Midsummer’s year-end report 2019
Solar energy technology company Midsummer today announced its annual report for 2019. Net revenues were SEK 184.5m with an operating loss of SEK 23.1m. In Q4, the company has opened a new research and development facility with a new production line for integrated solar roofs, received a new order for two DUO systems from a European customer and done its first installation of the solar panel Wave.
Midsummer announces net revenues of SEK 28.8m for the 4th quarter 2019. Net revenues for the whole year 2019 were SEK 184.5m. The group’s operating result for the last three months of 2019 was SEK -16.0m, and SEK -23.1m for the full year.
When Midsummer released its half-year results 2019, the company changed its accounting principles from K3 to IFRS, resulting in different revenue reporting compared with previous financial reports. Converted to RFR 2, the company achieved an operating profit of SEK 12.2m in 2018 from net revenues of SEK 178.4m but that is thus not directly comparable with today’s figures.
The negative results in the fourth quarter are caused mainly by lower revenues from machine sales compared with 2018. At the same time, costs have increased due to the production start of Midsummer’s new manufacturing line for solar panels. The weakening of the US dollar in Q4 affected the result negatively by SEK 5.5m in that quarter since the SEK value of contract assets decreased by this amount.
Comments from Sven Lindström, CEO, Midsummer:
”A successful event with Swedish astronaut Christer Fuglesang as VIP guest inaugurated both the fourth quarter and the company’s research and development facility for solar panels in Järfälla near Stockholm. We have ramped up production of panels to meet the strong demand for Midsummer’s solar panels, which has surprised us in a positive manner. As we increase the number of shifts in the production facility in Järfälla, it is clear to us that we need to add more production capacity in Europe.”
“It was therefore pleasing to announce the first deal based on our Green Bond in December. This European customer purchased two DUO systems which are expected to be able to supply Midsummer with solar panels from year-end 2020. A minor portion of this machine order was booked as revenue in Q4 2019 but the major part will be booked as revenue in 2020.”
“Manufacturing in Sweden and Europe the way forward”
“Ever since the launch of the Green Bond, Midsummer has planned to purchase a portion of our machine customer’s production as a supplement to our own production in Järfälla. In the beginning of January, I visited several machine customers in China that confirmed that they could commence to supply solar panels to us to assist meeting our urgent needs. These deliveries, that were planned for early February, are temporarily delayed due to the corona virus.”
“Midsummer has for some time identified the formation of production capacity in Sweden and Europe as the sustainable and obvious way forward for the entire market. Even though the delays mentioned above affect us marginally at this point, the general effects of the corona virus strengthen this belief.”
”Conspicuously invisible solar panels”
”Since the start of 2020 we have experienced an exponentially increased interest for our solar roof solutions that pay regard to both design and functionality. This is reflected in an increasing number of requests via our web site midsummersolarroofs.se and increasing coverage in national and international media. To meet this interest, our sales organization work at high speed and will continue to grow. Another testament to this is eCar Expo Stockholm early February where our booth was filled with interested visitors all day. Most interest was shown for our curved solar panel Midsummer Wave that is integrated on ordinary roof tiles to create a basically invisible impression.”
“Besides strengthening the sales organization, we aim in 2020 to build an organization of certified installers that can assist our own installers in supporting our solar panel customers and continue to establish Midsummer as the natural choice for everyone that wants solar panels that are exclusively beautiful, sustainable, climate smart and flexible to install.”
Important events October – December 2019
- Midsummer opens research and development facility and manufacturing line in Järfälla.
- Increased effect of Midsummer Solar Roofs.
- Machine order for two DUO systems from European customer.
- Institutions and Chairman of the Board acquire shares from Midsummer’s founders.
- The first installation of the solar panel Wave.
The annual report can be found in its entirety in Swedish at Midsummer’s IR page under Finansiella Rapporter
Please note: This English text is an uncertified translation of fhe Swedish original and in the event of any inconsistency between the English version and the Swedish version, the Swedish version shall prevail.
For additional information, please contact:
Helena Engelbrecht
Head of Communications, Midsummer
Epost: helena.engelbrecht@midsummer.se
Telefon: +46 73 532 25 29
About Midsummer
Midsummer is a leading developer and supplier of advanced solar energy technology solutions for the production and installation of thin film solar panels. Its business offering includes equipment for cost-effective manufacturing of thin film solar cells as well as building-integrated photovoltaic (BIPV) solutions. Midsummer’s production process for thin film solar cells has a minimal carbon footprint compared to other production processes for solar modules. Midsummer’s DUO system has taken the position as the most widespread manufacturing tool for flexible CIGS solar cells in the world.
Midsummer Solar Roofs
Midsummer develops and markets solar panels directly to end customers from its own production and via contract manufacturers. The energy producing metal roof Midsummer solar roofs is supplied with integrated solar panels for ease of installation. Midsummer’s lightweight, thin and flexible solar panels make for an aesthetically pleasing solar roof that is also suitable to walk on.
Midsummer’s proprietary technology is based on a rapid process for the production of flexible thin film solar cells using sputtering of all layers of the solar cell. The Company’s share (MIDS) is traded on Nasdaq First North Growth Market with G & W Fondkommission as Certified Adviser, phone: +46 (0)8-503 000 50, email: ca@gwkapital.se. For more information, please visit: midsummer.se
