Year-end report for 2011 Rabbalshede Kraft AB (publ)
Significant events during the fourth quarter, October 1, 2011 – December 31, 2011
Electricity production for the fourth quarter amounted to 51,505 MWh (24,535 MWh).
Net sales totaled KSEK 28,446 (19,103).
The average price per presold MWh was SEK 339/MWh (504).
Operating profit before depreciation/amortization and impairment (EBITDA) amounted to KSEK 21,681 (15,294)
Operating profit (EBIT) amounted to KSEK 10,030 (6,786).
Construction has commenced on the Dingle-Skogen Vind wind farm, comprising 14 wind turbines, in the Municipality of Munkedal.
Fiscal year, January-December 2011
Production from the Group’s wind farms from January to December amounted to 149,203 (65,653) MWh. The Company’s fourth wind farm, Töftedalsfjället, transitioned into commercial operation in May 2011.
Net sales totaled KSEK 91,207 (47,347).
The average price per pre-sold MWh from January to December 2011 was SEK 411/MWh (468).
The item “Other operating revenues” includes net revenue of KSEK 12,644 from the sale of a 50-percent stake in the Tolvmanstegen wind farm to Eolus Vind, and the sale of one of the wind turbines in the Töftedalsfjället wind farm. Reinvoiced construction costs of KSEK 12,166 were also included.
Operating profit before depreciation/amortization and impairment (EBITDA) amounted to KSEK 71,617 (48,477) and operating profit (EBIT) to KSEK 33,318 (26,135). Depreciation/amortization totaled KSEK 38,299 (22,342). Profit after tax amounted to KSEK 3,895 (6,845).
The construction of roads and foundations has begun in the Dingle-Skogen Vind wind farm where 14 wind turbines will be established. The wind farm comprises the three areas of Dingle-Skogen, Hällevadsholm Väster and Ås in the Municipality of Munkedal. The permit for the Ås area, comprising six turbines, came into legal effect in October 2011.
The Skaveröd/Gurseröd wind farm in the Municipality of Tanum was granted an environmental permit, which came into legal effect in November 2011. The permit comprises a total of 11 turbines and production is estimated at 72,000 MWh.
In September, an agreement was signed with EGL Sverige concerning a partnership on the sale of electricity and electricity certificates.
The Sögårdsfjället wind farm in the Municipality of Tanum was granted an environmental permit, which came into legal effect in August 2011. The permit covers a total of 14 turbines and production is estimated at 75,000 MWh.
On June 14, 2011, Rabbalshede Kraft’s Board of Directors decided to allow the Alternativa stock market to supervise the trading of the Company’s shares ahead of an application for an official listing on NASDAQ OMX Stockholm. Shares are traded through the Mäklarlistan company on the Alternativa exchange.
The official opening of the Töftedalsfjället wind farm was held on May 22, 2011. The wind farm comprises a total of 21 2.3-MW turbines, of which Rabbalshede Kraft has established 11 and Göteborg Energi AB ten. In June 2011, Rabbalshede Kraft sold one turbine to one of the landowners.
The Årjäng NO, Årjäng NV, Årjäng SV, Korpekullen, Femstenaberg, Lursäng and Brattön-Sälelund wind farms were granted approval during the year in an advance notice from each of their municipalities. The municipalities’ approval is a prerequisite for the County Administrative Board granting permits under the Swedish Environmental Code.
A construction-permit application in accordance with the Swedish Planning and Building Act and an application pursuant to the Swedish Environmental Code were submitted for the Månsemyr project in the Muncipality of Orust in May 2011. An environmental-permit application was submitted for the Vetteberget project in the Municipality of Strömstad, the Lyrestad project in the Municipality of Mariestad, the Ulvberget project in the Municipality of Nordanstig and the Ljungskile Norra project in the Municipality of Uddevalla.
At the Annual General Meeting on April 27, 2011, Karl-Erling Trogen, a former Board member, was elected Chairman of the Board. Anders Strålman, the President and CEO of Axfood AB, was elected a new Board member.
As of April 1, 2011, Peter Bjelkengren is responsible for operations and maintenance. Peter was formerly responsible for procurement and is a member of the Company’s Management team. Ingemar Ung, the founder of Rabbalshede Kraft, stepped down from his position at Rabbalshede Kraft on April 1, 2011, and thus also from the Company’s Management team. Ingemar Ung continues to work for the Company as a consultant on electricity matters.
Significant events after the close of the period
An agreement was signed with Enercon concerning the delivery of 14 2.3-MW wind turbines to the Dingle-Skogen Vind wind farm in the Municipality of Munkedal. The wind farm is scheduled to be ready for production during the second half of 2013, at which date it will produce about 82,000 MWh annually.
An agreement was signed with DNB concerning bank financing, which ensures the Company’s build-out plans for the Dingle-Skogen Vind wind farm and refinancing of the existing Brattön and Kil wind farms.
Thomas Linnard, President
Tel. 46 (0)525 - 197 11, 46 (0)706 100 120
thomas.linnard@rabbalshedekraft.se
Kent Söderström, CFO
Tel. 46 (0)525-197 13, 46 (0)733 307 280
kent.soderstrom@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 with four wind farms in operation, one farm under construction and about 350 wind turbines in the procurement, application or planning phase. The goal is to take 250 wind turbines into operation by 2015, corresponding to a production capacity of about 1.5 TWh per year. To guarantee the long-term capital requirements that the planned build-out requires, the Company is preparing an application for listing on the NASDAQ OMX Stockholm exchange. Follow the company’s progress at www.rabbalshedekraft.se
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