7 May, 2020
Press Releases - Regulatory

Interim report Advanced Soltech Sweden AB (publ) January - March 2020

Advanced SolTech Sweden AB (publ), ("ASAB") reports for the period January-March 2020. ASAB is owned by 51 percent of Soltech Energy Sweden AB (publ) ("Soltech") and 49% by Soltech Energy's Chinese partner Advanced Solar Power Hangzhou Inc. ("ASP") This quarterly report is for the first time consolidated ASAB Group, ie the Swedish parent company with the Chinese operating subsidiaries consolidated in the same report. This means that there are no comparative figures for the same period last year since the Group did not exist at that time.

The next report will be submitted in connection with Soltech Energy's quarterly report for the second quarter, August 27, 2020.

Profit for the period and the company's position at the end of the period:

• Total revenue, SEK 15,012 million *

• EBITDA, SEK 13,051 million

• EBIT SEK 3,348 million

• Net Profit SEK 8.2 million **

• Cash flow detected at SEK -36.2 million

• Interest-bearing liabilities amounted to SEK 882 million

• Total assets, SEK 1,223 million

• Equity SEK 213 million

• Cash and cash equivalents amounted to SEK 14 million.

• At the end of the period, the company had 139.2 MW of installed solar energy capacity

* Consolidated revenues are adversely affected by approximately SEK -5.5 million because of the Corona pandemic

** Profit for the period is affected by a positive currency effect of SEK 33.2 million and depreciation of the acquisition cost for raising liabilities of SEK -4.2 million and depreciation of assets SEK -9.7 million.

Advanced SolTech Sweden AB (publ) - CEO Frederic Telander in a comment:

- The first quarter came to be dominated by the Corona pandemic which caused lost revenue corresponding to an estimated 4 MCNY, or about SEK 5.5 million during the quarter. In the coming quarters, we expect to be significantly less affected and for the full year, we see a deviation of less than 10% compared to our internal forecast we established before the pandemic. Corona has also had a negative impact on the financial markets. Therefore, together with our advisors, we decided to postpone a planned bond issue and the planned listing of ASAB's shares on the First North Growth market, until more favorable conditions prevail. We see a bright future for ASAB and our investments in China, despite the ongoing Corona pandemic and the following uncertainty in the financial markets. The first quarter is in many respects a perfect storm and this is our most challenging quarter to date. We are humbled by the continuing consequences of the Corona pandemic, but at the same time note that it looks like our business model is coping with the storm very well.

Significant events after the end of the period 

In order to secure growth in China in the short term, ASAB is evaluating alternative financing solutions, including the possibility of issuing bonds under the current green bond framework of SEK 1,500 million.

The interim report is available at www.advancedsoltech.com

For more information, please contact: Max Metelius, CFO / COO, Advanced Soltech Sweden AB (publ) Tel: 08-425 010 53. E-mail: max.metelius@advancedsoltech.com or, Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Phone: 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 Kl. 13.30 CEST. About Soltech Energy Sweden AB (publ)

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, Takorama and Fasdsystem. 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

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.