Advanced Soltech interim report third quarter 2023

The quarter, in short
July 1st – September 30th

• The company have fully repaid the bonds SOLT2 and SOLT3.
• The Company has initiated a written procedure with an extension of the repayment date for the bond SOLT4.
• The remaining amount of the directed issue has been paid to the company. Total amount paid for the share issue, before issue costs, amounted to SEK 141 million. The share issue is registered with the Swedish Companies Registration Office (Bolagsverket).
• The company has carried out a rights issue, a so-called repair issue. The amount paid, before issue costs, amounted to SEK 35 million.
• The company installed a total of 6.5 (10.0) MW of roof-based solar energy plants and had 258.4 (230.2) MW installed capacity at the end of the quarter.
• 69 (69) million kWh were produced which reduced CO2-related emissions by approximately 43,000 (43,000) tonnes.
• At the end of the quarter, the company had 58 (46) MW in subscribed orders, as well as projects in the pipeline of 125 (125) MW.
• The company signed 4 (3) contracts amounting to a total installed capacity of 16.5 (8.7) MW.
• The company hires Erik Penser Bank as liquidity provider.

The quarter, in numbers
July 1st – September 30th

• Revenues (sales of electricity and subsidies) amounted to SEK 65.7 (72.5) million.
• Net sales (sales of electricity to customer and Grid) amounted to SEK 54.1 (54.7) million.
• Other operating income (subsidies and resale of electricity) amounted to SEK 11.7 (17.8) million.
• Operating expenses amounted to 35.9 (32.0) MSEK.
• Operating profit for the quarter amounted to SEK 29.9 (40.5) million.
• Interest expenses and similar income items amounted to SEK 19.0 (36.0) million.
• Profit for the year after financial items and tax amounted to SEK 3.9 (20.7) million and was impacted by a currency effect of SEK -7.0 (16.1) million. Adjusted for this item, profit for the year amounted to SEK 10.9 (4.6) million.
• Total cash flow for the quarter amounted to SEK -22.5 (-29.8) million.
• Earnings per share before dilution amounted to SEK 0.08 (0.52).
• The number of employees at the end of the period was 18 (18).

Year-to-date, in numbers
January 1st – September 30th

• Revenues amounted to SEK 171.9 (163.8) million.
• Net sales amounted to SEK 140.2 (126.5) million.
• Other operating income amounted to SEK 31.7 (37.3) million.
• Operating expenses amounted to 112.0 (91.6) MSEK. The single largest item to the increase is extraordinary costs,
amounted to SEK 7.2 million, in connection with the extension of the SOLT2 and SOLT5 bonds.
• Operating profit for the quarter amounted to SEK 59.9 (72.1) million. Adjusted for extraordinary costs in connection with the extension of the bonds, the operating profit amounted to SEK 67.1 million.
• Interest expenses and similar income items amounted to SEK 101.6 (102.5) million.
• Profit for the year after financial items and tax amounted to SEK -70.4 (36.4) million and was impacted by a currency effect
of SEK -28.7 (64.4) million. Adjusted for this item, profit for the year amounted to SEK -41.1 (-28.1) million.
• Total cash flow for the quarter amounted to SEK -6.1 (-94.4) million.
• Earnings per share before dilution amounted to SEK -1.60 (0.93).

Significant events after the end of the period

• SOLT4 Bond extended at company’s request, which means that the final repayment date for the bond will be extended to
November 8, 2024.
• The share issue is registered with the Swedish Companies Registration Office, and the total number of shares after the issue amounts to 57,197,225.
• The company appoints Stefan Salomonsson as new CFO, replacing Lars Höst, who has continued as acting CFO.
• The company signed 3 contracts amounting to an installed capacity of 2.4 MW.