Savosolar Plc
Company Announcement, Insider information 3 April 2020 at 1.40 p.m. (CEST)
Savosolar Plc’s annual report for 2019 published
Savosolar Plc’s annual report including the annual accounts, the report of the Board of Directors and the auditor’s report for the year 2019 has been published.
In the financial statements release for the financial year 2019 published on March 9, 2020, the company has announced a possible risk related to the adequacy of working capital if the company would not be able to arrange additional financing. The same risk is also included in the 2019 annual report. As a result, the auditor’s audit report for the financial year 2019 includes a record of material uncertainties related to going concern:
“We draw attention to the notes in the financial statements and the report of the board of directors, section “General risks and uncertainty factors concerning operations”, according to which, based on the current level of costs, the maturity of the loans and revenues, the company does not expect the working capital to be sufficient for the next 12 months period. These conditions indicate that a material uncertainty exists which may cast significant doubt on the Company´s ability to continue as a going concern. Our opinion is not modified in respect of this matter.”
The annual report is available at the company’s website www.savosolar.com under section News and media, Annual reports, and they are also attached to this announcement. The annual report is available in pdf format in Finnish and in English.
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 3 April 2020 at 1.40 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 8-505 65 172.
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