Company Announcement 22 January 2019 at 8:55 a.m. (CET)
Savosolar updates its outlook for the fiscal year 2018
Savosolar Plc ("Savosolar" or the "Company") updates its revenue estimate and lowers its EBIT estimate for 2018. Full-year revenue is expected to be around EUR 5.8 million, an increase of approximately 600 percent and the operating loss is expected to be around EUR 5.0-5.3 million, so approximately 5-10 percent higher than in 2017.
The main reasons for the increase in revenue are the Company's large delivery projects to Denmark and France during the second half of 2018 and continuing still during the beginning of 2019.
The main reasons for increase in operating loss are the liabilities incurred during 2018 relating to collector models manufactured by the Company in its early days, between 2013 and 2015, and higher than expected project execution costs in the Company's projects in Denmark.
Savosolar's previous outlook on 27 August 2018 stated the following:
"Savosolar estimates that the company's full-year revenue 2018 will be higher than in 2017, when it was EUR 831 thousand. The company estimates that the full-year operating result (EBIT) will be better than in 2017, when the operating result amounted to EUR -4.8 million."
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
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 22 January 2019 at 8:55 a.m. (CET).
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. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.