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Crown Energy AB
Interim / Quarterly Report • Aug 22, 2025
10178_ir_2025-08-22_cfa4db3f-2fc5-4021-9135-4a1336ec72fd.pdf
Interim / Quarterly Report
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INTERIM REPORT 1 JANUARY - 30 JUNE 2025
SECOND QUARTER – 1 APRIL - 30 JUNE 2025
- Turnover amounted to SEK 5,997 thousand (9,243).
- Operating profit was SEK -30,589 thousand (-8,148).
- Net financial items amounted to SEK -25,308 thousand (6,945).
- Unrealised changes in the value of properties amounted to SEK -580 thousand (17,007).
- Profit/loss before tax was SEK -55,897 (-1,202) thousand, and profit/loss after tax amounted to SEK -52,349 (-3,289) thousand.
- Profit/loss attributable to owners of the parent company amounted to SEK -49,919 thousand (- 2,482) corresponding to SEK -0.10 (-0.01) per share.
HALF YEAR – 1 JANUARY - 30 JUNE 2025
- Turnover amounted to SEK 15,703 thousand (17,415).
- Operating profit was SEK -59,526 thousand (-44,124).
- Net financial items amounted to SEK -1,390 thousand (-24,389).
- Unrealised changes in the value of properties amounted to SEK -14,506 thousand (16,844).
- Profit/loss before tax was SEK -75,422 thousand (- 51,669) and profit/loss after tax amounted to SEK - 64,172 thousand (-43,533).
- Profit/loss attributable to owners of the parent company amounted to SEK -59,356 thousand (- 40,562), corresponding to SEK -0.12 (-0.08) per share.
EVENTS DURING THE REPORTING PERIOD 1 JANUARY - 30 JUNE 2025
- At an extraordinary general meeting in September 2024, minority shareholders voted to appoint a special examiner. The Swedish Companies Registration Office appointed an examiner based in Gothenburg, which Crown Energy appealed on the basis that a Stockholm-based examiner would be more practical. The Administrative Court in Härnösand rejected the appeal, and the examination is now proceeding. Crown Energy is cooperating fully with the appointed examiner.
- In the second quarter of 2025, Crown Energy received an additional USD 8 million under the October 2021 agreement for the sale of the Company's oil assets, bringing the total received to USD 131 million.
- On 1 April 2025, Crown Energy announced changes in the management and board of its subsidiary AccYouRate Group S.p.A., appointing Boris Tuzza as CEO and Chairman and forming a new board to support the company's transition from pilot projects toward large-scale commercialisation.
EVENTS AFTER THE PERIODS END
- On 4 July 2025, Crown Energy announced further changes in the management of AccYouRate Group S.p.A., including the departure of CEO and Chairman Boris Tuzza, whose appointment had been announced in April. The Board concluded that a different leadership approach was required to meet the company's strategic goals. An interim management team was appointed, and the recruitment of a permanent CEO is underway.
- On 9 July 2025, Crown Energy announced that its subsidiary AccYouRate Group S.p.A. had been granted a US patent for its sensorized garment technology, which integrates conductive ink electrodes into textiles for continuous monitoring of biomedical signals. The patent strengthens AccYouRate's intellectual property portfolio and supports its positioning in the digital health and smart textiles markets.
CEO STATEMENT
DEAR SHAREHOLDERS AND INVESTORS
The second quarter of 2025 has been a period marked by both operational changes and important steps taken in shaping the company's long-term strategic position.
In Angola, our activities now extend beyond operating assets and services to actively shaping the market environment in which we operate. Through KAYA Climate Solutions, we are building a platform in the rapidly fast growing carbon credit segment, rooted in large-scale, nature-based solutions with tangible climate and community benefits. The legal and regulatory groundwork underway will allow us to bring these credits to market with integrity and transparency, in line with the highest international standards.
Alongside KAYA, we have launched WAKAYA, a dedicated not-for-profit association focused on education, environmental stewardship, and economic empowerment in local communities. While WAKAYA operates independently, it plays a strategic role in our broader approach to Angola by enabling early, visible community engagement and reinforcing our reputation as a responsible and long-term partner. Together, KAYA and WAKAYA create a strong social and environmental footprint that supports our ability to participate in larger scale infrastructure and development opportunities as they emerge in the country.
Our asset development and services operations continue to benefit from the country's growing attractiveness to international stakeholders and major infrastructure initiatives such as the Lobito Corridor. By combining our established presence with sustainable and community-focused initiatives, we are positioning Crown Energy as a partner in Angola's broader economic and sustainable development.
In AccYouRate Group S.p.A., interim management appointed in June has moved quickly to sharpen the commercialization path. Recent steps include targeted hardware and software upgrades for occupational health and medical markets, and the successful completion of processes leading to the granting of a US patent, a milestone that reinforces the company's IP position and market credibility. Our dedicated working group in Italy, consisting of senior Crown Energy members and working alongside the interim management team, maintains frequent on-site engagement to support implementation and ensure alignment with our long-term objectives. Discussions with potential partners for commercialization, distribution, and access to key networks are active, with the aim of accelerating market entry and strengthening our reference base.
The special examination initiated in 2024 is progressing constructively. We are cooperating fully with the appointed examiner and expect the matter to move toward conclusion in the coming months.
We are building momentum across all areas of the Group. In Angola, our integrated approach to commercial operations, climate projects, and community engagement is strengthening our position for the future. In Europe, we are advancing a unique health-tech asset toward broad market adoption. Together, these efforts reflect Crown Energy's commitment to creating sustainable value for our shareholders, our partners, and the communities where we operate.
Yoav Ben-Eli CEO, Crown Energy
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
| Q2 | FULL-YEAR | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 |
| 6,837 | 11,598 | 17,709 | 20,082 | 51,373 |
| -36,845 | -36,752 | -77,235 | -64,207 | -139,162 |
| -30,009 | -25,155 | -59,526 | -44,124 | -87,789 |
| -25,308 | 6,945 | -1,390 | -24,389 | -10,008 |
| -52,349 | -3,289 | -64,172 | -43,533 | -29,425 |
| -0.10 | -0.01 | -0.12 | -0.08 | -0.05 |
| 0.68 | 0.97 | 0.68 | 0.97 | 1.02 |
| 74,982 | 86,410 | -21,647 | 86,410 | 137,460 |
| JAN-JUN |
Asset Development and Management business area
11 Properties
19,287
Leasable area, sqm
THE PROPERTY MARKET AND CURRENCY IN ANGOLA
Demand for real estate in Luanda is growing and so is demand for our residential and office solutions. Occupancy rates are above 80 %. We provide clients with flexible lease contracts to accomodate their housing and officing requirements.
The Angolan currency, Kwanza, has decreased by -9.5% against the Swedish krona during the second quarter of 2025. Exchange rate fluctuations in recent quarters have had an impact on the Company's reported revenues in SEK. The chart illustrates the development of revenues since the third quarter of 2023.
For the reporting period the income in local currency has increased by 12 per cent, compared to the same period last year. The SEK revenues decreased by 4 per cent.
SUMMARY OF PROPERTY-RELATED KEY RATIOS
For definitions of key ratios, see pages 32–33.
| AMOUNTS IN KSEK | 30/06/2025 | 31/03/2025 |
|---|---|---|
| Revenue backlog | 22,825 | 19,697 |
| Rent backlog | 21,213 | 17,181 |
| Contracted annual rental and service revenues | 32,600 | 33,600 |
| Contracted annual rental revenues | 28,208 | 28,274 |
| Area occupancy rate (excl. C-View), % | 80% | 84% |
| Economic occupancy rate (excl. C-view), % | 71% | 74% |
| WAULT rent and service, months | 9.0 | 7.3 |
| Market value of portfolio (excl. C-View) | 214,493 | 226,302 |
| Market value C-View | 207,048 | 218,374 |
COMMENTS ON PROPERTY-RELATED KEY RATIOS
Changes in the second quarter of 2025
Below is a list of changes in revenue and rent backlog for the second quarter of 2025.
| AMOUNTS IN KSEK | REVENUE BACKLOG | RENT BACKLOG |
|---|---|---|
| Backlog per 31 Mar 2025 | 19,697 | 17,181 |
| Changes during the quarter 2025 | ||
| Contracted revenue | -8,012 | -6,874 |
| New/extended contracts | 12,492 | 12,099 |
| Contracts terminated early | -357 | -328 |
| Exchanges rates differences | -995 | -864 |
| Backlog per 30 Jun 2025 | 22,825 | 21,213 |
Contracted rental value and service value of extended and new contracts amount to SEK 12,099 thousand and SEK 393 thousand, totalling SEK 12,492 thousand. The effect on Revenue Backlog of contracts that were terminated prematurely is SEK -357. In total 98 lease agreements remain. Due to exchange rate effects, the Group's revenue backlog and rent backlog have Increased with SEK -995 thousand and SEK -864 thousand respectively.
The distribution between USD and AOA contracts amounts to 29% and 71% per cent, respectively.
The Company's WAULT has changed since the fourth quarter 2024 from 12 to 9.0 months. The area occupancy rate has declined since the Year end 2024 from 84% to 80%. Offices in Soho building are mainly occupied by YBE Immobiliaria. The economic occupancy rate has declined since the beginning if the year 2025 to 71 (84) per cent. One of the main reasons of decline in area and economic occupancy is the property Clara is not occupied for the moment with total lettable area of 1,200 sqm.
Crown Energy continues to experience a solid property market in Luanda, supported by major infrastructure developments and increased engagement from international stakeholders. This renewed interest reflects Angola's rising strategic profile, and we are leveraging our established presence and track record to pursue high-value opportunities. By combining our commercial operations with initiatives such as KAYA and WAKAYA, we aim to further strengthen our position and create long-term growth in the region.
80% Area occupancy rate
Energy Business Area
Crown Energy has, in recent years, phased out its former operations in the energy sector. No new investments are being made within this business area, in line with the Company's sustainable direction and long-term strategy to create value through investments that benefit people, the planet, and our shareholders.
The only remaining holding is a passive interest in a license in Iraq, which is subject to a sale and purchase agreement signed in 2021. During the reporting period, Crown Energy has continued to receive payments under this agreement. These funds support the Company's transition towards a portfolio focused on sustainable growth.
Sustainable investment area
The business area Sustainable Investments is a central part of Crown Energy's strategy to create long-term value through investments that combine technology, social impact, and environmental sustainability. We focus on generating measurable, positive effects in the regions where we are active. Our current investments include, among others, health-tech and nature-based climate solutions with the potential to generate verified carbon credits for the carbon market.
We continuously seek and evaluate new opportunities that reflect our ambition to contribute to future sustainable solutions while also generating business value.
During the second quarter of 2025, we have further strengthened our position in this area through continued progress at AccYouRate Group, where interim management is advancing the company toward broad market adoption, and through our deepening collaboration with KAYA in Angola. We have also launched WAKAYA, a new non-profit association in Angola that supports community development in education, environmental stewardship, and economic empowerment.
These initiatives exemplify our commitment to delivering positive societal transformation while creating financial value, including future revenue streams from the sale of verified carbon credits on the voluntary carbon market. We view Sustainable Investments as a long-term growth platform, where our efforts must be economically viable while delivering tangible impact for both people and the planet.
ACCYOURATE
Crown Energy has acquired 85% of SmarTee S.à.r.l. in Luxembourg, the full owner of AccYouRate Limited, based in the United Kingdom, which in turn wholly owns AccYouRate Group S.p.A. The company is an international group with a presence in L'Aquila, Bologna, Albania, Switzeland, and Israel. The operations currently involve around 20 people.
AccYouRate holds a patent for the ability to thinly print a conductive polymer onto fabrics, combined with a proprietary coin-sized central unit. The first product is a T-shirt-like top that measures several indicators – ECG, pulse, temperature, respiration, and respiration depth. It also includes a built-in GPS and tracks body movement via an accelerometer.
By integrating wearable technology with a comprehensive anonymized medical database and decision-making algorithms, AccYouRate provides a platform for continuous and accurate monitoring of posture, location, and vital signs. This enables early detection of critical health conditions and can potentially mitigate adverse health outcomes.
THE TRANSACTION
In February 2023, Crown Energy entered into a share purchase agreement regarding the acquisition of 85% of the shares in SmarTee S.à.r.l., Luxembourg, the parent company of AccYouRate Group in Italy. The total purchase price of EUR 163 million was, according to the agreement, to be paid to the seller in nine instalments. The first instalment of EUR 75 million was paid in connection with the acquisition, upon which Crown Energy became the majority owner of SmarTee. The remaining
instalments of EUR 9 million each were to be paid at six-month intervals, with a final payment of EUR 25 million.
However, the payment schedule was adjusted during 2024. Two instalments that were due in February and August 2024 were postponed. On 22 November 2024, an agreement was reached with the seller to revise the payment schedule in light of the company's cash position, ongoing commercial discussions, and strategic priorities. According to the new agreement, one of the outstanding 2024 instalments has been moved to the final payment, while the other may also be included in the final payment depending on certain conditions. In addition, half of the first planned 2025 instalment, corresponding to EUR 4.5 million (approximately SEK 51.7 million), was prepaid in December 2024. Currently the payment schedule is subject to further discussions with the seller regarding timing and structure in line with the company's commercial objectives.
Furthermore, SmarTee has a conditional liability of EUR 10 million to the former shareholders of AccYouRate Group, which was previously secured by a pledge in AccYouRate's shares. Following a review of the commercial and legal circumstances, this security is no longer valid. The liability was originally due for settlement at the end of 2023, but the parties agreed to postpone it until September 2024.
In April 2024, Crown Energy entered into a strategic agreement with Proger and AccYouRate's founders involving the acquisition of 0.65% of the shares in SmarTee for EUR 1.25 million, and a commitment to provide up to EUR 1.75 million in loan financing to AccYouRate. The agreement also stipulated that these new loans, together with previously granted loans and the EUR 10 million liability, would be converted into SmarTee shares to create a debt-free structure. The proposal was presented at the Annual General Meeting in June 2024 and again at an Extraordinary General Meeting in August 2024, but in both cases was opposed by a shareholder holding more than 10% of Crown Energy, preventing its implementation.
Crown Energy continues active discussions with all relevant parties to address the outstanding EUR 10 million liability and evaluate alternative solutions.
KAYA CLIMATE SOLUTIONS – A STRATEGIC PARTNERSHIP
Crown Energy has established a strategic partnership with KAYA Climate Solutions ("KAYA"), a company specialized in the development of nature-based climate solutions. KAYA's work aims to preserve and restore ecosystems, enabling verified carbon capture through large-scale projects that combine environmental sustainability with local community development.
Crown Energy currently holds the right to convert its loans issued to KAYA into an ownership stake of approx. 50% and has increased its financial commitment during the reporting period through additional convertible financing. The ambition is to deepen the engagement and become a majority owner, further contributing to establishing KAYA as a leading climate project developer in sub-Saharan Africa.
BUSINESS MODEL AND STRATEGY
KAYA's business model is based on developing projects for the conservation and restoration of ecosystems with the potential to generate verified carbon credits, which are sold on the global voluntary carbon market. The initiatives include activities such as reforestation, agroforestry, and fire prevention measures. By combining ecological restoration with local value creation, such as improved land use, employment, and community services, the projects aim to deliver climate and biodiversity benefits with tangible social impact.
KAYA has established a nursery in Malanje to conduct practical trials of ecosystem and biodiversity restoration methods, which can later be scaled up to other regions. The facility also serves as an educational center where local communities and small-scale farmers are invited to workshops promoting sustainable land use practices and income-generating opportunities.
For Crown Energy, KAYA represents a strategic platform to create both environmental and financial value, fully aligned with the company's vision to invest in solutions that benefit people, the planet, and shareholders.
MARKET POTENTIAL- CARBON MARKET
The demand for high-quality, verified carbon credits is increasing rapidly as companies around the world strive to achieve net-zero emissions. According to industry forecasts, the global
Q2
voluntary carbon market (VCM) is expected to grow from approximately USD 3 billion in 2024 to over USD 100 billion before 2030, with some scenarios indicating potential to reach up to USD 250 billion by 2050.
Customers are increasingly seeking credits with high integrity and traceability, credits that not only reduce emissions but also deliver measurable social and ecological benefits. Nature-based solutions, such as forest restoration, land rehabilitation, and biodiversity enhancement, play a crucial role in this development.
Through KAYA, Crown Energy is positioning itself in a sector with both climate relevance and strong economic scalability. The projects in Angola represent an opportunity to deliver credits with documented impact, in line with the market's growing demands for quality, transparency, and local benefit.
ABOUT KAYA
KAYA is focused on operations in sub-Saharan Africa, with feasibility studies conducted in Angola, where Crown Energy has a strong local presence through its Asset Development business area. The first climate projects are being initiated in Malanje Province, where KAYA is supporting the Angolan government in building its national climate agenda and developing market mechanisms to meet the country's climate goals. The projects are developed in close collaboration with local stakeholders, communities, and authorities, in accordance with international standards for the voluntary carbon market (VCM).
WAKAYA
In parallel with our work through KAYA Climate Solutions, Crown Energy has launched WAKAYA, an independent non-profit association in Angola dedicated to education, environmental stewardship, and economic empowerment in local communities. While operating separately from KAYA, WAKAYA's activities complement KAYA's long-term climate and restoration projects by delivering immediate, high-impact community benefits.
WAKAYA is registered as a non-profit organisation and will be funded entirely through dedicated fundraising initiatives. All proceeds are directed exclusively to community programmes, ensuring transparency and accountability. By combining the large-scale, revenue-generating climate projects of KAYA with the community-focused, non-profit activities of WAKAYA, Crown Energy strengthens its corporate social responsibility profile, deepens its long-term commitment to Angola, and enhances its reputation as a trusted partner in sustainable development.
Financial overview
KEY EVENTS DURING THE REPORTING PERIOD 1 JANUARY - 30 JUNE 2025
At an extraordinary general meeting in September 2024, minority shareholders voted to appoint a special examiner. The Swedish Companies Registration Office appointed an examiner based in Gothenburg, which Crown Energy appealed on the basis that a Stockholm-based examiner would be more practical. The Administrative Court in Härnösand rejected the appeal, and the examination is now proceeding. Crown Energy is cooperating fully with the appointed examiner.
In the second quarter of 2025, Crown Energy received an additional USD 8 million under the October 2021 agreement for the sale of the Company's oil assets, bringing the total received to USD 131 million.
On 1 April 2025, Crown Energy announced changes in the management and board of its subsidiary AccYouRate Group S.p.A., appointing Boris Tuzza as CEO and Chairman and forming a new board to support the company's transition from pilot projects toward large-scale commercialisation. Further changes in the management of AccYouRate Group S.p.A. were announced in July 2025, including the departure of Boris Tuzza (see Note 10, Events after the reporting period).
COMMENTS ON FINANCIAL PERFORMANCE
Operating profit/loss
During the reporting period, net sales decreased with -10% compared to the last year. The decline in second quarter is mainly due to correction of Client receivables, and depreciation of local currency against SEK Please see more information about this in the section Asset Development and Management.
Property costs for the reporting period amounted to SEK -8,083 thousand (-6,012).
Other external costs totaled SEK -22,169 thousand (-19,670). Associated mainly with additional internal and external consulting costs in Angola, the acquisitions of the new AccYouRate Group, as well as impairment of capitalised expenses.
The amortisation over the Period amounted to SEK -29,260 thousand (-26,422), which is attributable to depreciation of intangible fixed assets.
The employee benefit expenses have increased to SEK -16,897 thousand (-10,732), mainly attributable one-off payments to key personnel in Angola.
Net financial items
Net financial items during the reporting period amounted to SEK -1,390 thousand (-24,389). The net exchange rate effects amount to SEK 14,659 thousand (-24,389). The currency effects are a result of re-valuations of both internal and external monetary balances in foreign currency.
Changes in value
Changes in value of investment properties during the reporting period amount to SEK -14,506 thousand (16,844) and refers to unrealised changes in investment property
The result for the period includes SEK -4,816 thousand (-2,971) attributable to minority shareholders in SmarTee S.a.r.l.
Other comprehensive income
Other comprehensive income includes translation differences of SEK -113,993 thousand (52,572) which arose because of revaluation of the subsidiaries' assets and liabilities from local currencies to SEK.
The total comprehensive income for the period includes SEK -13,370 thousand (3,793) attributable to minority shareholders in SmarTee S.a.r.l.
COMMENTS ON CONSOLIDATED FINANCIAL POSITION
Assets
The carrying amount of investment properties totaled SEK 214,493 thousand. Net change since yearend 2024 totaled SEK -47,323 thousand. The change in value is mainly attributable to adjustment of the Maria property as well as the exchange rate differences in SEK against USD. See note 3 for a summary of the period's changes.
The intangible fixed assets, such as intellectual properties amounted to SEK 931,955 thousand. The depreciation of the assets amounted to SEK -29,260 thousand. The useful life of Intellectual property is considered to be 20 years.
The Goodwill identified at the acquisition of AccYouRate Group at the end of the reporting period amounted to SEK 1,367,167 thousand, a slight decrease compared to beginning of the reporting period attributable to FX effects as goodwill is valued in EUR.
The C-View property is classified as a property asset held for sale. C-View is reported at a fair value amounting to AOA 19,853 million, which corresponds to the agreed purchase price, discounted over the payment period of three years. This corresponds to a value of SEK 207,048 thousand as per 30 June 2025. The decrease of SEK -32,371 thousand since year-end 2024 is attributable to FX rate effects. For more information about the C-View sale and the accounting of the transaction, see note 7.
Financial assets reported at amortised costs refers mainly to investments in Angolan government bonds indexed against the Inflation totalling SEK 18,454 thousand as of 30 June 2025. The decrease is mainly due to FX effects, and investments in short term deposits.
Prepaid expenses and deferred income amount to SEK 94,942 thousand and have decreased with SEK 7,160 thousand since year-end 2024, which is mainly prepaid transactional costs for sales of C-View and E&E Assets.
Liabilities
Contract liabilities relate normally only to revenues, invoiced in advance. In December 2019, the Group started to receive payments from the Angolan finance ministry (MINFIN), for the C-View sale, which are included in the contract liabilities. These payments are accounted as contract liabilities, until the economic control is transferred to MINFIN. The contract liability related to the C-View sale amounts as per 30 June 2025 to SEK 181,081 thousand. As of end June 2025, the buyer has not assumed control of the building due to changes in the purpose of further usage of the property. For more information about the C-View sale and the accounting, see note 7.
Accrued Expenses and deferred income includes a payment for exploration assets amounting to SEK -1,230,530 thousand.
Accrued Expenses and deferred income includes a payment for exploration assets amounting to SEK -1,230,530 thousand.
The deferred payment for the acquisition of AccYouRate Group is divided Short-term contractual liabilities from acquisition of SmarTee 85%, which amount to SEK 212,825 thousand and Long-term contractual liabilities from acquisition of SmarTee 85% amounting to SEK 555,421 thousand. For more information about the Acquisition of AccYouRate Group and the accounting, see note 8.
COMMENTS ON CASH FLOWS
The cash flow for the period amounts to SEK -10,816 (83,786) thousand. During the year the Company received 76 661 TSEK in relation to the 2021 sale and purchase agreement of the Company´s oil and gas assets.
Parent company
The Parent Company's revenue for 1 January - 30 June 2025 amounted to SEK 1,179 thousand (1,266). Revenue related to re-invoicing of costs and management fees to subsidiaries.
Other external expenses of SEK -4,587 thousand (-7,225). The expenses are mainly related to external consultants' costs.
There were 5 persons (4) employed by the Parent Company at the end of the period.
Condensed consolidated statement of profit or loss income
| AMOUNTS IN KSEK | Q2 | JAN-JUN | FULL-YEAR | |||
|---|---|---|---|---|---|---|
| NOTE | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Net sales | 5,997 | 9,243 | 15,703 | 17,415 | 39,161 | |
| Rental revenues | 2 | 4,921 | 7,367 | 12,821 | 14,093 | 29,990 |
| Service revenues | 2 | 1,076 | 1,876 | 2,882 | 3,322 | 9,171 |
| Other operating revenue | 2 | 840 | 2,354 | 2,006 | 2,667 | 12,212 |
| Property-related costs | -3,378 | -2,383 | -8,083 | -6,012 | -16,964 | |
| Materials and other services | -75 | -1,083 | -159 | -1,292 | -2,366 | |
| Other external expenses | -11,211 | -13,234 | -22,169 | -19,670 | -44,916 | |
| Employee benefits expense | -8,096 | -6,644 | -16,897 | -10,732 | -23,867 | |
| Capitalized Work For Own Account | - | - | 337 | - | 9,012 | |
| Depreciations | -14,046 | -13,358 | -29,260 | -26,422 | -58,854 | |
| Impairment of exploration assets | 4 | - | - | - | - | - |
| Other operating expenses | -39 | -50 | -1,003 | -79 | -1,208 | |
| Operating profit/loss prior changes in value | -30,009 | -25,155 | -59,526 | -44,124 | -87,789 | |
| Unrealised changes in value of property | 3 | -580 | 17,007 | -14,506 | 16,844 | 60,111 |
| Operating profit/loss | -30,589 | -8,148 | -74,032 | -27,281 | -27,678 | |
| Financial income | 1 | 4,651 | 11,055 | 53,949 | 23,170 | 45,333 |
| Financial expenses | -29,959 | -4,110 | -55,339 | -47,559 | -55,342 | |
| Net financial items | -25,308 | 6,945 | -1,390 | -24,389 | -10,008 | |
| Profit/loss before tax | -55,897 | -1,202 | -75,422 | -51,669 | -37,686 | |
| Income tax | -3 | -6 | -82 | - | -3,384 | |
| Deferred tax | 3,552 | -2,081 | 11,331 | 8,136 | 11,645 | |
| Net profit/loss for the year | -52,349 | -3,289 | -64,172 | -43,533 | -29,425 | |
| Shareholders of the parent company | -49,919 | -2,482 | -59,356 | -40,562 | -21,841 | |
| Holdings without controlling ownership | -2,430 | -808 | -4,816 | -2,971 | -7,584 | |
| Average number of basic and diluted shares, thousands | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 | |
| Basic and diluted earnings per share, SEK | -0.10 | -0.01 | -0.12 | -0.08 | -0.05 |
Condensed consolidated statement of comprehensive income
| AMOUNTS IN KSEK | Q2 | JAN-JUN | FULL-YEAR | |||
|---|---|---|---|---|---|---|
| NOTE | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Net profit/loss for the year | -52,349 | -3,289 | -64,172 | -43,533 | -29,425 | |
| Other comprehensive income | ||||||
| Currency Translation Differences | 29,686 | -39,309 | -113,993 | 52,572 | 64,822 | |
| Total other comprehensive income for the year, net of tax | 29,686 | -39,309 | -113,993 | 52,572 | 64,822 | |
| Comprehensive income for the year | -22,662 | -42,598 | -178,165 | 9,039 | 35,397 | |
| Shareholders of the parent company | -27,584 | -35,403 | -164,796 | 5,246 | 32,994 | |
| Holdings without controlling ownership | 4,922 | -7,195 | -13,370 | 3,793 | 2,402 |
Condensed consolidated statements of financial position
| AMOUNTS IN KSEK NOTE |
30/06/2025 | 30/06/2024 | 31/12/2024 |
|---|---|---|---|
| Assets | |||
| Fixed assets | |||
| Investment property | 214,493 | 227,388 | 261,816 |
| Equipment, tools, fixtures, and fittings | 10,611 | 7,175 | 8,240 |
| Other intangible fixed assets | 931,955 | 999,235 | 986,885 |
| Exploration and evaluation assets | 50,752 | 50,752 | 50,752 |
| Goodwill | 1,367,166 | 1,393,291 | 1,408,868 |
| Right of use assets | 3,080 | - | 2,620 |
| Financial assets valued at amortised cost | 18,454 | 43,435 | 11,844 |
| Deferred tax assets | 2,127 | 3,147 | 2,182 |
| Total non-current assets | 2,598,637 | 2,724,423 | 2,733,207 |
| Current assets | |||
| Inventory | 7,650 | 6,955 | 8,858 |
| Accounts receivable | 17,026 | 19,820 | 21,280 |
| Other receivables | 73,944 | 66,892 | 68,467 |
| Financial assets measured at amortised cost, short term | 10,908 | - | 29,578 |
| Prepaid expenses and accrued income | 94,942 | 98,456 | 102,102 |
| Cash and cash equivalents | 237,241 | 207,838 | 258,888 |
| Total current assets | 441,711 | 399,961 | 489,174 |
| Property assets held for sale | 207,048 | 246,777 | 239,419 |
| Total assets | 3,247,396 | 3,371,161 | 3,461,800 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 14,033 | 14,033 | 14,033 |
| Other contributed capital | 859,523 | 859,523 | 859,523 |
| Reserves | -834,638 | -738,172 | -729,193 |
| Accumulated profit or loss earnings | 344,796 | 366,637 | 366,637 |
| Profit/loss for the period | -59,356 | -40,562 | -21,841 |
| Total equity attributable to owners of the parent company | 324,357 | 461,459 | 489,160 |
| Non-controlling interests | 274,436 | 289,196 | 287,806 |
| Total equity | 598,793 | 750,655 | 776,965 |
| Liabilities | |||
| Non-current liabilities | |||
| Long-term contractual debt acquisition of SmarTee 85% | 555,421 | - | 657,559 |
| Non-current liabilities to credit institutions | 2,453 | - | 1,569 |
| Other financial liability | - | 558,288 | - |
| Current lease liability | 2,621 | 4,112 | 2,688 |
| Deferred tax liabilities | 307,673 | 338,684 | 336,222 |
| Total non-current liabilities | 868,168 | 901,083 | 998,038 |
| Current liabilities | |||
| Trade payables | 11,866 | 12,230 | 6,716 |
| Contract liabilities | 190,802 | 227,809 | 220,342 |
| Income tax liability | 6 | 4,011 | 1,252 |
| Short-term contractual debt acquisition of SmarTee 85% | 212,825 | - | 112,104 |
| Current liabilities to credit institutions | - | - | 53,378 |
| Other financial liabilities | 125,695 | 396,205 | 130,503 |
| Accruals and deferred income | 1,238,207 | 1,078,379 | 1,161,891 |
| Lease liabilities | 1,034 | 788 | 610 |
| Total current liabilities | 1,780,435 | 1,719,422 | 1,686,797 |
| Total liabilities | 2,648,603 | 2,620,506 | 2,684,835 |
| TOTAL EQUITY AND LIABILITIES | 3,247,396 | 3,371,161 | 3,461,800 |
Condensed consolidated statement of changes in equity
| AMOUNTS IN KSEK | NOTE | 30/06/2025 | 30/06/2024 | 31/12/2024 |
|---|---|---|---|---|
| Opening equity | 776,965 | 741,616 | 741,616 | |
| Profit/loss for the period | -64,172 | -43,533 | -29,425 | |
| Other comprehensive income, net of tax | -114,000 | 52,572 | 64,774 | |
| Comprehensive income for the period | -178,172 | 9,039 | 35,349 | |
| Acquisition of group companies | - | - | 0 | |
| Closing equity | 598,793 | 750,655 | 776,965 | |
| Attributable to: | ||||
| Shareholders of the parent company | 324,358 | 461,459 | 489,160 | |
| Holdings without controlling ownership | 274,436 | 289,196 | 287,805 |
Q2
Condensed consolidated statements of cash flows
| Q2 | JAN-JUN | FULL-YEAR | ||||
|---|---|---|---|---|---|---|
| Amounts in kSEK | NOTE | 2025 | 2024 | 2025 | 2024 | 2024 |
| Cash flow from operating activities before changees in working capital |
-17,239 | -7,532 | -39,462 | -7,532 | -21,410 | |
| Total changes in working capital | 7,547 | -13,407 | 10,009 | -13,407 | -13,986 | |
| Cash flow from operating activities | -9,769 | -20,939 | -29,446 | -20,939 | -35,395 | |
| Investments in investment property | -571 | -1,573 | -1,825 | -1,573 | -3,548 | |
| Capital expenditures on exploration and evalutation assets | - | - | - | - | - | |
| Capital expenditures on other fixed and intangible assets | -2,313 | -3,261 | -5,609 | -3,261 | -16,163 | |
| Investments in financial assets (government bonds) | - | - | -9,062 | - | - | |
| Divestment of financial assets (government bonds) | 15,186 | - | 20,495 | - | - | |
| Investments in financial assets (loans to Kaya) | -9,747 | - | -17,003 | - | - | |
| Investments in financial assets (other) | 6,051 | 32,592 | 8,246 | 32,592 | 2,495 | |
| Prepaid payments, sale of exploration and evaluation assets | 77,661 | 86,963 | 77,661 | 86,963 | 171,198 | |
| Acquisition of group companies | - | - | - | - | -51,689 | |
| Cash flow from (-used in) investing activities | 3, 4 | 86,267 | 114,721 | 72,904 | 114,721 | 129,984 |
| Cash flow from financing activities | ||||||
| Cash flow from financing activities | -869 | -9,996 | -54,274 | -9,996 | 37,126 | |
| Cash flow for (-used in) the period | 75,552 | 83,786 | -10,809 | 83,786 | 131,716 | |
| Cash and cash equivalents at the beginning of the period | 162,259 | 121,428 | 258,888 | 121,428 | 121,428 | |
| Cash flow for (-used in) the period | 75,629 | 83,786 | -10,816 | 83,786 | 131,716 | |
| Exchange difference in cash and cash equivalents | -647 | 2,624 | -10,831 | 2,624 | 5,745 | |
| Cash and cash equivalents at the end of the period | 237,241 | 207,838 | 237,241 | 207,838 | 258,888 |
Consolidated key ratios
For definitions of key ratios, see pages 32-33.
Quarterly summary – group
| AMOUNT IN SEK THOUSAND UNLESS OTHERWISE STATED |
Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|
| EARNINGS | ||||||||
| Rental and service revenues | 5,997 | 9,706 | 9,968 | 11,778 | 9,243 | 8,172 | 8,915 | 7,327 |
| Other operating revenue | 840 | 1,166 | 16,412 | 2,146 | 2,354 | 312 | -550 | 5,727 |
| Operating profit/loss | -30,009 | -29,517 | -19,443 | -24,221 | -25,155 | -18,969 | -17,159 | -26,770 |
| Net profit/loss for the period, after tax | -52,349 | -11,824 | 16,383 | -2,275 | -3,289 | -40,244 | -36,558 | -23,059 |
| PROPERTY-RELATED KEY RATIOS | ||||||||
| Rental revenue | 4,921 | 7,900 | 7,921 | 7,976 | 7,367 | 6,726 | 7,099 | 5,835 |
| Service revenues | 1,076 | 1,806 | 2,047 | 3,802 | 1,876 | 1,446 | 1,816 | 1,492 |
| Property-related costs | -3,378 | -4,705 | -4,380 | -6,572 | -2,383 | -3,628 | -7,440 | -2,340 |
| Net operating income | 2,618 | 5,001 | 5,588 | 5,206 | 6,860 | 4,544 | 1,475 | 4,987 |
| Operating surplus, property portfolio, % | 44% | 52% | 56% | 44% | 74% | 56% | 17% | 68% |
| Revenue backlog | 22,825 | 19,697 | 25,507 | 23,999 | 21,331 | 29,958 | 28,487 | 20,186 |
| Rent backlog | 21,213 | 17,181 | 21,699 | 19,738 | 17,889 | 24,869 | 23,487 | 14,925 |
| Contracted annual rental and service revenues, SEK thousand |
32,600 | 33,600 | 33,317 | 29,667 | 33,940 | 34,147 | 30,441 | 29,024 |
| Contracted annual rental revenues, SEK thousand | 28,208 | 28,274 | 29,866 | 24,513 | 27,436 | 27,689 | 24,496 | 22,244 |
| FINANCIAL KEY RATIOS | ||||||||
| EBITDA | -15,962 | -14,303 | -367 | -10,865 | -11,797 | -5,905 | -12,774 | -13,345 |
| EBITDA margin, % | neg. | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
| RATIOS PER SHARE | ||||||||
| Basic and diluted shares outstanding, thousand | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 |
| Average number of shares, thousands | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 |
| Diluted earnings per share, SEK | -0.11 | -0.02 | 0.03 | -0.00 | -0.01 | -0.08 | -0.08 | -0.05 |
| EMPLOYEES | ||||||||
| Average number of employees | 30 | 30 | 30 | 29 | 28 | 29 | 29 | 26 |
Periodic summary - group
| AMOUNTS IN KSEK | JAN-JUN | |||||
|---|---|---|---|---|---|---|
| UNLESS OTHERWISE STATED | 2025 | 2024 | 2024 | 2023 | 2022 | 2021 |
| Profit/loss for the period | ||||||
| Rental and service revenues | 5,997 | 17,415 | 37,107 | 39,369 | 20,764 | 29,759 |
| Other operating revenue | 840 | 2,667 | 5,366 | 1,809 | 6 | 226 |
| Operating profit/loss | -30,009 | -44,124 | -110,226 | -201,099 | -27,089 | -16,083 |
| Operating profit/loss before items affecting comparability |
-30,009 | -44,124 | -110,226 | -201,099 | -27,089 | -16,083 |
| Net profit/loss for the period, after tax | -52,349 | -3,289 | 1,180 | -16,229 | -30,592 | 45,046 |
| PROPERTY-RELATED KEY RATIOS | ||||||
| Rental revenue | 4,921 | 14,093 | 30,289 | 31,167 | 14,041 | 21,163 |
| Service revenues | 1,076 | 3,322 | 6,818 | 8,201 | 6,723 | 8,596 |
| Property-related costs | -3,378 | -6,012 | -19,930 | -22,465 | -10,982 | -12,183 |
| Net operating income | 2,618 | 11,404 | 17,177 | 16,903 | 9,782 | 17,575 |
| Operating surplus, property portfolio, % | 0.44 | 0.65 | 0.46 | 0.43 | 0.47 | 0.59 |
| Revenue backlog, SEK thousand | 22,825 | 21,331 | 28,487 | 33,018 | 16,680 | 13,698 |
| Rent backlog, KSEK | 21,213 | 17,889 | 23,487 | 26,694 | 12,885 | 10,217 |
| Contracted annual rental and service revenues, SEK thousand |
32,600 | 33,940 | 30,441 | 38,761 | 24,552 | 11,846 |
| Contracted annual rental revenues, SEK thousand | 28,208 | 27,436 | 24,496 | 30,797 | 17,217 | 17,896 |
| Area occupancy rate, %*** | 80% | 90% | 84% | 75% | 56% | 71% |
| Economic occupancy rate, %*** | 71% | 80% | 82% | 74% | 44% | 47% |
| WAULT rent and service, months | 9 | 8 | 12 | 10 | 9 | 10 |
| Market value of portfolio | 214,493 | 227,388 | 196,713 | 226,471 | 162,250 | 176,261 |
| Leasable area, thousands of square meters | 19 | 20 | 20 | 20 | 20 | 20 |
| Number of properties (at end of period) | 11 | 13 | 13 | 13 | 14 | 14 |
| FINANCIAL KEY RATIOS | ||||||
| Return on equity (ROE), % | -4% | -12% | 4% | neg | neg | 7% |
| Return on assets (ROA), % | neg | neg | 0% | neg | neg | 5% |
| EBITDA | -30,266 | -6,069 | -61,058 | -199,835 | -26,033 | -15,058 |
| Average assets | 3,250,121 | 3,357,323 | 2,610,311 | 1,781,704 | 1,175,182 | 834,536 |
| RATIOS PER SHARE | ||||||
| Basic and diluted shares outstanding, thousand | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 |
| Average number of basic and diluted shares, thousands | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 | 477,315 |
| Diluted earnings per share, SEK | -0.11 | -0.01 | 0.02 | -0.03 | -0.06 | 0.09 |
| Equity per share, SEK | 1.25 | 1.57 | 1.55 | 1.52 | 1.32 | 1.17 |
| EMPLOYEES | ||||||
| Average number of employees | 30 | 29 | 29 | 17 | 17 | 18 |
Condensed Income Statement – Parent Company
| Q2 | JAN-JUN | FULL-YEAR | ||||
|---|---|---|---|---|---|---|
| AMOUNTS IN KSEK | NOTE | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net sales | 5 | 605 | 535 | 1,179 | 1,266 | 2,838 |
| Other operating revenue | 2 | 17 | 21 | 17 | 26 | |
| Total operating income | 607 | 552 | 2,864 | |||
| Other external expenses | -2,488 | -5,306 | -4,587 | -7,225 | -15,010 | |
| Employee benefits expense | -3,322 | -981 | -5,767 | -2,057 | -6,916 | |
| Depreciation and write-downs | - | - | - | - | - | |
| Other operating expenses | -6 | -10 | -31 | -22 | -33 | |
| Total operating expenses | -5,816 | -6,297 | -10,384 | - | -21,959 | |
| Operating profit/loss | -5,209 | -5,745 | -9,185 | -8,022 | -19,095 | |
| Dividends from subsidiaries | - | - | - | - | - | |
| Write-down of participations in Group companies | - | - | - | - | - | |
| Interest income and similar items | 8,386 | 14,895 | 53,549 | 19,437 | 37,664 | |
| Interest income from group companies | 865 | 699 | 1,646 | 1,230 | 2,749 | |
| Interest expenses and similar items | -33,295 | -16,630 | -58,654 | -55,385 | -95,366 | |
| Interest expenses and similar items | -24,043 | -1,037 | -3,459 | - | -54,953 | |
| Profit/loss before tax | -29,252 | -6,782 | -12,644 | -42,739 | -74,048 | |
| Income tax | - | - | - - |
- - |
-3,404 | |
| Net profit/loss | -29,252 | -6,782 | -12,644 | -42,739 | -77,451 |
Condensed balance sheet – Parent Company
| AMOUNTS IN KSEK NOTE |
30/06/2025 | 30/06/2024 | 31/12/2024 |
|---|---|---|---|
| Assets | |||
| Fixed assets | |||
| Investments in group companies | 2,143,902 | 2,178,613 | 2,143,902 |
| Other long-term receivables | - | - | - |
| Receivables from Group companies | 133,099 | 108,825 | 126,387 |
| Total non-current assets | 2,277,001 | 2,287,438 | 2,270,289 |
| Current assets | |||
| Receivables from Group companies | 5,957 | 4,139 | 5,795 |
| Other current receivables | 12,882 | 59,489 | 3,101 |
| Prepaid expenses and accrued revenue | 59,596 | - | 59,184 |
| Cash and cash equivalents | 189,231 | 136,489 | 192,408 |
| Total current assets | 267,666 | 200,116 | 260,488 |
| Total assets | 2,544,667 | 2,487,555 | 2,530,777 |
| EQUITY | |||
| Restricted equtiy | |||
| Share capital | 14,033 | 14,033 | 14,033 |
| Total restricted equity | 14,033 | 14,033 | 14,033 |
| Non-restricted equity | |||
| Share premium reserve | 1,647,106 | 1,651,106 | 1,647,106 |
| Accumulated profit or loss earnings | -1,119,523 | -1,046,072 | -1,042,072 |
| Net profit/loss for the year | -12,644 | -42,739 | -77,451 |
| Total non-restricted equity | 514,939 | 562,295 | 527,583 |
| Total equity | 528,972 | 576,328 | 541,616 |
| Untaxed reserves | |||
| Tax allocation reserve | 10,002 | 10,002 | 10,002 |
| Total untaxed reserves | 10,002 | 10,002 | 10,002 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Long-term contractual liabilities from acquisition of SmarTee 85% | 555,421 | 555,097 | 657,559 |
| Total non-current liabilities | 555,421 | 555,097 | 657,559 |
| Current liabilities | |||
| Accounts payable | 3,806 | 518 | 686 |
| Short-term contractual liabilities from acquisition of SmarTee 85% | 212,825 | 271,236 | 112,104 |
| Current liabilities to credit institutions | - | - | 51,117 |
| Other current liabilities | 499 | 1,074,893 | 1,531 |
| Accrued expenses and deferred income | 1,233,143 | - | 1,156,162 |
| Total current liabilities | 1,450,272 | 1,346,128 | 1,321,600 |
| Total liabilities | 2,015,695 | 1,901,225 | 1,989,161 |
| TOTAL EQUITY AND LIABILITIES | 2,544,667 | 2,487,555 | 2,530,777 |
CONDENSED STATEMENT OF CHANGES IN EQUITY – PARENT COMPANY
| AMOUNTS IN KSEK | NOTE | 30/06/2025 | 30/06/2024 | 31/12/2024 |
|---|---|---|---|---|
| Opening equity | 541,616 | 619,067 | 619,067 | |
| Profit/loss for the period | -12,644 | -42,739 | -77,451 | |
| Comprehensive income for the period | -12,644 | -42,739 | -77,451 | |
| Total equity | 528,972 | 576,328 | 541,616 |
Other information
COMPANY INFORMATION
The Parent Company, Crown Energy AB (publ), with corporate ID 556804-8598, is a limited company registered in Sweden and domiciled in Stockholm. The street address of the main office is Skeppargatan 27, 114 52 Stockholm.
The number of employees in the Group at the end of the reporting period is 30 (28) linked to the operations in Angola and Italy. Five including part time are employed in the Parent Company in Sweden.
SHAREHOLDER STRUCTURE
The number of shares registered in Crown Energy AB's share register (as per Euroclear) as of publication of this report is 477,315,350 with a quotient value of SEK 0.03 per share.
The Company's ordinary shares are listed on NGM Nordic SME and are traded under the ticker name CRWN with ISN code SE0004210854.
| SHAREHOLDER | NUMBERS OF SHARES AND VOTES |
SHARES AND VOTES (%) |
NUMBERS OF VOTES |
VOTES (%) |
|---|---|---|---|---|
| Yoav Ben-Eli via company¹ | 343,817,971 | 72.0% | 343,817,971 | 72% |
| Cement Fund SCSp | 63,000,000 | 13.2% | 63,000,000 | 13% |
| Veronique Salik | 29,496,530 | 6.2% | 29,496,530 | 6% |
| Alan Simonian and family | 3,429,521 | 0.7% | 3,429,521 | 1% |
| Other shareholders | 37,571,328 | 7.9% | 37,571,328 | 8% |
| Total number of shares | 477,315,350 | 100.0% | 477,315,350 | 100% |
1 The shares are owned by YBE Ventures Ltd, which is controlled by Yoav Ben-Eli.
SEASONAL VARIATIONS
We estimate that there are not any significant seasonal variations in any of the Group's business areas or in Crown Energy as an individual company.
RISKS AND UNCERTAINTIES
A detailed description of the Group's and Parent Company's risks and risk management can be found in Crown Energy's 2024 Annual Report.
Q2
Notes
1 ACCOUNTING POLICIES
This interim report was prepared pursuant to IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act, and RFR 1 Supplementary Accounting Regulations for Groups. As with the 2024 annual accounts, the consolidated accounts were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act. The financial statements of the Parent Company were prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's RFR 2 Accounting for Legal Entities.
The accounting policies applied are consistent with those applied in the preparation of the Group's Annual Report 2024, except for the adoption of standard amendments effective as of January 1, 2025. The amendments have not had any material impact on the financial statements. See section 'New or amended accounting standards to be applied after 2024 in the Annual Report 2024 for more information.
This Interim report does not contain all the information, and disclosures contained in the Annual Report, so the year-end report should be read alongside the 2024 Annual Report.
2 REVENUE CATEGORIES
The Group has three revenue streams: rental revenue from leases and revenue from service contracts with tenants as well as the services for health monitoring in SmarTee Group. Rental revenue, which makes up most of the Group's revenue, is covered by IFRS 16, Leases, which is why it is excluded from IFRS 15 and its disclosure requirements. Other revenue in IT services segment contains the change in inventory.
Regarding accounting principles and risks linked to these revenues, see the Annual Report 2024.
| Assets Development and | Other and | |||||
|---|---|---|---|---|---|---|
| REVENUE CATEGORIES, AMOUNTS IN SEK | Energy | Management | IT Services | eliminations | Total | |
| JAN-JUN 2025 | ||||||
| Rental revenue | - | 12,821 | - | - | 12,821 | |
| Service revenues | - | 2,882 | - | - | 2,882 | |
| Other revenue | - | - | - | 2,006 | 2,006 | |
| Total Revenue | - | 15,703 | - | 2,006 | 17,709 | |
| Of which revenue from contracts with customers, subject to IFRS 15 |
- | 2,882 | - | - | 2,882 | |
| JAN-JUN 2024 | ||||||
| Rental revenue | - | 14,093 | - | - | 14,093 | |
| Service revenues | - | 3,322 | - | - | 3,322 | |
| Other revenue | - | - | - | 2,667 | 2,667 | |
| Total Revenue | - | 17,415 | - | 2,667 | 20,082 | |
| Of which revenue from contracts with customers, subject to IFRS 15 |
- | 3,322 | - | - | 3,322 |
3 INVESTMENT PROPERTY
Changes in carrying amount:
| GROUP | Q2 JAN-JUN |
FULL-YEAR | |||
|---|---|---|---|---|---|
| Amounts in kSEK | 2025 | 2024 | 2025 | 2024 | 2024 |
| Opening carrying amount | 226,302 | 210,120 | 261,816 | 196,713 | 196,713 |
| + Capital expenditures the period | 597 | 797 | 1,917 | 6,263 | 8,319 |
| + Acquisitions for the period | - | - | - | - | - |
| - Disposals for the period | -22 | -4,671 | -83 | -4,371 | -60 |
| +/- Unrealised changes in value | -658 | 17,049 | -14,502 | 17,207 | 40,803 |
| +/- Change in lease liability | - | 97 | - | 97 | 97 |
| Change in lease contracts, not affecting income | - | - | - | - | - |
| +/- Exchange rate effects | -11,726 | 3,997 | -34,656 | 11,480 | 15,945 |
| Closing carrying amount | 214,493 | 227,388 | 214,493 | 227,388 | 261,816 |
The valuation of the investment properties has been prepared internally as per 30 June 2025. Required returns were determined for housing and office premises and are set at between 7 and 9 percent, before tax, on average. The market yield is applied as the discount rate, as it already incorporates investors' expected returns in the real estate sector.
Lease costs for rights of use are included in the fair value, which means that the lease liability is reversed to avoid double counting these costs:
| GROUP, AMOUNTS IN SEK THOUSANDS | 30/06/2025 | 30/06/2024 | 31/12/2024 |
|---|---|---|---|
| Fair value, investment properties | 214,232 | 226,737 | 261,184 |
| Reversal of lease costs recognized as lease liabilities | 546 | 651 | 631 |
| Carrying amount at the end of the reporting period | 214,778 | 227,388 | 261,816 |
4 EXPLORATION AND EVALUATION ASSETS
Changes in carrying amount:
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Regarding our Energy assets, as previously reported on 20th October 2021, Crown Energy has successfully entered into an agreement with a buyer who has the right to acquire Crown Energy's upstream oil and gas assets, covering Crown Energy Iraq AB, for a total consideration of up to USD 450 million before the deduction of transaction costs. In accordance with IFRS 15 no write up of the assets was performed, until the control over the assets is transferred to the buyer, which is expected after a full consideration of 180 MUSD is paid, scheduled by October 2026.
5 TRANSACTIONS WITH RELATED PARTIES
PURCHASES AND SALES WITHIN THE GROUP
Of the Parent Company's revenue for the reporting period during 2025, 100 per cent (100) represents re-invoicing and management fees to other companies within the Group. Of the Parent Company's total interest income, 47 per cent (100) relates to other entities within the Group.
PURCHASE OF SERVICES
Since 1 February 2021, Yoav Ben-Eli, Board member and largest shareholder in the Company, is remunerated by the Group's subsidiary in Angola through a consulting agreement and since January 2022 is employed by the parent company. The agreement amounts to EUR 40,500 per month, and the total payments for the period correspond to SEK 1,450 thousand for the period.
Yoav Ben-Eli received a salary of approximately SEK 52 thousand per month from the parent company for the period January-June 2025, totalling SEK 301 thousand.
Crown Energy has an agreement for consultancy services within communications and sustainability with a member of the board, Fanny Wallér. Invoiced services for the period amounts to SEK 207 thousand.
ESI ANGOLA
The Company's principal shareholder Yoav Ben-Eli owns 100 per cent of ESI Angola Lda and according to a service contract, ESI Angola Lda provides property management and other services to YBE Imobiliária Angola Lda. The Group's purchases of services from ESI Angola Lda amounted to SEK 3,066 thousand during the reporting period.
In addition to these ongoing purchases of services, Crown Energy has a receivable from ESI Angola Lda. For more information about the receivable, please see the Annual Report 2024. As of 30 June 2025, this receivable amounted to the equivalent of SEK 47,752 thousand including interest.
All transactions are performed on normal commercial terms.
6 OPERATING SEGMENTS
| OPERATING SEGMENTS, SEK THOUSAND | Asset | Sustainable | Other and | ||
|---|---|---|---|---|---|
| Q2 2025 | Energy | Development | investments | eliminations | Total |
| Revenues from external customers | - | 5,997 | - | - | 5,997 |
| Revenues from transactions with other operating segments of the same entity |
- | - | - | 485 | 485 |
| Other operating revenue | - | - | 838 | 2 | 840 |
| Eliminations | - | - | - | -485 | -485 |
| Total revenues | - | 5,997 | 838 | 2 | 6,837 |
| Operating expenses excl. depreciation and write downs |
-24 | -11,378 | -5,637 | -5,759 | -22,799 |
| Changes in value: | - | - | - | - | - |
| Property, unrealised | - | -580 | - | - | -580 |
| Operating profit before depreciation and amortization (EBITDA) |
-24 | -5,962 | -4,799 | -5,757 | -16,543 |
| Depreciation and write-downs | - | -465 | -13,527 | -55 | -14,046 |
| Operating profit/loss | -24 | -6,427 | -18,326 | -5,812 | -30,589 |
| Net financial income/expense | 0 | -314 | -932 | -24,063 | -25,308 |
| Profit/loss before tax | -24 | -6,740 | -19,258 | -29,875 | -55,897 |
| Income tax | - | - | -3 | - | -3 |
| Deferred tax | - | 94 | 3,458 | -0 | 3,552 |
| Profit/loss for the period | -24 | -6,646 | -15,803 | -29,875 | -52,349 |
| Revenues from external customers | - | 5,997 | - | - | 5,997 |
| Albania | - | - | - | - | - |
| Angola | - | 5,997 | - | - | 5,997 |
| Italy | - | - | - | - | - |
| Sweden | - | - | - | - | - |
| Non-current assets at the end of the period | 50,752 | 223,240 | 2,303,955 | 110 | 2,578,057 |
| Albania | - | - | - | - | - |
| Angola | - | 223,240 | - | - | 223,240 |
| Iraq | 50,752 | - | - | - | 50,752 |
| Israel | - | - | - | - | - |
| Italy | - | - | 2,303,955 | - | 2,303,955 |
| Switzerland | - | - | - | - | - |
| Sweden | - | - | - | 110 | 110 |
| OPERATING SEGMENTS, SEK THOUSAND | Asset | Sustainable | Other and | ||
|---|---|---|---|---|---|
| Q2 2024 | Energy | Development | investments | eliminations | Total |
| Revenues from external customers | - | 9,243 | - | - | 9,243 |
| Revenues from transactions with other operating segments of the same entity |
- | - | - | 535 | 535 |
| Other operating revenue | - | 28 | 2,244 | 82 | 2,354 |
| Eliminations | - | - | - | -535 | -535 |
| Total revenues | - | 9,272 | 2,244 | 82 | 11,598 |
| Operating expenses excl. depreciation and write downs |
39 | -10,416 | -6,038 | -6,980 | -23,395 |
| Changes in value: | - | - | - | - | - |
| Property, unrealised | - | 17,007 | - | - | 17,007 |
| Operating profit before depreciation and amortization (EBITDA) |
39 | 15,863 | -3,794 | -6,897 | 5,210 |
| Depreciation and write-downs | - | -464 | -12,843 | -51 | -13,358 |
| Operating profit/loss | 39 | 15,399 | -16,637 | -6,949 | -8,148 |
| Net financial income/expense | -131 | 8,996 | -912 | -1,007 | 6,945 |
| Profit/loss before tax | -92 | 24,395 | -17,549 | -7,957 | -1,203 |
| Income tax | - | - | - | -6 | -6 |
| Deferred tax | - | -5,598 | 3,518 | - | -2,080 |
| Profit/loss for the period | -92 | 18,797 | -14,031 | -7,962 | -3,289 |
| Revenues from external customers | - | 9,243 | 2,323 | - | 11,566 |
| Albania | - | - | 1,337 | - | 1,337 |
| Angola | - | 9,243 | - | - | 9,243 |
| Italy | - | - | 986 | - | 986 |
| Sweden | - | - | - | - | - |
| Non-current assets at the end of the period | 50,752 | 231,571 | 2,395,173 | 103 | 2,677,599 |
|---|---|---|---|---|---|
| Albania | - | - | - | - | - |
| Angola | - | 231,571 | - | - | 231,571 |
| Iraq | 50,752 | - | - | - | 50,752 |
| Israel | - | - | - | - | - |
| Italy | - | - | 2,395,173 | - | 2,395,173 |
| Switzerland | - | - | - | - | - |
| Sweden | - | - | - | 103 | 103 |
| OPERATING SEGMENTS, SEK THOUSAND | Asset | Sustainable | Other and | ||
|---|---|---|---|---|---|
| JAN-JUN 2025 | Energy | Development | investments | eliminations | Total |
| Revenues from external customers | - | 15,703 | - | - | 15,703 |
| Revenues from transactions with other operating segments of the same entity |
- | - | - | 1,059 | 1,059 |
| Other operating revenue | - | 32 | 1,196 | 779 | 2,006 |
| Eliminations | - | - | - | -1,059 | -1,059 |
| Total revenues | - | 15,734 | 1,196 | 779 | 17,709 |
| Operating expenses excl. depreciation and write downs |
-676 | -27,095 | -9,933 | -10,271 | -47,975 |
| Changes in value: | - | - | - | - | - |
| Property, unrealised | - | -14,506 | - | - | -14,506 |
| Operating profit before depreciation and amortization (EBITDA) |
-676 | -25,867 | -8,737 | -9,492 | -44,771 |
| Depreciation and write-downs | - | -1,851 | -27,299 | -110 | -29,260 |
| Operating profit/loss | -676 | -27,718 | -36,037 | -9,602 | -74,032 |
| Net financial income/expense | -92 | 4,246 | -2,200 | -3,344 | -1,390 |
| Profit/loss before tax | -768 | -23,472 | -38,236 | -12,945 | -75,422 |
| Income tax | - | - | -82 | - | -82 |
| Deferred tax | - | 4,330 | 7,002 | 0 | 11,331 |
| Profit/loss for the period | -768 | -19,142 | -31,317 | -12,945 | -64,172 |
| Revenues from external customers | - | 15,703 | - | - | 15,703 |
| Albania | - | - | - | - | - |
| Angola | - | 15,703 | - | - | 15,703 |
| Italy | - | - | - | - | - |
| Sweden | - | - | - | - | - |
| Non-current assets at the end of the period | 50,752 | 223,240 | 2,303,955 | 110 | 2,578,057 |
| Albania | - | - | - | - | - |
| Angola | - | 223,240 | - | - | 223,240 |
| Iraq | 50,752 | - | - | - | 50,752 |
| Israel | - | - | - | - | - |
Italy - - 2,303,955 - 2,303,955 Switzerland - - - - - Sweden - - - 110 110
| OPERATING SEGMENTS, SEK THOUSAND | Asset | Sustainable | Other and | ||
|---|---|---|---|---|---|
| JAN-JUN 2024 | Energy | Development | investments | eliminations | Total |
| Revenues from external customers | - | 17,415 | - | - | 17,415 |
| Revenues from transactions with other operating segments of the same entity |
- | - | - | 1,266 | 1,266 |
| Other operating revenue | - | 89 | 2,534 | 43 | 2,667 |
| Eliminations | - | - | - | -1,266 | -1,266 |
| Total revenues | - | 17,505 | 2,534 | 43 | 20,082 |
| Operating expenses excl. depreciation and write downs |
-126 | -17,369 | -11,043 | -9,246 | -37,784 |
| Changes in value: | - | - | - | - | - |
| Property, unrealised | - | 16,844 | - | - | 16,844 |
| Operating profit before depreciation and amortization (EBITDA) |
-126 | 16,980 | -8,509 | -9,203 | -859 |
| Depreciation and write-downs | - | -876 | -25,443 | -103 | -26,422 |
| Operating profit/loss | -126 | 16,103 | -33,951 | -9,306 | -27,281 |
| Net financial income/expense | 2,042 | 9,771 | -1,555 | -34,647 | -24,389 |
| Profit/loss before tax | 1,916 | 25,874 | -35,506 | -43,952 | -51,670 |
| Income tax | - | - | - | - | - |
| Deferred tax | - | 1,053 | 7,083 | 0 | 8,136 |
| Profit/loss for the period | 1,916 | 26,927 | -28,423 | -43,952 | -43,533 |
| Revenues from external customers | - | 17,415 | 2,323 | - | 19,738 |
| Albania | - | - | 1,337 | - | 1,337 |
| Angola | - | 17,415 | - | - | 17,415 |
| Italy | - | - | 986 | - | 986 |
| Sweden | - | - | - | - | - |
| Non-current assets at the end of the period | 50,752 | 231,571 | 2,395,173 | 103 | 2,677,599 |
| Albania | - | - | - | - | - |
| Angola | - | 231,571 | - | - | 231,571 |
| Iraq | 50,752 | - | - | - | 50,752 |
| Israel | - | - | - | - | - |
| Italy | - | - | 2,395,173 | - | 2,395,173 |
| Switzerland | - | - | - | - | - |
7 SALE OF THE C-VIEW PROPERTY
Background
On 30 April 2019, Crown Energy signed an agreement concerning the sale of the C-View property in Angola. The property, which is the largest in Crown Energy's subsidiary YBE, comprises three office buildings (Buildings A, B and C) with a total leasable area of 9,515 square metres, and a residential building with a total area of approx. 3,400 square metres, of which 2,544 square metres are leasable. C-View is situated in the attractive suburb of Talatona, south of Luanda's central business district (CBD). The buyer is the Angolan government, through the Ministry of Finance (MINFIN). It was agreed that the transaction would be paid in Angolan kwanza over a period of three years, with payments adjusted for the official level of inflation. The compensation for inflation will be determined with final effect before the final instalment is paid. Under the original agreement, the sale was to be concluded in December 2021, but it has been delayed for a number of reasons. The buyer has been unable to follow the original payment plan, and there have been changes as regards the end customer within the Angolan state apparatus, which have hindered adaptations to the property. For more information about the transaction and how it will be accounted for, please see Note 29 Sale of the C-View Property in the Annual Report 2024.
Sweden - - - 103 103
Accounting during 2025
Crown Energy will continue to manage C-View until the date on which economic control is formally transferred to the buyer, which means that it remains classified as an asset held for sale. The property is recognised at fair value in accordance with IAS 40, corresponding to the agreed consideration discounted over the agreed repayment period of three years. Transaction expenses will be recognised as part of the net profit that is realised once control has been formally transferred. Despite the fact that MINFIN had already reached the threshold of one third of the consideration by April 2021, economic control of the property had still not been transferred to the buyer as of 30 June 2025. Thus, the classification as an asset held for sale remains in place, and the payments received from MINFIN are still recognised as deferred income (the contract liability amounts to SEK 181,081 thousand as of 30 June 2025, corresponding to approx. 80 percent of the total consideration in local currency). During 2024, the parties continued to negotiate the final conditions, including compensation for inflation and changes to the payment plan. A decision also remains to be made concerning the actual government entity that will use the property in the long term. As part of these ongoing discussions, the buyer was given partial access to a small part of the building to enable minor modifications and preparatory work to commence. Under local regulations, the rights to C-View will not be formally transferred to the buyer until the final payment has been received by YBE immobiliaria, which means that the sale will then also be realised in the local accounts. Because of the continuing uncertainty regarding the timing and final amount, particularly as regards future inflation adjustments, Crown Energy has not recognised any compensation for inflation during the reporting period. The profit and costs attributable to the sale will be recognised in accordance with IFRS 15 at the time the buyer finally takes over economic control of the property.
8 INTANGIBLE ASSETS
| Intangible assets AMOUNTS IN SEK | Internally generated |
Projects in | IP & Other intangible |
||
|---|---|---|---|---|---|
| (KSEK) | Goodwill | software | progress | assets | Total |
| 2024-12-31 | |||||
| Costs | 1,408,868 | 18,238 | 20,703 | 1,028,795 | 2,476,604 |
| Accumulated depreciation and amortization | - | 77 | - | -96,410 | -96,334 |
| Net Book Amount per 2024-12-31 | 1,408,868 | 18,314 | 20,703 | 932,385 | 2,380,270 |
| Acquired balances through subsidiaries | - | - | - | - | - |
| Investments in assets | - | 1,128 | 220 | 5 | 1,353 |
| Disposals of assets | - | - | -106 | -106 | -212 |
| Reclassification of assets | - | 15,549 | -450 | 370 | 15,469 |
| Currency Translation Effects | -41,702 | -987 | -603 | -27,745 | -71,037 |
| Depreciation and amortization | - | -1,125 | 19 | -25,616 | -26,722 |
| Closing net amount | 1,367,166 | 32,879 | 19,784 | 879,292 | 2,299,121 |
| Costs | 1,367,166 | 33,927 | 19,765 | 1,001,319 | 2,422,177 |
| Accumulated depreciation and amortization | - | -1,048 | 19 | -122,027 | -123,056 |
| Net Book Amount per 2025-06-30 | 1,367,166 | 32,879 | 19,784 | 879,292 | 2,299,121 |
Management has reviewed the current business development within the SmarTee group and has not identified any significant factors requiring impairment of intellectual property or goodwill. Together with the interim management of AccYouRate, Crown Energy is actively advancing updated business plans and commercialization initiatives to strengthen future cash flow generation. The company's board and management continue to closely monitor progress in the Sustainable Investments business area to ensure that development aligns with strategic objectives and supports the value of the assets.
9 CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES
| CONTRACTUAL MATURITIES FOR FINANCIAL LIABILITIES AS OF 30 JUN 2025 IN THOUSANDS OF SEK |
<6 months 6-12 months | 1-2 years | 3-5 years | Total contractual cashflow |
Carrying amount (assets)/liabilities |
|
|---|---|---|---|---|---|---|
| Non-derivatives | ||||||
| Trade payables | 11,866 | - | - | - | 11,866 | 11,866 |
| Contingent consideration | 111,465 | - | - | 111,465 | 111,465 | |
| Payments SmarTee | 150,478 | 100,319 | 579,618 | - | 830,414 | 768,246 |
| Loans | 997 | 334 | 554 | 570 | 2,453 | 2,453 |
| Lease liabilities | 693 | 680 | 816 | 1,757 | 3,946 | 3,655 |
| Total non-derivatives | 263,632 | 101,332 | 580,988 | 2,327 | 948,279 | 897,685 |
SmarTee has a contingent liability of EUR 10 million, previously communicated as being secured by a pledge over the shares in AccYouRate S.p.A. Following commercial discussions and a legal review, it has been confirmed that this security is no longer in effect. The liability itself remains and is subject to ongoing constructive discussions with the counterparties.
On 30 April 2024, Crown Energy entered into an agreement with Proger S.p.A. and the former shareholders of AccYouRate to, among other items, convert this liability into equity in SmarTee at the same valuation as the original acquisition. To facilitate further negotiations, the payment terms were extended to September 2024. The conversion was subject to approval by the General Meeting of Crown Energy shareholders, but the proposal was not approved by minority shareholders. Crown Energy continues to engage with the relevant parties to explore alternative solutions for this liability.
In parallel, Crown Energy has maintained active discussions with the seller of SmarTee regarding the payment schedule for the acquisition. The seller has shown flexibility and agreed to amend the schedule for the remaining instalments. Both instalments due in 2024 have remained outstanding during these discussions. Under the amended terms, one of these instalments has been moved to be paid together with the final instalment, while the other may also be moved to the final instalment depending on certain conditions. In December 2024, Crown Energy prepaid half of the first planned 2025 instalment, corresponding to EUR 4.5 million (SEK 51,689 thousand). The payment schedule is currently subject to further discussions with the seller regarding timing and structure in line with the company's commercial objectives.
To access liquid funds at the end of 2024, the company temporarily borrowed SEK 51,111 thousand against its own deposit of the same amount, which was tied up in a fixed one-month term. This short-term borrowing was repaid in early January 2025.
10EVENTS AFTER REPORTING PERIOD END
On 4 July 2025, Crown Energy announced further changes in the management of AccYouRate Group S.p.A., including the departure of CEO and Chairman Boris Tuzza, whose appointment had been announced in April. The Board concluded that a different leadership approach was required to meet the company's strategic goals. An interim management team was appointed, and the recruitment of a permanent CEO is underway.
On 9 July 2025, Crown Energy announced that its subsidiary AccYouRate Group S.p.A. had been granted a US patent for its sensorized garment technology, which integrates conductive ink electrodes into textiles for continuous monitoring of biomedical signals. The patent strengthens AccYouRate's intellectual property portfolio and supports its positioning in the digital health and smart textiles markets.
The Board and CEO hereby certify that this six-month report gives a fair overview of the Parent Company's and Group's operations, position, and earnings, and describes significant risks and uncertainty factors to which the Group and its companies are exposed.
This report has not been reviewed by the Company's auditors.
Stockholm, 22 August 2025
Pierre-Emmanuel Weil Chairman of the Board
Yoav Ben-Eli Board member,CEO Patrik Fagerholm Board member
Fanny Wallér Board member
Alan Simonian Board member
PUBLICATION
This information is information as Crown Energy AB (publ) is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication at 21:45 PM CET, on 22 August 2025.
REPORTING DATES
| | Nine-month report 2025 | 21 November 2025 |
|---|---|---|
| | Year-end Report 2025 | 25 February 2026 |
FINANCIAL INFORMATION
All financial information is posted at www.crownenergy.se as soon as it is released. Shareholders, other players in the stock market, and the public are free to subscribe to the Company's press releases and financial reports through our homepage Crownenergy.se or https://www.crownenergy.se/en/investors/subscription/.
For additional information, contact:
Yoav Ben-Eli, CEO +46 (0)8 400 207 20
ADDRESS
Crown Energy AB (publ)
Skeppargatan 27
SE-114 52 Stockholm, Sweden
www.crownenergy.se
Glossary and definitions
ALTERNATIVE PERFORMANCE MEASURES
The Company applies the European Securities and Markets Authority's (ESMA) guidelines on alternative performance measures. The alternative key financial performance indicators are defined as financial measures of historical or future earnings trends, financial position, financial performance or cash flows that are not defined or specified in the applicable regulations for financial reporting, IFRS and the Annual Accounts Act. These measures should not be regarded as a substitute for measures defined in accordance with IFRS.
If an alternative performance measure cannot be identified directly from the financial statements, a reconciliation is required.
ALL INDICATORS ARE ALTERNATIVE UNLESS STATED OTHERWISE.
DEFINITIONS OF KEY RATIOS
Financial key ratios EBITDA
Earnings before interest, taxes, depreciation and amortisation. EBITDA is used to measure earnings from operating activities, independently of depreciation, amortisation and impairment losses.
EBITDA margin
Measurement of a company's operating profitability as a percentage of its total revenue. The EBITDA margin is used to compare EBITDA in relation to revenue.
Equity, SEK Equity at end of period.
Equity/assets ratio, %
Equity including non-controlling interest as a percentage of total assets. Used to highlight the Company's interest rate sensitivity and financial stability.
Return on assets (ROA), %
This ratio measures profitability relative to total assets. Return on assets is used to highlight a company's ability to generate profit on the group's assets, unaffected by the group's financing.
Return on equity (ROE), %
The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.
Total assets
Total assets at the end of the period. Total assets are a measure of the value of assets at the end of the period.
Ratios per share
Earnings per share, SEK*
Earnings after tax divided by average number of shares for the period. Used to show the shareholders share of the Group's earnings after the minority interest per share.
Equity per share, SEK
Equity at end of period divided by number of shares at end of period. Used to highlight the shareholders' portion of the company's total assets per share.
Total number of shares outstanding*
Number of shares outstanding at end of period.
Weighted average number of shares* Weighted number of shares outstanding during the year.
Employees
Average number of employees** Average number of employees during the period.
PROPERTY-RELATED DEFINITIONS AND GLOSSARY
Area occupancy rate**
Leased area in relation to total leasable area at the end of the period.
Economic occupancy rate**
Calculated by dividing contracted annual rental revenue in relation to the rental value. This figure is used to help facilitate the assessment of rental revenue in relation to the total value of available, unleased area. Note that this calculation does not include service revenues. Relates to contracted annual rent plus assessed market rent for vacant premises.
Leasable area, sqm** Leased area plus leasable vacant area.
Operating net Total revenue less property costs.
Rent backlog**
Outstanding rental revenues during remaining contract period. Rent backlog is used to highlight the Group's remaining contract value for rental revenues to be invoiced to the tenant, at a given point in time. Cannot be derived from the Company's financial reporting.
Rental revenue*
Billed rents, rent surcharges and rental guarantees less rent discounts.
Revenue backlog**
Outstanding rental and service revenues during remaining contracted contract period. Revenue backlog is used to highlight the Group's total remaining contract value to be invoiced to the tenant, at a given point in time. Cannot be derived from the Company's financial reporting.
Service revenue*
Service in accordance with client contract. Service may, depending on how the contract is designed, include everything from operating costs to Internet and catering costs.
Weighted average unexpired lease term (WAULT)**
Used to illustrate the average lease term until expiry for the entire property portfolio, weighted after total contractually agreed rental and service revenues. Calculated by dividing contracted revenue (rent and service) until expiry by annual contracted rents and service. Expressed in months.
*Key ratio defined by IFRS/IAS.
**Key ratio not covered by ESMA's guidelines for alternative performance measures (physical, non-financial or not based on information from the financial reports).
About Crown Energy
Crown Energy is transforming into a new and more socially responsible business direction, with focus on the medical technology industry and on improving the green footprint by way of investing in companies active in those areas.
The investment into the Healthtech company AccYouRate marked the start of the new Crown Energy in early 2023. AccYouRate holds hightech patents and creates algorithms to support production of 'smart' wearable garments for use in the medical industry as well as services such as analysis, data gathering and extrapolations of medical information and growth of medical databases.
Crown has in early 2024 entered a strategic partnership with KAYA Climate Solutions GmbH, a project developer in nature-based solutions for climate change mitigation in Sub-Saharan Africa. This collaboration aims to be a starting point for large impact in climate change mitigation and adaptation through landscape restoration and nature conservation which will be financed by the voluntary carbon market and similar mechanisms.
The business area Asset Development and Management based in Angola is providing international companies Real estate and services. Crown Energy has been active in the oil and gas business for more than 10 years. Today the only remaining asset in the energy field is a passive holding of energy reserves which following the signing of a sale and purchase agreement is being divested. Crown has withdrawn from and/or written down its other earlier Licence holdings.