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 second quarter of
2016 ended June 30, 2016.
Highlights:
- Q2 2016 total revenue of
$17.0 million,
up 34.6% over Q2 2015
- Q2 2016 electricity revenue of $15.6
million, up 40.2% over Q2 2015
- Q2 2016 Adjusted EBITDA of
$8.6 million,
compared to $4.5 million in Q2
2015, up 91.5% year-over-year; Q2 2016 annualized Adjusted EBITDA
return on equity ratio of 28.4%1
-
133.1
MW of IPP assets in operation as of June 30, 2016.
Including the recent acquisition of operating assets in the U.S. on
July 15, 2016, total IPP assets in operation currently stand at 155
MW.
- As of June 30, 2016,
27.9
MW under construction,
232.3
MW of shovel-ready projects, and 1.0 GW of solar parks in
pipeline.
Mr. Weili Su, Founder, Chairman and Chief executive officer of
Sky Solar, commented, “We have begun operating 22 MW solar parks
with average remaining PPA of 15 years in the United States since
the completion of our acquisition of these assets from
Greenleaf-TNX and SunPeak Universal Holdings on July 15, 2016, on
top of our existing assets in other key markets. We believe the
sustainable cash flow expected to be generated from these solar
parks provides a strong foundation for future business development.
The efforts we implemented in previous years to develop our
business in key markets have resulted in attractive cash-on-cash
return, and we expect these efforts to result in stable earnings
over the long run. We have a very bright future in the renewable
energy industry and appreciate the loyalty of our
shareholders.”
Mr. Sanjay Shrestha, Chief Investment Officer of Sky Solar, and
President of Sky Capital America commented, “As Mr. Su highlighted,
we are pursuing opportunities in the U.S. and continue to remain
disciplined with our investment return metrics. In addition to the
recent acquisition of operating solar parks in the United States,
we aim to enter into definitive agreements to acquire additional PV
development pipeline in the U.S. within the third quarter of
2016. This is in addition to the 22.5 MW development stage
permits in the U.S. that we acquired last month. We also expanded
our partnership with Hudson to be a strategic financial partner for
opportunities in the U.S. as well as in Latin America and we are in
discussion with other potential strategic partners to expand our
presence in key target markets. Our strategic objective
remains on reducing our cost of capital and focus on owning or
developing renewable assets with higher returns on capital. We look
forward to reporting on our progress throughout the fiscal
year.”
Second Quarter 2016 Financial Results
Revenue was $17.0 million, up 34.6% from $12.6 million in the
same period of 2015.
Electricity sales were $15.6 million in the second quarter of
2016, up 40.2% from $11.2 million in the same period of 2015. The
year-over-year growth in electricity sales was primarily due to the
increase in the Company’s operational IPP assets globally.
Electricity sales in the second quarter of 2016 was up 57.4% from
$9.9 million in the first quarter of 2016, due to seasonally higher
solar irradiation across most of the Company’s major geographic
markets.
Systems and other sales were $1.4 million in the second quarter
of 2016, down 7.5% from $1.5 million in the same period of 2015.
The year-over-year decline in systems and other sales was primary
due to the lower sales in Japan. Systems and other sales in the
second quarter of 2016 were down 24.4% from $1.8 million in the
first quarter of 2016, primarily due to the same reason.
The following table shows the Company’s sequential and
year-over-year change in revenue for each category, geographic
region and period indicated.
|
Q2 2016 |
|
SequentialChange |
|
Q1 2016 |
|
Year-Over-YearChange |
|
Q2 2015 |
|
(US$ in thousands, except percentages) |
Asia |
10,242 |
|
32.0 |
% |
|
7,761 |
|
|
55.9 |
% |
|
6,569 |
Electricity Sales |
9,804 |
|
53.5 |
% |
|
6,389 |
|
|
69.2 |
% |
|
5,795 |
System Sales and Other |
438 |
|
-68.1 |
% |
|
1,372 |
|
|
-43.4 |
% |
|
774 |
Europe |
4,436 |
|
73.1 |
% |
|
2,563 |
|
|
-0.6 |
% |
|
4,465 |
Electricity Sales |
3,870 |
|
80.9 |
% |
|
2,139 |
|
|
2.0 |
% |
|
3,794 |
System Sales and Other |
566 |
|
33.5 |
% |
|
424 |
|
|
-15.6 |
% |
|
671 |
South
America |
409 |
|
-46.5 |
% |
|
764 |
|
|
- |
|
|
- |
Electricity Sales |
127 |
|
-83.4 |
% |
|
764 |
|
|
- |
|
|
- |
System Sales and Other |
282 |
|
- |
|
|
- |
|
|
- |
|
|
- |
North
America |
1,909 |
|
195.5 |
% |
|
646 |
|
|
20.0 |
% |
|
1,591 |
Electricity Sales |
1,838 |
|
184.5 |
% |
|
646 |
|
|
17.1 |
% |
|
1,569 |
System Sales and Other |
71 |
|
- |
|
|
- |
|
|
222.7 |
% |
|
22 |
Electricity
Sales |
15,639 |
|
57.4 |
% |
|
9,938 |
|
|
40.2 |
% |
|
11,158 |
System Sales
and Other |
1,357 |
|
-24.4 |
% |
|
1,796 |
|
|
-7.5 |
% |
|
1,467 |
Cost of sales and services were $5.4 million, compared to $4.3
million in the same period in 2015. The increase was mainly a
result of the increased capacity of IPP solar parks during the
second quarter of 2016.
Gross profit was $11.6 million, up 38.8% from $8.4 million in
the same period in 2015. Gross margin increased to 68.2% from 66.2%
in the same period in 2015 because of the higher percentage of
revenue contribution from electricity sales, which had higher
margin compared to system sales and others. The increase in
percentage of electricity sales primarily came from increase in
electricity sales in Japan.
Selling, general and administrative (“SG&A”) expenses were
$6.8 million, up 21.4% from $5.6 million in the same period in 2015
due to the increased project financing activities in Japan.
Other operating income was $119 thousand, compared to $75
thousand in the same period of 2015. The increase in other
operating income was due to land lease income during the second
quarter of 2016.
Operating profit was $4.9 million in the second quarter of 2016,
compared to $8.8 million in the same period in 2015. Included in
the operating profit in the second quarter of 2015 was a $6.0
million reversal of tax provision of previously-recorded VAT and
other tax provision.
Finance costs were $1.5 million, compared to $0.8 million in the
same period of 2015. The increase in finance costs was primarily
due to the increased average balance of bank loans in the second
quarter in 2016.
Other non-operating expenses of $2.2 million mainly represented
fair value changes of financial liabilities – FVTPL of US$1.4
million and loss from hedge ineffectiveness on cash flow hedge of
$0.7 million – compared to other non-operating expenses of $1.9
million in the same period of 2015. These other non-operating
expenses were primarily due to an increase of charges in fair value
change as a result of increase in external financing as compared
with the same period in 2015.
As a result of the above, the net loss for the second quarter of
2016 was $1.4 million, compared to a net profit of $8.8 million in
the same period in 2015.
Basic and diluted loss per share was $0.004 compared to earnings
per share of $0.02 in the same period in 2015. Basic and diluted
loss per ADS were $0.03 compared to earnings per share of $0.18 in
the same period in 2015.
Adjusted EBITDA was $8.6 million, compared to $4.5 million in
the same period in 2015.
Pipeline Analysis
As of June 30, 2016, the Company owned and operated 133.1 MW of
IPP assets, which remained at the same level as of the end of March
31, 2016. Including the recent acquisition of operating
assets in the U.S. on July 15, 2016, among others, the Company’s
total operating assets now stand at approximately 155 MW.
The Company had 27.9 MW of projects under construction as of
June 30, 2016, compared to 24.1 MW under construction as of March
31, 2016. All of the 27.9 MW of projects under construction are
located in Japan.
In total, the Company had 1.2 GW of projects in various stages
of development as of June 30, 2016, which included the projects
under construction described above as well as 232.3 MW of
shovel-ready projects and more than 1.0 GW of projects in pipeline.
This does not include any incremental opportunities associated with
project opportunities in the U.S.
Balance Sheet and Liquidity
As of June 30, 2016, the Company had bank balances and cash of
$37.0 million, trade receivables of $28.0 million and IPP solar
park assets of $323.2 million. Total borrowing was $142.5 million,
including $19.2 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 period, the most directly comparable IFRS
measure, for each of the periods indicated:
|
Three months ended June 30, |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
US$ in Thousands |
(Loss) profit for the
period/year |
|
(1,379 |
) |
|
8,831 |
|
Adjustments: |
|
|
Income tax expense |
|
2,654 |
|
|
(2,597 |
) |
Depreciation of property,
plant and equipment |
|
3,450 |
|
|
2,621 |
|
Share-based payment
charged into profit or loss |
|
294 |
|
|
285 |
|
Interest expenses |
|
1,544 |
|
|
782 |
|
Fair value changes of
financial liabilities-FVTPL |
|
1,368 |
|
|
585 |
|
Loss from hedge
ineffectiveness on cash flow hedges |
|
652 |
|
|
- |
|
Reversal of tax
provision |
|
- |
|
|
(6,025 |
) |
Adjusted EBITDA |
|
8,583 |
|
|
4,482 |
|
The following table presents a reconciliation of annualized
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.
|
Three
months ended June 30, |
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
Annualised net (loss)
profit return on equity |
|
-4.6 |
% |
|
28.3 |
% |
Adjustments: |
|
|
Income tax expense |
|
8.8 |
% |
|
-8.3 |
% |
Depreciation of property,
plant and equipment |
|
11.4 |
% |
|
8.4 |
% |
Share-based payment
charged into profit or loss |
|
1.0 |
% |
|
0.9 |
% |
Interest expenses |
|
5.1 |
% |
|
2.5 |
% |
Fair value changes of
financial liabilities-FVTPL |
|
4.5 |
% |
|
1.9 |
% |
Loss from hedge
ineffectiveness on cash flow hedges |
|
2.2 |
% |
|
- |
|
Reversal of tax
provision |
|
- |
|
|
-19.3 |
% |
Annualised Adjusted EBITDA
return on equity |
|
28.4 |
% |
|
14.4 |
% |
The Company does not consider historical Adjusted EBITDA or
annualized Adjusted EBITDA return on equity ratio to be
representative of future Adjusted EBITDA or annualized Adjusted
EBITDA return on equity ratio, as the Company’s revenue model
changed from primarily generating revenue from selling solar energy
systems to primarily generating revenue from selling electricity in
the fourth quarter of 2013 and the Company continues to shift
its business towards IPP business. The Company believes that
Adjusted EBITDA and annualized 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.
Conference Call
Sky Solar will hold a conference call on September 8, 2016 at
8:30 a.m. Eastern Time (8:30 p.m. Hong Kong Time) to discuss the
Company’s second quarter 2016 results.
Dial-in details for the live conference call are as follows:
International:
+65-6823-2299
United States: +1-855-298-3404
Hong Kong:
+852-5808-3202
Passcode:
7252162
A simultaneous live webcast will be available on the Investor
Relations section of the Company's website at
www.skysolargroup.com.
A telephone replay will be available approximately two hours
after the call concludes through September 15, 2016. The dial-in
details for the replay are as follows:
International:
+61-2-9641-7900
United States: +1-866-846-0868
Hong Kong:
800-966-697
Passcode:
7252162
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 June 30, 2016, the Company had
developed 276 solar parks with an aggregate capacity of 259.1 MW
and owned and operated 133.1 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; potential expansion of the Company's business 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 |
|
Six Months |
|
Ended June 30 |
|
Ended June 30 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
Electricity generation income |
|
15,639 |
|
|
|
11,158 |
|
|
|
25,577 |
|
|
|
16,282 |
|
|
Solar energy system and other
sales |
|
1,357 |
|
|
|
1,467 |
|
|
|
3,153 |
|
|
|
6,595 |
|
|
Total revenue |
|
16,996 |
|
|
|
12,625 |
|
|
|
28,730 |
|
|
|
22,877 |
|
|
Cost of sales and services |
|
(5,406 |
) |
|
|
(4,273 |
) |
|
|
(11,807 |
) |
|
|
(7,344 |
) |
|
Gross profit |
|
11,590 |
|
|
|
8,352 |
|
|
|
16,923 |
|
|
|
15,533 |
|
|
Impairment loss on IPP solar parks |
|
- |
|
|
— |
|
|
|
0 |
|
|
|
(42 |
) |
|
Selling expenses |
|
(253 |
) |
|
|
(247 |
) |
|
|
(392 |
) |
|
|
(608 |
) |
|
Administrative expenses |
|
(6,513 |
) |
|
|
(5,372 |
) |
|
|
(11,193 |
) |
|
|
(9,368 |
) |
|
Other operating income |
|
119 |
|
|
|
75 |
|
|
|
2,042 |
|
|
|
117 |
|
|
Reversal of tax provision |
— |
|
|
|
6,025 |
|
|
— |
|
|
|
6,025 |
|
|
Profit from operations |
|
4,943 |
|
|
|
8,833 |
|
|
|
7,380 |
|
|
|
11,657 |
|
|
Investment gains |
|
115 |
|
|
|
60 |
|
|
|
58 |
|
|
|
147 |
|
|
Finance costs |
|
(1,544 |
) |
|
|
(782 |
) |
|
|
(2,853 |
) |
|
|
(1,670 |
) |
|
Other non-operating expenses |
|
(2,239 |
) |
|
|
(1,877 |
) |
|
|
(3,802 |
) |
|
|
(1,392 |
) |
|
Profit before taxation |
|
1,275 |
|
|
|
6,234 |
|
|
|
783 |
|
|
|
8,742 |
|
|
Income tax expense |
|
(2,654 |
) |
|
|
2,597 |
|
|
|
(2,985 |
) |
|
|
2,675 |
|
|
(Loss) profit for the period |
|
(1,379 |
) |
|
|
8,831 |
|
|
|
(2,202 |
) |
|
|
11,417 |
|
|
Other comprehensive income (loss) that
may be subsequently reclassified to profit or loss: |
|
- |
|
|
|
|
|
- |
|
|
|
|
Exchange differences on translation of financial
statements of foreign operations |
|
1,165 |
|
|
|
1,134 |
|
|
|
6,731 |
|
|
|
(10,835 |
) |
|
Total comprehensive income
(loss) for the year |
|
(214 |
) |
|
|
9,965 |
|
|
|
4,529 |
|
|
|
582 |
|
|
(Loss) profit for the year attributable to owners
of the Company |
|
(1,408 |
) |
|
|
8,831 |
|
|
|
(2,227 |
) |
|
|
11,417 |
|
|
Gains for the year attributable to
non-controlling interests |
|
29 |
|
|
— |
|
|
|
25 |
|
|
— |
|
|
|
|
(1,379 |
) |
|
|
8,831 |
|
|
|
(2,202 |
) |
|
|
11,417 |
|
|
Total comprehensive income (loss) attributable
to: |
|
|
|
|
|
- |
|
|
|
|
Owners of the Company |
|
(502 |
) |
|
|
9,965 |
|
|
|
4,175 |
|
|
|
582 |
|
|
Non-controlling interests |
|
288 |
|
|
— |
|
|
|
354 |
|
|
— |
|
|
|
|
(214 |
) |
|
|
9,965 |
|
|
|
4,529 |
|
|
|
582 |
|
|
(Loss) earning per share — Basic |
|
(0.004 |
) |
|
|
0.02 |
|
|
|
(0.006 |
) |
|
|
0.03 |
|
|
(Loss) earning per share — Diluted |
|
(0.004 |
) |
|
|
0.02 |
|
|
|
(0.006 |
) |
|
|
0.03 |
|
|
(Loss) earning per ADS — Basic |
|
(0.028 |
) |
|
|
0.18 |
|
|
|
(0.045 |
) |
|
|
0.24 |
|
|
(Loss) earning per ADS — Diluted |
|
(0.028 |
) |
|
|
0.18 |
|
|
|
(0.045 |
) |
|
|
0.24 |
|
|
Sky Solar Holdings Ltd. |
|
|
|
|
Condensed Consolidated Balance
Sheets |
|
|
|
|
USD In Thousands, Except Per Share
Amounts |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
June 30, 2016 |
|
December 31, 2015 |
|
|
|
Thousand |
|
Thousand |
|
Current assets: |
|
|
|
|
Bank balances and cash |
36,987 |
|
|
26,272 |
|
|
Restricted cash |
7,452 |
|
|
5,560 |
|
|
Amounts due from related
parties |
12,918 |
|
|
14,794 |
|
|
Trade and other receivables |
27,244 |
|
|
31,052 |
|
|
Inventories |
3,547 |
|
|
3,294 |
|
|
|
88,148 |
|
|
80,972 |
|
|
Non-current assets: |
|
|
|
|
IPP solar parks |
323,206 |
|
|
259,423 |
|
|
Amounts due from related
parties |
3,594 |
|
|
2,984 |
|
|
Other non-current assets |
18,439 |
|
|
17,701 |
|
|
|
345,239 |
|
|
280,108 |
|
|
Total assets |
433,387 |
|
|
361,080 |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Trade and other payables |
52,764 |
|
|
47,912 |
|
|
Amount due to related parties |
7,691 |
|
|
7,606 |
|
|
Tax payable |
5,705 |
|
|
2,197 |
|
|
Borrowings |
19,195 |
|
|
16,495 |
|
|
|
85,355 |
|
|
74,210 |
|
|
Non-current liabilities: |
|
|
|
|
Borrowings |
123,337 |
|
|
84,671 |
|
|
Other non-current liabilities |
103,989 |
|
|
89,480 |
|
|
|
227,326 |
|
|
174,151 |
|
|
Total liabilities |
312,681 |
|
|
248,361 |
|
|
Total assets less total liabilities |
120,706 |
|
|
112,719 |
|
|
Equity: |
|
|
|
|
Share capital |
5 |
|
|
5 |
|
|
Reserves |
117,492 |
|
|
112,846 |
|
|
Equity attributable to owners of
the Company |
117,497 |
|
|
112,851 |
|
|
Non-controlling interests |
3,209 |
|
|
(132 |
) |
|
Total equity |
120,706 |
|
|
112,719 |
|
|
Total liabilities and equity |
433,387 |
|
|
361,080 |
|
|
For investor and media inquiries, please contact:
Company:
IR@skysolarholding.com
Investor Relations:
ICR, LLC
Vera Tang
(646) 277-1215
Vera.tang@icrinc.com
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