Gigasun AB (publ) releases Annual Report for 2023

During the past year, we as a company have faced several challenges but also opportunities that have shaped our business. Our journey has been marked by significant strategic steps to ensure a sustainable and profitable future. One of the year’s most significant initiatives was the refinancing of most of our outstanding bonds, an effort that not only strengthened our capital structure and reduced our interest expenses, but also reduced our currency risk and tax costs through a new financing solution in Chinese currency. Our assessment is that most of our future financing will be in China.

China’s economy has shown signs of recovery in 2023, driven by increased demand for services, resilient investments in the manufacturing sector, and public infrastructure stimulus. Despite this, challenges remain, such as a contraction in the real estate sector and a declining population that could potentially slow growth. These economic dynamics in China, combined with heightened geopolitical tensions globally, including the conflict in Ukraine, are impacting the global economic environment, and creating uncertainty that we are closely monitoring.

Despite these challenges, our efforts to improve financing structures and our focus on renewable energy growth have placed us in a strong position to navigate these uncertain times. Our commitment to green energy continued to contribute to a significant reduction in CO2 emissions in China, reflecting our role in global climate action.