{"id":4516,"date":"2018-08-23T06:00:00","date_gmt":"2018-08-23T06:00:00","guid":{"rendered":"https:\/\/new-stage.soltechenergy.com\/mfn_news\/semi-annual-report-advanced-soltech-sweden-ab-publ-january-june-2018\/"},"modified":"2024-05-08T12:31:09","modified_gmt":"2024-05-08T10:31:09","slug":"semi-annual-report-advanced-soltech-sweden-ab-publ-january-june-2018","status":"publish","type":"mfn_news","link":"https:\/\/soltechenergy.com\/en\/mfn_news\/semi-annual-report-advanced-soltech-sweden-ab-publ-january-june-2018\/","title":{"rendered":"Semi-annual report: Advanced SolTech Sweden AB (publ.) January &#8211; June 2018"},"content":{"rendered":"<div class=\"mfn-preamble\"><strong>Advanced SolTech Sweden AB (publ.), (\u201dASAB\u201d) presents its semi-annual report for the period January-June 2018. The period\u2019s 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\u2019s Chinese partner Advanced Solar Power Hangzhou Inc. (\u201dASP\u201d). The company\u2019s accounting records are therefore included the Concern\u2019s accounting records, which were duly rendered by the parent company on August 24, 2018.<\/strong><\/div>\n<p><span><span>ASAB\u2019s 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).<\/span><\/span><\/p>\n<p><span><span>The period\u2019s 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\u2019s own assets to 11,891 (3,482) KSEK.<\/span><\/span><\/p>\n<p><span><span>The next report will be presented in connection with SolTech Energy\u2019s press release of unaudited financial statements on February 21, 2019.<\/span><\/span><\/p>\n<p><strong><span><span>The period\u2019s result and the company\u2019s status:<\/span><\/span><\/strong><\/p>\n<ul>\n<li><span><span>The period\u2019s result amounted to 6,685 (.993) KSEK.<\/span><\/span><\/li>\n<li><span><span>Net interest for the period amounted to 318 (70) KSEK.<\/span><\/span><\/li>\n<li><span><span>Cash flow amounted to 6,319 (-196) KSEK.<\/span><\/span><\/li>\n<li><span><span>Receivables for the foreign fellow subsidiary amounted to 193,545 (57,940) KSEK.<\/span><\/span><\/li>\n<li><span><span>Interest-bearing debt amounted to 191,549 (62,167) KSEK.<\/span><\/span><\/li>\n<li><span><span>Liquid funds at the period\u2019s close amounted to 6,853 (2,286) KSEK.<\/span><\/span><\/li>\n<\/ul>\n<p><span><span>Interest to bond holders has been paid, in accord with the terms of the bonds, in January and July 2018<\/span><\/span><\/p>\n<p><a href=\"http:\/\/www.soltechenergy.com\/wp-content\/uploads\/2018\/08\/Del%C3%A5rsrapport-ASAB-3.1.pdf\" rel=\"nofollow\"><strong><span><span>Read the report in its entirety<\/span><\/span><\/strong><\/a><\/p>\n<p><span><span><strong><span><span>For more information, please contact:<\/span><\/span><\/strong><br \/>\nFrederic Telander, CEO Advanced SolTech Sweden AB (publ) and SolTech Energy Sweden AB (publ).\u00a0 Tel: 08-441 88 46, email:\u00a0<a href=\"mailto:frederic.telander@soltechenergy.com\" rel=\"nofollow\">frederic.telander@soltechenergy.com<\/a><\/span><\/span><\/p>\n<p><em><span><span>The information contained in this press release conforms to that which\u00a0<\/span><\/span><\/em><em><span><span>SolTech Energy Sweden AB (publ.) is required to make public according to the EU\u2019s regulation 596\/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person\u2019s authorization, for publication on 23 August 2018, 08:00 CET.<\/span><\/span><\/em><\/p>\n<p>\n<strong><em><span><span>Advanced SolTech Sweden AB (publ.) \u2013 ASAB<\/span><\/span><\/em><\/strong><br \/>\n<em><span><span>For the express purpose of financing investment in China, the SolTech concern\u2019s parent company and its partner in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB\u2019s business operation is centered on financing, either through making loans to or directly investing in the concern\u2019s 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\u2019s Certified Advisor is Mangold Fondkommission AB. For more info, see:\u00a0<a href=\"http:\/\/www.advancedsoltech.com\/\" rel=\"nofollow\">www.advancedsoltech.com<\/a>.<\/span><\/span><\/em><\/p>\n<p><em><strong><span><span>SolTech Energy Sweden AB (publ.) \u2013 parent company of the SolTech concern<\/span><\/span><\/strong><\/em><strong><span><span>\u00a0<\/span><\/span><\/strong><br \/>\n<em><span><span>SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures \u2013 commercial, public and residential. The products are a part of a building\u2019s 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 \u201cSOLT\u201d 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\u2019s Certified Advisor is G&amp;W Fondkommission (securities broker). For more information see:\u00a0<\/span><\/span><\/em><em><a href=\"http:\/\/www.soltechenergy.com\/\" rel=\"nofollow\"><span><span>www.soltechenergy.com<\/span><\/span><\/a><\/em><\/p>\n<p><em><span><span>I<\/span><\/span><\/em><strong><em><span><span>nvestment in China<\/span><\/span><\/em><\/strong><br \/>\n<em><span><span>SolTech\u2019s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy\u00a0<\/span><\/span><\/em><em><span><span>(Hangzhou) Co. Ltd (ASRE), where<\/span><\/span><\/em><em><span><span>\u00a0SolTech 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\u2019s 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<\/span><\/span><\/em><em><span><span>\u00a0amounting to approximately 1 billion SEK (ca. 95 MEUR).<\/span><\/span><\/em><\/p>\n<div class=\"mfn-footer\"><\/div>\n<script>\n                Array.prototype.slice.call(document.querySelectorAll(\".mfn-footer.mfn-attachment\")).forEach(function (el) { el.remove() });\n            <\/script>\n        <div class=\"mfn-attachments-container\"><div class=\"mfn-attachment mfn-file-type-pdf mfn-primary\"><a class=\"mfn-attachment-link\" target=\"_blank\" href=\"https:\/\/storage.mfn.se\/proxy\/release.pdf?url=https%3A%2F%2Fmb.cision.com%2FMain%2F2299%2F2991270%2F1161866.pdf\"><span class=\"mfn-attachment-icon\"><img decoding=\"async\" src=\"https:\/\/storage.mfn.se\/proxy\/release.pdf?url=https%3A%2F%2Fmb.cision.com%2FMain%2F2299%2F2991270%2F1161866.pdf&type=jpg\"><\/span>Release<\/a><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Advanced SolTech Sweden AB (publ.), (\u201dASAB\u201d) presents its semi-annual report for the period January-June 2018. The period\u2019s 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\u2019s Chinese partner Advanced Solar Power Hangzhou Inc. (\u201dASP\u201d). The company\u2019s accounting records are therefore included the Concern\u2019s accounting records, which were duly rendered by the parent company on August 24, 2018.<\/p>\n","protected":false},"featured_media":0,"template":"","mfn-news-tag":[16,97,89,93,65,99,90,95],"class_list":["post-4516","mfn_news","type-mfn_news","status-publish","hentry","mfn-news-tag-mfn-lang-en","mfn-news-tag-mfn-report-interim-en","mfn-news-tag-mfn-type-ir-en","mfn-news-tag-mfn-regulatory-mar-en","mfn-news-tag-mfn-en","mfn-news-tag-mfn-report-interim-q2-en","mfn-news-tag-mfn-regulatory-en","mfn-news-tag-mfn-report-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/soltechenergy.com\/en\/wp-json\/wp\/v2\/mfn_news\/4516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/soltechenergy.com\/en\/wp-json\/wp\/v2\/mfn_news"}],"about":[{"href":"https:\/\/soltechenergy.com\/en\/wp-json\/wp\/v2\/types\/mfn_news"}],"wp:attachment":[{"href":"https:\/\/soltechenergy.com\/en\/wp-json\/wp\/v2\/media?parent=4516"}],"wp:term":[{"taxonomy":"mfn-news-tag","embeddable":true,"href":"https:\/\/soltechenergy.com\/en\/wp-json\/wp\/v2\/mfn-news-tag?post=4516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}