Cleantech Invest Oyj
Company release 29.8.2014, 8:30
Half-year review 1 January to 30 June 2014 (unaudited)
Cleantech Invest made several investments, strong growth in associate companies
January-June 2014
* Trading with Cleantech Invest Oyj A-series shares at NASDAQ OMX Helsinki
Oy's First North Finland -market started on 12.6.2014.
* Cleantech Invest has during the review period increased its ownership in the
following portfolio companies: Nuuka Solutions Oy, Oricane AB, Savo-Solar
Oy, Sofi Filtration Oy and Lumeron Oy. Cleantech Invest has also invested in
two new companies: Aurelia Turbines Oy and Sansox Oy. Further Cleantech
Invest has granted debt funding to Enersize Oy.
* The most significant events during the review period and thereafter:
* Swap.com continued very strong growth during the review period, the
monthly revenue grew +260% (12/2013 vs. 6/2014). After the review period
the company's monthly revenue grew to over 130.000 USD (last 30 days
28.8.2014).
* During the review period Nuuka Solutions Oy received new significant
customers such as Genesta Property Nordic, SOK/Eekoo, Järvenpään
mestariasunnot, as well as new sales partners such as Caverion and HE-
Management Oy.
* Savo-Solar Oy secured an order from Danish Løgumkloster district heating
company worth over EUR 1 million that will be delivered early 2015. The
revenue of Savo-Solar has thereby three folded compared to the whole
year 2013.
* Jan Forsbom and Alexander Lidgren joined the Cleantech Invest board as new
members. Forsbom has earlier worked as partner and managing director of Bon-
brokerage group, as VP responsible for asset management at Glitnir bank as
well as the CEO of FIM Group. Lidgren works at Swedish Energy Agency where
he is responsible for the management of the agency's investments into
cleantech companies. Earlier Lidgren has worked as the founder and managing
director of Cleantech Scandinavia.
Key figures
+-------------------------------+---------+----------+-----------+
| |1-6 /2014|1-6 / 2013|1-12 / 2013|
+-------------------------------+---------+----------+-----------+
|Turnover | 0| 57| 59|
+-------------------------------+---------+----------+-----------+
|Result for the financial period| -293| -381| -967|
+-------------------------------+---------+----------+-----------+
|Cash and cash equivalents | 3 525| 1 163| 542|
+-------------------------------+---------+----------+-----------+
|Shareholders equity | 6 839| 3 707| 3 121|
+-------------------------------+---------+----------+-----------+
|Equity ratio | 93,7 %| 96,9 %| 98,3 %|
+-------------------------------+---------+----------+-----------+
Comments by the managing director Feodor Aminoff
"In the cleantech market energy and resource efficiency is a growing trend that
is driven by cost saving efforts by both firms and consumers. In the cross-
sector of IT and cleantech a lot of new investment opportunities are born
especially related to energy efficiency. Internationally cleantech solutions
related to smart buildings, electric vehicle and infra markets, energy
efficiency solutions, solar PV market and solutions related to energy quality,
-storage and -distributed generation are experiencing strong growth. In the
Nordic-deal flow especially solutions related to smart buildings and energy
quality, storage and generation are strong.
Cleantech market growth in smart buildings is affected by the willingness of
consumers to become tenants in cost- and energy efficient buildings. New
financing models available for energy efficiency investments are one significant
growth driver. For Nuuka solutions, a portfolio company of Cleantech Invest,
growth in the smart building sector is providing new avenues for growth;
building energy management system demand experiences growth during the review
period and the company was able to sign new significant customer deals. In
Europe energy storage solutions market is experiencing strong growth, lead by
German households. Nocart Oy, Cleantech Invest's portfolio company, has for its
part experienced strong growth in its offer book for electricity generation and
storage solutions in emerging economies. Solar photovoltaic market has been
strong globally during the past year, also solar thermal market has seen
positive development. Savo-Solar, Cleantech Invest portfolio company, has been
able to grow its offer book as the Danish solar thermal market has been
experiencing good growth.
Large industrial corporations have shown growing activity in the cleantech
sector both as minority investors and in the acquisition market. Also later
stage cleantech firms have been active making acquisitions. Another growing
trend is the entrance of consumer driven solutions: cleantech ventures that
provide solutions for the end-consumers have become as prevalent as the
solutions provided for industrial customers. This trend is especially visible in
the strong growth experienced by Swap.com, a portfolio company of Cleantech
Invest.
Cleantech Invest shares began trading on 12th of June 2014 at NASDAQ OMX
Helsinki Oy's First North Finland -market. Successfully reaching this long-term
goal has given Cleantech Invest additional visibility and increased interest
among stakeholders. Public trading also gives additional possibilities for the
future business development of Cleantech Invest. Share issue gave us means to
grow the shareholder value by actively developing the current portfolio
companies and investing in new firms; according to our communicated strategy we
will be present in the Swedish cleantech market in an increasing manner. With
shares trading at First North Helsinki we also have a liquid market for
Cleantech Invest shares. This opens a possibility to use the shares as an
exchange in medium in possible mergers and acquisitions."
Associate companies' performance during the review period and the subsequent
events
The basis of the core and value of Cleantech Invest's business operations are in
the company's associate companies. In the half-year review, Cleantech Invest
briefly comments on all of the associate companies' business development during
the review period and thereafter. Some of the associate companies' status
Cleantech Invest comments, however, a little deeper. These companies are
selected on the basis that during the review period there has occurred clear and
tangible progress in the development of their businesses. These comments are not
an exhaustive description of each of the associated company's situation and
their risks.
Cleantech Invest associate companies Swap.com's, Nuuka Solutions Oy's and Savo-
Solar Oy's business developed strongly during the period.
Swap.com (Netcycler Oy) continued strong growth during the review period.
Monthly revenue grew in Jan-Jun 260% (June 2014 vs. December 2013), and Swap.com
grew to be the largest kids' online consignment store in USA. After the review
period Swap.com moved to a new fulfillment center in Chicago, USA with over
6000 m2 space. The fulfilment center in part enables the continuance of rapid
growth. After the review period Swap-com's monthly revenue grew to over 130.000
USD per month. Online consignment is a rapidly growing market in USA. Swap.com
has developed an extremely cost efficient logistics process, which enables
Swap.com to cost efficiently trade also inexpensive kids' clothes and items.
Nuuka Solutions Oy got new important customer contracts during the review
period. Among these are Genesta Property Nordic, SOK/Eekoo and Järvenpään
mestariasunnot. Also new significant sales channel and other partnerships were
formed, some examples being Caverion and HE-Management Oy. The service was also
further developed towards international markets and sales channels and new key
people were recruited for these activities. New service features with Nuuka are
mobile user applications that adapt to consumer behaviour, and reporting tools
that fulfill international requirements for real estate investors. In addition,
a financing round was carried out that enabled the company to start preparations
for international growth.
Savo-Solar Oy has focused on the sale in Central European and the Danish
markets, and recruited three persons with long experience in the industry to its
Danish subsidiary. Ruukki roof integrated solar thermal collector has received a
positive response from the market. Savo-Solar delivered and installed during the
review period the first large area solar thermal collector field to Helsinki
Energy's Sakarinmäki-school area-heating system.
After the review period, 10.07.2014, the company received an order for the
delivery and installation of a 7 400 m2 solar thermal collector field to
Løgumkloster district heating plant in southern Denmark this year and beginning
of next. The value of the order is over € 1 million euros. According to the
company's market research, the Danish solar heating market is estimated to be
200 000 square meters in 2014 and 250 000 square meters in 2015. The Danish
market is today dominated 95% by the Savo-Solar's local rival Arcon.
To finance the growth and for strengthening the balance sheet, the company has
an on-going share issue, which ends on 30.10.2014.
Other associated companies
Aurelia Turbines Oy successfully completed the first phase of a product
development project, strengthened its business development resources, and
defined development objectives for the near future. The company received a
commitment for an additional equity round from its shareholders, which is
conditional for receiving a positive decision on a research and development
loan. After the review period, the company received a positive funding decision
from EU Horizon 2020 program SME funding instrument.
BT Wood Oy has during the review period sought new industrial partners and
funding for R&D of wood fire retardants. No significant developments have been
achieved and the financial situation of the company is still challenging.
Enersize Oy continued sales activities with a focus on Finland and China. After
the review period Enersize received a positive decision on debt restructuring.
Lumeron Oy focused on solving sales and future financing needs on a large scale.
The company's order book is positive, but the implementation of the projects
will require additional funding, which is sought out during the end of the year
2014.
Metgen Oy has been actively working on its industrial pilots, but this has not
amounted to revenues during the review period.
Nocart Oy's power generation and storage system has increased its offer pipeline
in the emerging markets and the company has made its first deliveries in Nepal.
The company also completed the Tekes-funded research and development project.
One1 Oy continued development of several heat projects during the review period.
One large project has not proceeded to construction phase as expected, which
prolongs anticipated revenue development. One1 focused on forming close
relationships with utilities to enable a large number of heat projects to be
developed and constructed in the future.
Oricane Oy continued its co-operation with international internet equipment
companies with an aim to license its technology to these.
Sansox Oy continued R&D and began sales efforts and conducted pilot projects.
The Water supply and sanitation Technology platform (WssTP) initiated by the
European commission rewarded Sansox' aeration technology as the most innovative
product in Europe.
Sofi Filtration Oy received a positive decision on Tekes Young Innovative
Companies 3-stage funding of 1 MEUR, of which first stage was now awarded. The
first stage includes industrial pilots in Finland, Austria and Lithuania.
Additional new international target markets for Sofi Filtration are Canada and
USA.
Income Statement: revenue and result
Revenue
The company's revenue for the review period 1 January to 30 June 2014 was zero
euro (1-6/2013: 57 thousand euros). In 2013, revenue came primarily from the
accelerator service fees in alignment with the Vigo-program. The revenue decline
was due to the company's strategy change to give up the accelerator service
fees. By giving up these fees the company receives better commercial terms in
for investments in accordance with the Vigo-program terms.
Expenses
Materials and services expenses in the review period 1 January to 30 June 2014
was zero (10 thousand) euros. In 2013, material and services expenses mainly
included purchases of external services. During the review period 1 January to
30 June 2014 these costs are recorded in other operating expenses.
Personnel costs during the review period 1 January to 30 June 2014 amounted to
195 thousand (213 thousand) euros.
Other operating expenses in the review period 1 January to 30 June 2014 were a
total of 70,000 (98 thousand) euros. The decrease in other operating expenses is
mainly due to the fact that during the year the stock exchange listing expenses
have been capitalized for five years.
Depreciation, amortization and write-downs
Depreciation, amortization and write-downs of intangible and tangible assets in
the review period 1 January to 30 June 2014 was a total of 28,000 (13 thousand)
euros. The increase in depreciation is mainly explained by the stock exchange
listing related expenses, 456 thousand euros, which has been capitalized and
whose share of the depreciation is 18 thousand euros.
Operating income
The company's operating loss for the review period 1 January to 30 June 2014 was
293 thousand (EUR -277 thousand) euros.
Financial income and expenses
Financial income in the review period 1 January to 30 June 2014 was a total of
0 (0) euro, financial expenses January 1 to June 30, 2014 was a total of 0 (-
104 thousand) euros. In 2013, financial expenses included a write-down of the
Clean Future Fund Ky's capital injection / -input / contributions of capital
(EUR 99 thousand), which largely explains the change in financing costs.
Result for the review period
The net loss of the review period 1 January to 30 June 2014was 293 thousand (-
381 thousand) euros.
Balance sheet: financing and investments
During the review period the company successfully carried out the listing on the
First North Finland marketplace. The company raised through a share issue
4 010 900 euros before costs, commissions and expenses for the share issue and
the First North listing. Expenses related to the initial public offering, 456
thousand euros, have been capitalized as part of intangible assets with a five-
year amortization plan. As a result of the share issue, the company received
about 470 new shareholders. Institutional investors subscribed for the shares
for about 57 % and private investors for around 43 %. The total number of shares
rose to 18 081 400 pieces. The Board of Directors decided on the conversion of
all of the company's class B shares (a total of 6 060 784 shares) to Series A
shares at the ratio of 1: 1.
The capital raised substantially strengthened the financial position of
Cleantech Invest and allows for the development of business according to the
strategy.
The increase of the balance is due to the increasing investments according to
the company's strategy and to the capitalization of expenses related to the
initial public offering.
Investments during the review period
Nuuka Solutions Oy: Cleantech Invest granted a subordinated convertible loan.
The loan will be converted to equity upon which Cleantech Invest's ownership
increases to at least 31,7% and at most 40,0% by the end of January 2015.
Oricane AB: Cleantech Invest made an equity investment as part of an investment
round, where the main investor was Norlandssfonden from Sweden. After the
investment round Cleantech Invest's ownership increased from 11% to 13,6%.
Savo-Solar Oy: Cleantech Invest made an equity investment, as part of an
investment round in which Savo-Solar received finance and export collateral in
total 1,5 million €. After the transaction Cleantech Invest's ownership
increased from 24,3% to 25,4%, including indirect ownership through Clean Future
Fund Ky.
Sofi Filtration Oy: Cleantech Invest made an equity investment with which
Cleantech Invest's ownership increased from 13,7% to 22 %.
Lumeron Oy: Cleantech Invest made an equity investment with which Cleantech
Invest's ownership increased from 14,3% to 25%.
Aurelia Turbines Oy: Cleantech Invest made an equity investment with which
Cleantech Invest received a 2,5% ownership.
Sansox Oy: Cleantech Invest made an equity investment in two tranches with which
Cleantech Invest received a 10% ownership.
Enersize Oy: Cleantech Invest granted loans in total of 163 €.
Personnel, management and administration
Feodor Aminoff acted as the managing director of the company during the review
period. In addition to the managing director the company employed 3 persons,
Tarja Teppo, Lassi Noponen and Timo Linnainmaa, who together formed the
management of the company.
In the beginning of the review period the board of directors consisted of is
Lassi Noponen (chairman), Tarja Teppo, Timo Linnainmaa and Sami Mykkänen. On the
19(th) of March 2014 Jan Forsbom and Alexander Lidgren were appointed as new
members to the board of directors. On the same date Sami Mykkänen and Timo
Linnainmaa resigned from the board. Since 19(th) of March 2014 the board of
directors of the company has consisted of Lassi Noponen (chairman), Tarja Teppo,
Jan Forsbom and Alexander Lidgren. Forsbom and Lidgren are independent of the
company and major shareholders.
Risks and uncertainties
The most significant risks and uncertainties related to the business of
Cleantech Invest Oyj have been reported in the listing prospectus dated
2.5.2014 that can be found on the company's web site
http://frantic.s3.amazonaws.com/cleantechinvest/2014/05/Cleantech-Invest-
Oyj_listautumisesite.pdf. There has not been any change in the risks and
uncertainties since the date of the prospectus.
Outlook 2014
The drive for energy and resource efficiency creates growth and new
possibilities for the cleantech market. In the international market sectors such
as smart housing, electric vehicles, energy efficiency solutions, solar PV as we
as solutions for energy storage and quality are growing. Growth in these sectors
as well as growth in the consumer driven cleantech is estimated to have a
positive impact on the outlook H2 2014 for Cleantech Invest's portfolio
companies. International markets are essential in the pursuit for growth;
Finland' economic situation does not support the growth of Cleantech Invest's
portfolio companies.
Annual general meeting
The annual general meeting was held on March 19th 2014 in Helsinki. In addition
to the issues stipulated in paragraph 5:2 of the Companies Act the shareholders
meeting also resolved on transferring the company's shares into the book entry
system, increase of the share capital through reserve increase, changing of the
legal status of the company into a public limited liability company,
modifications to the company bylaws, listing of the company's shares at the
Helsinki First North Finland - market as well as granting the board of directors
certain rights to decide on issuing new shares or special rights.
Stock
The company had at the beginning of the review period, a total of 11 910 784
shares, divided into 5 850 000 Series K shares, each of which has 20 votes at
shareholders' meetings, and 6 060 784 non-voting Series B shares. During the
review period, the company's Series A shares was applied for trading on the
First North Finland marketplace. In the share issue of the initial public
offering of the listing, a total of 6 170 616 new Series A shares were
subscribed at a price of 0.65 € / share, each of which carries one vote at
general meetings. In conjunction with the listing also all 6 060 784 Series B
shares were converted into Series A shares at the ratio of 1: 1. Series K shares
were/are not listed. Trading in the company's series A shares commenced on
12.6.2014. The company's total number of shares after the IPO was 18 081 400,
divided into 5 850 000 Series K shares and 12 231 400 Series A shares, which was
also the case 30.6.2014 (30.6.2013: 11 910 784, 31.12.2013: 11 910 784). Taking
into account the effect of dilution of the options the number of shares was
30.06.2014 20 525 336, divided into 8 293 936 Series K shares and 12 231 400
Series A shares (30.6.2013: 14 354 720, 31.12.2013: 14 354 720).
Emission adjusted average number of shares was 12 664 970 30.6.2014 (30.6.2013:
1 125 813, 31.12.2013: 6 518 298). Taking into account the effect of dilution of
the options the emission adjusted average number of shares was
15 108 906 30.6.2014 (30.6.2013: 1 809 064, 31.12.2013: 8 081 892).
Cleantech Invest board members and management team owned on June 30th 2014 in
total 4 629 591 K-class shares and options that give a right to subscribe
2 443 936 K-class shares, taking into account all stock and options that the
persons own directly, and indirectly through companies controlled or influenced
by them or through their family members.
The shares represent approximately 25.60 per cent of the company's total issued
and outstanding shares registered 10.06.2014 in the trade register and 71.65 per
cent of the voting rights of the shares.
After the review period the board has, upon request, decided to convert 400 000
K-class shares into A-class shares. After the conversion the amounts of A- and
K-class shares are 12 631 400 and 5 450 000, respectively. The trade with the
converted shares commenced on August 8th 2014.
Cleantech Invest had 663 registered shareholders according to the shares
register on June 30th 2014.
Cleantech Invest's market value at the end of the review period was 7 142 153 €.
The closing price on June 30th 2014 was 0,40€ per share. During the review
period the highest price was 0,63 €, the lowest 0,37 €, and the average 0,47 €
per share. The Series A share has a liquidity provision agreement with FIM Bank
that fulfills the NASDAQ OMX Helsinki Oy Liquidity Providing (LP) requirements.
Events after the review period
Swap.com moved to a new fulfillment center in Chicago, USA with over 6000 m2
space. Swap-com's monthly revenue grew to over 130.000 USD per month (last 30
days 28.8.2014).
An equity investment round was carried out in Nuuka Solutions Oy end August.
After the investment round, where two additional new investors participated,
Cleantech Invest's ownership in Nuuka Solutions Oy increased to 32,6%. The terms
of the subordinated convertible loan granted to Nuuka Solutions Oy by Cleantech
Invest Oy in June 2014 were modified so that Cleantech Invest's ownership in
Nuuka will be raised to at least 33,6% or maximum to 36,5% by the end of January
2015.
Savo-Solar received an order for over 1 MEUR on July 10th 2014 for the supply
and installation of a 7400 m2 collector field to a district heating plant
operated by Løgumkloster in South Denmark during 2014 and early 2015.
Aurelia Turbines Oy received a positive funding decision for the Horizon 2020
program's first phase.
Cleantech Invest has initiated actions for establishing in Sweden.
The board has decided to convert 400 000 K-class shares into A-class shares. The
trading with the converted shares commenced on August 28th 2014.
Accounting principles of the semi-annual accounts
Semi-annual accounts have been prepared following generally accepted accounting
principles and applicable laws. The figures of the review have not been audited.
The figures presented are rounded.
Calculation of key ratios and formulas
+-------------------------------------+----------------------------------------+
|Equity ratio (%) |Total equity x 100/ Total assets |
+-------------------------------------+----------------------------------------+
|Number of shares |Total number of share at the end of the |
| |period |
+-------------------------------------+----------------------------------------+
|Weighted average number of shares |Issue and conversion-adjusted weighted |
| |average number of shares |
+-------------------------------------+----------------------------------------+
|Diluted number of shares |Total number of share at the end of the |
| |period added by outstanding warrants |
+-------------------------------------+----------------------------------------+
|Weighted average number of shares, |Issue and conversion-adjusted weighted |
|Diluted |average number of shares added by |
| |outstanding warrants |
+-------------------------------------+----------------------------------------+
|Basic earnings per share (€) |Result for the (financial) period / |
| |Issue and conversion-adjusted weighted |
| |average number of shares |
+-------------------------------------+----------------------------------------+
|Diluted earnings per share (€) |Result for the (financial) period / |
| |Issue and conversion-adjusted weighted |
| |average number of shares added by |
| |outstanding warrants |
+-------------------------------------+----------------------------------------+
Financial communication
The 2014 financial statement will be published on 30.3.2015. In other respects,
the 2015 financial information release schedule will be published by the end of
2014.
Financial information
+-----------------------------------+----------+----------+-----------+
|Profit and Loss Statement EUR '000 |1-6 / 2014|1-6 / 2013|1-12 / 2013|
+-----------------------------------+----------+----------+-----------+
| | | | |
+-----------------------------------+----------+----------+-----------+
|Turnover | 0| 57| 59|
+-----------------------------------+----------+----------+-----------+
| | | | |
+-----------------------------------+----------+----------+-----------+
|Materials and services | 0| -10| -11|
+-----------------------------------+----------+----------+-----------+
|Personnel expenses | -195| -213| -446|
+-----------------------------------+----------+----------+-----------+
|Depreciation and impairment charges| -28| -13| -27|
+-----------------------------------+----------+----------+-----------+
|Other operating expenses | -70| -98| -205|
+-----------------------------------+----------+----------+-----------+
| | | | |
+-----------------------------------+----------+----------+-----------+
|Operating loss | -293| -277| -630|
+-----------------------------------+----------+----------+-----------+
| | | | |
+-----------------------------------+----------+----------+-----------+
|Financial income | 0| 0| 0|
+-----------------------------------+----------+----------+-----------+
|Financial expenses | 0| -104| -340|
+-----------------------------------+----------+----------+-----------+
| | | | |
+-----------------------------------+----------+----------+-----------+
|Result before taxes | -293| -381| -967|
+-----------------------------------+----------+----------+-----------+
| | | | |
+-----------------------------------+----------+----------+-----------+
|Result for the financial period | -293| -381| -967|
+-----------------------------------+----------+----------+-----------+
| | | | |
+-----------------------------------+----------+----------+-----------+
|Basic earnings per share | -0,02| -0,34| -0,15|
+-----------------------------------+----------+----------+-----------+
|Diluted earnings per share | -0,02| -0,21| -0,12|
+-----------------------------------+----------+----------+-----------+
+------------------------+---------+---------+----------+----------------------+
|Balance Sheet EUR '000 |30.6.2014|30.6.2013|31.12.2013| 31.12.2013 Earlier|
| | | | | reported|
+------------------------+---------+---------+----------+----------------------+
|Assets | | | | |
+------------------------+---------+---------+----------+----------------------+
| | | | | |
+------------------------+---------+---------+----------+----------------------+
|Non-current assets | | | | |
+------------------------+---------+---------+----------+----------------------+
| Intangible assets | 589| 109| 160| 160|
+------------------------+---------+---------+----------+----------------------+
| Tangible assets | 11| 13| 12| 12|
+------------------------+---------+---------+----------+----------------------+
| Investment in | 2 685| 1 933| 2 091| 2 091|
|associates | | | | |
+------------------------+---------+---------+----------+----------------------+
| Loan receivables from | 337| 420| 19| 0|
|associates | | | | |
+------------------------+---------+---------+----------+----------------------+
|Total non-current assets| 3 622| 2 475| 2 282| 2 263|
+------------------------+---------+---------+----------+----------------------+
| | | | | |
+------------------------+---------+---------+----------+----------------------+
|Current assets | | | | |
+------------------------+---------+---------+----------+----------------------+
| Loan receivables | 17| 110| 323| 342|
+------------------------+---------+---------+----------+----------------------+
| Other receivables | 95| 12| 15| 15|
+------------------------+---------+---------+----------+----------------------+
| Deferred assets | 36| 64| 13| 13|
+------------------------+---------+---------+----------+----------------------+
| Cash and cash | 3 525| 1 163| 542| 542|
|equivalents | | | | |
+------------------------+---------+---------+----------+----------------------+
|Total current assets | 3 673| 1 349| 893| 912|
+------------------------+---------+---------+----------+----------------------+
| | | | | |
+------------------------+---------+---------+----------+----------------------+
|Total assets | 7 295| 3 824| 3 175| 3 175|
+------------------------+---------+---------+----------+----------------------+
| | | | | |
+------------------------+---------+---------+----------+----------------------+
|Equity and liabilities | | | | |
+------------------------+---------+---------+----------+----------------------+
| | | | | |
+------------------------+---------+---------+----------+----------------------+
|Shareholders equity | | | | |
+------------------------+---------+---------+----------+----------------------+
| Share capital | 80| 8| 8| 8|
+------------------------+---------+---------+----------+----------------------+
|Reserve for invested | 8 027| 4 088| 4 088| 4 088|
|non-restricted equity | | | | |
+------------------------+---------+---------+----------+----------------------+
| Retained earnings | -975| -8| -8| -8|
+------------------------+---------+---------+----------+----------------------+
| Result for the | -293| -381| -967| -967|
|financial period | | | | |
+------------------------+---------+---------+----------+----------------------+
|Total shareholders | 6 839| 3 707| 3 121| 3 121|
|equity | | | | |
+------------------------+---------+---------+----------+----------------------+
| | | | | |
+------------------------+---------+---------+----------+----------------------+
|Current liabilities | | | | |
+------------------------+---------+---------+----------+----------------------+
| Accounts payable | 403| 0| 10| 10|
+------------------------+---------+---------+----------+----------------------+
| Other current | 35| 117| 9| 9|
|liabilities | | | | |
+------------------------+---------+---------+----------+----------------------+
| Accruals | 18| 0| 35| 35|
+------------------------+---------+---------+----------+----------------------+
|Total current | 456| 117| 54| 54|
|liabilities | | | | |
+------------------------+---------+---------+----------+----------------------+
| | | | | |
+------------------------+---------+---------+----------+----------------------+
|Total equity and | 7 295| 3 824| 3 175| 3 175|
|liabilities | | | | |
+------------------------+---------+---------+----------+----------------------+
The presentation and the grouping of figures in the balance sheet have been
changed from previously published to respond to the nature of the activities of
the company. For comparison purposes the balance sheet 31.12.2013 is presented
above also as reported before.
+---------------------------+----------+----------+-----------+----------------+
|Cash Flow Statement EUR |1-6 / 2014|1-6 / 2013|1-12 / 2013| 1-12 / 2013|
|'000 | | | |Earlier reported|
+---------------------------+----------+----------+-----------+----------------+
|Cash flow from operating | | | | |
|activities | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Result for the financial | -293| -381| -967| -967|
|period | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Adjustments | 28| 112| 359| 27|
+---------------------------+----------+----------+-----------+----------------+
|Change in receivables | 48| 69| -186| -217|
+---------------------------+----------+----------+-----------+----------------+
|Change in current | 65| -8| 27| -71|
|liabilities | | | | |
+---------------------------+----------+----------+-----------+----------------+
| | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Cash flow from operating | -152| -208| -767| -1 228|
|activities | | | | |
+---------------------------+----------+----------+-----------+----------------+
| | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Cash flow from investing | | | | |
|activities | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Investments in tangible and| -119| -121| -185| -185|
|intangible assets | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Acquisition of associates | -594| -1 319| -1 590| -1 590|
+---------------------------+----------+----------+-----------+----------------+
|Loan receivables from | -163| -420| -151| 0|
|associates | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Loan receivables from | 0| -102| 0| 0|
|others | | | | |
+---------------------------+----------+----------+-----------+----------------+
| | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Cash flow from investing | -876| -1 962| -1 926| -1 775|
|activities | | | | |
+---------------------------+----------+----------+-----------+----------------+
| | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Cash flow from financing | | | | |
|activities | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Share issue against payment| 4 011| 3 375| 3 375| 3 587|
+---------------------------+----------+----------+-----------+----------------+
|Change in interest bearing | 0| -75| -173| -75|
|liabilities | | | | |
+---------------------------+----------+----------+-----------+----------------+
| | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Cash flow from financing | 4 011| 3 300| 3 202| 3 512|
|activities | | | | |
+---------------------------+----------+----------+-----------+----------------+
| | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Change in cash and cash | 2 983| 1 130| 509| 509|
|equivalents | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Cash and cash equivalents | 542| 33| 33| 33|
|at the beginning of the | | | | |
|period | | | | |
+---------------------------+----------+----------+-----------+----------------+
|Cash and cash equivalents | 3 525| 1 163| 542| 542|
|at the end of the period | | | | |
+---------------------------+----------+----------+-----------+----------------+
The presentation and the grouping of figures in the cash flow statement have
been changed from previously published to respond to the nature of the
activities of the company. For comparison purposes the cash flow statement 1 -
12 / 2013 is presented above also as reported before.
Statement of changes in equity
+----------------+-----------+-------------+-----------+------------+----------+
|EUR '000 | Share| Reserve for| Retained| Result for| Total|
| | capital|invested non-| earnings| the| share-|
| | | restricted| | financial| holders|
| | | equity| | period| equity|
+----------------+-----------+-------------+-----------+------------+----------+
+----------------+-----------+-------------+-----------+------------+----------+
|Shareholders | 8| 4 088| -975| 0| 3 121|
|equity 1.1.2014 | | | | | |
+----------------+-----------+-------------+-----------+------------+----------+
|Share issue | 0| 4 011| 0| 0| 4 011|
+----------------+-----------+-------------+-----------+------------+----------+
|Transfer | 72| -72| 0| 0| 0|
+----------------+-----------+-------------+-----------+------------+----------+
|Result for the | 0| 0| 0| -293| -293|
|financial period| | | | | |
+----------------+-----------+-------------+-----------+------------+----------+
|Shareholders | 80| 8 027| -975| -293| 6 839|
|equity 30.6.2014| | | | | |
+----------------+-----------+-------------+-----------+------------+----------+
+----------------+-----------+-------------+-----------+------------+----------+
|Shareholders | 8| 0| -8| 0| 0|
|equity 1.1.2013 | | | | | |
+----------------+-----------+-------------+-----------+------------+----------+
|Share issue | 0| 4 088| 0| 0| 4 088|
+----------------+-----------+-------------+-----------+------------+----------+
|Result for the | 0| 0| 0| -381| -381|
|financial period| | | | | |
+----------------+-----------+-------------+-----------+------------+----------+
|Shareholders | 8| 4 088| -8| -381| 3 707|
|equity 30.6.2013| | | | | |
+----------------+-----------+-------------+-----------+------------+----------+
+----------------+-----------+-------------+-----------+------------+----------+
|Shareholders | 8| 0| -8| 0| 0|
|equity 1.1.2013 | | | | | |
+----------------+-----------+-------------+-----------+------------+----------+
|Share issue | 0| 4 088| 0| 0| 4 088|
+----------------+-----------+-------------+-----------+------------+----------+
|Result for the | 0| 0| 0| -967| -967|
|financial period| | | | | |
+----------------+-----------+-------------+-----------+------------+----------+
|Shareholders | | | | | |
|equity | 8| 4 088| -8| -967| 3 121|
|31.12.2013 | | | | | |
+----------------+-----------+-------------+-----------+------------+----------+
Helsinki 29.8.2014
Cleantech Invest Oyj's Board of Directors
For more information
Cleantech Invest Oyj, Feodor Aminoff, managing director, tel. +358 400 449 096,
feodor.aminoff@cleantechinvest.com.
Certified Advisor, Access Partners Oy, tel: +358 9 6829 500.
Cleantech Invest in brief
Cleantech Invest is an investment and development company focused on clean
energy and efficient use of natural resources. The company was established in
2005. The company owns minorities in a diversified portfolio of companies and is
actively looking for new investment targets. Cleantech Invest invests in the
most promising early-stage and growth cleantech companies in Finland, Sweden and
in the Baltic Sea area. The company management team members are international
pioneers in cleantech investing. Cleantech Invest is also a designated
Accelerator in the Vigo Program initiated by the Ministry of Employment and the
Economy. www.cleantechinvest.com.
[HUG#1852034]
Half-year review 1.1-30.6.14 (unaudited). Cleantech Invest made several investments, strong growth in associate companies
| Source: Cleantech Invest Oy