Total revenues increased 49% to SEK 53.7 (35.9) million for 2022
Fourth quarter 2022 Creturner Group
Figures in brackets are comparative figures for the same period in 2021
Turnover affected by the electricity crisis but structural changes offset.
– Q4 net sales amounted to SEK 9.2 (15.6) million
– Gross margin was 55% (82%) MSEK
– The operating margin for the period was 0% (40%)
– Operating result Q4 amounted to SEK -0.1 (6.3) million
– Impact of high energy prices was significant
– Future development expected to be positively impacted by the new broader business
– External debt significantly reduced during the year
– Liquidity secured through active measures
Full year 2022-01-01-2022-12-31
– Total revenues increased 49% to SEK 53.7 (35.9) million
– Net sales amounted to SEK 43.3 (35.9) million
– Operating profit amounted to SEK 8.1 (16.9) million
– Cash flow from operating activities amounted to SEK 30.4 (29.4) million
Chairman of the Board Daniel Moström comments:
"The year 2022 was strong but challenging with the impact of higher electricity prices, net cost more than doubled compared to the previous year. In addition, the period in the fourth quarter of 2022 was exceptionally challenging with dramatic world events, production conditions and electricity prices shifting significantly on a daily basis. Creturner responded by adapting its operations to the changing conditions with a long-term focus. This meant cutting costs across the board and stepping up efforts to further develop the entire Group. In January 2023, we changed the company name to Creturner Group – as it reflects the new broader expanded activities of the Group. We are very excited about the future.
The full year ended strongly with increased business in the Bio-CCS division and the new division contributed significantly to turnover. With the Group's depreciation on schedule at SEK 16m for the full year, this has a corresponding impact on profit after tax. The digital side, which relates entirely to HPC, was impacted by the European electricity crisis; the ongoing HPC projects for the fourth quarter were not ready to be monetised at year-end. The outlook looks very good for all branches of the company. Turnover for the full year totalled SEK 43.3 million with an operating profit of SEK 8.1 million. Total revenue for 2022 was SEK 53.7 million. Fourth quarter turnover was SEK 9.3 million with an operating loss of SEK 0.1 million. Our Group will benefit from the electricity subsidy for businesses announced by the government; for our part, the subsidy amounts to just over SEK 4 million.
During the full year 2022, the entire business developed very extensively, first we expanded with heavy investments in the digital side, continued to build out our own energy supply vigorously and then we acquired an environmental technology company that brings great synergies and future potential. There has also been an extremely exciting technology development in Co2 technology.
Let me be clear that the digital business of the Creturner Group (formerly Xpecunia Nordic) is intact and now solely focused on HPC – High Performance Computing. This means that the digital machinery we own is rented out on a contract basis via partners. The HPC part is undergoing a transition – the equipment is partly rebuilt to adapt but it is energy intensive, whereby our own energy supply lowers the operational cost and correspondingly increases the margin. The prospects for this part of the business look very good, our main partner Cudo Compute Ltd (owned by Cudo Ventures Ltd) reports in a 2023 planning meeting that demand far exceeds their expectations. We are letting the evidence of the factual outcome in HPC lead the way before successive decisions on expansion are made. In the fourth quarter the energy crisis escalated across Europe affecting turnover in all energy intensive digital businesses, we acted cautiously in this uncertain climate."
The full quarterly report for the period is available on the company's website www.creturner.com It is available in three languages, Swedish, German and English.
Q1 2023: 2023-04-26
Q2 2023: 2023-08-28
Annual General Meeting: 2023-04-28
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 capabilities. The company has its own facilities in Sweden with in-house energy production to reduce raw material costs and environmental impact.
The environmental part offers corporate customers an efficient and permanent method to offset their operations. The method is based on Bio-CSS (Carbon Capture and Storage), which involves converting residual biomass into the element carbon and storing it to reduce the amount of CO2 in the atmosphere. Corporate customers of Creturner can then buy carbon offsets in the same way as 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 outcome as well as future financial returns from the environmental investment.
The company is listed on NGM Nordic SME in Stockholm, Sweden and on the Stuttgart Stock Exchange in Germany.
For further information please contact:
Joakim Erlandson, CEO of Creturner Group AB (publ) on 070-8555255 or via email email@example.com
Address: Taptogatan 6, 115 27 STOCKHOLM, Sweden
Creturner Group AB (publ) org: 559152-3013