From pv journal in Spain
Spain’s CNMV has suspended buying and selling in Soltec shares till it publishes its monetary outcomes for the primary half of 2024.
Soltec, which operates in tracker manufacturing, challenge improvement, and PV asset administration, stated the delay was because of an in depth evaluate it performed with the assistance of its auditor, Ernst & Young.
Soltec stated that “this evaluate requires additional investigation and evaluation to adequately display a number of the results on the margins of some initiatives.” It additionally talked about an adjustment within the valuation of operational property in Brazil as a result of strategic determination to promote them.
The firm stated it estimates income for the primary half of 2024 to be between €250 million ($278.4 million) and €260 million. It added that it’ll publish the outcomes for the primary six months of the yr when it concludes its ongoing evaluate.
On April 1, the corporate notified the CNMV of the variations within the consolidated annual accounts for 2023. It additionally declared pre-insolvency to barter with the monetary establishments which can be collectors of Soltec Energías Renovables and to keep away from a possible suspension of cost.
It says that the aim is to conclude a restructuring settlement that secures its future, since a financial institution has determined to not prolong a tacit extension relating to a €90 million syndicated mortgage. and a €110 million line of credit score. As such, the corporate expressed confidence in reaching an settlement with collectors to resolve the present scenario.
In August, Soltec restructured its administration staff, appointed new CEO Marcos Sáez Nicolás and fired founder Raúl Morales as govt president. It additionally lowered the scale of its administration committee and named Mikel de Irala as chief working officer and Andrés Carretero as chief funding officer.
Soltec went public in October 2020. In the primary half of 2023 outcomes, the corporate reported a 44.6% enhance in losses.
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