Sky Solar Holdings, Ltd. (NASDAQ:SKYS) (“Sky Solar” or “the
Company”), a global developer, owner and operator of solar parks,
today announced its financial results for the fourth quarter of
2016 and fiscal year ended December 31, 2016.
Fourth Quarter 2016 Highlights
- Q4 2016 total revenue of $13.8 million, up 13.4% over Q4
2015
- Q4 2016 electricity revenue of $10.1 million, up 28.2% over Q4
2015
- Q4 2016 Adjusted EBITDA of negative $3.1 million, compared to
positive $0.5 million in Q4 2015
- 159.6 MW of IPP assets in operation as of December 31, 2016,
compared to 152.1 MW as of September 30, 2016
- As of December 31, 2016, 84.5 MW under construction, 172.2 MW
of shovel-ready projects, and 1.0 GW of solar parks in
pipeline
Business Updates
During 2016 the Company accelerated its expansion into the
Western Hemisphere.
- In the United States, Sky Solar acquired a 22MW operating
portfolio, and closed on 25 MW of permit acquisitions.
- Construction progressed on the 63.6MW project in Uruguay.
The Company closed on $82 million of project financing with the
International Development Bank to fund the remaining work.
The IDB financing was secured in part with equity from a strategic
partner.
- In Chile the Company strategically expanded its presence in
distributed generation.
- The Company demonstrated its ability to efficiently recycle
capital via the monetization of Canadian assets, selling an equity
stake in the Canadian operating portfolio to a new strategic
financial partner.
- The Company expects to meaningfully expand its collaboration
with this strategic partner on a global basis.
- Continued working diligently to unlock value in Japan.
- Entered into a strategic partnership with Capstone to provide
financing solutions that expand Sky Solar’s role beyond PV to
generate higher equity returns.
Subsequent to the end of the year, the Company also achieved the
following:
- Closed on the sale of 23MW of Greek assets for a total
consideration of $41.9 million.
- Refinanced the US operating portfolio with East West Bank.
Mr. Weili Su, Founder, Chairman and Chief executive officer of
Sky Solar, commented, “We executed on the strategy we outlined in
Q1 of 2016, and our full year 2016 results reflect robust revenue
growth. We have approximately 1GW of solar parks in our
project pipeline. We continue to believe the cash flow
expected to be generated from the solar parks over time will
provide a solid foundation for future business development.
Additionally, we continue to see the efforts we put in in key
market development yield results with compelling cash-on-cash
return, and expect these efforts to result in stable earnings in
the longer term.”
Mr. Sanjay Shrestha, Chief Investment Officer of
Sky Solar, and President of Sky Capital America commented, “We are
excited about our continued expansion in the Americas region and
our outlook. We expect significant growth in the United
States, Uruguay and Chile and continue to build out our existing
pipeline in Japan. We believe we are well positioned to
deliver on our growth objective by leveraging the attractive cost
of capital from our new strategic partner.”
Fourth Quarter 2016 Financial Results
Revenue was $13.8 million, up 13.4% from $12.2 million in the
same period of 2015.
Electricity sales were $10.1 million in the fourth quarter of
2016, up 28.2% from $7.9 million in the same period of 2015. The
year-over-year increase in electricity sales was primarily due to
the growth in the Company’s operational IPP assets.
Electricity sales in the fourth quarter of 2016 were down
43.6% from $17.9 million in the third quarter of 2016, due to
disposal of solar parks in Canada and seasonally lower solar
irradiation across most of the Company’s major geographic
markets.
Systems and other sales were $3.7 million in the fourth quarter
of 2016, down 13.9% from $4.3 million in the same period of 2015.
The year-over-year decrease in systems and other sales was
due to the Company’s continued shift in business model toward IPP
electricity sales. Systems and other sales in the fourth
quarter of 2016 were down 31.5% from $5.4 million in the third
quarter of 2016. The sequential decrease in systems and other
sales was due to a significant system sale in Canada of 6.5 MW in
the third quarter of 2016.
The following table shows the Company’s sequential and
year-over-year change in revenue for each category, geographic
region and period indicated.
|
Q4 2016 |
SequentialChange |
Q3 2016 |
Year-Over-YearChange |
Q4 2015 |
|
(US$ in thousands, except
percentages) |
Asia |
8,627 |
-22.5 |
% |
11,128 |
66.3 |
% |
5,186 |
Electricity Sales |
5,863 |
-42.9 |
% |
10,263 |
18.0 |
% |
4,969 |
System
Sales and Other |
2,764 |
219.5 |
% |
865 |
1,173.7 |
% |
217 |
Europe |
1,993 |
-52.9 |
% |
4,232 |
-17.6 |
% |
2,419 |
Electricity Sales |
1,697 |
-54.9 |
% |
3,763 |
-14.4 |
% |
1,983 |
System
Sales and Other |
296 |
-36.9 |
% |
469 |
-32.1 |
% |
436 |
South
America |
1,132 |
851.3 |
% |
119 |
182.3 |
% |
401 |
Electricity Sales |
836 |
655.6 |
% |
111 |
108.4 |
% |
401 |
System
Sales and Other |
296 |
3,520.4 |
% |
8 |
- |
|
- |
North
America |
2,082 |
-73.6 |
% |
7,882 |
-50.4 |
% |
4,196 |
Electricity Sales |
1,728 |
-54.6 |
% |
3,805 |
218.7 |
% |
542 |
System
Sales and Other |
354 |
-91.3 |
% |
4,077 |
-90.3 |
% |
3,654 |
Electricity
Sales |
10,124 |
-43.6 |
% |
17,942 |
28.2 |
% |
7,895 |
System Sales
and Other |
3,710 |
-31.5 |
% |
5,419 |
-13.9 |
% |
4,307 |
Cost of sales and services was $9.0 million, compared to $7.6
million in the same period in 2015. The increase was mainly a
result of the increase in capacity of operating assets during
2016.
Gross profit was $4.9 million, up 5.1% from $4.6 million in the
same period in 2015. Gross margin decreased to 35.2% from
37.9% in the same period in 2015 due to a decrease in sales of
systems with higher gross margin.
Selling, general and administrative (“SG&A”) expenses were
$10.4 million, up 39.4% from $7.4 million in the same period in
2015 as a result of our increased professional fees related to
financing in core market such as Japan, United States and
Uruguay.
Operating loss was $7.1 million, compared to operating loss of
$4.9 million in the same period in 2015.
Finance costs were $1.1 million, compared to $1.2 million in the
same period of 2015.
Other non-operating expense was $1.7 million, compared to other
non-operating expense of $1.4 million in the same period of 2015.
The increase was mainly a result of the transaction cost
attributable to the issue of the Hudson notes.
Net loss in the fourth quarter of 2016 was $8.7 million,
compared to a net loss of $7.4 million in the same period in
2015.
Basic and diluted loss per share was $0.02 compared to $0.02 in
the same period in 2015. Basic and diluted loss per ADS was
$0.16 compared to $0.15 in the same period in 2015.
Adjusted EBITDA was negative $3.1 million, compared to positive
$0.5 million in the same period in 2015.
Full Year 2016 Financial ResultsRevenue was
$65.9 million, up 39.8% from $47.2 million in 2015. The
increase reflects the Company’s ongoing strategic shift from solar
energy system sales to IPP electricity sales during the year.
Revenue from electricity sales increased 51.2% to $53.6 million in
2016 from $35.5 million in 2015, driven by increased capacity of
IPP solar parks. Growth was also driven by the 5.2% increase
in revenue from solar energy systems to $12.3 million from $11.7
million in 2015.
The following table shows the Company’s change in revenue for
each category, geographic region and period indicated.
|
2016 |
Sequential2015 |
Growth |
|
(US$ in thousands) |
Asia |
37,757 |
24,728 |
52.7 |
% |
Electricity Sales |
32,318 |
19,453 |
66.1 |
% |
System
Sales and Other |
5,439 |
5,275 |
3.1 |
% |
Europe |
13,224 |
13,659 |
-3.2 |
% |
Electricity Sales |
11,469 |
11,523 |
-0.5 |
% |
System
Sales and Other |
1,755 |
2,136 |
-17.8 |
% |
South
America |
2,425 |
401 |
504.7 |
% |
Electricity Sales |
1,839 |
401 |
358.6 |
% |
System
Sales and Other |
586 |
- |
- |
|
North
America |
12,519 |
8,367 |
49.6 |
% |
Electricity Sales |
8,017 |
4,102 |
95.4 |
% |
System
Sales and Other |
4,502 |
4,265 |
5.6 |
% |
Electricity
Sales |
53,643 |
35,479 |
51.2 |
% |
System Sales
and Other |
12,282 |
11,676 |
5.2 |
% |
Cost of sales and services was $30.9 million, compared to $18.5
million in 2015. The increase was primarily due to the
increase of system sales in Canada and increased capacity of IPP
portfolio during 2016.
Gross profit was $35.0 million, up 22.3% from $28.6 million in
2015. Gross margin was 53.1%, compared to 60.7% in 2015
primarily due to the higher percentage of revenue contribution from
North America and South America, which had lower margin compared to
Japan.
Selling and administrative (“SG&A”) expenses were $30.6
million, compared to $23.7 million in 2015. The increase in
SG&A expenses was due to expansion in key markets such as
Japan, the United States and Latin America.
Operating profit was $15.4 million, compared to $8.2 million in
2015.
Net income was $3.3 million, compared to a net loss of $1.6
million in 2015.
Basic and diluted earnings per share were $0.01, compared to
basic and diluted loss per share of $0.004 in 2015. Basic and
diluted earnings per ADS were $0.08, compared to basic and diluted
loss per ADS of $0.03 in 2015.
Adjusted EBITDA was $32.2 million compared to $15.7 million in
2015.
Pipeline Analysis
As of December 31, 2016, the Company owned and operated 159.6 MW
of IPP assets, compared to 152.1 MW as of September 30, 2016.
The Company had 84.5 MW of projects under construction as of
December 31, 2016, comprised of a 63.6 MW project in Uruguay and
20.9 MW project in Japan. This compares to 90.7 MW under
construction as of September 30, 2016.
In total, the Company had 1.2 GW of projects in various stages
of development as of December 31, 2016, which includes the projects
under construction described above as well as 172.2 MW of
shovel-ready projects and more than 1.0 GW of projects in
earlier-stage pipeline. The pipeline does not include any
incremental opportunities associated with project opportunities in
the U.S.
Balance Sheet and Liquidity
As of December 31, 2016, the Company had bank balances and cash
of $12.5 million, restricted cash of $29.9 million, trade and other
receivables of $30.1 million and IPP solar park assets of $271.3
million. Total borrowing was $159.2 million, including $27.3
million of borrowing due within one year.
Use of Non-IFRS Measures
To provide investors with additional information regarding the
Company’s financial results, the Company has disclosed Adjusted
EBITDA and annualized Adjusted EBITDA return on equity ratio,
non-IFRS financial measures, below. The Company presents these
non-IFRS financial measures because they are used by the Company’s
management to evaluate its operating performance. The Company also
believes that these non-IFRS financial measures provide useful
information to investors and others in understanding and evaluating
the Company’s consolidated results of operations in the same manner
as the Company’s management does and in comparing financial results
across accounting periods and to those of its peers.
Adjusted EBITDA, as the Company presents it, represents profit
or loss for the period before taxes, depreciation and amortization,
adjusted to eliminate the impacts of share-based compensation
expenses, impairment charges, interest expenses, fair value changes
of financial liabilities, loss from hedge ineffectiveness on cash
flow hedges and reversal of tax provision.
Annualized Adjusted EBITDA return on equity ratio is Adjusted
EBITDA of the applicable quarter multiplied by four, and divided by
total equity as of the applicable quarter end.
The use of Adjusted EBITDA and annualized Adjusted EBITDA return
on equity ratio has limitations as an analytical tool, and you
should not consider them in isolation or as substitutes for
analysis of the Company’s financial results as reported under IFRS.
Some of these limitations are: (a) although depreciation and
amortization are non-cash charges, the assets being depreciated and
amortized may have to be replaced in the future, and Adjusted
EBITDA does not reflect cash capital expenditure requirements for
such replacements or for new capital expenditure requirements; (b)
Adjusted EBITDA does not reflect changes in, or cash requirements
for, the Company’s working capital needs; (c) Adjusted EBITDA does
not reflect the potentially dilutive impact of equity-based
compensation; (d) Adjusted EBITDA does not reflect tax payments
that may represent a reduction in cash available to the Company;
and (e) other companies, including companies in the Company’s
industry, may calculate Adjusted EBITDA or similarly titled
measures differently, which reduces their usefulness as a
comparative measure. In addition, the annualized Adjusted
EBITDA return on equity ratio does not take into account effects of
seasonality from quarter to quarter. Because of these and
other limitations, you should consider Adjusted EBITDA and
annualized Adjusted EBITDA return on equity alongside the Company’s
IFRS-based financial performance measures, such as profit (loss)
for the period and the Company’s other IFRS financial results.
The following table presents a reconciliation of Adjusted EBITDA
to profit (loss) for the year, the most directly comparable IFRS
measure, for each of the periods indicated:
|
|
As of and for the Year Ended December
31, |
|
|
2016 |
2015 |
|
|
US$ in Thousands |
Profit
(loss) for the period |
|
3,282 |
(1,554 |
) |
Adjustments: |
|
|
|
Income
tax expense |
|
1,277 |
(684 |
) |
Depreciation of property, plant and equipment |
|
14,550 |
9,509 |
|
Share-based payment charged into profit or loss |
|
997 |
1,388 |
|
Interest
expenses |
|
6,368 |
3,897 |
|
Impairment loss on IPP solar parks |
|
2,151 |
1,835 |
|
Impairment on the receivable provision |
|
— |
1,071 |
|
Fair
value changes of financial liabilities-FVTPL |
|
2,957 |
5,686 |
|
Gain from
hedge ineffectiveness on cash flow hedges |
|
641 |
585 |
|
Reversal
of tax provision |
|
— |
(6,025 |
) |
|
|
|
|
Adjusted
EBITDA |
|
32,223 |
15,708 |
|
The following table presents a reconciliation of Adjusted EBITDA
return on equity to annualized profit (loss) return on equity for
the period, the most directly comparable IFRS measure, for each of
the periods indicated. Annualized profit (loss) return on equity is
profit (loss) return of the applicable quarter multiplied by four,
and divided by total equity as of the applicable quarter end.
|
|
As of and for the Year Ended December
31, |
|
|
2016 |
2015 |
|
|
|
Loss for
the period |
|
2.5 |
% |
-1.4 |
% |
Adjustments: |
|
|
|
Income
tax expense |
|
1.0 |
% |
-0.6 |
% |
Depreciation of property, plant and equipment |
|
10.8 |
% |
8.4 |
% |
Share-based payment charged into profit or loss |
|
0.7 |
% |
1.2 |
% |
Interest
expenses |
|
4.8 |
% |
3.5 |
% |
Impairment loss on IPP solar parks |
|
1.6 |
% |
1.7 |
% |
Fair
value changes of financial liabilities-FVTPL |
|
2.2 |
% |
5.0 |
% |
Gain from
hedge ineffectiveness on cash flow hedges |
|
0.5 |
% |
0.5 |
% |
Reversal
of tax provision |
|
— |
|
-5.3 |
% |
Impairment on the receivable provision |
|
— |
|
0.9 |
% |
Adjusted
EBITDA |
|
24.1 |
% |
13.9 |
% |
The Company believes that Adjusted EBITDA and Adjusted EBITDA
return on equity ratio are important measures for evaluating the
results of its IPP business. These measures are not intended
to represent or substitute numbers as measured under IFRS.
The submission of non-IFRS numbers is voluntary and should be
reviewed together with IFRS results.
Project Capacities
Unless specifically indicated or the context otherwise requires,
megawatt capacity values in this earnings release refer to the
attributable capacity of a solar park. We calculate the
attributable capacity of a solar park by multiplying the percentage
of our equity ownership in the solar park by the total capacity of
the solar park.
1 Adjusted EBITDA and annualized Adjusted EBITDA return on
equity are non-IFRS measures used by the Company to better
understand its results. Adjusted EBITDA represents profit or
loss for the period before taxes, depreciation and amortization,
adjusted to eliminate the impacts of share-based compensation
expenses, interest expenses, impairment charges, fair value changes
of financial liabilities, loss from hedge ineffectiveness on cash
flow hedges and reversal of tax provision. Annualized
Adjusted EBITDA return on equity ratio is Adjusted EBITDA of the
applicable quarter multiplied by four, and divided by total equity
as of the applicable quarter end. The Company urges you to
study the reconciliations between IFRS net income and Adjusted
EBITDA, and between annualized profit (loss) return on equity and
annualized Adjusted EBITDA return on equity provided in this
release.
About Sky Solar Holdings, Ltd.
Sky Solar is a global independent power producer (“IPP”) that
develops, owns, and operates solar parks and generates revenue
primarily by selling electricity. Since its inception, Sky
Solar has focused on the downstream solar market and has developed
projects in Asia, South America, Europe, North America and Africa.
The Company's broad geographic reach and established presence
across key solar markets are significant differentiators that
provide global opportunities and mitigate country-specific risks.
Sky Solar aims to establish operations in select geographies
with highly attractive solar radiation, regulatory environments,
power pricing, land availability, financial access and overall
power market trends. As a result of its focus on the
downstream photovoltaic segment, Sky Solar is technology agnostic
and is able to customize its solar parks based on local
environmental and regulatory requirements. As of December 31,
2016, the Company had developed 307 solar parks with an aggregate
capacity of 292.3 MW and owned and operated 159.6 MW of solar
parks.
Safe-Harbor Statement
This press release contains forward-looking statements. These
statements constitute “forward-looking” statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. These
risks and uncertainties include, but are not limited to the
following: the reduction, modification or elimination of government
subsidies and economic incentives; global and local risks related
to economic, regulatory, social and political uncertainties;
resources we may need to familiarize ourselves with the regulatory
regimes, business practices, governmental requirements and industry
conditions as we enter into new markets; our ability to
successfully implement our on-going strategic review to unlock
shareholder value; global liquidity and the availability of
additional funding options; the delay between making significant
upfront investments in the Company's solar parks and receiving
revenue; expansion of the Company's business in the U.S. and into
China; risk associated with the Company's limited operating
history, especially with large-scale IPP solar parks; risk
associated with development or acquisition of additional attractive
IPP solar parks to grow the Company's project portfolio; and
competition. Further information regarding these and other risks is
included in Sky Solar's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
Except as required by law, the Company does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Sky Solar
Holdings Ltd. |
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
USD In
Thousands, Except Per Share Amounts |
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Year |
|
|
Ended December 31 |
|
Ended December 31 |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
Revenue: |
|
|
|
|
|
|
|
|
Electricity generation
income |
10,124 |
|
|
7,895 |
|
|
53,643 |
|
|
35,479 |
|
|
Solar energy system and
other sales |
3,710 |
|
|
4,307 |
|
|
12,282 |
|
|
11,676 |
|
|
Total revenue |
13,834 |
|
|
12,202 |
|
|
65,925 |
|
|
47,155 |
|
|
Cost of sales and
services |
(8,965 |
) |
|
(7,572 |
) |
|
(30,911 |
) |
|
(18,533 |
) |
|
Gross profit |
4,869 |
|
|
4,630 |
|
|
35,014 |
|
|
28,622 |
|
|
Impairment loss on IPP
solar parks |
(2,128 |
) |
|
(1,061 |
) |
|
(2,151 |
) |
|
(1,835 |
) |
|
Provision on
receivables |
— |
|
|
(1,071 |
) |
|
— |
|
|
(1,071 |
) |
|
Selling expenses |
(275 |
) |
|
(312 |
) |
|
(882 |
) |
|
(1,171 |
) |
|
Administrative
expenses |
(10,079 |
) |
|
(7,116 |
) |
|
(29,744 |
) |
|
(22,556 |
) |
|
Other operating
income |
468 |
|
|
42 |
|
|
13,163 |
|
|
6,222 |
|
|
Reversal of provision
for other tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(Loss) profit from
operations |
(7,145 |
) |
|
(4,888 |
) |
|
15,400 |
|
|
8,211 |
|
|
Investment gains |
102 |
|
|
200 |
|
|
498 |
|
|
349 |
|
|
Finance costs |
(1,117 |
) |
|
(1,160 |
) |
|
(6,368 |
) |
|
(3,897 |
) |
|
Other non-operating
income (expenses) |
(1,669 |
) |
|
(1,436 |
) |
|
(4,971 |
) |
|
(6,901 |
) |
|
(Loss) profit before
taxation |
(9,829 |
) |
|
(7,284 |
) |
|
4,559 |
|
|
(2,238 |
) |
|
Income tax expense |
1,089 |
|
|
(105 |
) |
|
(1,277 |
) |
|
684 |
|
|
(Loss) profit for the
period |
(8,740 |
) |
|
(7,389 |
) |
|
3,282 |
|
|
(1,554 |
) |
|
Other
comprehensive income (loss) that may be subsequently reclassified
to profit or loss: |
|
|
|
|
|
|
|
|
Exchange differences on
translation of financial statements of foreign operations |
(10,509 |
) |
|
(4,195 |
) |
|
759 |
|
|
(10,990 |
) |
|
Total
comprehensive (loss) income for the period |
(19,249 |
) |
|
(11,584 |
) |
|
4,041 |
|
|
(12,544 |
) |
|
(Loss) profit for the
period attributable to owners of the Company |
(8,071 |
) |
|
(7,232 |
) |
|
3,784 |
|
|
(1,397 |
) |
|
Gains (losses) for the
period attributable to non-controlling interests |
(669 |
) |
|
(157 |
) |
|
(502 |
) |
|
(157 |
) |
|
|
(8,740 |
) |
|
(7,389 |
) |
|
3,282 |
|
|
(1,554 |
) |
|
Total comprehensive
(loss) income attributable to: |
|
|
|
|
- |
|
|
|
|
Owners of the
Company |
(18,906 |
) |
|
(11,389 |
) |
|
4,242 |
|
|
(12,379 |
) |
|
Non-controlling
interests |
(343 |
) |
|
(195 |
) |
|
(201 |
) |
|
(165 |
) |
|
|
(19,249 |
) |
|
(11,584 |
) |
|
4,041 |
|
|
(12,544 |
) |
|
(Loss) earning per
share — Basic |
(0.02 |
) |
|
(0.02 |
) |
|
0.01 |
|
|
(0.004 |
) |
|
(Loss) earning per
share — Diluted |
(0.02 |
) |
|
(0.02 |
) |
|
0.01 |
|
|
(0.004 |
) |
|
(Loss) earning per ADS
— Basic |
(0.16 |
) |
|
(0.15 |
) |
|
0.08 |
|
|
(0.03 |
) |
|
(Loss) earning per ADS
— Diluted |
(0.16 |
) |
|
(0.15 |
) |
|
0.08 |
|
|
(0.03 |
) |
|
Sky Solar
Holdings Ltd. |
|
|
|
|
Condensed
Consolidated Balance Sheets |
|
|
|
|
USD In
Thousands, Except Per Share Amounts |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
December 31,2016 |
|
December 31, 2015 |
|
|
|
|
|
|
|
Thousand |
|
Thousand |
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
12,518 |
|
26,272 |
|
|
Restricted cash |
29,850 |
|
5,560 |
|
|
Assets classified as
held for sale |
47,006 |
|
— |
|
|
Amounts due from
related parties |
7,663 |
|
14,794 |
|
|
Trade and other
receivables |
30,097 |
|
31,052 |
|
|
Inventories |
39,034 |
|
3,295 |
|
|
|
166,168 |
|
80,973 |
|
|
Non-current
assets: |
|
|
|
|
IPP solar parks |
271,253 |
|
259,423 |
|
|
Amounts due from
related parties |
8,125 |
|
2,984 |
|
|
Other non-current
assets |
30,700 |
|
17,700 |
|
|
|
310,078 |
|
280,107 |
|
|
Total assets |
476,246 |
|
361,080 |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Trade and other
payables |
24,037 |
|
47,912 |
|
|
Liabilities directly
associated with assets classified as held for sale |
3,380 |
|
— |
|
|
Amount due to related
parties |
7,512 |
|
7,606 |
|
|
Tax payable |
6,903 |
|
2,197 |
|
|
Borrowings |
27,280 |
|
16,495 |
|
|
|
69,112 |
|
74,210 |
|
|
Non-current
liabilities: |
|
|
|
|
Borrowings |
131,881 |
|
84,671 |
|
|
Other non-current
liabilities |
141,331 |
|
89,480 |
|
|
|
273,212 |
|
174,151 |
|
|
Total liabilities |
342,324 |
|
248,361 |
|
|
Total assets less total
liabilities |
133,922 |
|
112,719 |
|
|
Equity: |
|
|
|
|
Share capital |
8 |
|
5 |
|
|
Reserves |
128,076 |
|
112,846 |
|
|
Equity attributable to
owners of the Company |
128,084 |
|
112,851 |
|
|
Non-controlling
interests |
5,838 |
|
(132 |
) |
|
Total equity |
133,922 |
|
112,719 |
|
|
Total liabilities and
equity |
476,246 |
|
361,080 |
|
|
For investor and media inquiries, please contact:
Sky Solar:
IR@skysolarholding.com
SKYS Investor Relations:
The Blueshirt Group
US or Mandarin
Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
China
Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
Sky Solar (NASDAQ:SKYS)
Historical Stock Chart
From Apr 2024 to May 2024
Sky Solar (NASDAQ:SKYS)
Historical Stock Chart
From May 2023 to May 2024