SolTech Energy AB Sweden AB (publ)
Strong Increase in Sales
- Net sales came to 20.6 (11.3*) MSEK – an increase of 82 percent as compared to the same period the previous year.
- Income for the period came to -5.3** (-3.7*) MSEK
- Earnings per share came to -0.21 (-0.20*) Swedish crowns/share.
- Cash flow, including the proceeds from a new stock issue, came to 42.3 MSEK.
Subsequent to the Interim Report period’s close
- As of August 20, 2015, the concern’s order backlog rose to 29.5 MSEK, as compared with an order backlog of 16 MSEK at the close of the interim report period, June 30, 2015.
- A “strategic” order in China with Ningbo Harbor Cold Storage and Transportation headquarters.
- Leading Chinese politicians visit with SolTech in Sweden in July.
SolTech in brief
The concern consists of the publically-traded parent company, SolTech Energy Sweden AB, and its wholly owned subsidiary Wasa Rör T. Mickelsson AB, as well as joint-ownership (51 percent) of the company formed to carry out the concern’s business interests in China, namely: Advanced Solar Power Hangzhou Inc., with the remaining 49 percent owned by the latter cited company itself.
SolTech develops, markets, and sells solar energy systems that are a part of a building’s outer shell; specifically, roofs and/or outer walls formed of glass (panels or flat sheets) that function as both weather protection and sun-collectors for the production of heat, hot water and electricity. Wasa Rör AB carries out installations and service tasks within the heat and sanitation sector, with focus on improving energy effectiveness, and was acquired during the spring of last year, with official transfer of possession taking place on August 1, 2014.
The business model in China encompasses the installation, ownership, and routine maintenance of solar energy installations that are installed on customers’ roofs, most particularly for the present in Hangzhou in the province of Zhejiang, with a view to then expanding to other regions in China. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term (20+ years) binding contract to buy all the electricity and/or thermal heat the relevant unit produces.
SolTech is headquartered in Stockholm and its shares are listed on First North at Nasdaq Stockholm, trading under the symbol “SOLT”. The company currently has approximately 5,600 shareholders and its Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.
* The comparison figures cited in this report include the net income of the subsidiary Wasa Rör AB, which was acquired with official transfer of possession taking place on August 1, 2014. Thus the company was not included in the concern’s 1/1 – 6/30/2014 income (profit and loss) statement. The figures are expressly presented for the purpose of making a comparison possible, under the circumstance that a business relationship had been in place during a corresponding period in 2014. A pro forma balance sheet for June 30, 2014 is not shown, since the information it presents is not considered relevant.
** The concern’s operational income has been affected by increased costs stemming from: the strong expansion of its subsidiary; the one-time cost of establishing the jointly owned Chinese company (JV); research and development, along with the recruitment of additional personnel for the parent company. All told, these costs have deducted approximately 3 MSEK from the concern’s earnings, whereof 0.7 MSEK cover one-time costs.