With over 30 years of experience in the roofing industry, the Ljungskile-based roofing company Takorama has a vast knowledge and experience. When the company was acquired by the Soltech Group in 2020, the journey began to add solar energy to the existing product-and service offering, something that was requested by many of the customers. The company has since the transformation into a solar roof company, carried out several installations and has a team that specializes in solar energy solutions.

Takorama will help the Svenska Mässan Gothia Towers with both roofing and a solar cell installation. In total, the installation is an approximately 1,400 sqm solar energy solution and roofing of approximately 7,000 sqm on one of the fair's roofs. CEO Michael Norrby views the project very positively.

– This is a prestigious project for us, and it is a great value for our customers that we can offer both roofing and solar cells at the same time. Svenska Mässan is also a customer relation that we have worked with before, and we are proud to have earned their trust once again, says Michael Norrby, CEO of Takorama.

Soltech has an offensive growth strategy where acquisitions in the solar, roof, facade and electrical engineering industries together create synergy effects and business opportunities for each other. Two companies in the Group have now jointly been commissioned to install solar energy solutions at five of Joab's industrial properties in Gothenburg. The Gothenburg-based subsidiary Rams El and Soltech Energy Solutions will carry out the project together.

– It feels great that we can help Joab with this project which is a real sustainability investment. Together with our sister company Soltech Energy Solutions, we will ensure that their industrial properties will have solar installations on the roofs that will contribute with large amounts of green electricity to their production, says Per-Arne Olausson, project manager at Rams El.

A company with high sustainability ambitions
Joab is a leading group in the product industry for trucks in the Nordic region and manufactures and develops hydraulically controlled truck superstructures such as demountables and lift dumpers. The company is located in several cities in Sweden, with headquarter in Gothenburg. Joab has ambitious environmental goals and works actively to streamline its processes to reduce its energy consumption and carbon emissions. The solar energy solutions will be a new key factor in their sustainability investment.

– Our sustainability goals are clear. We aim to reduce our energy use and minimize our climate footprint. Installing solar energy at several of our facilities is a clear step forward. We have chosen Soltech and Rams El as partners in this project as we have experience and good references of them from projects done before, says Peter Olsson, CEO of Joab.

Soltech has an offensive growth strategy with acquisitions in the solar, roof, façade and electrical engineering industries. Together, these companies will create synergy effects and build a strong group with cross-border expertise that can offer complete solutions with solar energy, energy storage and smart energy control as a platform. The synergy effects are shown, among other things, when trust in one Soltech company results in business opportunities for another of the Group's companies, which has now happened in Nybro.

It started with the subsidiary Takrekond being given the confidence to help Eurosteel with a roof renovation of its property. Thereafter, Takrekond suggested that the property owner could reduce the energy costs with a large-scale solar energy solution on the newly laid roof, after which the sister company Soltech Energy Solutions was involved.

– Takrekond has had a good cooperation with Eurosteel for a long time and the fact that we now got a large new roof assignment feels very good. Our long and trustful relation with Eurosteel also led to our sister company now being commissioned to construct a solar installation on the same property. These are exactly the kind of business advantages and green solutions we hope to create even more of in the group, says Niclas Ax, Deputy CEO, Takrekond.

The solar energy is traded through PPA agreements
When Takrekond has completed the roofing work, Soltech Energy Solutions will construct a solar energy solution on the property's roof for the local energy company Nybro Energi, which has previously started a collaboration with Soltech on electricity trading agreements and the financing concept PPA. The concept means that Nybro Energi will own, manage and operate the solar installation for the property owner who only buys the electricity produced.

A PPA solution is an electricity trading concept that is becoming more common for property owners on the Swedish market, often, in connection with large-scale solar energy installations. The agreement means that Nybro Energi is responsible for the initial investment for the plant and any operating costs, which means that the property owner receives a direct energy cost saving from day one when the installation is up and running. Eurosteel only commits itself to buying the solar power that the plant will produce.

– It feels great that we are now working on our new PPA concept together with Nybro Energi. The concept and solar installation mean that the property owner reduces his environmental impact and benefits from the sun's rays in his business, without having to think about installation or operation of the solar installation himself. We clearly see the PPA solution for solar energy as the electricity trading concept of the future, says Mathias Duveskog, Regional Manager, Soltech Energy Solutions.

Read Aktiespararna's Q1 analysis of Soltech, which justifies a value of SEK 35–41 for the Soltech share.
 
Aktiespararna also believes that Soltech has started the year strongly despite a quarter which was characterized by tough external conditions and, above all, Aktiespararna view the sharply increasing organic growth positively.
 
They also mention the European Commission's recently presented solar energy strategy, which among other things means a doubling of the establishment rate of solar energy solutions. This suggests that Soltech, and the solar industry in general, is facing strong growth in the coming years.

Here you can read the analysis:
https://www.aktiespararna.se/analysguiden/nyheter/analys-soltech-internationell-expansion-och-tresiffrig-svensk-tillvaxt

Soltech has an offensive growth strategy with acquisitions in the solar, roof, facade and electrical engineering industries. The Group also makes additional acquisitions, so-called bolt-on acquisitions, to strengthen existing companies. Trönninge El in Halmstad, is Soltechs second bolt-on acquisition by acquiring. The company will directly become part of the Skaraborg-based electrical engineering company Provektor, which has been part of the Soltech Group since March 2021.

– Our ambition and strategic plan is to constantly nurture, develop and strengthen our existing subsidiaries. Something that this bolt-on acquisition is a sign off completely in accordance with. Trönninge El is a well-run company that has a long experience of collaborating with Soltech companies, and I would like to warmly welcome them to the group, says Stefan Ölander, CEO of Soltech Energy.

Strategic bolt-on acquisition
Trönninge El operates in Halmstad and the surrounding area and has proven to be in the forefront of solar energy installations. The company has previously worked closely with several Soltech companies and now they themselves become part of the solar energy group by acquiring them to Provektor. Provektor's CEO, Kenneth Johansson, views the additional acquisition very positively.

– We are broadening and strengthening our business further, also geographically, by welcoming an electricity company from Halmstad into Provektor. A big advantage for everyone is that they add core competence in solar energy. This is a strategic acquisition for our expansion journey, and we are pleased that Soltech is giving us the opportunity to do this, says Kenneth Johansson, CEO of Provektor.

https://www.youtube.com/watch?v=Wvl8Clp7TrE&t=1s

CEO comment:

Soltech once again delivers very strong growth during the first quarter of 2022. We reach a full SEK 287.5 million in revenue, which corresponds to 143 percent growth in Sweden. The quarter began with unusually high rate of sick leave due to Covid-19 and related family quarantine rules, and on February 24, Russia's offensive war against Ukraine started. In other words, an unusual and tough quarter, which we still manage to navigate through in a good way. Our organic growth was as much as 43 percent, which is a figure to be proud of for all our employees.

FIRST QUARTER IN BRIEF

• The Group's revenues in the quarter amounted to SEK 287.5 (145.2) million, an increase of 98%.

• The Group's revenues in the Swedish operations amounted to SEK 287.5 (118.1) million, an increase of 143%.

• The Group's organic growth amounted to 43 (56) %.

• The Group's profit before depreciation (EBITDA) amounted to SEK -38.5 (-8.3) million. EBITDA was negatively affected by earnings from participations in associated companies by SEK -5.1 million. EBITDA has also been negatively affected by price increases for components as well as continued investments and investments in both new acquisitions and existing subsidiaries, which drives increased costs.

• The Group's operating profit (EBIT) amounted to SEK -53.2 (-28.4) million. EBIT has, in addition to the above-mentioned effects on EBITDA, been affected by increased depreciation as a result of acquisitions.

• The Group's EBITDA in the Swedish operations amounted to SEK -38.5 (-26.7) million and EBIT -55.3 (-35.6) million.

• Profit after tax for the period amounted to SEK -53.2 (-18.2) million.

• Cash flow for the period from operating activities amounted to SEK -71.2 (-4.7) million.

• The period's cash flow for the Group amounted to SEK -80.2 (-101.7) million.

• Earnings per share amounted to SEK -0.52 (-0.33).

• Covid-19 affected the Swedish operations during the first quarter, mainly in the form of sick leave and family quarantine.

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

Significant events in subsidiaries:

• ESSA Glas & Aluminum AB has won a contract for the execution of a façade contract with construction starting during the summer of 2022. The assignment is carried out for the Stockholm Region, through Locum AB, and has an order value of SEK 92 million.

• Soltech Energy Solutions and Falkenklev Logistik are deepening their collaboration. In addition to the 1.5-hectare solar park that Soltech will build, both companies, together with Scania, will also build Sweden's largest charging and battery park for electric trucks. The project is part-financed by the Swedish Environmental Protection Agency.

• Soltech Energy Solutions will build Sweden's largest solar park connected to only one industry for Åbro Bryggeri in Vimmerby. The solar park will cover an area of 10 hectares and will contribute to Åbro Bryggeri becoming completely self-sufficient in solar. The park is planned to be commissioned during the latter part of 2022.

Acquisitions:

• Soltech has acquired the remaining 30% of the shares in the subsidiary Fasadsystem i Stenkullen AB, which after the acquisition is a wholly owned subsidiary.

• The remaining 40% of the shares in the subsidiary Din Takläggare i Värmland-Dalsland AB have been acquired and the company is now a wholly owned subsidiary. At the same time, the Group made its first additional acquisition by acquiring 100% of the solar energy company Solexperterna Värmland AB, with effect from 1 April 2022. The acquired company will be part of the now wholly owned subsidiary Din Takläggare.

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

International acquisition:

• Expansion outside Sweden. Soltech has acquired 53.3 percent of the shares in the Dutch solar energy company 365 Energie Holding B.V. (365zon) based in Eindhoven, the Netherlands. The acquisition of 365zon is financed entirely from its own cash and with newly issued Soltech shares. The company had sales of SEK 250 million in 2021 and is estimated to have sales of approximately SEK 350 million in 2022 with an operating profit of approximately 10%. Since 2012, 365zon has completed over 20,000 successful installations and with its nationwide installation capacity, the company now has an average of approximately 6,500 solar cell installations annually in the Dutch housing market.

Significant events in subsidiaries:

• Soltech Energy Solutions has been commissioned to build a 38,000 sqm solar energy solution for Coop Sverige AB consisting of CFP-certified panels with recycled silicon from Norway and silicon from Germany and the US. The facility will cover half of the entire property's electricity needs. Commissioning is planned for the turn of the year 2022/2023.

• Soltech Energy Solutions and Provektor have been commissioned to build panel installations for solar energy solutions at three ICA stores. Commissioning of the first facility in Borås is planned for the summer of 2022.

Other:

• Soltech's Annual General Meeting was held on May 12, 2022. It was decided, among other things, that the Board was given renewed authorization to decide on new issues of shares and / or convertibles and / or warrants, that the Board & CEO were granted discharge for the past year.

* Soltech Energy Sweden AB's subsidiary Advanced Soltech Sweden AB (ASAB) was listed on the Nasdaq First North Growth Market on October 29, 2021 and was thus deconsolidated from the Group. The comparative figures are not recalculated with this in mind.

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 financial year 2021.

Disposition of results
The Annual General Meeting resolved that no dividend be paid for the financial year 2021 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 2021 financial year.

The Annual General Meeting elected the Board members Mats Holmfeldt, Vivianne Holm, Hellen Wohlin Lidgard, Göran Starkebo, Johan Thiel and Stefan Ölander. Mats Holmfeldt was elected Chairman of the Board.

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 500,000 to the Chairman of the Board and SEK 250,000 each to other Board members. The AGM resolved that the fees for a member of established committees shall be SEK 40,000 per person and committee. The chairman of the committee shall receive a fee of SEK 60,000. 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:

• Decision to adopt proposed guidelines on nomination committee principles

• Changes in the Articles of Association:
  • Increase of the share capital to a minimum of SEK 3,000,000 and a maximum of SEK 7,500,000
  • The number of shares is a minimum of 60,000,000 and a maximum of 150,000,000
• Renewed authorization to decide on a new issue of shares and / or convertibles and / or warrants.

The minutes of the Annual General Meeting will be published on the Company's website www.soltechenergy.com/investor/corporategovernance

More information is available at www.soltechenergy.com.

Soltech Energy Solutions is a nationwide solar energy company that, together with other community builders, supports property owners, industries, and landowners with large-scale solar energy solutions. The company has has signed an agreement to build a large roof-mounted solar energy solution on Infrahub's property in Södra Stigamo, a logistics area, in Vaggeryd municipality.

– It feels great to be able to help Infrahubs and Svenska Retursystem with this sustainable initiative. It will be one of the largest roof-based solar installations in Sweden and will produce large amounts of green energy for the business and at the same time make secure a solution less sensitive to high electricity prices, says Rickard Lantz, Business Development Manager, Soltech Energy Solutions.

Food logistics with a focus on sustainability
Svenska Retursystem develops the grocery industry's common reusable system for distribution of goods based on a completely circular process. The new logistics facility in Vaggeryd will have one of Sweden's largest roof-placed solar installations with an estimated annual production of 3.7 GWh.

– In the power shift to renewables, solar energy plays an important part. Svenska Retursystem has high goals for increased sustainability in the reusable system. By adding more renewable energy to the existing electricity system, we can help the change to renewable energy instead of fossile energy. We are pleased that Infrahubs have agreed with Soltech on a large roof-mounted solar energy solution at our upcoming logistics facility in Vaggeryd, says Hans Byström, Purchasing Manager, Svenska Retursystem.

The solar energy company Soltech Energy Solutions develops solutions for large landowners, property owners and logistic businesses with large-scale solar energy projects as well as charging and storage solutions.

The solar energy company will now build a 4,000 sqm solar energy solution for ICA Fastigheter in Borås on the property for Maxi ICA Stormarknad. In addition to Soltech Energy Solutions, Provektor, an electrical engineering company in the Soltech Group, will carry out the electrical installations.

The solar energy solution in Borås is the first in a series of installations that the Soltech Group will carry out for ICA Fastigheter. During the spring and summer, solar installations will also be constructed on three of ICA Fastigheter's retail properties in Ludvika, Halmstad and Nacka.

– It feels fantastic that we can help ICA Fastigheter with several large-scale solar energy solutions. The solar installation in Borås will be the first to be constructed and it feels great that the first panel is now being installed, says Jesper Ståhlberg, Key Account Manager, Soltech Energy Solutions.