Crown Energy (CRWN) Q2 2024 earnings summary

Executive summary

• Turnover for Q2 2024 was SEK 9.2 million, down from SEK 10.2 million in Q2 2023; H1 2024 turnover was SEK 17.4 million, down from SEK 20.9 million year-over-year.

• Operating loss widened to SEK -25.2 million in Q2 and SEK -44.1 million for H1 2024, compared to SEK -12.3 million and SEK -30.8 million, respectively, last year.

• Net profit after tax was SEK -3.3 million for Q2 and SEK -43.5 million for H1 2024, versus SEK 69.8 million and SEK 55.8 million in 2023.

• Strategic transformation continues, with focus on medtech (AccYouRate), green investments, and divestment of oil & gas assets.

• Received an additional $8 million from oil & gas asset disposal, totaling $115 million to date.

Financial highlights

• Unrealised property value changes were positive at SEK 17.0 million in Q2 and SEK 16.8 million for H1, compared to negative values last year.

• Net financial items were SEK 6.9 million in Q2 (SEK 114.6 million in Q2 2023) and SEK -24.4 million for H1 (SEK 128.4 million in H1 2023).

• Cash flow for H1 2024 was SEK 83.8 million, a significant improvement from SEK -708.3 million in H1 2023.

• Equity per share at period end was SEK 0.97, down from SEK 1.32 a year earlier.

• EBITDA for H1 2024 was SEK -17.7 million, compared to SEK -29.3 million in H1 2023.

Outlook and guidance

• Management remains committed to transformation towards sustainable and medtech investments, with continued focus on AccYouRate and green energy projects.

• Exploring clean energy opportunities in Angola, including hydro and solar power.

• Ongoing review of strategic alternatives after shareholder opposition to the Proger agreement.