CEO comment:
Soltech's first quarter 2023 shows that total revenues in the Group amounted to SEK 683 (287.5) million, an increase of 138%. The Group's organic growth amounted to 66 (43) %. These very strong growth figures are delivered, even though we are now focusing more on achieving profitability than on growing, so it is something to be extra proud of for all colleagues. I want to thank our entrepreneurs and our almost 900 employees for great efforts during the quarter.
During four years, Soltech has grown from approx. 50 MSEK in revenue to approx. 2,000 MSEK in the past year, and we are now seeing the effects of being a Group with several billion in revenue. We are therefore continuing the work to increase synergy effects, which is a focus that will have a positive effect in all parts of the Group. Not least on the result.
FIRST QUARTER IN BRIEF
• Total revenues in the group amounted to SEK 683 (287.5) million,
an increase of 138%.
• The group's organic growth amounted to 66 (43) %.
• Adjusted EBITDA* amounted to SEK 5.8 (-33.4) million.
• Adjusted EBIT* amounted to -28.6 (-48.1) MSEK, the negative result
explained by write-offs of mainly goodwill.
The group's earnings before depreciation (EBITDA) amounted to -5.8 (-38.5)
MSEK. EBITDA has been affected by results from shares in associated companies
with -11.6 (-5.1) MSEK. The group's operating profit (EBIT) amounted to
-40.1 (-53.2) MSEK.
• The period's profit after tax amounted to -46.9 (-53.2) MSEK.
• The period's cash flow from operating activities amounted to
-45.7 (-71.2) MSEK, which is driven by growth and increased capital formation
mainly in stock.
• The period's cash flow for the group amounted to -41.5 (-80.2) MSEK.
• Earnings per share amounted to -0.35 (-0.52) SEK.
SIGNIFICANT EVENTS DURING THE FIRST QUARTER
SIGNIFICANT EVENTS IN SUBSIDIARY COMPANIES:
• Soltech's Spanish subsidiary Sud Renovables has installed Catalonia's and the Soltech group's first floating solar energy installation. The solar panels are installed on top of a collection pond for rainwater that is used for irrigation in agriculture. The solar panels are expected to produce approximately 140,000 kWh annually.
• Soltech's subsidiary E-Mobility has commissioned one of Sweden's largest
charging stations with 15 charging places for large trucks for Gothenburg's Lastbilscentral
(GLC) in Gothenburg. All charging points have power fast charging and can handle a total of 1500 amps and 1 megawatt, which corresponds to the electricity consumption of around 100 villas.
ACQUISITION:
• Soltech has on 31 January, through the subsidiary Takbyrån in Alingsås
AB, acquired 100% of Vårgårda Solenergi AB with entry on February 1.
• Soltech has on February 2, through the subsidiary Wettergrens Tak, acquired 100% of the shares in Plåtteamet i Örnsköldsvik AB with entry on 1 February.
• Soltech has on March 6, through the subsidiary Din Takläggare i Arvika AB, acquired 100% of the electrical engineering company Arvika Elinstallationer with entry on April 3.
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
ACQUISITION:
• On April 3, Soltech, through the subsidiary Takorama AB, acquired 100% of the electrical engineering company Your electrical contact in Kungälv AB with entry the same day.
OTHER:
• Soltech's annual general meeting will be held on 11 May 2023 at 17.00
