-----------------------------------+----------+
|Result for the | |-2,518,805|
|financial period,| | |
|EUR | | |
+-----------------+-----------------------------------+----------+
|Personnel in |205 |38 |
|average | | |
+-----------------+-----------------------------------+----------+
Nuuka Solutions Oy made important changes to its offering and business model in
H2/2015. The previously developed Building Energy management system has now
grown into a Building Big Data management platform which serves today’s building
owners’ challenges even better than before. Nuuka now offers a complete solution
for managing building energy efficiency, indoor air quality and sustainability
reporting.
By developing the offering, Nuuka has closed a number of new-end customers such
as Technopolis, Sirius Capital Partners, Lahden Talot and more than 15 new
partner companies in Finland.
Nuuka expanded direct sales and development of the Partner Ecosystem into The
Netherlands and all Scandinavian countries during 2015. The company will
continue to invest on these markets during 2016.
Indicator for Nuuka Solutions: Nuuka experienced strong growth in the amount of
buildings connected to Nuuka’s service platform. The growth was more than 13
-fold. End of the reporting period there were 531 buildings under contract.
Eagle Filters Oy experienced a dramatic end of the year due to a factory
building fire in October that destroyed 50% of production capacity and 75% of
material and component stock. Despite optimistic personnel and prompt actions to
minimize the consequences of the destruction, operations and turnover was
adversely impacted. Eagle Filters estimates that the company will be able to
restore near normal production in H1/2016.
Eagle Filters aims to sign new agent agreements in USA and UAE and start sales
work together with the new partners. The target for both markets is to get first
orders during 2016. Eagle Filters also expects first energy service contracts to
be signed during 2016.
++------------------------------------+---------+---------+
|EUR |1-12/2015|1-12/2014|
++------------------------------------+---------+---------+
|Turnover, EUR |1,642,165|2,025,000|
++------------------------------------+---------+---------+
||Operating profit/loss, EUR |-757,026 |163,000 |
++------------------------------------+---------+---------+
||Result for the financial period, EUR|-686,838 |-135,000 |
++------------------------------------+---------+---------+
||Personnel in average |9 |15 |
++------------------------------------+---------+---------+
|| | | |
++------------------------------------+---------+---------+
Enersize Oy has successfully delivered its first large energy efficiency project
in China with 800,000 EUR in annual estimated savings during the second half of
2015. Another large project has been launched with a steel products
manufacturing plant in China, and several smaller projects are ongoing both in
Europe and China. Currently, Enersize has on-going negotiations on several
large customer projects in the Chinese market.
During 2016 Enersize expects to sign a number of new energy saving project
agreements in China and continue implementing the already signed-off projects.
Lumeron Oy focuses on high-return small & medium-size energy efficiency
investments through its technology partners. During H2/2015 the company did not
provide financing for new projects.
Metgen Oy develops and markets enzyme solutions into growing biomass markets
within the energy, pulp and paper, packaging, polymers and plastics sectors. The
company has been carrying out industrial trials in the following areas during
H2/2015:
- Enzymes for fiber strength increase, and process improvements in tissue;
- Packaging board production; and
- Energy savings in wood pulping processes, cellulosic biomass hydrolysis
and sugar conversion in biorefineries.
Indicator for Metgen: Number of new products / product applications grew from 2
in the beginning of 2015 to 5 by the end of 2015.
Oricane continued its co-operation with existing network equipment customer in
H2 / 2015. The integration of BioCAM® technology to the products of the network
equipment customer is expected to be completed in 2016 and will be available on
the market in the fall of 2016.
At the end of 2015, a commercial agreement for current and future versions of
BioCAM empowered network silicon products was signed with a chip manufacturer.
This cooperation is expected to be publicly announced during 2016.
PlugSurfing launched a new app and made a soft launch into the French market in
H2/2015. The company completed B2B deals with ABB and DKV and improved its app
sign ups by 30%. The company more than doubled its revenues during 2015.
Indicator for PlugSurfing: Number of charging points payable via app: 25 000
(up from 20 000 beginning of year)
Sansox Oy was able to sign contracts with two distributors in Saudi-Arabia and
Australia during H2/2015.
Sofi Filtration Oy focused H2/15 on repeatable and scalable applications, and
has received orders from two such key accounts in power generation and
construction industries. A high pressure filter model was developed and
installed to Fortum district heating application and the first fully-automated
commercial container solution for tunnelling work was successfully piloted and
sold. The company more than doubled its revenues during the year.
Indicator for Sofi Filtration: Offer base 01.01.2016: 2.3 MEUR.
Watty AB reached several important commercial milestones with signed customer
projects in H2 / 2015. Watty also had several R&D breakthroughs regarding its
core technology, which was proven during 2015 by being the best performing
company when benchmarked against competitors, according to customers.
In 2016, Watty will focus on growing the number of users on its platform through
partnerships with utilities and other energy service providers such as solar
installation companies.
2) Decentralized Renewable Energy (Savosolar, Nocart, One1, Aurelia)
Nocart Oy attracted a number of new customers in new African countries during
H2/2015 making good progress in Malawi and Nigeria in particular. Mainly for
the purposes of these markets, Nocart has developed a new concept: a scalable
1MW container solar system. In Nepal, Nocart widened its sales offer from solar
projects to also include hydro.
Nocart also won three big waste-to-energy project contracts during the year. The
company increased revenues by 323% during 2015.
+------------------------------------+---------+---------+
|EUR |1-12/2015|1-12/2014|
+------------------------------------+---------+---------+
|Turnover, EUR |3,923,581|922,771 |
+------------------------------------+---------+---------+
|Operating profit/loss, EUR |925,321 |138,681 |
+------------------------------------+---------+---------+
|Result for the financial period, EUR|565,380 |57,442 |
+------------------------------------+---------+---------+
|Personnel in average |16 |5 |
+------------------------------------+---------+---------+
One1 Oy finalized its co-operation with two major Finnish energy companies:
Lahti Energia Oy and Pori Energia Oy. One1 focuses on renewable district heating
solutions, with its customer base currently in Finland.
During H2/2015 One1 made its first energy sales agreement to the municipality of
Hollola. The company now has several new contracts of a similar type under
negotiation.
Indicator for One1: One1 installed heating capacity at customer and own sites
is 2 MW.
Savo-Solar Oyj has signed agreements to the value of approximately 3 MEUR in the
fast growing Danish district heating market during H2/ 2015. The company expects
the trend to continue, despite the company's backlog not developing as predicted
during the spring (due to major projects pursued in Denmark taking longer than
expected). This resulted in a low workload in the factory in the beginning of
the second half of 2015. In November/December Savosolar arranged a rights issue,
which was oversubscribed and the company receiving 4.2 MEUR in new equity, and
several hundred new shareholders.
Solar district heating market prospects are good according to Savo-Solar. Solar
collector fields of more than 500,000 m2 will be installed in 2016 in Denmark
alone. Due to Savo-Solar’s strong market position, the chances of getting a good
share of the Danish installations is considered to be very good. The market is
also growing in countries such as Germany, France, Austria and China, and the
company’s presence in Denmark serves as a good indicator for these markets. At
the same time, Savo-Solar has increased its competitiveness by further
developing its product offerings. Cost savings, together with improved and
excellent efficiency values, have been reached as a result of these
improvements.
+-----------------------------------------+---------+---------+
|EUR |1-12/2015|1-12/2014|
+-----------------------------------------+---------+---------+
|Turnover, EUR ‘000 |2,046 |1,033 |
+-----------------------------------------+---------+---------+
|Operating profit/loss, EUR ‘000 |-3,675 |-2,080 |
+-----------------------------------------+---------+---------+
|Result for the financial period, EUR ‘000|-4,072 |-1,193 |
+-----------------------------------------+---------+---------+
|Personnel in average |43 |24 |
+-----------------------------------------+---------+---------+
Aurelia Turbines Oy has continued with design and manufacturing of the pilot
turbine until the end of 2015. Initial tests (such as modal analysis of the
turbine amongst others) were successfully completed. A third patent application
was filed in UK. Together with its partners, the company developed a concept for
small-scale steam CHP that has been received positively by the market.
Aurelia Turbines has widened it distributor negotiations to cover more than 20
distributors within Europe. The company has also started negotiations to deliver
its first turbines to customers in 2016.
Income Statement: revenue and result
Revenue
The company's revenue in 2015 was 248,685 EUR (1-12/2014: 89,339 EUR). The
revenue increase was due to larger assignments in the associate companies.
Expenses
Materials and services expenses in 2015 were 63,010 EUR (7,683 EUR).
Personnel costs in 2015 amounted to 596,878 EUR (441,521EUR). This was affected
by an extraordinary one-time cost of 104k EUR in relation to the previous
managing director leaving the company.
Other operating expenses totalled 329,145 EUR (239,644 EUR). The increase in
other operating expenses is mainly due to administrative and advisory costs
related to preparing for First North Stockholm listing and having a first full
year of First North Helsinki list mandatory expenses.
Depreciation, amortization and write-downs
Depreciation, amortization and write-downs of intangible and tangible assets in
2015 were a total of 131,801 EUR (93,719 EUR). The increase in depreciation is
mainly explained by 2015 being the first year where the 2014 First North
Helsinki listing costs were depreciated for a full financial year.
Operating profit/loss
The company’s operating loss for 2015 was 872,150 EUR (693,228 EUR).
Financial income and expenses
Financial income in 2015 was a total of 68,252 EUR (2,183 EUR) and financial
expenses were a total of 501,465 EUR (117,217 EUR). Financial expenses included
the write-down amount 574,745 EUR of Savo-Solar Oyj and increase amount 73,432
EUR of Cleantech Future Fund.
Result for the period
The net loss of the year 2015 was 1,306,274 EUR (868,262 EUR). The increase in
net loss is explained by the write-down made in Savo-Solar Oyj’s book value.
Savo-Solar Oyj’s share price on 31.12.2015, 0.57 EUR, was used as the fair
value.
Balance Sheet: Financing and Investments
In 2015, the company successfully carried out a directed share issue in August,
seeing new strategic investors from China, Silicon Valley and Sweden investing
into Cleantech Invest. The investment was done as a directed emission of 1 170
000 new Series A shares, resulting in the new shareholders getting in total 6%
of Cleantech Invest. The main part of the emission was invested by Zhejiang
Ruiyang Technologies Company (Ruiyang), located in one of the fastest growing
cities and growth hubs of China, Hangzhou City. Ruiyang is a leading industrial
player as well as investor in the Chinese Cleantech sector.
As a result of the share issue, the company received 3 new shareholders. The
total number of shares was increased to 19,343,707, out of which 5,450,000
shares in Series K and 13,893,707 shares in Series A.
The balance sheet value of the investments in the associate companies amounted
to 5.1 MEUR. The three biggest investments were made in Swap.com (Netcycler Oy),
Enersize Oy and Nocart Oy. A revaluation amounting 1.2 MEUR to the value of
Netcycler Oy’s shares was made during the period. This positive revaluation
affected the revaluation reserve in equity by 1.2 MEUR. A reduction of value
amounting 575,000 EUR was made on the valuation of Savo-Solar Oyj’s shares,
which negatively affected the Profit and Loss. A reversal of impairment charge
made on the previous periods was made to the valuation to the shares of Clean
Future Fund. The positive effect arising from this reversal to the Profit and
Loss for 2015 was 73,000 EUR.
Investments
Aurelia Turbines: Cleantech Invest increases its ownership in Aurelia from 3.6%
to 4%.
Swap.com: Cleantech Invest Swap SPV 1 AB, a Swedish holding company founded by
Cleantech Invest Plc, made an equity investment of 4.2 MEUR into Swap.com
(Netcycler Oy) in May 2015. Cleantech Invest now owns 20% of the holding
company. Cleantech Invest SPV 2 AB, a Swedish holding company founded by
Cleantech Invest Plc, made an equity investment of 2 MEUR into Swap.com
(Netcycler Oy) as part of a 5 MEUR investment round in December 2015. Cleantech
Invest Plc owns 20% of the holding company and the effective fully diluted
ownership of Cleantech Invest Plc in Swap.com stays at 8.0% after these
investments. Cleantech Invest Plc and all of its affiliated companies now own a
total of 24.8% (fully diluted) of Swap.com after the transaction 31.12.2015.
Savo-Solar Oyj: Cleantech Invest equity loans were converted into equity as
Savosolar was listed on First North Stockholm in April 2015. After the listing,
Cleantech Invest effective fully diluted ownership in Savosolar is 14%. In
December 2015 Savosolar closed a 4.2 MEUR emission that was oversubscribed.
Cleantech Invest participated in the emission with 150,000 EUR directly. In
addition, a 20,000 EUR subscription was made through Clean Future Fund (CFF).
The total effective ownership after the emission is 7.2%.
Eagle Filters Oy: Cleantech Invest Plc acquired a stake of 10% in Eagle Filters
Oy from previous shareholders.
Enersize Oy: Cleantech Invest Plc made a follow-on investment in Enersize Oy, as
well as converted previous loans into equity. With these actions Cleantech
Invest's effective fully diluted ownership increased to 44%. Other investors in
the investment round include family offices.
Nuuka Solutions Oy: Cleantech Invest increased its ownership from 36.8%. to
37.0%.
Sofi Filtration Oy: An investment round was carried out in Sofi Filtration. The
company introduced an option program as part of the financing round and when the
option dilution is taken into account Cleantech Invest's ownership in Sofi
Filtration increased to 23.1% (previous 22%).
Nocart: Cleantech Invest increased its ownership in portfolio company Nocart to
20% from 15.5%.
PlugSurfing: Cleantech Invest Plc made an investment in PlugSurfing GmbH, taking
a stake of 3.45%. Other participants in the investment round include
PlugSurfing’s advisor Dr Gregor Matthies, as well as a US-based incubator and
venture fund. At the end of the year Cleantech Invest ownership in PlugSurfing
was 2.5%.
Watty: Cleantech Invest Plc invested in Swedish company Watty. The investment
was part of a bigger funding round where Watty secured 10 million SEK to take
their solution to the market. The other actors in the funding round were Swedish
business angels and the Swedish Energy Agency. After the investment round,
Cleantech Invest’s holding in Watty is just under 1%.
Personnel, management and administration
Alexander ‘Bigge’ Lidgren acted as the managing director of the company during
the financial period from 16.01.2015 onwards. In addition to the managing
director, the company employed 3 staff (Tarja Teppo, Lassi Noponen and Timo
Linnainmaa) who together formed the management of the company. Feodor Aminoff
was part of the management until 31.05.2015 and ceased employment from
01.06.2015.
In the beginning of the financial period the board of directors consisted of
Lassi Noponen (chairman), Tarja Teppo, Alexander Lidgren and Jan Forsbom. On the
20thof March 2015 Thomas Bengtsson and Timo Linnainmaa were appointed as new
members to the board of directors. On the same date Alexander Lidgren resigned
from the board. Since the 20thof March 2015 the board of directors of the
company consisted of Lassi Noponen (chairman), Tarja Teppo, Jan Forsbom, Thomas
Bengtsson and Timo Linnainmaa. At the end of the financial period, Jan Forsbom
was independent of the company and major shareholders. Alexander Lidgren was
appointed as new managing director of Cleantech Invest Plc from the 16thof
January 2015, therefore no longer being an independent member of the board.
Risks and Uncertainties
General risks concerning the business environment of Cleantech Invest Plc are
related to recent macroeconomic and capital market uncertainty. The associate
companies of Cleantech Invest are start-up companies, and there are remarkable
risks involved both in their business operations and through investments in
them. It is uncertain that Cleantech Invest is able to sell its holdings in
associate companies in a profitable way or that the sale is possible in a
planned schedule in line with the company’s strategy. Due to the nature of
Cleantech Invest’s business environment, success in collecting finance for the
associate companies’ operations is of utmost importance.
The risks related to the company’s business have been described in detail in the
listing prospectus dated 2 May 2014, which can be found (in Finnish language
only) on the company’s website
(http://frantic.s3.amazonaws.com/cleantechinvest/2014/05/Cleantech-Invest
-Oyj_listautumisesite.pdf). The investor memorandum for First North Stockholm
listing dated February 2016 contains an overview of the risks related to the
company’s business (in Swedish language only). The investor memorandum can be
accessed via the company’s website (http://www.cleantechinvest.com/files/Memo
-Cleantech-Invest_Oyj_febr_2016.pdf).
There are no major changes in the risks and uncertainties since the date of
Stockholm listing prospectus. However, the financial position of Cleantech
Invest has improved based on the successful share issue in connection with the
listing on Stockholm First North in March 2016. The outlook for certain
associate companies has brightened when they have succeeded in gathering
financing and acquiring new customers, thereby sharing the revenue risk. On the
other hand some of the associate companies have not reached their targets as to
financing and customers and it should be noted that several rely on successful
funding rounds within the next six months to achieve their growth potential.
Outlook for 2016
Cleantech Invest focuses on companies that are not reliant on subsidies or
public sector support but the climate deal in Paris at the end of 2015 as well
as information on the Chinese 5 year plan cycle has given a substantial boost
for clean technologies. Nations, industries, communities and consumers are
increasingly focused on finding environmentally sustainable products, services
and solutions. An encouraging trend is that cleantech solutions are increasingly
becoming synonymous with the most economically viable solutions. Energy,
resource efficiency and renewable energy continue to gain momentum and policy
risk has continued to shift towards conventional, more polluting actors and
technologies. We expect macro trends to benefit the operating environment of
Cleantech Invest’s business.
During 2015 many of our companies gained traction. With a now proven business
model and increasing number of satisfied paying customers these companies are in
a position to grow very fast in 2016. We expect big leaps in some of our
associate companies, especially the following: Swap, Nocart, Enersize, Sofi
Filtration and Nuuka Solutions. We also expect some of our less mature firms to
have positive developments but we also know from experience that not all
companies will succeed in their efforts and may have negative developments.
Overall we expect 2016 to be another good year for Cleantech Invest. Macro
trends strongly favor the development of our portfolio and we have increased our
internal resources to capitalize on this according to our strategy.
Annual General Meeting in 2015
The Annual General Meeting of Cleantech Invest Plc was held on the 20thof April
2015 in Helsinki. In addition to the issues stipulated in paragraph 5:2 of the
Companies Act the shareholders meeting also resolved on amending the articles of
association, resolved to authorize the Board of Directors to decide on
acquisition of the company’s own shares, The Annual General Meeting authorized
the Board of Directors to decide, in one or more transactions, on the issuance
of shares and the issuance of options and other special rights entitling to
shares referred to in Chapter 10 Section 1 of the Companies Act and resolved on
a remuneration scheme for the company’s key personnel.
Share
At the beginning of the financial period the company had a total of 18,173,707
shares, divided into 5,450,000 Series K shares and 12,723,707 Series A shares.
In August 2015 a directed share issue was carried out and new strategic
investors from China, Silicon Valley and Sweden invested into Cleantech Invest.
The investment was done as a directed emission of 1 170 000 new Series A shares,
resulting in the new shareholders getting 6% of Cleantech Invest. The main part
of the emission was invested by Zhejiang Ruiyang Technologies Company (Ruiyang),
located in one of the fastest growing cities and growth hubs of China, Hangzhou
City. Ruiyang is a leading industrial player as well as investor in the Chinese
Cleantech sector.
Accordingly, at the end of the financial period 2015 the company had a total of
19,343,707 shares, divided into 5,450,000 Series K shares, each having 20 votes
at shareholders’ meetings, and 13,893,707 Series A shares, each having one vote
at shareholders’ meetings.
Taking into account the effect of dilution of the options, the number of shares
on 31 December 2015 amounted to 21,787,643, divided into 7,893,936 Series K
shares and 13,893,707 Series A shares (31 Dec 2014: 20,617,643).
Emission adjusted average number of shares was 18,563,707 on 31 December 2015
(31 Dec 2014: 15,380,877). Taking into account the effect of dilution of the
options the emission adjusted average number of shares was 21,007,643 on 31
December 2015 (31 Dec 2014: 17,824,813).
Cleantech Invest board members and the management team owned on 31 December 2015
a total of 475,144 Series A shares, 4,000,041 Series K shares and options that
give a right to subscribe 2,443,936 Series K shares, taking into account all
shares and options owned directly and indirectly through companies controlled or
influenced by them or through their family members.
The shares owned by board members and the management team represent
approximately 23,1% of the company's all outstanding shares registered on 31
December 2015 in the trade register and 65,5% of the voting rights of the
shares.
Cleantech Invest had 1220 registered shareholders according to the shares
register on 31 December 2015.
The number of listed shares at the end of the financial period was 13,893,707
and the market cap on 31 December 2015 was EUR 15,838,826. When also taking into
account the non-listed Series K shares the market cap was EUR 22,051,826. The
closing price on the 31stof December 2015 was 1.14 € per share. During the
financial period the highest price paid was 1.34€, the lowest 0.36€, and the
volume-weighted average 0.51€ per share.
During 2015 the Series A share had a liquidity provision agreement with FIM Bank
that fulfilled the NASDAQ OMX Helsinki Oy Liquidity Providing (LP) requirements.
Option schemes
In March 2015 Cleantech Invest Oyj’s Board of Directors decided to include CEO
Alexander Lidgren into the company’s 2013 option program in order to incentivize
him and in order to increase his commitment to the company.
Alexander Lidgren subscribed for, in total, 244,393 option rights from the
company’s 2013 option program that entitled him to subscribe maximum 244,393
Cleantech Invest Series K shares. The company acquired said options rights
without consideration from the current option holders of the company to be used
for increasing the commitment of the company’s new key executives. Therefore,
the total amount of option rights remained the same despite the option rights
offered to Alexander Lidgren.
Events after the Financial Period
Nocart Oy won contracts for delivery of three distributed power plants, two in
Malawi and one in Nigeria. Total value of the deliveries is 12.9 MEUR. As a
comparison, in 2015 Nocart revenue is estimated to be 3.9 MEUR. Cleantech Invest
ownership is 20% of Nocart.
Following the announcement of plans to carry out a secondary listing on First
North Sweden, Cleantech Invest carried out an issuance of Series A shares with
additional options during the period between the 19thof February and the 7thof
March 2016. The share issue was carried out in order to broaden the Company’s
ownership base and increase awareness of the Company in Sweden. The Offering of
1,075,270 new Series A shares (approximately 10 MSEK) was subscribed 363% with
subscriptions coming in from 1233 investors, approximately doubling the number
of shareholders in the company. The board of directors therefore decided to
exercise the additional share allotment of 215,050 new Series A shares
increasing the share issue size to approximately 12 MSEK in total.
The Extraordinary General Meeting of Cleantech Invest Plc was held on the 9th of
March 2016 in Helsinki. The EGM authorized the board of directors to decide, in
one or more transactions, on the issuance of maximum of 7,900,000 Series A
shares. Furthermore, the EGM authorized the board to decide on the issuance of
options entitling a maximum of 1,000,000 shares to be issued to the key
personnel as part of the company's incentive scheme to be established by the
board of directors.
Immediately following the New Year 2016, Enersize signed an important contract
with the Chinese car manufacturer Beiqi Foton Motor Co., Ltd. (Foton). Foton was
ranked 4th in China’s auto industry in 2015. The factory where Enersize’s
service will be implemented manufacturers 700,000 cars each year and has over
3000 employees. The contract duration is three years where Enersize targets 20%
energy savings from its service. The contract is Enersize's most significant
opening to the Chinese automobile industry.
General Meeting 2016 and Financial Communication
The 2015 annual accounts with management report and the auditor’s report are
published as an enclosure to this Financial Statement Release and they are also
available on the company’s website at www.cleantechinvest.com.
The Annual General Meeting will be held on the 20thof April 2016 in Helsinki.
The invitation to the General Meeting will be published on the 30thof March
2016. The board of directors will propose to the General Meeting that no
dividend be paid and the loss for the year 2015 (EUR 1 306 274,21) will be
recognised in equity.
The half-year report for the period 1 January – 30 June 2016 will be published
on 31.08.2016.
Accounting Principles of the Financial Statement Release
Annual accounts have been prepared following generally accepted accounting
principles and applicable laws. The figures of the financial statement release
have been audited and they are rounded from exact figures. The comparison
figures in 2014 have been given in the brackets unless otherwise stated.
Calculation of key ratios and formulas
+--------------------+--------------------------------------------------------+
|Equity ratio (%) |Total equity x 100/ Total assets |
+--------------------+--------------------------------------------------------+
|Number of shares |Total number of shares at the end of the period |
+--------------------+--------------------------------------------------------+
|Weighted average |Issue and conversion-adjusted weighted average number of|
|number of shares |shares |
+--------------------+--------------------------------------------------------+
|Diluted number of |Total number of shares at the end of the period added by|
|shares |outstanding warrants |
+--------------------+--------------------------------------------------------+
|Weighted average |Issue and conversion-adjusted weighted average number of|
|number of shares, |shares added by outstanding warrants |
|Diluted | |
+--------------------+--------------------------------------------------------+
|Basic earnings per |Result for the (financial) period / Issue and conversion|
|share (€) |-adjusted weighted average number of shares |
+--------------------+--------------------------------------------------------+
|Diluted earnings per|Result for the (financial) period / Issue and conversion|
|share (€) |-adjusted weighted average number of shares added by |
| |outstanding warrants |
+--------------------+--------------------------------------------------------+
Financial information (FAS)
+-----------------+--------------+--------------+--------------+--------------+
|Profit and Loss |
|Statement |
+-----------------+--------------+--------------+--------------+--------------+
| |
+-----------------+--------------+--------------+--------------+--------------+
|EUR '000 | 7 - 12 / 2015| 7 - 12 / 2014| 1 - 12 / 2015| 1 - 12 / 2014|
+-----------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Turnover |105 |89 |249 |89 |
+-----------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Materials and |-63 |-7 |-63 |-7 |
|services | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Personnel |-252 |-246 |-597 |-441 |
|expenses | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Depreciation and |-66 |-66 |-132 |-94 |
|impairment | | | | |
|charges | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Other operating |-174 |-170 |-329 |-240 |
|expenses | | | | |
+-----------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Operating loss |-450 |-400 |-872 |-693 |
+-----------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Financial income |11 |2 |70 |2 |
+-----------------+--------------+--------------+--------------+--------------+
|Financial |-501 |-177 |-501 |-177 |
|expenses | | | | |
+-----------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Result before |-940 |-575 |-1 304 |-868 |
|taxes | | | | |
+-----------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Taxes |0 |0 |-2 |0 |
+-----------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Result for the |-940 |-575 |-1 306 |-868 |
|financial period | | | | |
+-----------------+--------------+--------------+--------------+--------------+
| | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Basic earning per|-0,04 |-0,03 |-0,07 |-0,06 |
|share | | | | |
+-----------------+--------------+--------------+--------------+--------------+
|Diluted earning |-0,04 |-0,03 |-0,06 |-0,05 |
|per share | | | | |
+-----------------+--------------+--------------+--------------+--------------+
+--------------------------------------------+--------+--------+
|Balance sheet | | |
+--------------------------------------------+--------+--------+
|EUR '000 |31/12/15|31/12/14|
+--------------------------------------------+--------+--------+
|Assets | | |
+--------------------------------------------+--------+--------+
|Non-current assets | | |
+--------------------------------------------+--------+--------+
| Intangible assets |384 |513 |
+--------------------------------------------+--------+--------+
| Tangible assets |13 |10 |
+--------------------------------------------+--------+--------+
| Investments in associates |5 127 |3 188 |
+--------------------------------------------+--------+--------+
| Loan receivables from associates |0 |0 |
+--------------------------------------------+--------+--------+
|Total non-current assets |5 523 |3 712 |
+--------------------------------------------+--------+--------+
|Current assets | | |
+--------------------------------------------+--------+--------+
| Accounts receivables |68 |59 |
+--------------------------------------------+--------+--------+
| Loan receivables from associates |353 |782 |
+--------------------------------------------+--------+--------+
| Loan receivables |35 |2 |
+--------------------------------------------+--------+--------+
| Other receivables |22 |49 |
+--------------------------------------------+--------+--------+
| Deferred assets |11 |31 |
+--------------------------------------------+--------+--------+
| Cash and cash equivalents |802 |1 790 |
+--------------------------------------------+--------+--------+
|Total current assets |1 291 |2 712 |
+--------------------------------------------+--------+--------+
|Total assets |6 814 |6 423 |
+--------------------------------------------+--------+--------+
| | | |
+--------------------------------------------+--------+--------+
|Equity and liabilities | | |
+--------------------------------------------+--------+--------+
|Shareholders equity | | |
+--------------------------------------------+--------+--------+
| Share capital |80 |80 |
+--------------------------------------------+--------+--------+
| Reserve for invested non-restricted equity|8 590 |8 087 |
+--------------------------------------------+--------+--------+
| Revaluation reserve |1 218 |0 |
+--------------------------------------------+--------+--------+
| Retained earnngs |-1 843 |-975 |
+--------------------------------------------+--------+--------+
| Result for the financial period |-1 306 |-868 |
+--------------------------------------------+--------+--------+
|Total shareholders equity |6 739 |6 324 |
+--------------------------------------------+--------+--------+
|Current liabilities | | |
+--------------------------------------------+--------+--------+
| Accounts payable |42 |29 |
+--------------------------------------------+--------+--------+
| Other currentl liabilites |9 |13 |
+--------------------------------------------+--------+--------+
| Accruals |24 |58 |
+--------------------------------------------+--------+--------+
|Total current liabilities |75 |99 |
+--------------------------------------------+--------+--------+
|Total equity and liabilities |6 814 |6 423 |
+--------------------------------------------+--------+--------+
+---------------------------------+--------------+--------------+
|Statement of cash flows |
+---------------------------------+--------------+--------------+
| |
+---------------------------------+--------------+--------------+
|EUR '000 | | |
+---------------------------------+--------------+--------------+
| | 1 - 12 / 2015| 1 - 12 / 2014|
+---------------------------------+--------------+--------------+
|Cash flow from operating | | |
|activities | | |
+---------------------------------+--------------+--------------+
|Result before taxes |-1 304 |-868 |
+---------------------------------+--------------+--------------+
|Taxes |-2 |0 |
+---------------------------------+--------------+--------------+
|Adjustments |501 |177 |
+---------------------------------+--------------+--------------+
|Depreciation |132 |94 |
+---------------------------------+--------------+--------------+
|Change in receivables, increase (|-121 |-570 |
|-), decrease (+) | | |
+---------------------------------+--------------+--------------+
|Change in current liabilities, |-24 |45 |
|increase (+), decrease (-) | | |
+---------------------------------+--------------+--------------+
| | | |
+---------------------------------+--------------+--------------+
|Cash flow from operating |-818 |-1 122 |
|activities | | |
+---------------------------------+--------------+--------------+
| | | |
+---------------------------------+--------------+--------------+
|Cash flow from investing | | |
|activities | | |
+---------------------------------+--------------+--------------+
|Investments in tangible and |-5 |-445 |
|intangible assets | | |
+---------------------------------+--------------+--------------+
|Acquisition of associates |-635 |-1 274 |
+---------------------------------+--------------+--------------+
|Loan receivables from associates |0 |19 |
+---------------------------------+--------------+--------------+
|Loan receivables from others |-33 |0 |
+---------------------------------+--------------+--------------+
| | | |
+---------------------------------+--------------+--------------+
|Cash flow from investing |-673 |-1 701 |
|activities | | |
+---------------------------------+--------------+--------------+
| | | |
+---------------------------------+--------------+--------------+
|Cash flow from financing | | |
|activities | | |
+---------------------------------+--------------+--------------+
|Share issue against payment |503 |4 071 |
+---------------------------------+--------------+--------------+
|Change in deposits and loans |0 |0 |
|receivables, increase (-), | | |
|decrease (+) | | |
+---------------------------------+--------------+--------------+
|Change in interest bearing |0 |0 |
|liabilities, increase (+), | | |
|decrease (-) | | |
+---------------------------------+--------------+--------------+
| |0 |0 |
+---------------------------------+--------------+--------------+
|Cash flow from financing |503 |4 071 |
|activities | | |
+---------------------------------+--------------+--------------+
| |0 |0 |
+---------------------------------+--------------+--------------+
|Change in cash and cash |-987 |1 248 |
|equivalents | | |
+---------------------------------+--------------+--------------+
|Cash and cash equivalents at the |1790 |542 |
|beginning of the period | | |
+---------------------------------+--------------+--------------+
|Cash and cash equivalents at the |802 |1 790 |
|end of the period | | |
+---------------------------------+--------------+--------------+
+------------+-------+-----------+--------+--------------+------------+
|Statement of |
|changes in |
|shareholders |
|equity |
+------------+-------+-----------+--------+--------------+------------+
|EUR '000 |Share |Reserve |Retained|Result for the|Total |
| |capital|for |earnings|financial |shareholders|
| | |invested | |period |equity |
| | |non | | | |
| | |-restricted| | | |
| | |equity | | | |
+------------+-------+-----------+--------+--------------+------------+
| | | | | | |
+------------+-------+-----------+--------+--------------+------------+
|Shareholders|80 |8 087 |-1 843 |0 |6 324 |
|equity | | | | | |
|January 1, | | | | | |
|2015 | | | | | |
+------------+-------+-----------+--------+--------------+------------+
|Share issue |0 |0 |503 |0 |503 |
+------------+-------+-----------+--------+--------------+------------+
|Revaluation | |1 218 |0 |0 |1 218 |
|reserve | | | | | |
+------------+-------+-----------+--------+--------------+------------+
|Result for |0 |0 |0 |-1 306 |-1 306 |
|the | | | | | |
|financial | | | | | |
|period | | | | | |
+------------+-------+-----------+--------+--------------+------------+
|Shareholders|80 |9 305 |-1 340 |-1 306 |6 739 |
|equity | | | | | |
|December | | | | | |
|31, 2015 | | | | | |
+------------+-------+-----------+--------+--------------+------------+
| | | | | | |
+------------+-------+-----------+--------+--------------+------------+
|Shareholders|8 |4 088 |-975 |0 |3 121 |
|equity | | | | | |
|January 1, | | | | | |
|2014 | | | | | |
+------------+-------+-----------+--------+--------------+------------+
|Share issue |0 |4 071 |0 |0 |4 071 |
+------------+-------+-----------+--------+--------------+------------+
|Money |72 |-72 | | |0 |
|transfer | | | | | |
+------------+-------+-----------+--------+--------------+------------+
|Result for |0 |0 |0 |-868 |-868 |
|the | | | | | |
|financial | | | | | |
|period | | | | | |
+------------+-------+-----------+--------+--------------+------------+
|Shareholders|80 |8 087 |-975 |-868 |6 324 |
|equity | | | | | |
|December | | | | | |
|31, 2014 | | | | | |
+------------+-------+-----------+--------+--------------+------------+
Helsinki 31 March 2016
CLEANTECH INVEST PLC
Board of Directors
Contact Information
Alexander Lidgren, Managing Director of Cleantech Invest Plc. Tel. 46 73 660
1007, alexander.lidgren@cleantechinvest.com
Access Partners Oy, Certified Advisor. Tel. 358 9 682 9500
Cleantech Invest in brief
Cleantech Invest is a Nordic accelerator with investments in growth companies
that solve global challenges. The portfolio companies are active in energy- and
resource efficiency as well as decentralized renewable energy and are based in
Finland, Sweden and Germany. The company management consists of company builders
and investors who have been active within the cleantech space for over a
decade.The company is listed on First North Finland under the ticker: CLEAN.
www.cleantechinvest.com
Financial statement bulletin for 1 January – 31 December 2015 (audited)
| Source: Cleantech Invest Oy
Attachments
