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CLIMEON INTERIM REPORT 1 January - 31 March 2021 AN EVENTFUL QUARTER WITH SEVERAL OPERATING PROGRESS The first quarter 2021 was characterized by deliveries and installations . Net sales amounted to SEK 15.5 million ( 14.1 ) making the quarter the best in terms of revenue in 15 months . Chevron's investment into Baseload Capital increased the value of Climeon's shareholding and had a positive earnings effect in net financial items of SEK 51.2 million . Profit / loss after financial items amounted to SEK 12.7 million ( -31.5 ) . During the first quarter , Climeon put two Heat Power modules into operation at the Reykholt geothermal power plant in Iceland , and we participated in sea trials for Virgin Voyages ' second vessel where the Heat Power modules were approved for operation . Around the same time , we also delivered six modules to the fourth Virgin Voyages ship . Shortly after the end of the quarter , four more Heat Power modules were put into operation at the power plant in Flúðir , Iceland . JANUARY - MARCH Order intake amounted to SEK 0.0 million ( 15.4 ) ● Net sales amounted to SEK 15.5 million ( 14.1 ) • Order backlog amounted to SEK 662.6 million ( 728.5 ) • Operating profit / loss amounted to SEK -38.5 million ( -32.2 ) Profit / loss after financial items amounted to SEK 12.7 million ( -31.5 ) ● • Profit / loss per share amounted to SEK 0.23 ( -0.64 ) Cash flow from operating activities after change in working capital amounted to SEK -57.8 million ( -32.9 ) • Total cash and cash equivalents amounted to SEK 232.6 million ( 299.2 ) ● Climeon is a participant in the EU - funded research project CHEK with the aim of reducing emissions in shipping Climeon has signed a memorandum of understanding with Tomoe Engineering with the aim of establishing an industrial sales collaboration in Japan • Climeon has been named the winner of the Royal Swedish Academy of Engineering's competition Smart Industry Climeon has commissioned the second power plant in Iceland , Reykholt Climeon's Heat Power modules aboard Virgin Voyages ' second vessel , the Valiant Lady , have been approved during sea trials CLIMEON AB | WWW.CLIMEON.COM 01 Climeon's shareholding in Baseload Capital increased to SEK 113.5 million ( 45.4 ) whereof SEK 16.9 million is attributable to the conversion of the convertible loan into shares and SEK 51.2 million to a new issue in which Chevron entered as new shareholder . The increase in value associated with the issue had a positive earnings effect in net financial items corresponding to SEK 0.94 per share • Lena Sundquist has been appointed new CEO of Climeon . Lena Sundquist will take office on 1 August 2021 and most recently comes from the role as CEO of Kivra Sverige ● Christina Bäck has been appointed Head of Sales & Markets at Climeon Climeon's CFO Christina Kassberg has requested to leave her position and remains until September 30 , 2021 for handover IMPORTANT POST - CLOSING EVENTS Climeon has put four more Heat Power modules into operation at the Flúðir power plant , thus doubling the power plant's capacity Climeon has convened an Annual General Meeting on May 19 , 2021. Due to the corona pandemic , the meeting will be held by postal ballot , for more information see the company's website , www.climeon.com