Press Release: PowerCell Sweden AB grew its sales from MSEK 15.1 to MSEK 16.6 (+10%) during the third quarter. Operating income before items affecting comparability weakened to MSEK -22.3 (-16.6) due to, among other things, negative currency effects and deliberately increased costs for selling and administration in connection to efforts to grow the business and enter new segments.
“The relatively modest increase in sales is linked to the timing of the shipments of the individual orders and is not reflecting the underlying trend line”, Karin Nilsson, acting CEO said.
Total sales for the third quarter 2020 amounted to 16,587 thousand SEK compared to 15,089 thousand SEK the same quarter previous year, an increase by 10 percent. Operating income before items affecting comparability amounted to -22,327 thousand SEK compared to -16,646 thousand SEK during the third quarter 2019.
The reason for the decline in operating income before items affecting comparability is currency effects and deliberately higher costs for selling and administration. The increased costs for selling and administration is linked to continued efforts to grow the business and to make inroads into new segments in line with the strategic prioritizations.
Operating income after items affecting comparability amounted to -27,964 (-16,746) thousand SEK for the period July to September 2020. The significant difference in operating income after items affecting comparability is due to the non-recurring cost of -5,637 thousand SEK that the company incurred as a result of the change of CEO during the quarter.
“We continue to experience an increasing interest for our products and technology. The relatively modest sales increase is not reflecting the underlying trend line but is linked to the timing of the shipments of our orders. On the contrary, investments in hydrogen are accelerating and during the third quarter both the EU and leading EU members presented ambitious hydrogen strategies that will lead us into the future hydrogen society”, Karin Nilsson, CEO of PowerCell said.
Financial highlights
| All amounts in thousand SEK | 2020 July-Sept | 2019 July-Sept | 2020 Jan-Sept | 2019 Jan-Sept |
| Net sales | 16,587 | 15,089 | 65,378 | 39,867 |
| Operating income before items affecting comparability | -22,237 | -16,646 | -68,207 | -51,162 |
| Operating income | -27,964 | -16,746 | -73,844 | 477,171 |
| Profit/loss after tax | -23,822 | -9,718 | -66,299 | 478,988 |
| Operating cash flow | 73,657 | -24,316 | 29,961 | 390,593 |
Link to the report: https://www.powercell.se/en/investors/financial-reports/
