Development in activities and financial affairs
The income statement for the period 01.01.20 - 31.12.20 shows a loss of DKK -4,403,029. The balance sheet shows equity of DKK 8,672,348.
The covid-19 pandemic has postponed a number of projects and customer meetings which in turn has delayed the sales. Travel restrictions and public institutions focusing mainly on COVID-related measures made 2020 a challenging year for project sales in general. Furthermore, and as it was expected and noted in last year's management report, the cancellation of global exhibitions and trade fairs made it difficult for Novalume Solutions to further market the LUMINTELL solutions in 2020.
As a natural consequence, 2020 sales were rather low and a financial loss was incurred, which was in line with expectations.
Despite the challenging circumstances, Novalume Solutions has spent time and resources on product development as well as building up the pipeline and business relations. Specifically, Novalume has successfully executed several pilot projects and entered into distribution and trade agreements with professional market players within streetlight sales and operations in the Nordics, which should serve as a platform for future growth
Novalume is a member of United Nations Global Compact and submitted the second Communication of Progress (COP) report during the year. This includes specific reporting along four sections: Human rights, Labor, Environment, and Anti-corruption
28-05-2021