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Oceanteam (OTS) investor relations material
Oceanteam H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Announced merger with Soiltech AS, with completion expected on 10 September 2024; Soiltech shareholders to own 93.35% of the combined entity, Oceanteam shareholders 6.65%.
Oceanteam has divested all operating segments and currently has no active business operations; remaining subsidiaries are dormant or being liquidated.
Financial highlights
H1 2024 loss from continuing operations was USD 0.6 million, unchanged from H1 2023; total loss for the period decreased to USD 0.6 million from USD 0.7 million year-over-year.
Revenue for H1 2024 was USD 40,000, with no significant business activity.
Personnel costs decreased to USD 0.2 million (from USD 0.4 million), while general & administration costs increased to USD 0.4 million due to merger-related expenses.
Cash position declined from USD 2.8 million at year-end 2023 to USD 2.0 million at 30 June 2024.
No interest-bearing debt as of 30 June 2024.
Outlook and guidance
Liquidity forecasts indicate outgoing cashflows will exceed incoming, but cash reserves are sufficient for more than 12 months.
The company is considered a going concern based on forecasts through 2025.
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