Year End Report July 2020 - Jun 2021
2nd half Jan-Jun
- Net sales increased to 3,0 MSEK (1,2)
- Gross margin improved significantly from -18% to 8 %
- Operating costs incl. D&A amounted to -14,2 MSEK (-9,8)
- Opereting loss increased to -11,1 MSEK (-8,4)
- Net result was -11,3 MSEK (-9,0)
- Cash flow from operations was -6,1 MSEK (-1,3)
- Net sales increased to 5,7 MSEK (3,2)
- Gross margin improved significantly from -29% to 21%
- Operating costs incl. D&A amounted to -27,6 MSEK (-21,4)
- Opereting loss increased slightly to -21,7 MSEK (-21,1)
- Net result was -25,3 MSEK (-23,2)
- Cash flow from operations was -14,4 MSEK (-28,6)
Significant events of second half
- Break through order to Big Pharma delivered on time in full
- First large Streel Light order received and delivered on time in full to Metsä Group
- Sales pipeline reached record high level 82 MSEK
Significant events of the full year
- Break through customer won from Big Pharma
- Successful rights issue 32 MSEK carried out in Autumn 2020
- Re-orders from key industrial customers consolidated sales
- Sales strategy changed putting more focus on partnerships
Significant events after the period
Continued funding secured: the Board of Directors resolved to initiate and to make preparations to carry out a rights issue of MSEK 26 in October to secure going concern. G&W Fondkommission was tasked to manage the rights issue and syndicate a guarantee of approximately 90 percent, i.e. 23 MSEK. The guarantee syndication has been successfully completed whereby Meltron has certainty of successful issue. The rights issue will require changes of share capital to be resolved by the Annual General Meeting 1st Oct and will be carried out between 6th Oct and 20th Oct 2021. The issue will allow Meltron to invest in further business growth, production capacity and finances working capital, incl. repayment of short-term loans.
A word from the CEO
Meltron strengthened its customer and partner relationships in the second half of our financial year despite a very challenging operating environment. Our sales grew by 51% year on year and we would have grown further without the corona restrictions and the supply constraints of key electronic components which started towards the end of the period. The re-start of the global economy has indeed created a new problem of greatly lengthened supply chain in everything ranging from special plastics to key electronic components. Early in 2021 we decided to make some strategic purchases to mitigate part of the problems. We consider the supply constraints a medium-term issue. Moreover, due to the re-start of the economy we have now re-engaged several large projects, especially in the Middle-East, where our pipeline is at a record high level. An important element in revenue generation was the repeat orders from several large industrial customers indicating the lengthy testing period of our solutions has turned into recognition of our superior quality. We expect steady growth from these relationships during the next financial year.
Furthermore, Meltron has undergone a thorough strategy review and fine-tuning process wherein every employee of the company took part. The major changes are twofold. Firstly, we concluded that the focus of our product development strategy now shifts from creating entirely new solutions to improving our existing solutions for key applications. This will reduce the one-off costs somewhat while the focus of our entire organization is sales generation and servicing our customers with even better lighting solutions.
The second major change is the overhaul of our sales strategy resulting in adding great focus on selling through partnerships. While we intend to maintain and strengthen our direct sales which are important for end customer closeness, we expect the partnerships to generate meaningful sales growth going forward. At the heart of our partnership strategy are three core multi-national partnerships under development. We are in advanced negotiations with a partner for our Explosive Proof or ATEX product family; secondly, for our Road & Street product family we are negotiating with a partner that intends to integrate our lighting solution with their Smart City concept; and thirdly, we are negotiating with a leading global brand for a partnership in industrial lighting solutions. In addition to established customer networks, the partners are all providers of lighting control systems, which strengthen Meltron's offering and enable Meltron to provide "more than just light".
The partnerships have been the missing piece of our puzzle. We have technologically superior and proven lighting solutions but we have been lacking sufficient channels to scale up our sales. Direct contact to customers will remain a central enabler for maintaining product superiority while achieving sufficient volume and therethrough profitability will be achieved by working closely together with our new partners. Thereby, we look to the future with great confidence and we expect a commercial break-through during next financial year.
Stockholm/Helsinki, August 2021
Ville Sistonen, CEO
Appropriation of profit, disclosure etc.
The Board of Directors proposes that the unrestricted equity of Meltron AB, SEK -23,913,041, is carried forward.
The Annual General Meeting will be held on 1st Oct 2021 in Stockholm, Sweden.
Meltron will report the half year 1st Jul 2021 - 31st Dec 2021 on the 18th Feb 2022 (preliminary).
The report will be published in www.meltron.com
For more information, please contact:
Read more at www.meltron.com
This information is information that Meltron AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication in Swedish, by the contact persons set out above, on 30th Aug 2021, at 08:45 CET. This English version is published as a service; in case of discrepancies the Swedish version will prevail.
Styrelsen för Meltron AB har beslutat att genomföra förändringar i ledningen av bolaget, varvid Bolagets VD Ville Sistonen avgår och nuvarande ordförande Göran Lundgren tillträder som tillförordnad VD i Meltron AB. I samband med detta avgår Göran Lundgren som ordförande men kvarstår som styrelseledamot. Styrelsen har utsett Elisabet Wahlman att leda arbetet som tillförordnad ordförande. Nuvarande CFO Mikko Sola tar över som VD för den finska verksamheten i Meltron Oy. Därutöver lämnar Pekka Pättiniemi på egen begäran styrelsen i Meltron.
The Board of Directors of Meltron AB has decided to implement changes in the Company's management. The CEO of the Company, Ville Sistonen, resigns, and the current Chairman of the Board, Göran Lundgren, takes position as acting interim CEO of Meltron AB. In connection with these changes, Göran Lundgren steps down as Chairman but remains on the Board of Directors. The Board of Directors has appointed Elisabet Wahlman to direct the work as acting Chairman of the Board. Mikko Sola, current CFO, takes over as CEO of the Finnish operations in Meltron Oy. Moreover, Pekka Pättiniemi steps down from the Board of Directors of Meltron at his own request.
Meltron har säkrat en order på 30,000 EUR från ett av de största företagen i Finland, UPM, ett globalt skogsföretag. UPM's produktionsanläggning i Valkeakoski har beställt cirka 100 enheter av Meltron's avancerade LED High-Bay system, som är designat för stora industrihallar. Detta är första gången UPM beställer High-Bay systemet, och det är den andra UPM-anläggningen, som kommer installera Meltrons produkter. UPM i Jämsänkoski har redan Meltron's PL och PLS produkter.
Meltron has secured a 30,000 EUR order from one of the biggest companies in Finland, UPM, a global forest company. UPM's Valkeakoski production site has ordered about 100 units of Meltron's advanced LED High-Bay system, designed for large industrial halls. This is the first time UPM orders the High-Bay system, and it is the second UPM production site which will be using Meltron's products. UPM at Jämsänkoski is already using Meltron's PL and PLS-system products.
This press release may not be published or distributed, neither directly nor indirectly, in or to the USA, Canada, Australia, Hongkong, Japan, New Zealand, South Korea, Switzerland, Singapore or South Africa or in any other jurisdiction where the distribution of this press release would be illegal.
Meltron AB (publ) ("Meltron" or "the Company") today announces that the Company's priority share issue of approximately 26 MSEK has been subscribed at approx 59,4 %. The balance up to the full amount is covered by the two guarantee consortia syndicated in preparation of the transaction.
Idag, den 11 oktober 2021, är den första teckningsdagen i nyemission med företrädesrätt för aktieägarna. Teckning av aktier kan ske fram till och med den 25 oktober 2021.
Today, 11 October 2021, is the first day of subcription in Meltron's share issue with priority for current shareholders. Subscription for shares is open through 25 October 2021.
Meltron har fått en första beställning från en ledande vin&sprit tillverkare i Norden, som avser en installation av explosionssäkra LED armaturer. Ordern är på drygt 30 000 euro och kommer att levereras i år.
Meltron has received a first time order from a leading wine & spirit company in the Nordic region for its explosive proof LED-lighting system. The order is in excess of 30 000 € and will be delivered this year.
Vid årsstämma i Meltron AB (publ), org.nr 556988-9834, ("Bolaget") den 1 oktober 2021 fattades bland annat följande beslut. För mer detaljerad information om innehållet i besluten hänvisas till kallelsen till årsstämman samt fullständiga förslag till beslut, som tidigare har publicerats och finns tillgängliga på Bolagets hemsida, www.meltron.com.
At the annual general meeting (the "AGM") of Meltron AB (publ), reg. no 556988-9834, (the "Company"), on 1 October 2021 the AGM adopted, inter alia, the following resolutions. For more detailed information regarding the contents of the resolutions, please refer to the notice to the AGM and the complete proposals, which have previously been published and are available on the Company's website, www.meltron.com.
Huawei and Meltron launch collaboration to introduce a new digital approach to boost sustainable development of cities worldwide
Huawei Technologies Oy and Meltron Oy have entered into a Memorandum of Understanding and agreed a plan to introduce an ambitious solution which combines and integrates the strengths of the cutting-edge ICT technologies offered by Huawei and the superior Meltron lighting solutions.
Huawei och Meltron samarbetar kring införande av ny digital strategi för att främja hållbar utveckling i städer världen över
Huawei Technologies Oy och Meltron Oy har tecknat ett Memorandum of Understanding och enats om en plan för att lansera ambitiösa lösningar för hållbara städer, som förenar och integrerar fördelarna hos Huaweis banbrytande informations- och kommunikationstekniker (ICT) och Meltrons överlägsna belysningslösningar.
Meltron AB (publ) offentliggör sin Årsredovisning för räkenskapsåret 2020-07-01-2021-06-30, som nu finns tillgänglig på Bolagets hemsida www.meltron.com och investor.meltron.com tillsammans med revisionsberättelsen. Bokslutskommunikén publicerades 2021-08-30.
Meltron AB (publ) today publishes its Annual Report for the financial year 2020-07-01-2021-06-30, which is now available on the Company's web site www.meltron.com and investor.meltron.com together with the auditor's report. English translations will soon be available. The year-end report was published 2021-08-30.