Release details

2017-06-07 15:30 CEST
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Savo-Solar restates its financial statements for 2016 and financial information for Q1 2017

Savo-Solar Plc
Company Announcement            7 June 2017 at 15:30 (CEST)

Savo-Solar restates its financial statements for 2016 and financial information for the three-month period ended 31 March 2017

The Board of Directors of Savo-Solar Plc ("Savo-Solar" or the "Company") has accepted Company's restated financial statements for 2016. The restated financial statement includes an accrual of EUR 211.5 thousand related to a project cost that was not included in the financial statement accepted earlier. This information is restated accordingly in the information from the income statement and balance sheet for the three-month period ended 31 March 2017.

The financial statements for the financial year ended 31 December 2016 were restated to include an accrual of EUR 211.5 thousand related to a project cost that was not included in the statutory financial statements for the financial year ended 31 December 2016. This means among other things that Materials and services increases from EUR -5,083.1 thousand to EUR -5,294.6 thousand and the Operating loss increases from EUR -4,310.6 thousand to EUR -4,522.1 thousand for the financial year ended 31 December 2016.

The audited financial statements for the financial year ended 31 December 2016 included in the prospectus published today have been retrospectively restated in respect of the item described above. The restated audited financial statements for the financial year ended 31 December 2016 have been prepared for inclusion in the prospectus and they have not been considered or confirmed by the Company's annual general meeting of shareholders.

The Company published information from the income statement and balance sheet for the three-month period ended on 31 March 2017 on 29 May 2017. This information has been restated accordingly by the corresponding EUR 211.5 thousand cost. This cost was included in the trade payables in the balance sheet as at 31 March 2017.

The auditor's report prepared for the restated financial statements includes the same additional information on material uncertainty related to going concern as the auditor's report prepared for the financial statements for the financial year ended 31 December 2016 dated 14 March 2017, which the Company has published in a company release on 15 March 2017. The auditor's report prepared for the restated financial statements includes also the following emphasis of matter:

"Emphasis of matter

We draw attention to the note on page 5 "Restatement of the financial statement for the financial year 2016" which includes a description of the correction made to the financial statement signed by the Board of Directors on 3 March 2017 and confirmed by the Annual General Meeting on 28 March 2017 on which we have issued an auditor's report on 14 March 2017. Our opinion is not modified in respect of this matter."

The restated financial statements for 2016 and the related auditor's report are attached to this company release and can be found on the Company's website.

For more information:

Savo-Solar Plc
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 7 June 2017 at 3:30 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.

HUG#2111249