Advanced Soltech's subsidiary in China, has signed an order with WanJi (Anhui) Great Health Industry Co. Ltd. The order concerns the installation of a solar energy plant of 1.3 megawatts (MW) which is estimated to generate annual revenues of approximately SEK 1.08 million, or approximately SEK 21.6 million during the agreement's 20-year term. The investment in the facility, which will be owned by Advanced Soltech’s wholly owned subsidiary in China, amounts to approximately SEK 7.25 million and construction is scheduled to start in the third quarter of 2021. The project achieves good profitability without subsidies and is in Anhui province.
Advanced Soltech’s CEO Max Metelius comments:
-We are experiencing a strong recovery in the Chinese economy and a good interest from companies to contribute to a green transition of the electricity production.
Advanced Soltech's subsidiary in China, has signed an order with JingDeZheng TaoYuan Mining Co. Ltd. The order is for the installation of a solar energy plant of 5 megawatts (MW), which is estimated to generate annual revenues of approx. SEK 3.22 million, or approx. SEK 64.4 million during the 20-year term of the agreement. The investment in the facility, which will be owned by Advanced Soltech's wholly owned subsidiary in China, amounts to approx. SEK 26.65 million and construction is scheduled to start in the third quarter of 2021. This project, which is located in JiangXi province, has a good profitability without subsidies.
Advanced Soltechs CEO Max Metelius comments:
-This is a large and very good project that fits perfectly in our project portfolio. We currently see strong demand for our offering in JiangXi Province.
On 27 May, Soltech Energy Sweden AB (publ) acquired 100 percent of the shares in Takbyrån i Alingsås AB (Takbyrån) with access on 1 June 2021. The company has sales of approximately SEK 100 million and has just over 35 employees based in Alingsås. Now the plan is to, together with Soltech, integrate solar energy into the product range and increase both sales and earnings. The acquisition is the Soltech Group's second largest and consolidates an already strong position in roofing. The acquisition is financed entirely from its own cash and with newly issued Soltech shares. Takbyrån is estimated to contribute approximately SEK 65 million in sales during 2021 (7 months) with a positive result.
Soltech has an offensive growth strategy with acquisitions in the solar, roof, facade and electrical engineering industries. Together, these companies will create synergy effects and build a strong group with cross-border expertise. The acquisition of the roofing company Takbyrån is Soltech's second largest to date. An acquisition that further strengthens the Group's already strong position in roofing and our strategy to transform traditional companies in roofing, facade and electrical technology into solar companies.
– This acquisition is completely in line with our acquisition strategy. The roofing agency is a down-to-earth, high-performing and above all well-reputed roofing contractor who has realized the value of adding solar energy to its offering. We now get four new driven entrepreneurs and over 30 competent employees in the group and I would like to warmly welcome them to the Soltech family, says Stefan Ölander, CEO of Soltech Energy.
Fast-growing player in the Gothenburg area
Takbyrån was founded in 2014 and has since then had a successful journey. The company specializes in roofing contracts and performs all types of roofing work. The roofing agency's customers often consist of construction and real estate companies but also of industries and public actors. Takbyrån is now adding solar energy to its offering when joining the Soltech Group.
– We are very proud to be part of the Soltech Group. Not least, it is a proof that we have built up an attractive and successful roofing company. We are also convinced that tomorrow's roofing companies need to possess solar energy expertise to be able to compete, which means that this position shift is in the right direction for us. This will benefit the company, our fantastic employees but above all our customers, says Tobias Udén, CEO of Takbyrån.
Advanced Soltech's subsidiary in China, has signed an order with AnHui ZhongKe WeiZhi Logistics Equipment Manufacturing Co. Ltd. The order applies to the installation of a solar energy plant of 0.8 megawatts (MW), which is estimated to generate annual revenues of approximately SEK 0.62 million, or approximately SEK 12.4 million during the 20-year term of the agreements. The investment in the plant, which will be owned by Advanced Soltech's wholly owned subsidiaries in China, amounts to approximately SEK 4.5 million and construction is planned to start in the third quarter of 2021. The customer is very satisfied with the 800 KW plant they already have and therefore places this supplementary order . The project is located in WuHu, Anhui Province.
Advanced Soltech's CEO Max Metelius comments:
- Our existing customers continue to expand their capacity with our offering. We have very good demand for our offering in Anhui Province, where we see good opportunities for continued strong growth.
Stockholm, May 26, 2021: Soltech Energy's Annual General Meeting was held on Wednesday, May 26, 2021, chaired by Anna Kinberg Batra, Chairman of the Board
Adoption of income statement and balance sheet
The Annual General Meeting approved the income statement and balance sheet for the Parent Company as well as the consolidated income statement and consolidated balance sheet for the 2020 financial year.
Disposition of results
The Annual General Meeting resolved that no dividend be paid for the 2020 financial year and that the accumulated profit be transferred to a new account in accordance with what appears from the administration report.
Board of Directors and CEO
The Annual General Meeting granted the Board members and the President discharge from liability for the 2020 financial year.
The Annual General Meeting elected the Board members Anna Kinberg Batra (re-election), Göran Starkebo (re-election), Stefan Ölander (re-election), Hellen Wohlin Lidgard (new election), Jimmie Wiklund (new election) and Mats Holmfeldt (new election). Anna Kinberg Batra was elected Chairman of the Board (re-election).
Auditors
The Annual General Meeting resolved to re-elect the registered auditing company PwC with the authorized public accountant Claes Sjödin as the principal auditor.
Board and auditor fees
The Annual General Meeting resolved that board fees shall be paid in the amount of SEK 400,000 to the Chairman of the Board and SEK 200,000 each to other Board members. The AGM resolved that fees to members of established committees shall be paid at SEK 40,000 per person and committee. A member who is reimbursed by the company due to employment shall not, however, receive board fees, either in the parent company or subsidiaries.
Other proposals and decisions
The Annual General Meeting resolved to approve the Board's proposal in accordance with the notice of:
– Changes in the Articles of Association:
o Increase of the share capital to a minimum of SEK 2,000,000 and a maximum of SEK 6,000,000
o The number of shares is a minimum of 40,000,000 and a maximum of 120,000,000
o Change the company name to Soltech Energy Sweden AB
o That a summons has been issued shall be announced in Dagens Industri
o Election of chairman and nomination committee principles are added to the AGM agenda
– Renewed authorization to decide on a new issue of shares and / or convertibles and / or warrants.
Advanced Soltech's subsidiary in China, has signed an order with JingDeZheng YiShan Ceramics Co. Ltd. for an installation of a solar energy plant of 0.9 megawatts (MW) which is estimated to generate annual revenues of SEK 0.585 million, or approx. SEK 11.7 million under the 20-year agreement. The investment in the facility, which will be owned by Advanced Soltech's wholly owned subsidiary in China, amounts to approximately SEK 4.82 million and construction is planned to start in the third quarter of 2021. The customer is very satisfied with the 2 MW plant they already have and places this follow-up order. The project is in the JiangXi province.
Advanced Soltech's CEO Max Metelius comments:
- We continue to receive follow-up orders with existing customers, which confirms confidence in Advanced Soltech and that our customers are very satisfied with our delivery.
Strong growth during the first quarter
Despite the Corona pandemic affecting society to a greater extent in the first quarter of this year compared with 2020, Soltech succeeds in delivering very strong growth. The Group’s revenues increase by as much as 175% to SEK 145.2 million and the Swedish operations increase by as much as 212% to SEK 118.1 million.
CEO comment:
– Our focus is growth and I am very pleased with our performance during the first quarter, which in terms of revenue is the toughest quarter of the year in our industries.
First quarter in brief
• The Group’s revenues in the quarter amounted to SEK 145.2 (52.8) million. An increase of 175%
• Revenues in the Swedish operations grew to SEK 118.1 (37.8) million, an increase of 212%
• Revenues in the Chinese operations grew to SEK 27.11 (15) million, an increase of 81%
• The Group’s profit before depreciation (EBITDA) amounted to SEK -8.3 (-1.3) million. EBITDA was negatively affected by non-cash affecting effects of SEK -11.7 million as a result of increased targets and forecasts, which led to an increase in provisions for additional earn out costs
• The Group’s operating profit (EBIT) amounted to SEK -28.4 (-14.7) million. EBIT has been negatively affected by non-cash affecting effects of SEK -11.7 million as above
• Profit after tax for the period amounted to SEK -18.2, (-5.5) million. The result was affected by unrealized exchange rate differences in the Chinese operations by SEK 40.1 (34.8) million and by non-cash affecting effects of SEK -11.7 million as above
• Cash flow for the period from operating activities amounted to -4.7 (-17.3)
• The period’s cash flow for the Group amounted to SEK -101.7 (-61.4) million
• Earnings per share amounted to -0.33 (-0.05)
• Covid-19 affected the Swedish operations in the first quarter, mainly in the form of postponed projects. However, order intake remains good
Significant events during the first quarter
Sweden
• Soltech acquired 76% of the shares in Annelunds Tak AB and 52% of the shares in Ljungs Sedum Entreprenad AB
• Soltech acquired the remaining 40% of the shares in the subsidiaries Swede Energy and Merasol to create the best conditions to become an even larger player in the solar energy market. Soltech now owns 100% of both companies, which strengthens the offer in the corporate and real estate market in solar energy
• Soltech acquired 100% of the electrical engineering company Provektor Sweden and its subsidiaries
• Six of Soltech's subsidiaries have together received the order to build the Nordic region's largest solar façade project with an order value of SEK 12 million
• New solar collaboration has begun between Soltech's subsidiaries Soldags and LRF, which will make it easier for more farmers to become micro-producers of solar energy.
• Soltech's Chairman of the Board Anna Kinberg Batra was elected new Chairman of the Board of Swedish Solar Energy
• Soltech sponsors the Architecture Gala
China
• Soltech's subsidiary in China, ASRE, signed seven orders during the quarter, which in total are expected to generate annual revenues of SEK 11.1 million, or approximately SEK 221.6 million during the agreements' 20-year maturities
• The Soltech Group is awarded a prize in China as “The most influential solar investment company 2020”
• During the quarter, Soltech's subsidiaries in China connected a total of 5.8 MW of roof-based solar power plants and had a total of 182.4 MW in producing plants at the end of the quarter.
Significant events after the reporting period
• Soltech acquired 100% of the shares in Rams El.
• Soltech's subsidiaries Swede Energy and Castellum win the Solar Energy Award 2021 in the category “Plant of the Year”. The winning facility is Hisingen Logistics Park with a roof-mounted solar cell facility of 30,000 m2
• Soltech's subsidiary Swede Energy is building a 3,000 m2 solar cell plant at the e-retailer Matsmart's central warehouse in Örebro
• Soltech's subsidiary in China, ASRE, has signed three orders that are estimated to generate annual revenues of SEK 1.2 million, or approximately SEK 31.4 million during the agreements' 20-year maturities
Advanced Soltech's subsidiary in China, has signed an order with Anhui QianHong Household Products Co. Ltd. The order concerns the installation of a solar energy plant of 0.46 megawatts (MW) and is estimated to generate annual revenues of approximately SEK 0.39 million, or approximately SEK 7.8 million during the 20-year term of the agreements. The investment in the facility, which will be owned by Advanced Soltech's wholly owned subsidiary in China, is approx. SEK 2.57 million and construction is planned to start in the second quarter of 2021. This is a follow-up order for an existing customer. The customer is very satisfied with the 600 KW plant they already have and therefore places this augmentary order. The project is in WuHu, Anhui Province.
Advanced Soltechs VD Max Metelius kommenterar:
-This order is particularly appreciated because it is an existing customer who is expanding their partnership with us, since they are very satisfied with our cooperation.
Anhui QianHong Household Products Senior Manager Mr. ChangHao Ding kommenterar:
-Advanced Soltech is an esteemed partner that helps us develop our environmental work and contribute to cleaner air.
E-retailer Matsmarts new central warehouse outside Örebro will get a 3 000 m2 solar cell plant installed on the roof. Soltech's subsidiary Swede Energy has signed the contract with Infrahubs AB and Swede will construct and build the solar cell plant on the property's roof of a total of 3,000 m2. The new green energy roof will be completed in the spring of 2022.
Swede Energy has a vast experience of building large and complex solar energy solutions and has been commissioned by Infrahubs AB to build a solar cell plant on the roof of what will be e-retailer Matsmart's new central warehouse in Örebro.
– It is a great opportunity and a interesting project for us. Matsmart is a company in the forefront of the green economy and realizes the value of putting sustainability first also when it comes to building their new central warehouse. It will be a really cool property and Swede Energy is proud to have won the deal that will supply Matsmart´s daily operation with green energy directly from the sun, says Christoffer Caesar, CEO at Swede Energy.
Solar energy was an obvious choise for Matsmart
The logistics property developer Infrahubs AB is building and managing the new e-commerce warehouse for Matsmart, whose ambition is to operate in a sustainable and modern warehouse built for the future. Matsmart concluded that solar panels on the roof is the obvious choise and a direct link to their core business.
– It is important for Matsmart to be sustainable at all levels, therefore solar power was an easy choice as energy source for the new warehouse, says Conrad Edgren, Chief Logistics Officer at Matsmart.
Now Karlskrona Solpark will grow further and become twice as big. It is Soltech's subsidiary, Swede Energy, that has started the construction of stages 3 and 4, where the company is the general contractor. Both stages have already been sold out with Skanska as the recipient of the entire stage 4 and the design work has now begun.
Swede Energy is the general contractor of Karlskrona Solpark and has previously built the park's first stages together with the municipal company Affärsverken. Now the park will double its size, which means that the park will have a total capacity of 2,400 kW, which corresponds to about 400 households' year-round consumption of electricity.
– We are both proud and happy to now start the construction to double Karlskrona Solpark's size and capacity. The solar park is located on a landfill, which has meant that we have had to use our unique installation system so as not to penetrate the ground under the facility in any way. As the landfill would not have been able to house either homes or other properties, it therefore feels extra good to let this area produce energy that is beneficial to the municipality and its inhabitants. We want to thank Affärsverken for its future thinking and good cooperation throughout the process, says Christoffer Caesar, CEO of Swede Energy.
Both stages 3 and 4 sold out
Karlskrona Solpark is a cooperative park where both private individuals and companies can buy in and take part in the green energy that the park produces. The interest in becoming a unit owner in stages 3 and 4 of Karlskrona Solpark has been great. It is now also clear that the construction group Skanska will be the sole owner of all shares in stage 4.
– That we are now continuing our investment in Karlskrona Solpark is very good. The interest has been high and the fact that a major national player such as Skanska has booked up for the entire stage 4 is proof that the solar park is attractive. It is clear that many have realized that Karlskrona has good conditions for solar energy and we look forward to now doubling the size of the solar park together with Swede Energy, says Robbert Prinselaar, product manager for solar energy at Affärsverken.