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Interim report January-September 2013 Rabbalshede Kraft AB (publ)

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Significant events during the third quarter, July 1, 2013 – September 30, 2013

  • Production for the third quarter totaled 30,070 MWh (35,163 MWh)
  • The average electricity price per presold MWh was SEK 353 (333)/MWh
  • The average price for electricity certificates and Guarantee of Origin (GoO) was SEK 191 (184)/MWh
  • Net sales totaled KSEK 16,341 (18,183)
  • Operating profit before depreciation/amortization (EBITDA) amounted to KSEK 8,705 (9,329)
  • The Company posted an operating loss (EBIT) of KSEK 1,285 (loss: 2,041).
  • The Company raised MSEK 353.7 through the preferential rights issue before issuance costs. The Company received the issue proceeds on July 16, 2013
  • The Company has begun construction on the Årjäng NV, Årjäng SV and Skaveröd/Gurseröd wind farms comprising a total of 33 wind turbines

The first nine months, January-September 2013

  • Production from the Group´s wind farms amounted to 102,533 (111,118) MWh.
  • The average electricity price per presold MWh was SEK 356 (368)/MWh.
  • The average electricity price for electricity certificates and Guarantees of Origin was SEK 203 (162)/MWh.
  • Net sales totaled KSEK 57,242 (59,011).
  • Operating profit before depreciation/amortization (EBITDA) amounted to KSEK 33,582 (30,030).
  • Operating profit (EBIT) was KSEK 4,507 (loss: 4,146).
  • Depreciation/amortization totaled KSEK 29,075 (34,176). The Company adjusted its assessment of the useful life of the wind turbines from 20 years to 25 years, which resulted in a MSEK 8 reduction in depreciation for the period.
  • The Company posted a loss after tax of KSEK 18,068 (loss: 21,644).
  • Rabbalshede Kraft signed an agreement with Swedbank and SEB regarding bank financing, thus securing the Company’s build-out of the Årjäng NV and Årjäng SV wind farms in the Municipality of Årjäng, as well as the Skaveröd/Gurseröd wind farm in the Municipality of Tanum.
  • In June 2013, Manor Investment S.A. invested MSEK 171.6 in Rabbalshede Kraft through a private placement, under which Manor Investment received 14,300,000 new Series B shares at a price of SEK 12.00 per share.
  • The preferential rights issue that was implemented between June 24 and July 8, 2013, raised MSEK 353.7 for the Company, prior to issuance costs. The Company received the issue proceeds on July 16, 2013. The shares that were subscribed for under the issue have been registered with the Swedish Companies and Registration Office.
  • The Company is investing nearly MSEK 1,200 in the construction of the Årjäng NV, Årjäng SV and Skaveröd/Gurseröd wind farms, comprising a total of 33 wind turbines. The wind turbines being installed are of the V112-3 MW model. Svevia will be in charge of the construction of roads and infrastructure, including the IKN network. Construction on the wind farms began in July 2013 and will be completed by late 2014. The annual production for the three wind farms is estimated at 289 GWh.
  • All 14 wind turbines in the Dingle-Skogen Vind wind farm have been assembled and commissioned, and the last six wind turbines have been put into trial operation. The wind farm is scheduled to be in commercial operation by November 2013 at which time it will transition to the operational phase.
  • Rabbalshede Kraft has been granted an environmental permit for the Femstenaberg wind farm comprising up to 15 wind turbines (45 MW), the Brattön Sälelund wind farm comprising up to 14 wind turbines (42 MW) and the Lursäng wind farm comprising up to five wind turbines (10 MW). The wind farms have gained legal effect.
  • The Annual General Meeting for the 2012 fiscal year was held on April 25, 2013, in Gothenburg, Sweden.

Significant events after the end of the period

  • In May 2012, Rabbalshede Kraft signed an agreement with the Gothenburg Diocese concerning the sale of two of 14 wind turbines in the Dingle-Skogen wind farm. Ownership of the turbines was transferred in October 2013.

For further information, please contact:

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

Fredrik Samuelsson, Financial Manager
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

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 operated. An extensive project portfolio comprises the basis for growth. The Company has another 47 turbines under construction and about 300 wind turbines in the procurement, application or planning phases. Rabbalshede Kraft's overriding objective is to create value growth for the Company's shareholders - proprietarily, in partnership with other companies and through divestment - by contributing to the commissioning of 250 turbines by 2015. Follow the Company's progress at www.rabbalshedekraft.com

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Wind power Rabbalshede Kraft

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