Quarter impacted by weak consumer market and seasonal effects
CEO comment:
In the first quarter, the Group's net sales amounted to
EBITA was impacted by the lower volume. Some cost adjustments were also made during the quarter to meet the changed market conditions. Cash flow from operating activities was positive.
Even though the solar energy market slowed down in the quarter, solar energy is an industry of the future and an increasingly important part of the energy transition. Our strategy is to continue to focus on quality, profitability and end-to-end solutions, as well as developing, transforming and growing our subsidiaries, but also to acquire new businesses when the market situation is more favorable.
Together with our driven entrepreneurs and employees, we will build an increasingly stronger group with the goal of increasing long-term shareholder value – and being a growing enabler for the green transition.
THE FIRST QUARTER IN BRIEF
- Net sales amounted to
SEK 513.1 million (680.2) - The Group's organic growth amounted to -26% (66)
- EBITDA amounted to
SEK -0.5 (6.7) million. EBITDA margin amounted to -0.1% (1) - EBITA amounted to
SEK -15.1 (-4.5) million. EBITA margin amounted to -2.9% (-0.7) - Profit after tax for the period in the quarter amounted to
SEK -32.2 million (-39) - Cash flow from operating activities amounted to
SEK 40 (-46.6) million. Cash flow for the quarter amounted toSEK 45.4 M (-41.5) - Earnings per share before and after dilution amounted to
SEK -0.24 (-0.30)
SIGNIFICANT EVENTS DURING THE QUARTER:
- In January, the Board of Directors decided on a new financial five-year target, which means that the
Soltech Group will deliver revenues ofSEK 8,000 million in the 2028 financial year with a profitability of 10% (EBITA) - In March,
Patrik Hahne was appointed new CEO of Soltech, starting onApril 2, 2024 - Soltech's Nomination Committee has submitted a proposal for the composition of the Board of Directors for resolution at the Annual General Meeting on
May 21, 2024 . Stefan Ölander, CEO of Soltech fromSeptember 2018 toApril 1, 2024 , is proposed as new Chairman of the Board.
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD:
Patrik Hahne took over as the new CEO of Soltech onApril 2, 2024 - Acquisitions have been made of minority shares in Annelunds Tak, Ljungs Sedum and Wettergrens Tak, which are now wholly owned subsidiaries
- A merger has been carried out between Wettergrens Tak and Plåtteamet i Örnsköldsvik AB and between TG:s El i Finspång AB and Smart Solkraft i
Sverige AB - The Öringe solar park has been commissioned with an installed capacity of 5.8 MW and an expected annual production of 5.7 GWh
The quarterly report and other financial reports are available at: https://soltechenergy.com/en/investors/
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