Scandinavian Enviro Systems Interim Report is now available
Enviro Publishes Interim Report
Enviro’s Interim Report is a mixed bag with Q3 showing ups and downs and the prolonging of the Letter of Intent with Michelin.
Q3 2020
- Net revenues for the period were MSEK 0.2 (0.2)
- Earnings after tax for the period were MSEK -12.7 (-10.3)
- Earnings per share for the period (before dilution) was SEK -0.02 (-0.03)
- Cash flow for the period after investments was MSEK -10.9 (-8.9)
- Enviro and Michelin prolongs Letter of Intent regarding strategic partnership
- Improved market conditions for pyrolysis oil could strongly increase revenues from Enviro’s plants
For the year to September, revenues were up but earnings after tax were down. Longer term projects were being developed through the year, including a development agreement with Michelin accompanied by a MSEK 32,5 investment
Jan-September 2020
- Net revenues for the period were MSEK 1.1 (0.5)
- Earnings after tax for the period were MSEK -36.3 (-31.7)
- Earnings per share for the period (before dilution) was SEK -0.07 (-0.10)
- Cash flow for the period after investments was MSEK -34.0 (-29.0)
- The company has completed a directed share issue of approximately MSEK 32.5 as part of a strategic partnership with Michelin. Currently, the partnership is considered to contain 4 areas:
- A development agreement
- A share investment total of 20 percent in Enviro after the issue (completed)
- A common project to construct a plant
- A common delivery agreement between Michelin and Enviro
Looking forward
Enviro expects final partnership agreement with Michelin to be concluded during the fourth quarter, and feasibility studies are ongoing in the UK for a partner plant with a UK project. Additionally, Enviro’s rCB is being introduced to new rubber compounds by Trelleborg Mixing Forsheda.
