Head Engineering (HEAD) Q4 2022 earnings summary

Executive summary

• FY2022 net sales were SEK 21,628,600 and net profit was SEK 549,433; prior-year net profit was SEK 6,082,010.

• Commercial progress included completed and operating tall-oil projects, a first BLISS installation in the US, and three additional tall-oil projects contracted in spring 2023.

• PINOLA process development investment totaled SEK 17.5 million over 2009–2022; funding is self-generated and supported by owner contributions.

Financial highlights

• Net sales were SEK 21,628,600 vs SEK 29,243,469 in 2021; other operating income was SEK 3,242,038 vs SEK 493,180.

• Operating income was SEK 959,137 vs SEK 6,263,159; net income was SEK 549,433 vs SEK 6,082,010.

• Total assets were SEK 19,583,072 vs SEK 29,189,420; cash and bank balances were SEK 3,201,329 vs SEK 19,902,025 at year-end.

Outlook and guidance

• BLISS start-up issues at Green Bay Packaging were expected to be resolved during 2023, enabling a reference installation to support US marketing and sales.

• Three tall-oil projects contracted in spring 2023 for Mondi and Rottneros were scheduled for installation and commissioning in 2024.