Determination of income statement and balance sheet
The Annual General Meeting adopted the income statement and balance sheet for the Parent Company as well as the consolidated income statement and consolidated balance sheet for the financial year 2019.
Appropriation
The Annual General Meeting resolved that no dividend be paid for the financial year 2019 and that the accumulated profit, SEK 239,632,234, is transferred in a new account as stated in the Board of Directors' Report.
Board of Directors and CEO
The Annual General Meeting granted discharge to the Board members and the CEO for the 2019 fiscal year.
The AGM re-elected members Göran Starkebo, Ninna Engberg, Stefan Ölander and Frederic Telander. Anna Kinberg Batra was elected Chairman of the Board.
Accountants
The Annual General Meeting resolved to re-elect the registered audit firm PwC with the authorized auditor Claes Sjödin as auditor in charge.
Board fees and auditor fees
The Annual General Meeting resolved that Board fees should be paid with SEK 300,000 to the Chairman of the Board and SEK 150,000 each to other Board members who are not employed by the Group. Auditor's fees shall be paid in accordance with current approved invoices.
Other proposals and decisions
The AGM resolved to approve the Board's proposal in accordance with the notice of:
– Renewed authorization to decide on a new issue of shares and / or convertibles and / or warrants.
For further information contact:
Stefan Ölander, CEO Tel no: 070 739 80 00 or E-mail: stefan.olander@soltechenergy.com or Anna Kinberg Batra, Chairman of the Board E-mail: anna.kinberg.batra@soltechenergy.com More information is available at www.soltechenergy. com.
About Soltech Energy Sweden AB (publ)
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The Group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP Group, Swede Energy Power Solutions, MeraSol, Soldags, Takorama and Facade Systems. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 33,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
The agreement is expected to be fully extended and without contributions from either the provincial or central government will generate annual revenue of just over SEK 31 million. This corresponds to an annual return on invested capital of about 15%, which again shows that ASAB / ASRE does not depend on contributions to achieve good profitability.
In connection with the conclusion of the agreement, it was decided that ASRE will build 6 MW during 2020. The plants are expected to produce approximately 1.1 kWh per installed watt and year and are wholly owned by ASRE. The customer undertakes, for 20 years for each plant, to purchase the electricity produced.
Soltech Energy ́s CEO, Stefan Ölander in a comment:
- We are very pleased that the market in China is again open to large business after the worst period of the Corona pandemic. In the spring of 2019, we signed a cooperation agreement in another city and with another local government, the Jiangsu Province, of 500 MW of solar energy capacity. This is our second agreement in the province where we now consolidate our position. In addition to the new agreement, we have connected additional capacity to the grid and have now passed 140 MW of installed and revenue-generating capacity and have another 7.5 MW of new solar energy capacity under construction.
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on June 5, 2020 at. 07:30 CET.
About Soltech Energy Sweden AB (publ)
Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP-Group, Swede Energy Power Solutions, Merasol, Soldags, Takorama and Fasadsystem. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 33,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
Advanced SolTech Sweden AB (publ) – ASAB
In order to continuously finance investments in China, the Soltech Group's parent company and its partner in China, Advanced Solar Power Hangzhou Inc., formed ASAB. ASAB's operations consist of financing solar energy facilities in China that are owned and continuously maintained by ASRE, ASRE SUQIAN and / or its wholly owned local subsidiaries through lending and / or through direct investments in group companies. As collateral for borrowed funds, collateral is obtained in underlying assets (solar power plants and accounts receivable). The Company's Certified Adviser is FNCA, Tel: 08-528 00 399 Email: info@fnca.se More info at www.advancedsoltech.com
About the China venture
Soltech Energy's investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its wholly owned local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead commits to purchase the electricity that the plant produces during a 20- year agreement. Ongoing revenue comes from sales of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar energy. The goal is to have an installed capacity of 1,000 megawatts (MW) fully connected to the electricity grid in 2024 by 2023.
ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced Soltech Sweden AB (publ). ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
After the completed issue, which is expected to be completed in mid-June, ASAB's total and outstanding portfolio of green senior covered bonds issued in SEK and EUR will amount to approximately SEK 605 million. The bonds mature on January 25, 2023 and are listed on the First North Sustainable Bond Market. JOOL Corporate Finance AB has acted as the Company's Corporate Finance advisor in the transaction. SIP Nordic Fondkommission AB has been the organizer and Roschier Advokatbyrå AB legal adviser.
Advanced SolTech Sweden AB (publ) – CEO Frederic Telander in a comment:
– With this issue, we ensure growth in China in the short term, pending the re-opening of traditional institutional financial markets. The uncertainty that exists temporarily in the financial markets means that we issue this bond at 90% of the nominal amount. Demand for our solutions in China remains very high, with a growing order backlog as a result. We regard the future as bright for our efforts in China despite the Corona pandemic. The collaboration with Carnegie Investmentbank and DNB Markets with the aim of listing the Company's shares on First North Growth Market is firm and together with the previously announced plan to issue green covered bonds together with Nordea and DNB Markets we continue the financing plan for the expansion in China.
For more information, please contact:
Frederic Telander, CEO, Advanced Soltech Sweden AB (publ) Tel: 070-525 16 03.
E-mail: frederic.telander@soltechenergy.com or Stefan Ölander, CEO, Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. Email: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on June 1, 2020 at. 14.00 CET
About Soltech Energy Sweden AB (publ)
Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP-Group, Swede Energy Power Solutions, Merasol, Soldags, Takorama and Fasadsystem. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 33,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
Advanced SolTech Sweden AB (publ) – ASAB
In order to continuously finance investments in China, the SolTech Group's parent company and its partner in China, Advanced Solar Power Hangzhou Inc., formed ASAB. ASAB's operations consist of financing solar energy facilities in China that are owned and continuously maintained by ASRE, ASRE SUQIAN and / or its wholly owned local subsidiaries through lending and / or through direct investments in group companies. As collateral for borrowed funds, collateral is obtained in underlying assets (solar power plants and accounts receivable). The Company's Certified Adviser is FNCA, Tel: 08-528 00 399 E-mail: info@fnca.se More info at www.advancedsoltech.com
About China
Soltech Energy's investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its wholly owned local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers roofs in China. The customer does not pay for the plant, but instead commits to purchase the electricity that the plant produces during a 20-year agreement. Ongoing revenue comes from sales of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar energy. The goal is to have an installed capacity of 1,000 megawatts (MW) fully connected to the electricity grid in 2024 by 2023.
ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced Soltech Sweden AB (publ). ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
The adjustments are mainly related to a different assessment of when the controlling influence will take place and thus from what point in time the result of the acquired company should be included in the Soltech group.
The background is the Chinese subsidiary, Advanced Soltech Renewable Energy Hangzhou Co. Ltd. “ASRE”, acquisition of a portfolio of solar power plants equivalent to 21.4 MW. The revenues received and also credited to the Group have been consolidated in the Group's accounts from January 2019 in previously published financial reports. The acquisition was registered by Chinese authorities in May 2019.
In 2019, ASRE auditor switched from a local auditor to the group auditor PwC and in conjunction with the audit of the 2019 financial year, an analysis of the current acquisition was carried out together with PwC, whereby it has been established that the controlling influence for the acquired company takes place in May 2019 when the relevant authorities in China have finally registered the share transfer. This has led to a change in the Group's income statements and balance sheets, the most important of which are: Total income decreases by TSEK 20,383 to TSEK 303,550. Operating profit before depreciation, EBITDA decreased by TSEK 22,816 to TSEK 65,434 and operating profit, EBIT decreased by TSEK 24,268 to TSEK 24,843. Profit for the year after tax decreased by TSEK 12,577 to TSEK 45,778. Earnings per share decreased by SEK 0.37 to SEK -0.84.
The uncertainty regarding the accounting treatment of the acquired solar energy portfolio in China is now managed and no further future adjustments or effects are to be expected.
The annual report, as well as the auditor's report, can be read on the Company's website via this link: https://soltechenergy.com/investerare/finansiella-rapporter-kalender/
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. Email:stefan.olander@soltechenergy.com or Niclas Lundin, CFO. Phone: 072-071 03 09. Email:niclas.lundin@soltechenergy.com
About Soltech Energy Sweden AB (publ)Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The Group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP Group, Swede Energy Power Solutions, MeraSol, Soldags, Takorama and Facade Systems. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 33,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
Despite the global economic situation due to the Covid-19 pandemic, the subsidiaries have so far delivered a stable and good order intake during spring. In addition, four new acquisitions in Sweden have been completed since January and negotiations are ongoing with potential new candidates. All employees in the Group work hard to deliver quality to our customers, contributing to society achieving the climate goals and to give Soltech's approximately 33,000 shareholders a good return on their investment.
These mentioned customers have placed orders worth over SEK 80 million during spring with Soltech's subsidiaries:
Skanska Sweden AB, Swedish Exhibition Center, Swedish Church, Halmstad Municipality, Swedish Housing, School Properties in Stockholm / SISAB, Trosa Housing / TROBO, Stockholmshem, Takclean, Gårö Plåt products AB, Chalmersfastigheter in Gothenburg, Vingåkers Municipality, Skillingaryd-Vaggeryd Bostads AB, Bravida Prenad AB, Halmstad Energi & Miljö, Tiarps Gård, Hakarps Församling, Johansson and Rehn bouw AB, Lerums Energi, M-bygg Väst AB and JiangSu Danyi Textile Technology.
CEO Stefan Ölander in a comment:
– Our subsidiaries are doing a fantastic job in the midst of the Covid-19 crisis with an order intake in April-May of over SEK 80 million. All transactions are planned for delivery in 2020 * and are within the respective company's budget and current business areas. The list of customers undoubtedly represents a broad contact area that creates good conditions for further business and gives us strength in the future.
* This does not apply to Advanced Soltech's order in China from JiangSu Danyi Textile Technology of SEK 30.4 million, which is a 20-year agreement according to the current business model.
For more information contact: Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00.
E-mail: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on May 27, 2020 at. 13.00 CET.
The venue for the meeting is: Hotel BirgerJarl, Tulegatan 8, Stockholm
Registration starts at 16:30
Right to participate and register
Shareholders who wish to attend the AGM shall
• be entered in the share register kept by Euroclear Sweden AB no later than Wednesday, June 17, 2020 (for nominee-registered shares, see also "Nominee-registered shares" below), and
• Register to the Company no later than Wednesday, June 17, 2020, under address Soltech Energy Sweden AB (publ). Annual General Meeting, Tegnérgatan 1, 111 40 Stockholm or via e-mail to stamma@soltechenergy.com. In the notification, shareholders must state their name and social security number or company and organizational number. In addition, the address, telephone number, shareholding and the number of possible assistants (maximum one) must be stated.
• To prepare the opportunity to vote at the AGM and at the same time hold larger gatherings in the tracks of Covid-19, shareholders are encouraged to vote by proxy or by postal vote. Materials for voting by proxy or postal voting can be found at www.soltechenergy.com. Postal voting must be done either to Soltech Energy Sweden AB (publ). Annual General Meeting, Tegnérgatan 1, 111 40 Stockholm or via e-mail to stamma@soltechenergy.com. The last day for postal voting is June 17, 2020.
Trustee-registered shares
Shareholders whose shares are nominee-registered through a bank or other nominee must, in order to participate in the AGM, request to be temporarily registered for the shares in their own name in the share register with Euroclear Sweden AB. Shareholders desiring such registration must notify their nominee well in advance of Wednesday, June 17, 2020, when such registration must be finalized.
Attendance at the AGM
In the light of the risk of spreading coronavirus and the authorities' regulations / advice on avoiding larger gatherings, the Board wishes to emphasize the importance of pre-registration. Only pre- registered shareholders will be granted access to the AGM to enable the Board to adapt the premises in the best possible way.
Agents, etc.
Shareholders may appoint one or more representatives. Shareholders represented by proxy must issue written and updated proxy for the proxy. The authorization is valid for a maximum of one year from the date of issue, unless the authorization specifically specifies a longer period of validity, but no longer than five years from the issue. A power of attorney issued by a legal person must be enclosed with authorization documents (registration certificate or equivalent). The proxy in original and any authorization documents should be submitted to Soltech Energy Sweden AB well in advance of the Annual General Meeting, but no later than June 17, 2020, Annual General Meeting, Tegnérgatan 1, 111 40 Stockholm. A proxy form is available on the company's website, www.soltechenergy.com
Proposed agenda
-
Opening of the Meeting
-
Election of Chairman of the Meeting
-
Establishment and approval of voting length
-
Approval of the agenda
-
Selection of one or two protocol adjusters
-
Examination of whether the meeting has been duly convened
-
Speech by the CEO
-
Presentation of the annual report and the auditor's report, as well as the consolidated accounts
and consolidated auditors' report for the financial year 2019.
-
Decision:
-
Determination of income statement and balance sheet as well as consolidated income statement and consolidated balance sheet.
-
Allocations regarding the Company's earnings according to the adopted balance sheet,
-
Discharge for the members of the Board of Directors and the CEO.
10. Determination of the number of board members 11. Determination of Board fees
12. Determination of auditor's fees 13. Election of Board of Directors
14. Election of Chairman of the Board 15. Election of auditor
16. Resolution on authorization for the Board to issue shares, warrants and convertibles. 17. Any other decisions, if any
18. Closing of the Meeting
Proposition for resolution
Item 2 – Election of Chairman of the Meeting
Shareholders representing 7.36 percent of the votes suggest that Göran Starkebo be elected chairman at the meeting.
Item 9 (ii) – Allocation of the Company's earnings
The Board of Directors and the Managing Director propose that no dividend be paid to the shareholders, and that any amounts available to the Meeting are transferred in new account.
Item 10 – Determination of the number of board members
Shareholders representing 7.36 per cent of the votes suggest that the board should consist of five members without deputies.
Items 11-12 – Determination of Board fees and auditor fees
Shareholders representing 7.36 percent of the votes in the Company propose that board fees of
SEK 300,000 should be paid to the chairman of the board and that board fees of SEK 150,000 be paid to each of the other members of the board. However, a board member who is replaced by the Company due to employment shall not receive any fees, either in the parent company or in the subsidiary.
It is proposed to the auditor that fees be paid in accordance with approved invoice.
Item 13-14 – Election of Board of Directors and Chairman of the Board
Shareholders representing 7.36 per cent of the votes in the Company propose the re-election of ordinary board members Ninna Engberg, Göran Starkebo, Frederic Telander and Stefan Ölander and new election of Anna Kinberg Batra.
Shareholders representing 7.36 percent of the votes in the Company propose that Anna Kinberg Batra be appointed Chairman of the Board for the period until the end of the next Annual General Meeting.
Item 15 – Election of auditor
The Board of Directors proposes that the Annual General Meeting, for the time until the end of the next Annual General Meeting, re-elect Pricewaterhousecoopers i Sverige AB (PWC) as the Company's auditor. PWC has announced that, in the event that PWC is elected, PWC will appoint Claes Sjödin as Chief Auditor.
Item 16 – Resolution on authorization for the Board to decide on the issue of new shares and the issue of warrants and convertibles.
The Board of Directors proposes that the Annual General Meeting make a decision to authorize the Board to make decisions on the issue of shares and / or issue of convertibles and / or warrants until the next AGM, on one or more occasions, even with deviations from the shareholders' preferential rights. The shares, convertibles and / or warrants may be subscribed for in cash payment or against payment by way of set-off, by the addition of in kind, or otherwise with conditions. The authorization is limited to the number of shares on the issue or issue of warrants and convertibles, the number of warrants and convertible debentures that may entail the issue or conversion to the corresponding number of shares, calculated at the time of issue of such warrants or convertibles, which are contained in the articles of association. on the number of shares.
Item 18 – Closing of the Meeting
Provision of documents
The annual report documents and the auditor's report as well as the full proposal of the Board of Directors as above will be made available at the Company's office for at least three weeks before the meeting and will be sent free of charge to the shareholders who have stated that they wish to receive such information from the Company. All documents will also be available simultaneously on the Company's website, www.soltechenergy.com.
Information on the number of shares and votes and on the holding of own shares
The total number of shares and votes in the company at the time of issuing this notice was 55 135 956. All issued shares have equal voting rights. The company does not hold any own shares.
Majority requirements
A resolution according to paragraph 16 above is valid only if it has been supported by shareholders with two-thirds of both the votes cast and the shares represented at the meeting.
Shareholders' right to request information
The Board of Directors and the Managing Director shall, if any of the shareholders so request and the Board of Directors considers that it can be done without material harm to the Company, provide information at the Annual General Meeting on matters that may affect the assessment of a matter on the agenda and circumstances that may affect the assessment of the company's financial situation. The duty to disclose also relates to the company's relationship with other group companies and the consolidated accounts, as well as conditions concerning subsidiaries referred to in the first paragraph.
______________________________
Stockholm in May 2020
Soltech Energy Sweden AB (publ) Board of Directors
At the Swedish pavilion "The Forest", 500 m2 of the roof will be covered by Soltech's product "ShingEl" and 500 m2 of the facade with Soltech's product "Facade". The pavilion is based on the idea of the extensive freedom and wilderness in a forest. With renewable solar energy on roofs and facades, the energy solution is also endless and fits well with the pavilion's concept and the message that Sweden wants to send to the visitors of the Expo. For Soltech, the collaboration means not only exposure but also a positive business value.
– “We need to prepare for a reality where the world, Sweden, and companies are resuming operations and where everyday life is returning to normal after the Corona crisis. It is important to be able to show long-term sustainable solar solutions that are aesthetically pleasing and adapted to modern design and architecture. We are confident that the exposure and attention that our products will receive in Dubai will lead to exciting business opportunities both in Sweden and internationally, says Stefan Ölander, CEO of Soltech Energy
The products "ShingEl" and "Facade" have integrated solar cells with a design that makes the roof and facade both stylish and energy efficient. The possibilities of integrated solar cells are many and it is a market with rapid growth and great needs. The target group for "ShingEl" is both villas and commercial properties. Facade is especially suitable for properties with larger areas such as factory and logistics premises or cool schoolbuildings and sports arenas.
– We are very pleased to have signed an agreement with Soltech as our sponsor for solar energy. Their integrated products will fit well into our futuristic design of the pavilion, says Staffan Schartner, Head of Construction on the Committee for Sweden's Participation
It is with both joy but also a portion of thoughtfulness and careful consideration that the agreement has been signed in these times of Coronavirus. At the same time, it is proof of Soltech's drive and ambitions. Of course, all planning and participation in Expo 2020 in Dubai will continue to follow the guidelines provided. The World Exhibition is postponed and will take place between October 1, 2021 and March 31, 2022. The name Expo 2020 will remain.
For more information contact:
Stefan Ölander, VD Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-post: stefan.olander@soltechenergy.com.
About Soltech Energy Sweden AB (publ)
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP-Group, Swede Energy Power Solutions, Merasol, Soldags, Takorama and Fasadsystem. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 33,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
CEO Stefan Ölander comments:
– It feels very inspiring that Anna will be part of the Soltech team. Her competence and drive is something that will benefit the Group on several levels and I am really looking forward to start up the work with Anna.
Anna Kinberg Batra comments:
– I am very much looking forward to working with all the entrepreneurs in the Soltech Group and in an industry that drives important sustainable change. Not even half a percent of Swedish electricity comes from the sun today. But my hopes are high for a fast transition to reneweable energy sources and a more sustainable society.
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com or Anna Kinberg Batra. Email: anna.k.batra@gmail.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on 11 May 2020 at. 08.30 CET.
About Anna Kinberg Batra
Anna Kinberg Batra was the political party, Moderaternas, first female leader and has also served as the chair of the Finance Committee and the EU Committee. Anna has been former energy policy spokesperson, expert in the Cabinet ministry and leader of the party's first office in the European Parliament. Anna holds a degree from Stockholm School of Economics and has in addition to politics previously, been head of information at Stockholm Chamber of Commerce, project manager at Universum and Prime, board member of Avanza pension, advisor to SSE Business Lab and co-founder of Nova Talent and Jobline / Monster. Today she works as a lecturer, author and advisor to corporate management groups, Sweden-India Business Council and McKinsey & Co. She has board assignments in Swedish Space Corporation, Collector and SJR and writes chronicles in Dagens Industri. In connection with the entry, Anna Kinberg Batra will buy shares in Soltech Energy.
About Soltech Energy Sweden AB (publ)
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP-Group, Swede Energy Power Solutions, Merasol, Soldags, Takorama and Facade systems. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 33,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
Continued growth over the full year of 2020
During the worst human and economic crisis of decades, Soltech is delivering a strong quarter. Sales are marginally lower than the same period last year, but better in terms of profit after tax.
The revenue loss is related to our operation in China and can be attributed to the Covid-19 pandemic. The Swedish operation increase their turnover by 22.4 percent compared to quarter 1, 2019. Despite the Covid-19 pandemic, we expect our expansion journey to continue at a good level and that this year’s sales will still exceed last year with a good margin.
First quarter in brief:
• Consolidated revenues amounted to SEK 52.8 M (56.4). A decrease of -6.3%
• Swedish operations increased to SEK 37.8 M (30.9), an increase of 22.4%
• The reported sales in the Chinese operations are lower for the quarter compared to the quarters 1 – 2019, partly as consequence of changed accounting principles (see note 2) and the impact of the Covid-19 pandemic
• Profit for the period after tax amounted to SEK -5.5 M (-9.5)
• Covid-19 affected the Swedish operations to a limited extent in the first quarter. Operations are mainly affected by the fact that projects are pushed forward in time, which is driven by a lower level of customer activity.
• The Group has had a good order intake during the quarter
Significant events during the period
• On January 2, Soltech took ownership of 100 percent of the shares in Soldags i Sverige AB and 60 percent of the shares in Merasol AB
• On March 2, Soltech took ownership of 70 percent of the shares in Takorama AB
• The subsidiary Swede Energy takes an order from Castellum at the Nordic region’s largest roof-based solar plant to date with an order value of approximately SEK 20 million
• Two new key people took up their positions: Niclas Lundin as CFO and
Josefin Sollander as Head of Communications
• Advanced Soltech Sweden AB (“ASAB”) plans to issue green bonds together with Nordea and DNB and the planned special listing of the shares together with Carnegie and DNB are postponed in the future due to the Covid-19 and the uncertainties this has caused in the financial markets.
• Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd. (“ASRE”) signs a new cooperation agreement with Rural Credit Cooperative in the Hebi Province, which when fully expanded, is expected to generate approximately SEK 363 million in revenue during the contract period
Significant events after the reporting period
• On May 2, Soltech will take ownership of 70 percent of the shares in the facade system in Stenkullen AB
CEO comments:
– I am proud of how the Group has handled the current market situation. Despite a more or less paralysed economy due to the Covid-19 pandemic, our subsidiaries deliver good business. In addition, we succeeded in four new acquisitions in Sweden and negotiate, as planned, with additional companies. I can promise that all employees within the Group work hard to deliver quality to our customers, contribute to society working towards the 2030 climate goals and to give our 33,000 shareholders a good return on investment.
For further information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00.
Email: stefan.olander@soltechenergy.com.
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person’s publication for publication on May 7, 2020 at. 13.00 CET.
About Soltech Energy Sweden AB (publ)
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers’ needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP-Group, Swede Energy Power Solutions, Merasol, Soldags, Takorama and Fasadsystem. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 33,000 shareholders. The company’s Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
Facade systems is one of Western Sweden’s leading companies in the facade industry with over 40 years of experience in various solutions and cutting-edge expertise for the development of modern, functional and stylish aluminum facades. The market is developing rapidly and Facade systems are now ready to take the next step and offer sustainable and smart solar energy solutions.
Facade systems will be Soltech’s third subsidiary on the west coast following the acquisition of Merasol and Takorama earlier this year. This is Soltech’s second acquisition in 2020 that is not within the the solar energy industry. The strategy is to acquire unlisted traditional companies in, for example, the roofing, facade and electricity industries and convert these into sustainable companies that, in addition to their traditional business, add solar energy in their product range. This strategy builds value for Soltech’s shareholders while building a platform aimed at making solar energy a natural part of our every day energy mix.
The acquisition of facade systems in economic terms:
All shares in Facade Systems are valued at SEK 40 million and the total acquisition proceeds for 70% of the shares thus amount to SEK 28 million.
The acquisition is paid with an initial cash portion of SEK 13.7 million (of which SEK 3.7 million is compensation for non-distributable funds left in the company). After 12, 24 and 36 months, a further total of SEK 3.66 / year can be paid out in variable supplementary purchase price if set sales and profitability targets are achieved.
The acquisition is also paid for with newly issued Soltech Energy shares worth SEK 7 M (25% of the purchase price) upon entry.
In the spring of 2024, through an option agreement, Soltech Energy has the opportunity to acquire the remaining 30% of the shares in Facade systems, or a desired part thereof. The price for the shares under this option is calculated as the average of EBIT in Facade systems during the 2020-2023 fiscal years, multiplied by six (6), multiplied by the percentage acquired.
The acquisition of the façade system is financed entirely from its own cash and with newly issued Soltech Energy shares.
Soltech Energy and Fasadsystem’s assessment is that the acquisition will contribute approximately SEK 53 million in sales during the 2020 financial year (eight months) and with a positive operating profit of approximately 8-10% of sales.
From the 2021 fiscal year onwards, Soltech Energy expects a sales increase with a good operating margin due to the fact that the facade system will add solar energy to its product range. In addition, synergies within the Group in terms of joint purchasing, marketing, HR, finance and administration will have a positive impact on sales and earnings.
CEO Stefan Ölander in a comment:
– It feels fantastic to be able to show strength through this acquisition in the middle of the Covid19 crisis. We are pleased to have agreed with Fasadsystems which is a very solid family company with the third generation on the CEO chair. The company is characterized by great drive and deep knowledge. We see great business opportunities as they now add solar energy to their range. Transforming traditional companies into solar companies is socially beneficial and a good deal for our shareholders.
Tommie Standerth, CEO of Facade System in a comment:
– Fasadsystem’s employees have high technical expertise and many years of experience in the industry. The market is changing and products and technology are developing at a rapid pace, so it is of the utmost importance that we keep up with that development and are responsive to customer requests and industry requirements. One of these is that solar energy solutions are something we should be able to offer our customers. We have great confidence in Soltech and are certain that the Soltech Group is right for us when we, as the first facade company, take the step of offering solar energy solutions. Through this sale, we ensure that Facade Systems takes a step into the future and that both the company and our highly valued employees receive a strong and futureoriented parent company. I also want to thank Andreas Arnewid business broker at Företagarförmedlingen for a good collaboration.
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. Email: stefan.olander@soltechenergy.com.
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person’s publication for publication on April 23, 2020 at. 13.00 CET.
About Soltech Energy Sweden AB (publ)
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers’ needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP-Group, Swede Energy Power Solutions, Merasol, Soldags, Takorama and Facade systems. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 32,000 shareholders. The company’s Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com