OXE Marine AB (publ) publishes annual report for 2022
OXE Marine AB has published its annual report for 2022, highlighting significant developments in the marine diesel outboard market. The company, formed in 2012, has pioneered the OXE Diesel, the world's first high-power diesel outboard engine, offering superior fuel efficiency compared to traditional gasoline engines. The demand for OXE Diesel is bolstered by directives such as NATO's Single Fuel policy, promoting diesel use. Key events include the acquisition of Diesel Outboards, a SEK 70 million directed share issue, and amendments to bond terms extending repayment dates. The company is focused on sustainability, exploring electric and hybrid technologies, and aims to strengthen its U.S. market presence.
- Pioneered the OXE Diesel, the first high-power diesel outboard engine.
- Increased demand due to NATO's directive promoting diesel engines.
- Acquisition of Diesel Outboards strengthens U.S. market position.
- Raised SEK 70 million through a directed share issue.
- Focus on sustainability with biodiesel usage reducing CO2 emissions by up to 94%.
- None.
ÄNGELHOLM,
MANAGEMENT REPORT
Information about the business
Several attempts have been made to develop outboard engines for diesel fuel, but the difficulty lies in developing a sufficiently strong design for power transmission between the engine and the propeller. OXE Marine's outboard engine, OXE Diesel, is the first diesel outboard that is capable of replacing the well-established gasoline outboards in the higher power levels, in commercial and governmental operations. The engine is a modular platform that has been configured for a horizontally mounted engine, unlike traditional outboards that have vertical engine installations. OXE Marine's unique solution has led to great international demand for the Company's engines. Among other things, in 2015 the
Significant events during the financial year
- The board of directors of the Company convened an extraordinary general meeting on
16 February 2022 and proposed inter alia that the general meeting resolves to issue new shares toPower Sports Plus, LLC , as payment for the shares inOXE Marine Inc andOXE Marine Manufacturing Inc.
- The Company initiated a written procedure to amend and waive certain terms in its up to MSEK 200 bonds. The proposed amendments to the Bond Terms mean that (i) the final redemption date for the bonds will be postponed by 24 months to
15 February 2025 , (ii) effective from15 August 2022 , 2 percent of the quarterly interest will be paid in cash to the bondholders and the remaining interest will be quarterly compounded and added to the nominal amount of the bonds, (iii) the US subsidiaries will be entitled to enter into a credit facility agreement of up toUSD 5 m, secured by collateral in the US Subsidiaries' inventory and (iv) OXE is allowed to create a secondary pledge over its business mortgages and over the shares in the US Subsidiaries in favour of the EIB. The EIB's Tranche A loan ofEUR 4 m will also be extended by 6 months in order to become repayable after the corporate bonds with a new maturity date of12 March 2025 .
- The Company obtained the bondholders' approval to amend and waive certain terms in its up to SEK 200 m bonds.
- The Company completed the acquisition of Diesel Outboards and Outdoor Network Manufacturing as of
16 February 2022 .
- As a result of the completion of the Transaction,
Anders Berg commenced his new role as CEO of the Company as of16 February 2022 .Anders Berg simultaneously stepped down as chair of the board while remaining a member of the board. The board resolved to elect Jonas Wikström as chair of the board until the end of the next annual general meeting.
- The Company announced the outcome of incentive program 2022/2025, the Company issued 1,856,492 qualified employee stock options in the new incentive program 2022/2025 and has subscribed for the corresponding number of warrants of series 2022/2025 issued to secure the Company's delivery of shares in the program. The options have been issued at a price of
SEK 0.03 per option and can be used to subscribe for shares at a price ofSEK 3.50 per share during a subscription period of 1 month falling 36 months after acquisition of the employee stock options.
- The Company implemented biodiesel in all testing, reducing the net CO2 emissions by up to 94 percent compared to gasoline alternatives.
- The Company raised
SEK 70 m in a directed share issue (SEK 69.8 m after transaction costs).
Future prospects
OXE Marine's future growth is dependent on the Company developing and producing sustainable products. The Company continues to explore new technologies, including electric and hybrid solutions with the aim to be at the forefront of outboard marine technology. The Company continues to develop an organization that works in a structured and efficient way with quality and innovation. Additionally, with the acquisition of Diesel Outboards (now
NOTE: The English version is a translation of the Swedish version, for any inconsistencies in the translation refer to the Swedish version.
Certified Adviser
For further information, please contact:
CEO,
anders.berg@oxemarine.com,
+46 70 358 91 55
Jonas Wikström,
Chair of the board,
jonas.wikstrom@oxemarine.com,
+46 70 753 65 66
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