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2019-09-24

Zutec Holding AB: Year End Report and Annual Report - 30th June 2019

The Year In Brief

Year ended 30th June 2019

· Sales for the year SEK 22.5m (FY2018: SEK 35.3m) Decline of 36%.
· EBITDA deficit of SEK 24m (FY2018: Surplus SEK 6.3m).
· Cash balances SEK 15m (FY2018: SEK 47.3).
· Salam Technology contract in Qatar finished in July 2018 (Value in
FY2018 in the region of SEK 14M).

· Salam Technology receivable remains outstanding and continues to
be actively pursued.

· Steady increase in underlying sales.
· Appointment of new Chairman (July 2019).
· Appointment of new CEO (September 2019).
· Facility agreement negotiated post year end for EUR 1m with Athanase
in September 2019 (Athanase includes Athanase Industrial Partners II
AB, Athanase Industrial Partners II KB, Athanase Industrial Partners
Fund II). Utilisation under the facility agreement is subject to that
all shares in Zutec Inc (Ireland) Ltd are provided as collateral and
approval of the annual general meeting scheduled for 14 November
2019.

· Significant spend in R&D SEK 6.6m (FY 2018 SEK: 4.6m).
· Expenditure incurred from IPO not yielding future sales in a
sufficiently timely manner.

The Annual report including statutory Financial Statements is on the
attached pdf file.

For additional Information please contact:

Clíona Farrelly, CEO of Zutec Holding AB

cliona.farrelly@zutec.com +353 1 201 3565

The company is listed on Nasdaq First North Growth Market and Mangold
Fondkommission AB is the Company's acting Certified Adviser (Tel. +
46 8 5030 1550, CA@mangold.se, www.mangold.se.)

This information is inside information that Zutec Holding AB (publ) is
obliged make public pursuant to the EU Market Abuse Regulation and
the Securities Markets Act (2007:528). The information was submitted
for publication through the agency of the contact person set out
above, September 24th, 2019, at 16.15 CEST.

About Zutec Holding AB

Zutec develops and markets cloud-based software solutions, primarily
directed to companies within the building and construction industry.
The Company's products help clients to increase their productivity
and cost efficiency. Zutec provides solutions within project
management, data and document collaboration tools, data enriched
3D-models, defect management, project handover and the operations and
maintenance of buildings.

To find out more please visit www.zutec.com

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https://news.cision.com/se/zutec-holding-ab/r/year-end-report-and-annual...
https://mb.cision.com/Main/16903/2915881/1112858.pdf

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