Quarterly Report • Oct 27, 2022
Quarterly Report
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Interim report July-September 2022
Net sales LTM 7,831 SEK m $(4, 307)$
Operating margin LTM 10.4% $(5.0)$
Return on capital employed (ROCE) LTM 33.0 $(14.9)$
Project development portfolio 32,132 MW $(17,589)$
Construction portfolio 1.086 MW $(1,006)$
Comparative figures relate to the same period last year
TCM* portfolio 3.603 M $(2,506)$
| Q3 | Jan-Sep | LTM | Full year | |||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 | |
| Net sales, SEK m | 2,311 | 600 | 5,401 | 2,553 | 7,831 | 4,983 |
| Operating income, SEK m | 30 | 24 | 498 | 97 | 815 | 414 |
| Operating income adjusted for development costs, SEK m | 134 | 82 | 733 | 239 | 1,128 | 634 |
| Operating margin, % | 1.3% | 4.1% | 9.2% | 3.8% | 10.4% | 8.3% |
| Operating margin adjusted for development costs, % | 5.8% | 13.7% | 13.6% | 9.4% | 14.4% | 12.7% |
| Profit for the period, SEK m | 44 | 15 | 459 | 97 | 695 | 334 |
| Cash flow from operating activites, SEK m | $-129$ | 143 | 765 | 231 | 402 | $-132$ |
| Investments in the project development portfolio, SEK m | 111 | 34 | 351 | 197 | 577 | 424 |
| Earnings per share before and after dilution, SEK | 0.16 | 0.06 | 1.68 | 0.38 | 2.60 | 1.28 |
| Project acquisitions, MW | 798 | 614 | 2,156 | 2,871 | 2,731 | 3,446 |
| Project development portfolio, MW | 32,132 | 17,589 | 32,132 | 17,589 | 32,132 | 17,371 |
| Sold projects, MW | $\mathbf 0$ | 17 | 268 | 237 | 750 | 719 |
| Projects under construction, MW | 1,086 | 1,006 | 1,086 | 1,006 | 1,086 | 1,329 |
| Projects handed over, MW | $\mathbf 0$ | $\Omega$ | 482 | 48 | 641 | 207 |
| Contracts under management (TCM), MW | 3,603 | 2,506 | 3,603 | 2,506 | 3,603 | 2,986 |
| Number of employees | 352 | 256 | 352 | 256 | 352 | 277 |
For definitions of alternative performance measures and key performance indicators, see pages 24 and 29.
OX2 develops and sells wind, solar farms and energy storage solutions. OX2 was founded in 2004 to be at the forefront of the transition to renewable energy, contributing to a sustainable future for people and the planet.
Net sales rose during the quarter, driven by good progress in the construction portfolio. We signed our first agreement for the sale of offshore wind projects while our development portfolio grew significantly as our offshore projects outside Åland were included in the portfolio. In addition, we completed our first acquisition in Spain through the investment of a solar project.
During the third quarter, an agreement with Ingka Investments was signed for the sale of 49 percent of three offshore wind projects outside southern Sweden with a potential installed capacity of 9,000 MW. The deal, which is expected to be completed during the fourth quarter 2022, means that we will receive an initial payment of more than SEK 600 million and an additional payment after exclusive permits have been obtained.
We see great interest for our ambition in large-scale offshore wind projects and we continue to expand our organization. Our offshore business is expected to contribute positively to our results over the 2023-2024 period and onwards. We believe OX2's offshore wind projects in the Baltic Sea and Kattegat will be a powerful contributor to meet the growing energy demand.
Focus on growing our project development portfolio continues and we have almost doubled it in size during the year.
In August, we received permission from the Government of Åland to start conducting surveys for two offshore projects outside Åland, Noatun South and Noatun North, which we are developing in collaboration with Ålandsbanken Fondbolag. OX2's share of the projects, which is estimated to amount to 5,200 MW, has therefore been included in our development portfolio as earlystage projects during the quarter.
Paul Stormoen, CEO
During the quarter, 0X2 made its first project investment in the Spanish market through the acquisition of a solar project totaling 55 MW. We also have promising activities within energy storage, where our portfolio now has grown to 500 MW mainly driven by an acquisition of early-stage projects in Poland.
Our portfolio now consists of projects in nine European markets, and we see good opportunities for continued geographical expansion, both in and outside Europe.
Our construction business generates stable results and we aim to hand over three projects to customers before year-end. OX2's technical and commercial management business has continued to grow with good profitability thanks to newly won management contracts.
Projects sold, MW
Relates to the Jan-Sep 2022 period
Growth in project development portfolio, MW
Relates to the Jan-Sep 2022 period
Total project development portfolio, MW
As of 30 September, 2022
We see great interest in our projects that are under realization and we reiterate our target of reaching an operating income of slightly above SEK 1,000 million for the full year 2022.
There are good opportunities in our existing markets and we continue to evaluate new geographies and technologies to accelerate growth. OX2 continues to strengthen the organization to reach our mid-term financial targets.
The electricity demand is expected to increase over the coming years. Renewable energy remains the fastest and most cost-efficient way to generate significant amounts of new electricity without the need of subsidies. We welcome the new Swedish Government's ambition to work towards more efficient decision-making processes for new energy production.
With a proven and successful business model, combined with a strong project development portfolio and a solid financial position, OX2 is very well equipped to continue to drive the transition towards a sustainable future.
Paul Stormoen
It is OX2's project development portfolio that creates long-term value and determines the company's ability to accelerate the access to renewable energy. The portfolio consists of greenfield projects (projects developed by 0X2 from start) as well as acquired wind and solar projects and energy storage solutions in various phases of development and within different markets. Development and optimization of these projects take place over a long period and not all projects that have been started will be realized. The probability of a project being realized increases the further on in the development phase the project is.
At the end of the third quarter, the portfolio amounted to 32.1 GW (17.6) GW) split by offshore wind of 18.3 GW (8.3 GW), onshore wind of 10.0 GW (8.1 GW), solar of 3.4 GW (1.2 GW) and energy storage of 0.5 GW (0 GW). Energy storage is a new technology for OX2 with strong potential across the markets - the focus is both on stand-alone projects as well as coupled together with onshore wind and solar projects.
During the third quarter, OX2's project development portfolio increased by 8,268 MW compared to the previous quarter, mainly driven by new greenfield additions of 6,456 MW in total split by offshore wind of 5,200 MW, onshore wind of 556 MW, solar of 521 MW, and storage of 179 MW. The new offshore projects added to the portfolio are located outside Åland and are developed in collaboration with Ålandsbanken Fondbolag - OX2's share of the projects is estimated to 5,200 MW. Acquisitions of 798 MW were also completed in onshore, solar, and energy storage across Poland, Greece, Italy, France, Romania, and Spain. 0X2 completed its first project acquisition in Spain of 55 MW in solar. Spain is a significant market for renewables with one of Europe's largest electricity markets, strong onshore and solar conditions, and ambitious renewable targets.
Overall, there was continued good progress in the development portfolio. The offshore project Aurora in Sweden moved into mid-stage and the first onshore project in Romania moved into late stage. Further there were a net revision upwards of 1,015 MW on existing projects during the quarter mainly driven by the Swedish offshore projects of 700 MW, 4,410 MW of the reported offshore portfolio in Sweden will be excluded from the portfolio subject to the completion of the sales transaction with Ingka Investments which is awaiting merger filing clearance.
| Market (MW) | Onshore wind |
Offshore wind |
Solar | Storage | Total |
|---|---|---|---|---|---|
| Sweden | 3.441 | 9,000 | 752 | 64 | 13,256 |
| Finland | 4,832 | 4,100 | 0 | 15 | 8,947 |
| Åland | 0 | 5,200 | 0 | $\mathbf 0$ | 5,200 |
| Poland | 812 | 0 | 1,267 | 415 | 2,494 |
| France | 10 | 0 | 306 | 0 | 316 |
| Other markets | 902 | 0 | 1,011 | 6 | 1,918 |
| Total: | 9.996 | 18.300 | 3,336 | 500 | 32,132 |
Project development portfolio, MW
Project acquisition, MW
Project development portfolio/ development phase, MW
| Constr. Operat. | |||||
|---|---|---|---|---|---|
| Projects | Country | Technology | start | start | MW |
| Projects to be handed over to customers in 2022 | 171 | ||||
| Merkkikallio | Finland | Onshore wind | 2021 | 2022 | 83 |
| Puutikankangas | Finland | Onshore wind | 2020 | 2022 | 44 |
| Rustari | Finland | Onshore wind | 2020 | 2022 | 44 |
| Projects to be handed over to customers in 2023 | 374 | ||||
| Grajewo | Poland | Onshore wind | 2020 | 2023 | 40 |
| Huszlew | Poland | Onshore wind | 2021 | 2023 | 48 |
| Karskruv | Sweden | Onshore wind | 2021 | 2023 | 86 |
| Klevberget | Sweden | Onshore wind | 2022 | 2023 | 145 |
| Marhult | Sweden | Onshore wind | 2022 | 2023 | 32 |
| Sulmierzyce | Poland | Onshore wind | 2021 | 2023 | 23 |
| Projects to be handed over to customers in 2024 | 87 | ||||
| Krasnik | Poland | Onshore wind | 2021 | 2024 | 24 |
| Wysoka | Poland | Onshore wind | 2022 | 2024 | 63 |
| Projects to be handed over to customers in 2025 | 455 | ||||
| Lestijärvi | Finland | Onshore wind | 2021 | 2025 | 455 |
| Total MW under construction at period end | 1,086 |
OX2's technical and commercial management business continues to grow both with internally and externally developed assets. In the quarter, the company signed a new 93 MW management agreement for an externally developed wind farm in Finland. At the end of the third quarter, agreements for technical and commercial management amounted to 3,603 MW (2,506).
Performance and financial position
| Q3 | Jan-Sep | LTM | Full year | |||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 |
| Net sales | 2,311 | 600 | 5,401 | 2,553 | 7,831 | 4,983 |
| Cost of goods sold* | $-2,048$ | $-429$ | $-4,243$ | $-2,022$ | $-6,145$ | $-3,924$ |
| Gross profit* | 262 | 171 | 1,158 | 531 | 1,686 | 1,060 |
| Project development costs* | $-104$ | $-58$ | $-235$ | $-142$ | $-313$ | $-220$ |
| Other external costs | $-38$ | $-21$ | $-110$ | $-91$ | $-145$ | $-125$ |
| Personnel costs | $-88$ | -63 | $-305$ | $-190$ | $-399$ | $-283$ |
| Depreciation and amortization of tangible and intangible assets |
$-2$ | -5 | -9 | $-11$ | $-15$ | $-17$ |
| Operating income | 30 | 24 | 498 | 97 | 815 | 414 |
| Operating income adjusted for project development costs Gross margin, % |
134 11.3% |
82 28.5% |
733 21.4% |
239 20.8% |
1,128 21.5% |
634 21.3% |
| Operating margin, % Operating margin adjusted for project development costs, % |
1.3% 5.8% |
4.1% 13.7% |
9.2% 13.6% |
3.8% 9.4% |
10.4% 14.4% |
8.3% 12.7% |
*For definitions of alternative performance measures, see page 24.
Net sales in the third quarter amounted to SEK 2,311 million (600) and SEK 5,401 million (2,553) year to date.
The growth in net sales in the quarter was driven by higher net sales from construction milestones compared to the same period last year. Projects in Finland contributed with 54 percent (69) of net sales, followed by Sweden 25 percent (6), Poland 21 percent (14) and Norway 0 percent (11).
During the third quarter in 2022 and 2021, no projects were completed and handed over to customers. There were no new sales of projects in the quarter, whereas 17 MW of onshore wind was sold in the corresponding quarter last year.
The Net sales growth year to date is coming from higher new sales from wind and solar projects as well as a larger portfolio in construction phase, with higher net sales from construction milestones having been reached. Year to date projects in Finland contributed with 37 percent (54) of net sales, followed by Sweden 36 percent (28), Poland 27 percent (9) and Norway 0 percent (9).
Technical and commercial management agreements, MW
In the third quarter cost of goods sold (COGS) amounted to SEK-2,048 million (-429) and SEK -4,243 million (-2,022) year to date. The increase of cost of goods sold in the quarter was due to higher net sales. COGS in relation to net sales was 89 percent (72) during the quarter and 79 percent (79) year to date. The higher COGS percentage was due to higher share of net sales from ongoing construction deliveries. The margin is normally higher in project sales compared to sales from ongoing construction delivery. Year to date, COGS as a percentage of net sales is at the same level as last year.
Project development costs amounted to SEK-104 million (-58) in the third quarter and SEK-235 million (-142) year to date. The development cost in the third quarter increased by 79 percent compared to the same quarter last year, due to a significantly larger project development portfolio, where costs for offshore development activities have seen the highest growth. The increase year to date was 65 percent. Project development costs, as a percentage of net sales, on a rolling twelve-month basis amounted to 4.0 percent, compared with 4.7 percent for the same period previous year.
Other external costs amounted to SEK-38 million (-21) in the third quarter and SEK-110 million (-91) year to date. The increase in the third quarter is related to the expansion of business compared to last year. There has been increased costs for consultants and IT as well as establishment in new markets, but also higher costs related to increased business activity, for example travel costs, compared to 2021 when Covid-19 still impacted many markets.
Personnel costs amounted to SEK-88 million (-63) in the third quarter and SEK-305 million (-190) year to date. The increase in personnel costs was due to an increase in headcount (96 employees) compared to the same period previous year, which is in line with the company's expansion plan.
Operating income for the third quarter of 2022 amounted to SEK 30 million (24) and SEK 498 million (97) year to date. The profit development in individual quarters is mainly impacted by the pace of completion of projects under construction and sale of new projects. The gross margin was 11.3 percent (28.5) for the quarter and 21.5 percent (18.6) on a rolling 12-months basis. The lower margin in the quarter is due to the mix between projects sold and progress in construction projects. The increase in gross margin on a rolling 12-month basis is derived from higher margins from new projects sold as well as good performance in the construction portfolio.
Results from financial items amounted to SEK 23 million (-5) in the third quarter and SEK 41 million (3) year to date. The positive result from financial items was due to the revaluation of balance sheet items in foreign currency. OX2's currency exposure is primarily in EUR and the company uses currency derivatives for hedging.
The effective tax rate was 17.1 percent (21.0) for the quarter and 15.0 percent (2.8) year to date. The effective tax rate year to date was positively impacted by non-taxable net sales from the sale of project companies.
Profit for the third quarter amounted to SEK 44 million (15) and SEK 459 million (97) year to date.
Earnings per share before and after dilution amounted to SEK 0.16 (0.06) for the third quarter and SEK 1.68 (0.38) year to date.
OX2 applies hedge accounting and changes in fair value relating to currency derivatives are recognised in other comprehensive income.
Current assets amounted to SEK 4,842 million (3,715) at the end of the period, an increase of SEK 1,127 million compared to the end of December 2021. The change was related to increase in the project development portfolio and cash due to an increase in advances from customers and accrued cost.
The value of the project development portfolio and work in progress amounted to SEK 868 million (502). The increase was mainly due to acquisitions of project rights. Account receivables totaled SEK 259 million (297). Other receivables totaled SEK 74 million (33). Prepaid expenses and accrued income totaled SEK 495 million (496). Prepaid expenses and accrued income consisted mainly of items related to construction. Cash and cash equivalents amounted to SEK 3,147 million (2,374).
Total current liabilities were SEK 1,981 million (1,310), an increase of SEK 671 million compared to the end of December 2021.
Customer prepayments amounted to SEK 844 million (601), an increase of SEK 243 million during the year. 48 percent of the prepayments were related to projects under construction in the Polish market, followed by 29 percent in Swedish projects and 23 percent in Finnish projects. Account payables amounted to SEK 242 million (309). Other liabilities amount to SEK 254 million (211) and tax liabilities to 40 million (0). Accrued expenses and deferred income amounted to SEK 585 million (175). Accrued expenses consisted of accrued construction- and project costs and accrued personnel costs.
During the quarter cash flow from operating activities amounted to SEK -129 million (143) and SEK 765 million (231) year to date. Cash flow from operating activities before changes in working capital amounted to SEK 40 million (12) in the quarter and cash flow from changes in working capital totaled SEK -57 million (164). Year to date the cash flow from operating activities before changes in working capital amounted to SEK 516 million (68) and cash flow from changes in working capital totaled SEK 600 million (360). The cashflow from working capital was mainly related to increases in advances from customers and accrued costs.
Investments in the project development portfolio totaled SEK -111 million (-34) in the quarter and SEK-351 million (-197) year to date.
Net debt or -net cash, SEK million
$-3,105$ $(-2, 712)$
During the quarter, cash flow from investment activities amounted to SEK -1 million (4) and SEK -1 million (-1) year to date. Cash flow from financing activities totaled SEK -4 million (-1) during the quarter and SEK -9 million (1,269) year to date. The main difference year to date compared with last year was the share issue in the second quarter of 2021. Total cash flow for the third quarter of 2022 amounted to SEK-134 million (146) and SEK 755 million (1,499) for the year to date.
The parent company's (OX2 AB) employees work with project development, financing, project sales and project implementation. Group management and group functions are also based within the parent company. Total net sales during the quarter amounted to SEK 93 million (78) and SEK 827 million (286) year to date. The net sales year to date consist of the sale of wind and solar farms, as well as internal invoicing of service and management fees. Income from sale of wind and solar farms varies between quarters and is also affected by the transaction structure of the projects sold.
The cost of goods and project development in the quarter amounted to SEK-131 million (-66) and SEK-478 million (-168) year to date. Increase in development cost is related to the larger project portfolio. Other external costs for the quarter amounted to SEK-33 million (-20) and SEK-97 million (-88) year to date. The increase was related to the business expansion. Year to date the increase compared to last year is partly offset by the listing costs previous year.
Personnel costs for the quarter totaled SEK-64 million (-46) and SEK-224 million (-139) year to date. The increase in costs was due to a higher number of employees compared to the same quarter last year as well as year to date.
Operating income for the quarter amounted to SEK-135 million (-55) and SEK 25 million
(-111) year to date. Operating income in quarter was negatively impacted by the higher cost while the increase year to date was related to higher sales from wind- and solar projects. Profit after financial items amounted to SEK-138 million (-56) during the quarter and SEK 211 million (-110) year to date. The increase in financial items year to date was related to net income from participations in group companies. Profit for the period totaled SEK -111 million (-44) and SEK 206 million (-87).
The current assets amounted to SEK 3,817 million (2,556) at the end of September 2022. The change was due to an increase in cash, accrued income from group companies related to sold projects and project development portfolio.
Liabilities to associate companies amounted to SEK 1,923 million (1,164) as of 30 September 2022.
The parent company's equity amounted to SEK 2,129 million (1,919) as of 30 September 2022.
OX2 has set the following financial targets:
· The company sees significant opportunities to reinvest cash flow from operations in value-creating growth. No dividend is expected to be paid in the short term.
| Total number of employees | 9/30/2022 | 9/30/2021 |
|---|---|---|
| Sweden | 191 | 161 |
| Finland | 68 | 49 |
| Poland | 44 | 28 |
| France | 16 | 13 |
| Other markets | 33 | 5 |
| Total OX2 Group | 352 | 256 |
At the end of September 2022, 42 (45) percent were women and 58 (55) men.
| OX2 AB (publ) | ||
|---|---|---|
| Johan Ihrfelt | Paul Stormoen | Anna-Karin Celsing |
| Chairperson | CEO | Board member |
| Ann Grevelius | Jan Frykhammar | Malin Persson |
| Board member | Board member | Board member |
| Niklas Midby | Petter Samlin | Thomas von Otter |
| Board member | Board member | Board member |
To the Board of Directors of OX2 AB (publ), corporate registration number 556675-7497
We have reviewed the interim financial information for OX2 AB for the period 1 January - 30 September 2022. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim financial information based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other Generally Accepted Auditing Practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is not, in all material respects, prepared in accordance with IAS 34 and the Swedish Annual Accounts Act.
Stockholm 26 October 2022 Deloitte AB
Signature on Swedish original
Jonas Ståhlberg
Authorized Public Accountant
| Q3 | Jan-Sep | Full year | ||||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 | |
| Net sales | 2,311 | 600 | 5,401 | 2,553 | 4,983 | |
| Total revenue | 2,311 | 600 | 5,401 | 2,553 | 4,983 | |
| Cost for goods and project development | -2,152 | -487 | -4,478 | -2,164 | -4,143 | |
| Other external costs | -38 | -21 | -110 | -91 | -125 | |
| Personnel costs | -88 | -63 | -305 | -190 | -283 | |
| Depreciation and amortization of tangible and intangible assets | -2 | -5 | -9 | -11 | -17 | |
| Total operating expenses | -2,280 | -575 | -4,903 | -2,456 | -4,569 | |
| Operating income | 30 | 24 | 498 | 97 | 414 | |
| Financial income | 83 | 9 | 176 | 33 | 118 | |
| Financial costs | -61 | -14 | -135 | -31 | -126 | |
| Profit after financial items | 53 | 19 | 539 | 100 | 407 | |
| Income tax | -9 | -4 | -81 | -3 | -73 | |
| PROFIT FOR THE PERIOD | 44 | 15 | 459 | 97 | 334 | |
| Profit for the period attributable to: | ||||||
| Owners of the parent company | 44 | 15 | 459 | 97 | 334 | |
| Non-controlling interests | -0 | - | -0 | - | 0 | |
| Average number of share before dilution | 272,517,586 | 272,517,586 | 272,517,586 | 258,165,718 | 261,783,175 | |
| Average number of share after dilution | 272,693,336 | 272,517,586 | 272,572,046 | 258,165,718 | 261,783,175 | |
| Earnings per share before and after dilution, SEK | 0.16 | 0.06 | 1.68 | 0.38 | 1.28 | |
| Q3 | Jan-Sep | Full year |
| Q3 | Jan-Sep | ||||
|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 |
| Profit for the period | 44 | 15 | 459 | 97 | 334 |
| Other comprehensive income: | |||||
| Items that may reclassified subsequently to profit or loss | |||||
| Foreign exchange differences on translation of foreign subsidiaries | 7 | 1 | 19 | 3 | 7 |
| Cash flow hedges | |||||
| Changes in fair value | -32 | -2 | -119 | -20 | -39 |
| Income tax attributable to cash flow hedges | 7 | 2 | 23 | 6 | 10 |
| Total other comprehensive income after tax | 25 | 17 | 381 | 86 | 312 |
| Total comprehensive income for the period attributable to: | |||||
| Owners of the parent company | 25 | 17 | 381 | 86 | 312 |
| SEK m | 2022/09/30 | 2021/12/31 | 2021/09/30 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Other intangible assets | 3 | 4 | 4 |
| Fixtures, tools and installations | $\overline{4}$ | 3 | 3 |
| Right-of-use assets | 41 | 20 | 19 |
| Other financial assets | 1 | 1 | 6 |
| Total Non-current assets | 48 | 29 | 33 |
| Current assets | |||
| Project development portfolio and construction in progress | 868 | 502 | 433 |
| Accounts receivable | 259 | 297 | 11 |
| Tax receivables | 7 | 7 | |
| Other receivables | 74 | 33 | 56 |
| Prepaid expenses and accrued income | 495 | 496 | 361 |
| Derivative financial instruments | $\mathbf{0}$ | 6 | $\overline{7}$ |
| Cash and cash equivalents | 3,147 | 2,374 | 2,737 |
| Total Current assets | 4,842 | 3,715 | 3,613 |
| TOTAL ASSETS | 4,891 | 3,743 | 3,646 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to the shareholders of the parent company | |||
| Share capital | 1 | 1 | 1 |
| Retained earnings including profit for the period | 2,739 | 2,355 | 2,129 |
| Total equity attributable to the shareholders of the parent company | 2,739 | 2,355 | 2,130 |
| Non-current liabilities | |||
| Long-term interest-bearing liabilities | 25 | 15 | 12 |
| Derivative financial instruments | 123 | 17 | |
| Deferred tax liabilities | 22 | 46 | 39 |
| Total Long-term liabilities | 170 | 78 | 51 |
| Current liabilities | |||
| Advance payments from customers | 844 | 601 | 1,068 |
| Accounts payable | 242 | 309 | 123 |
| Tax liabilities | 40 | ||
| Other Current liabilities | 254 | 211 | 75 |
| Current interest-bearing liabilities | 17 | 14 | 13 |
| Accrued expenses and deferred income | 585 | 175 | 186 |
| Total Current liabilities | 1,981 | 1,310 | 1,465 |
| TOTAL EQUITY AND LIABILITIES | 4,891 | 3,743 | 3,646 |
| SEK m | 2022/09/30 | 2021/12/31 | 2021/09/30 |
|---|---|---|---|
| Opening balance | 2,355 | 766 | 766 |
| Total comprehensive income for the period | 381 | 312 | 86 |
| New issue | 612 | 612 | |
| Bonus issue | 0 | $\mathbf 0$ | |
| Issue for non-cash consideration | 739 | 739 | |
| Change in minority interest | 0 | $\Omega$ | |
| Issue costs referring to new share issue adjusted for tax | $-73$ | $-73$ | |
| Dividend | |||
| Share-based payments | |||
| Shareholder contribution | 2 | ||
| Closing balance | 2,739 | 2,355 | 2,130 |
| Attributable to: | |||
| Owners of the parent company | 2,740 | 2,355 | 2,130 |
| Non-controlling interest | 0 | 0 | 0 |
| Total equity | 2,739 | 2,355 | 2,130 |
| Q 3 | Jan-Sep | Full year | |||
|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 |
| Profit after financial items | 53 | 19 | 539 | 100 | 407 |
| Adjustments for items not included in cash flow, etc. | 3 | 5 | 11 | 22 | 31 |
| Income taxes paid | $-16$ | $-12$ | $-34$ | $-54$ | -81 |
| Cash flow from operating activities before changes in working capital |
40 | 12 | 516 | 68 | 356 |
| Cash flow from changes in working capital | $-57$ | 164 | 600 | 360 | $-64$ |
| Investments in project development portfolio | $-111$ | $-34$ | $-351$ | $-197$ | $-424$ |
| Cash flow from operating activities | $-129$ | 143 | 765 | 231 | $-132$ |
| Acquisition/sale of fixed assets | $-1$ | 4 | $-1$ | $-1$ | $-1$ |
| Cash flow from investment activities | -1 | 4 | $-1$ | $-1$ | $-1$ |
| New issue | 612 | 612 | |||
| Issue for non-cash consideration | 739 | 739 | |||
| Issue costs referring to new share issue | 6 | $-73$ | $-73$ | ||
| Shareholder contribution | $\overline{2}$ | ||||
| Repayments of lease liabilities | $-4$ | $-7$ | $-11$ | -8 | $-12$ |
| Short-term loans parent company | |||||
| Cash flow from financing activities | $-4$ | -1 | -9 | 1,269 | 1,266 |
| Cash flow for the period | $-134$ | 146 | 755 | 1,499 | 1,133 |
| Translation difference in cash and cash equivalents | $\overline{7}$ | 18 | 3 | 7 | |
| Cash and cash equivalents at beginning of the period | 3,273 | 2,590 | 2,374 | 1,235 | 1,235 |
| Cash and cash equivalents at period end | 3,147 | 2,737 | 3,147 | 2,737 | 2,374 |
| Q 3 | Jan-Sep | Full year | ||||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 | |
| Net sales | 93 | 78 | 827 | 286 | 681 | |
| Other operating revenue | $\mathbf 0$ | 0 | $\Omega$ | 0 | 4 | |
| Total revenue | 93 | 78 | 827 | 286 | 685 | |
| Cost of goods and project development | $-131$ | $-66$ | $-478$ | $-168$ | $-296$ | |
| Other external costs | $-33$ | $-20$ | $-97$ | $-88$ | $-118$ | |
| Personnel costs | $-64$ | -46 | $-224$ | $-139$ | $-201$ | |
| Depreciation and amortization of tangible and intangible assets | $-1$ | $-1$ | $-2$ | $-2$ | $-2$ | |
| Total operating expenses | $-228$ | $-132$ | $-801$ | $-397$ | $-617$ | |
| Operating income | $-135$ | $-55$ | 25 | $-111$ | 69 | |
| Financial income | 7 | 209 | 6 | 111 | ||
| Financial costs | $-10$ | $-2$ | $-23$ | -6 | $-10$ | |
| Profit after financial items | $-138$ | -56 | 211 | $-110$ | 170 | |
| Year-end appropriations | 46 | |||||
| Tax | 28 | 12 | $-5$ | 23 | $-24$ | |
| Profit for the period | $-111$ | $-44$ | 206 | $-87$ | 192 |
| Q3 | Jan-Sep | Full year | ||||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 | |
| Profit for the period | $-111$ | -44 | 206 | -87 | 192 | |
| Total other comprehensive income after tax | $-111$ | -44 | 206 | -87 | 192 |
| SEK m | 2022/09/30 | 2021/12/31 | 2021/09/30 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Other intangible assets | 3 | 4 | 4 |
| Fixtures, tools and installations | 3 | 3 | 3 |
| Participations in Group companies | 623 | 801 | 1,452 |
| Other non-current assets | $\mathbf{1}$ | $\overline{\phantom{a}}$ | |
| Total Non-current assets | 630 | 808 | 1,460 |
| Current assets | |||
| Project development portfolio and construction in progress | 231 | 77 | 40 |
| Accounts receivable | $\mathbf{1}$ | $\mathbf 0$ | 3 |
| Tax receivable | 28 | 24 | 64 |
| Other receivables | 32 | 10 | 16 |
| Receivables from group companies | 748 | 160 | 116 |
| Prepaid expenses and accrued income | 17 | 13 | 5 |
| Cash and cash equivalents | 2,760 | 2,272 | 2,606 |
| Total Current assets | 3,817 | 2,556 | 2,851 |
| TOTAL ASSETS | 4,447 | 3,364 | 4,310 |
| EQUITY AND LIABILITIES | |||
| Equity | 2,129 | 1,919 | 1,639 |
| Untaxed reserves | 94 | 94 | 94 |
| Current liabilities | |||
| Accounts payable | 40 | 53 | 31 |
| Current tax liabilities | |||
| Other Current liabilities | 119 | 59 | 14 |
| Liabilities to group companies | 1,923 | 1,164 | 2,465 |
| Accrued expenses and deferred income | 143 | 75 | 67 |
| Total Current liabilities | 2,225 | 1,352 | 2,577 |
| TOTAL EQUITY AND LIABILITIES | 4,447 | 3,364 | 4,310 |
| Q 3 | Jan-Sep | LTM | Full year | |||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 | |
| Profitability | ||||||
| Net sales, SEK m | 2,311 | 600 | 5,401 | 2,553 | 7,831 | 4,983 |
| Net sales growth, % | 285.2% | $-70.7%$ | 111.5% | $-25.9%$ | 81.8% | $-4.2%$ |
| Operating income, SEK m | 30 | 24 | 498 | 97 | 815 | 414 |
| Operating income adjusted for development costs, SEK m | 134 | 82 | 733 | 239 | 1,128 | 634 |
| Operating margin, % | 1.3% | 4.1% | 9.2% | 3.8% | 10.4% | 8.3% |
| Operating margin adjusted for development costs, % | 5.8% | 13.7% | 13.6% | 9.4% | 14.4% | 12.7% |
| Profit for the period, SEK m | 44 | 15 | 459 | 97 | 695 | 334 |
| Earnings per share before and after dilution, SEK | 0.16 | 0.06 | 1.68 | 0.38 | 2.60 | 1.28 |
| Financial position | ||||||
| Net debt or -net cash, SEK m | $-3,105$ | $-2,712$ | $-3,105$ | $-2,712$ | $-3,105$ | $-2,346$ |
| Equity ratio, % | 56.0% | 58.4% | 56.0% | 58.4% | 56.0% | 62.9% |
| Effective tax rate, % | 17.1% | 21.0% | 15.0% | 2.8% | 17.8% | 17.9% |
| Operating cash flow, SEK m | $-137$ | 164 | 755 | 270 | 427 | $-58$ |
| Cash conversion, % | $-419%$ | 568% | 149% | 249% | 51% | $-13%$ |
| Construction related working capital, SEK m | $-1,075$ | $-1,023$ | $-1,075$ | $-1,023$ | $-1,075$ | $-470$ |
| Net working capital, SEK m | $-229$ | $-590$ | $-229$ | $-590$ | $-229$ | 31 |
| Equity per share, SEK | 10 | 8 | 10 | 8 | 10 | 9 |
| Return on equity, % | 1.6% | 0.7% | 18.0% | 6.7% | 28.5% | 21.4% |
| Return on capital employed, % | 1.1% | 1.1% | 19.3% | 6.6% | 33.0% | 26.1% |
| Investments in the project development portfolio, SEK m | $-111$ | $-34$ | $-351$ | $-197$ | $-577$ | $-424$ |
| Operational key figures | ||||||
| Project acquisitions, MW | 798 | 614 | 2,156 | 2,871 | 2,731 | 3,446 |
| Project development portfolio, MW | 32,132 | 17,589 | 32,132 | 17,589 | 32,132 | 17,371 |
| Sold projects, MW | $\mathbf{0}$ | 17 | 268 | 237 | 750 | 719 |
| Projects under construction, MW | 1,086 | 1,006 | 1,086 | 1,006 | 1,086 | 1,329 |
| Projects handed over, MW | $\mathbf{0}$ | 0 | 482 | 48 | 641 | 207 |
| Contracts under management, MW | 3,603 | 2,506 | 3,603 | 2,506 | 3,603 | 2,986 |
| Number of employees | 352 | 256 | 352 | 256 | 352 | 277 |
For definitions of alternative performance measures and key performance indicators, see pages 24 and 29.
The consolidated accounts for OX2 have been prepared in accordance with the International Financial Reporting standards (IFRS) adopted by the EU. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
The parent company OX2 AB applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities.
Items have been valued in the consolidated financial statements at cost, except in the case of certain financial instruments that are valued at fair value and at amortised cost. There have been no changes in accounting policies since the latest annual report.
The Group has one segment.
The Group's net sales mainly comprise sales of wind and solar projects and commissioned wind farms. The Group normally recognises net sales over time and, in certain cases, at a specific time.
For a description of segment reporting, see the 2021 Annual Report, Note 2, 'Accounting policies'.
| Q 3 | Jan-Sep | Full year | |||
|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 |
| Net sales per category | |||||
| Sales of wind and solar projects and wind farms | 2,311 | 600 | 5,401 | 2,553 | 4,983 |
| Total | 2,311 | 600 | 5,401 | 2,553 | 4,983 |
| Income divided by country* | |||||
| Sweden | 584 | 36 | 1,959 | 717 | 1,263 |
| Finland | 1,246 | 415 | 2,007 | 1,389 | 2,883 |
| Norway | 67 | 215 | 227 | ||
| Poland | 480 | 82 | 1,435 | 232 | 610 |
| Total | 2,311 | 600 | 5,401 | 2,553 | 4,983 |
| *The income divided by country is based on where projects are localised | |||||
| Q 3 | Jan-Sep | Full year | |||
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 |
| Time of revenue recognition | |||||
| At a certain time | 7 | 85 | |||
| Over time | 2,304 | 600 | 5,315 | 2,553 | 4,983 |
| Total | 2,311 | 600 | 5,401 | 2,553 | 4,983 |
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 |
|---|---|---|---|---|---|
| Contract assets | |||||
| Ongoing work in progress on behalf of others | 22 | 0 | 22 | 0 | 0 |
| Accrued income | 206 | 69 | 206 | 69 | 86 |
| Total | 228 | 69 | 228 | 69 | 86 |
| Of which Long-term assets | - | - | - | - | - |
| Of which Current assets | 228 | 69 | 228 | 69 | 86 |
| Total | 228 | 69 | 228 | 69 | 86 |
| Q3 | Jan-Sep | |||||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 | |
| Contract assets | ||||||
| Ongoing work in progress on behalf of others | 22 | 0 | 22 | 0 | 0 | |
| Accrued income | 206 | 69 | 206 | 69 | 86 | |
| Total | 228 | 69 | 228 | 69 | 86 | |
| Of which Long-term assets | - | - | - | - | - | |
| Of which Current assets | 228 | 69 | 228 | 69 | 86 | |
| Total | 228 | 69 | 228 | 69 | 86 | |
| Q3 | Jan-Sep | Full year | ||||
| SEK m | 2022 | 2021 | 2022 | 2021 | 2021 | |
| Contract liabilities | ||||||
| Advance payments from customers | 844 | 308 | 844 | 1,068 | 601 | |
| Prepaid income | 49 | 7 | 49 | 7 | 3 | |
| Total | 893 | 315 | 893 | 1,075 | 604 | |
| Of which Long-term liabilities | - | - | - | - | - | |
| Of which Current liabilities | 893 | 315 | 893 | 1,075 | 604 | |
| Total | 893 | 315 | 893 | 1,075 | 604 | |
| SEK m | 2022/09/30 | 2021/12/31 | 2021/09/30 |
| Financial assets at fair value | |||
|---|---|---|---|
| Derivative instruments | 0 | 6 | 7 |
| Financial assets measured at amortized cost | |||
| Accounts receivables | 259 | 297 | 11 |
| Receivables from Group companies | - | - | 0 |
| Other current receivables | 74 | 33 | 56 |
| Cash and cash equivalents | 3,147 | 2,374 | 2,737 |
| Total financial assets | 3,480 | 2,710 | 2,811 |
| Financial liabilities at fair value | |||
| Derivative instruments | 123 | 17 | - |
| Financial liabilities measured at amortized cost | |||
| Other Long-term liabilities | 25 | 15 | 12 |
| Accounts payable | 242 | 309 | 123 |
| Liabilities to Group companies | - | - | 0 |
| Other Current liabilities | 254 | 211 | 75 |
| Current interest-bearing liabilities | 17 | 14 | 13 |
| Total financial liabilities | 661 | 565 | 223 |
| Return on equity, % | Net profit/loss in relation to average shareholders' equity. |
|---|---|
| Return on capital employed, % | Operating income/loss in relation to average capital employed. |
| Gross profit | Net sales for the period less the total cost of goods sold and transaction costs relating to sales of projects. |
| Gross margin, % | Gross profit as a percentage of net sales. |
| Construction related working capital |
Current assets less the project development portfolio, derivative financial instruments and cash and cash equivalents less current liabilities adjusted for receivables and liabilities against Group companies and tax liability adjusted for interest-bearing current liabilities. |
| Equity per share | Shareholders' equity divided by the average number of shares. |
| Cash conversion, % | Operating cash flow as a percentage of the company's EBITDA for the period. |
| Cost of goods sold | Total cost of goods sold and transaction costs in connection with the sale of projects. |
| Net sales growth, % | Change in net sales compared with the same period the previous year. |
| Net working capital | Current assets less derivative financial instruments and cash and cash equivalents less non-interest-bearing current liabilities adjusted for receivables from and liabilities to group companies and tax liability. |
| Net debt or -net cash | Interest-bearing non-current and current liabilities less cash and cash equivalents, current investments and interest-bearing current and non-current receivables. |
| Operating cash flow | EBITDA less changes in net working capital less investments in project development portfolio, as well as cash flows from investing activities. |
| Project development costs | External development costs related to the enhancement of the project development portfolio, and expenses incurred in connection with the acquisition of project rights. |
| EBITDA | Operating income before depreciation and impairment of tangible and intangible assets. |
| Operating margin, % | Operating income as a percentage of net sales. |
| Operating margin adjusted for development costs, % |
|
|---|---|
| Operating income adjusted for development costs |
|
| Equity ratio % | |
| Capital employed | |
| LTM |
| Q3 | Jan-Sep | LTM | Full year | |||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 |
| Shareholders' equity, beginning of period | 2,714 | 2.107 | 2,355 | 766 | 2.130 | 766 |
| Shareholders' equity, end of period | 2,739 | 2,130 | 2,739 | 2,130 | 2.739 | 2,355 |
| Average equity | 2,727 | 2.119 | 2,547 | 1.448 | 2.435 | 1,561 |
| Profit for the period | 44 | 15 | 459 | 97 | 695 | 334 |
| Average equity | 2,727 | 2,119 | 2,547 | 1,448 | 2.435 | 1,561 |
| Return on equity | 1.6% | 0.7% | 18.0% | 6.7% | 28.5% | 21.4% |
| Q 3 Jan-Sep |
LTM | Full year | ||||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 |
| Equity | 2,739 | 2,130 | 2,739 | 2,130 | 2,739 | 2,355 |
| Interest-bearing liabilities (long-term and short-term) | 42 | 25 | 42 | 25 | 42 | 28 |
| Capital employed | 2,782 | 2,155 | 2,782 | 2,155 | 2,782 | 2,383 |
| Average capital employed | ||||||
| Capital employed, beginning of period | 2,748 | 2,129 | 2,383 | 789 | 2,155 | 789 |
| Capital employed, end of period | 2,782 | 2,155 | 2,782 | 2,155 | 2,782 | 2,383 |
| Average capital employed | 2,765 | 2,142 | 2,583 | 1,472 | 2,468 | 1,586 |
| Operating income | 30 | 24 | 498 | 97 | 815 | 414 |
| Average capital employed | 2,765 | 2,142 | 2,583 | 1,472 | 2,468 | 1,586 |
| Return on capital employed | 1.1% | 1.1% | 19.3% | 6.6% | 33.0% | 26.1% |
| Q 3 | Jan-Sep | Full year | |||||
|---|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 | |
| Cost for goods and project development | $-2.152$ | $-487$ | $-4.478$ | $-2.164$ | $-6.457$ | -4.143 | |
| Of which cost of goods sold | $-2.048$ | $-429$ | $-4.243$ | $-2.022$ | $-6.145$ | $-3.924$ | |
| Of which project development costs | $-104$ | $-58$ | $-235$ | $-142$ | $-313$ | $-220$ |
| Q3 | Jan-Sep | Full year | |||||
|---|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 | |
| Net sales | 2,311 | 600 | 5.401 | 2,553 | 7,831 | 4,983 | |
| Cost of goods sold | $-2.048$ | $-429$ | $-4.243$ | $-2.022$ | $-6.145$ | $-3,924$ | |
| Gross profit | 262 | 171 | 1,158 | 531 | 1.686 | 1,060 | |
| Gross margin, % | 11.3% | 28.5% | 21.4% | 20.8% | 21.5% | 21.3% |
Reconciliation of operating income, operating income adjusted for project development costs, and margins for all of the above
| Q3 | Jan-Sep | Full year | |||||
|---|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 | |
| Net sales | 2,311 | 600 | 5,401 | 2,553 | 7,831 | 4,983 | |
| Operating income | 30 | 24 | 498 | 97 | 815 | 414 | |
| Operating margin, % | 1.3% | 4.1% | 9.2% | 3.8% | 10.4% | 8.3% | |
| Depreciation and amortization of tangible and intangible assets | $\overline{2}$ | 5 | 9 | 11 | 15 | 17 | |
| EBITDA | 33 | 29 | 507 | 108 | 830 | 431 | |
| Operating income | 30 | 24 | 498 | 97 | 815 | 414 | |
| Project development costs | 104 | 58 | 235 | 142 | 313 | 220 | |
| Operating income adjusted for development costs | 134 | 82 | 733 | 239 | 1,128 | 634 | |
| Operating margin adjusted for development costs, % | 5.8% | 13.7% | 13.6% | 9.4% | 14.4% | 12.7% |
| Q3 | Jan-Sep | LTM | Full year | ||||
|---|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 | |
| Equity | 2.739 | 2.130 | 2.739 | 2.130 | 2.739 | 2,355 | |
| Average number of shares before dilution | 272.517.586 | 272.517.586 | 272,517,586 | 258.165.718 | 272.517.586 | 261,783,175 | |
| Average number of shares after dilution | 272,693,336 | 272.517.586 | 272.572.046 | 258.165.718 | 272.562.795 | 261,783,175 | |
| Equity per share before and after dilution (SEK) | 10 | 8 | 10 | 10 | 9 |
| Q3 | Jan-Sep | LTM | Full year | ||||
|---|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 | |
| Net sales for the previous period | 600 | 2.050 | 2,553 | 3.447 | 4.307 | 5,201 | |
| Net sales for the current period | 2.311 | 600 | 5.401 | 2.553 | 7.831 | 4,983 | |
| Net sales growth, % | 285.2% | $-70.7%$ | 111.5% | $-25.9%$ | 81.8% | $-4.2\%$ |
| Q3 | Jan-Sep | LTM | Full vear | |||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 |
| Interest-bearing liabilities (long-term and short-term) | 42 | 25 | 42 | 25 | 42 | 28 |
| Interest-bearing receivables (long-term and short- term) |
$-0$ | $-0$ | ||||
| Cash and cash equivalents | $-3.147$ | $-2.737$ | $-3.147$ | $-2.737$ | $-3.147$ | $-2,374$ |
| Net debt or -net cash | $-3,105$ | $-2.712$ | $-3,105$ | $-2.712$ | $-3.105$ | $-2,346$ |
| Q3 | Jan-Sep | LTM | Full year | |||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 |
| Equity | 2,739 | 2,130 | 2,739 | 2,130 | 2,739 | 2,355 |
| Balance sheet total | 4,891 | 3.646 | 4,891 | 3,646 | 4.891 | 3,743 |
| Equity ratio % | 56.0% | 58.4% | 56.0% | 58.4% | 56.0% | 62.9% |
| Q3 | Jan-Sep | Full vear | ||||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 |
| Income tax | -9 | -4 | $-81$ | -3 | $-151$ | -73 |
| Profit after financial items | 53 | 19 | 539 | 100 | 846 | 407 |
| Effective tax rate, % | 17.1% | 21.0% | 15.0% | 2.8% | 17.8% | 17.9% |
| Q3 | Jan-Sep | LTM | Full year | |||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 |
| EBITDA | 33 | 29 | 507 | 108 | 830 | 431 |
| Changes in net working capital | $-57$ | 164 | 600 | 360 | 175 | -64 |
| Investments in project development portfolio | $-111$ | $-34$ | $-351$ | $-197$ | $-577$ | $-424$ |
| Cash flow from investment activities | $-1$ | 4 | $-1$ | -1 | -1 | $-1$ |
| Operating cash flow | $-137$ | 164 | 755 | 270 | 427 | -58 |
| Cash conversion, % | $-419.3%$ | 567.5% | 148.9% | 249.2% | 51.4% | $-13.4%$ |
| Q 3 | Jan-Sep | LTM | Full year | |||
|---|---|---|---|---|---|---|
| SEK m | 2022 | 2021 | 2022 | 2021 | Oct-Sep | 2021 |
| Construction in progress | 22 | $\Omega$ | 22 | $\Omega$ | 22 | $\Omega$ |
| Accounts receivable | 259 | 11 | 259 | 11 | 259 | 297 |
| Other receivables | 74 | 56 | 74 | 56 | 74 | 33 |
| Prepaid expenses and accrued income | 495 | 361 | 495 | 361 | 495 | 496 |
| Construction working capital assets | 849 | 428 | 849 | 428 | 849 | 826 |
| Advance payments from customers | $-844$ | $-1,068$ | $-844$ | $-1,068$ | $-844$ | $-601$ |
| Accounts payable | $-242$ | $-123$ | $-242$ | $-123$ | $-242$ | $-309$ |
| Other Current liabilities | $-254$ | $-75$ | $-254$ | $-75$ | $-254$ | $-211$ |
| Accrued expenses and deferred income | $-585$ | $-186$ | $-585$ | $-186$ | $-585$ | $-175$ |
| Construction working capital liabilities | $-1,925$ | $-1,452$ | $-1,925$ | $-1,452$ | $-1,925$ | $-1,296$ |
| Construction working capital | $-1,075$ | $-1,023$ | $-1,075$ | $-1,023$ | $-1,075$ | -470 |
| Project development portfolio | 846 | 433 | 846 | 433 | 846 | 502 |
| Net working capital | $-229$ | -590 | $-229$ | $-590$ | $-229$ | 31 |
| As % of LTM net sales | ||||||
| LTM net sales | 7,831 | 4,307 | 7,831 | 4,307 | 7,831 | 4,983 |
| Construction related working capital assets | 10.8% | 9.9% | 10.8% | 9.9% | 10.8% | 16.6% |
| Construction related working capital liabilities | $-24.6%$ | $-33.7%$ | $-24.6%$ | $-33.7%$ | $-24.6%$ | $-26.0%$ |
| Construction related working capital | $-13.7%$ | $-23.8%$ | $-13.7%$ | $-23.8%$ | $-13.7%$ | $-9.4%$ |
| Net working capital % | $-2.9%$ | $-13.7%$ | $-2.9%$ | $-13.7%$ | $-2.9%$ | 0.6% |
| Number of employees | The number of employees in the Group at end of period. | ||
|---|---|---|---|
| Balance sheet total | Total assets. | ||
| Management agreements, MW | Technical and commercial management agreements. | ||
| Investment in project development portfolio |
investments. | Payment for acquired project rights and additional project related | |
| Project acquisitions, MW | Acquired rights to power plant projects. | ||
| Project development portfolio, MW |
OX2's power plant project development. | ||
| Projects under construction, MW |
Power plant projects under construction. | ||
| Projects handed over to customers, MW |
Completed power plants handed over to customers. | ||
| Earnings per share | Profit divided by the average number of shares. | ||
| Projects sold, MW | Power plant projects sold. | ||
| Development phase | OX2 divides its project development portfolio into three phases based on how far a project has come in the development process. Projects that are shelved or, where no active development work is in progress, are not included in the OX2 project development portfolio. The time required for project development and realisation depends on several factors such as technology and geography. |
||
| Early | Projects with expected realisation within 3-7 years | ||
| Medium | Projects with expected realisation within 2-5 years | ||
| Late | Projects with expected realisation within < 3 years |
Interim Report Oct-Dec 2022: 22 February 2023 Interim Report Jan-Mar 2023: 29 April 2023 Annual General Meeting: 16 May 2023
Paul Stormoen, CEO Email: [email protected]
Johan Rydmark, CFO Email: [email protected]
Henrik Vikström, IR Email: [email protected]
THE R. P. P. LEWIS
Lilla Nygatan 1 Box 2299 SE-10317 Stockholm Sweden
Tel. +46 8 559 310 00 [email protected] www.ox2.com Reg.no 556675-7497
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