– Net turnover for the period was SEK 230m (101).
– The operating loss was SEK -168m (-56) after impairment charges of SEK 86m.
– The loss after tax was SEK -165m (-51).
– The loss per share was SEK -0.46 (-0.33).
January – September
– Net turnover was SEK 486m (302).
– The operating loss was SEK -631m (-133), which includes impairment losses on fixed assets (incl. acquired operations) of SEK 407m. Excluding losses and impairment charges in ScanWind, the operating loss for the period was SEK -87m.
– The loss after tax was SEK -598m (-122).
– The loss per share was SEK -1.79 (-2.80).
– Equity at September 30, 2009 was SEK 263m, or SEK 0.75 per share. The equity/assets ratio at the balance sheet date was 47.9 percent.
– Consolidated cash and cash equivalents at the closing date were SEK 218m (142), of which SEK 57m refers to frozen assets.
Events in the Third Quarter
– GE Energy acquires ScanWind and pays SEK 104m for Morphic’s stake.
– A review by the Stockholm Stock Exchange of Morphic’s operations in its first year of listing results in a negative assessment. A case is initiated against Morphic in the exchange’s disciplinary board and Morphic’s shares are transferred to the observation list.
– A new CFO for the Group and a new Managing Director for the wind power business are appointed.
Events after the Third Quarter
– The new Board of Directors of Morphic has taken a decision in principle to maintain the company’s focus, which now centers on only two areas: finished fuel cells, primarily for mobile applications, and technology relating to the manufacture of thin high-precision metal and graphite plates. The decision was motivated by the assessment that the two target areas are deemed to have a strong future market potential based on successful, patented in-house technology.
– The remaining business areas will continue to operate for the time being. This means that the Group’s Swedish wind power operations for large as well as small turbines will eventually be sold or wound down. The same applies to units for hydrogen generation and purification and units working on propeller production and renovation of hydroelectric turbines. These have an annualized turnover of about SEK 30m and costs of about SEK 48m.
– Following a review of management functions at Group level, it is expected that costs can be cut by SEK 7m as of next year. Management deems that the company’s current financial resources will be sufficient to complete the transactions required to leave non-priority areas and slim the head office.