Savo-Solar 8.9.2016 Sijoittajatilaisuus Nordnet
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Savo-Solarin esitys Nordnetin Sijoittajatilaisuudesta 8.9.2016
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Savo-Solar 8.9.2016 Sijoittajatilaisuus Nordnet
- 1. 1 Solar thermal technology taken to the next level Nordnet 8 September, 2016
- 2. 2 Contents • Savo-Solar in brief • Excellent growth in 2015 and 2016 • A strengthened Board and Team for further expansion • Continuous product development • Market outlook • Signed and upcoming orders • Short and long-term goals
- 3. 3SAVOSOLAR large solar thermal collector Savo-Solar was founded in 2009 Awarded the Intersolar Award in 2011 The most efficient solar thermal collectors in the world, acknowledged internationally Listed on Nasdaq First North Sweden & Finland First million euro projects signed in 2014 7 million euros in projects currently being delivered to the district heating market in Denmark World class team and very professional Board of Directors
- 4. 4 Mission Accelerating the solar economy through the leading technology for competitive energy Solar thermal technology taken to the next level Vision Be the first-choice supplier to high performance solar installations on a global scale
- 5. 5Løgumkloster Savosolar solar fields 15 000 m2 Energy storage Exchange station Heat pump Wood pellet boiler Future solar field 35 000 m2 Future energy storage of 150 000 m3
- 6. 6 • Savo-Solar single-glazed large collector was tested for Solar Keymark certificate efficiency proven again • When compared to other Solar Keymark test results Savo-Solar collector is the most efficient large collector in the market • Against main competitor’s single cover +20%, and double cover collector +9% SAVOSOLAR - The Most Efficient Collector Savo-Solar large collector Collector annual yield kWh/m2/a
- 7. 7 Summary of 2015 & 2016 financials (EUR ‘000) 1-6/2016 1-6/2015 1-12/2015 Revenue 3,097 1,618 2,046 Operating profit/loss (EBIT) -1,827 -1,793 -3,675 Profit/loss for the period -2,189 -1,871 -4,072 • Significant growth mainly due to the Danish projects
- 8. 8 Financial forecast (published) • Full-year revenue in 2016 EUR estimate 4.5-5.5 million. • The full-year EBIT at the same level as in 2015 and the EBIT margin clearly stronger. • The operating result is estimated to be positive on monthly level by the end of 2017, at the earliest • Target is to reach EUR 20 million turnover, at the latest by 2019 Forecast
- 9. 9 Very strong and competent Board to support the company’s fast growth Managing Director: Jari Varjotie (1960) M.Sc. Production Technology,69,380 shares and 25,000 options Winwind Oy 2007-2010, Perlos Corporation 2000- 2007 Chairman of the Board: Feodor Aminoff (1969) M.Sc. In Industrial Economics, 108,797 shares Representing Cleantech Invest Oyj and Clean Future Fund Ky. CEO of Cleantech Invest Oyj 2013-2015, CEO of Please User Experience Design Oy 2005-2009 Member of the Board: Sami Tuhkanen (1973) M.Sc. In Technology, 0 shares Head of Venture Capital Sitra and member of management team since 2006. Senior Technology Advisor at VTT 2002-2005 Member of the Board: Christof Gey (1964) M.Sc. Mechanics, 3,889 shares Consultant Solarstation SVS GmbH Member of the board Michael Mattsson (1973) M.Sc. Economics & Finance, 84,739 shares Professional investor (Svenska Pannkakshuset AB 2013, 2006-2010 Åre Skilodge AB) and Board Member (QuiaPEG Pharmaceuticals AB and Copperstone Resources AB) Member of the Board: Kenth Granljung (1971) M.Sc. Engineering Physics, MBA (International Business), 3,889 shares Reginal Director Nordics & Baltics at Swegon AB
- 10. 10 Unique Technological Advantage Conventional Welded structure Savosolar Thin walled (0,45 mm) Al-profile Minimises heat losses Unique know-how of aluminium brazing and laser welding Long life time special aluminium alloy Maximises energy yield Heat transfers into liquid • Highly efficient optical nano-coating on absorber • Unique coating process enables the use of direct flow absorber design = best heat exchange products
- 11. 11 The core of Savosolar is the unique patented technology The objectives in product development: • Highest efficiency • Highest energy density • Highest reliability (e.g. not using foil but double glass) • Lowest cost of energy Current & new development: • Double-glazed collector – better insulation for higher temperaturers the most efficient large collector in the world • Lower cost of collector and the whole field • A more simplified cost efficient collector suited for mass production, yet high efficiency
- 12. 12 ENERGETIKhaus100® autark by FASA AG, Chemnitz, Germany 2013 Development in Manufacturing Target to increase coating capacity to 120 000 m2 by end of 2016 Halved the packing and logistical costs from first project Total logistical solution under planning Capacity almost doubled, yield up Laser welding tests in factory starting Increasing automation and efficiency; 70% cut in labour hours 2014->2016 Coating Absorber manufacturing Collector assemblyPacking & logistics
- 13. 13 ENERGETIKhaus100® autark by FASA AG, Chemnitz, Germany 2013 Field installation Piping Ramming Mounting Fixing Connecting Connect to system
- 14. 14 Market outlook • Globally solar thermal is growing • In Europe small systems are declining – photovoltaics is growing in small domestic hot water systems • Large installations segment is growing in Europe and also elsewhere • Solar district heating • Industrial systems for process heating and cooling Savosolar’s focus segments • Additionally increasing interest for our aluminium heat exchanger (PVT, etc.) • Recent development is growing interest for ESCO projects = energy selling contracts – new players with ”patient” capital entering
- 15. 15 District heating market potential Other countries • France: small DH plants with solar thermal • Poland: Comprehensive DH network – solar thermal growing • China: Moving towards large fields • Spain: First large fields coming German speaking countries • Energiewende => Wärmewende • Copying Danish model • A lot small fields under planning, large ones coming, e.g. Graz 450,000m2 • Market potential bigger than Denmark Denmark is leading within energy profitability • The world leader in solar district heating • Over 500,000m2 installations in 2016 – 2017 is yet uncertain • Market potential until 2030 EUR 1.3 billion (national target 8+ million m² large scale by 2030)
- 16. 16 Recent activities outside Europe Kazakhstan, Australia Process heat Dubai, Saudi-Arabia Hot water, big residential buildings, ST cooling Chile, Mexico Process heat, mines Canada, USA District heating, commercial buildings Ukraine ST cooling
- 17. 17 Sales development in 2015 and 2016 • First ever foreign company to successfully enter the Danish district heating market • Significant order backlog and credible track record • First deliveries to Løgumkloster, value EUR 2.6 million, in operation (2015 & 2016) • Graz test field installed in April • Jelling hand-over on-going, value EUR 2 million • Søllested, turn-key with DES, value EUR 0.7 million, delivery in autumn 2016 • Jyderup, value EUR 1.5 million, delivery by end of 2016; partly turn-key delivery
- 18. 18 Future prospects • Quotations on different levels over EUR 10 million • For 2016 deliveries and turnover quotations still open • 2017 and onwards to existing and new markets • Danish market may slow down in 2017, but will still be big • Germany, Austria, France and Finland are building up, several quotations done – our competitiveness improves when land/roof area limited and more expensive • Target to deliver in 2017 first bigger delivery outside Europe
- 19. 19 Short and long term goals • Continue to be the innovative technology leader in the field • Increase the annual production capacity to about 200,000 m2 • Expand outside Europe • Double the sales revenue annually for the coming few years and reach EUR 20 million by 2019 • Through investments in production optimization and market penetration to reach critical mass Estimate
- 20. 20 Rights issue in September 2016 Reasons • Material, service and personnel costs as well as other operating expenses have increased due to production volumes that have grown faster than anticipated, resulting in a greater need for working capital. • Continuous strong growth requires investments in production capacity. The proceeds will be used • To secure its working capital needs in order to deliver the signed and upcoming orders in 2016 – 2017. • To expand its operations to new markets. • On investments increasing the capacity of the production line. • For the repayment of the bridge loan financing.
- 21. 21 Summary of the conditions Subscription rights 1 share held entitles to 3 subcription rights, each 4 subscription rights entitles to 1 new share Maximum new shares 11,930,156 new shares Maximum new share capital 3,936,695 EUR (37,460,690 SEK) Record date for the Offering 31 August 2016 Trading period for the Subscription Rights 5 September – 15 September 2016 First day of trading excluding the Subscription Rights 30 August 2016 Trading in the temporary shares begins The Subscription Period for the Offering in Sweden The Subscription Period for the Offering in Finland Subscription price 5 September 2016 5 September – 21 September 2016 5 September – 19 September 2016 0.33 EUR (3.14 SEK)
- 22. 22 Summary of the conditions (cont.) Results of the Offering are announced (estimated) 23 September 2016 Last day of trading in the temporary shares on First North Finland Week 39, 2016 Last day of trading in the temporary shares on First North Sweden Week 40, 2016
- 23. 23 Follow us on • Aktiespararna • Prenumerera www.aktiespararna.se/analysguiden/Prenumerera/ • Analys www.aktiespararna.se/analysguiden/Hitta-Bolag/Kraftforsorjning/Savo-Solar1/ • Subscribe to news releases • www.savosolar.fi/index.php/en/subscription • Twitter @Savosolar • Facebook www.facebook.com/Savosolar/ • Nasdaq OMX Nordic Helsinki • www.nasdaqomxnordic.com/aktier/microsite?Instrument=HEX108330&name=Savo-Solar • Nasdaq OMX Nordic Stockholm • www.nasdaqomxnordic.com/aktier/microsite?Instrument=SSE108026&name=Savo-Solar • Next events • Stockholm 1.9.2016 / Finance Hearing Börsveckan • Stockholm 1.9. 2016 / Mangold • Helsinki 8.9.2016 / Nordnet • Stockholm 12.9. 2016 / Aktiespararna • Blog on Løgumkloster: • https://www.linkedin.com/pulse/everything-different-state-denmark-jouko-lampila?trk=prof-post Look for: Jouko Lampila / LinkedIn
- 24. 24 Jelling – proof of performance • Our installation in Jelling has broken the Danish record in its first weekend of operation! • During one day 5 kWh/m2 were produced. • The second best is reaching 4,700 kWh/m2
- 25. 25 SAVOSOLAR - solar thermal technology taken to the next level Thank you!
Editor's Notes
- Good morning ladies and gentlemen. I am very happy to see so many of you here and have the possibility to give you an update of Savo-Solar, a company who manufactures the most efficientsolar thermal collectors in the world and has taken the solarthermal technology to the next level.
- This the content of my presentation. First few words of the company and last year’s numbers and then I will focus most of my presentation where we are now and how our future looks like.
- This is what we focus to do and deliver: Large scale solar thermal systems for example for district heating. This is our delivered field in Denmark. On the right side you can see some facts of the company; so we are almost six years young, we have received international recognition of our innovative and efficient technology, listed in Nasdaq First North Sweden & Finland, and our project sizes are million or more each..
- This is our mission: We are a technology company, building the leading technology. With this technology we want to help our customers produce more competitive energy and via that we are doing our share to accelerate the world moving to the solar economy. Our vision is to become the first-choice supplier if someone in the world would like to build a high performance solar installation – so they first ask Savo-Solar to do it.
- And this is how it looks in practise. The lower right corner was installed in the beginning of this year. Totally now over 15 000 m2 of Savosolar collectors and potentially quiten much more to come.
- And the leading technology means the most efficient collector as said before. The efficiency of solar thermal collectors is measured by how much energy, so kWh a collector produces in a year per a square meter. That is also how they are compared. This comparison, which is made by using publicly available technical information of collectors and the European Solar Thermal Industry Foundation’s calculation template, shows that Savosolar’s collector is producing significantly more energy than the competing products.
- The forecast we have published is that we plan to at least double our turnover again this year. This operating result is forcested to be negative still and when we are growing, we are able to improve our profitability also. Target is to reach 20 million euros turnover latest by 2019.
- How this has been possible? The core of our efficiency is our unique absorber technology. We are the only company in the world who is able to make an optical nano-coating on a rigid part like a solar thermal absorber made from thin-walled aluminium profiles. This type of profile has been used tens of years successfully for example in automotive industry, and we have taken this technology to the solar thermal industry.
- I want to highlight that the core of our success so far has been and is the technology and the innovations we have been able to bring to the market and customers, creating more value to them in their businesses. And we are going to continue that, so there are new development in the pipeline, which we beleive can really change the markets when ready.
- Some of you may have seen some videos or picture of our prodiction, but I wanted to give you a quick update how we have been and are developing it, too. These are our main production phases in our factory: Absorber manufacturing- absorber coating – collector assembly – and packing & logistics. Here are also update of what we have been doing/are doing: Coating is in 3 shifts and we are increasing its capacity by the end of this year. In absorber manufacturing we have already doubled our capacity just by small investments and development actions and at the same time improved the quality level. In assembly we are continuing to increase the automation level and in Packing &Logistics we have been focussing to cut the costs through the whole chain.
- And these are the main phases when making a collector field for exaample for district heating. So you can see, there is quite much more to do than only collector manufacturing in our factory. For these works it is essential to have good and competenet partners. In these we also have innovations and IPR, like the system we are able to fix and connect the collectors together so closely – benefits the customer when expensive or limited land area
- The market looks very promising even though the small collector business is suffering in Europe. But the large systems are coming more and more popular and that is where we are both focussing and having the best possible solution.
- In district heating Denmark is still number one and the potential continues to ne high. The German speaking countries are anyhow planning to implement even more large solar fields in the near future. And in addition to that there are many other countries who are moving towards solar district heating – and I have put some of them here.
- We are also active outside Europe and here are few examples of cases we have been working with already and look forward to get some deals in the near future. And actually we just received a small, ca. 100 k€, order of solar thermal cooling system from Ukraine, which is part of Europe, but not one of the most well known solar markets.
- Savosolar has developed the most efficient solar thermal collectors in the world and delivered them already in many places in the world. It is important to notice that with our products it is possible to produce clean energy with a competitive price against fossil fuels without the aid of subsidies. We are the first ever foreign company who has been able to enter the Danish district heating market and we have grown last three years almost 100% every year and are planning to do so the next few years, aiming for 20 million euro revenue latest in 2019.
- We already know that we will double our tuyrnover this year from last year, and there are still quotations out there, which we would need to deliver this year. Additionally there is significant quotation backlog for the following year and we are working in many fronts to continue the growth pace at least on the same level as last ans this year.
- We have set up for ourselves some goals which are: We want to continue to be the innovative technology leader in the industry As seen before, the market potential is there and we want to be able to, both meet the need and take the opportunity, and grow which means to build our capacity further We are now working in Denmark and Europe, next step will be to go farther in the world. And this we do both with our own people and with partners. We plan to partner with local turn-key energy system suppliers as we have already done in Denmark. By these actions we want at least double our revenue annually for the coming few years And with the planned investments and higher volumes, we are determined to make this company a success also in terms of return on investment
- This is how you can follow us.
- Thank you, I am happy to answer to your questions.