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.
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
The plant is estimated to produce approximately 1,728,000 kWh annually and the customer buys all 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 10.24 million and construction starts are planned for Q3, 2020.
CEO Stefan Ölander comments:
– We are seeing increased activity in China in the aftermath of the Corona crisis and we look brightly at future business opportunities. We received this order under the exclusive five-year cooperation agreement signed in the spring of 2019 with the Jiangsu Siyang Administrative Committee of Economic Development Zone in Jiangsu Province, on the construction of 500 megawatts (MW) of solar energy capacity (100 MW per year for five years).
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 according to EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on April 15, 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), Soltech Sales & Support, NP Group, Swede Energy Power Solutions, Merasol, Soldags and Takorama. 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
About the China investment
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.
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.
Josefin Sollander recently comes from Skansen as sponsorship manager and has a past in the financial industry as a marketing and brand strategist, sponsorship manager and event manager at SEB and has also run her own company in the industry.
- For many years I have worked with communication, branding and sponsorship assignments in various forms, both with large companies and in the non-profit sector. Being responsible for the communication at Soltech feels both honorable and exciting. The solar industry is absolutely necessary to reach the global climate goals and to be part of that journey is very inspiring – says Josefin Sollander.
- The market is ready for our solutions both in Sweden and in the other Nordic countries / Europe. Now we take the next step and aim for clearer communication to build our brand even stronger. Josefin has valuable knowledge in the communications field and she will be a key player in our expansion, says Stefan Ölander, CEO Soltech Energy.Josefin Sollander är anställd på Soltech från och med den 1 mars 2020.
For more information, contact:
Stefan Ölander, CEO 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 and Takorama. Soltech Energy Sweden AB (publ), is traded on 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
January – december 2019
• Consolidated revenues amounted to MSEK 324 (53.7), an increase of 503%.
• The Swedish part of the business increased to SEK 201.4 (11.3) million, an increase of 1,682%.
• Chinese part1 increased sales to SEK 122.6 (48.8) million, an increase of 151%.
• Consolidated operating profit (EBIT) amounted to SEK 49.1 (5.2) million.
• Consolidated earnings before depreciation (EBITDA) amounted to SEK 88.25 (17.6) million.
• Consolidated profit after tax amounted to SEK -33.2 (-15.4) million. Adjusted for one-off and restructuring costs, the result was SEK -25.8 million.
• The Parent Company's net sales amounted to SEK 9.65 M (11.3). Including sales within the Group and other revenues, revenue amounted to SEK 17.2 M (14.3).
• Earnings per share amounted to SEK -0.61 (-0.4).
• Cash flow amounted to SEK 55.3 (1.6) million.
Fourth quarter 2019
• Net sales amounted to SEK 90.7 (18.2) million.
• Operating profit (EBIT) for the period amounted to SEK 10.9 (5.6) million.
• Cash flow for the period amounted to SEK 8.8 million.
After the end of the reporting period
• Acquisition of majority stake in Merasol AB. A B2B solar energy company based in Gothenburg.
• Acquisition of Soldags i Sverige AB. A sales company aimed at the private market.
• Acquisition of majority stake in Takorama AB. A roofing company with solar ambitions and based in Ljungskile.
• Castellum and HSB place orders worth a total of SEK 23.5 million to the subsidiaries Swede Energy and Merasol.
• Niclas Lundin is appointed new CFO and will take office on 25 March 2020.
• ASRE signs cooperation agreement with Rural Credit Cooperation in Hebi Province, which fully expanded during the contract period is expected to yield just over SEK 366 million during the contract period.
• ASRE signs agreements on two major transactions that are expected to yield SEK 77.4 million during the contract period.
• ASAB postpones planned bond issue with Nordea and DNB due to Covid19.
Read the full year-end report as an appendix or via 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. E-post: stefan.olander@soltechenergy.com.
Information in this press release is such that Soltech Energy Sweden AB (publ) will publish according to EU work no. 596/2014 on market abuse. The information was provided through the above contact person's insurance for publication on February 27, 2020 at. 11.00 CET..
Words from the CEO
Dear shareholders and investors!
We are a growing company with big goals
We are a pronounced growth company and compared to 2018 we deliver 503 percent growth at group level and 1 682 percent growth if we only look at the Swedish operations. But we still do not show profit on the last line. A big reason for this is that we have large one-off costs to build the right platform for our expansion. We must invest to build a base that will meet our lofty goals. Another strong contributing reason is that we have too high costs to raise capital for our operations in China and then high current interest costs. When we have clearly built our platform for the future and when we have succeeded in reducing funding costs, the result will be better. When we then add an increased business volume as well as increased synergy effects within the Group, we believe in a good result going forward.
Double share price and number of shareholders.
When we summarize 2019, it is without a doubt our most exciting year ever. It is gratifying to all shareholders that our share price more than doubled during the year. We are also really proud of the confidence all our new shareholders have given us. In 2019, the number of shareholders has increased from around 15,000 to about 32,000. For our owners, we have shown strong growth in our business in China during the year and not least a good result of our acquisition strategy in Sweden.
The solar energy market is unique
Few people are able to work in an industry that in Sweden is expected to double every year. Even in the global perspective, annual growth is good and amounts to about 20 percent. That we also work in the solar energy industry that does good for the world's climate is really what makes us fight further to achieve our goals. We at Soltech, just like our shareholders, want to get a good return on our investment and at the same time do good for the climate.
The solar energy market is in a build-up phase and with many companies selling standard panels, prices are being squeezed which reduces margins. In the standard panel segment, we are investing in volume to continue to be one of the largest on the market. As the crown of the work, we have our building-integrated ceilings and wall panels where we have a better margin. Here we work, among other things, with Vattenfall as a partner.
A combination of standards and our integrated panels will pave the way for good future profitability. In the fall of 2019, we announced our goal of reaching SEK 4.7 billion in sales within five years (2024). It is an aggressive target but fully achievable with our stated acquisition strategy, strong organic growth, our own building-integrated products and a rapidly growing market in Sweden and internationally.
Soltech has always been a company with many small shareholders and it is something we are proud of and cherish. At the same time, it would be a strength message to have a number of institutional investors in the ownership circle. Since the fall of 2019, we have noticed an increased interest from this group both at home, but also from international investors. In line with this, we will examine different sources of funding during the year to create the conditions to achieve our expansion goals.
The acquisition strategy resulted in five new subsidiaries
In late autumn 2018, we launched our acquisition strategy to create a stronger platform of business in Sweden. Both for our own aesthetic and building-integrated products, but also for taking part of the large market for standard surface-mounted solar cells. During quarter one, we acquired the majority of Nyedal Solar Energy, NP Group and Swede Energy. With the help of our successful rights issue in May / June 2019, we continued our work and in September we acquired the remaining 49 percent of Nyedal Solar Energy. Just before Christmas we acquired Soldags and Merasol, where we will take over as owner on January 2, 2020. We begin the 2020 acquisition by presenting on February 25, the acquisition of 70 percent of Takorama AB.
The transformation of traditional industries is changing society
We are driven by doing good business that contributes to a good environment. Being part of and transforming traditional industries is a new dimension that we started with during the year. It is a great satisfaction for us and for the employees of traditional roofing companies, facade companies, electricians and others. to develop their companies in a more environmentally oriented way. With Soltech's financial and knowledge-based support, these companies become sustainable future companies by adding solar energy solutions to their offering. With this strategy, we really change society. Takorama is the first example of this year.
Our business in China
Advanced Soltech, which issues green bonds in Sweden to finance the expansion of solar power plants in China, has grown from 91 megawatts (MW) to 139 MW per year-end 2019. Our new growth plan for a gigawatt (GW) fully connected to the grid in 2024 is firm.
This corresponds roughly to the effect of a nuclear reactor in Forsmark. Regarding the outbreak of the Coronavirus, it is our assessment at present that it will affect Advanced to a limited extent.
Listing of Advanced Soltech (ASAB)
To assist with the planned listing of ASAB on the Nasdaq First North Growth Market during the first half of 2020, ASAB has mandated Carnegie Investment Bank and DNB Markets as advisors. The listing
process is ongoing and follows the plan. All shareholders in Soltech will be informed in good time of the listing by letter.
New graphic profile and website
In December, the parent company changed its graphic profile at the same time as a new modern website was launched. Our strategy is for this new profile to be used by all subsidiaries in the Group, but these will retain their existing names. With a common graphic profile we create a stronger brand awareness which benefits us in both sales and recruitment work.
We are facing the big breakthrough
We have come a bit into this exciting year and the plan is to expand greatly in a market that is really facing its breakthrough. We have the drive, resources, products and timing on our site. Welcome to follow along on the journey.
Sincerely,
Stefan Ölander, CEO
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 and Takorama. Soltech Energy Sweden AB (publ), is traded on 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