Interim report, January-March 2017 Rabbalshede Kraft AB (publ)


Significant events during the first quarter, January 1, 2017 – March 31, 2017

· Production for the first quarter totaled 138,059 MWh (124,386)
· Net sales were KSEK 60,672 (54,802)
· EBITDA amounted to KSEK 25,380 (31,102)
· EBIT was KSEK 2,852 (8,746).
· Average income for wind power production was SEK 439/MWh (441), of which electricity accounted for SEK 315/MWh (289) and electricity certificates and guarantees of origin for SEK 125/MWh (152)

Significant events
An extraordinary general meeting was held on January 31, 2017. At the meeting, resolutions were passed to reduce the share capital by SEK 126,843,931 for transfer to unrestricted shareholders’ equity. In addition, the meeting resolved in favor of a private placement for 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.

Construction of Lyrestad wind farm, comprising 22 wind turbines (76 MW) in the Municipalities of Mariestad and Töreboda, is progressing according to plan. The wind farm is scheduled to be commissioned in stages in autumn 2017. The wind farm’s annual production of 234 GWh will be purchased by Google under a long-term power purchase agreement. The wind farm corresponds to an investment of just over SEK 1 billion and is operated by a company owned jointly by Rabbalshede Kraft and Ardian Infrastructure, with Rabbalshede Kraft holding 25 percent of the shares. Rabbalshede Kraft’s majority shareholder, Manor Group, assisted in the project by providing financing and a Parent Company guarantee.

After many years as an employee and as CEO of Rabbalshede Kraft AB, the Board announced on February 28, 2017, that, following a joint decision, Thomas Linnard had chosen to leave his position. Håkan Frick will continue as Acting CEO until further notice.

Significant events after the end of the period

The environmental permit came into force for Åndberg wind farm in Härjedalen Municipality with 57 wind turbines.

The Annual General Meeting (AGM) for the 2016 fiscal year was held on April 27, 2017, in Gothenburg, Sweden. The AGM resolved, in line with the proposal of the Nomination Committee that the company’s Board of Directors is to comprise six members elected by the AGM. The Meeting resolved on the reelection 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 re-elected Chairman of the Board for the period until the end of the next AGM.

For further information, please contact
Britta Ersman, IR and Financial Manager
Tel. +46 (0) 525 197 18, +46 (0) 702 79 79 43

This is Rabbalshede Kraft 
Rabbalshede Kraft AB (publ) plans and establishes proprietary land-based wind farms, in collaboration with other players or for divestment whereby the Company is able to offer operating services. Rabbalshede Kraft was formed in 2005 and currently manages 141 wind turbines of which 71 turbines, in the eight wind farms, are in-house. The electricity produced from the Company’s wind farms in operation is sold in the open electricity market, Nord Pool. Follow the Company's progress

Interim report Jan-Mar 2017