Translation to English – Summary of the Enersize Interim Report (2018 H1)

For any discrepancies compared to the original Swedish text we refer to the Swedish wordings. This is a translation of previously released information. The original report in Swedish can be found at:  www.enersize.com/rapporter/ 

Please note that the financial information, images and charts from the Swedish version is not included in this text. please see the attached downloadable original H1 report pdf for images & charts.

The "Company" or "Enersize" refers to Enersize Oyj with the Finnish organization number 2317518-8. "First North" refers to Nasdaq Stockholm First North. Amount in brackets in the report refers to the corresponding period in the previous year.

First half of 2018 (2018-01-01 to 2018-06-30)

• Net sales amounted to EUR 183,932 (183,594).

• The result after extraordinary items amounted to EUR -502,819 (-930,313).

• Earnings per share * amounted to -0,017 (-0,037).

• equity / assets ratio ** amounted to 56.3% (69.5%).

* Earnings per share: Profit for the period divided by the average number of shares. Number of shares in Enersize as at June 30, 2018: 29,229,680 shares (29,229,680). Average number of shares for the first half of 2018: 29,229,680 (25,120,960) shares.

** Equity ratio: Shareholders' equity of the balance sheet total.

Significant events during the first half of 2018

First Quarter

• Enerize agreements on energy efficiency projects together with Dürr Systems AG. The agreement is entered into as a framework agreement, where Dürr Systems AG and Enersize share the savings achieved equally between the parties. Implementation of individual savings measures will be decided individually in the framework of the agreement.

• Enersize recruits Sami Kyllönen as VP for Chinese operations. Kyllönen is also part of Enersize's management team. In addition, Enersize also recruits Yawei Rex Zhu as the main project manager for Chinese operations.

• Enersize submits two patent applications at the end of March, which the Board considers to be of strategic importance to the Company. The applications concern, in part, a method for simulating and evaluating compressor systems, as well as a method for analyzing energy efficiency and causal links in compressor systems. Both patent applications have been filed in parallel in Sweden and China.

• Enersize announces that, as a result of strategic patent applications, the Company further develops the business model and business strategy. Enersize will also offer the autonomous technology to new and existing customers on a licensed basis and utilize it in ongoing savings projects.

• Enersize presents an overview of how ongoing customer projects have evolved. Enersize also presents an updated overview of current sales pipeline for the Chinese market.

Second Quarter

• Enersize includes a four-year profit-sharing agreement with Beijing Foton Cummins Engine Co. Ltd. ("Beijing Foton Cummins"). Beijing Foton Cummins is a Joint Venture between Beiqi Foton Motor, a former Enersize customer and Cummins, a US Fortune 500 company and a leading manufacturer of diesel engines.

Significant events after the end of the period

• Enersize, in cooperation with Venergy, signs an installation agreement with Hankook Tire (Jiaxing) Co., Ltd, ("Hankook Tire").

• Enersize Oyj ("Enersize") has, in cooperation with Venergy, signed a six-year agreement with Pangang Group Chongqing Titanium Industry Co., Ltd. ("Pangang Titanium"). The contract has been won through bidding in open competition with other energy efficiency companies. The plant uses approximately 12,000 MWh / year, the savings are estimated to be 20%, possibly more, of which Enersize’s part of the total savings is estimated at approximately 45%.

A message from CEO Sami Mykkänen

The second quarter has now been completed and we have continued our development of the autonomous software during this quarter, which we strongly believe in. I am convinced that we are currently building a favorable market position that will enable accelerated growth to come forward. In parallel with this development, our project business continues in China, where we have actively focused on a strategy for more aggressively moving these agreements into profit-sharing agreements. During this year, I have run an efficiency project to increase the pace of our existing projects, which included strengthening the organization for technical sales support and improved customer care. During the quarter, we entered a four-year profit-sharing agreement with Beijing Foton Cummins Engine Co. Ltd., in which we had an installation agreement since Spring 2017. We estimate that we have several projects that will reach the profit-sharing phase in the second half of 2018, thanks to our organizational improvements, and I therefore look confidently on developments in the coming months.

We estimate that our autonomous software gives us a strong market position and we estimate that there are currently no direct competitors. Therefore, based on the technology we developed, we have chosen to submit two strategically important patent applications that we consider to be highly likely to be approved. Because today's segment lacks competitiveness, an active and aggressive patent strategy means that Enersize is able to secure a large share of market potential through strong IP protection. Additional patents are currently under preparation. This constitutes a long-term opportunity, and we therefore intend to adapt our future strategy and technology development accordingly. During the second quarter of 2018, we have therefore continued to focus and provide further development and research at our Swedish headquarters in Lund. We are currently creating opportunities for accelerating both projects and sales as well as opportunities to reach our developmental goals for autonomous software in the past. As a result, we are on the technical page before our initial schedule.

We have also done a great job of making the Enersize platform portable, which means that we will be able to run and store Chinese customer data on Chinese servers in China in the future. This is strongly demanded by customers because of ongoing Chinese legislative work on industrial big data but also because of bandwidth and traffic filtering between Chinese Internet. Thanks to our automated analysis, we see this as a strong competitive edge because we can carry out remote analyzes no matter where the data is stored.

Project operations in China have taken a further step forward during the quarter. As previously mentioned, our assessment was that additional single projects would reach profit sharing phase in the second quarter of 2018. By the end of April 2018, the Beijing project Foton Cummins Engine Co. Ltd. reached profit-sharing phase and implementation of saving measures are ongoing. We also have a good pipeline with ongoing installation agreements that we estimate will provide us with income during the coming year in terms of profit-sharing agreements and a large pipeline with ongoing discussions with new potential customers. For the new customers, we work with a goal of being able to go directly to profit-sharing agreements without first having to go through installation agreements, as we demonstrated with our new agreement with Pangang Titanium. By building a growing portfolio of ongoing profit-sharing agreements, we secure high margin earnings in the coming years.

Sales of our autonomous software will be done both against the Chinese and European markets. This means that we will continue to intensify our sales efforts towards the European market and may also make further recruitments in Europe. We intend to, as far as possible, also focus on sharing the savings achieved in our license sales as this provides our customers with a guarantee that license fees will never exceed any potential savings. We estimate that this would lead to higher average customer license fees and facilitate sales.

A number of years ago, Enersize was a pure energy measurement technology company. In recent years, we have gone from measurement technology to becoming analysts in compressed air and now we are taking the step to offer automated solutions. It has been a very rewarding trip so far and I am confident in what we can achieve in the future, both with Enersize as a company and by actively helping the global manufacturing industry to reduce its energy consumption and carbon footprint in a simple and profitable way.

The ‘efficiency project’ has clearly moved our positions on a purely commercial basis and I personally will be responsible for the completion of the final negotiations of existing installation contracts to profit-sharing contracts, as it is essential that we can terminate these long-term negotiations as quickly as possible, go to profit-sharing and create cash flow.

Sami Mykkänen

CEO, Enersize Oyj

Chairman of the Board Christian Merheim comments

Enersize management has implemented an action program during the year aimed at streamlining the process of moving from installation contracts to profit-sharing agreements. In parallel with this, the Company has also identified acquisition candidates to strengthen both the customer offer and accelerate existing operations, both for the current Chinese projects and for our new investment in software sales. We investigate these companies to identify what potential they would have for Enersize's future development. I am curious about the development and see great potential for this and look forward to what the work will lead to.

The kind of acquisitions we are looking for are those that can create a leap against the European and possibly global market or may help to broaden the company's current software offering. Important to us is that such an acquisition can be expected to contribute a positive cash flow to the Company. I expect that the company's work to find suitable acquisition candidates will continue with good results.

Enersize faces a breakthrough in which the Company is aiming for a number of previously signed installment agreements to switch to profit sharing agreements and thereby contribute to increased revenues. The transition from installation agreements to profit sharing agreements has taken longer than the company's management has estimated earlier. Even previously signed profit-sharing agreements have developed more slowly to generate cash flow compared to management's estimation at the time of contract signing with customers. Reasons for the delays have been largely found on the customer side, such as deferred projects due to factory renovations, wire changes etc., but also partly from internal resource shortages and implementation. As a result, the Company's Board of Directors has previously instructed the Company's management to implement an efficiency program, which has already led to results and increased the pace of business processes.

The project development and the resulting project status report were communicated by the Company in conjunction with the Q1 2018 quarterly report. The development thereafter has been in line with the plan. An installation agreement, Beijing Foton Cummins, has already transitioned to profit-sharing agreements in Q2 2018. BOE3 has achieved profit-sharing after the first phase of savings measures has been implemented and the first invoices are shipped as I write this. The company has also received a partial payment from the Xinfengming project regarding installation costs and the current demonstration of an approximately three percent saving that was part of the installation agreement. During Q3 2018, the company also signed a new installation agreement with Hankook Tires and a profit-sharing agreement with Pangang Titanium.

Borgward (Foton) has not yet fully upgraded its production to rebuilding. Negotiations are ongoing for other projects, in most cases in long-term stages. At the same time, there are many discussions with potential new customers.

The company's board of directors is of the opinion that the implemented and initiated measures will be sufficient to create a significantly strengthened revenue generating capacity for Enersize in 2019. As part of the planned and initiated measures, it is also contemplated to implement strategic acquisitions / cooperation / aquisitions with the aim of strengthening Enersize's ability to quickly and efficiently make a profit-sharing contract as well as to streamline and accelerate implementation of savings with increased cash flow as a final goal.

Enersize has a large number of contracts with good future revenue potential, but it has taken longer than initially estimated to realize the full value. The Board now sees that many pieces of the puzzle have fallen in place from a commercial perspective and we expect a positive development to come.

Christian Merheim

Chairman of the Board, Enersize Oyj

About Enersize

Enersize is a Finnish company that has a proprietary software for data collection and analysis of industrial compressed air systems that enables reduced risk of production disturbances and energy savings of up to 30%, and in some cases over 50% energy savings. About 90 percent of the manufacturing industry today uses compressed air, and compressed air accounts for approximately 4.5% of the world's total electricity consumption, with an estimated cost of electricity consumption of up to 2000 billion kronor. Enersize is today mainly active in China where compressed air systems account for close to 10% of all consumed electricity[1].

The industry today has a good understanding and control of most systems used for production. However, compressed air systems are an exception and it is very rare that these systems are properly monitored and managed, despite their extremely production critical role and their large share of industry's electricity costs and CO2 emissions. The systems are so production critical that a loss of compressed air in a factory often means a total production loss. The systems are also complex for the factories to manage and handle, whereby in principle all systems run with low efficiency and insufficient operational reliability.

The Board estimates that the manufacturing industry will need to change towards more sustainable energy use and thus there is a need for energy saving in compressed air systems. There is also a great demand from industry regarding IoT and so-called Industry 4.0 solutions for efficiency and risk minimization using measurement and automated analysis and monitoring. Energy consumption in compressed air systems has been highlighted as a focus area for a number of state and EU-supported programs aimed at reducing energy consumption. Certain countries have some legislation on energy measurement and mapping of industrial saving measures.

At present, there are a number of actors offering consultancy services in the energy efficiency of compressed air systems. These are mainly local experts of varying quality who offer manual analysis and system optimization. Enersize has developed a patent pending technology that enables automation of critical steps in the analysis process, which allows savings to be achieved easier and faster, but above all, real-time monitoring of savings made and maintained. In manual optimization, the work is performed as a one-off event and due to the complex nature of the systems and lack of monitoring and control, savings are quickly lost. Enersize’s computer-based automated analysis also detects inefficiencies and savings potentials that are difficult even for the best experts to identify. In summary, Enersize’s technology automates the compressed air engineer and does a better job.

Illustrative Fig. Top traditional manual saving, below Enersize real-time analysis.

Enersize’s technology

Enersize’s technology is based on a cloud-based solution with big data management and analysis, and monitoring tools where data collection takes place through IoT. Through data collected by sensors, inefficiency and operating disturbances in the compressed air system can be detected in real time, and Enersize can thereby continuously identify measures that streamline the compressed air system, both in terms of compressed air production using compressors as well as the end-use of compressed air that takes place in the manufacturing environments.

The efficiency and real-time monitoring of compressed air systems obtained with Enersize’s technology also means that capacity and stability increase in compressed air systems. This means better capacity for production increases and reduced risk of interruptions in compressed air supply. The compressed air systems are so common in industrial processes that a break in the compressed air supply often means a total downtime for all production in a factory.

The computer-based real-time analysis that Enersize performs is the only one of its kind on the market and the Company has filed two patent applications for the technology.

Vision

Enersize’s long-term goals are to use its existing technology advances and the absence of competitors to become the global market leader in efficiency and management software for industrial compressed air systems.

Business Concept

Enersize’s business concept is to provide industries with increased operational reliability and energy efficiency of industrial compressed air systems through automated computer-aided real-time analysis.

Enersize has a dual business model, which consists of the sale of subscription systems and software licenses (SaaS) and partly a project business where Enersize, by its own means, uses cost savings measures and claims a portion of the amount of savings through the measures.

Sales of subscription for optimization and monitoring (SaaS – Software as a Service)

Enersize operates cloud-based software for measurement, visualization and monitoring with the Company's patent pending software, which enables fully automated analysis and identification of efficiency measures in industrial compressed air systems. The sale takes place in the form of subscription service where the customer is granted access to a license to use the service for a monthly fee, and where the software itself runs on Enersize's own servers (cloud-based). The license cost determines the size of the customer system, the savings potential and the features that customers choose to use. Enersize intends to sell licenses to partners that implement streamlining or other compressed air services from end customers as well as direct to end customers. The operations will be launched in 2018 and the Company will publish more detailed information regarding licensing models and software products later on. The subscription model will be the main route for Enersize's future ventures in Europe.

Project Activities

In the project business, Enersize is not paid for its solution in advance, but the revenue is generated through a shared savings program where Enersize claims a portion of the amount that the customer company saves through actions that Enersize carries out on its compressed air system. Enersize is usually for all implementation costs and is responsible for implementing the necessary system adjustments. The sales phase takes approximately 3-12 months and the installation process takes about 2-5 months. In order to measure potential savings, an installation agreement was initially entered into whereby the Company receives the right to install measurement and monitoring systems as well as obtaining, processing and analyzing measurement data. After the initial measurement period, which is on average about 5 months, as well as the following analysis and evaluation, the customer and Enersize (with partner) will negotiate conditions for implementing a savings program and how profit-sharing is to be carried out. Measures in accordance with the Savings Program that the Customer approves for implementation implies an obligation for the Customer to allow Enersize to complete the operation and to pay compensation for the savings achieved. Under the profit-sharing agreement, the Company and the customer will then share for 3-4 years income from energy savings. Some customers are also debating where Enersize vs. a set sum delivers some guaranteed savings, these contracts can also be supplemented with profit-sharing for excess savings. This model allows customers to apply for government grants for the efficiency enhancement work. Following completion of initial assignments, Enersize offers a continuous agreement for continued system monitoring to maintain energy savings. Project activities are mainly attributable to the Chinese market where Enersize currently has 14 installations or profit-sharing agreements with major factories.

See "Project Overview" on p. 9 in this report for a detailed account of current agreements, project status and expected future development.

Market[2]

The market for the efficiency of industrial compressed air systems has enormous potential. The global electricity consumption for operating compressed air systems is estimated at approximately 2,000 billion SEK per year. The main part of electricity consumption is the operation of large systems ( > 0.5MW). These account for 1% of installed systems, but use approximately 53% of total energy usage, the average system size of these systems is 1MW / factory. With 30% saving potential only for the 1% largest installations, which is Enersize’s focus, the annual savings potential is approximately SEK 300 billion.

The market for industrial compressed air systems is expected to grow sharply in the future. Annual sales of centrifugal compressors, the most common type in the largest installations, are expected to grow to more than 50 billion SEK annually by 2024. Sales of screw compressors, the most common type in large and medium-sized installations, are expected to grow from SEK 65 billion per year 2016 to 90 billion SEK per year to 2021.

The operating life of a compressor installation may be up to 20 years. This means that on the market today there are a large proportion of old, inefficient compressor installations. Over the lifetime of a compressor, more than 70% of the total life cycle costs are for energy usage. The purchase cost of a compressor may in some cases be less than 10% of the life cycle cost, the remainder being maintenance and repairs. The largest proportion of all industrial compressed air systems operates very inefficiently, which in many cases cause capacity shortages. System efficiency is today the main competitor for new investment in compressor capacity, it's faster, much cheaper and saves more energy and emissions than upgrades to new compressors.

Competition

The market for optimization of existing compressed air systems is today fragmented and consists of local entrepreneurs with generally low technical competence. The company's experience shows that the savings projects that are implemented are often of low quality and produce insufficient results. Some factories run their own efficiency projects, but these often suffer from even lower levels of competence and often generate even worse results. The only global providers offering optimization are the international compressor manufacturers. Their optimization offer consists mainly of system analysis aimed at supporting new investment in more effective compressor generations. Such investments have very long repayment times, as the efficiency increase for new compressors is often marginal. Enersize’s experience is that most compressor manufacturers lack proper expertise in the final sales organization to implement proper installations. In Enersize’s test using the now patented-pending inventions, it was found that 100% of all compressor installations below 2MW were wrongly dimensioned by compressor manufacturers with up to 40% inefficiency already from start of commissioning.

Another crucial factor is that realized savings usually disappear very quickly due to production reversals and incorrect system adjustments. The company's experience is also that measurements are usually performed incorrectly with incorrect results and incorrect actions as a consequence, because today there are only insufficient tools available.

Customers & Sales

The company's board of directors sees a market potential by offering subscription systems and software licensing, offering plants and local air contractors access to Enersize's technology. Enersize currently focuses on the 1% largest installations, through which Enersize covers approximately 53% of the market. The automated software also creates a scalable business model.

Development in figures during the period

Amounts in brackets refer to the corresponding period of the previous year.

Revenue

Net sales in the first half of 2018 amounted to EUR 183,932 (183,594). Like the previous period, most of the turnover has come from the BOE project.

Financial development

Earnings for the first half of 2018 amounted to EUR -502,819 (-930,313). The difference to the previous year can be derived mainly from non-recurring costs associated with listing and less project costs were capitalized during H1 2017 compared with H1 2018. Enersize does not apply accounting for accrued future project revenue based on revenues over a project term, which is otherwise common in project activities at installations, construction etc., Enersize only reports invoiced revenue. This is because much of the revenue is based on savings and not predetermined amounts, which means that the Enersize method uses a lower and more conservative performance report.

Liquidity

The company's cash and cash equivalents as of June 30, 2018 amounted to EUR 710,223 (1,822,964). Cash flow for the first half of 2018 amounted to EUR -1,122,742 million (3,017,642). The positive cash flow during the first half of 2017 was attributable to the private placement as well as the public issue that was completed in H1 2017.

Solidity

The company's equity ratio as at June 30, 2018 was 56.3 (69.5) %.

Image: 0.4MW Turbo compressor in one of Enersizes customers' plants in China

Project Overview

Below is the development and current status of Enersize's ongoing customer projects and profit-sharing agreement per 2018-08-28.

BOE

Enersize’s first pilot project in China. Current three-year profit-sharing agreement has come to the end-of the initial contract period. Negotiations are ongoing on renewed savings projects with profit-sharing based on Enersize's newly developed technology.

Yuofa

The project has been suspended because the plant has only had limited operation of its compressed air system for a long time. Enersize will in Q3 2018 together with the customer evaluate the potential for resuming project work in the near future.

Borgward (Foton)

The factory was closed down for adaptation for new model generations when the initial savings period would begin. The factory has since changed its pipeline and planned restart was in Q2 2018. The plant has not yet completed a full upturn of production. Enersize will decide in Q3 2018 with the customer whether full production is to be expected or if a customized savings plan is to be implemented for the current production level.

Flat Glass

Negotiations are ongoing regarding the continuation of the installation agreement for profit-sharing agreements or for fixed-price compensation at a defined level of savings.

Xinyi

During the spring, the customer has changed company management. Negotiations have been resumed with the new management to continue the installation agreement to either win-win or fixed-price compensation at a set level of savings.

BOE2

Negotiations on profit-sharing agreements are in progress. The development has been positive but slower than expected. The savings potential as a percentage of total energy use without major investments is medium-sized, but as the plant has a very high energy consumption, overall project potential is high.

BBMG

During the spring, the customer has changed company management. Negotiations have been resumed with the new management to continue the installation agreement to either win-win or fixed-price compensation at a set level of savings.

Cummins

Profit-sharing agreement has been signed. Reference measurements are in progress to determine the savings level before savings actions are performed. Savings plan is approved, and the savings actions are expected to start as soon as the customer has approved the reference measurement. This is expected to take place in Q3 2018.

Tongkung

The savings potential of the project is high. Together with the high energy consumption, the project has a very high revenue potential. Enersize has secured support for the project from the local political side. Negotiations are ongoing regarding the continuation of the installation agreement to either win-win or fixed-price compensation at a set level of savings.

BOE3

Phase one of energy savings with about 10-15% savings has been made. Customer invoicing begins in August 2018. Enersize has proposed Phase 2 measures for corresponding 15% additional savings, which require the customer to repair some defective compressor systems.

Pharma No4.

Negotiations on profit sharing agreements are in progress. The development has been positive but slower than expected.

Xinfengming

Enersize has received payment for the first project step that includes installing Enersize system. At present, a demonstration of savings potential is being pursued with the goal of achieving an efficiency of about 3-5%. Enersize awaits customer approval for implementation of the actions included in the demonstration. The saving potential as a percentage of total energy use without major investments is medium sized, but as the plant has a high energy consumption, overall project potential is high.

Scania

The project at Scania primarily refers to analysis only with the intention of increasing the operating quality of the system. There are currently no plans for profit-sharing agreements. Future plans include a follow-up step to extend the project also for energy efficiency.

Dürr

Profit-sharing contract has been signed. The factory is responsible for the implementation of savings measures using Enersize support. This work is currently underway.

The figure above is a summary of Enersize's existing agreements. For each agreement, a project value has been calculated based on the standard energy consumption previously communicated and based on an approximate size of each factory. In case more accurate numbers have been communicated earlier, these have been used instead. The calculations are carried out on average and that the same value of savings, contract duration, cost per kWh and part that accrues to Enersize has been used consistently for all projects. Actual values differ from those at project level. A saving of 15% constitutes only one example as the basis of calculation and individual projects differ in reality from this value. The purpose of the compilation is to provide only a single summary of the potential for current projects.

Shares

There is a shareholding in Enersize. The company's share is listed on Nasdaq First North Stockholm under the symbol "ENERS". As of June 30, 2018, the number of shares was 29,228,680 (29,228,680). Average number of shares during the first half of 2018 amounted to 29,228,680 (25,120,960).

Warrants

There are a total of 4,892,500 outstanding warrants in Enersize. There is also an outstanding option program to President Sami Mykkänen, entitled to subscribe for a maximum of 2 232 500 new shares and an option program to Chairman Christian Merheim entitled to subscribe for a maximum of 1 083 000 new shares and an option program to other Board members as well as employees of the Company, which entitles the holder to subscribe for a maximum of 1 577 000 new shares. For more information about outstanding option programs, see the prospectus issued by Enersize in April 2017.

Principles for the preparation of the interim report

The half-yearly report has been prepared in accordance with the Finnish Accounting Act, Finnish Constitution and other Finnish Accounting Standards (FAS).

Audit of auditors

The interim report has not been reviewed by the Company's auditor.

Financial calendar

The company prepares and publishes an economic report at each half-yearly. In the first and third quarters, the Company releases a quarterly summary. Upcoming financial information is planned as follows:

• Summary of Q3 2018-10-30

• End Year Report 2019-03-26

Certified Adviser

Sedermera Fondkommission has been appointed Enersize’s Certified Adviser.

Submission of interim report

Helsinki, 28 August 2018, Enersize Oyj

Board of Directors


[1] https://escholarship.org/uc/item/0v72z2q0#page-1

[2] Sources of market data: I. approximated from data from US Energy Department (US data), “United States Electric Motor Systems Market opportunities Assesment”, numbers estimated on 4% of global electricity usage. II. Global Market Insights, Inc, Sellbyville, Delaware, – Centrifugal Air Compressor Market is set to exceed USD 7 billion by 2024; according to a new research report by Global Market Insights, Inc. High growth in the Asia Pacific automotive industry will drive the centrifugal air compressor market by 2024. III. Markets & Markets. The report "Screw Compressor Market by Type (Oil-free, Oil-Injected), Stage (Single, Multi), Technology (Stationary, Portable), End-User (Chemical & Petrochemicals, Food & Beverage, Mining & Metals, Oil & Gas, Automotive, Power), & by Region – Global Forecast to 2021", The screw compressor market is expected to grow from an estimated USD 7.99 Billion in 2016 to USD 11.01 Billion by 2021

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