SOLARGROUP financial plan for the second half of 2024
Dear friends, we have fully met the financial plan for the first half of 2024 and transferred 614 million rubles to the "Sovelmash" accounts.
On July 17, at the reporting webinar, SOLARGROUP's CEO Sergey Semyonov announced the financial plan for the second half of 2024. According to our tentative estimates, 300 million rubles should be transferred to the "Sovelmash" accounts by the end of the year to cover the remaining work. The amount is subject to adjustment after the review and comments of the expert committee. Adjustments will be reported later by Dmitriy Duyunov.
Tasks left to be accomplished in the project:
• covering the current estimates amounting to 136 million rubles,
• completing work on the second water supply inlet,
• purchasing additional equipment for production,
• addressing the comments of the expert committee,
• redeeming the land plot,
• ensuring the maintenance of the D&E building and the salaries of the "Sovelmash" employees,
• completing work that has not yet been budgeted for.
We have updated the Project Roadmap to reflect the new data. We have introduced the target amounts for each month of the second half of the year and will be showing in more detail how the funds will be raised. And we have also updated the photos of the "Sovelmash" D&E.
As you can see, the financial plan amount for the second half of the year is two times less than that for the first half of the year. This can be explained by the need for investment going down. That is due to the fact that we are close to the point at which the enterprise will be ready to reach commercial payback.