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Savosolar Oyj (SAVOS.ST)

Stockholm - Stockholm Real-time price. Currency in SEK
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1.03000.0000 (0.00%)
At close: 5:15PM CEST
Full screen
Previous close1.0300
Open1.0300
Bid1.0300 x 0
Ask1.0460 x 0
Day's range1.0300 - 1.0460
52-week range1.0300 - 3.7871
Volume45,618
Avg. volume377,374
Market cap79.764M
Beta (5Y monthly)-0.30
PE ratio (TTM)N/A
EPS (TTM)-0.1610
Earnings date09 Mar 2020
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • Globe Newswire

    Savosolar wins tender in China to deliver solar heating system to Guangzhou Power Supply Bureau, Guangdong Power Grid Co., Ltd.

    Savosolar Plc Company Announcement, Insider information 28 April 2021 at 3.15 p.m. (CEST) Savosolar wins tender in China to deliver solar heating system to Guangzhou Power Supply Bureau, Guangdong Power Grid Co., Ltd. Savosolar Plc is selected as the winning bidder to deliver a solar heating system to Guangzhou Power Supply Bureau, Guangdong Power Grid Co., Ltd. (later Guangzhou Power Supply) in China. The value of the system is approximately EUR 500 thousand. Both parties are aiming to finalize the contract within four weeks’ time. Once the contract is signed, the delivery of the system is expected in the autumn 2021 and to be operational by the end of this year. Savosolar large collectors will be installed on a tracker following the sun and maximizing the clean energy output from limited installation space. Project is the first realized pilot project in China Finland energy collaboration, which was agreed between the governments few years ago. Jari Varjotie, CEO of Savosolar: “We are very pleased that Guangzhou Power Supply has seen our solution as the best fit for their needs in terms of innovation and high energy yield from a relatively small installation footprint. Savosolar’s system will be part of an advanced multi-energy network by Guangzhou Power Supply, which is a subsidiary of China Southern Power Grid, a large state-owned Fortune Global 500 company. As our first reference in China, we believe that it will showcase the advantages of Savosolar in the world’s largest solar heating market.” SAVOSOLAR PLC For more information: Savosolar Plc Managing Director Jari Varjotie Phone: +358 400 419 734 E-mail: jari.varjotie@savosolar.com Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, ”MAR”). The information was submitted for publication by the aforementioned person on 28 April 2021 at 3.15 p.m. (CEST). About Savosolar Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to almost 20 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH. www.savosolar.com. The company’s Certified Adviser is Augment Partners AB, info@augment.se, phone: +46 8-604 22 55.

  • Globe Newswire

    Resolutions of Savosolar Plc's Annual General Meeting and the Board of Directors

    Savosolar Plc Company Announcement 27 April 2021 at 5.15 p.m. (CEST) Resolutions of Savosolar Plc's Annual General Meeting and the Board of Directors The Annual General Meeting of Savosolar Plc was held on 27 April 2021 under special arrangements in Helsinki. In order to limit the spread of the Covid-19 pandemic, the Annual General Meeting was held without shareholders' or their proxy representatives' presence at the meeting venue. Shareholders and their proxy representatives could participate in the meeting and exercise shareholder rights only by voting in advance and by making counterproposals and presenting questions in advance. The Annual General Meeting supported all the proposals presented to the meeting. Annual accounts for 2020 The General Meeting adopted the annual accounts for the financial period 2020 and resolved not to pay any dividend and that the loss of the financial period EUR – 4,977,020.37, shall be transferred to retained earnings/loss account. Resolution on the discharge from liability of the members of the Board of Directors and the CEO The General Meeting resolved to grant discharge from liability for the members of the Board of Directors and the CEO for the period 1 January 2020 – 31 December 2020 as well as for the preparation of the annual accounts. Resolution on remuneration of the members of the Board of Directors The General Meeting resolved that the members of the Board of Directors to be paid the following remuneration for the term that begins at the end of the Annual General Meeting and ends at the end of the next Annual General Meeting: EUR 21,600 for the Chairman of the Board and EUR 10,800 for each of the other members of the Board. Approximately 40 per cent of the remuneration to be paid to the members of the Board of Directors will be paid by giving to the Board members company's new shares based on the Board of Directors’ share issue authorization and approximately 60 per cent in cash. Cash portion of the remuneration is proposed to be paid in 12 monthly instalments to the extent it exceeds the amount of tax withholding from the remuneration. The number of remuneration shares will be determined on the basis of the value of the company's share in First North Growth Market Finland as follows: the volume weighted average price of the Savosolar Plc’s share within two (2) weeks following the publication of the half-year report for the period 1 January - 30 June 2021 will be used as the value of share. Alternatively, if so resolved by the Board of Directors, the remuneration shares can be purchased in the name of and on behalf of the Board members. In such case the company will pay any costs and transfer tax related to the purchase of the company shares. If the shares cannot be given due to insider regulations during the before mentioned time periods, the shares shall be given outright once it is possible in accordance with the insider regulations in force at that time. Members of the Board of Directors are not allowed to transfer the shares obtained as remuneration before their membership in the Board has ended. In addition, it was resolved that the members of the Board of Directors are reimbursed for reasonable travel and lodging costs. Travel and lodging costs are not compensated to those members of the Board of Directors who reside in the greater Helsinki area when the meetings are held in the greater Helsinki area. Election of members of the Board of Directors The General Meeting re-elected Feodor Aminoff, Eero Auranne, Mikael Lemström and Ari Virtanen as members of the Board of Directors. Auditor The General Meeting resolved that the auditor’s fees will be paid according to the auditor’s reasonable invoice approved by the company. Auditing firm Tilintarkastus Inkeröinen & Himanen Oy was elected as the company's auditor. Tilintarkastus Inkeröinen & Himanen Oy has informed that the principal auditor will be Juho Himanen, Authorised Public Accountant. Organizing meeting of the Board of Directors The Board of Directors elected in the Annual General Meeting held its organizing meeting after the Annual General Meeting and elected amongst its members Eero Auranne as the Chairman of the Board. SAVOSOLAR PLC For more information: Savosolar Plc Managing Director Jari Varjotie Phone: +358 400 419 734 E-mail: jari.varjotie@savosolar.com About Savosolar Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to almost 20 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH. www.savosolar.com. The company’s Certified Adviser is Augment Partners AB, info@augment.se, phone: +46 8-604 22 55.

  • Globe Newswire

    Savosolar Plc’s business review for January–March 2021

    Savosolar Plc Business review 26 April 2021 at 8.30 a.m. (CEST) Savosolar Plc’s business review for January–March 2021 Key figures in January–March 2021 Savosolar’s revenue in January-March amounted to EUR 0.7 million (January–March 2020: EUR 1.3 million).Operating result (EBIT) in January–March amounted to EUR -1.1 million (EUR -1.0 million).Net result for January–March totalled EUR -1.2 million (EUR -1.1 million). Savosolar’s CEO Jari Varjotie: “Our Narbonne, Pons and Cadaujac projects currently in the delivery stage progressed as planned during the first quarter. The systems in Issoudun and Creutzwald have been in use for most of the early part of the year, producing clean energy to our customers, but their final handovers were postponed to the second quarter. Revenue for January–March remained below that of the last year’s first quarter. Our revenue mainly comes from projects, i.e. from their percentage-of-completion revenue recognition according to cumulative costs. It is typical of project-based operations that the revenue of individual quarters may vary significantly depending on the degree of completion of the project deliveries. In the development of our operations, we have put special effort in increasing the efficiency of the execution of multiple concurrent projects and in the development of project procurements. Indeed, this development work has already yielded good results. As the volume of our deliveries will continue to grow, the ability to efficiently deliver multiple projects at the same time will be of pronounced significance. We have continued our determined efforts to develop our operations towards profitable business. Our operating result for January–March was EUR -1.1 million. Net result for the period stood at EUR -1.2 million. Our order backlog at the end of March stood at EUR 1.3 million, compared to EUR 3.2 million a year ago. The order backlog of the comparison period was increased by the large orders, Issoudun and Creutzwald. In the company’s sales management system, the total value of projects in the tendering and planning stage amounted to approximately EUR 138 million (EUR 117 million at the end of 2020). In the figure at the end of March can be seen the growing interest of industries in the use of clean solar energy for their process heating, and the budgetary offers made for such projects. In Germany, we won a competitive tendering in March concerning the delivery of a solar thermal system to Stadtwerke Lemgo GmbH, but the contract negotiations did not lead to an agreement. The fact that Savosolar won the competitive tendering serves as ample proof that our determined work on the solar thermal systems market has strengthened our foothold in Central Europe. The market outlook for solar thermal energy remains very favourable especially in Europe, as both companies and cities seek genuinely clean solutions for heat generation. Interest towards clean heat generation is increasing not only in France, but also in Germany and Poland in particular. The Green Deal programme of the European Union supports this development elsewhere in Europe as well. On the other hand, delays could be noticed in our clients’ investment decisions as they wait for the national Green Deal support programmes to be specified in more detail. Outside Europe, international mining companies, for example, are actively seeking new forms of energy instead of fossil energy sources. In Asia, our negotiations with the Chinese company Guangzhou Power Supply Co., Ltd. have advanced favourably. In March, the City of Helsinki announced the winners of its Helsinki Energy Challenge competition. The HIVE consortium, in which Savosolar Plc participated, was selected as one of the winners. The competition sought solutions for carbon neutral heating. The HIVE consortium’s proposal consists of proven technologies. It combines technologies such as sea water heat pumps, large-scale solar thermal systems, electrical boilers and heat storages. The win demonstrates that solar heat can be a competitive form of heat generation for northern cities as well and that it can also be easily combined with other sources of energy. In addition to the HIVE consortium, Savosolar was involved in the Sustainable Heat Coalition consortium that was also chosen to the finals. Both consortia have already started to utilise the solutions in international marketing and sales. The subscription period of the Warrant Plan 2-2020 also took place during the reporting period. Of the warrants, nearly 90 percent were exercised to subscribe for shares. With the subscriptions made with warrants and the directed share issue with regard to warrants that remained unexercised, we raised about EUR 1.4 million in new share capital before transaction costs. Savosolar’s solar thermal systems generate emission-free thermal energy. We help organisations and companies to reduce their CO2 emissions with clean renewable thermal energy. Our strengths include advanced collector technology, compatibility with other heat generation equipment, and ability to implement systems on a turnkey basis that exceed the client’s expectations. On the market, we are renowned as an innovative and dependable operator, who helps its clients to attain their environmental goals cost-effectively.” BUSINESS PERFORMANCE IN JANUARY–MARCH 2021 The comparison figures of this business review refer to the corresponding period in 2020, unless otherwise indicated. The business review has not been audited. Savosolar’s revenue in January–March amounted to EUR 0.7 (1.3) million. Savosolar’s operating result (EBIT) for January–March amounted to EUR -1.1 (-1.0) million. Net result for January–March totalled EUR -1.2 (-1.1) million. The result was weakened by the lower revenue year-on-year in the first quarter recognised from projects using the percentage of completion method, and the EUR 0.1 million finance costs of the Warrant Plan 2-2020 and the related directed share issue carried out in March. Cash and cash equivalents at the end of the reporting period on 31 March 2021 totalled EUR 2.5 (0.1) million. Equity at the end of the reporting period amounted to EUR 4,4 (2,0) million, with the equity ratio being 64,0 (44,9) per cent. Comparison by reporting period (FAS, unaudited) (EUR 1,000)Jan-Mar 2021Jan-Mar 2020Change (%)Jan-Dec 2020Revenue7421,270-41.55,117Operating profit/loss (EBIT)-1,090-1,045-4.4-3,897Profit/loss for the period-1,230-1,079-14.0-4,977 EVENTS DURING THE REPORTING PERIOD On 26 March 2021, Savosolar announced that it was selected as the primary bidder to negotiate the delivery of a solar heating system worth about EUR 2.1 million to Stadtwerke Lemgo GmbH in Germany. The contract negotiations ended without results, which was announced by Savosolar after the reporting period on 14 April 2021.On 15 February 2021, Savosolar announced that it had entered into a settlement agreement with Sunti SAS where the parties agreed that neither party will file an appeal against the resolution passed by the Commercial Court of Montpellier on 23 December 2020, in which Savosolar was ordered to pay Sunti SAS a total of EUR 137,000 in damages for a breach of contract regarding the exclusivity clause in a competitive tendering for a solar thermal project. On 8 January 2021, Savosolar announced having signed a contract worth approximately EUR 300,000 on a pilot delivery of a solar thermal system to AbSolar in Cadaujac, France. The share subscription period for Savosolar Plc's 2-2020 warrants ended on 19 March 2021. Based on the warrants, 12,977,135 new shares were subscribed for and the company raised approximately EUR 1,3 million in new share capital before transaction costs. Approximately 89.5 per cent of the warrants were exercised to subscribe for shares. Additionally, with regard to warrants that remained unexercised, the company’s Board of Directors decided on a directed share issue in which the company raised approximately EUR 0.1 million in proceeds before transaction costs. A total of 14,498,631 new shares were subscribed for in the warrant plan and directed share issue. The new shares were registered with the Finnish Trade Register on 29 March 2021. The total number of shares in the company as at 31 March 2021 was 77,440,623. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD On 14 April 2021, Savosolar announced that the negotiations between Savosolar and Stadtwerke Lemgo GmbH in Germany regarding the delivery of a solar heating system ended without results. SAVOSOLAR’S ANNUAL GENERAL MEETING AND FINANCIAL COMMUNICATIONS IN 2021 Savosolar’s Annual General Meeting will be held on 27 April 2021 at 16.00. Due to the Covid-19 pandemic, the Annual General Meeting will be held without shareholders’ or their proxy representatives’ presence at the meeting venue. The arrangement is based on the temporary act that entered into force on 3 October 2020. Savosolar will publish its half-year report for January–June on 19 August 2021. Business review for January–September will be published on 27 October 2021. SAVOSOLAR PLC Board of Directors More information: CEO Jari Varjotie Phone: +358 400 419 734 E-mail: jari.varjotie@savosolar.com Savosolar in brief Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. Savosolar's shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH. www.savosolar.com The Company’s Certified Adviser is Augment Partners AB, info@augment.se, tel. +46 8 604 22 55. Attachment Savosolar_Business review Q1_2021-04-26