Advanced Soltech releases interim report January – March 2021
Advanced Soltech Sweden AB’s, company number 559056-8878, revenue for the first quarter of 2021 was 27.0 (16.1) MSEK, an increase by 68% compared to the same quarter 2020. The effects of the Corona pandemic affected the first quarter to a lesser extent, whereas the economic activity is high, Operating profit for the quarter amounted to SEK 7.1 (3.6) million, an increase of 97 percent compared with the previous year. Profit for the year after financial items and tax amounted to SEK 15.0 (0.2) million and is affected by a non-cash flow-affecting currency effect of SEK 40.1 (26.6) million.
First quarter 2021, in short
• During the quarter, the company installed a total of 5.8 (0.0) MW of roof-based solar energy facilities and had 182.4 (139.2) MW installed and revenue-generating capacity at the end of the quarter. During the quarter, 29.0 (14.7) million kWh were produced, which reduced China's CO2-related emissions by approximately 18,000 (9,000) tons, which is the equivalent of the yearly emissions of 7,000 average cars.
• At the end of the quarter, the company had 31 (40) MW in subscribed orders, as well as projects in progress of 124 (113) MW.
• During the quarter, the company signed seven contracts amounting to a total installed capacity of 16.1 MW.
• Advanced Soltech has been awarded the prize in China as "The most influential solar investment company 2020". The motivation for the award is stated, among other things, "The innovative business model that does not take up valuable land and the high reliability and quality that Advanced Soltech delivers in its installations". Solar Energy Cup was launched as early as 2012 and is an authority in the Chinese solar energy industry.
First quarter 2021, in numbers
• Revenues for the quarter amounted to SEK 27.0 M (16.1), an increase of 68 percent compared with the previous year.
• Operating profit for the quarter amounted to SEK 7.1 (3.6) million, an increase of 97 percent compared with the previous year.
• Profit for the year after financial items and tax amounted to SEK 15.0 (0.2) million and is affected by a non-cash flow-affecting currency effect of SEK 40.1 (26.6) million. Adjusted for this item, profit for the year amounted to SEK -25.1 (-26.5) million.
• Total cash flow for the quarter amounted to SEK -45.4 (-37.4) million.
• According to the company's estimate, the effects of the Corona pandemic affected the company by SEK -0.6 (-5.5) million during the quarter, due to declining revenues due to a general price reduction. The first quarter of 2020 was affected both by the price reduction and by the fact that operations for customers with an installed capacity corresponding to approximately 30 MW were kept closed during the quarter.
