For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. Email: stefan.olander@soltechenergy.com
About Soltech Energy Sweden AB (publ)
Soltech is a complete 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 investment is conducted, Soltech Sales & Support, NP-Gruppen, 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 34,000 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 terms of the Rights Issue mean that seven (7) existing shares give the right to subscribe for one (1) new share at a subscription price of SEK 12 per share, which corresponds to a discount of approximately 23.7% percent compared with the volume-weighted average price during the 20 trading days, between 14/7 and 10/8 2020.
In the event of great interest in the Rights Issue, the Board has a mandate to decide on an additional new issue (“Over-allotment issue) of a maximum of 3,840,000 shares with deviation from the shareholders' preferential rights. The price for acquiring shares in the Over-allotment Issue is SEK 12 per share and the gross proceeds from this are estimated at full subscription to amount to approximately SEK 46 million before deductions for issue costs. The over-allotment issue enables allotment to those stakeholders who may not receive an allotment in the Rights Issue and at the same time enables an increase in the Company's shareholder base through allotment to new stakeholders. The Board's decision on the Rights Issue and, where applicable, the Over – allotment Issue will be made with the support of the issue authorization granted at the Annual General Meeting on June 24, 2020.
Background and motifs
Ahead of 2019, Soltech announced that the Company will acquire companies in the solar, roof, electricity, charging and facade industries to build a leading group in solar energy and clean tech. During 2019 and the first half of 2020, seven successful acquisitions were made, which contributed greatly to the Group's total revenues amounting to just over SEK 303 million in 2019 compared with approximately SEK 53 million in 2018, and that the Company has since also gained twice as many shareholders, and not least the share price doubled in 2019.
The acquisition strategy has proven to work very well and now the Company is conducting a rights issue to create conditions for expansion through further acquisitions, to be able to develop existing subsidiaries and to focus on marketing, sales and recruitment.The solar energy market in Sweden and other countries is in a strong development phase. Many companies have been formed to take part in the growing market. The Board and management of Soltech have made the assessment that this opens up for a consolidation of the market where a player with the right strategy and sufficient financial resources has the opportunity to become a market leader through acquisitions of various types of companies to create a larger and more profitable Nordic unit.The Soltech Group sees clear synergy effects between our subsidiaries within e.g. purchasing, HR, warehousing & logistics, marketing and sales. This affects both sales and profits in the companies and we are convinced that these synergy effects are a crucial part of the journey of success we aim for in the coming years.
Of the issue proceeds, which upon full subscription will amount to approximately SEK 98 million, before issue costs, are reserved in order of priority:
• SEK 60 million for further company acquisitions
• SEK 30 million for investments in subsidiaries
• SEK 4 million for marketing and recruitment
• SEK 4 million for issue costs
Upon full subscription also of the Over-allotment Issue, the opportunities for new company acquisitions will be increased, as the Company will receive an additional SEK 46 million before issue costs, which are estimated to amount to approximately SEK 1 million.
The Board's strategy is continued growth both organically through increased sales of own products and through acquisitions. The purpose of the acquisitions is partly to contribute to the Group's development as a whole, but also for these companies to function as marketing channels for the Company's own products.
The rights issue in summary
The right to subscribe for new shares shall accrue to the Company's shareholders with preferential rights. Each share held as of the record date on August 20 gives one (1) subscription right (TR). It takes seven (7) TRs to subscribe for one (1) new share at a subscription price of SEK 12. Subscription of shares will take place during the period 24/8 – 7/9 2020. Upon full subscription of the Rights Issue, the Company will receive approximately SEK 98 million before issue costs, which are estimated to amount to approximately SEK 4 million.
The last day for trading in the Company's shares, including the right to receive subscription rights in the Rights Issue, is August 18, 2020. Subscription of shares with the support of subscription rights shall take place through cash payment during the period 24/8 – 7/9 2020. Subscription of shares without support of subscription rights shall be made on a special subscription list during the period 24/8 – 7/9 2020. Payment for shares subscribed without the support of subscription rights shall be made no later than three banking days after the issuance of the settlement note showing the allotment. The Board has the right to extend the subscription period and the last day for payment.
In the event of great interest in the Rights Issue, the Board has a mandate to decide on an additional new issue (“Over-allotment issue”) of a maximum of 3,840,000 shares with deviation from the shareholders' preferential rights. The price for acquiring shares in the Over-allotment Issue is SEK 12 per share and the gross proceeds from this are estimated at full subscription to amount to approximately SEK 46 million before deductions for issue costs. The purpose of the Over-allotment Issue is to create the conditions for an even faster expansion through further acquisitions. The over-allotment issue is conditional on the Rights Issue being oversubscribed.
The rights issue amounts to a maximum of 8,172,423 shares. This means that the share capital increases by a maximum of SEK 408,621 to a maximum of SEK 3,268,969. The shares issued in connection with the Offering correspond to approximately 12.5 percent of the share capital in the Company after the completion of the new share issue (provided that a fully subscribed Offering). Shareholders who choose not to participate in the Rights Issue will, when fully subscribed, be diluted by approximately 12.5 percent. Upon full utilization of the Over-allotment Issue, the share capital will increase by a maximum of SEK 192,000 to a maximum of SEK 3,460,969.The over-allotment issue corresponds to a maximum of approximately 5.55 percent of the Company's total share capital. In the event that both the Rights Issue and the Over-allotment Issue are utilized, the share capital will increase by SEK 600,621 to a maximum of SEK 3,460,969. The dilution will amount to a maximum of approximately 17.35 percent calculated as the number of new shares after the new share issue divided by the total number of shares after the new share issue. The rights issue and the Over-allotment issue are not secured by issue guarantees or subscription commitments.
Shareholders who choose not to participate in the Rights Issue have the opportunity to compensate for the financial dilution effect by selling their subscription rights.
Prospectus
The complete terms and conditions for the Rights Issue and information about the Company will be reported in a prospectus approved by the Swedish Financial Supervisory Authority, which is expected to be published on the Company's website on 13 August 2020.
Schedule for the Rights Issue and any Over-allotment Issue
Last day for trading incl. right to participate 18 August 2020
Reconciliation day 20 August 2020
Subscription period 24 August to 7 September 2020
Trading in subscription rights 24 August to 3 September 2020
Press release on issue outcome 10 September 2020
Notice of allocation and dispatch of settlement notes 10 September 2020
Settlement date for settlement notes 15 September 2020
Issuing
For further questions regarding subscription, contact your personal bank adviser, your nominee or Soltech's issuing institution Aktieinvest FK AB on 08 506 517 95 or emittentservice@aktieinvest.se
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 as required by Soltech Energy Sweden AB (publ)
publish in accordance with EU Regulation No. 596/2014 on market abuse. The information was provided
through the above contact person for publication on 13 August 2020 at 11:00 CET.
NOT FOR PUBLICATION, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, JAPAN OR CANADA OR IN ANY OTHER JURISDICTION THAT DISTRIBUTES DISTRIBUTION.
The order is divided into two phases where 7.5 MW is built in the first phase and 3.5 MW in the second. When 11 MW is built and connected to the grid, the plant is estimated to produce approximately 12,760,000 kWh annually, which for 20 years will be sold directly to the electricity grid. The investment in the 11 MW plant, which will be owned by ASRE, amounts to approximately SEK 50.6 million and construction is scheduled to start in the fourth quarter of 2020.
Advanced Soltech's CEO Max Metelius comments:
– We are happy and proud of this very large deal which is our second largest to date. In terms of size, this roof-based facility of 11 MW can be compared with Sweden's largest solar park in Linköping, which is ground-based and will be 12 MW. In this project, we sell the electricity produced directly to the local grid company, which provides extremely low counterparty risk and good profitability. Despite the Corona crisis, we see strong demand for our offering in China and we are optimistic about future business opportunities.
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com or Max Metelius, CEO Advanced Soltech Sweden AB (publ) Tel: 072- 316 04 44. Email: max.metelius@advancedsoltech.com
The information in this press release is such that Soltech Energy Sweden AB (publ) must publish in accordance with EU regulation no. 596/2014 on market abuse. The information was provided by the above contact person for publication on July 27, 2020 at 07:30 CET.
About Soltech Energy Sweden AB (publ)
Soltech is a complete 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 investment is conducted, Soltech Sales & Support, NP-Gruppen, 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 34,000 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
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 in 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 undertakes to buy the electricity that the plant produces under a 20-year agreement. Current income comes from the sale of electricity to customers and from various forms of subsidies per kilowatt hour (kWh) of solar produced. The goal is to have an installed capacity of 1,000 megawatts (MW) by 2023, which is fully connected to the electricity grid by 2024. 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 plant is estimated to produce approximately 446,250 kWh annually and the customer buys the electricity that the plant produces for 20 years. The investment in the facility, which will continue to be owned by ASRE, amounts to approximately SEK 2.4 million and construction is scheduled to start in the fourth quarter, 2020.
The total installed solar energy capacity in China now amounts to 143 megawatts (MW). This corresponds to approximately 1,430,000 square meters of roof or approximately 204 soccer pitches. The energy produced each year corresponds to the electricity consumption in approximately 9,000 Swedish villas.
Advanced Soltech's CEO Max Metelius comments:
– We are noticing an increase in activity in China despite the Corona crisis and we are optimistic about future business opportunities. This order is the second phase in an already existing installation, which proves that customers are happy to increase their investment in solar energy when they see the positive effects and that ASRE can also increase its installed solar energy capacity through additional sales to existing customers.
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com or Max Metelius, CEO Advanced Soltech Sweden AB Tel: 072-316 04 44. E-mail : max.metelius@advancedsoltech.com
The information in this press release is such that Soltech Energy Sweden AB (publ) must publish in accordance with EU regulation no. 596/2014 on market abuse. The information was provided by the above contact person for publication on July 20, 2020 at 07:30 CET.
About Soltech Energy Sweden AB (publ)
Soltech is a complete 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 investment is conducted, Soltech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol, Soldags, Takorama and Fasadsystem. Soltech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 34,000 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
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 in 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 undertakes to buy the electricity that the plant produces under a 20-year agreement. Current income comes from the sale of electricity to customers and from various forms of subsidies per kilowatt hour (kWh) of solar produced. The goal is to have an installed capacity of 1,000 megawatts (MW) by 2023, which is fully connected to the electricity grid by 2024.
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.
Examples of deals taken or agreements taken are the following:
Swede Energy has signed a framework agreement with Bergendahl Food, which consists of supplying warehouse properties and City Gross stores with green electricity from solar cells. This is part of City Gross' sustainability work. During the autumn of 2020, we will, together with the property owners, evaluate which properties are most suitable for installing solar energy. The photovoltaic systems are estimated to be 255 kWh and produce approximately 220,000 kWh per store and year.
In addition to this, for example, repeat customers such as Castellum, Catena, HSB, Willhem and Bostadsaktiebolaget Vätterhem have bought photovoltaic systems. The AMO Group and the Church of Sweden are new customers who will be welcomed by Swede Energy during the first half of 2020.
Soltech's CEO, Stefan Ölander in a comment:
– Swede Energy's success continues at a rapid pace. These deals and agreements are proof of our group's ability to do big business even though we are in the middle of the Covid-19 pandemic.
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) must publish in accordance with EU regulation no. 596/2014 on market abuse. The information was provided by the above contact person for publication on 15 July 2020 at 10.15 CET.
About Soltech Energy Sweden AB (publ)
Soltech is a complete 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 investment is conducted, Soltech Sales & Support, NP-Gruppen, 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 34,000 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
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.