Cleantech Invest Oyj
Company release 31.8.2015, 8:30
Half-year review 1 January to 30 June 2015 (unaudited). Strong revenue growth in Cleantech Invest portfolio companies and three new companies added to portfolio
January-June 2015
- Cleantech Invest has during the review period increased its ownership in the following portfolio companies: Swap (Netcycler Oy), Sofi Filtration Oy, Enersize Oy and Aurelia Turbines. Cleantech Invest has also invested in three new companies: PlugSurfing GmbH, Watty Ab and Eagle Filters Oy.
- Accelerated growth in portfolio companies. The growth was especially strong in those portfolio companies whose business has a weak dependency to the Finnish domestic demand.
- The combined revenue growth of the portfolio firms was 17% up for the half year 2015 when comparing to revenues during the entire year of 2014.
- The most significant events during the review period and thereafter:
- In H1/2015 Swap.com revenue was 5x compared to H1/2014. Swap.com margins improved once the new higher commission model was introduced.
- First Nocart Biogas plant was delivered to Kenya, delivery worth 600k EUR. H1 order intake was 7.4Meur, for 2015 deliveries about 4.5Meur. Heavy growth in personnel, end of H1 Nocart employed already 12 people
- Enersize made good progress in China by delivering its first large energy efficiency project in China with 800.000 euro annual verified savings.
- Savo-Solar was listed in First North Stockholm and started trading also on First North Helsinki
- Alexander Lidgren joined as the new CEO of Cleantech Invest as of 1.1.2015. Previously Lidgren was a board member at Cleantech Invest. Thomas Bengtsson and Timo Linnainmaa joined as new members of the board in the AGM on 20th of April 2015.
- Cleantech Invest continues to prepare for parallel listing in First North Stockholm. Another focus area is building partnerships in China that would enable further market entry and growth of Cleantech Invest portfolio companies in the Chinese market
Key figures
| 1-6 /2015 | 1-6 / 2014 | 1-12 / 2014 | |
| Turnover | 144 | 0 | 89 |
| Result for the financial period | -365 | -293 | -868 |
| Cash and cash equivalents | 970 | 3 525 | 1 790 |
| Shareholders equity | 5 959 | 6 839 | 6 324 |
| Equity ratio | 98,3 % | 93,7 % | 98,5 % |
Comments by the managing director Alexander Lidgren
The strong growth Cleantech Invest portfolio companies experienced during the past fiscal year (82% year-on-year growth on portfolio level in 2013 to 2014) continued and even accelerated during H1/2015. Total revenues of the portfolio firms were up 17% for the half year of 2015 even if we would compare to the entire year of 2014. Especially Swap.com, Nocart, Enersize, Sofi Filtration, Savo-Solar and Nuuka Solutions developed their sales very well in H1 when compared to 2014.
Swap.com has received increasing consumer demand and is now the fastest growing online consignment store in the USA. We were very happy to be able raise our ownership in Swap from 5.6% to 8 % in the funding round that took place in May 2015.
Cleantech Invest also entered into investments in three new firms: Berlin-based PlugSurfing GmbH, Stockholm-based Watty AB and Eagle Filters Oy in Finland. This gave us ownership stakes in what we estimate will be sector leaders in what we believe to be high growth markets: electric vehicle charging maps and payment systems (Plugsurfing), disaggregation of energy data and beyond the meter energy services (Watty) and high efficiency intake air filters for gas turbines (Eagle Filters).
The global power sector change is proceeding at a fast pace, marked by among other things by de-centralization, digitization and new services. This change continues to fuel the growth of those of our portfolio firms that offer solutions for distributed power generation, enable consumer- or customer involvement in energy retail business or that offer energy efficiency solutions. Dissatisfaction with large utilities is also a powerful market driver for households and companies. In Germany a growing base of the population has a stake in renewable generation plants which has further strengthened the vision for a less centralized and more intelligent energy generation in the future. Nuuka and Watty are examples of Cleantech Invest portfolio companies that are participating in the vision of building a more intelligent and flexible power generation network.
The growth fueled by power sector change is especially strong for those firms that focus on emerging markets. Bloomberg New Energy Finance estimates in its 2015 outlook that during the next 25 years 78% of the power generation investments will be deployed in developing countries. Many of these countries are heading straight to distributed renewable generation. The companies in Cleantech Invest portfolio that have received most of the emerging market growth lift in their sales figures today are Nocart and Enersize.
Also for those portfolio companies that operate in the more efficient and cleaner production from fossil fuels area such as Eagle Filters and Aurelia Turbines, the market outlook is good. Although half of the power generation investment during the next 25 years is estimated to go to renewables, the other half is dominated by cleaner and more efficient coal and gas. Aurelia, delivering high efficiency gas micro-turbines, is aiming to make its first turbine delivery during H1/2016. Eagle Filter, already selling and delivering high efficiency intake air filters with documented savings, will start offering its solution through a service.
Yield companies and other project investment related structures have received a lot of attention and there are now 15 stock-listed US and European renewable power ownerships vehicles that have been able to raise 12 billion USD. This promises good times for further renewable energy and energy storage investment and is expected to benefit also Cleantech Invest portfolio firms such as Nocart, SavoSolar and Aurelia Turbines.
Water tech companies have been receiving a lot of interest due to increase in water related crisis around the world. The water treatment market is to the surprise of some still largely undeveloped on many markets where the need is pressing, but what is now also driving sector investments are droughts and water shortage issues in high income places such as California where this year's drought has meant higher water tariffs, bans on watering and an increased demand for water conservation technologies. The two water and resource saving companies in Cleantech Invest portfolio are Sansox and Sofi Filtration.
Interesting developments have been taking place in the energy storage area and flexible capacity in general. Peaks in demand and variability of generation need to be managed better and further investments are needed. This is closely connected to the electric vehicle and connected car industry. Most of the industry attention has been on the announcements by Tesla, Google and BMW. Getting the charger network up and running and paying for the charging are the concrete steps of taking the industry forward. Cleantech Invest portfolio company PlugSurfing has an important role to play here as it is the biggest locate-and-pay- app providers in Europe. PlugSurfing experienced good sales growth in H1/2015 and has developed new partnerships to be deployed in H2/2015.
Portfolio companies' performance during the review period and major subsequent events
The basis of Cleantech Invest's business operations are in the company's portfolio companies. It is through dividends but more often exits in these companies that the majority of income will be found. In the half-year review, Cleantech Invest briefly comments on all of these companies' development during the review period and thereafter. Some of the associate companies' status Cleantech Invest comments a little deeper. These companies are selected on the basis that during the review period there has occurred clear and tangible progress in the development of their businesses. These comments are not an exhaustive description of each of the associated company's situation and their risks.
Swap.com (Netcycler Oy) was able to five-fold its revenue in H1/2015 compared to H1/2014. Swap.com margins improved as a new higher commission model (25% of selling price + $1.50 per each sold item) was introduced for Swap.com's seller customers. Independently of the price increase, the seller customers have been sending a growing amount of items to be sold at swap.com. In H2/2015 Swap.com signed lease for a larger fulfillment center (360,000 sq.ft. which is about 33,500 m2) located in Bolingbrook, USA. This ensures there are no physical limitations for growth in the near future.
Enersize has during first half of 2015 successfully delivered its first large energy efficiency project in China with 800.000 euro annual verified savings. The billing period for the project in China started in May. 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 ongoing negotiations on several large customer projects in the Chinese market. The company has also carried out a financing round and thus strengthened its financial position. A joint sales agreement was signed with AirCut Technologies AB.
Savo-Solar was listed in First North Stockholm and started trading also in First North Helsinki in April 2015. Savo-Solar revenue was almost 4 times higher than in the corresponding period last year and 1.5 times higher than in full year 2014. Main reason was the first orders of large solar district heating collector fields from Danish district heating company Løgumkloster Fjernvarme, totaling ca. EUR 1.6 million. Savo-Solar is the first ever foreign company who has been able successfully to enter the very fast growing Danish solar district heating market. The operating result and net result were negative due to the extra costs caused by this first large scale delivery and the learning process related to it. The extra costs have also caused financial difficulties at the firm and financing the growth remains a major challenge in the near term. The company will participate in several tenders on the Danish market during H2/2015, which is expected to almost double its installed base next year, and additionally there is growing interest in countries such as Germany, Austria and France. The company also made two partnership agreements. One was with Dansk Energi Service to co-operate in turn-key delivery projects in Denmark. Second is with French Li-Mithra for deliveries of photovoltaic thermal absorbers for their innovative heating system.
Nocart delivered its first biogas plant to Kenya during H1/2015. The order intake for H1 was 7.4Meur, of which 4.5Meur is estimated to be delivered during 2015. The company has a strong project pipeline, but project financing remains a bottleneck. Nocart experienced heavy growth in personnel and employed 12 people by the end of the review period. Mfangano island power plant delivered by Nocart is scheduled to be operational by 11/2015. The plant will be Nocart's first own power plant delivered under a power purchase agreement contract.
Other portfolio companies
Aurelia Turbines has during the first half of 2015 been working on the development of the first pilot turbine. The design has been completed and the assembly is on-going as of the end of the reporting period. The company also completed an EU Horizon 2020 Phase I -project and was granted financing from Nefco to further develop its technology and business. During the second half of 2015 the company will finalize its first turbine, reach proof-of-concept, turn the vast number of Letter of Intents into the first customer deliveries and start actions towards serial production.
Eagle Filters started the first quarter of 2015 with strong sales. The second quarter has been slower due to inadequately working CO2 credit system in Europe which leads to European power utilities being cautious in their moves and decisions. In June Eagle Filters signed a three year contract for high efficiency filter supply with Peruvian power utility with deliveries starting in July 2015. The US market is the biggest and presently the most active gas turbine market due to shale gas resources. Eagle Filters is presently negotiating with a gas turbine service company on a co-operation. The first delivery to US has been made in January 2015 for GDF who is the world's largest power producer.
Lumeron Oy focuses on high-return small & medium-size energy efficiency investments through its technology partners. The company did not make new investments in energy efficiency assets during the financial period.
Metgen Oy carried out several successful pilot trials in Grenoble Institute of Paper showing remarcable energy saving at thermomechanical pulping. The company has no sales yet on its enzyme. During H2/2015 the company is planning 3-4 industrial trials followed by first orders.
Nuuka Solutions grew its revenue by 27% compared with H1/2014. New buildings in service grew by 102% during the same period in H1/2014. Examples of customer cases during the period include SOK/Eekoo, property investors Sevebon Oy and Genesta Property Nordic. New white- label and value-added resellers partners include for instance Arealtech, Valtia, AdConSys , and HE Management. These new partners have taken the Nuuka BEMS (Building and Energy Management System) to use in shopping centers, office buildings and residential buildings. The company now seeks growth by developing an international distribution channel partner ecosystem that sells Nuuka BEMS locally in different countries. Nuuka's BEMS enables partners such as automation and consulting companies to offer new business opportunities in areas of buildings energy efficiency, indoor air conditions and sustainability development.
One1 was during first half of 2015 developing a partnership agreement with several Finnish utilities. The company closed an agreement, efter the reporting period, in August 2015 together with Lahti Energia and Pori Energia.
Oricane continued to work with its Europe-based networking and telecommunications customer and continued negotiations with the new customer within data communications in the US.
PlugSurfing had a successful first half of 2015 both in terms of revenue and product development. PlugSurfing signed major B2B deals resulting in a revenue figure for H1 2015 which is double that of the whole of 2014. In addition, the company signed white-label deals with DKV, ABB and Repower, renewed a data deal with Opel and Toyota and had an increase in user B2C sign-ups and payment accounts added. There was also a significant increase in charging sessions through PlugSurfing.
Sansox signed an agent agreement in Australia and has several on-going negotiations on distribution agreements in the area of irrigation. The company also won the EU innovation award for SME companies in June 2015.
Sofi Filtration entered a new industrial segment, textile washing, by delivering water treatment system to reuse washing water saving both water and energy for the customer. The company also successfully concluded two new application tests in the field of power generation. Sofi Filtration also strengthened the sales team. In the second half of 2015 Sofi Filtration will continue in mining and construction segment with new pilot cases and focus new growth efforts in the power generation industry.
Watty started it's alpha testing phase in H1 and has since deployed is solution, proved to work end-to-end from hardware to app, in over 100 homes. In parallel with its Alpha testing Watty has signed commercial deals with leading industry players. The company is now preparing to scaling its solution with its partners and establishing its long-term business model.
Income Statement: revenue and result
Revenue
The company's revenue for the review period 1 January to 30 June 2015 was 144 thousand euro (1-6/2014: 0 euros). The change in revenue is due to increase in advisory and management related income.
Expenses
Personnel costs during the review period 1 January to 30 June 2015 amounted to 345 thousand (195 thousand) euros.
This was affected by an extraordinary one-time cost of 104k EUR in relation to Feodor Aminoff leaving the company. The running personnel costs are not estimated be higher in H2 2015 than in H2 2014.
Other operating expenses in the review period 1 January to 30 June 2015 were a total of 156 (70 thousand) euros. Approximately half of the increase in other operating expenses is due to mandatory costs of being listed in First North Helsinki and the other half increase in other administrative costs.
Depreciation, amortization and write-downs
Depreciation, amortization and write-downs of intangible and tangible assets in the review period 1 January to 30 June 2015 was a total of 66 (28 thousand) euros. The increase in depreciation is mainly explained by the expenses related to the stock exchange listing in June 2014, 456 thousand euros, which has been capitalized and whose share of the depreciation during H1/2015 is 65 thousand euros.
Operating income
The company's operating loss for the review period 1 January to 30 June 2015 was -423 thousand (EUR - 293thousand) euros.
Financial income and expenses
Financial income in the review period 1 January to 30 June 2015 was a total of 59 (0) thousand euro, financial expenses January 1 to June 30, 2015 was total of 0 (0) euros.
Result for the review period
The net loss of the review period 1 January to 30 June 2015 was - 365 thousand (-293 thousand) euros.
Balance sheet: financing and investments
The balance sheet total stood at 6 063 thousand (7 295). The shareholders equity was 5 959 (6 839) thousand euros and equity ratio was 98,3% (93,7%)
Investments during the review period
Effective ownership takes into account both direct and indirect diluted ownership in the portfolio firms. Cleantech Invest has indirect ownership through Clean Future Fund (CFF) and Cleantech Invest Swap SPV 1 AB, a Swedish holding company founded by Cleantech Invest.
Returns from portfolio company exits may in some cases differ from direct ownership percentage in the portfolio firm, both in positive or negative direction. In certain instances there are differences between ownership percentage and exit proceeds distribution order due to different share classes in the portfolio firm. Also possible carried interest received by Cleantech Invest from CFF may increase the returns.
Eagle Filters Oy: Cleantech Invest 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% (from 29.8%).
Savo-Solar Oy: Cleantech Invest equity loans were converted into equity as Savo Solar was listed in First North Stockholm in April 2015. After the listing Cleantech Invest effective fully diluted ownership in Savo-Solar is 14%.
Sofi Filtration Oy: Cleantech Invest made an equity investment into Sofi Filtration. Sofi Filtration also introduced an option program as part of the financing round. When the option dilution is taken into account Cleantech Invest's ownership in Sofi Filtration increases to 23.1% (previous 22%).
Swap (Netcycler Oy): Cleantech Invest Swap SPV 1 AB, a Swedish holding company founded by Cleantech Invest Plc, has made an equity investment of EUR 4.2 million into Swap.com (Netcycler Oy). Cleantech Invest owns 20% of the holding company and the effective fully diluted ownership of Cleantech Invest Plc in Swap.com increases from 5.6% to 8.0% after the investment, and in addition Cleantech Invest will receive a fee in total of EUR 220,000. Cleantech Invest Plc and its affiliated companies own a total of 22.9% of Swap.com after the transaction.
Aurelia Turbines Oy: Cleantech Invest made an equity investment and increased its ownership in Aurelia from 3.6 to 4%.
Watty AB: Cleantech Invest made an equity investment and has now 1% ownership in the company.
PlugSurfing GmbH: Cleantech Invest made an equity investment and has now 3.3% ownership in the company.
Personnel, management and administration
Alexander Lidgren acted as the managing director of the company during the review period. In addition to the managing director the company employed 4 persons, Tarja Teppo, Lassi Noponen, Feodor Aminoff and Timo Linnainmaa, who together formed the management of the company. Feodor Aminoff was part of the management until 31.5.2015 and was no longer employed starting 1.6.2015.
In the beginning of the review period the board of directors consisted of Lassi Noponen (chairman), Tarja Teppo, Alexander Lidgren, and Jan Forsbom. On the 20th of April 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 20th of April 2015 the board of directors of the company has consisted of Lassi Noponen (chairman), Tarja Teppo, Jan Forsbom, Timo Linnainmaa and Thomas Bengtsson. Forsbom and Bengtsson are independent of the company and major shareholders.
Risks and uncertainties
The most significant risks and uncertainties related to the business of Cleantech Invest Oyj have been reported in the listing prospectus dated 2.5.2014 that can be found on the company's web site http://frantic.s3.amazonaws.com/cleantechinvest/2014/05/Cleantech-Invest-Oyj-listautumisesite.pdf . There has not been any change in the risks and uncertainties since the date of the prospectus.
Outlook 2015
The portfolio company growth is expected to continue, and is especially strong in emerging markets decentralized energy generation (Nocart, Aurelia Turbines), energy efficiency in manufacturing in China (Enersize), industrial water purification (Sansox and Sofi Filtration) and the second hand market in the US (Swap.com).
Cleantech Invest continues to prepare for parallel listing in First North Stockholm.
Another focus area in accelerating portfolio value growth is building partnerships in China, USA and Germany. These partnerships are aimed at enabling further market entries and growth of Cleantech Invest portfolio companies.
Annual general meeting
The annual general meeting was held on April 20th 2015 in Helsinki. In addition to the issues stipulated in paragraph 5:3 of the Companies Act the shareholders meeting resolved to amend paragraph 3 of the Articles of Association by removing terms and conditions regarding class B shares, authorized the Board of Directors to decide on acquisition of the company's own shares, authorized the Board of Directors to decide on issuance of shares, options and other special rights entitling to shares and resolved on a remuneration scheme for the company's key personnel.
Stock
Cleantech Invest board members and management team owned on June 30th 2015 in total 4 000 041 K-class shares, 47000 A-class shares and options that give a right to subscribe 2 004 028 K-class shares, taking into account all stock and options that the persons own directly, and indirectly through companies controlled or influenced by them or through their family members.
The shares represent approximately 22.4% per cent of the company's total issued and outstanding shares registered 30.06.2015 in the trade register and 65.7% percent of the voting rights of the shares.
Cleantech Invest had 844 registered shareholders according to the shares register on June 30th 2015.
Cleantech Invest's market value at the end of the review period was 8,541,642€. The closing price on June 30th 2015 was 0.47€ per share. During the review period the highest price was 0,63 €, the lowest 0,36 €, and the average 0,45 € per share. The Series A share has a liquidity provision agreement with FIM Bank that fulfills the NASDAQ OMX Helsinki Oy Liquidity Providing (LP) requirements.
Events after the review period
Nuuka Solutions Oy has successfully closed an investment round. Cleantech Invest also joined the round among other investors and increased its ownership to 37.0% from 36.8%.
Savo-Solar made after the reporting period two new contracts to deliver solar district heating collectors fields, together ca. EUR 3 million. These will be delivered during the H2/2015 and H1/2016. Savo-Solar has experienced delays in Logumkloster project deliver causing extra costs. These extra costs have also caused financial difficulties at the firm and financing the growth remains a major challenge in the near term.
Accounting principles of the semi-annual accounts
Semi-annual accounts have been prepared following generally accepted accounting principles and applicable laws. The figures of the review have not been audited. The figures presented are rounded.
Calculation of key ratios and formulas
| Equity ratio (%) | Total equity x 100/ Total assets |
| Number of shares | Total number of share at the end of the period |
| Weighted average number of shares | Issue and conversion-adjusted weighted average number of shares |
| Diluted number of shares | Total number of share at the end of the period added by outstanding warrants |
| Weighted average number of shares, Diluted | Issue and conversion-adjusted weighted average number of shares added by outstanding warrants |
| Basic earnings per share (€) | Result for the (financial) period / Issue and conversion-adjusted weighted average number of shares |
| Diluted earnings per share (€) | Result for the (financial) period / Issue and conversion-adjusted weighted average number of shares added by outstanding warrants |
Financial communication
The 2015 financial statement will be published on 31.3.2016. In other respects, the 2016 financial information release schedule will be published by the end of 2015.
Financial information
| Profit and Loss Statement EUR '000 | 1-6 / 2015 | 1-6 / 2014 | 1-12 / 2014 |
| Turnover | 144 | 0 | 89 |
| Materials and services | 0 | 0 | -7 |
| Personnel expenses | -345 | -195 | -441 |
| Depreciation and impairment charges | -66 | -28 | -94 |
| Other operating expenses | -156 | -70 | -240 |
| Operating loss | -423 | -293 | -693 |
| Financial income | 59 | 0 | 2 |
| Financial expenses | 0 | 0 | -177 |
| Result before taxes | -364 | -293 | -868 |
| Taxes | -2 | 0 | 0 |
| Result for the financial period | -365 | -293 | -868 |
| Basic earnings per share | -0,02 | -0,02 | -0,06 |
| Diluted earnings per share | -0,02 | -0,02 | -0,05 |
| Balance Sheet EUR '000 | 30.6.2015 | 30.6.2014 | 31.12.2014 | |
| Assets | ||||
| Non-current assets | ||||
| Intangible assets | 448 | 589 | 513 | |
| Tangible assets | 11 | 11 | 10 | |
| Investment in associates | 3 927 | 2 685 | 3 188 | |
| Loan receivables from associates | 337 | |||
| Total non-current assets | 4 386 | 3 622 | 3 711 | |
| Current assets | ||||
| Accounts receivable | 200 | 59 | ||
| Loan receivables | 391 | 17 | 783 | |
| Other receivables | 83 | 95 | 49 | |
| Deferred assets | 33 | 36 | 31 | |
| Cash and cash equivalents | 970 | 3 525 | 1 790 | |
| Total current assets | 1 676 | 3 673 | 2 712 | |
| Total assets | 6 063 | 7 295 | 6 423 | |
| Equity and liabilities | ||||
| Shareholders equity | ||||
| Share capital | 80 | 80 | 80 | |
| Reserve for invested non-restricted equity | 8 087 | 8 027 | 8087 | |
| Retained earnings | -1 843 | -975 | -975 | |
| Result for the financial period | -365 | -293 | -868 | |
| Total shareholders equity | 5 959 | 6 839 | 6 324 | |
| Current liabilities | ||||
| Accounts payable | 11 | 403 | 29 | |
| Other current liabilities | 60 | 35 | 12 | |
| Accruals | 34 | 18 | 58 | |
| Total current liabilities | 104 | 456 | 99 | |
| Total equity and liabilities | 6 063 | 7 295 | 6 423 |
| Cash Flow Statement EUR '000 | 1-6 / 2015 | 1-6 / 2014 | 1-12 / 2014 | |
| Cash flow from operating activities | ||||
| Result for the financial period | -364 | -293 | -868 | |
| Taxes | -2 | |||
| Adjustments | -371 | 28 | 271 | |
| Change in receivables | 216 | 48 | -570 | |
| Change in current liabilities | 5 | 65 | 45 | |
| Cash flow from operating activities | -516 | -152 | -1 122 | |
| Cash flow from investing activities | ||||
| Investments in tangible and intangible assets | -2 | -119 | -445 | |
| Acquisition of associates | -302 | -594 | -1 275 | |
| Loan receivables from associates | 0 | -163 | 19 | |
| Loan receivables from others | 0 | 0 | 0 | |
| Cash flow from investing activities | -304 | -876 | -1 701 | |
| Cash flow from financing activities | ||||
| Share issue against payment | 0 | 4 011 | 4 071 | |
| Change in interest bearing liabilities | 0 | 0 | 0 | |
| Cash flow from financing activities | 0 | 4 011 | 4 071 | |
| Change in cash and cash equivalents | -820 | 2 983 | 1 248 | |
| Cash and cash equivalents at the beginning of the period | 1 790 | 542 | 542 | |
| Cash and cash equivalents at the end of the period | 970 | 3 525 | 1 790 |
Statement of changes in equity
| EUR '000 | Share capital | Reserve for invested non-restricted equity | Retained earnings | Result for the financial period | Total share-holders equity |
| Shareholders equity 1.1.2015 | 80 | 8 087 | -1 843 | 0 | 6 324 |
| Share issue | 0 | 0 | 0 | 0 | 0 |
| Transfer | 0 | 0 | 0 | 0 | 0 |
| Result for the financial period | 0 | 0 | 0 | -365 | -365 |
| Shareholders equity 30.6.2015 | 80 | 8 087 | -1 843 | -365 | 5 959 |
| Shareholders equity 1.1.2014 | 8 | 4 088 | -975 | 0 | 3 121 |
| Share issue | 0 | 4 011 | 0 | 0 | 4 011 |
| Transfer | 72 | -72 | 0 | 0 | 0 |
| Result for the financial period | 0 | 0 | 0 | -293 | -293 |
| Shareholders equity 30.6.2014 | 80 | 8 027 | -975 | -293 | 6 839 |
| Shareholders equity 1.1.2014 | 8 | 4 088 | -975 | 0 | 3 121 |
| Share issue | 0 | 4 071 | 0 | 0 | 4 071 |
| Transfer | 72 | -72 | 0 | 0 | 0 |
| Result for the financial period | 0 | 0 | 0 | -868 | -868 |
| Shareholders equity 31.12.2014 | 80 | 8 087 | -975 | -868 | 6 324 |
Helsinki 30.8.2015
Cleantech Invest Oyj Board of Directors
For more information
Cleantech Invest Oyj, Alexander Lidgren, managing director, puh. +46-73-660 1007, alexander.lidgren@cleantechinvest.com.
Certified Advisor, Access Partners Oy, tel: +358 9 6829 500.
Cleantech Invest in brief
Cleantech Invest is an investment and development company focused on clean energy and efficient use of natural resources. The company was established in 2005. The company owns minorities in a diversified portfolio of companies and is actively looking for new investment targets. Cleantech Invest invests in the most promising early-stage and growth cleantech companies in Finland, Sweden and in the Baltic Sea area. The company management team members are international pioneers in cleantech investing. Cleantech Invest is also a designated Accelerator in the Vigo Program initiated by the Ministry of Employment and the Economy. www.cleantechinvest.com.
HUG#1948471