We continue to grow. Revenue in the quarter rose 29% and our installed base increased to 220 MW. We see continued strong demand for our offer, much because it is in line with the climate goals advocated by the authorities. Chinese lenders show great interest in our operations, which is confirmed by the fact that a major Chinese bank (BOCOM) approved a loan of SEK 615 million to our Chinese subsidiary in August.
The quarter, in short
April 1st – June 30th
• The company installed a total of 8.2 (10.1) MW of roof-based solar energy plants and had 220.2 (192.5) MW installed and revenue-generating capacity at the end of the quarter.
• 61 (54) million kWh were produced, an increase of 13%, which reduced China’s CO2-related emissions by approximately 38,000 (33,000) tonnes.
• At the end of the quarter, the company had 53 (37) MW in subscribed orders, as well as projects in progress of 125 (123) MW.
• The company signed 13 (eight) contracts amounting to a total installed capacity of 30.8 (11.0) MW.
• Advanced Soltech’s subsidiary in China has entered into a strategic cooperation agreement with the municipal management in BoShan district, located in ShanDong province, regarding the development of 100 MW of roof-based solar energy in the district over five years.
• The company carried out a directed share issue, raising approximately SEK 18 million, before issue costs.
The quarter, in numbers
April 1st – June 30th
• Revenues (sales of electricity and subsidies) amounted to SEK 58.6 (45.5) million, an increase of 29 percent compared with the previous year. The increase is due to a larger
installed base of solar energy plants. Currency effects also had a positive effect on revenues of SEK 7.2 million.
• Net sales (sales of electricity to customer and Grid) have increased with 29 percent from SEK 35.8 million to SEK 46.2 million.
• Other operating income (subsidies) has increased from SEK 9.8 million to SEK 12.4 million.
• Operating expenses amounted to SEK 30.6 (23.9) million, an increase of 28 percent. The largest items to the increase are costs for depreciation according to plan and insurance
premiums of solar energy plants have increased, and negative currency effect amounted to SEK 3.6 million. The company also have had extra costs for implementation and operation
of ERP systems, SEK 0.5 million.
• Operating profit for the quarter amounted to SEK 28.0 (21.7) million, an increase of 29 percent compared with the previous year.
• Profit for the year after financial items and tax amounted to SEK 23.2 (-15.4) million and is affected by a non-cash flowaffecting currency effect of SEK 27.4 (-3.5) million. Adjusted for this item, profit for the year amounted to SEK -4.2 (-11.9) million.
• Total cash flow for the quarter amounted to SEK 35.5 (-0.1) million.
• The number of employees at the end of the period was 17 (16).
• According to the company’s estimate, the effects of the Corona pandemic affected the company by SEK -1.5 (-1.3) million during the quarter.
Significant events after the end of the period
• The company signed one contract amounting to an installed capacity of 5.9 MW.
• The credit committee at China Bank of Communications has given a positive decision regarding a bank loan over 8 years of CNY 410 million (approximately SEK 615 million) to Advanced Soltech’s subsidiaries in China.