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New listing of BeeIN S.A. on NewConnect

The company BeeIN S.A. was newly listed on NewConnect on 11 April 2022.

BEEIN S.A. is the 382^nd company listed on NewConnect and the sixth new listing on NewConnect in 2022. 

Key information

*within the last 12 months before the submission of the application for introduction

**as the reference price equal to PLN 25

Issuer’s history and business

The Issuer was incorporated in April 2015.  From the inception of the Company in 2015 until the end of 2019, the Issuer did not carry out actual operations due to the lack of support for the development of the market of renewable energy sources in Poland and the lack of regulations facilitating investments in RES. Along with changes to the system (launch of the “Mój Prąd” programme as of 23 July 2019), starting in 2020, the Issuer started trading in photovoltaic system components which are purchased from third-party foreign suppliers and sold on the market in Poland.

The name of the Company was changed from Sunday Energy S.A. to BeeIN S.A. on 16 March 2022.

The Issuer’s primary source of net revenue is the margin on the goods it sells. The goods are manufactured in the Netherlands, China and Japan, and the Company purchases them directly from the manufacturers or trade intermediaries. The Company sells in two systems: trade to small customers, where the buyers are individuals (natural persons, retail model); and wholesale.

The Company has started its first activities to build photovoltaic farms. As of the date of the information document, the Company has not generated any revenue from such activity. Its activities in this area to date have focused on finding land for lease on which the Company can design and build a PV farm in the future. The Company has one own plot of land on which it intends to construct a PV farm in Pieróg, Kotuń commune, with an area of 1.5 ha, and one lease agreement for the construction of a PV farm with an area of 4.5 ha in Tchórzew-Plewki. The investments will be financed with the Company’s own funds and with external financing.

The Issuer has one subsidiary, SESA1 sp. z o.o., in which it holds 80% of shares. The purpose of establishing SESA1 sp. z o.o. is to prepare formal, legal and technical documentation for the construction of PV farms with a total capacity of 100 MW on leased land. The farms are scheduled to be built by the end of 2023. SESA1 has lease agreements on land in Trzebucza, municipality of Gębków, with an area of 2.04 ha, on which it plans to design the first farm with a capacity of 1.5 MW. The design and formal legal work will be financed with loans from the Issuer and co-financed with funds raised from a bank loan, the issue of bonds or loans. The Issuer does not consolidate the financial statements pursuant to Article 58 of the Accounting Act due to the fact that the financial data of the subsidiary is immaterial from the point of view of the Issuer’s financial standing (due to the early stage of development of the subsidiary).

The Issuer’s development strategy provides for organic growth in line with market trends on the photovoltaic system market, pursued both through expansion into new markets and increasing the number of products offered. The Issuer’s current strategy provides that increase in the Company’s results is expected to be achieved through the implementation of the following strategic objectives:

• expansion of the commercial offer with panels above 400w and premium class panels,
• development of photovoltaic farms, including investments in companies dedicated to the design and construction of PV farms. The company’s strategy is to take majority stakes in such companies and to prepare new farm construction projects,
• launching a new business line: the service of dismantling, storing and trading in used RES components,
• further expansion abroad.

As at the date of the information document, the Issuer employs 3 persons under an employment contract. It cooperates with 7 persons on a B2B basis.

The Company’s share capital is PLN 116,000 and is divided into 1,160,000 series A and B shares with a nominal value of PLN 0.1 each, including:

• 1,000,000 series A ordinary bearer shares;
• 160,000 series B ordinary bearer shares.

Sale of series A shares

Between 28 January 2021 and 3 February 2021, the current shareholder of the company, i.e., FKL sp. z o.o., sold shares to 14 natural persons and 2 legal persons unrelated to the Issuer. The share sale offer was arranged by Dom Maklerski INC S.A. The sale transactions covered in total 60,520 shares at PLN 25 per share. The majority shareholder and the President of the Management Board of FKL sp. z o.o. is Mr Roman Krawczyk, who is a Member of the Supervisory Board of the Issuer.

The total value of the sale of series A shares amounted to PLN 1,513,000.

Public offering of series B shares

The issue of series B shares was carried out as a public offering with a value of up to EUR 1,000,000. Dom Maklerski INC S.A. was the investment company. The new issue shares were taken up for cash at a price of 25 per share. The shares were taken up by 188 investors, including 186 natural persons and 2 legal persons. 

The amount raised by the Issuer as a result of the issue of series B shares was PLN 4,000,000.

Issuer’s selected separate financials:

*unaudited

**the issuer prepared simplified financial statements for 2020 which do not include a cash flow statement and a statement of changes in equity

On 5 April 2022, the Issuer published an ESPI report no. 3/2022 on the amount of revenue generated by the Company in Q1 2022. The revenue of the Issuer in Q1 2022 amounted to PLN 6 million, and the main factor which contributed to the increase in sales revenue was increased interest in heat pumps which are part of the Company’s offer.

Company’s shareholders

• Michał Sochacki  – 340,000 shares representing 29.31% of the equity and votes;
• Artur Lipiński – 250,000 shares representing 21.55% of the equity and votes;
• FKL Sp. z o.o. – 156,400 shares representing 13.48% of the equity and votes;
• Other related shareholders  - 60,000 shares representing 5.17% of the equity and votes;
• Other unrelated shareholders   – 353,600 shares representing 30.48% of the equity and votes.

Financial instruments newly listed o NewConnect:

• 1,000,000 series A ordinary bearer shares;
• 160,000 series B ordinary bearer shares.

The application covers all issued shares of the Company.

  Transmisja z debiutu -  11 kwietnia 2022, godz. 11:00