Important agreements in USA, Belgium, Australia. Digital business affected by the electricity crisis.
1 January – 31 March 2023
Figures in brackets are comparative figures for the same period in 2022.
First quarter 2023 Group
Net sales for the quarter decreased to SEK 5 million.
The impact of the electricity crisis is considered temporary
Future development is expected to be positively affected by broader operations
Important agreements internationally, especially in the US, Belgium and Australia, confirm new growth area.
Cash liquidity secured by implemented measures
Technology development in Co2 technology proceeds according to plan
– Net sales amounted to 5 (13) MSEK
– Operating result amounts to MSEK -4.3 (4.1) MSEK
– Cash flow amounted to 0.2 (0.6) MSEK
CEO Joakim Erlandson comments:
"Those of you who have followed us for a while know that we have made major changes in the company. Today we are a purely greentech company with several business legs as presented in the report. This change, together with changed conditions due to external influences, has resulted in a lower turnover compared to the previous year. This is a fairly natural development as the work on a change in the business takes time, while the impact of the external crisis has been clear.
The result has also been affected by inflation and especially electricity prices. That said, I would also like to point out that we have a clear plan to meet these challenges and that we feel confident that we are doing the right things.
It has been an eventful start to 2023 for Creturner Group. During the first quarter of the year, we have faced both challenges and successes. The challenges are largely related to the outside world and have been about more expensive prices and that many potential customers have been busy tackling their own business challenges and thus postponed decisions to the future. The successes are the fine agreements and collaborations that we have established and that strengthen our ability to reach where we want Creturner to reach. I am proud to report that we continue to make progress towards our goals."
Creturner Group AB is a group with two business areas within environmental technology.
The digital part is a technical computing business that is expanding to strengthen its long-term potential and create a presence in the rapidly growing market for computing capacity. The company has its own facilities in Sweden with its own energy production to reduce raw material costs and environmental impact.
The environmental section offers corporate customers an efficient and permanent method to offset their operations. The method is based on Bio-CCS (Carbon Capture and Storage), whereby residual biomass is converted into the element carbon and stored to reduce the amount of carbon dioxide in the atmosphere. Corporate customers of Creturner can then purchase carbon offsets in the same way they traditionally offset climate change, for example by planting trees. Unlike tree planting, Creturner's approach is immediate, permanent and clearly measurable. Monitoring is done through linked smart contracts that give the customer insight into the results and future financial returns of the environmental investment. www.creturner.com
Creturner is listed on NGM Nordic SME in Stockholm and on the Stuttgart Stock Exchange in Germany.
For further information please contact:
Joakim Erlandson, CEO of Creturner Group AB (publ) on +46-70-8555255 or via e-mail email@example.com.
Address: Taptogatan 6, 115 27 STOCKHOLM, Sweden
Creturner Group AB (publ) org: 559152-3013