Looking back, I see that 2021 was a gap year in the solar thermal market due to uncertainty and delays in decision-making, and that in 2022 the market will return to a clear growth track again. And as we continued to develop our internal processes during the year, we are now fully prepared to meet the rapidly growing demand. Our balance sheet and financial position at the end of the financial year were strong. Also, in Guangzhou system Savosolar´s collectors have been installed on similar trackers following the sun. In Pons, heat is collected from a small area very effectively, because the collectors have been installed on a single-axis tracker system following the sun. In France, we also delivered solar thermal systems to AbSOLAR in Cadaujac and to newHeat SAS in Narbonne and Pons.
Another good example of our advanced collector technology is the solar heating system commissioned in 2021 in Creutzwald, France, whose annual production target for the first calendar year was already reached in October. Our most significant delivery was France’s largest solar thermal system in Issoudun to Kyotherm Solar, which sells heat to Malteries Franco-Suisse for the drying of malt. Elsewhere in Europe, in Croatia, Serbia and Spain, for example, large-scale solar thermal projects have been announced both for district heat production and for the heating of industrial processes.Īs already noted above, more than half of all the large-solar thermal systems commissioned in Europe last year were supplied by Savosolar. In Poland, solar heat has been recognised as an important part of the country’s large-scale transition from coal to lower-emission energy sources, and the first projects are expected to be launched next summer. In Germany, decision-making has been hindered by expectations on the new government’s energy policies, on which decisions are expected early this year. The market continues to remain active in France as well where many regional energy development projects are on-going with solar thermal having an important role. In Europe, however, decision-making has been delayed by uncertainty about the country-specific schedules for EU Green Deal funding, in addition to which exceptionally high increases in material and transport costs have delayed customers’ investment decisions.Ī good example of market activity is Austria, which has more than a dozen major solar thermal projects in the planning and preparation stages. Interest towards solar heat has grown and is expected to continue to grow, and there are more projects customers have at planning stage than ever before. This illustrates well the turbulence in the energy sector throughout 2021. At the same time, we negotiated several new projects on which customers have not yet made their decisions. The operating profit was EUR -4.6 million, down from the EUR -3.9 million in the previous year.ĭuring the year, we delivered several systems to our customers, totalling more than 25,000 square meters, which is more than half of all the industrial-scale solar thermal systems delivered in Europe in 2021. Our full-year revenue was EUR 2.5 million, which is about half of the previous year’s revenue. “Our revenue and result for 2021 fell clearly short of our expectations and the previous year. System deliveries to Kyotherm Solar, newHeat and AbSOLAR in France.With a rights issue, warrant plans and a directed share issue supplementing the warrant plan, the company raised net proceeds of about EUR 6.5 million in total to strengthen its working capital.Order backlog as at 31 December 2021 was EUR 0.4 (2.0) million.Cash and cash equivalents as at 31 December 2021 totalled EUR 4.1 (2.5) million.Diluted earnings per share were EUR -0.02 (-0.05). Undiluted earnings per share were EUR -0.07 (-0.16).Net result for the period stood at EUR -5.8 (-5.0) million.Operating result (EBIT) amounted to EUR -4.6 million (EUR -3.9 million).Revenue amounted to EUR 2.5 million (2020: EUR 5.1 million).Key figures and significant events in January-December 2021 Operating result (EBIT) amounted to EUR -1.3 million (EUR -1.3 million).Revenue amounted to EUR 0.3 million (October-December 2020: EUR 1.4 million).Savosolar Plc’s financial statement release 1 January - 31 December 2021 Financial statement release 21 February 2022 at 8.30 a.m.
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