Key events during Q2 2024
During the first half of 2024, ChromoGenics continued its developmental journey with a strong focus on the customer and quality, continued to take measures to lower costs, and received an order for the manufacture of ConverLight® Dynamic from one of the company's new European partners for a non-European customer.
- ChromoGenics announced that it held an Extraordinary General Meeting, at which the Meeting resolved to approve the Board's decision according to the above on directed issues of shares and therewith related proposals. The Extraordinary General Meeting also resolved in accordance with the proposal of the Board of Directors to amend the share capital limits in the company's Articles of Association and reduce the share capital in order to decrease the quota value of the shares. (April 5, 2024)
- ChromoGenics receives first order for North America: Brings dynamic glass to luxury villa project in Colorado. As a leading supplier of dynamic glass solutions, ChromoGenics receives its first order for the North American market. The company will supply its innovative ConverLight ® dynamic glass to a luxury villa project in Colorado, USA. The villa, which will emphasize sustainability and energy efficiency, will feature windows supplied by ChromoGenics' German partner, ENERsign. (April 8, 2024)
- Interim Report January-March 2024 is published (May 23, 2024)
- On May 23, 2024, Färna Invest AB announced a public buyout offer to acquire all outstanding shares in ChromoGenics. On the same day, the Board of Directors of ChromoGenics announces that it has decided to recommend to the shareholders of ChromoGenics to accept the buyout offer from Färna Invest AB.
- On May 30, the company receives notification from the Swedish Energy Agency that a decision had been made to convert conditional loans of approximately SEK 47.6 million to grants, but that the accrued unpaid interest of approximately SEK 18 million and an invoiced unpaid amortization payment of approximately SEK 3 million would remain as a debt to the Swedish Energy Agency.
- On June 18, 2024, ChromoGenics publishes its annual report for 2023.
Events after the end of the reporting period
- On July 1, 2024, Färna Invest AB announces that it has decided to extend the period for the buyout offer to 3:00 PM on July 15, 2024.
Comments from the CEO
ChromoGenics is a proptech company that contributes to more daylight and well-being indoors, higher energy efficiency, and a decreased footprint for the real estate industry.
ChromoGenics has undergone major changes during the quarter. That Färna Invest is pursuing its offer and at the time of writing owns 86 percent of the company gives us a strong owner who shares our vision of creating a profitable international industrial company based on our unique technology.
During my three years as CEO, we have taken key steps along our journey: launching and quality assuring production and the product, sharply cutting costs in the value chain, enabling quality control from A to Z, and starting to reestablish ConverLight on the market in cooperation with other companies in the glass industry.
The road to profitability will require investments in the organization, commercial activities, and working capital to bridge the deep recession in the building industry. With Färna Invest, we can find long-term financial solutions to realize the company's potential. Even the forgiven loan from the Swedish Energy Agency creates necessary conditions for the company.
Production has functioned well during the quarter, and the direct production costs have continued to decrease thanks to lower scrapping and stable processes. During the quarter, we successfully produced the world-unique curved glass for the new head office of the Swedish National Board of Housing, Building and Planning. Unfortunately, the glass was damaged during transport to the end customer, which was tragic but outside of our control. The transporter has taken full responsibility, and at the time of writing we have manufactured replacement glass that will soon be delivered. During the quarter we also manufactured glass for a major project in Sweden that will be delivered during the fall.
We have made the necessary staff cuts of approximately 30 percent. Despite this major change, the operations have functioned well. The restart of production after the vacation period has also progressed well. I would like to thank in particular all our employees for their excellent work under difficult conditions.
Sales and marketing activity during the quarter was high, but order intake was low, which reflects the continued recession in the building sector. During the quarter we received orders from Germany and the Netherlands as well as a number of smaller orders and test orders.
I would like to thank all of our shareholders who have believed in and supported the company over the years. We are now entering a new phase with a new majority owner. This will create the necessary conditions for realizing the company's potential.
Fredrik Fränding, CEO
For more information, please contact:
Fredrik Fränding, CEO: +46 72 249 24 62
Anne-Marie Gullman, CFO & Head of Investor Relations: +46 76 136 01 15
This report, together with previously published interim reports, is available in its entirety on the company's website.
https://chromogenics.com/sv/finansiella-rapporter/
This information constitutes such information that ChromoGenics AB is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted by the above-mentioned contact persons for publication on Friday, August 30, 2024, at 8:30 AM CET.
