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Interim report January-September 2015 Rabbalshede Kraft AB (publ)

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Significant events during the third quarter, July 1, 2015 – September 30, 2015 · Production for the third quarter totaled 113,395 MWh (43,870) · Net sales totaled KSEK 51,899 (20,094) · EBITDA amounted to KSEK 26,903 (7,683) · The Company posted an operating loss (EBIT) of KSEK 492 (loss: 18,675) · The average sales price for wind power production amounted to SEK 483/MWh (510), of which electricity accounted for SEK 299/MWh (335) and electricity certificates and guarantees of origin for SEK 184/MWh (175) · During the third quarter, the company ceased to develop a project which has resulted in an impairment that affected the profit and loss with -2 776 KSEK · The Swedish Tax Agency has announced during the third quarter, that it is their opinion that the property tax rate for large-scale wind power business, shall be 0.5 % instead of 0.2%. The Company has made a provision, which has affected the profit and loss with -4 691 KSEK.

The first nine months, January-September 2015

  • Production from the Group’s wind farms during January-September amounted to 406,437 MWh (156,555)  
  • Net sales totaled KSEK 185,393 (78,114)
  • Operating profit before depreciation/amortization (EBITDA) amounted to KSEK 119,212 (47,116)
  • Operating profit (EBIT) was KSEK 43,042 (loss: 4,827)
  • The average sales price for wind power production was SEK 461/MWh (511), of which electricity accounted for SEK 289/MWh (327) and electricity certificates and guarantees of origin for SEK 172/MWh (184)
  • Depreciation/amortization amounted to KSEK 76,170 (51,943)
  • The Company posted a loss after tax of KSEK 14,442 (loss: 29,543)

Rabbalshede Kraft has recruited Britta Ersman as IR and Financial Manager, as well as Lars Larsson as Operation Manager. Britta Ersman and Lars Larsson took up office at Rabbalshede Kraft in July and June 2015, respectively, and both are members of the Company’s management group.

The Annual General Meeting (AGM) for the 2014 fiscal year was held on April 23, 2015, in Gothenburg, Sweden.

During the third quarter, the company ceased to develop a project which has resulted in an impairment that affected the profit and loss with -2 776 KSEK.

The Swedish Tax Agency has announced during the third quarter, that it is their opinion that the property tax rate for large-scale wind power business, shall be 0.5% instead of 0.2%. The Company has made a provision, which has affected the profit and loss with -4 691 KSEK.

Significant events after the end of the period

On October 19, the Company convened an Extraordinary General Meeting to be held on November 16 in Gothenburg. The Board of Directors proposes that authorization be granted to make decisions about new share issues. The purpose of the new share issue is to generate a better financial structure that will provide greater flexibility in the continued development of the Company.

Rabbalshede Kraft has received planning permission for two turbines at Vetteberget in Strömstad. The building permit allows two wind turbines with 150 meter in total height.

The company has entered into a discussion with the current banks to refinance the loans in the wind farms.

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