Clevon AS publishes its consolidated interim report for 2022 (see the Annex to this notice). The report covers the period from 1 April 2022 to 31 December 2022, because Clevon AS was founded on 1 April 2022. Since this is the first year of operations of Clevon AS, the report does not contain comparable data. Unlike the interim report published on 7 September 2022, the report published now is consolidated: In the autumn of 2022, Clevon AS established a subsidiary company in Texas, USA with the name Clevon Corporation.
The most important event of Clevon AS during the reporting period was the IPO, where shares of Clevon AS were offered to the public, and shares of Clevon AS were admitted to trading on First North. Although the IPO was successful, the need to exit First North has now become apparent: The product development of Clevon AS (i.e., the development of driverless autonomous vehicles and related technology) requires additional capital, and raising it either through offering of securities on the trading venue or through a private placement outside the trading venue is extremely unlikely in the present situation on the financial markets. Communication with potential investors has shown that in order to raise additional capital, it is necessary to leave First North.
By the end of the reporting period, Clevon AS robotic couriers have already covered more than 20,000 kilometres on public roads making deliveries. By the end of the reporting period, 20 autonomous robotic couriers CLEVON 1 had been produced and were in active use. The vehicles were used both for testing on a closed test site and in pilot projects in Estonia, other European countries and the USA.
The financial results of the reporting period are presented below. As opposed to the interim report published on 7 September 2022, which was prepared in accordance with the Estonian financial reporting standard, the consolidated unaudited interim report for 2022, which is hereby published, has been prepared in accordance with international financial reporting standards (IFRS).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| (euros) | 31/12/2022 | 01/04/2022 |
| ASSETS Current assets | ||
| Cash and cash equivalents | 1 767 398 | 0 |
| Trade and other receivables | 91 500 | 0 |
| Prepayments | 15 910 | 0 |
| Inventories | 334 053 | 496 115 |
| Total current assets | 2 208 861 | 496 115 |
Non-current assets | ||
| Prepayments | 12 223 | 0 |
| Property, plant and equipment | 1 451 795 | 555 343 |
| Intangible assets | 4 508 756 | 3 415 254 |
| Total non-current assets | 5 972 774 | 3 970 597 |
| TOTAL ASSETS | 8 181 635 | 4 466 712 |
| LIABILITIES | ||
| Current liabilities | ||
| Loans | 141 854 | 16 559 |
| Trade payables | 123 125 | 0 |
| Employee related liabilities | 248 756 | 35 474 |
| Other payables | 248 821 | 0 |
| Total current liabilities | 762 556 | 52 033 |
Non-current liabilities | ||
| Loans payable | 980 740 | 33 317 |
| Total non-current liabilities | 980 740 | 33 317 |
| TOTAL LIABILITIES | 1 743 297 | 85 351 |
| EQUITY | ||
| Share capital | 2 957 577 | 2 679 500 |
| Share premium | 6 508 708 | 1 701 862 |
| Other reserves | 381 903 | 0 |
| Profit (loss) for the period | -3 409 850 | 0 |
| Total equity attributable to owners of the parent | 6 438 338 | 4 381 362 |
| Total equity | 6 438 338 | 4 381 362 |
| TOTAL LIABILITIES AND EQUITY | 8 181 635 | 4 466 712 |
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS
| (euros) | 01/04/2022 - 31/12/2022 |
| Revenue | 98 420 |
| Other income | 12 948 |
| Goods, raw material, materials and services | -509 632 |
| Operating expenses | -1 081 213 |
| Personnel expenses | -2 676 874 |
| Depreciation, amortisation and impairment Capitalised expenses for manufacturing of non-current assets for own use | -776 787 1 598 356 |
| Other expenses | -53 897 |
| Operating profit (loss) | -3 338 679 |
| Finance income | 186 |
| Finance costs | -58 869 |
| Other finance income and costs | -12 488 |
| Finance income - net | -71 171 |
| Profit (loss) before income tax | -3 409 850 |
| Income tax expense | 0 |
| Profit (loss) for the period | -3 409 850 |
| Attributable to owners of the parent | -3 409 850 |
| Basic earings per share | -0,11 |
CONSOLIDATED STATEMENT OF CASH FLOW
| (euros) | 01/04/2022 - 31/12/2022 |
| CASH FLOW FROM OPERATING ACTIVITIES | |
| Profit (loss) for the period | -3 409 850 |
| Adjustments: | |
| Depreciation, amortisation and impairment | 776 787 |
| Gain (loss) on sale of tangible and intangible assets | -23 |
| Finance costs | 71 170 |
| Income tax expense | 0 |
| Other adjustments | 381 903 |
| Change in operating receivables and prepayments | -119 634 |
| Change in inventories | 162 062 |
| Change in operating accounts payable and prepayments | 585 227 |
| TOTAL CASH FLOW FROM OPERATING ACTIVITIES | -1 552 355 |
| CASH FLOW IN INVESTING ACTIVITIES | |
| Paid upon acquisition of property, plant, and equipment, and non-current intangible assets | -2 558 708 |
| Received from sales of property, plant, and equipment, and intangible assets | 1 600 |
| Paid upon acquisition of subsidiaries | -1 |
| Interests received | 186 |
| TOTAL CASH FLOWS IN INVESTING ACTIVITIES | -2 556 922 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |
| Loans received | 950 000 |
| Repayments of loans received | -3 635 |
| Repayments of lease liabilities | -103 705 |
| Interests paid | -38 421 |
| Received from share issue less issuance costs | 5 084 924 |
| TOTAL CASH FLOWS FROM FINANCING ACTIVITIES | 5 889 163 |
| NET CASH FLOW | 1 779 885 |
| Cash and cash equivalents at the beginning of the period | 0 |
| Impact of exchange rate fluctuations | -12 488 |
| Cash and cash equivalents at the end of the reporting period | 1 767 398 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Equity attributable to owners of parent | |||||||||||
(euros) | Share capital | Share premium | Other reserves | Retained earnings (loss) | Total | Total equity | |||||
| Equity at 01/04/2022 | 2 679 500 | 1 701 862 | - | - | 4 381 362 | 4 381 362 | |||||
| Profit (loss) for the period | 0 | 0 | 0 | -3 409 850 | -3 409 850 | -3 409 850 | |||||
| Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Total comprehensive income for the period | 0 | 0 | 0 | -3 409 850 | -3 409 850 | -3 409 850 | |||||
| Transactions with owners | |||||||||||
| Share capital issued | 278 077 | 4 806 846 | 0 | 0 | 5 084 923 | 5 084 923 | |||||
| Formation of share option reserve | 0 | 0 | 381 903 | 0 | 381 903 | 381 903 | |||||
| Other changes in equity | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Total transactions with owners | 278 077 | 4 806 846 | 381 903 | 0 | 5 466 826 | 5 466 826 | |||||
| Equity at 31.12.2022 | 2 957 577 | 6 508 708 | 381 903 | -3 409 850 | 6 438 338 | 6 438 338 | |||||
Additional information:
Arno Kütt
Chair of the Management Board of Clevon AS
arno.kutt@clevon.com
