{"id":4096,"date":"2022-02-24T12:00:00","date_gmt":"2022-02-24T12:00:00","guid":{"rendered":"https:\/\/new-stage.soltechenergy.com\/mfn_news\/soltech-delivers-another-year-with-strong-growth\/"},"modified":"2024-05-08T13:22:22","modified_gmt":"2024-05-08T11:22:22","slug":"soltech-delivers-another-year-with-strong-growth","status":"publish","type":"mfn_news","link":"https:\/\/soltechenergy.com\/en\/mfn_news\/soltech-delivers-another-year-with-strong-growth\/","title":{"rendered":"SOLTECH DELIVERS ANOTHER YEAR WITH STRONG GROWTH"},"content":{"rendered":"
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Fourth quarter in brief<\/strong><\/p>\n<\/div>\n

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\u25aa The Group's revenues in the fourth quarter amounted to SEK 565.8 (163.3) million. An increase of 247%. Of the revenues, SEK 288 million is dependent on the special listing of Advanced Soltech Sweden AB (\u201cASAB\u201d) as a revaluation result. This did not affect the cash flow. Excluding this effect, total revenue from operations amounted to 277.8.<\/p>\n

\u25aa Revenues in the Swedish operations increased to MSEK 266.6 (56.4), an increase of 373%.<\/p>\n

\u25aa Revenues in the Chinese operations amounted to MSEK 11.2. The operations of Advanced Soltech Sweden AB (\u201cASAB\u201d) are only consolidated until October 29, 2021, for the remainder of the quarter ASAB is reported according to the equity method. The result for the period October 30 – December 31 amounted to MSEK 1.8 and is reported under the heading, profit from participations in associated companies.<\/p>\n

\u25aa The Group's profit before depreciation (EBITDA) amounted to MSEK 267.3 (14.6). The increase was a result of the special listing of ASAB.<\/p>\n

\u25aa The Group's operating profit (EBIT) developed positively to MSEK 166.3 (-1.2). EBIT has been affected by the special listing of Advanced Soltech, where a non-cash flow-affecting revaluation result of MSEK 288 arose. EBIT is also affected by increased amortization and write-downs of goodwill as a direct result of completed acquisitions and completed restructuring and revaluations of goodwill.<\/p>\n

\u25aa Profit for the period after tax amounted to MSEK 138.2 (-80.4). The result in the fourth quarter was negatively affected by unrealized, non-cash flow-affecting exchange rate differences in the Chinese operations by MSEK -7.7 (-29.2).<\/p>\n

\u25aa Cash flow for the period from operating activities amounted to -31 (-30.5).<\/p>\n

\u25aa The period's cash flow for the Group amounted to MSEK -157.2 (27.2). The cash flow for the period was affected by, among other things, acquisitions of subsidiaries, investments in fixed assets and the special listing of Advanced Soltech.<\/p>\n

\u25aa Earnings per share amounted to SEK 1.55 (-0.71).<\/p>\n

\u25aa No dividend is proposed.<\/p>\n

January – December in brief<\/strong><\/p>\n

\u25aa The Group's revenues for the year amounted to MSEK 1,239.8 (499.4). An increase of 148%. Of the revenues, SEK 288 million is due to the special listing of Advanced Soltech Sweden AB (\u201cASAB\u201d) as a revaluation result that did not affect cash flow arose on the sale. Excluding this effect, total revenue from operations amounted to 951.8. The Group's organic growth amounted to 29%.<\/p>\n

\u25aa Revenues in the Swedish operations increased to SEK 820.9 (353) million, an increase of 133% compared with the previous year.<\/p>\n

\u25aa Revenues from Advanced Soltech Sweden AB (\u201cASAB\u201d) amounted to MSEK 130.9 (146.1) and have been consolidated up to and including the special listing on October 29, 2021. After the special listing, for the period October 30 – December 31, ASAB is reported according to the equity method.<\/p>\n

\u25aa The Group's profit before depreciation (EBITDA) amounted to MSEK 317.6 (101.9). An increase of 212%. The increase was a result of the special listing of ASAB.<\/p>\n

\u25aa The Group's operating profit (EBIT) amounted to MSEK 150.7 (42.8). An increase of 252%. EBIT has been affected by the special listing of Advanced Soltech, where a non-cash flow-affecting revaluation result of MSEK 288 has arisen. EBIT is also affected by increased amortization and write-downs of goodwill as a direct result of completed acquisitions and through restructuring and revaluations of goodwill.<\/p>\n

\u25aa Profit for the year after financial posts, currency effects and tax amounted to MSEK 77.6 (-141) . Currency effects of unrealized exchange rate differences in the Chinese operations have affected earnings by MSEK 51 (-42.8).<\/p>\n

\u25aa The year's cash flow from operating activities amounted to -103.7 (-8.7).<\/p>\n

\u25aa The year's cash flow for the Group amounted to MSEK 115.2 (120.6). This year's cash flow has been affected by new issues, acquisitions of subsidiaries, investments in fixed assets and the special listing of Advanced Soltech.<\/p>\n

\u25aa During the year, Covid-19 has affected the Swedish operations through increased transport costs and price increases for, among other things, solar panels. Increased sick leave has led to some delays in the completion of projects.<\/p>\n

Significant events during the fourth quarter<\/strong><\/p>\n

\u25aa Soltech Energy Sweden AB's subsidiary Advanced Soltech Sweden AB (ASAB) was listed on the Nasdaq First North Growth Market on 29 October. In connection with the special listing, a revaluation result arose in the Group. The revaluation result amounted to MSEK 288 based on consolidated values at the time of divestment of the shares in ASAB.<\/p>\n

The revaluation result does not affect cash flow and is reported under other income and is specified in Note 1. After the special listing, Soltech's holding amounts to 29.35%, which means that Soltech Energy Sweden AB (publ) no longer has the controlling influence. ASAB is therefore not reported as a subsidiary but as an associated company according to the equity method.<\/p>\n

\u25aa Soltech Energy Sweden AB's subsidiaries Swede Energy and Merasol were merged during the fourth quarter and Soltech Sales & Support was partially integrated, the new company is called Soltech Energy Solutions 1988 AB.<\/p>\n

\u25aa Soltech Energy Sweden AB (publ) acquired 100 percent of the shares in the Neabgruppen with access on October 1, 2021.<\/p>\n

\u25aa Soltech Energy Sweden AB (publ) acquired 100 percent of the shares in ESSA Glas & Aluminium AB (ESSA) with access on December 30, 2021.<\/p>\n

\u25aa Soltech Energy Sweden AB (publ) acquired 70 percent of the shares in Falu Pl\u00e5tslageri AB (Falu Pl\u00e5tslageri) and Tak & Bygg in Falun AB (Takab) with access on January 5, 2022.<\/p>\n

\u25aa Soltech Energy Sweden AB (publ) acquired the remaining 40 percent of the shares in the subsidiary Milj\u00f6 & Energi Ansvar Sverige AB (Measol) with access on December 31, 2021.<\/p>\n

\u25aa The Nomination Committee prior to the Annual General Meeting on 12 May 2022 in Soltech Energy Sweden AB (publ) has been appointed.<\/p>\n

Significant events after the reporting period<\/strong><\/p>\n

\u25aa Soltech's subsidiary ESSA Glas & Aluminium AB has won a tender for the execution of a fa\u00e7ade contract with construction starting in the summer of 2022. The assignment is performed for the Stockholm Region, through Locum AB, and has an order value of MSEK 92.<\/p>\n

\u25aa Soltech Energy's subsidiary Soltech Energy Solutions and Falkenklev Logistik are deepening their collaboration. In addition to the 1.5-hectare solar park Soltech will build, both companies, together with Scania, will also build Sweden's largest charging and battery park for trucks. The project is part-financed by the Swedish Environmental Protection Agency. Soltech's order value for the battery park amounts to MSEK 20.<\/p>\n

\u25aa Soltech Energy's subsidiary, Soltech Energy Solutions, will build Sweden's largest solar park connected to only one industry for \u00c5bro Bryggeri in Vimmerby. The solar park will cover an area of 10 hectares and will contribute to \u00c5bro Bryggeri becoming completely self-sufficient in solar. The park is planned to be commissioned during the latter part of 2022.<\/p>\n

CEO letter<\/strong><\/p>\n

Another year of strong growth<\/strong><\/p>\n

When we now summarize 2021, it is our third year in a row with strong growth after we began our acquisition strategy in 2019. We reach MSEK 951.8 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 MSEK 150.7 (42.8), an increase of 252%.<\/p>\n

Right now, we are experiencing very uncertain times globally with concerns about higher interest rates, inflation and even a war in the Ukraine. The severe and uncertain global situation affects us all, including our business. At the same time, it recalls the importance of reducing dependence on fossil energy sources and investing in long-term sustainable energy supplies such as solar energy. There, Soltech is ready to be a strong partner in the green energy transition.<\/p>\n

Organic growth of 29%<\/strong>
Soltech is an acquisition-intensive company that delivers strong growth through this strategy. I am also very proud that in 2021 we had an organic growth of as much as 29% in the Group. It proves that we can not only acquire, but also help our existing companies to develop and grow.<\/p>\n

The acquisition strategy resulted in ten new companies<\/strong>
Despite a tough year in the shadow of the corona pandemic, with a series of meeting restrictions, we managed to acquire as many as ten companies. We have for some time been looking for good companies in electrical engineering because that competence is crucial when it comes to solar energy. In 2021, we are therefore pleased to have acquired Provektor, Rams El and Neabgruppen.<\/p>\n

Companies in four different industries create benefits<\/strong>
The basis for the construction of our group is solar energy companies. But right from the start, we realized the benefits of also owning companies in the roofing \/ sheet metal, facade and electrical engineering industries. These companies have the crucial expertise needed for a high-quality solar energy installation, and they have a wide range of customers who are happy to buy solar energy from them. In other words, we acquire both expertise and business opportunities and transform these companies into future companies.<\/p>\n

The Corona pandemic's impact on Soltech<\/strong>
Unfortunately, the year 2021 was a difficult year in terms of human and business suffering throughout the world. Soltech has suffered from delivery difficulties, higher prices and not least increased sick leave, something that also followed a bit into 2022. Despite these obstacles, our employees have struggled and delivered a really strong year.<\/p>\n

Advanced Soltech was listed separately<\/strong>
Soltech's subsidiary Advanced Soltech Sweden AB (ASAB), which conducts our operations in China, was listed on Nasdaq First North on 29 October. We are proud that ASAB now stands on its own two feet with a better opportunity to refinance its loans. Soltech now owns 29.35% of ASAB and in connection with the listing, a profit of MSEK 288 arose in the Group. We maintain an active ownership influence by continuing to remain on the board and I am positive about the company's development and future.<\/p>\n

Soltech is strong<\/strong>
I would like to end by saying that Soltech is stronger than ever, and we look forward to continuing to deliver on our strategy and by building long-term values for our owners and at the same time contributing to a green energy transition.<\/p>\n

Stefan \u00d6lander
CEO<\/p>\n<\/div>\n

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For more information<\/strong><\/p>\n

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For more information, please contact:<\/strong>
Stefan \u00d6lander, VD Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-post:\u00a0stefan.olander@soltechenergy.com\u00a0eller Niclas Lundin, CFO Soltech Tel: 072 071 03 09 or\u00a0niclas.lundin@soltechenergy.com<\/p>\n<\/div>\n

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This information is information that Soltech Energy Sweden is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-02-24 13:00 CET.<\/em><\/p>\n<\/div>\n

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Attachments<\/strong><\/p>\n

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Soltech Energy Sweden AB (publ) Bokslutskommunik\u00e9 2021<\/a><\/p>\n<\/div>\n