EQS-News

exceet Group SCA: Financial Result Q1 2023

EQS-News: exceet Group SCA / Key word(s): Quarter Results/Quarter Results exceet Group SCA: Financial Result Q1 2023 31.05.2023 / 17:30 CET/CEST The issuer is solely responsible for the content of this announcement.

Financial Results Three Months 2023

 

• On 19 January exceet acquired 100% of APEX-Group and entered into the green hydrogen business

 

• Group financials of exceet Group SCA are accounted as “reversed acquisition” with historical figures of APEX-Group

 

• Revenues Q1 2023 amount to EUR 1.5 million (Q1 2022: EUR 0.0 million)

 

• Revenues in 2023 are targeted with more than EUR 15 million; backlog of EUR 20.7 million at 31 March 2023

 

 

Grevenmacher, 31 May 2023 – Since 19 January 2023 APEX-Group is the operating business unit within exceet Group.

 

With the business combination between exceet and APEX, the accounting policies of exceet changed. According IFRS 3 and IFRS 10 the transaction has been recorded as “reversed acquisition”. Consequently these consolidated financial statements of exceet represent the continuation of the financial statements of APEX Group with the exception of the capital structure, which has been adjusted to reflect the capital structure of exceet Group SCA as ultimate parent company.

 

Following this guidance, exceet financials has been integrated into APEX financials. Comparable figures fully reflect the history of APEX only.

 

Financial Performance:

 

Revenue increased in Q1 2023 to EUR 1.5 million (Q1 2022: EUR 0.0 million) due to project revenues. The directly attributable costs related to these projects increased to EUR 1.2 million (Q1 2022: nil).

 

Personnel costs and other operating expenses increased because of ramping up the business and hiring employees. The number of employees counted 48 employees (FTE) as of 31 March 2023 (31.12.2022: 40 employees (FTE)). While personnel costs increased to EUR 1.2 million in Q1 2023 (Q1 2022: EUR 1.0 million), other operating expenses amounted to EUR 2.7 million in Q1 2023 compared to EUR 1.1. million in Q1 2022 because of administrative costs of exceet in an amount of EUR 1.5 million. Depreciation and amortization increased to EUR 0.5 million (Q1 2022: EUR 0.2 million) because of higher investments in property. The financial results comprises FX results for this period about EUR 0.1 million (Q1 2022: EUR 0.0 million).