Interim report, January-September 2012, Rabbalshede Kraft AB (publ)

Significant events during the third quarter, July 1, 2012 – September 30, 2012

• Production for the third quarter amounted to 35,163 MWh (27,960 MWh).
• The average electricity price per presold MWh was SEK 333/MWh (353).
• The average price for electricity certificates and GoO (Guarantee of Origin) was SEK 184/MWh (214).
• In June 2012, Rabbalshede Kraft completed a preferential rights issue for existing shareholders through which the Company raised SEK 83.6 M prior to issuance costs. The issuance proceeds were received by the Company on July 5, 2012.

The first nine months, January-September 2012

• Production from the Group’s wind farms from January to September amounted to 111,118 (97,698) MWh.
• Net sales totaled KSEK 59,011 (62,761).
• The average electricity price per presold MWh from January to September 2012 was SEK 368/MWh (448). Revenues from the sale of electricity certificates averaged SEK 160/certificate (191) from January to September 2012.
• Operating profit before depreciation/amortization (EBITDA) amounted to KSEK 30,030 (49,936) and the Company posted an operating loss (EBIT) of KSEK 4,146 (profit: 23,288).
• Depreciation/amortization totaled KSEK 34,176 (26,648). The Company posted a loss after tax of KSEK 21,644 (profit: 3,415).
• In June 2012, Rabbalshede Kraft completed a new share issue with preferential rights for existing shareholders, which raised SEK 83.6 M for the Company before issuance costs. The issuance proceeds received by the Company on July 5, 2012. The shares that were subscribed for during the issuance have been registered by the Swedish Companies Registration Office.
• In January 2012, an agreement was signed with Enercon concerning the delivery of 14 2.3-MW turbines to the Dingle-Skogen Vind wind farm in the Municipality of Munkedal. In May 2012, Rabbalshede Kraft signed an agreement with the Gothenburg Diocese concerning the sale of two of these wind turbines and received an advance payment of SEK 30 M, which generated a positive impact on cash flow. The entire wind farm is expected to be ready for production during the second half of 2013, at which time it will annually generate 86,500 MWh, of which Rabbalshede Kraft’s share of the farm will account for 74,000 MWh.
• In January 2012, Rabbalshede Kraft signed a bank-financing agreement with DNB, which secures the Company’s build-out plans for the Dingle-Skogen Vind wind farm, as well as the refinancing of the existing Brattön and Kil wind farms.
• In June 2012, the County Administrative Board in the County of Värmland granted an environmental permit for the Årjäng Nordväst wind farm in the Municipality of Årjäng, which comprises nine turbines. Årjäng Nordväst had already secured building permits for turbines with a total height of 150 meters, however, the environmental permit allows the total height to be raised to 180 meters.
• In August 2012, the Municipality of Härjedalen approved the Lillhärdal Åndberg Project comprising 101 wind turbines. The approval of the municipality was a prerequisite for receiving a permit from the County Administrative Council under the Swedish Environmental Code.
• A permit application has been submitted to the County Administrative Board for the Ljungskile Hoven Project encompassing four turbines and the Stenshult Project comprising six turbines in the Municipality of Uddevalla.
• The Annual General Meeting for the 2011 fiscal year was held on May 3, 2012 in Gothenburg.
• CFO Fredrik Samuelsson assumed his position in July 2012 at which time he also became a member of the Company’s management. As of May 2012, Stefan Söderling, Financial and Business Controller, has been a member of the Company’s executive management.

Significant events after the close of the period

• The two first wind turbines were assembled in the Dingle-Skogen Vind wind farm, which will be put into trial commission in November 2012.

Thomas Linnard, President           
Tel. +46 (0)525-197 11, +46 (0)706-100 120               
thomas.linnard@rabbalshedekraft.se

Fredrik Samuelsson, CFO
Tel. +46 (0)525-197 13, +46 (0)703-01 20 49
fredrik.samuelsson@rabbalshedekraft.se 

Rabbalshede Kraft AB (publ)
Marknadsvägen 1
SE-457 55 Rabbalshede, Sweden

Telephone +46 (0)525-197 00
E-mail info@rabbalshedekraft.se
www.rabbalshedekraft.se
Corp. Reg. No. 556681-4652

This is Rabbalshede Kraft
Rabbalshede Kraft AB (publ) is a fast-growing player in wind power. Since being formed in 2005, Rabbalshede Kraft has been involved in the commissioning of 48 wind turbines, of which 26 wind turbines in four wind farms are proprietarily managed. An extensive project portfolio comprises the basis for growth. The Company has another 14 turbines under construction and about 350 wind turbines in the procurement, application or planning phase. Rabbalshede Kraft's overriding objective is to create value growth for the Company's shareholders - proprietary, in partnership with other companies and through divestment - by contributing to the commissioning of 250 turbines by 2015. To guarantee the long-term capital necessitated by the planned build-out, the Company is preparing an application for listing on the NASDAQ OMX Stockholm. Follow the Company's progress at www.rabbalshedekraft.se

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