Stock Exchange Bulletin
Annual Financial Report
The Financial Statements are published in accordance with the European Single Electronic Format (ESEF) reporting requirements. The format of the report is Extensible Hypertext Markup Language (XHTML). In line with the ESEF requirements, the primary financial statements, the notes to the consolidated financial statements, and the company identification data included in the ESEF financial statements data have been marked up with XBRL tags. The audit firm
The Auditor's Report, provided by
The company will publish its Annual Report on
Going concern principle
The financial statements for the financial year 2023 have been drawn up under the going concern principle. In assessing the going concern principle, the management of the company has considered the risks related to the refinancing of the company. The key elements of
The terms of the bond include financial covenants concerning the distribution of funds and incurring financial indebtedness other than permitted under the terms of the bond (Incurrence Covenant). The covenants require that the equity ratio exceeds 27.5 percent, the interest coverage ratio (EBITDA/net interest cost) exceeds 3.00:1, and that the Group's net interest-bearing debt to EBITDA ratio does not exceed 4:1. The covenants concerning the distribution of funds and incurring financial indebtedness other than permitted under the terms of the bond are not fulfilled based on the reporting period. The fulfillment of the covenants is always reviewed based on the last reported 12-month period. Violations of the above-mentioned financial covenants of the bond do not, as such, lead to the right to demand immediate repayment of the bond, but they limit the distribution of the company's funds and incurring financial indebtedness other than permitted under the terms of the bond.
The company has initiated measures to arrange refinancing of the company. The arrangement consists of the renewal of the existing bond and of the standby and bank account credit limits.
In assessing the going concern, the management of the company has considered the effects of the measures taken during the financial year 2023 on the company's financial performance, financial forecasts and risks related to financial negotiations. Based on these factors, management estimates that operations will continue and that the risk of insufficient funding is small. The company believes that the planned financing arrangements will lead to a favorable outcome. However, if the company fails to restructure the financing, this would jeopardize the continuity of the company's operations. The 2023 financial statements have therefore been drawn up under the going concern principle.
Attachments
Report of the Board of Directors, Financial Statements, and Auditor's Report
ESEF: Report of the Board of Directors, Financial Statements, and Auditor's Report
Further Information
CEO
Tel: +358 40 342 4440
E-mail: aarne.aktan@solteq.com
CFO, General Counsel
Tel: +358 50 567 3421
E-mail: mikko.sairanen@solteq.com
Distribution
Nasdaq
Key media
www.solteq.com
https://news.cision.com/solteq/r/solteq-plc-s-report-of-the-board-of-directors--financial-statements--and-auditor-s-report-for-the-ye,c3934592
https://mb.cision.com/Main/10667/3934592/2624290.pdf
https://mb.cision.com/Main/10667/3934592/2624291.zip
https://mb.cision.com/Public/10667/3934592/a17fa6fbba907bd6.pdf
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