Crown Energy Year-End Report 2024
| FOURTH QUARTER – OCTOBER-DECEMBER 2024 Turnover amounted to SEK 9,968 thousand (8,915). Operating profit was SEK -19,443 thousand (-31,963). Net financial items amounted to SEK 13,857 thousand (14,803). Unrealised changes in the value of properties amounted to SEK 21,179 thousand (-12,793). Profit/loss before tax was SEK 15,594 (-29,953) thousand, and profit/loss after tax amounted to SEK 16,383 (-30,741) thousand. Profit/loss attributable to owners of the parent company amounted to SEK 17,265 thousand (-27,479) corresponding to SEK 0.04 (-0.06) per share. | FULL YEAR JANUARY- DECEMBER 2024 Turnover amounted to SEK 39,161 thousand (37,107). Operating profit was SEK -87,789 thousand (-110,226). Net financial items amounted to SEK 9,663 thousand (157,162). Unrealised changes in the value of properties amounted to SEK 40,440 thousand (-46,546). Profit/loss before tax was SEK -37,686 thousand (389) and profit/loss after tax amounted to SEK -29,425 thousand (1,180). Profit/loss attributable to owners of the parent company amounted to SEK -21,841 thousand (11,752), corresponding to SEK -0.05 (0.02) per share. |
EVENTS DURING THE REPORTING PERIOD JANUARY-DECEMBER 2024
| - Crown Energy received USD 16 million under the October 2021 agreement for its oil and gas asset disposal, bringing the total to USD 123 million. - Crown Energy during the reporting period advanced in full the 400,000,000 Kwanza (approximately 400,000 EUR) loan to the Angolan subsidiary of KAYA Climate Solutions (“KAYA”), The financing agreement came with an option to convert this loan into a 10% shareholding in KAYA’s parent company. During the reporting period, Crown Energy increased the Kwanza-denominated loan facility to 800,000,000 Kwanza and entered into an additional EUR 500,000 convertible loan agreement. If fully advanced these combined financings provide Crown Energy with the right to convert its loans into approximately 30% ownership in KAYA. - On 10 June 2024 Crown Energy held the Annual General Meeting. During the meeting a new member of the Board was elected, Patrik Fagerholm, whereby Jean Benaim left the board. On 5 August Crown Energy held the continued Annual General Meeting as well as an Extraordinary General Meeting. During the meeting one more member to the board was elected, Fanny Wallér. With both Patrik and Fanny as new board members Crown Energy have now reinforced the board with two independent Swedish directors. - Three PNRR* projects were awarded to AccYouRate during the third quarter 2024, focusing on defense, healthcare, and occupational health in collaboration with Rebel Alliance, InfoSat, and Linea Aperta. The projects are progressing and are expected to finalise during the summer of 2025. The overall value of ongoing PNRR and corporate projects are more than 800 000 EUR. - In November 2024, Crown Energy was notified that the Swedish Companies Registration Office (“SCRO”) had appointed a special examiner. The appointment was made following the 9th of September Extraordinary General Meeting whereby minority shareholders decided in favour of the appointment of a special examiner and their subsequent filing of the decision. However, the company has appealed the selection of the examiner with SCRO to ensure that an independent candidate is assigned. Crown Energy will cooperate fully with the person who is ultimately appointed. The starting date and duration of the examination are yet to be determined. - Crown Energy received approval to list on NGM Nordic SME, transitioning from NGM Main Regulated as part of the company’s strategy to enhance visibility and attract a broader investor base. The observation status on NGM Main Regulated is removed upon the listing transition. |
EVENTS AFTER THE PERIOD’S END
- Following the approval to list on NGM Nordic SME, Crown Energy successfully transitioned from NGM Main Regulated, and on 13 January 2025, the company had its first day of trading on NGM Nordic SME.
*PNRR stands for Piano Nazionale di Ripresa e Resilienza (National Recovery and Resilience Plan), Italy's program funded by the European Union to support economic recovery, resilience, and sustainable development through targeted investments and reforms.
CEO STATEMENT
Dear Shareholders and Investors
As we close the final quarter of 2024, Crown Energy continues to advance our operations with a diversified and strategically positioned portfolio. Throughout the year, we continued to develop our business areas while evaluating opportunities that will drive long-term growth.
AccYouRate Group:
AccYouRate is focused on commercial expansion, with continued efforts to refine both its product and engagement strategy. Successfully integrating new technology into established industries takes time, but insights from our pilot projects have helped us demonstrate the practical value of our solution. Certain challenges remain, particularly in integrating our solution into large-scale operations and adapting to a changing regulatory environment. However, we are proactively refining our strategy to meet these demands, strengthen client trust, and create favorable conditions for broad market adoption and long-term growth.
The pilot project with the Albanian Olympic Committee validated the use of our smart wearables in sports training, with discussions underway for further collaborations with additional Olympic Committees and sports organizations.
In healthcare, a clinical evaluation pilot project in Switzerland confirmed the Smart Shirt’s viability as an alternative to traditional Holter monitors for clinical cardiac monitoring, with positive feedback from both medical professionals and users. Additionally, ongoing PNRR-backed projects in Italy, spanning the fields of healthcare, occupational health, and defense are progressing. With these important projects already in place, our focus is now on expanding into new geographical regions and securing strategic partnerships with key players, including distributors, that will support large scale product and services commercialization.
Asset Management and Services in Angola:
Our Angola-based real estate and services segment remains steady. With occupancy rates consistently high, we continue to see demand from corporate clients, particularly within the energy sector. Expansion opportunities are constantly being assessed, including strategic property acquisitions and enhanced service offerings to support growing client demands and requirements.
In our reporting the positive performance has been affected by currency fluctuations. In other words the translation effects which occur when the local income and currency Kwanza denomination of our assets are translated into our reporting currency, SEK. As part of our 2025 strategic focus, we are working to reduce such currency exposure by aiming at structuring future deals such that income is generated both locally and in stable foreign currencies outside Angola. This approach aims to enhance financial stability and provide a more balanced revenue stream of both local and foreign currency. Additionally, we are pursuing larger opportunities with governmental and international corporate clients, leveraging our long-standing presence in Angola to continue grow our operations.
KAYA Climate Solutions
Our investment in KAYA Climate Solutions aligns with our commitment to sustainability and long-term value creation. KAYA has progressed with regulatory frameworks for carbon credit qualification and continues to develop its first project in Malanje province.
During the fourth quarter, Crown Energy entered into an additional EUR 500,000 convertible loan agreement with KAYA, which if fully advanced would further increase our potential ownership. In addition, the previously granted 400,000,000 Kwanza loan that was announced in February of 2024 was increased to 800,000,000 Kwanza, reinforcing our commitment to KAYA’s expansion. If fully advanced, this combined lending provides Crown Energy the right to approximately 30% ownership in KAYA, further strengthening our strategic involvement in the sustainability sector.
Yoav Ben-Eli
CEO, Crown Energy