SolTech reports a very good quarter with sales of SEK 56.4 million (13) and a profit of SEK 10.9 million (-3.9). Turnover is SEK 3 million higher than the full 2018 turnover, which is largely due to the fact that during the first quarter, the company carried out three acquisitions. We are proud to have been able to on board these companies and thankful that the market has really appreciated our new acquisition strategy. A strong development in our Chinese operations also contributes to the fine results for the quarter.
Strong quarter for SolTech:
- Net sales amounted to MSEK 56.4 (13.5), an increase of 318%.
- The Group’s operating profit (EBIT) amounted to SEK 10.9 (-3.9) million.
- Operating profit before depreciation (EBITDA) SEK 20 (-1.4) million.
- Profit after tax for the period was MSEK -9.5 (-4.4).
- The subsidiary ASAB has issued an institutional corporate bond of SEK 170 million for the financing of additional solar power plants in China.
- The China business acquires 21.4 MW and approaches 100 MW solar energy.
- Three Swedish acquisitions completed.
Significant events after the reporting period
The Board of SolTech sees great opportunities for continued expansion within the highly expanding solar energy area and therefore plans a new share issue with priority for the shareholders, which can be implemented during May-June 2019.
CEO comment: – I am very pleased with our first quarter. We show strength in China and, not least, our acquisition strategy has succeeded with three nice acquisitions which also have had a positive impact on our share price. But the best part is that we have on board a long line of competent and driven people in the group, which guarantees success in the future.
For more information, please contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ)
Tel: 070-739 80 00. Email: email@example.com
The information in this press release is such that SolTech Energy Sweden AB (publ) must publish in accordance with EU Regulation No. 596/2014 on Market Abuse. The information was submitted through the above contact person’s agency for publication on April 25, 2018 at. 07:30 CET.