The provision relates to an Italian partner
Ovzon's financial position remains solid, given recent share issue
Payment issues cause a bad debt provision
This morning, Ovzon announced that its 2022 results will be adversely impacted by further provisions of SEK 34m for bad debt, resulting in total 2022 provisions of SEK 50m. The issue is due to its Italian partner not being paid by one of its customers (the customer is the Italian Fire and Rescue Services, and the partner says that this is only a delay and not unusual with the public sector). As a reminder, on 31 Dec'21, Ovzon announced an order through its Italian partner (USD 9.8m over 14 months) with the Italian Fire and Rescue Service; the largest order the company has ever received outside the US DoD. As such, Ovzon's European-related sales grew 209% y-o-y to SEK 109m in 2022, accounting for 31% of sales (vs. 18% in '21).
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