GlobeNewswire

Cleantech Building Materials: Unaudited Interim Results to 30 June 2021

Share

31 August 2021

CLEANTECH BUILDING MATERIALS PLC, NASDAQ FIRST NORTH GROWTH MARKET, COPENHAGEN

TICKER: CBM

Cleantech Building Materials plc

Unaudited Interim Results to 30 June 2021

Cleantech Building Materials plc (“CBM” or the “Company” or the “Group”), presents its unaudited results for the six months ended 30 June 2021. The financial statements are appended to this announcement.

Strategy and Objectives

The CBM Group’s primary strategic objectives for 2021 are:

  1. To engage a leading engineering, procurement and construction firm to lead the construction of an Accoya® Wood manufacturing facility in China.

  2. Together with the Group’s chemical industry joint venture partner, Nantong Acetic Acid Chemical Company Limited (“NTAAC”), to ensure that the Accoya® Wood manufacturing facility is constructed on time and on budget, and operated efficiently.

  3. To build relationships with large-volume wood product manufacturers through testing and trials in anticipation of Accoya® Wood being produced in the Group’s own factory.

  4. To develop the Group’s marketing and sales initiatives to further expand market channels and offtake agreements in the Chinese and ASEAN markets.

The Group has made progress towards achieving these objectives during the six months ended 30 June 2021.

Financial Review of the Business

The Group’s revenues for the six months ended 30 June 2021 amounted to €680,000 (six months ended 30 June 2020: €447,000). The revenues recovered following the disruption of construction projects in China and the ASEAN regions due to the Covid pandemic in 2020.

The Group realised a net loss of €2,176,000 for the six months ended 30 June 2021 (six months ended 30 June 2020: €1,639,000). The net loss for the current period was mainly due to salaries, share option costs and professional costs. Strict cost control has limited the extent of the loss.

As at 30 June 2021, the Group had cash and cash equivalents of €60,000 (30 June 2020: €40,000) and net current liabilities of €211,000 (30 June 2020: €839,000). The Group’s equity and debt financing arrangements provide sufficient working capital to continue the expansion of the Group’s marketing and sales activities in China and the ASEAN markets, and to progress the financing and build plans for its own Accoya® Wood factory in China. The Group continues to closely manage its cash position to ensure that any costs of financing are mitigated as fully as possible. In December 2020, the Group obtained an additional loan facility of €1m to March 2022 to support the Group’s operations. In March 2021 the joint venture agreement with NTAAC was signed and NTAAC subsequently made capital contributions to the joint venture corresponding to agreed milestones. On 1 June 2021 the Family Office Investor made equity investments corresponding to agreed milestones.

The Group has been investing to increase its marketing and sales activities and has successfully appointed eight wholesalers and distributors of Accoya Wood in the China and ASEAN regions. These agreements include escalating volume purchase commitments over a three-year period in exchange for market segment exclusivity. All of these Offtake Distribution agreements are extendable beyond 2021, conditional on sales performance. The Group foresees a growing order book from 2021 onwards; but in the short term remains constrained by Titan Wood’s limited supply of Accoya® wood until the Group has completed the construction of its own Accoya® wood factory.

The Group continues to work closely with our Chinese JV partner, NTAAC, to progress the construction of the first Accoya® Wood factory in Asia. Once the Group is producing its own Accoya® wood, the CBM Board believes the financial performance of the Group will be radically transformed.

Business Update

On 31 March 2021 the Group announced the signing of a comprehensive joint venture agreement with NTAAC to form a joint venture company, Jiangsu Dragon Wood, (“JDW”) that will develop and operate an Accoya® Wood factory in Nantong China.

On the 18 May 2021 the Group announced that the joint venture company, JDW, had signed a long-term contract for land, utilities and various tax incentives with the Nantong local government’s Administration Committee of Jiangsu Rudong Yangkou Port Economic Zone. Under this contract, JDW will acquire 16 hectares of land on which it will build the factory. The factory will initially produce 40,000 m3 of Accoya® Wood annually, but the land available will potentially allow expansion of the factory to increase annual production to 480,000 m3 of Accoya® Wood.

On 1 June 2021 the Group announced that the Family Office Investor, which signed a Subscription Agreement in 2019 to invest €15 million euros based on agreed milestones, had made a further equity investment at €1.25 per share related to milestone 2 completion. This is the third equity investment made by the Family Office, demonstrating their commitment to CBM and JDW.

Finally, on 28 June 2021, the Group announced that our subsidiary, Diamond Wood China Limited, (“Diamond Wood”) had entered into a distribution and offtake agreement with Halogen Corporation. Halogen Corporation are based in Ho Chi Minh City and sells prestigious building material brands for its customers from its facility in Thuan An City, and throughout Vietnam across its distribution network. This is the latest of a number of distribution agreements that Diamond Wood have signed, creating an extensive distribution network across China and the ASEAN Region.

Events after the reporting date

No material matters to report.

The interim financial information for the six months ended 30 June 2021 was approved by the Board for release on 31 August 2021.

THE DIRECTORS OF CLEANTECH BUILDING MATERIALS PLC ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

Further information may be found at the Company's website at www.cbm-plc.com

Further Enquiries:

Cleantech Building Materials plc
Adrian Wyn-Griffiths
info@cbm-plc.com
+44 20 3934 6630



Keswick Global AG (Certified Adviser)info@keswickglobal.com
+43 1 740 408045



IFC Advisory Limited (Financial PR)
Tim Metcalfe
Zach Cohen

+44 20 3934 6630

The information communicated in this announcement is “inside information” for the purposes of article 7 of the Market Abuse Regulation 596/2014.

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Repurchase of shares in Millicom17.9.2021 23:00:00 CEST | Press release

Repurchase of shares in Millicom Luxembourg, September17, 2021 - During the period September 9, 2021 – September 15, 2021, Millicom repurchased a total of 131,559 of its Swedish Depository Receipts (SDRs), hereinafter referred to as shares within the framework of the repurchase program announced on July 29, 2021, details of which are shown in the table below. DateNumber of shares repurchasedWeighted average repurchaseprice (SEK) excluding commissionsTotal daily transaction value (SEK), excluding commissions 09/09/2021 15,000 322.6863 4,840,294.50 10/09/2021 30,000 322.1097 9,663,291.00 13/09/2021 17,974 322.3942 5,794,713.35 14/09/2021 15,725 321.5394 5,056,207.07 15/09/2021 52,860 314.4509 16,621,874.57 All purchases were carried out on Nasdaq Stockholm by Citigroup Global Markets Limited on behalf of Millicom. Following the purchases, as of September 15, 2021, Millicom holds 792,425 treasury shares. The total number of shares outstanding in Millicom is 101,739,217. The repurchase pro

Palette Life Sciences lanserar ny varumärkeswebbplats med USA:s portfölj17.9.2021 18:09:14 CEST | Pressemelding

Varumärkesuppdatering för USA och globala kommersiella produkter för behandling av ouppfyllda medicinska behov SANTA BARBARA, Kalifornien och STOCKHOLM, Sverige, Sept. 17, 2021 (GLOBE NEWSWIRE) -- Palette Life Sciences, ett helt integrerat globalt företag inom biovetenskap som arbetar för att förbättra patientutfall, lanserade idag sin nyligen uppdaterade webbplats Palettelifesciences.com. Webbplatsen har ett uppdaterat företagsvarumärke som stöder alla produkter i Palette Life Sciences-portföljen, och som fokuserar på minimalt invasiva behandlingar inriktade på ouppfyllda medicinska behov vid strålbehandling och interventionella onkologiska ingrepp, urologiska/urogynekologiska sjukdomar och kolorektala tillstånd. ”Vi inom Palette är stolta över vår förstklassiga produktportfölj som ger hopp åt dem med ouppfyllda medicinska behov”, säger Per G. Langö, Chief Executive Officer och Board Director för Palette Life Sciences. ”När vi bytte varumärke på vår webbplats övervägde vi hur vi bäst

Prosafe SE: bp charters Safe Zephyrus in 202217.9.2021 17:40:15 CEST | Press release

BP Exploration Operating Company Limited ('bp') has chartered the Safe Zephyrus to provide gangway connected operations to support the Seagull project at the ETAP central processing facility in the UK North Sea. The firm duration of the contract, starting Q1 2022, is 10 months with up to four months of options. The Safe Zephyrus is one of the world's most advanced and versatile accommodation vessels, complying with stringent rules in both UK and Norway and with a strong focus on reducing emissions by optimising the engine load. The value of the contract firm duration is USD 35.5 million, and the firm duration including options value is USD 49.3 million. Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com 17 September 2021 Prosafe SE For further information, please contact: Jesper K. Andresen, CEO Phone: +47 51 65 24 30 / +47 907 65 

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK COVERED BONDS17.9.2021 16:20:00 CEST | Press release

Bid procedure, 2021-09-23BondsSWEDBANK HYPOTEK AB: 192. SE0010133207. 2023-03-15 STADSHYPOTEK AB: 1591, SE0013882644, 2026-06-01 SWEDISH COVERED BOND: 146, SE0013381571, 2025-06-11 SKANDINAVISKA ENSKILDA: 581, SE0013102043, 2026-12-16 LANSFORSAKRINGAR HYPOTEK: 520, SE0014694659, 2027-09-15 DANSKE HYPOTEK AB: 2312, SE0011116474, 2023-12-20 NORDEA HYPOTEK AB: 5536, SE0013358439, 2026-09-16 Bid date2021-09-23Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)192: 400 mln SEK +/-200 mln SEK 1591: 1900 mln SEK +/-950 mln SEK 146: 700 mln SEK +/-350 mln SEK 581: 500 mln SEK +/-250 mln SEK 520: 600 mln SEK +/-300 mln SEK 2312: 500 mln SEK +/-250 mln SEK 5536: 400 mln SEK +/-200 mln SEK Highest permitted bid volume (corresponding nominal amount)192: 400 mln SEK per bid 1591: 1900 mln SEK per bid 146: 700 mln SEK per bid 581: 500 mln SEK per bid 520: 600 mln SEK per bid 2312: 500 mln SEK per bid 5536: 400 mln SEK per bid Lowest permitted bid volume (co

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS17.9.2021 16:20:00 CEST | Press release

Bid procedure, 2021-09-24BondsSWEDISH GOVERNMENT: 1056. SE0004517290. 2032-06-01 SWEDISH GOVERNMENT: 1053, SE0002829192, 2039-03-30 Bid date2021-09-24Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1056: 500 mln SEK +/-250 mln SEK 1053: 750 mln SEK +/-350 mln SEK Highest permitted bid volume (corresponding nominal amount)1056: 500 mln SEK per bid 1053: 750 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-09-28Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-09-17 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions c

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK TREASURY BILLS17.9.2021 16:20:00 CEST | Press release

Bid procedure, 2021-09-22BillsSWEDISH T-BILL: SE0015244405. 2021-12-15 SWEDISH T-BILL: SE0016102057, 2022-06-15 SWEDISH T-BILL: SE0016787204, 2022-09-21 Bid date2021-09-22Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SE0015244405: 1000 mln SEK +/-500 mln SEK SE0016102057: 1000 mln SEK +/-500 mln SEK SE0016787204: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)SE0015244405: 1000 mln SEK per bid SE0016102057: 1000 mln SEK per bid SE0016787204: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 11.15 (CET/CEST) on the Bid dateDelivery and payment date2021-09-24Delivery of billsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-09-17 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between t

CONDITIONS FOR THE RIKSBANK´S PURCHASES OF COMMERCIAL PAPER17.9.2021 16:20:00 CEST | Press release

Bid procedure, 2021-09-22CertificateCommercial paper issued in SEK by non-financial companies with their registered office in Sweden and with a remaining maturity of up to six months on the Bid date. i.e. with the latest maturity date as of 2022-03-22 Delivery may not be made in commercial paper purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Special terms, i.e. the purchase may not have been made after 2021-09-10 BidsCounterparties may make one bid per Credit rating class and maturity class. Bids are made to tel 08-696 69 70 and confirmed by e-mail to EOL@riksbank.se.Bid date2021-09-22Bid times09.00-09.30 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 4 billionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 4 billion. No bid may contain Commercial paper in excess of SEK 250 million issued by the s