Year-end report Advanced Soltech Sweden AB (publ) January - December 2019
Advanced Soltech Sweden AB (publ), ("ASAB") reports for the period January - December 2019. ASAB is 51% owned by Soltech Energy Sweden AB (publ) (“Soltech”) and 49% by Soltech Energy’s Chinese partner, Advanced Solar Power Hangzhou Inc. (“ASP”). As a result of Soltech's majority ownership, ASAB's accounts are thus included in the consolidated financial statements reported by Soltech Energy on February 27, 2020.
ASAB's function within the Soltech Group is to finance the operations in China conducted by wholly owned subsidiaries, Advanced Soltech Renewable Energy Hangzhou Co. Ltd. (ASRE) and Longrui Solar Energy Suqian Co. Ltd. (Suqian).
Year-end profit after tax amounted to -4,860 * compared to (2,983) TSEK for the same period last year. The balance sheet total was 1,080,145 (435,564) TSEK and 207,174 (8,189) TSEK.
Next report will be published in conjunction with Soltech Energy’s Q1, 2020 quarterly report, on May 7, 2020.
Profit for the year and the company's position:
Profit for the period amounted to -4 860 * (2 983) TSEK.
Net financial items for the period amounted to -884 (3,902) TSEK.
Cash flow amounted to 17,545 (1,812) TSEK.
Interest-bearing liabilities amounted to 847,668 (411,077) TSEK.
Cash and cash equivalents at the end of the period amounted to 23,174 (21,362) TSEK.*The increased loss compared to the previous year consists of negative net interest income of (-7 323) TSEK, and depreciation on the acquisition cost of raised bond loans, (-2 150) TSEKAdvanced SolTech Sweden AB (publ) - CEO Frederic Telander comments:
• In China, the ASAB Group of companies, ASRE and Suqian have experienced strong growth. Connected solar energy capacity has during the year increased to 139 MW compared to 91 MW during the same period last year. The goal of having an installed capacity of 1000 MW (1 GW) 2023 that is fully connected to the electricity grid by 2024, remains.
Significant events after the end of the period
New orders for solar energy power plants in China have been signed with 24.4 MW and total order backlog including projects under construction amounts to 42,2 MW.
As a result of the corona virus in China, ASAB decided to postpone a planned fund raising (bond issue). It is resumed as soon as the market situation has stabilized, and alternative solutions are being investigated.The interim report can be read in full here:For more information, please contact:Max Metelius, CFO / COO, Advanced Soltech Sweden AB (publ) Tel: 08-425 010 53. E-mail: email@example.com or, Stefan Ölander, CEO Soltech Energy Sweden AB (publ). Phone: 070- 739 80 00. E-mail: firstname.lastname@example.orgThe information in this press release is such that Soltech Energy Sweden AB (publ) shall publish the same according to EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on February 27, 2020 at. 11.15 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., formed ASAB. ASAB's operations consist of financing solar energy facilities in China that are owned and continuously maintained by ASRE, SUQIAN and/or its wholly owned local subsidiaries through lending and/or through direct investments in group companies. Collateral for borrowed funds is obtained in the underlying assets (solar power plants and accounts receivable).
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 climate shell of a building in the form of a roof or a wall with integrated solar cells producing electricity. The Group includes the subsidiaries SolTech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol, Soldags and Takorama. Soltech Energy Sweden AB (publ) shares are traded on Nasdaq First North Growth Market under the ticker “SOLT” and the company has approximately 32,000 shareholders. The company's Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: email@example.com. More info at: www.soltechenergy.com
About the venture in China
Soltech Energy's investment in China is carried out by ASAB: s wholly owned subsidiaries - Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd., "ASRE" and Longrui solar Energy Suqian Co. Ltd. "SUQIAN".
The business model consists of ASRE and SUQIAN 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 under a 20-year agreement. Revenues are derived from the sale of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1,000 megawatts (MW) by 2023 that is fully connected to the electricity grid by 2023.
ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
Our mission is to accelerate the transition to solar energy where the need is greatest. In China we add real value by investing in solar power replacing coal, which accounts for nearly 70 per cent of electricity generation. An investment in Advanced Soltech generates both good financial returns and benefits the environment.
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