Soltech Energy Sweden AB (publ) has today published its annual report for 2021.
Another unusual year has come to an end, and we are proud to have been able to deliver such a strong 2021 as we have done, given the effects of the Corona pandemic.
We land on total revenues of SEK 951.8 million (499) from operations and deliver 91% growth at Group level, excluding revaluation effects from the special listing of Advanced Soltech of SEK 288 million. The Group's operating profit (EBIT) amounted to SEK 150.7 (42.8) million, an increase of 252%.
We are very humble going forward in 2022, due to the Corona pandemic still raging in large parts of the world and not least due to global developments after February 24 with the war in Ukraine. But both the Corona pandemic and the war will come to an end and then we look forward to an even stronger market growth.
For a complete report of the 2021 accounts, please refer to the attached annual report, including the auditor's report.
The annual report in its entirety, together with the auditor's report, can also be read and downloaded from Soltech Energy Sweden AB's website: htps://soltechenergy.com/investerare/finansiella-rapporter-kalender/
For a printed copy please order at: Info@soltechenergy.com
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
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).