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Wednesday, 16 August 2017

Savo-Solar Plc updates its estimate for revenue and operating result in 2017

Savo-Solar Oyj    

Published: 16:00 CEST 16-08-2017 /GlobeNewswire /Source: Savo-Solar Oyj / : SAVOS /ISIN: FI4000123096

Savo-Solar Plc updates its estimate for revenue and operating result in 2017

Savo-Solar Plc                                   
Company Announcement                            16 August 2017 at 4.00 p.m. (CEST)

 


Savo-Solar Plc updates its estimate for revenue and operating result in 2017

Savo-Solar's order intake has not developed as expected earlier. One reason for this is the longer than forecasted decision processes of the customers, which are mainly district heating energy companies. Due to the long quiet period in investment decisions for large solar thermal systems, especially in Denmark, the competition is very intense and Savo-Solar has, after the successful tenders in France in June, lost two tenders during the third quarter of the year.

Even though Savo-Solar's sales pipeline and quotation base is record high, the above mentioned delays in receiving new orders affect the estimate for full year. Savo-Solar updates its previous guidance and estimates that the company's revenue for the full year 2017 is lower than in 2016 when it was EUR 5.4 million. The company's operating result (EBIT) is estimated to be at the same level than in 2016, when it was EUR -4.5 million.

The company has previously estimated that the company's revenue in 2017 will be higher than in 2016 and that the full-year operating result (EBIT) will be better than in 2016. The company further estimated that the operating result on monthly basis will turn positive by the end of 2017 at the earliest.

Savo-Solar will publish its half-year report for January-June 2017 on Monday, 28 August 2017.

SAVO-SOLAR PLC

For more information:

Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail:
jari.varjotie@savosolar.com

This company announcement contains information that Savo-Solar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 16 August 2017 at 4 p.m. (CEST).

 

Savo-Solar in brief

Savo-Solar 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, Savo-Solar helps its customers to produce competitive clean energy. Savo-Solar'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. Savo-Solar 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. Savo-Solar'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.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Savo-Solar Plc, Insinöörinkatu 7, Mikkeli FI-50150, Finland
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