Advanced Soltech releases interim report April – June 2021
Advanced Soltech Sweden AB’s revenue for the second quarter of 2021 was 45.5 (42.9) MSEK, an increase by 6% compared to the same quarter 2020. Operating profit for the quarter amounted to SEK 21.7 (28.1) million, a decrease of 23 percent compared with the previous year. Profit for the quarter after financial items and tax amounted to SEK to SEK -15.4 (-37.0) million and is affected by a non-cash flow-affecting currency effect of SEK -3.5 (-32.7) million.
Second quarter 2021, in short
•During the quarter, the company installed a total of 10 (1) MW of roof-based solar energy plants and had 192 (140) MW installed and revenue-generating capacity at the end of the quarter.
•During the quarter, 49 (38) million kWh were produced, which reduced China’s CO2-related emissions by approximately 30,000 (23,000) tonnes.
•At the end of the quarter, the company had 37 (46) MW in subscribed orders, as well as projects in progress of 123 (123) MW.
•During the quarter, the company signed eight contracts amounting to a total installed capacity of 11.0 MW.
Second quarter 2021, in numbers
•Revenues amounted to SEK 45.5 (42.9) million, an increase of 6 percent compared with the previous year.
•Net sales have increased from SEK 23.9 million to SEK 35.8 million, which is due to the company’s portfolio of solar energy plants growing.
•Other operating income (subsidies) has decreased from SEK 19.1 million to SEK 9.8 million. During the period, the subsidies were negatively affected by a non-recurring item of SEK 3.2 million for returned subsidies, which at a reassessment was found to belong to the previous owner of the acquired project portfolio.
•Operating expenses amounted to SEK 23.9 (14.8) million, an increase of 61 percent. The biggest items to the increase are that costs for maintenance and roof rents have increased, and that the company has strengthened within the management. The increase is in line with the company’s plan for growth. In addition, the company has been charged with non-recurring items regarding relocation of three facilities, amounted to SEK 0.8 million.
•Operating profit for the quarter amounted to SEK 21.7 (28.1) million, a decrease of 23 percent compared with the previous year.
•Profit for the year after financial items and tax amounted to SEK -15.4 (-37.0) million and is affected by a non-cash flow-affecting currency effect of SEK -3.5 (-32.7) million. Adjusted for this item, profit for the year amounted to SEK -11.9 (-4.2) million.
•Total cash flow for the quarter amounted to SEK -0.1 (58.7) million.
•The number of employees at the end of the period was 16 (14).
•According to the company’s estimate, the effects of the Corona pandemic affected the company by SEK -1.3 (-5.0) million during the quarter, due to declining revenues due to a general price reduction