Adoption of income statement and balance sheet
The annual meeting adopted the income statement and balance sheet of the parent company, as well as the income statement and balance sheet of the concern for the financial year 2017.
Result disposition
The annual meeting determined that no dividend would be paid out for the financial year 2017, and further, that the accumulated result, 66,674,090 SEK, would be carried forward in accord with what appears on the (statutory) administration report.
Board of Directors and Chief Executive Officer
ÅThe annual meeting granted the board of directors and chief executive officer discharge from liability for operational year 2017
The annual meeting reelected the board members Göran Starkebo, Ninna Engberg and Frederic Telander. Stefan Ölander was reelected chairman of the board.
Accountants
The annual meeting decided to reappoint the authorized public accountant firm of PwC, with the authorized public accountant Bo Åsell as auditor in charge.
Board member and accountant remuneration
The annual meeting decided that board of director remuneration would amount to 150,000 SEK to the chairman of the board and 100,000 SEK to each of the other board members who are not employed by the concern. Remuneration to the accountant will be paid out periodically in accord with approved invoices.
Other proposals and decisions
The annual meeting decided to approve the board’s proposal in accord with the meeting notification concerning:
• New articles of incorporation that address diverse minor ”formality-oriented” faults.
• Renewed authorization to decide about new share issues, and/or convertibles, and/or warrants.
• Introduction of a new options program intended for incentive programs.
FOR FURTHER INFORMATION, CONTACT
Stefan Ölander, Chairman Board of Directors, SolTech Energy Sweden AB (publ.). Telephone: 070–739 80 00, email: stefan.olander@soltechenergy.com More info available at www.soltechenergy.com.
SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with over 15,000 shareholders. Also included in the concern are its jointly owned (51%) companies Advanced SolTech Sweden AB (publ.) (ASAB) in Sweden and Advanced SolTech Renewable Energy Hangzhou Co. Ltd (ASRE) in China. The Company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
The final annual report for 2017 published today on SolTech Energy’s homepage reflects minor positive changes from the information presented in the press release of its unaudited annual report (book-close communiqué) published on Feb. 2, 2018. These adjustments were prompted by auditor recommendations that were essentially grounded on equivalent minor changes having been made in the accounting records of the Chinese business operation.
The nature of the adjustments made in the Concern’s audited annual report when compared with the preliminary figures presented earlier in the above-mentioned press release is primarily by way of classification, meaning that certain entries in the Income Statement and Balance Sheet have been classified differently. Among other items, this applies, for example, to entries related to solar energy installations, which are now classified as Solar Energy Installations and Ongoing New Installations and devided accordingly.
The Concern’s operational result amounted to -17.4 MSEK, versus the earlier reported entry of -17.6 MSEK. Cleared of non-recurring costs, the operational result amounted to -13,4 MSEK versus the earlier reported -13.6 MSEK. The Concern’s result, after financial costs and taxes, amounted to -21.5 MSEK versus the earlier reported entry -22.3 MSEK. The per-share result amounted to -0.70 SEK versus the earlier reported -0.72 SEK. The result improvement was primarily brought about by a revised accounting principle for auditing foreign exchange adjustments with respect to out-of-country receivables, as well as a somewhat higher net sales result in China, 21.2 MSEK versus the earlier reported figure of 20.12 MSEK.
As a consequence of these changes, changes were also forthcoming in auditing both the development of the Concern’s own capital over the accounting period. as well as in the classification of certain entries in the cash-flow analysis. Cash flow for the period remains as earlier presented, both for the Concern itself and as a parent company. The annual report in its entirety – together with the independent auditor’s report – is accessible for downloading here.
For more information, please contact: Frederic Telander, CEO SolTech Energy Tel; 08-441 88 46. email: frederic.telander@soltechenergy.com
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 14 May 2018, 21:00 CET.
SolTech Energy in brief:
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with over 14,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China – more info on ASRE appears below. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (100 MEUR).
For more information, please contact: Frederic Telander, CEO SolTech Energy Tel; 08-441 88 46. email: frederic.telander@soltechenergy.com
SolTech Energy in brief:
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with over 14,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China – more info on ASRE appears below. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (100 MEUR).
Proposal and decision
The extraordinary general meeting decided to approve the board’s proposal in accord with the notice concerning:
- Adoption of new articles of incorporation
- Confirmation of current general new share issue authorization
- Specific new share issue authorization with respect to oversubscription option allocations
Protocol from the annual general meeting, with complete decisions, will be available at the Company’s website, www.soltechenergy.com.
———————————————————————————————
FOR FURTHER INFORMATION, CONTACT
Stefan Ölander, Chairman of the Board, SolTech Energy AB, Telephone: 070–739 80 00,
email: stefan.olander@soltechenergy.com
More information can be accessed at: www.soltechenergy.com.
The above information was made available for publication on 20 December 2017 at 3:30 AM CET
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation.596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 20 December 2017, 15:30 CET.
SolTech Energy AB (publ.) in brief
SolTech Energy is a Swedish solar energy company that specializes in developing esthetically attractive solutions that work towards having every building producing more energy than it consumes. SolTech Energy develops its own products, which form part of a building’s outer shell and produce hot water or electricity. The products are based on research carried out at Kungliga Tekniska Högskolan (KTH- Royal Institute of Technology). Included in the product assortment are unique, customer-tailored semi-transparent thin-film solar cells that, among other retail venues, are now sold via the Company’s exclusive contract with Sapa Building Systems throughout the Nordic and Baltic region. SolTech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT”. Included in the concern is its wholly owned subsidiary Wasa Rör T Mickelsson AB, as well as its jointly owned (51%) subsidiaries Advanced SolTech Sweden AB (publ.) ASAB, and Advanced SolTech Renewable Energy Hangzhou Inc. (ASRE). The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Participants
Shareholders who wish to participate in the general meeting will, in part, be noted in the shareholder’s register administrated by Euroclear Sweden AB no later than 14 December 2017 (for nominee registered shareholders, also see the below paragraph: ”Nominee registered shares”), and, in part, they must notify the Company no later than Monday, 18 December 2017 by means of conventional post addressed to SolTech Energy Sweden AB, Mekanikervägen 12, 146 33 Tullinge, or alternatively, via fax 08-441 88 41 or email info@soltechenergy.com. In this notification, shareholders shall provide their name and personal identification number, or the relevant trustee’s name and organization number. In addition, the address, telephone number, total number of shares held and probable number of people attending (max two) shall also be furnished.
Nominee-registered shares
Shareholders who have their stock nominee-registered through a bank or other trustee must, in order to participate in the general meeting of shareholders, request that their shares be temporarily registered in their own name in the shareholder’s register with Euroclear Sweden AB. Shareholders wishing such re-registration must inform their trustee of this in good time before 14 December 2017, as this change of registration must be carried out by this date at the latest.
Agents, representatives and so forth
Shareholders may designate one or several agents. Shareholders who are represented by an agent shall complete a written and dated full power of attorney for said agent. The power of attorney shall be in effect no more than one year from the date it was granted, unless a longer period, not to exceed five years, is otherwise specified. Power of attorney granted to a certified legal counselor shall be accompanied by appropriate documentation (registration proof or equivalent substantiation). The original Power of Attorney document, along with other possibly required authorization documentation, should be sent – in good time prior to the general shareholders meeting – to SolTech Energy Sweden AB (publ.), Mekanikervägen 12, 146 33, Tullinge. Formulation of the power of attorney is accessible on the Company’s website, www.soltechenergy.com.
Proposed agenda
- Opening of the general meeting
- Selection of the chairman at the general meeting
- Establish and approve the voting list
- Approval of the meeting’s agenda
- Selection of one or two recorders of the minutes
- Authenticate as to whether the general meeting was properly called
- Decide on acceptance of new articles of incorporation
- Decide confirmation of current general new share issue authorization
- Decide specific new share issue authorization with respect to oversubscription option/warrant allocations
- Close the general shareholders meeting
Background to holding the extraordinary general meeting
In as much as the planned preferential rights new share issue, duly published in a press release on 17 November 2017, essentially makes use of the current general authorization for a new share issue established at the 2017 annual general shareholders meeting, at the same time as the Company’s articles of incorporation are being changed, as detailed below; in effect conceding an expanded general new share issue authorization, the board of governors proposes the following:
Proposed decision points
Point 2 – Selection of chairman for the general meeting
Shareholders representing 9.88 percent of the votes propose that Göran Starkebo be chosen as chairman for the general meeting.
Point 7 – Decision re: Adoption of new articles of incorporation
The board of governors proposes that the general meeting decides on changes in the company’s articles of incorporation, by reason of the board having decided, on 16 November 2017, to authorize a preferential rights new share issue and possible over-subscription option allocations, as follows:
- The boundaries for the Company’s capital stock ( 4 in the articles of incorporation) are changed from lowest 500,000 SEK and highest 2,000,000 SEK, to lowest 750,000 SEK and highest 3,000,000 SEK.
- The boundaries for the Company’s total number of shares ( 5 in the articles of incorporation) are changed from lowest 10,000,000 and highest 40,000,000 shares, to lowest 15,000,000 and highest 60,000,000 shares.
Point 8 – Decision re: Confirmation of the current general authorization for a new share issue. As the planned preferential-rights new share issue decidedly makes use of the current general authorization granted at this year’s annual general shareholders meeting, simultaneous with changes being made in the company’s articles of incorporation as described in the previously presented decision point, an expanded general authorization can be denoted. Therefore, the board of governors proposes that the general meeting confirm the current general authorization for a new issue, as follows:
The current general authorization for a new share issue shall remain in force until next year’s annual shareholders meeting, also meaning said authorization will continue to apply after the articles of incorporation’s capital boundaries have been changed in line with the previously-presented decision point; which is to say, within the framework the articles of incorporation can allow after the raised capital boundaries.
Point 9 – Decision re: New share issue authorization specific to over-subscription allotment options
The board of governors proposes that the general meeting give the board a specific new share issue authorization in connection with the planned preferential-rights new share issue that was decided under the current general authorization. This specific authorization will apply separate and apart from the general new share issue authorization, as follows: In the event of strong interest in the preferential rights new share issue, the board of governors shall have the right to allocate shares in a separately directed new share issue. The total sum of additional new shares realized through such a separately directed new share issue, following the completion of over-subscription allotments, shall, at the highest, amount to 2,976,190 new shares. The subscription price for these shares shall be at the same or a higher price than the shares in the preferential-rights new share issue, where allocations shall only be made to such professional and institutional investors or existing shareholders who have subscribed without preferential rights in the preferential-rights new share issue but have not received an allotment. Existing shareholders shall thereby have preference.
Decisions according to points 7, 8, and 9 are in force only if they are supported by the shareholders with at least two-thirds in both distinct votes made at the general meeting by those who represent the shares.
Access to the course of actions
Actions relating to the general shareholders meeting and the Board of Governor’s complete decisions and proposals, as well as other actions taken before the general shareholders meeting, will be, as of 6 December 2017, made available at the Company (address and telephone as indicated above), and via the Company’s website www.soltechenergy.com. Said actions will be sent, cost-free, to shareholders who request them.
Stockholm, November 2017
SolTech Energy Sweden AB (publ.)
Board of Governors
For more information, please contact: Frederic Telander, CEO SolTech Energy. Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation.596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 21 November 2017, 07:00 CET.
SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shade out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with over 12,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China, as well as its wholly owned subsidiary Wasa Rör T Mickelsson AB. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.
Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity and/or thermal heat the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2017 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (103 MEUR).
Adoption of income and balance statements
The annual general meeting adopted the income/profit and loss statement and balance sheet of the parent company, as well as the concern’s income statement and balance sheet for the financial year 2016
Disposition of income
The general meeting determined that no dividend would be paid out for the financial year 2016, and that the cumulative income, 92,227,648 SEK, was to be carried forward in accord with what appears in the statutory administration report.
Board of Directors and Chief Executive Officer
The annual general meeting granted the Board of Directors and the Chief Executive Officer discharge from liability for the financial year 2016.
The annual general meeting reelected Board members Göran Starkebo, Ninna Engberg and Frederic Telander.
Stefan Ölander was reelected Chairman of the Board.
Auditors
The annual general meeting decided to continue retaining the registered accounting firm PwC with certified accountant Bo Åsell as responsible principal auditor.
Board of Directors and auditor’s remuneration
The annual general stockholders’ meeting determined that the Chairman of the Board shall receive 100,000 SEK, and that the remaining Board members, who are not employees of the concern, shall each receive 50,000 SEK. No special compensation shall be paid for committee work. Accounting fees shall be paid in accord with approved invoices within the parameters of relevant offers.
Other suggestions and decisions
The annual general meeting decided to approve the Board’s suggestion regarding the notice (to a meeting) about:
- Renewed authorization to make decisions about new issues of stock, and/or convertibles, and/or warrants
- New company by-laws aimed at rectifying diverse minor formality-oriented faults.
- Establishment of a new options program intended to function in support of incentive programs.
A full report on the proceedings of this year’s annual general meeting, with complete decisions, will be accessible on the company’s website, www.soltechenergy.com.
————————————————————————————————
FOR FURTHER INFORMATION, PLEASE CONTACT:
Stefan Ölander, Chairman of the Board, SolTech Energy AB, Tel: 070–739 80 00.
eMail: stefan.olander@soltechenergy.com
For more information, see: www.soltechenergy.com.
This information has been released for publication at 20:00, on 18 May 2017.
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation.596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 18 May 2017, at 20:00 CET.
SolTech Energy AB (publ.) in brief
SolTech Energy is a Swedish solar energy company that specializes in developing and implementing esthetically attractive solutions that enable every building to produce more energy than it consumes. SolTech Energy develops its own products, which are based on research carried out at Kungliga Tekniska Högskolan (KTH- Royal Institute of Technology) and are a part of a building’s outer shell that produce hot water or electricity. Included in the product assortment are unique, customer-tailored semi-transparent thin-film solar cells that, among other retail venues, are now sold via the Company’s exclusive contract with Sapa Building Systems throughout the Nordic and Baltic region. SolTech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT”. Also included in the concern are its jointly owned (51%) subsidiaries Advanced SolTech Sweden AB (publ.) ASAB, and Advanced SolTech Renewable Energy, Hangzhou Inc. (ASRE), as well as its wholly owned subsidiary Wasa Rör T Mickelsson AB. The company’s Certified Advisor, with respect to its listing on Nasdaq First North, is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com