Interim report, January-June 2016 Rabbalshede Kraft AB (publ)
Production for the second quarter totaled 87,664 MWh (118,349 MWh) · Net sales totaled KSEK 39,643 (53,343) · EBITDA amounted to KSEK 9,194 (31,461) · EBIT was KSEK 13,221 (7,040) · The average sales price for wind-power production amounted to SEK 458/MWh (432) of which electricity accounted for SEK 301/MWh (265) and electricity certificates and guarantees of origin for SEK 157/MWh (167).
The first six months, January-June 2016
· Production from the Group’s wind farms during January-June amounted to 212,050 (293,042) MWh.
· Net sales totaled KSEK 94,445 (133,494).
· EBITDA amounted to KSEK 40,296 (92,309).
· In accordance with IFRIC 21, the property tax is expensed for the full fiscal year as of June 30. The effect on the financial statements for the period July to December amounts to SEK 4,382.
· EBIT was KSEK -4,475 (43,534).
· The average sales price for wind-power production was SEK 460/MWh (456), of which electricity accounted for SEK 294/MWh (285), and electricity certificates and guarantees of origin for SEK 166/MWh (171).
· Depreciation/amortization totaled KSEK 44,771 (48,775).
· The Company posted a loss after tax of KSEK -33,888 (2,207).
· The Annual General Meeting for 2015 was held in Göteborg on June 1, 2016.
Agreement with Mölndal Energi
In April, an agreement was signed for the construction and sale of a wind turbine to Mölndal Energi. The wind power turbine will be located adjacent to Rabbalshede's existing wind park in Hällevadsholm. In June, the foundation was in place and the work is expected to be completed and ready for operation before the end of the year.
Construction of a new wind farm that will supply Google with energy
The construction started in June of a new wind farm named Lyrestad, located in Mariestad and Töreboda municipalities. The park is expected to be operational in the autumn of 2017 and the entire annual production, 234 GWh, will be bought by Google, which has entered into a long-term Power Purchase Agreement. A joint company has been formed to build the park together with the global independent investment company, Ardian Infrastructure. Ardian owns 75% and Rabbalshede Kraft 25%. The investment is just over SEK 1 billion and Rabbalshede Kraft’s majority shareholder, Manor Group, has assisted the project with funding and a parent company guarantee.
Significant events after the end of the period
Changes in Group Management
Håkan Frick - New acting CEO as of August 1, 2016
Håkan Frick has been appointed acting CEO of Rabbalshede Kraft. He begun work as of August 1 and will continue until further notice. Håkan is currently an interim independent consultant with over 20 years’ experience in leading positions in industrial companies such as ABB, Calderys, Bofors and Volvo, as well as in service industries such as Caran, WM-data and Caverion. Håkan has an MSc in Engineering Physics from Chalmers University in Gothenburg and has attended various management courses at both the University of Gothenburg and the Stockholm School of Economics.
Rabbalshede Kraft’s CEO Thomas Linnard remains on sick leave.
Other changes in Group management
Lars Larsson, Chief Operating Officer, will end his employment with Rabbalshede Kraft in August 2016. Lars has been an important contributor to the company's performance during the year he was with the company, not least in the work at the Lyrestad wind park. Lars will be moving back to his roots in Dalarna to become CEO of Borlänge Energy as of September 1. Work is ongoing for the recruitment of a new Chief Operating Officer with responsibility for the development of existing wind-park projects in the Company’s project portfolio, the development of new wind parks and the sale of wind-power projects.
Agreement with Gnosjö Energi
In the beginning of August, Rabbalshede Kraft signed a four-year management agreement with Gnosjö Energi to manage their Kulltorp wind farm, located in the municipality of Gnosjö. Rabbalshede will be responsible for the management and operation monitoring for Gnosjö Energy's four wind turbines with an installed capacity of 10 MW. The wind turbines annually produce about 22.5 TWh of electricity.