Soltec hits all-time low after it restated its 2023 accounts and reported losses

Soltec Power Holdings SA

02/04/2024 09:23

** Shares in Soltec  SOLPW.MC  fall as much as 12%, hitting
a record low, after the Spanish solar equipment manufacturer
restated its 20223 results and reported a net loss of 23.4
million euros
    ** The firm said it updated its 2023 results due to a
difference in criteria with its auditor regarding the
recognition of revenues and expenses booked in 2023 associated
with "bill and hold agreements" related to 36 contracts for the
supply of solar trackers
    ** It had previously reported a profit of 11.7 million euros
for 2023
    ** "Although this is a purely accounting difference based on
timing of revenue recognition, we believe that Soltec should
have taken this accounting criterion into account and been more
prudent in its 2023 sales estimates and annual accounts", Renta
4 says
    ** Shares on track for their worst day since May 2023, if
losses persist
    ** By 0816 GMT the stock is down around 8% and hit an
all-time low of 1.97 euros; including Tuesday's fall it has
dropped by 40% YTD​



($1 = 0.9311 euros)

 (Reporting by Matteo Allievi)
 ((Matteo.allievi@thomsonreuters.com))