Advanced SolTech Sweden

The quarter, in short
JULY 1ST – SEPTEMBER 30TH

• The SOLT4 bond was extended at the company’s request. The final repayment date of the bond has been postponed to November 8, 2025
• The company installed a total of 18.2 (6.5) MW of roof-based solar PV installations and had 311.0 (258.4) MW installed capacity at the end of the quarter.
• 82.9 (69.0) million kWh were produced which reduced CO2-related emissions by approximately 41,000 (43,000) ton. Starting from Q1 2024, we are using updated figures to calculate the savings in CO2-related emissions. Based on the latest available emission calculations in China, the savings between solar power-generated energy and China’s average emissions for its electricity production have decreased from 622 grams per kWh to 490 grams per kWh. Historical comparative figures remain unchanged and are calculated based on the previous savings of 622 grams per kWh.
• At the end of the quarter, the company had 38.7 (58.0) MW in subscribed orders, as well as projects in the pipeline of 131.1 (125.0) MW.
• The company signed 2 (4) contracts amounting to a total installed capacity of 10.5 (16.5) MW.

The quarter, in numbers
JULY 1ST – SEPTEMBER 30TH

• Revenues (sales of electricity and subsidies) amounted to SEK 70.8 (65.7) million.
• Net sales (sales of electricity to customers and grid) amounted to SEK 59.7 (54.1) million.
• Other operating income (subsidies and resale of electricity) amounted to SEK 11.1 (11.7) million.
• Operating expenses amounted to SEK 43.1 (35.9) million. One-time costs associated with repairs of solar PV installations were SEK 4.9 million higher this quarter compared to the previous year.
• Operating profit for the quarter amounted to SEK 27.7 (29.9) million.
• Interest expenses and similar charges amounted to SEK 21.6 (19.0) million.
• Profit for the quarter after financial items and tax amounted to SEK 5.6 (3.9) million and was impacted by a currency effect of SEK -0.5 (-7.0) million. Adjusted for this item, profit for the quarter amounted to SEK 6.2 (10.9) million.
• Total cash flow for the quarter amounted to SEK 36.0 (-22.5) million.
• Earnings per share before dilution amounted to SEK 0.10 (0.08).
• The number of employees at the end of the period was 22 (18).

Significant events after the end of the period

• The company signed 1 contract amounting to an installed capacity of 3.5 MW.

Year-to-date, in numbers
JANUARY 1ST – SEPTEMBER 30TH

• Revenues amounted to SEK 176.0 (171.9) million, an increase of 2.4 percent compared to the previous year.
• Net sales amounted to SEK 149.3 (140.2) million, an increase of 6.5 percent.
• Other operating income amounted to SEK 26.7 (31.7) million.
• Operating expenses amounted to SEK 116.2 (112.0) million, an increase of 3.7 percent compared to the previous year. Last year’s costs include extraordinary expenses of SEK 7.2 million in connection with the extension of the bonds SOLT2 and SOLT5. Excluding this item, operating costs have increased by 10.8% compared to the previous year. The cost increase is mainly attributable to scheduled depreciation and maintenance costs for solar PV installations increasing.
• Operating profit for the quarter amounted to SEK 59.8 (59.9) million. Adjusted for extraordinary costs in connection with the extension of the bonds, the operating profit for the previous year’s period amounted to SEK 67.1 million.
• Interest expenses and similar charges amounted to SEK 65.3 (101.6) million. The major differences from the previous year are that the bond loans SOLT5, SOLT2, and SOLT3 were repaid in June, July, and August 2023, respectively, resulting in significantly lower interest expenses. Interest expense from, among others, JS Leasing, with a lower interest rate, has replaced the bond loans.
• Profit for the year after financial items and tax amounted to SEK -4.3 (-69.8) million and was impacted by a currency effect of SEK 0.3 (-28.7) million. Adjusted for this item, profit for the year amounted to SEK -4.6 (-41.1) million.
• Total cash flow for the quarter amounted to SEK 74.5 (-6.1) million.
• Earnings per share before dilution amounted to SEK -0.08 (-1.60).