Advanced SolTech Sweden AB (publ.) (ASAB) submits the following interim report for the company’s first quarter, March – June 2016, operational result. ASAB is a subsidiary of SolTech energy Sweden AB (publ.) that is jointly owned (49%) by SolTech’s Chinese partner ASP. The information reported below is therefore also contained in the semi-annual report of SolTech Energy Sweden AB (publ.) for 2016.
ASAB’s function within the SolTech concern is to finance SolTech’s operation in China, which is carried out by ASAB’s fellow subsidiary, Avanced SolTech Renewable Energy Hangshou Inc (ASRE). No loan transactions took place over this quarter’s March – June 2016 report period.
Subsequent to the report period’s close, ASAB has loaned out an accumulated sum of 48.35 MSEK (5.1 MEUR) to its fellow subsidiary ASRE. In its turn, ASRE has used these funds to construct solar energy installations with a sum capacity of circa 5 MW.
The next report is to be released in conjunction with SolTech’s year-end closing communiqué on 24 February 2017.
The report period’s result and the company’s position:
- Excluding non-recurring costs, the period’s result is approximately -0.3 MSEK
- The period’s rendered result amounted to -5.5 MSEK, whereof approximately 5.2 MSEK consisted of non-recurring costs related to carrying out the bond issue
- Cash flow amounted to 55.8 MSEK.
Liquid funds at the close of the period amounted to 55.8 MSEK, with short-term claims for bondholders amounting to 5.1 MSEK. The Company’s own capital is negative due to non-recurring costs, equivalent to approximately 5.2 MSEK, that are related to carrying out the bond offer and have negatively affected the Company’s result. Excluding non-recurring costs, the period’s result amounts to -0.3 MSEK. The bondholders’ claims are safeguarded by the parent company’s guarantee.
Read the report in its entirity here: Advanced SolTech Sweden AB_delårsrapport 2016 (Swedish)
Advanced SolTech Sweden AB (publ)
In order to finance ongoing investments in China, SolTech Energy Sweden AB (publ) and the Company’s partner in China, Advanced Solar Power Hangzhou Inc. formed ASAB. ASAB’s business consists of the loans to group companies to finance solar power plants in China owned and continuously maintained by its sister company, Advanced SolTech Renewable Energy Hangzhou Co. Ltd, ASRE or its wholly owned local subsidiary. As collateral for loaned funds obtained collateral in the underlying assets (solar installations and receivables). In May 2016 issued ASAB a bond that resulted in a capital corresponding to approximately 65.5 million.The bond loan is secured by a guarantee from the parent company, SolTech Energy Sweden AB (publ), and the bond was recorded in July 2016 on Nasdaq First North Bond Market and trades under the symbol, SOLT1. Certified Adviser is Mangold Fondkommission AB. More info at: www.advancedsoltech.com
SolTech Energy in brief
SolTech Energy develops and sells a solar energy system based on research carried out over several years at Kungliga Tekniska Högskolan (KTH- Royal Institute of Technology). The system is a part of a building’s outer shell; specifically, roofs and/or walls formed of glass (panels or glass plates) that function as both weather protection and sun-catchers for the production of heat, hot water and electricity. The assortment of suitable glass also includes unique thin-film solar cells in black and/or semi-transparent glass – or as isolated glass modules in various sizes and formats that 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”. 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 Wasa Rör T Mickelsson AB. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com