Glaston writes off balance sheet items related to the Heliotrope partnership
Glaston’s role in the project was to develop a production line to produce smart glass developed by Heliotrope Technologies on an industrial scale. The development of the production line has already been completed in 2018. Product development of current smart glass technology, on the other hand, has been delayed and Heliotrope Technologies has not been able to raise the necessary funds in recent years. financing negotiations to finalize product development. and the activities of the company must cease.
As a result, Glaston has decided to write off all items from the balance sheet related to Heliotrope, for a total of approximately 5.2 million euros, of which 0.8 million euros impacting costs on operating profit and recorded as items. affecting comparability. The depreciation of loan receivables recognized in financial items is 1.6 million euros and the depreciation of securities affecting shareholders’ equity without impact on profit is 2.8 million euros.
The write-off has no effect on cash flow or impact on Glaston’s outlook for 2021. In addition, the growth objectives and strategic plans of Glaston’s updated strategy announced in August of this year. years are not based on the Heliotrope project or any other project related to completely new technologies. .
However, there is a growing need for dynamic glass technologies and, in the long term, this market will offer growth opportunities.
New customer contacts
Through the Heliotrope partnership, Glaston has established contacts with parties developing new glass technologies, which has brought the company interesting new openings and customer projects for consulting services.
“Thanks to the Heliotrope project and the other contacts it has made, we have learned a lot about new glass technologies and industry development trends, which has been invaluable for our own development work. We are now putting this new expertise at the service of our customers. As a pioneer in our sector, we do not rule out new models of cooperation with glass start-ups either. When successful, they can open up new business opportunities, ”says Anders Dahlblom, President and CEO of Glaston.