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Soltec plummets almost 14% after having to redo its 2023 accounts due to differences with its auditor

MADRID, 2 Abr.

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Soltec plummets almost 14% after having to redo its 2023 accounts due to differences with its auditor


Soltec shares plummeted almost 14% at the beginning of the trading session, leading the falls in the Spanish market, after having to redo its 2023 accounts due to differences with its auditor.

Specifically, at 9:44 a.m., the company's shares, which took more than half an hour to reach a price, fell 13.9%, to 1,982 euros per share.

This Monday, when the market was closed for a holiday, Soltec proceeded to formulate its 2023 annual accounts, with respect to the results communicated to the market at the end of February, due to a difference with its auditor, Ernst

With this new formulation of its accounts, the group recognizes 395 million in consolidated income, an adjusted gross operating result (Ebitda) of 10.4 million euros at a consolidated level and net losses of 23.4 million euros, compared to the 11.7 million euros of profits that it had reported at the end of February.

Soltec assured that, although it does not share the auditor's criteria, it has chosen to accept the requested adjustments, since it understands that this "is the most beneficial option to safeguard the interest of the company and its stakeholders."

In a conference with analysts this Tuesday, the company's directors insisted that although they do not share the auditor's criteria, the company has decided to accept this adjustment as the "best alternative" to ensure the interest of the company and its stakeholders.

Likewise, they considered that it is only "a financial problem" and that "it will have no impact" for the group since its net financial debt remains in the same situation.

In addition, they estimated that sales figures in the tracker business will be higher for this year due to the recognition of those revenues for this year, although they indicated that they will provide more details of the group's guidance "in a few months."

The solar panel manufacturer published its results for the 2023 financial year on February 28 - after approval by the board of directors, following a favorable report from the audit committee -, including the aforementioned income and expenses.

In a statement, the company indicated that the auditor informed the board and the audit committee at that time that said results, even without having completed the audit process, would not have material changes.

Subsequently, Soltec added that EY expressed its disagreement with the accounting recognition in fiscal year 2023 of income related to 36 contracts for the supply of solar trackers carried out by the company under the 'bill and hold' modality.

These contracts amount to 192 million euros, which the company does not record in the accounts prepared this Monday, but were recognized in the results reported in February. However, the firm indicates that income that has not been recognized in 2023 will be recognized for accounting purposes in 2024.