Soltech Energy Sweden AB (publ) quarterly report for the period April-June 2022

CONTINUED STRONG GROWTH

CEO comment:

Soltech's growth in the second quarter is yet another proof of our corporate strength. We reach SEK 437 million in revenue, which corresponds to 126 percent growth pro forma* and our organic growth reached 35 percent. We have good wind in our sails and aim to reach SEK 1.7 billion in revenue this year. We are proud of our entry into both the Netherlands and Spain during the quarter and our companies continue to deliver despite the impact of the turmoil in the world around us.

THE SECOND QUARTER IN BRIEF

• The Group's revenue in the quarter amounted to SEK 437 (266.2) million, an increase of 64%. Adjusted for Advanced Soltech*, the Group's revenue amounted to SEK 437 (193.7) million, an increase of 126%.

• The Group's organic growth amounted to 35 (36) % and is primarily driven by high demand for solar energy solutions.

• The Group's earnings before depreciation (EBITDA) amounted to -30.2 (29.3) MSEK. Adjusted for Advanced Soltech*, the group's EBITDA amounted to -30.2 (-22.8) MSEK. EBITDA has been positively affected by results from shares in associated companies with SEK 7.8 million. EBITDA has been negatively affected by price increases on components as well as continued investments and ventures in both new acquisitions and existing subsidiaries, which drives increased costs.

• The Group's operating profit (EBIT) amounted to SEK -54.6 (8.3) million. Adjusted for Advanced Soltech*, EBIT amounted to -54.6 (-20.5) MSEK. EBIT has, in addition to the effects on EBITDA mentioned above, been affected by increased depreciation as a result of acquisitions.

• The period's result after tax amounted to -58.1 (-31.8) MSEK.

• The period's cash flow from operating activities amounted to -42 (48.9).

• The period's cash flow for the group amounted to -105.9 (-25.5) MSEK.

• Earnings per share amounted to -0.51 (-0.33).

• The war in Ukraine has an indirect effect on the Group's costs and the price development of the components required for the manufacture of solar cell installations, roof installations, electrical installations and facades. Soltech Energy has no sales to Russia.

FIRST SIX MONTHS IN BRIEF

• The Group's revenue amounted to SEK 724.5 (411.4) million. An increase of 76%. Adjusted for Advanced Soltech, revenues amounted to SEK 724.5 (338.8) million, an increase of 114%.

• The Group's organic growth amounted to 39 (39) % and is primarily driven by high demand for solar energy solutions.

• The group's earnings before depreciation (EBITDA) amounted to SEK -68.7 (21) million. Adjusted for Advanced Soltech*, the group's EBITDA amounted to -68.7 (-31.1) MSEK. EBITDA has been positively affected by results from shares in associated companies with SEK 2.7 million. At the same time, EBITDA has been negatively affected by price increases on components as well as by continued investments and ventures in both new acquisitions and existing subsidiaries, which drives increased costs.

• The Group's operating profit (EBIT) amounted to -107.8 (-20.1) MSEK. Adjusted for Advanced Soltech*, EBIT amounted to -107.8 (-48.9) MSEK and, in addition to the effects on EBITDA mentioned above, was affected by increased depreciation as a result of acquisitions.

• The first half-year result after tax amounted to -111.3 (-50) MSEK.

• The period's cash flow from operating activities amounted to -113.1 (44.2).

• The period's cash flow for the group amounted to -186.1 (-127.2) MSEK.

• Earnings per share amounted to -1.01 (-0.65).

SIGNIFICANT EVENTS DURING THE SECOND QUARTER
Significant events in subsidiaries:

• Soltech Energy Solutions has been commissioned to build a 38,000 square meter solar installation for Coop Sverige AB consisting of CFP-certified panels with recycled silicon from Norway and silicon from Germany and the US.

• Soltech Energy Solutions and Provektor have jointly been commissioned to install solar energy solutions at ICA stores.

• Soltech's subsidiary Soltech Energy Solutions has been commissioned to build a 4 MW solar energy installation on Infrahub's property where Svenska Retursystem will conduct its operations.

• Soltech's subsidiary Takorama has been commissioned to install a solar energy solution of 1,400 square meters and approx. 7,000 square meters of roofing on one of the roofs of the Svenska Mässan Gothia Tower in Gothenburg.

Acquisition:
• Soltech has made its first additional acquisition by acquiring 100% of the solar energy company Solexperterna Värmland AB, effective April 1. The acquired company will become part of the wholly owned subsidiary Din Takläggare, which thereby strengthening its solar expertise.

• Soltech has made another additional acquisition and acquired 100% of the shares in the electricity company Trönninge Elektriska AB, based in Halmstad. The acquired company will become part of the wholly owned subsidiary Provektor Sweden AB from 1 June.

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

• On 22 June, Soltech acquired 65% of the shares in the Spanish solar energy company Sud Energies Renovables SL with access on 5 July. The company had a turnover of SEK 90 million in 2021 and the turnover is expected to increase sharply to approx. SEK 245 million in 2022, with an operating profit of approx. 8–10%. This establishes the group in the strongly growing Spanish solar energy market. The acquisition is financed entirely from own cash and with newly issued Soltech shares.

Other:
• Soltech's annual general meeting was held on 12 May. Among other things, it was decided that the board was given renewed authorization to decide on new issues of shares and/or convertibles and/or warrants, that the board and the CEO were granted discharge from liability for the past year and the election of a partially new board.

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

• On July 1, Soltech acquired 100% of the shares in TG's El i Finspång AB and the wholly owned subsidiary Smart Solkraft.

• The subsidiary Rams El has won two new deals regarding electrical installations for schools in Gothenburg. The order value for the two new projects amounts to SEK 21 million.

• The subsidiary ESSA has been commissioned by the real estate company Örebroporten Fastigheter AB for a facade contract at Stadsbyggnadshuset, where part of the facade consists of building-integrated solar cells. The entire facade is expected to be commissioned in the spring of 2023 and the order value amounts to approximately SEK 23.6 million.

*Advanced Soltech Sweden AB (ASAB) was separately listed on the Nasdaq First North Growth Market on October 29, 2021 and was thus deconsolidated from the group, which affects the comparative figures for 2021

The quarterly report and other financial reports are available at: https://soltechenergy.com/investerare/finansiella-rapporter-kalender/

Soltech Energy Sweden AB (publ) Q2 2022

Strong growth during Q2

The financial year 2021 continues completely according to plan with strong growth during the second quarter. The Group's revenues increase by 71% to SEK 266.2 million and the Swedish operations increase by as much as 102% to SEK 220.7 million.

CEO comment:
• I am proud to lead a group that is growing so fast and that contributes to a green energy transition. The future looks very bright.

SECOND QUARTER IN BRIEF

▪ The Group's revenues in the quarter amounted to SEK 266.2 (156.1) million. An increase of 71%.

▪ Revenues in the Swedish operations grew to SEK 220.7 (109.1) million, an increase of 102%.

▪ Revenues in the Chinese operations amounted to SEK 45.5 (47) million, a decrease of 3%.

▪ The Group's profit before depreciation (EBITDA) amounted to SEK 29.3 (49.7) million. The decrease is mainly driven by increased personnel costs and investments that are associated with the strong expansion and the work of further developing the Group. EBITDA is also negatively affected by increased transport costs and price increases of e.g. a. solar panels as a result of the Corona pandemic.

▪ The Group's operating profit (EBIT) amounted to SEK 8.3 (35.6) million. The decrease in operating profit is, in addition to what is stated above, also due to increased amortization of goodwill and solar energy facilities as a direct result of completed investments.

▪ Profit for the period after tax amounted to SEK -31.8 million (-37). The result was affected by unrealized exchange rate differences in the Chinese operations by SEK 3.5 (-38.5) million.

▪ Cash flow for the period from operating activities amounted to 48.9 (-13.3).

▪ The period's cash flow for the Group amounted to SEK -25.5 (69.4) million.

▪ Earnings per share amounted to -0.33 (-0.65).

▪ Covid-19 affected the Swedish operations in the second quarter in the form of postponed projects, increased transport costs and price increases for, among other things, solar panels. However, order intake remains good.

▪ The Chinese operations were affected to a lesser extent by the Corona pandemic as economic activity is high, but the Chinese price reduction of about five percent on electricity still remains.

THE FIRST HALF OF THE SHORT

▪ The Group's revenues amounted to SEK 411.4 (208.9) million. An increase of 97%.

▪ Revenues in the Swedish operations grew to SEK 338.8 (146.9) million, an increase of 131%.

▪ Revenues in the Chinese operations grew to SEK 72.6 (61.9) million, an increase of 17%.

▪ The Group's profit before depreciation (EBITDA) amounted to SEK 21 (48.4) million. EBITDA was negatively affected by non-cash non-cash effects of SEK -11.7 million as a result of increased objectives and forecasts in acquired subsidiaries, which led to an increase in provisions for additional purchase consideration.

▪ The Group's operating profit (EBIT) amounted to SEK -20.1 (20.7) million. EBIT was negatively affected by non-cash non-cash effects of SEK -11.7 million in accordance with the above.

▪ Profit for the period after tax amounted to SEK -50 (-42.5) million. The result was affected by unrealized exchange rate differences in the Chinese operations of SEK 40.1 (-5.3) million and by non-cash effects affecting cash flow of SEK -11.7 million in accordance with the above.

SIGNIFICANT EVENTS DURING THE SECOND QUARTER

Sweden
▪ Soltech Energy Sweden AB (publ) acquired 100% of the shares in Rams El AB with access on May 3, 2021.

▪ Soltech Energy Sweden AB (publ) acquired 100% of the shares in Takbyrån i Alingsås AB (Takbyrån) with access on 1 June 2021.

▪ Soltech and Skanska Kommersiell Utveckling Norden have entered into a declaration of collaboration on innovations for building-integrated solar energy solutions.

China

▪ During the quarter, Soltech's subsidiary in China, ASRE, signed eight contracts amounting to a total installed capacity of 11 MW and is expected to generate annual revenues of SEK 7.9 million, or approximately SEK 158 million during the agreements' 20-year maturities.

▪ During the quarter, Soltech's subsidiaries in China connected a total of 10 (1) MW of roof-based solar energy plants and had 192 (140) MW of installed and revenue-generating capacity at the end of the period.

▪ At the end of the period, the company had 37 (46) MW in subscribed orders, as well as projects under processing of 123 (123) MW.

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

▪ The Board of Directors of Soltech Energy AB (publ) has, with the support of the authorization of the Annual General Meeting, decided to carry out a new share issue of approximately SEK 247 million with preferential rights for existing shareholders (the “Rights Issue”) and an Over-allotment issue of approximately SEK 150 million before deduction of issue costs.

▪ Soltech's subsidiary Advanced Soltech Sweden AB raises SEK 46.6 million before issue costs in new issues of preference shares.

▪ Soltech's subsidiary in China, ASRE, has signed four contracts amounting to a total installed capacity of 6.7 MW and is expected to generate annual revenues of SEK 5.2 million or approximately SEK 104.6 million during the agreements' 20-year maturities.

▪ On 9 August 2021, the UN Climate Panel IPCC published its climate report, which clearly demonstrates the importance of taking the green transition seriously.

Read the report on Soltechs site: https://soltechenergy.com/en/investors/financial-reports-calendar/

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, Fasadsystem, Measol, Takrekond, Din Takläggare, Annelunds Tak, Ljungs Sedum Entreprenad, Provektor, Rams El and Takbyrån. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 67 000 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

Soltech Energy Sweden AB (publ) Q2 2021

ASAB is owned by 51 percent of SolTechs Energy Sweden AB (publ) (“SolTech”) and 49 percent by Advanced Solar Power Hong Kong (ASP). ASAB’s function within the SolTech Group is to finance the operations in China conducted by its sister company Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE).

Second quarter for Advanced Soltech

Profit for the period after tax amounted to TSEK 228 (4,409).
Net financial items amounted to TSEK 4,900 (7,680).
Cash flow for the period amounted to TSEK -1,042 (6,743) *
The balance sheet total amounted to TSEK 664,801 (222,294).

* Cash flow is continuously affected by the inclusion of long-term liabilities and investments in the portfolio company (ASRE) and can vary greatly between individual quarters.
The next report is expected to be submitted in connection with SolTech’s report for the third quarter of 2019, October 24.

First and second quarter in summary, period 1 january-30 june 2019

Profit after tax amounted to TSEK 6,346 (6,685) in the first half of 2019 in the first half of the year.
The balance sheet total as of 2019-06-30 amounts to TSEK 664,801 (222,294), of which SEK 627,287 is loans and investments in ASRE.
During the first half of the year, green bonds corresponding to a total of SEK 280 million were issued. The capital has been used to partially finance the acquisition of a commissioned solar energy portfolio of 21.4 MW in China and to repay ASAB’s first bond loan SOLT1, which expired in June 2019.
Installed capacity in the portfolio company ASRE as of 2019-06-30 amounts to 93.7 MW, which in a rolling 12 months is expected to generate revenue of approximately SEK 124 million.
Work on transferring ownership of all shares in the jointly owned ASRE is continuing and is expected to be completed during the third quarter.

For more information, please contact: Max Metelius, CFO, Advanced SolTech Sweden AB (publ)
Tel: 08-425 010 53. E-mail: max.metelius@advancedsoltech.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 August 22, 2019 at. 10.00 CEST.

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., have formed ASAB. ASAB’s business consists of lending to Group companies to finance solar power plants in China that are owned and continuously maintained by ASRE or its wholly owned local subsidiaries. As collateral for borrowed funds, collateral is obtained in underlying assets (solar power plants and accounts receivable). The company’s Certified Adviser is Mangold Fondkommission AB, telephone number +46 8 5030 1550. E-mail: ca@mangold.se More info at www.advancedsoltech.com

About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells. The group includes the subsidiaries Nyedal Solenergi, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

About the China venture
SolTech Energy’s investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE. The business model consists of ASRE 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. ASRE’s current revenue comes from the sale of electricity to customers and from various forms of subsidies per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 605 megawatts (MW) fully connected to the electricity grid in 2022.

Continued strong development quarter 2 – an increase of 371 percent compared to quarter 2, 2018

SolTech Energy delivers another good quarter with revenue of SEK 92.3 million (SEK 19.6 million) and earnings (EBIT) of SEK 11.4 million (0.1) and with an EBITDA of SEK 18.4 million (0.7) m. Revenue is up 371 percent higher than quarter 2, 2018, which is largely to do with our three acquisitions during quarter 1, 2019 and an increased business volume in our Chinese operations. Compared with Q1, 2019, we increase revenues by 61 percent, SEK 92.3 million (56.4).

Strong quarter for SolTech:

Total operating income, including ongoing work, amounted to SEK 92.3 (19.6) million. An increase of 371%
Consolidated operating profit (EBIT) amounted to SEK 11.4 (0.1) million
Operating profit before depreciation (EBITDA) SEK 18.4 (0.7) million
Profit for the period after financial items and tax was SEK -3 (5.1) million

Half-year figures for the period 1 January – 30 June 2019

Total operating income amounted to SEK 148.7 M (33). An increase of 350%
Consolidated operating profit (EBIT) amounted to SEK 22.3 (-3.8) million
Operating profit before depreciation (EBITDA) SEK 38.2 (-0.7) million
Profit for the period after financial items and tax was SEK -12.6 M (0.7)

Significant events

New share issue raised SEK 100.2 million in new capital
Continued strong expansion in China
The bond loan SOLT1 repaid on the due date

Significant events after the reporting period
SolTech’s ASRE in China has signed four different agreements totaling 15.7 megawatts, which will yield about SEK 287 million during the term of the agreement for 20 years.

CEO comment:
– I am very pleased with our second quarter. We are starting to show better and better numbers and we are facing the challenge of taking more than our share of the growing solar energy market. Doing good for the environment while building value for all our shareholders is what drives us.

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 Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries Nyedal Solenergi, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

SolTech Energy shows black numbers with the inclusion of one-off entries. Earnings in China increase by 116% – and for the whole concern by 52%.

Strong half-year for SolTech:

Net sales amounted to 33.4 (vs. 22) MSEK, an increase of 52% as compared with the same period the previous year.
The concern’s result amounted to 681 KSEK (-11,065 KSEK). Included in these figures are entries of a one-off, non-recurring nature totaling 2.3 MSEK, as well as currency exchange adjustments equivalent to 8.5 MSEK.
The period’s operating result amounted to -3.8 (-9) MSEK; a 57% improvement as compared with the same period the previous year.
Earnings per share amounted to -0.06 (-.36) SEK/share. Cash flow amounted to 0.6 (-28.34) MSEK.
ASRE earnings increased to 13.9 MCNY (18.2 MSEK) – a 116% improvement as compared with the figure of 6.7 MCNY (8.4 MSEK) reported for the same period the previous year – of which 51% is consolidated in the concern.
Wasa Rör has been a sold off entity as of March 1, 2018.

After the report period’s close:

Continued stabile growth in China. All told, solar energy installations with a total capacity of 52.21 MW were coupled to the central network in August 2018, as compared with the 18.85 MW capacity coupled to the network at the same time point in 2017. On a rolling 12-month basis, this coupled capacity is estimated to generate approximately 70 MSEK in income annually.
SolTech Energy’s jointly owned Chinese company ”ASRE” completes the takeover of a record 12.7 MW order placed by JiangSu YangHe Brewery with SolTech’s partner Advanced Solar Power Hangzhou Inc. Over the contract’s 20-year term, cumulative income is estimated to amount to approximately 276 MSEK.
SolTech Energy’s Board of Directors appoints the Company’s current Chairman of the Board, Stefan Ölander, the new CEO of the Company effective as of August 31, 2018. At the same time, at the extraordinary general meeting the Board will propose that the current CEO, Frederic Telander, take over the role of Chairman of the Board of Directors, also to be effective as of August 31, 2018.
Introduction of SolTech’s Chinese business operation on the Stock Exchange, with Advanced SolTech Sweden AB (publ.) ”ASAB” as the proposed parent company, is planned to be carried out in the late fall of 2019. This timeframe constitutes a postponement of previous information citing the second quarter of 2018, which was released earlier in a press massage.

Read the report in its entirety

For more information, please contact:
Frederic Telander, CEO SolTech Energy Sweden AB (publ.). 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 24 August 2018, 09:00 CET.

SolTech Energy Sweden AB (publ.) – parent company of the SolTech concern
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” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com

Release

Advanced SolTech Sweden AB (publ.), (”ASAB”) presents its semi-annual report for the period January-June 2018. The period’s result amounted to 6,685 (-993) KSEK. ASAB is a subsidiary of SolTech Energy Sweden AB (publ.) that is 51% owned by SolTech Energy Sweden AB (publ.) and 49% owned by SolTech’s Chinese partner Advanced Solar Power Hangzhou Inc. (”ASP”). The company’s accounting records are therefore included the Concern’s accounting records, which were duly rendered by the parent company on August 24, 2018.

ASAB’s function within the SolTech concern is to finance the business operation in China, which is carried out by its fellow subsidiary Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE).

The period’s result after tax amounts to 6,685 KSEK, as compared with -993 KSEK reported for the same period the previous year. The primary reason for the result improvement lies in the effect of currency exchange on receivables outstanding in Euros where their reported value is accounted for at the exchange rate applicable on the closing day of the balance sheet, as opposed to previous accounting reports that used the acquisition cost method. Total balance sheet assets amounted to 222,294 (67,731) KSEK and the company’s own assets to 11,891 (3,482) KSEK.

The next report will be presented in connection with SolTech Energy’s press release of unaudited financial statements on February 21, 2019.

The period’s result and the company’s status:

The period’s result amounted to 6,685 (.993) KSEK.
Net interest for the period amounted to 318 (70) KSEK.
Cash flow amounted to 6,319 (-196) KSEK.
Receivables for the foreign fellow subsidiary amounted to 193,545 (57,940) KSEK.
Interest-bearing debt amounted to 191,549 (62,167) KSEK.
Liquid funds at the period’s close amounted to 6,853 (2,286) KSEK.

Interest to bond holders has been paid, in accord with the terms of the bonds, in January and July 2018

Read the report in its entirety

For more information, please contact:
Frederic Telander, CEO Advanced SolTech Sweden AB (publ) and SolTech Energy Sweden AB (publ). Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com

Advanced SolTech Sweden AB (publ.) – ASAB
For the express purpose of financing investment in China, the SolTech concern’s parent company and its partner in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB’s business operation is centered on financing, either through making loans to or directly investing in the concern’s companies, solar energy installations in China that are owned and periodically serviced by ASRE or its wholly owned subsidiaries. As security for said loaned out funds, ASAB holds legal claim to underlying assets (solar energy installations and customer receivable accounts). The company’s Certified Advisor is Mangold Fondkommission AB. For more info, see: www.advancedsoltech.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 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 (ca. 95 MEUR).

Release

Interim Financial Report: Advanced SolTech Sweden AB (publ)

Advanced SolTech Sweden AB (publ.), ASAB, has released its semi-annual report for the period January – June 2017. ASAB is SolTech Energy’s Swedish subsidiary, which is jointly owned by SolTech Energy (51%) and its Chinese partner, Advanced Solar Power Hangzhou Inc., ASP, (49%). The subsidiary’s financial statements are therefore a part of the parent concern’s interim semi-annual report, which was released on 25 August 2017.

ASAB’s function within the SolTech concern is to finance its business operation in China, which is conducted by fellow subsidiary Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE.

The period recorded a negative result: – 990 KSEK (-104 KEUR). The reason for the loss is primarily due to costs related to conducting a bond offer in 2016. These costs are distributed over the term of the bonds, where costs charged against this period’s result amounted to 864 KSEK.

The next report will be released in connection with SolTech Energy’s press release regarding its annual financial statements on 27 February 2018.

The period’s result and the company’s status:

The period’s result amounted to -990 (-367) KSEK
Net interest for the period amounted to 70 (-177) KSEK
Cash flow amounted to -196 (55,811) KSEK
No new loan has been granted or raised during the period

Liquid assets at the close of the period amounted to 2.3 MSEK (242 KEUR). Interest due bondholders has been paid in accord with bond stipulations in January and July 2017.

To read the report in its entirety – Advanced SolTech Sweden AB (publ) Delårsapport januari – juni (Note: report in Swedish).

For more information, please contact Frederic Telander, CEO Advanced SolTech Sweden AB (publ.) and SolTech Energy Sweden AB (publ.). 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, and law (2007:528) concerning the securities market. Said information is furnished, via the above-cited contact person’s authorization, for publication on 28 August 2017, 07:00 CEST.

Advanced SolTech Sweden AB (publ)
ASAB was created by SolTech Energy Sweden AB (publ.) and the Company’s partner in China, Advanced Solar Power Hangzhou Inc., with the aim of ensuring continuity with respect to financing growing investment in China. ASAB’s operational task is to finance the construction of solar Energy installations in China by making loans that enable the SolTech consern to finance solar energy installations in China that are owned and periodically serviced by ASAB’s fellow subsidiary Advanced SolTech Renewable Energy Co. Ltd, ASRE, or by the latter’s wholly owned, local subsidiaries. ASRE’s underlying assets (solar energy installations and contracted customer receivables) stand as security for repayment of the funds loaned out. In May 2016, ASAB issued a bond resulting in capital proceeds amounting to the equivalent of approximately 65.5 MSEK (6.89 MEUR). The bonds are secured by a guarantee from the parent company, SolTech Energy Sweden AB (publ.) and were listed in July 2016 on Nasdaq First North Bond Market trading under the symbol SOLT1.

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).

SolTech Energy AB (publ) in brief
SolTech Energy develops and sells a solar energy system based on research carried out at Kungliga Tekniska Högskolan (KTH – Royal Institute of Technology). The system is a part of a building’s outer shell, as a roof and/or wall constructed of glass (roof tiles/shingles or plate glass/panes), which function both to protect and as solar collectors for the production of heat, hot water and electricity. Notably included in the product assortment are also unique thin-film solar cells in black glass, semi-transparent glass, or as isolated glass modules in various sizes and formats to promote integration with a building’s outer shell. 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 ASAB in Sweden, and ASRE in Sweden, 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

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Interim Financial Report: SolTech Energy Sweden AB (publ.) January – June 2017

Strong increase in earnings for ASRE, and reduced losses – but also reduced sales

Net sales amounted to 22 (25.2) MSEK, a 13% reduction as compared with the same period last year. The reason is a drop in billings at Wasa Rör due to a period of high strain on the company’s labor force, where production was concentrated on completing many 2016 projects. This, in turn, affected the sale of new projects going into 2017. The resource situation has now been addressed and demand for Wasa Rör’s services is quite good.
The period’s operational result came to -9 (-11.6) MSEK; representing a 22% improvement as compared with the result posted for the same period last year.
The per share result amounted to -0.36 (-0.34) SEK/share. Cash flow amounted to -28.34 (43.6) MSEK.
Earnings at ASRE increased to total 6.7 MCNY (approximately: 8.4 MSEK) as compared with 0.7 MCNY (0.9 MSEK) for the same period the previous year.
The concern’s gross profit margin improved as a result of ASRE’s increased sales of produced electricity.

After the report period’s release

Continued stabile growth in China: Total solar energy installations coupled to the central electric network through August 2017 rose to 18.85 MW, as compared with 2.24 MW for the same period in 2016.
Back orders in China stood at 24 MW in August, as compared with 11.5 – 15.5 MW for the same period in 2016.
The total number of coupled installations in China, in the form of orders (not yet started) plus installations under construction, amounts to 34 distinct projects, as compared with 18 projects at the same time point in the previous year.
ASRE has obtained a loan of 28 MCNY (34 MSEK = 3.58 MEUR) from the Bank of China.
The decision has been made to annually sell up to 15% of every installed and operational project completed by ASRE, and thereafter reinvest the proceeds in a new capacity the following year. This will contribute to further growth and increase the available financing possibilities for the concern in China.
An order for a 240 KW solar energy installation has been received from Karlsviken AB. Installation is planned to take place during the fall of 2017.

To read the report in its entirety – SolTech Energy Sweden AB (publ) Delårsrapport januari-juni 2017. (Note: report in swedish).

For more information, please contact: Frederic Telander, CEO SolTech Energy Sweden AB (publ.). 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, and law (2007:528) concerning the securities market. Said information is furnished, via the above-cited contact person’s authorization, for publication on 25 August 2017, 07:00 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

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