Advanced SolTech Sweden AB (publ), (“ASAB”) reports for the period January – December 2018. ASAB is owned 51 percent by SolTech’s Energy Sweden AB (publ) (“SolTech”) and 49 percent by SolTech’s Chinese partner Advanced Solar Power Hangzhou Inc. (“ASP”). As a result of SolTech’s ownership, the Company’s accounts are thus included in the consolidated accounts that have also been reported by SolTech on February 21, 2019.
ASAB’s function within the SolTech Group is to finance the operations in China conducted by the sister company Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (Asre).
Profit after tax for the period amounted to 2,984 compared to (- 2,269) KSEK for the same period last year. The balance sheet total amounted to KSEK 435,564 (75,634) and equity to KSEK 8,189 (5,206).
The next report is presented in connection with SolTech Energy’s quarterly report for Q1, 2019 on April 25, 2019.
Profit for the period and the company’s position:
Profit for the period amounted to KSEK 2,984 (- 2,269).
Net interest income for the period amounted to KSEK 847 (164).
Cash flow amounted to SEK 20,828 (-1,948) thousand.
Interest-bearing liabilities amounted to SEK 411,914 thousand (63,026).
Liquid funds at the end of the period amounted to KSEK 21,362 (534).
Direct investment in the Chinese JV company, ASRE of SEK 54,000, completed, resulting in an ownership of 21.52 percent of outstanding shares in ASRE.
Advanced SolTech Sweden AB (publ) – CEO Frederic Telander in a comment:
In China, the SolTech Group’s joint venture ASRE continues to develop strongly. Sales during the year more than doubled to SEK 48.8 million, compared with SEK 21 million the previous year. The connected solar energy capacity in ASRE increased during the year to 61 MW, compared with just over 24.5 MW at the same time last year. Including the 7.5 MW connected in January 2019 and the solar energy portfolio of 24.44 MW that ASRE is in the process of acquiring, a capacity of close to 93 MW is reached. The target for 2019 is set at 126 MW. With the recently signed green bond framework with JOOL markets up to SEK 1,500 million, of which SEK 170 million has so far been utilized, there are good prospects of reaching the 2019 target. The goal of 2021 having an installed capacity of 605 MW that is fully connected to the power grid 2022 is fixed.
For more information, please contact:
Frederic Telander, CEO of Advanced SolTech Sweden AB (publ) Tel: +46 8 441 88 46. E-mail: 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 February 21, 2019. 14.40 CET.
About Advanced SolTech Sweden AB (publ) – ASAB
In order to continuously finance the investments in China, the SolTech Group’s parent company and its partners in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB’s business is to finance solar energy plants in China which are owned and maintained by ASRE or its wholly owned subsidiaries through lending to Group companies. As collateral for borrowed funds, collateral is obtained in underlying assets (solar power plants and accounts receivable). The company’s Certified Adviser is Mangold Fondkommission AB, telephone +46 8 5030 1550. E-mail: firstname.lastname@example.org More info at www.advancedsoltech.com
About SolTech Energy
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of real estate – commercial, public and residential. The products are part of a building’s outer shell in the form of a roof or a wall with integrated solar cells for the production of electricity. The Group also conducts operations in China where the business model consists of financing, owning and operating solar power plants on customers’ roofs and selling all the electricity that is produced. The Group also includes the subsidiaries Nyedal Solenergi and the NP Group and the jointly owned companies ASAB in Sweden and ASRE in China. SolTech Energy Sweden AB (publ) is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 15,000 shareholders. The Company’s Certified Adviser Erik Penser Bank Telephone: +46 8 463 83 00. E-mail: email@example.com. More info at: www.soltechenergy.com
About the Chinese initiative
SolTech Energy’s investment in China is conducted in partnership with our partner, Advanced Solar Power Hangzhou Inc joint venture, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd. (ASRE). The business model consists of ASRE financing, installing, owning and running solar energy installations on customers’ roofs. The customer does not pay for the facility, but instead undertakes to buy all electricity produced by each plant under a 20-25 year contract. ASRE’s current income comes from the sale of electricity to the customers and from various forms of grants per kWh produced. Now, the focus is on building an order backlog for 2019 and onwards with the goal that in 2021 an installed capacity of 605 megawatts (MW), which 2022 is fully operational, will be held.