Interim report July September 2017

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Interim report July September 2017 Significant events July September l Reinforced Group Management: Torbjörn Möller new Chief Operating Officer and Max Rydahl new marketing and sales director l

1 Interim report July September 2017 Significant events July September l Reinforced Group Management: Torbjörn Möller new Chief Operating Officer and Max Rydahl new marketing and sales director l British Signal Special Opportunities new major owner; Handelsbanken Fonder expands ownership l New patent granted in Canada Significant events after the end of the quarter l New patent granted in Sweden Q Q Jan-Sep 2017 Jan-Sep 2016 Full year 2015 Net sales, SEK Operating margin, % neg neg neg neg neg Equity per share, SEK 5,1 3,2 5,1 3,4 3,4 Equity ratio, % 93,3 84,2 93,3 84,2 87,1 Average number of employees myfc Interim report July September 2017 Page 1

2 A word from our CEO The third quarter of the year has been one of execution. We have strengthened our organization and our finances, we have continued the work to commercialize JAQ Hybrid, and we have begun the development of a Lamina REX prototype. The work to industrialize JAQ Hybrid is progressing according to plan. As previously communicated, our intention is to initiate phase 2 in our framework agreement with our Chinese customer Telling in Phase 2 entails a mutual commitment of 400,000 units of JAQ Hybrid. During and after the end of the quarter we have further strengthened our finances. Our strong liquidity enables continued organizational reinforcements as well as accelerated execution of our prioritized projects. We operate in a highly fast-paced market, and have every intention of continuing to lead the development of fuel cell technology for mobile devices. In order to do that, we need to add further competence to the company. British Signal Special Opportunities is a new major owner of myfc, which I was glad to report. They have shown great interest in our technology and extensive knowledge in the areas in which we operate. I also welcome the continued investments from one of our major owners, Handelsbanken Fonder. Long-term, stable owners provide important support to drive industrialization and innovation. Our patent portfolio continues to grow. During the quarter we were granted a new patent in Canada. Just after the end of the quarter, a brand new patent for our fuel was approved in Sweden. My priorities are unchanged as follows: 1. To fulfill our commitment to our Chinese customer Telling. 2. To continue to build our relationships with mobile operators. 3. Building relationships with stakeholders in the battery and terminal world, more specifically, powerbank and smartphone manufacturers. 4. To begin the development of Lamina REX, in order to have a prototype on the market in Until the next time, Björn Westerholm CEO myfc myfc Interim report July September 2017 Page 2

3 Significant events in the third quarter Reinforced Group Management: Möller new Chief Operating Officer and Max Rydahl new marketing and sales director Torbjörn Möller will take office as COO at the turn of the year. He has previously worked at Pricer, eye tracking company Tobii, as well as the game publisher and game developer EA DICE. His area of responsibility at myfc will be to develop, plan and optimize myfc's total supply chain management, with special focus on industrialization and purchasing strategies. Max Rydahl has joined myfc as Marketing and Sales Director. His responsibilities are all myfc s sales and marketing activities towards mobile operators, power bank manufacturers and smartphone manufacturers. Max Rydahl was previously Head of Business Development of Mobile Services and Hardware for the Consumer Market at Telia Sweden, as well as Purchasing and Product Manager at Phone House. British Signal Special Opportunities new major owner; Handelsbanken Fonder expands ownership MyFC has completed a targeted issue of SEK 42.1 million. 952,000 shares were purchased by the British investor group Signal Special Opportunities. Handelsbanken Fonder, already a major owner, simultaneously bought another 500,000 shares. The new capital will primarily be used for accelerated execution of myfc s priority projects and the continued strengthening of its organization, within Research & Development, intellectual property rights and marketing. New patent granted in Canada The patent covers myfc's design and technology for fuel cell assembly. The ability to make the final assembly in one step, without compromising the cell membrane, allows for more cost efficient and effective production while maintaining the highest quality. The patent has previously been granted in China, Europe, Japan, Mexico, Russia, the United States and South Africa. Significant events after the end of the quarter New patent granted in Sweden The patent covers the design which secures a low dangerous goods rating for myfc s patented fuel. This design separates the inactive fuel components until it is time for hydrogen to be generated in a controlled manner. This design determines at which level myfc s fuel cards can be certified, classified and transported. MyFC s fuel is used in the JAQ Hybrid fuel cell charger. myfc Interim report July September 2017 Page 3

4 Financial overview Net sales and results 1 July 30 September Net sales during the period 1 July - 30 September 2017 amounted to SEK 6 thousand (7). Sales relate to minor completion purchases of the company's previous products. Delivery of the company's product JAQ Hybrid has not begun during the third quarter, following the plan previously announced by the company. Operating expenses during the quarter were SEK 11.1 million (8.7). The increase from the previous year is mainly attributable to increased costs for premises, consultants and travel. Operating expenses for the quarter include depreciation of SEK 2.0 M (2.0). The company's operating profit for the third quarter of 2017 amounted to SEK million (-7.9). Net financial items for the same period were SEK 0.0 million (-0.2). Cash flow, investments and financial position Cash flow for the third quarter amounted to SEK 4.7 million (-8.3). During the quarter, a directed issue was made to Handelsbanken Fonder and parts of the board of directors and management of myfc, which resulted in a contribution of SEK 32.3 million. After the end of the quarter, the money for the new issue completed at the end of the third quarter to Signal Special Opportunities and Handelsbanken Fonder was paid to the company, which resulted in an additional contribution of SEK 42.1 million to the company. During the third quarter, the company invested SEK 8.3 million in myfc Asia Ltd in order to continue its expansion on the Chinese market. The Board of Directors continuously reviews the company's financial needs and financial position. Should the need for additional capital contributions arise, the Board is of the opinion that the company is in a good position to secure future financing. Cash flow from operating activities in the third quarter of 2017 was negative and amounted to -9.5 MSEK (-8.2). At the end of September 2017, the Group's liquid assets amounted to SEK 25.1 million (8.7). Intangible assets The Group's intangible assets are divided into the various development projects the company is working with or has worked with; as well as the Group's patent portfolio of more than 80 patents and patent applications, trademarks and know-how. This may apply, for example, to the development of fuel cells, chargers, fuel, etc. myfc Interim report July September 2017 Page 4

5 Equity The Group's equity amounted to SEK M (78.3) on 30 September The equity ratio amounted to 93.3% (84.2) on 30 September Employees At the close of the period, the company had 13 (13) employees. Parent company MyFC Holding AB is the Group s Parent company. The Company s Group management team is employed by myfc Holding AB and the Parent company invoices myfc AB for the hours the Group management team works in myfc AB. Miscellaneous Material risks and uncertainty factors myfc s material business risks primarily involve all technical risks that affect future product launches, the risk of being unable to increase production capacity quickly enough to satisfy market demand, difficulty in attracting and retaining skilled employees, capital risks and currency risks to a lesser extent. A more detailed description of material risks and uncertainty factors can be found in myfc s annual report, published on myfc s website, Accounting principles This interim report has been prepared in accordance with the Annual Accounts Act and the Swedish Accounting Standards Board s general regulations BFNAR 2012:1 Annual Report and Consolidated Financial Statements (K3). Kalendarium February 23, 2018 Year-end report 2017 April 27, 2018 Interim report January March 2018 May 31, Annual general Meeting myfc Interim report July September 2017 Page 5

6 The interim report has not been reviewed by the company s auditors Stockholm, October Board of Directors myfc Holding AB For further information, please contact: Björn Westerholm, CEO Ulf Henning, CFO björn.westerholm@myfc.se ulf.henning@myfc.se myfc Interim report July September 2017 Page 6

7 Financial reports Income statement for the Group SEK 000 July-Sep 2017 July-Sep 2016 Jan-Sep 2017 Jan-Sep 2016 Full year 2016 Operating income Net sales Work performed by the company for its own use Other operating income Total operating income Operating expenses Raw materials, consumables and goods for resale Other external expenses Personnel costs Depreciation Total operating expenses Operating loss Profit/loss from financial items Net financial items Loss after financial items Tax Loss for the period Earnings per share before dilution (SEK) -0,33-0,34-1,01-1,07-1,33 after dilution (SEK) na na na na na Average number of outstanding shares at the close of the report period before dilution (000) myfc Interim report July September 2017 Page 7

8 Balance sheet for the Group SEK 000 Sep 30, 2017 Sep 30, 2016 Dec 31, 2016 Assets Subscribed unpaid capital Fixed assets Intangible fixed assets Property, plant and equipment Interests in associated companies Total fixed assets Current assets Inventories Accounts receivable Current tax assets Prepaid expenses and accrued income Other receivables Cash and cash equivalents Total current assets Total assets Equity and liabilities Equity Share capital Other capital provided Retained earnings Loss for the period Total equity Non-current liabilities Other non-current liabilities Total non-current liabilities Current liabilities Liabilities to credit institutions Bank overdraft facility Accounts payable Other liabilities Accrued expenses and deferred income Total current liabilities Total equity and liabilities myfc Interim report July September 2017 Page 8

9 Statement of changes in consolidated equity SEK 000 Share capital Other capital provided Other equity incl profit/loss for the year Profit/loss for the year Total equity Disposition acc to AGM New issue New issue, not yet paid New issue through warrents Off issue Issue cost Warrents Redemption of warrants in myfc AB Non-cash issue Profit/loss for the period Consolidated statement of cash flows SEK 000 July-Sep 2017 July-Sep 2016 Jan-Sep 2017 Jan-Sep 2016 Full year 2016 Cash flow from current operations before changes in working capital Cash flow from changes in working capital Cash flow from current operations Cash flow from investing activities Cash flow from financing activities Cash flow for the period Opening balance, cash and cash equivalents Cash and cash equivalents at the end of the period myfc Interim report July September 2017 Page 9

10 Income statement for parent company SEK 000 July-Sep 2017 July-Sep 2016 Jan-Sep 2017 Jan-Sep 2016 Full year 2016 Operating income Net sales Total operating income Operating expenses External costs Personnel costs Operating profit/loss Profit/loss from financial items Net financial items Profit/loss after financial items Tax Profit/loss for the period myfc Interim report July September 2017 Page 10

11 Balance sheet for the Parent Company SEK 000 Sep 30, 2017 Sep 30, 2016 Dec 31, 2016 Assets Subscribed unpaid capital Fixed assets Interests in subsidiaries Interests in associated companies Total fixed assets Current assets Receivables in Group companies Other receivables Prepaid expenses and accrued income Cash and cash equivalents Total current assets Total assets Equity and liabilities Equity Share capital Premium reserve Retained earnings Loss for the period Total equity Current liabilities Accounts payable Other liabilities Accrued expenses and deferred income Total current liabilities Total equity and liabilities myfc Interim report July September 2017 Page 11

12 Statement of changes in Parent Company's equity SEK 000 Share capital Other capital provided Other equity, including profit/loss for the year Profit/loss for the year Total equity Transfer of last year's profit/loss New issue New issue, not yet paid New issue through warrents Off issue Issue costs Redemption of warrants in myfc AB Issue costs Loss for the period Key figures SEK 000 July-Sep 2017 July-Sep 2016 Jan-Sep 2017 Jan-Sep 2016 Full year 2016 Net sales, SEK Operating margin, % neg neg neg neg neg Return on equity, % neg neg neg neg neg Equity per share, SEK 5,1 3,2 5,1 3,4 3,4 Equity ratio, % 93,3 84,2 93,3 84,2 87,1 Number of employees at end of period This information is information that myfc is obliged to make public pursuant to the EU Market Abuse Regulation, the Swedish Securities Market Act and the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out above, on October 26, 2017 at am CET. About myfc MyFC, a Swedish innovation company and market leader in micro fuel cells, develops green energy solutions. Its JAQ Hybrid platform, which co-locates fuel cell and battery to charge smartphones and tablets, was launched in JAQ Hybrid is the company's third hydrogen-powered product following JAQ and PowerTrekk. It runs on the company's patented fuel consisting of salt, water and reactants. MyFC was founded in 2005 and is part of the group myfc Holding AB. MyFC Holding was listed on NASDAQ First North in May Its head office is located in Stockholm and the company's Certified Advisor is Avanza Bank. For more information, visit myfc Interim report July September 2017 Page 12

Financial report January September 2018

Financial report January September 2018 Significant events July September l myfc runs an electric car on water at Almedalen political week l myfc makes key recruitment within mobile integration l myfc