SeaTwirl interim report Q1
Today we have published the interim report.
Read the Swedish press release translated into English here.
The report is available for download, in Swedish only, under Investor Relations.
IMPORTANT EVENTS
Important events during the period (2017-09-01 – 2017-11-30)
- Granted 500 000 SEK of funding from Vinnova
- Granted European patent for a turbine construction that can withstand hard winds
- Started a Norwegian subsidiary
- Participated at the Stora Aktiedagen in Stockholm
Important events after the period (2017-12-01 –)
- Another two people hired, one of whom for business development
- Granted US patent for solution which optimizes rotational speed
FINANCIAL DEVELOPMENT
Financial development during the period (2017-06-01 – 2017-08-31)
- Turnover was 0 SEK (0) and the operating result was -1 172 182 SEK (-892 293). The negative result is attributable to development costs, including personnel cost.
- Balanced development cost amounted to 12 049 675 SEK at the end of the period (9 863 665), in addition to patent costs of 729 619 SEK (597 699).
- Cashflow for the period amounted to -1 529 751 SEK (-703 204). Cash amounted to 16 517 350 SEK (319 037) at the end of the period.
- Shareholder’s equity amounted to 27 545 628 SEK (9 078 169) at the end of the period, of which the result for the fiscal year (2017-09-01 – 2017-11-30) amounted to -1 175 475 SEK (-899 140). No changes other than the result for the period and transfer to Fund for development costs has affected the shareholder’s equity during the fourth quarter.