Year-end report, 2017 Rabbalshede Kraft AB (publ)
Significant events during the fourth quarter, October 1, 2017 – December 31, 2017 · Production for the fourth quarter totaled 167,975 MWh (183,422 MWh) · Net sales amounted to KSEK 77,069 (90,819) · EBITDA amounted to KSEK 58,727 (77,698) · The Company posted an operating loss (EBIT) of KSEK 2,448 (loss: 45,870) · Average selling price for wind-power production was SEK 459/MWh (495), of which electricity accounted for SEK 309/MWh (329) and electricity certificates and guarantees of origin for SEK 150/MWh (167)
2017 fiscal year
· Production from the Group’s wind farms in January-December totaled 509,535 MWh (500,247).
· Net sales amounted to KSEK 234,163 (235,628).
· EBITDA amounted to KSEK 132,618 (143,299).
· EBIT was KSEK 3,081 (44,263).
· Average selling price for wind-power production was SEK 460/MWh (471), of which electricity accounted for SEK 311/MWh (309) and electricity certificates and guarantees of origin for SEK 148/MWh (162).
· Depreciation/amortization amounted to KSEK 129,537 (99,036). The difference from the previous year is mainly due to the closing of a project of KSEK 15,099 and a change to the component depreciation of MSEK 23 in the wind farms.
·The result after tax was a loss of KSEK 100,114 (loss: 102,360).
On January 31, 2017, Rabbalshede Kraft held an extraordinary general meeting where, among other items, a decision was taken on a private placement to Sweden Holdco RK AB (“Greystone”). The private placement amounted to SEK 283 M and was implemented on February 1, 2017. Following the investment, Greystone is the company’s second largest shareholder, with Manor Group remaining the company’s largest shareholder.
After many years as an employee and as CEO of Rabbalshede Kraft AB, the Board announced in February that, following a joint decision, Thomas Linnard had chosen to leave his position.
The environmental permit for Åndberg wind farm in Härjedalen Municipality, which comprises of 57 wind turbines, came into full legal force in the spring.
The Annual General Meeting (AGM) for the 2016 fiscal year was held on April 27, 2017, in Gothenburg, Sweden. The Meeting resolved on the re-election of Bertil Villard, Annika Ahl Åkesson, Jean Baptiste Oldenhove, Matthieu Baumgartner and Jeffrey Mouland as well as the new election of Stine Rolstad Brenna. Bertil Villard was elected as Chairman of the Board for the period until the end of the next AGM.
Mads Miltersen took over as CEO on June 1. Mads joined the company from EnergiMidt in Denmark’s Jutland region, where he held positions including CFO and CEO. Prior to EnergiMidt, Mads served as Finance Manager at Ericsson Diax and as an Auditor at BDO.
In September, the company entered into a three-year management agreement with Vänern wind farm. Under the agreement, Rabbalshede is responsible for the management, monitoring, service and maintenance of seven of the wind turbines at Vänern wind farm. The agreement is for three years, with an option to extend for an additional two years.
On August 31, Rabbalshede Kraft finalized refinancing of the company with Swedbank. This means that the company now has a new loan structure in place that creates a stable base for the company for the foreseeable future. As a result of the refinancing, Rabbalshede Kraft has concluded a period of focus on internal consolidation and is now ready for growth.
On October 1, we inaugurated the Lyrestad wind farm; nearly 400 visitors came to meet Rabbalshede Kraft and Ardian. The Lyrestad wind farm is operated by Lyrestad Vind AB, a jointly owned company between Rabbalshede Kraft and Ardian Infrastructure, in which Rabbalshede Kraft holds 25% of the shares. The wind farm’s annual production of 234 GWh is purchased by Google under a long-term electricity trading agreement. On December 22, construction and trial operation were completed and Lyrestad Vind took over legal responsibility.