PowerCell Sweden AB increased its sales for the full year 2019 with 10 percent, up from MSEK 60.5 to MSEK 66.8 compared to the full year 2018. Sales during the fourth quarter noted a slight decrease, down from MSEK 28.1 to MSEK 27 compared to the same period last year. Operating income for the fourth quarter amounted to MSEK -28,8 compared to MSEK -11.1 the same period last year.
“The reason for the decrease in sales during the quarter is lower sales of PowerCell S3 to the automotive segment following our agreement with Bosch. The weaker operating income is due to vigorous efforts within product development and sales”, Per Wassén, CEO of PowerCell Sweden said.

Total sales for the fourth quarter 2019 amounted to 26,983 Thousand SEK compared to 28,102 Thousand SEK the same quarter previous year, a decrease by 4 percent. For the full year 2019 sales increased by 10 percent, up from 60,513 Thousand SEK to 66,850 Thousand SEK compared to 2018.

Operating income before items affecting comparability amounted to -28,736 Thousand SEK compared to -11,147 Thousand SEK the fourth quarter 2018. For the full year 2019, operating income before items affecting comparability amounted to -79,898 thousand SEK compared to -60,893 Thousand SEK for the full year 2018. Operating income for the full year 2019 amounted to 448,408 Thousand SEK (-60,893). The Group's financial position and liquidity continue to be strong. Cash and cash equivalents at December 31, 2019 amounted to SEK 440,948 thousand SEK.

The decrease in operating income before items affecting comparability for both the fourth quarter and the full year, is mainly due to increased efforts within product development and higher spending on sales and marketing.
“As a consequence of our joint development work with Bosch and our efforts to strengthen our sales organization, we have increased our spending on product development and sales and marketing. These decisions have been deliberate, and they will be important for the company going forward, but they have impacted our operating income negatively during 2019 and the fourth quarter in particular”, Per Wassén, CEO of PowerCell Sweden said.

During the fourth quarter, PowerCell launched a new and enhanced version of its MS-100 fuel cell system.
“Our new version of MS-100 is a centerpiece in our customer offer and will play an important role for an increased electrification on land and at sea using fuel cells and hydrogen. The increase in sales for the full year 2019 is in large part attributable to higher sales of MS100 specifically”, Per Wassén, CEO of PowerCell Sweden said.

Financial highlights

All amounts in TSEK 2019
Oct-Dec
2018
Oct-Dec
2019
Jan-Dec
2018
Jan-Dec
Net sales 26,983 28,102 66,850 60,513
Operating income before items affecting comparability -28,736 -11,147 -79,898 -60,893
Operating income -28,763 -11,147 448,408 -60,893
Profit/loss for the period -40,977 -11,451 438,011 -61,862
Operating cash flow -21,445 -30,163 369,146 -99,981

For further information, please contact:

Per Wassén
CEO, PowerCell Sweden AB (publ)
Phone: +46 (0) 31 720 36 20
Email: per.wassen@powercell.se

This information is insider information that PowerCell Sweden AB (Publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on February 27, 2020.

About PowerCell Sweden AB (publ)

PowerCell Sweden AB (publ) develops and produces fuel cell stacks and systems for stationary and mobile applications with a world class energy density. The fuel cells are powered by hydrogen, pure or reformed, and produce electricity and heat with no emissions other than water. As the stacks and systems are compact, modular and scalable, they are easily adjusted to any customer need.
PowerCell was founded in 2008 as an industrial spinout from the Volvo Group. The share (PCELL) is since 2014 subject to trade at Nasdaq First North Growth Market, Stockholm. G&W Fondkommission is Certified Adviser, e-mail: ca@gwkapital.se, phone: +46 8 503 000 50.

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