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Year-end reportJANUARY – DECEMBER 2019

SOLTECH ENERGY SWEDEN AB (PUBL)

2Soltech Energy Sweden AB (publ) Year-end report 2019

January – December 2019 ◾ Soltech groups revenues amounted to 324 (53.7) MSEK, an

increase of 503%.

◾ The Swedish segment increased to 201.4 (11.3) MSEK, an increase of 1,682%.

◾ The Chinese segment1 increased sales to 122.6 (48.8) MSEK, an increase of 151%.

◾ Consolidated operating profit (EBIT) amounted to 49.1 (5.2) MSEK.

◾ Soltech groups earnings before depreciation (EBITDA) amoun-ted to 88.25 (17.6) MSEK.

◾ Soltech groups profit after tax amounted to SEK -33.2 (-15.4) million. Adjusted for one-off and restructuring costs, the result was -25.8 MSEK.

◾ The Parent Company’s net sales amounted to 9.65 (11.3) MSEK. Including sales within the Group and other revenues, revenue amounted to 17.2 (14.3) MSEK.

◾ Earnings per share amounted to SEK -0.61 (-0.4).

◾ Cash flow amounted to 55.3 (1.6) MSEK.

1 See comment under the section Sales and earnings.

Quarter four 2019 ◾ Net sales amounted to SEK 90.7 (18.2) million.

◾ Operating profit (EBIT) for the period amounted to SEK 10.9 (5.6) million.

◾ Cash flow for the period amounted to SEK 8.8 million.

After the end of the reporting period ◾ Acquisition of majority stake in Merasol AB. A B2B solar energy

company based in Gothenburg.

◾ Acquisition of Soldags i Sverige AB. A sales company aimed at the private market.

◾ Acquisition of majority stake in Takorama AB. A roofing com-pany with solar ambitions and based in Ljungskile

◾ Castellum and HSB place orders worth a total of SEK 23.5 mil-lion to our subsidiaries Swede Energy and Merasol.

◾ Niclas Lundin is appointed new CFO and will take office on March 25, 2020.

◾ ASRE signs cooperation agreement with Rural Credit Cooperative in Hebei Province, which fully expanded during the contract period is expected to yield just over SEK 366 million during the contract period.

◾ ASRE signs agreements on two major transactions that are expected to yield SEK 77.4 million during the contract period.

◾ ASAB postpones planned bond issue with Nordea and DNB due to Covid19.

Soltech ShingEl on the terraced area in Jönkoping.

Summary of 2019Very strong growth


Selected key figures THE GROUP PARENT COMPANY

Q4 2019 Q4 2018 2019 2018 Q4 2019 Q4 2018 2019 2018

1. Operating income KSEK 90 031 18 177 323 933 53 374 6 675 3 445 17 157 14 342

2. Sales development 395% - 503% 14% 94% - 20% 211%

3. Gross profit margin -62% 93% 55% 75% 21% 14% 24% neg

4. Operating profit (EBIT), KSEK 10 891 5 610 49 111 5 244 -6 514 -4 333 -18 606 -16 498

5. Operating profit (EBITDA), KSEK 50 031 9 367 88 250 17 584 -6 514 -4 268 -18 341 -16 337

Capital structure 2019-09-30 - 2019-12-31 - 2019-09-30 2019-12-31 2018-12-31

6. Solidity 26% 33% 26% 33% 95% 97% 97% 97%

Data per share

7. Outstanding number of shares 54 599 358 42 418 696 54 599 358 42 537 744 - - -

8. Average number of shares 54 539 358 42 418 696 48 568 551 36 695 877 - - -

9. Number of shares after dilution 56 050 271 44 308 389 56 050 271 42 537 744 - - -

10. Earnings per share, SEK -0,49 -0,05 -0,61 -0,40 - - -

11. Earnings per share after dilution -0,47 0,07 -0,47 -0,33 - - -

12. Dividend per share - - - - - - -

13. Equity per share 6,13 3,33 4,44 3,44 - - -

14. Quity per share after dilution1 5,97 3,19 4,32 3,44 - - -

1 Only the option programs whose issue price falls below the average market price for the period can lead to dilution effects.

Soltech ShingEl and Soltech RooF at Glasberga detached area in Södertälje


Words fromthe CEODear shareholders and investors!

We are a growing company with big goals

We are a pronounced growth company and compared to 2018 we deliver 503 percent growth

at group level and 1 682 percent growth if we only look at the Swedish operations. But we still

do not show profit on the last line. A big reason for this is that we have large one-off costs to

build the right platform for our expansion. We must invest to build a base that will meet our high

goals. Another strong contributing reason is that we have too high costs to raise capital for our

operations in China and then high current interest costs. When we have built our platform for the

future and when we have succeeded in reducing funding costs, the result will be better. When

we add an increased business volume as well as increased synergy effects within the Group, we

believe in a good result going forward.

Double share price and number of shareholders When we summarize 2019, it is without a doubt our most exciting year ever. It is gratifying to all shareholders that our share price more than doubled during the year. We are also really proud of the confidence all our new sharehol-ders have given us. In 2019, the number of shareholders has increased from around 15,000 to about 32,000. For our owners, we have shown strong growth in our business in China during the year and not least a good result of our acquisition strategy in Sweden.

The solar energy market is unique Few people are able to work in an industry that in Sweden is expected to double every year. Even in the global

perspective, annual growth is good and currently amounts to about 20 percent. That we also work in the solar energy industry which is doing good for the climate of the world is really what makes us struggle to achieve our goals. We at Soltech, just like our shareholders, want to get a good return on our investment and at the same time do good for the climate.

The solar energy market is in a build-up phase and with many companies selling standard panels, prices are being squeezed which reduces margins. In the standard panel segment, we are investing in volume to continue to be one of the largest on the market. As our top line products, we have our building-integrated roof and facade »


panels where we have a better margin. Here we work, among other things, with Vattenfall as a partner. A combi-nation of standard and our integrated panels will pave the way for good future profitability.

In the fall of 2019, we announced our goal of reaching SEK 4.7 billion in sales within five years (2024). It is an aggres-sive target but fully achievable with our stated acquisition strategy, strong organic growth, our own building-integra-ted products and a rapidly growing market in Sweden and internationally.

Soltech has always been a company with many small sha-reholders and it is something we are proud of and cherish. At the same time it would be a message of strength to have a number of institutional investors in the ownership circle. Since the fall of 2019, we have noticed an increa-sed interest from this group both at home, but also from international investors. In line with this, we will examine different sources of funding during the year to create the conditions to achieve our expansion goals.

The acquisition strategy resulted in five new subsidiaries In late autumn 2018, we launched our acquisition strategy to create a stronger platform of business in Sweden. Both for our own aesthetic and building-integrated products, but also for taking part of the large market for standard surface-mounted solar cells. During the first quarter of 2019, we acquired the majority of Nyedal Solar Energy, NP Group and Swede Energy. With the help of our successful rights issue in May / June 2019, we continued our work and in September we acquired the remaining 49 percent of Nyedal Solar Energy. Just before Christmas we acquired Soldags and Merasol, where we took over as owners on January 2, 2020. We started the 2020 acquisition journey by presenting on February 25, the acquisition of 70 percent of Takorama AB, which we will take on March 2.

The transformation of traditional industries We are driven by doing good business that contributes to a good environment. Being part of and transforming traditional industries is a new dimension that we started with during the year. It is a great satisfaction for us and for the employees of traditional roofing companies, facade companies, electricians and others. to develop their companies in a more environmentally oriented way. With Soltech’s financial and knowledge-based support, these companies become sustainable future companies by adding solar energy solutions to their offering. With this strategy, we really change society. Takorama is the first example of this year.

Our business in China Advanced Soltech, which issues green bonds in Sweden to finance the expansion of solar power plants in China, has grown from 91 megawatts (MW) to 139 MW per year-end 2019. Our new growth plan for one gigawatt (GW) fully connected to the grid in 2024 is firm. This corresponds roughly to the effect of a nuclear reactor in Forsmark. Regarding the outbreak of the Coronavirus, it is our assessment at present that it will affect Advanced to a limited extent.

Listing of Advanced Soltech (ASAB) To assist with the planned listing of ASAB on the Nasdaq First North Growth Market during the first half of 2020, ASAB has mandated Carnegie Investment Bank and DNB Markets as advisors. The listing process is ongoing and follows the plan. All shareholders in Soltech will be infor-med in good time of the listing by letter.

New Graphic manual and website In December, the parent company changed its graphic profile at the same time as a new modern website was launched. Our strategy is for this new profile to be used by all subsidiaries in the Group, but these will retain their exis-ting names. With a common graphical profile we create a stronger brand awareness which benefits us in both sales and recruitment work.

We are facing the big breakthrough We have come a bit into this exciting year and the plan is to expand greatly in a market that is really facing its breakthrough. We have the drive, resources, products and timing on our site. Welcome to follow along on the journey.

Sincerely,

Stefan Ölander, CEO

»


Advanced Soltech’s Chinese operation

Advanced Soltech Sweden AB (publ) “ASAB”, offers com-mercial Chinese customers electricity from solar energy produced on the customer’s own roof through wholly owned subsidiaries in China. The offer to the customer means that ASAB invests in, owns and operates the solar power plant on the customer’s roof, against the customer purchasing the electricity that the plant produces on a 20-year contract at a pre-agreed price.

The operations in China are financed through loans and equity from ASAB in Sweden. Through the financing, inve-stors can take advantage of the strong growth in Chinese solar energy and contribute to sharply reduced carbon dioxide emissions. A produced kWh of solar energy in China replaces a dirty energy mix based on coal with about 10 times higher greenhouse gas emissions than in Sweden.

Significant events during the year. The transfer of ow-nership of ASAB’s operating subsidiary in China, ASRE, was completed at the end of September 2019 and ASAB now owns 100% of the company. ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech Energy’s Chinese partner, Advanced Solar Power Hangzhou Inc. ”ASP”. During 2019, ASAB was strengthened with a CFO / COO and a controller. Furthermore, a new graphic profile has been developed and a website has been launched: www.advancedsoltech.com

Financing the business. ASAB’s capital has so far mainly come from the green bond issues the company has implemented. Since June 2016, ASAB has issued five bonds, SOLT1-5.

SOLT 1-4 addressed to the public and SOLT5 to institutional investors. In total, these five bonds have generated app-roximately SEK 854 million for solar energy investments in China. At the time of writing, ASAB has paused a bond issue with Nordea and DNB because of the Corona virus. This will resume as soon as the market situation has stabilized. Meanwhile, alternative solutions are being investigated.

Operations in China are growing according to plan and as of December 31, 2019, solar power plants equivalent to 139 MW were connected to the electricity grid.

The interest in ASRE’s concept and offer remains strong and we need ongoing capital for completed orders and continued expansion. ASAB’s new long-term goal, to reach an installed capacity of 1000 MW, which is fully operational by 2024, in 2023, remains firm.

During the period, work on listing ASAB on the Nasdaq First North Growth Market during the first half of 2020 began with our advisers Carnegie and DNB. All shareholders in Soltech will be informed in good time via mail about this special listing.

China is the world’s largest solar energy market

BILD


Operations during the year

Turnover and earningsThe Soltech Group operates in two business areas, in-house developed integrated solar energy products and standard solar energy solutions sold primarily in Sweden and Energy (sales of electricity) conducted by the Chinese companies ASRE and Suqian. Growth has been good in both of these areas during 2019. Through several acquisi-tions, sales have increased and amount to SEK 201 million (11.3) for the Swedish operations. Revenue in China, from sales of electricity and including grants, amounted to SEK 122.6 (48.8) million.

Operations in China have been consolidated for the first time for a full year after restructuring of ownership during the year. Hangzhou Advanced Soltech Renewable Co. Ltd. (”ASRE”) has been a wholly owned subsidiary of Advanced Soltech Sweden AB (publ) (”ASAB”) since September 2019, which in turn is 51% owned by Soltech Energy Sweden AB (publ). The remaining 49% is owned by Soltech Energy’s Chinese partner Advanced Solar Power Hangzhou Inc (”ASP”) which in 2019, through a set-off issue, exchanged its directly owned shares in ASRE to shares in ASAB.

Due to the restructuring of ownership in ASRE, a change of auditor to the Group’s auditor became necessary. On closer inspection, conducted by the new PWC audit firm in China,

certain uncertainties emerged regarding the accounting date for the acquisition of a portfolio corresponding to 21.4 MW of solar power plants, which corresponds to about 16% of ASAB’s total installed solar capacity in China.

The purchase agreement of the portfolio stipulates that the income from the portfolio will be credited to ASRE from November 1, 2018. An accrual of these has been made in the Chinese accounts until 2019, as a result of payment for the facilities being made in 2019. The acquisition of the portfolio was finally registered with the Chinese authorities in May 2019, which could lead to the interpretation that the acquisition should be consolidated from that date. The issue is being investigated further and will be clari-fied in the ordinary report presented to the 2020 Annual General Meeting.

Operating profit (EBIT) for the Group for the full year 2019 was SEK 49.1 (5.2) million and for the Parent Company SEK -18.6 (-16.5) million. Net interest income for the full year 2019 for the Group was SEK -78.5 (-20.8) million. Net interest income includes amortization of costs for raising capital and losses attributable to currency effects on receivables and liabilities. Net interest income for the parent company was 5.5 (-0.2). The Parent Company’s net interest income includes dividends from subsidiaries.

Equity development over the period

THE GROUP SHARE CAPITAL BALANCED PROFIT ETC. AMOUNT HOLDING WITHOUT CONTROLLING

INFLUENCE

At the beginning of the year 2 127 139 270 141 397 94 342

Profit for the year -28 116 -28 116 -5 095

Exchange rate differences when translating subsidiaries etc.

7 101 7 101

New issue, cash 504 95 873 96 377

New issue offset 100 17 121 17 221

Inserted capital minority 0 11 217

At the end of the year 2 731 231 249 233 980 100 464

PARENT COMPANY SHARE CAPITAL

BALANCED RESULTS

PREMIUM FUND YEARRESULTS

TOTALLY OWNCAPITAL

At the beginning of the year

2 126 -93 592 249 516 -16 264 141 786

Appropriation -16 264 16 264 16 264

New issue, cash 504 95 873 95 873

New issue offset 100 17 121 17 121

Inserted capital minority -13 060

At the end of the year 2 730 -109 856 362 510 -13 060 242 324


Stockholm, February 27, 2020

Stefan Ölander,CEO

One-off and restructuring costs are included in the repor-ted profit of MSEK 7.4 and include costs for raising capital for the China operations, costs for liquidation of a Dutch holding company, development of a new website and graphic profile, and restructuring of the Group, including the transfer of development operations to new subsidiary.

Cash flow and financial position As of December 31, 2019, the Group’s available cash and cash equivalents amounted to SEK 101.8 M (45.5). Interest-bearing liabilities amounted to SEK 915.5 M (414). Liabilities include: bond loans taken up in the subsidiary Advanced Soltech Sweden AB (publ).

Cash flow for the full year 2019 amounted to SEK 55.3 (1.6) million. Cash flow has been affected partly by cash received from new issues, loans raised and investments in subsidiaries and solar power plants.

InvestmentsThe Group’s main investments consist of investments in solar power plants. Investments in tangible and financial assets during the year amounted to SEK 531 M (392).

StaffStaff costs for the full year totaled SEK 45.1 (11.8) million. Costs for the fourth quarter amounted to SEK 13.4 (2.6) million.

SharesThe number of shareholders in January 2020 amoun-ted to just over 32,000, which is double compared to January 2019. The share is traded on Nasdaq First North Growth Market under the short name SOLT, ISIN code SE0005392537.

After the end of the year, the company carried out two private equity issues in connection with the acquisition of shares in Merasol AB and Soldags i Sverige AB. The number of shares after these directed new issues amounts to 55,028,718. Subscribed and outstanding options amount to 1,450,913. which upon full exercise would dilute the number of shares by approximately 2.6%.

Accounting and valuation principles The same accounting and valuation principles have been applied in this interim report as in the Company’s annual report for 2019. that the Company applies the Annual Accounts Act and the Accounting Board’s general advice BFNAR 2012: 1 Annual Report and Consolidated Accounts (K3). Companies in which Soltech holds the majority of the votes at the Annual General Meeting are classified as

subsidiaries and consolidated in the consolidated financial statements from the date of acquisition.

Key figures Soltech’s financial reports include both financial key ratios that are specified in current financial reporting rules, alternative key ratios as defined by ESMA and other key ratios related to the business. The alternative key ratios are considered relevant for an investor who wants to better understand the company’s results and financial position.

Significant risks in summary All corporate ownership and ownership of shares is associ-ated with risk taking and the operations of Soltech Energy Sweden AB (publ) are thus no exception. When assessing the Company, it is important to consider a number of risk factors, a selection of which is presented below in a strong summary.

Business risks – normal business risks occur in all compa-nies and are risks such as lower interest in the company’s products than expected, the market may be less than expected, risk of complaints, risks in accounts receivable, risk of disputes and guarantee commitments. All of these risks can adversely affect the company’s earnings and financial position. In the solar panel business area for electricity generation, there are also many players with si-milar or other technologies. It may turn out that customers prefer competitors’ systems, which would also adversely affect the company’s results and position.

Global economic conditions – changed conditions and conditions in the global economy can have an unforeseen impact on the company’s development. For example, the company’s profit is affected by changes in the relationship between the Swedish and Chinese currencies and changes in these currencies against the euro. Increased interest rates locally or globally affect both borrowing costs and customers’ calculations. The ongoing outbreak of virus around Covid19 can of course also affect the company.

Audit This year-end report has not been subject to review by the company’s auditor.

Financial calendar

• The Annual Report will be published on May 29, 2020 • May 7, 2020, Q1 report• June 24, 2020, Annual General Meeting• August 27, 2020, Q2 report• November 3, Q3 report


The groups income statements

AMOUNTS IN KSEK.ROUNDING ERRORS MAY OCCUR NOTE Q4 2019 Q4 2018 2019 2018

Net sales 90 717 18 165 323 328 53 731

Other operating income -686 12 605 -357

Total income 90 031 18 177 323 933 53 374

Operating expenses

Commodity supplies and commodities -42 276 -1 353 -146 076 -13 046

Other external expenses -13 022 -3 954 -38 330 -10 723

Personnel costs -13 394 -2 638 -45 137 -11 831

Depreciation -8 708 -3 757 -39 139 -12 340

Other operating expenses -1 740 -865 -6 140 -190

Operating profit 10 891 5 610 49 111 5 244

Result from fiancial investments 1

Interest income and similar income items 276 580 392 5 827

Interest expenses and similar income items -39 587 -7 940 -78 969 -26 647

Profit after financial items -28 420 -1 750 -29 466 -15 576

Allocations -887 0

Tax 2 319 -311 -3 745 123

The result of the period -26 988 -2 061 -33 211 -15 453

Attributable to the parent company’s owners -26 239 -26 613 -15 873

Minority interest -749 -6 598 420


The groups balance sheetsin summary

NOT 2019-12-31 2018-12-31

ASSETS

Fixed assets

Intangible assets

Patents, trademarks and similar rights 0 143

Goodwill 58 351

Total intangible fixed assets 58 351 143

Tangible fixed assets

Machines and inventory 1 082 740

Solar power plants 894 006 527 599

Ongoing new plants 0 14 566

Total tangible fixed assets 895 088 542 905

Financial assets

Deferred tax assets 2 912

Other long-term receivables 85 511 12 669

Total financial fixed assets 88 423 12 669

Total fixed assets 1 041 862 555 717

Current assets

Inventories

Raw materials and consumables 16 572 6 644

Advances to suppliers 25 752 73

Total inventory 42 325

Receivables

Accounts receivable 61 656 9 637

Tax assets 442

Other receivables 33 145 92 680

Prepayments and accrued income 1 585 1 918

Sum of current receivables 96 828 104 235

Cash and bank balances 101 777 46 449

Total current assets 240 930 157 401

TOTAL ASSETS 1 282 793 713 118


The groups summary balance sheets cont.

NOTE 2019-12-31 2018-12-31

EQUITY AND LIABILITIES

Equity 334 444 235 739

Minority interest in equity 105 559 94 342

Provisions

Deferred tax liability 716

Warranty Liabilities 863

Pensions 31

Provisions 1 610 0

Long-term liabilities

Credit check 2 338

Liabilities to credit institutions 37 578 497

Bond loan 787 397

Övriga skulder 25 386 322 174

Liabilities to associated companies 796

Long-term liabilities

Current liabilities

853 495 322 671

An advance payment from customers 2 959 536

Accounts payable 33 342 61 116

Tax 1 520 411

Other debts 17 644 75 599

Accrued expenses and prepaid income 37 778 17 046

Current liabilities 93 244 154 708

Total equity and liabilities 1 282 793 713 118


The Group’s cash flow statementAMOUNTS IN KSEK.ROUNDING ERRORS MAY OCCUR NOT Q4 2019 2019 2018

Ongoing operations

Operating profit 10 891 49 269 5 244

Non-cash flow items 7 548 41 631 14 682

Interest and dividends received 195 392

Interest paid -19 417 -56 990 -21 987

Paid income tax -705 -2 237 533

Cash flow from operating activities before changes in working capital

-1 488 32 065 -1 528

Cash flow from changes in working capital

Increase / decrease in inventories etc. -3 016 -15 645 1 743

Increase / decrease in operating receivables 124 047 13 936 -17 692

Increase / decrease in short-term liabilities -41 222 -70 534 -32 142

Cash flow from operating activities 78 321 -40 178 -49 619

Investment

Intangible assets assets 34

Property, plant and equipment -66 004 -384 606 -329 522

Financial assets -63 857 -146 558 -7 570

Cash flow from investing activities -129 861 -531 164 -337 058

Financing activities

Rights issue 96 377 78 800

Change of loan 1 60 330 530 293 309 553

Cash flow from financing activities 60 330 626 670 388 353

Cash flow for the period 8 790 55 328 1 676

Increase / decrease in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

92 987 46 449 44 773

Cash and cash equivalents at the end of the period 101 777 101 777 46 449


Parent company’s income statement

NOT Q4 2019 Q4 2018 2019 2018

Net sales 6 675 3 959 16 968 11301

Change of work in progress -161 0 -481

Other operating income 0 -353 189 3 522

Total income 6 675 3 445 17 157 14 342

Operating expenses

Commodity supplies and commodities -5 258 -2 956 -13 056 -11 020

Other external expenses -4 446 -2 596 -12 552 -12 046

Personnel costs -3 209 -2 450 -9 557 -7 613

Depreciation 0 -65 -265 -161

Other operating expenses -276 289 -333 0

Operating profit -6 514 -4 333 -18 606 -16 498

Result from fiancial investments 1

Interest income and similar income items 860 203 6 028 334

Interest expenses and similar income items -753 108 -499 -95

Profit after financial items -6 407 -4 022 -13 077 -16 259

Allocations 16 16

Tax 0 -6 -6

The result of the period -6 391 -4 027 -13 061 -16 265


The Parent Company’s balance sheets

NOTE 2019-12-31 2018-12-31

ASSETS

Fixed assets

Intangible assets

Patents, trademarks and similar rights 0 143

Total intangible fixed assets 0 143

Tangible fixed assets

Machines and inventory 0 339

Total tangible fixed assets 0 339

Financial assets

Shares in Group companies 164 533 99 117

Receivables from Group companies 33 596 3 797

Other long-term receivables 459 8 900

Total financial fixed assets 198 588 111 814

Total fixed assets 198 588 112 295

Current assets

Inventories

Raw materials and consumables 0 6 645

Advances to suppliers 0 73

Total inventory 0 6 718

Receivables

Accounts receivable 7 571 2 435

Receivables from Group companies 2 596 1 071

Other receivables 505 321

Prepayments and accrued income 3 025 884

Sum of current receivables 13 698 4 711

Cash and bank 43 312 22 447

Total current assets 57 010 33 876

TOTAL ASSETS 255 598 146 171


Parent Company balance sheets cont.

NOTE 2019-12-31 2018-12-31

EQUITY AND LIABILITIES

Equity 242 323 141 786

Current liabilities 0 0

An advance payment from customers 0 293

Accounts payable 1 776 1 873

Liabilities to Group companies 0 66

Tax 19 2

Other debts 8 626 371

Accrued expenses and prepaid income 2 853 1 781

Current liabilities 13 275 4 386

Total equity and liabilities 255 598 146 171


Moderbolagets kassaflödesanalyserA M O U NT S I N K S E K,R O U N D I N G E R R O R S M AY O C C U R NOTE Q4 2019 2019 2018

Ongoing operations

Operating profit -6 514 -18 606 -16 499

Non-cash flow items 836 2 177 133

Interest and dividends received 4 972 322

Interest paid -6 -95

Cash flow from operating activities before changes in working capital

-5 678 -11 463 -16 139

Cash flow from changes in working capital

Increase / decrease in inventories etc. 4 875 6 645 -5 666

Increase / decrease in operating receivables -6 861 -8 987 5 821

Increase / decrease in short-term liabilities 10 338 8 889 -21 482

Cash flow from operating activities 2 674 -4 916 -37 466

Investment

Intangible assets -102

Tangible fixed assets -140

Financial assets -10 338 -87 817 -30 352

Cash flow from investing activities -10 338 -87 817 -30 594

Financing activities

Rights issue 113 598 49 793

Change of loan 1 -912

Cash flow from financing activities 0 113 598 48 881

Cash flow for the period -7 664 20 865 -19 179

Increase / decrease in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

50 976 22 447 41 626

Cash and cash equivalents at the end of the period

43 312 43 312 22 447


Notes to the financial statement

Note 1 Financial items 2019 2018

Interest income 392 69

Capital gains 0 5 758

Interest expense -65 524 -22 890

Currency effects in receivables -3 394 -2 582

Accrued borrowing costs -10 051 -1 675

Totally -78 577 -21 320

Definitions of key figures1. All income, including change in ongoing work.2. Increased invoiced sales compared to the same

period last year.3. Gross profit as a percentage of sales4. Operating income, including depreciation of fixed

assets and goodwill.5. Operating profit excluding depreciation of fixed assets

and goodwill.6. Equity as a percentage of total assets. 7. The number of outstanding shares at the end of the

period, excluding outstanding options.8. Average of outstanding shares during the period,

excluding outstanding options.9. Number of outstanding shares after allotment and

exercise of outstanding options whose issue price is below the average market price for the period.

10. Profit for the period after tax, less the minority’s share / outstanding number of shares at the end of the period.

11. Earnings per share including outstanding options whose issue price was below the average market price for the period.

12. Decided and / or paid dividend for the period.13. Equity at the end of the period, less the minority’s

share / outstanding number of shares at the end of the period.

14. Equity per share including outstanding options whose issue price is below the average market price for the period.

Soltech Energy Sweden AB (publ)Tegnérgatan 1

111 40 Stockholm08 425 03 150

[email protected]

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