Annual Report • Feb 18, 2011
Annual Report
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Arise Windpower AB (publ), Box 808, SE-301 18 Halmstad, Sweden, tel. +46 (0)35 20 20 900, org.no. 556274-6726 E-mail: [email protected], www.arisewindpower.se
Arise Windpower is one of Sweden's leading companies in onshore wind power. Arise Windpower's business concept is to sell electricity generated at the company's own onshore wind turbines. The company is aiming to have about 300 wind turbines in operation or under construction by 2014. In a normal wind year these are expected to generate about 2 TWh of green electricity. Arise Windpower is listed on NASDAQ OMX Stockholm.
In the fourth quarter Arise Windpower continued to expand its portfolio of wind farms according to plan, although the start of operations was delayed in some cases, mainly due to the early winter, which brought heavy snowfall and cold temperatures. After the end of the reporting period decisions have been taken to begin work on the construction of a further 12 MW, which means that the company now has 136 MW in operation or under construction. The company has also signed an agreement giving it the right to acquire a 200 MW project with existing permits.
The start of operations at the Idhult (16 MW), Fröslida (22.5 MW) and Kåphult (17.5 MW) projects were delayed due to the early and severe winter. The delay will result in an income shortfall of about SEK 5 million in the fourth quarter.
Wind-wise, the fourth quarter was somewhat weaker than normal, with an electricity production of about 96 per cent of a normal wind year. See the graph below, which shows output percentages in 2010 compared with normal electricity production based on Danish wind energy figures for the years 1979 – 2009 (www.vindstat.dk).
Total electricity production in 2010, according to the same index, was 84 per cent of normal, which is equivalent to a production shortfall of 17 GWh. As shown in the graph above, the correlation with the 30 year series gradually improved over the year.
Other positive factors include the further strengthening of the Swedish krona in relation to the euro and that forward electricity prices have remained robust.
The company's investment cost, calculated as SEK per generated kWh, continues to fall, partly on the back of the stronger Swedish currency and partly as a result of technological advances in the industry. Wind turbines are becoming taller and wingspans wider, making it possible to produce more kWh per invested krona. The cost of servicing and maintenance has also fallen following the company's decision to perform some supervisory and servicing activities inhouse. These refer mainly to daily supervision and routine tasks, which are best performed by inhouse and locally employed staff.
The company has concluded a loan agreement with DnB NOR for funding of the Fröslida wind farm (22.5 MW).
The expansion target (110 MW) for 2010 was achieved (outcome 124 MW).
A decision has been taken to begin work on a project comprising 6 wind turbines with a combined capacity of 12 MW. Work on roads etc. is scheduled to begin in March and the turbines are scheduled to be raised and go into operation in summer/autumn 2011.
This will bring the total capacity in operation or under construction to 136 MW. When fully operational in a normal wind year, these turbines will generate about 350 GWh, which is equivalent to about 14 per cent of Sweden's total wind power output in 2009.
Arise Windpower has concluded agreements with Bergvik Skog AB and Ownpower Projects AB giving the company the right to acquire permits and development rights for the construction of a major wind farm (Jädraås) located on three rock plateaus south of Ockelbo. The permits allow the company to build a wind farm with a total capacity of about 200 MW. An agreement for delivery of turbines, subject to the start of construction, has been concluded with Vestas. The total annual electricity production is estimated at 550 GWh, which is equivalent to about 22 per cent of Sweden's total wind energy output in 2009. The wind farm will be by far the largest onshore wind farm in the Nordic region. The next phases are detailed development planning and assessment of the application for a concession to connect the turbines to the grid. Construction work is expected to commence no earlier than summer 2011 and the turbines are scheduled to be raised and put into operation the following year. The right of acquisition is exclusive and applies during a specified period. Arise may opt to sell parts of the project.
Work on the detailed development plan for the project is expected to take about four months and will tie up some of the company's resources. During that period only a small number of other construction projects will be initiated,
But the company will continue to develop its own project portfolio at the same pace, applying for permits and working on detailed development plans.
The goal of having 260 MW in operation or under construction by the end of 2011 is unchanged. The company's financial capacity remains strong.
Halmstad, February 2011 Peter Nygren CEO Arise Windpower AB (publ)
Winter storms and consequent late deliveries in December delayed the start of operations at the Fröslida and Kåphult wind farms by about one month. Six out of ten turbines are now operational and performance testing and handover from the supplier, GE Energy, will take place in February.
The turbines at the Idhult farm were put into operation only in the New Year due to the early and severe winter and because of certain delays in connection with voltage testing. All turbines are now in operation, and performance tests and the gradual handover from the supplier, Vestas, are underway.
A loan agreement has been concluded with DnB NOR for the Fröslida wind farm project in the municipality of Hylte.
Work has begun on the construction of two new wind farms, Blekhem in the municipality of Västervik and Södra Kärra in the municipality of Askersund. The two farms consist of six Vestas V100 turbines with a combined capacity of about 22 MW. The turbines are expected to go into operation in late spring 2011.
Net sales in the second quarter were TSEK 21,205 (11,519). Work performed by the company for its use in the amount of TSEK 6,470 (2,266) was capitalised. Other income was TSEK 5,856 (1,218) can refers mainly to sales income from the crane rental business, which totalled SEK 4.9 million (-), and other income relating to electricity and electricity certificates of SEK 0.8 million (-), see Note 1 on page 9. The corresponding expenses for the crane rental business are recognised in Other external expenses.
The operating result before depreciation (EBITDA) was TSEK 10,302 (5,248). The operating result (EBIT) was TSEK -1,709 (1,188), which includes scheduled depreciation in the amount of TSEK -12,011 (-4,060).
The net financial expense was TSEK -5,647 (-2,396) and the loss before tax TSEK -7,356 (-1,208). Earnings after tax were TSEK -6,060 (-946), which corresponds to earnings per share of SEK -0.20 (-0.05).
Comprehensive income for the quarter was TSEK 5,107 (-4,661) after cash flow hedges of electricity, interest rates and currencies increased comprehensive income by a net TSEK 11,167.
Net investments for the quarter were TSEK 293,001 (180,126), all of which refers to planned construction of wind farms, except TSEK 60,597 (-), which refers to investments in a mobile crane and related equipment.
Arise Windpower's cash flow from operating activities was TSEK -13,230 (-63,313). Investments were TSEK -289,120 (-180,126), resulting in a cash flow after investing activities of TSEK -302,350 (-243,439). Long-term and current interest-bearing liabilities increased by 168,322 (130,000), while interest payments reduced the cash flow by TSEK -3,909 (5,193), resulting in a cash flow of TSEK -137,937 (-108,534).
The company completed its IPO and has been listed on the main list of NASDAQ OMX Stockholm since 24 March 2010.
The company has also completed two share offerings, raising approximately SEK 554 million before issue costs.
Arise Windpower began work on the construction of wind turbines with a total capacity of 77.6 MW, which means that the company now has 60 turbines with a total capacity of 124.1 MW in operation or under construction.
Loan agreements were signed with Nordea, DnB NOR and Swedbank.
Net sales in 2010 were TSEK 66,744 (27,023). The company capitalised work performed for its own use in the amount of TSEK 18,569 (13,262). Other income was TSEK 22,070 (3,183) and refers mainly to sales income from the crane rental business, which totalled SEK 9.3 million (-), and other income relating to electricity and electricity certificates of SEK 7.2 million (2.6) as well as recognised capital gains of SEK 4.7 (-) million on the sale of property, plant and equipment, see Note 1 on page 9.
The operating result before depreciation (EBITDA) was TSEK 35,101 (1,727). Other external expenses include a one-off loss of approximately SEK 2.0 million on power trading.
The operating result (EBIT) was TSEK -1,614 (-10,798), which includes scheduled depreciation in the amount of TSEK -36,715 (-12,525). The net financial expense was TSEK -22,394 (-599) and the loss before tax TSEK -24,008 (-11,397). Earnings after tax were TSEK -18,333 (-7,614), which corresponds to earnings per share of SEK -0.72 (-0.44).
Comprehensive income for the year was a loss of TSEK -18,888 (-6,868) after cash flow hedges of electricity, interest rates and currencies reduced the total result by a net TSEK -555.
Net investments in 2010 were TSEK 899,602 (567,640), all of which refers to planned construction of wind farms, except TSEK 60,597 (-), which refers to investments in a mobile crane and related equipment. Sales of property, plant and equipment, relating mainly to the electrical installation in Knäred, were TSEK 87,800 (-).
Arise Windpower's cash flow from operating activities was TSEK 32,121 (-119,888). Investments were TSEK -899,602 (-567,640) while sales of property, plant and equipment totalled TSEK 87,800 (-), resulting in a cash flow after investing activities of TSEK -779,681 (-687,528). Long-term and current interest-bearing liabilities increased by TSEK 205,925 (310,000). Share offerings raised a net TSEK 525,407 (310,143) for the Group while interest payments reduced cash flow by TSEK -22,919 (-229). TSEK 20,400 (-) has been paid into frozen accounts, mainly under agreements on loan funding, resulting in a 12-month cash flow of TSEK -91,668 (-67,614).
Interest-bearing net liabilities were TSEK 556,285, compared with TSEK 258,692 at the same date the year before. The equity/assets ratio at the end of the period was 57.6 per cent (50.5%).
Cash and cash equivalents were TSEK 249,640 (341,308), in addition to which the company had unused credits and grants at the end of the period in the amount of TSEK 387,600 (91,600).
As Arise Windpower only has Swedish subsidiaries, tax has been calculated at the Swedish rate of corporate tax, 26.3 per cent.
During the period one Board Director has worked on a number of clearly specified tasks on a contract basis, receiving a market-based compensation of TSEK 1,760. There have been no other transactions with related parties.
There have been no changes in the Group's contingent liabilities. These are described in Note 18 on page 35 of the annual report for 2009.
The company's finances remain strong and the expansion is proceeding according to plan, despite a continued slow permit process, which is due to partly to local authorities' right to veto wind projects and the restrictions relating to air traffic, radar installations and the JAS fighter aircraft announced by the Swedish Armed Forces. The company has been able to continue its expansion by acquiring wind farms with existing permits, which, through the acquisition and consolidation process, has probably given the company a unique market awareness of factors of material significance for the construction of onshore wind farms. The company's long-term goal is to have 300 turbines under construction or in operation by the end of 2014, representing a total production capacity of about 700 MW.
The IPO in the spring and subsequent share offerings have raised new equity capital for the Group, which together with unused credit facilities and committed lines of credit from banks give the company the resources it requires to achieve its planned expansion. The target is to take into operation and/or start work on the construction of a further 135 MW in 2011, to be added to the existing 125 MW. Any changes in access to new equity and loan capital will need to be continuously monitored and assessed in order to secure the Group's adopted expansion plan, also after 2011.
Financial risks have diminished compared with last year in line with the improvement in financial markets. The main focus is on monitoring fluctuations in electricity and certificate prices as well as exchange rates, especially against the euro.
Risks and uncertainties affecting the Group are described on page 16 of the company's 2009 annual report and financial risk management is presented on pages 30–33. No significant changes have taken place that affect the reported risks.
| No. of pro jects |
No. of wind turbines |
Total capacity (MW) |
Average output per turbine (MW) |
|
|---|---|---|---|---|
| Farms in operation and under construc tion |
||||
| In operation | 3 | 22 | 47 | 2.1 |
| Under construction | 5 | 36 | 78 | 2.2 |
| Project portfolio | ||||
| Permits received/acquired | 5 | 14 | 37 | 2.7 |
| Permits pending | 24 | 161 | 379 | 2.4 |
| Project planning completed | 22 | 186 | 430 | 2.3 |
| Leases signed | 3 | 25 | 58 | 2.3 |
| Total portfolio | 62 | 444 | 1 029 | 2.3 |
About 15 per cent (approx. 150 MW) of the above project portfolio is affected by the restrictions, which relate to the JAS 39 Gripen fighter aircraft, announced by the Swedish Armed Forces. However, the introduction of such restrictions do not affect the company's expansion plans, as the remaining projects are available for the planned expansion and the lease portfolio is continually replenished. Wind farms in operation or under construction are not affected. The total number of MW in the portfolio may increase and decrease over time, which is natural as the date for the start of the construction phase approaches and as poor wind locations are winnowed out along with locations where there are conflicting interests and obstacles. New leases are therefore continually added to the project portfolio. It should be noted that the right to acquire the Jädraås project (200 MW) is not included in the above project summary.
Wind power projects where the wind farm has been taken into production after completion of test runs and is generating electricity. In the first three months the turbines are calibrated and serviced thoroughly for the first time. During this period the output has not yet been optimised. Full and normal production can be expected only after three months, following approval of test runs and handover.
Refers to projects where the requisite permits have been obtained, an investment decision has been made by the company's Board of Directors, equity and loan funding is available and procurements have been made representing the majority of the project's total investment cost.
Projects that have received the permits required to start construction but where construction has not yet begun. In some cases Arise Windpower will wait until sufficient wind data is available.
The first stage in a permit application is a process of consultation where the company applies for permits to build the wind farm from the relevant regional and local authorities. If the transmission network is to be built by Arise Elnät the company will also apply for a concession to operate the network from the Swedish Energy Markets Inspectorate. This stage is concluded when all requisite permits have been obtained or if a permit application has been rejected.
After signing land lease agreements Arise Windpower begins project planning work on the site's precise wind power characteristics. The area is carefully analysed and the exact coordinates of the planned turbines are determined.
The initial wind studies are based on theoretical maps but at a later stage actual wind measurements are made using the company's wind measuring equipment.
Land lease agreements have been signed after negotiations between landowners and Arise Windpower. Longterm land leases have been concluded for the entire project portfolio, giving the company the right, but not an obligation, to build wind turbines on the leased properties. For most of the projects, project planning has been initiated but has not yet been completed. The feasibility studies performed by the company before a lease is signed result in a preliminary specification of the siting of the new wind turbines.
In 2010 the parent company continued to build up the Group, performed most of the project planning for suitable wind locations, concluded leases, produced impact assessments and detailed development plans, obtained building permits, procured products and services, handled the Group's power and certificate trading activities, and performed central services in the Group.
The parent company handles the Group's production plans and electricity hedges in accordance with the adopted financial policy. The electricityproducing subsidiaries (the Arise Wind Farm companies) sell all generated electricity to the parent company at contracted prices.
The parent company then sells the electricity to customers based on bilateral agreements or in the spot market, and the net result of the trades is recognised in net sales.
_________________________________________________________________________________________________________
The gross result in the parent company, which also comprises expenses billed within the Group, including work performed by the company for its own use and capitalised, was TSEK 23,557 (26,713) in 2010. The net result after tax was TSEK -5,447 (5,470). The parent company has paid advances for some investments on behalf of subsidiaries. Net investments during the period were TSEK 213,420 (29,560). Subsidiaries were capitalised in the amount of TSEK 248,400 (32,950).
A list of major shareholders of Arise Windpower is presented on the company's website (www.arisewindpower.se).
The company's Annual General Meeting will be held in Halmstad on 27 April 2011. The annual report will be available on the company's website from the middle of April. The Board of Directors and Chief Executive Officer propose that no divided be paid for 2010 (SEK 0).
This interim report has not been audited by the company's auditor.
Halmstad, 18 February 2011
Arise Windpower AB (publ)
Peter Nygren CEO
| 2010 | 2009 | 2010 | 2009 | |
|---|---|---|---|---|
| Amounts in TSEK | Q4 | Q4 | 12 mth | 12 mth |
| Net sales | 21,205 | 11,519 | 66,744 | 27,023 |
| Work performed by the company for its own use and capitalised | 6,470 | 2,266 | 18,569 | 13,262 |
| Other operating income Note 1 |
5,856 | 1,218 | 22,070 | 3,183 |
| Total income | 33,531 | 15,003 | 107,383 | 43,468 |
| Staff costs | -9,497 | -6,445 | -30,995 | -23,353 |
| Other external expenses Note 2 |
-13,732 | -3,310 | -41,287 | -18,388 |
| Operating result before depreciation (EBITDA) | 10,302 | 5,248 | 35,101 | 1,727 |
| Depreciation of property, plant and equipment | -12,011 | -4,060 | -36,715 | -12,525 |
| Operating result (EBIT) | -1,709 | 1,188 | -1,614 | -10,798 |
| Financial income | 499 | 1,736 | 2,144 | 7,402 |
| Financial expense | -6,146 | -4,132 | -24,538 | -8,001 |
| Profit/loss before tax | -7,356 | -1,208 | -24,008 | -11,397 |
| Income tax | 1,296 | 262 | 5,675 | 3,783 |
| Net result | -6,060 | -946 | -18,333 | -7,614 |
| Earnings per share before dilution, SEK | -0.20 | -0.05 | -0.72 | -0.44 |
| Earnings per share after dilution, SEK | -0.20 | -0.05 | -0.72 | -0.44 |
Treasury shares have not been included in calculating earnings per share.
| 2010 | 2009 | 2010 | 2009 | |
|---|---|---|---|---|
| Amounts in TSEK | Q4 | Q4 | 12 mth | 12 mth |
| Net result | -6,060 | -946 | -18,333 | -7,614 |
| Other comprehensive income | ||||
| Income/expenses recognised directly in equity | ||||
| Cash flow hedges, unrealised changes in value | 15,151 | -5,040 | -753 | 1,012 |
| Income tax attributable to components of other comprehensive income |
-3,984 | 1,325 | 198 | -266 |
| Other comprehensive income, net after tax | 11,167 | -3,715 | -555 | 746 |
| Total comprehensive income | 5,107 | -4,661 | -18,888 | -6,868 |
The comprehensive income is 100 per cent attributable to the shareholders of the parent.
| 2010 | 2009 | |
|---|---|---|
| - In summary, amounts in TSEK | 31 Dec | 31 Dec |
| Property, plant and equipment | 1,677,858 | 898,061 |
| Financial assets | 56,585 | 20,214 |
| Other current assets | 90,448 | 88,544 |
| Cash and cash equivalents | 249,640 | 341,308 |
| TOTAL ASSETS | 2,074,531 | 1,348,127 |
| Shareholders' equity | 1,194,808 | 680,273 |
| Non-current liabilities | 776,304 | 590,260 |
| Current liabilities | 103,419 | 77,594 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 2,074,531 | 1,348,127 |
| 2010 | 2009 | 2010 | 2009 | |
|---|---|---|---|---|
| - In summary, amounts in TSEK | Q4 | Q4 | 12 month | 12 mth |
| Cash flow from operating activities before changes in working capital |
6 965 | 5 199 | 27 954 | 1 530 |
| Cash flow from changes in working capital | -20,195 | -68,512 | 4,167 | -121,418 |
| Cash flow from operating activities | -13,230 | -63,313 | 32,121 | -119,888 |
| Acquisition of property, plant and equipment | -289,120 | -180,126 | -899,602 | -567,640 |
| Sale of property, plant and equipment | - | - | 87,800 | - |
| Cash flow after investing activities | -302,350 | -243,439 | -779,681 | -687,528 |
| Change in interest-bearing liabilities | 168,322 | 130,000 | 205,925 | 310,000 |
| Interest paid and received | -3,909 | 5,193 | -22,919 | -229 |
| Deposits into frozen accounts | - | - | -20,400 | - |
| Issue of new shares | - | -288 | 525,407 | 310,143 |
| Cash flow from financing activities | 164,413 | 134,905 | 688,013 | 619,914 |
| Cash flow for the period | -137,937 | -108,534 | -91,668 | -67,614 |
| Cash and cash equivalents at beginning of period | 387,577 | 449,842 | 341,308 | 408,922 |
| Cash and cash equivalents at end of period | 249,640 | 341,308 | 249,640 | 341,308 |
| Interest-bearing liabilities at end of period | -805,925 | -600,000 | -805,925 | -600,000 |
| Interest-bearing net liabilities (-) / assets (+) | -556,285 | -258,692 | -556,285 | -258,692 |
| 2010 | 2009 | |
|---|---|---|
| - In summary, amounts in TSEK | 31 Dec | 31 Dec |
| Opening balance | 680,273 | 373,587 |
| Total comprehensive income | -18,888 | -6,868 |
| Issue of new shares incl. income tax | 532,823 | 313,554 |
| Use of treasury shares in connection with acquisition of assets | 600 | - |
| Closing balance | 1,194,808 | 680,273 |
| KEY RATIOS FOR THE GROUP | 2010 | 2009 | 2010 | 2009 |
|---|---|---|---|---|
| Q4 | Q4 | 12 mth | 12 mth | |
| Operational key ratios | ||||
| Capacity in operation at end of period, MW | 46.5 | 34.0 | 46.5 | 34.0 |
| Electricity production during period, GWh | 27.8 | 15.7 | 88.5 | 36.0 |
| No. of employees at end of period | 27 | 21 | 27 | 21 |
| Financial key ratios | ||||
| EBITDA margin, % | 48.6% | 45.6% | 52.6% | 6.4% |
| Operating margin, % | neg | 10.3% | neg | neg |
| Return on capital employed, % | 2.6% | 2.6% | 2.8% | 0.3% |
| Return on equity, % | neg | neg | neg | neg |
| Capital employed, TSEK | 1,751,093 | 938,965 | 1,751,093 | 938,965 |
| Average capital employed, TSEK | 1,595,502 | 822,839 | 1,265,006 | 597,174 |
| Shareholders' equity, SEK '000 | 1,194,808 | 680,273 | 1,194,808 | 680,273 |
| Average shareholders' equity, TSEK | 1,192,347 | 683,414 | 1,093,237 | 496,410 |
| Interest-bearing net liabilities (-) / assets (+) | -556,285 | -258,692 | -556,285 | -258,692 |
| Equity/assets ratio, % | 57.6% | 50.5% | 57.6% | 50.5% |
| Interest coverage ratio, times | neg | neg | neg | neg |
| Debt/equity ratio, times | 0.7 | 1.0 | 0.7 | 1.0 |
| Equity per share, SEK | 39 | 33 | 47 | 39 |
| Equity per share after dilution, SEK | 38 | 31 | 45 | 36 |
| No. of shares at end of period excl. treasury shares | 30,635,570 | 20,488,570 | 30,635,570 | 20,488,570 |
| Average no. of shares | 30,635,570 | 20,488,570 | 25,562,070 | 17,502,478 |
| Average no. of shares after dilution | 31,620,570 | 21,639,570 | 26,510,820 | 18,832,878 |
EBITDA margin Operating result before depreciation (EBITDA) / net sales Operating margin Operating result (EBIT) / net sales Return on capital employed EBITDA / average capital employed Return on equity Net result / average shareholders' equity Equity per share Shareholders' equity / average number of shares Interest-bearing net liabilities Interest-bearing liabilities less cash Interest coverage ratio Result after financial income / financial expense
| Debt/equity ratio | Liabilities / shareholders' equity |
|---|---|
| Equity/assets ratio | Shareholders' equity / total assets |
| Capital employed | Shareholders' equity plus interest-bearing net liabilities |
| Note 1 - Other operating income | 2010 | 2009 | 2010 | 2009 |
|---|---|---|---|---|
| Amounts in TSEK | Q4 | Q4 | 12 mth | 12 mth |
| Other income relating to electricity and certificates | 835 | 799 | 7,211 | 2,629 |
| Income from crane rental | 4,922 | - | 9,313 | - |
| Gain on sale of property, plant and equipment | - | - | 4,710 | - |
| Other items | 99 | 419 | 836 | 554 |
| 5,856 | 1,218 | 22,070 | 3,183 |
Note 2 - Other external expenses for 12 mth-10 refer to a net loss of SEK 2.0 million (-) on power trading, of which SEK 0.4 million (-) refers to the fourth quarter.
| Q4 | Wind power opera tions |
Wind power devel opment |
Eliminations | Group | ||||
|---|---|---|---|---|---|---|---|---|
| Amounts in TSEK | Q4 -10 | Q4-09 | Q4 -10 | Q4-09 | Q4 -10 | Q4-09 | Q4 -10 | Q4-09 |
| Net sales, external | 21,205 | 11,519 | - | - | - | - | 21,205 | 11,519 |
| Net sales, internal Work performed by the company for its own use and |
- | - | -2,631 | 15,466 | 2,631 | -15,466 | - | - |
| capitalised Other operating income Note 3 |
- 834 |
- 799 |
6,470 5,022 |
2,266 419 |
- - |
- - |
6,470 5,856 |
2,266 1,218 |
| Total income | 22,039 | 12,318 | 8,861 | 18,151 | 2,631 | -15,466 | 33,531 | 15,003 |
| Operational result | 17,708 | 9,832 | 8,747 | 18,013 | 2,630 | -14,886 | 29,085 | 12,959 |
| Operating result before depreciation (EBITDA) | 17,594 | 9,969 | -11,599 | 10,525 | 4,306 | -15,246 | 10,301 | 5,248 |
| Operating result (EBIT) | 8,257 | 5,082 | -12,340 | 9,565 | 2,373 | -13,459 | -1,710 | 1,188 |
| Assets | 1,770,941 | 411,411 | 971,933 | 1,163,069 | -668,343 | -226,353 | 2,074,531 | 1,348,127 |
| Other income relating to electricity and certificates | 834 | 799 | - | - | - | - | 834 | 799 |
|---|---|---|---|---|---|---|---|---|
| Income from crane rental | - | - | 4,922 | - | - | - | 4,922 | - |
| Gain on sale of property, plant and equipment | - | - | - | - | - | - | - | - |
| Other items | - | - | 100 | 419 | - | - | 100 | 419 |
| 834 | 799 | 5,022 | 419 | - | - | 5,856 | 1,218 |
| 12 months | Wind power opera tions |
Wind power devel opment |
Eliminations | Group | ||||
|---|---|---|---|---|---|---|---|---|
| Amounts in TSEK | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
| Net sales, external | 66,744 | 27,023 | - | - | - | - | 66,744 | 27,023 |
| Net sales, internal Work performed by the company for its own use and |
- | - | 17,617 | 19,507 | -17,617 | -19,507 | - | - |
| capitalised | - | - | 18,569 | 13,262 | - | - | 18,569 | 13,262 |
| Other operating income Note 4 |
7,211 | 2,629 | 14,860 | 554 | - | - | 22,070 | 3,183 |
| Total income | 73,955 | 29,652 | 51,046 | 33,323 | -17,617 | -19,507 | 107,383 | 43,468 |
| Operational result | 56,439 | 21,862 | 50,001 | 32,757 | -16,563 | -17,707 | 89,876 | 36,912 |
| Operating result before depreciation (EBITDA) | 55,193 | 20,851 | -9,145 | -4,068 | -10,948 | -15,056 | 35,100 | 1,727 |
| Operating result (EBIT) | 22,275 | 8,713 | -12,357 | -6,838 | -11,533 | -12,673 | -1,615 | -10,798 |
| Other income relating to electricity and certificates | 7,211 | 2,629 | - | - | - | - | 7,211 | 2,629 |
|---|---|---|---|---|---|---|---|---|
| Income from crane rental | - | - | 9,313 | - | - | - | 9,313 | - |
| Gain on sale of property, plant and equipment | - | - | 4,710 | - | - | - | 4,710 | - |
| Other items | - | - | 837 | 554 | - | - | 837 | 554 |
| 7,211 | 2,629 | 14,860 | 554 | - | - | 22,070 | 3,183 |
| 2010 | 2009 | 2010 | 2009 | |
|---|---|---|---|---|
| Amounts in TSEK | Q4 | Q4 | 12 mth | 12 mth |
| Net sales | 945 | 8,330 | 10,357 | 18,086 |
| Work performed by the company for its own use and capitalised | 4,788 | 6,073 | 13,200 | 8,627 |
| Total income | 5,733 | 14,403 | 23,557 | 26,713 |
| Staff costs | -7,079 | -4,559 | -22,322 | -15,869 |
| Other external expenses | -3,630 | -3,442 | -13,164 | -9,825 |
| Operating result before depreciation (EBITDA) | -4,976 | 6,402 | -11,929 | 1,019 |
| Depreciation of property, plant and equipment | -558 | -87 | -963 | -260 |
| Operating result (EBIT) | -5,534 | 6,315 | -12,892 | 759 |
| Financial income | 3,108 | 1,645 | 6,090 | 5,588 |
| Financial expense | 1,088 | - | -467 | -9 |
| Profit/loss before tax | -1,338 | 7,960 | -7,269 | 6,338 |
| Income tax | 262 | -2,136 | 1,822 | -868 |
| Net result and comprehensive income | -1,076 | 5,824 | -5,447 | 5,470 |
| 2010 | 2009 | |
|---|---|---|
| - In summary, amounts in TSEK | 31 Dec | 31 Dec |
| Property, plant and equipment | 254,181 | 41,724 |
| Financial assets | 539,867 | 323,041 |
| Other current assets | 413,914 | 134,747 |
| Cash and cash equivalents | 37,561 | 234,531 |
| TOTAL ASSETS | 1,245,523 | 734,043 |
| Restricted equity | 2,526 | 1,715 |
| Unrestricted equity | 1,223,918 | 696,564 |
| Current liabilities | 19,079 | 35,764 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,245,523 | 734,043 |
| 2010 | 2009 | |
|---|---|---|
| - In summary, amounts in TSEK | 31 Dec | 31 Dec |
| Opening balance | 698,279 | 377,854 |
| Total comprehensive income | -5,447 | 5,470 |
| Issue of new shares | 533,012 | 314,963 |
| Use of treasury shares in connection with acquisition of assets | 600 | -8 |
| Closing balance | 1,226,444 | 698,279 |
Arise Windpower applies the International Financial Reporting Standards (IFRS), as adopted by the EU, and the interpretations of these (IFRIC). This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The parent company's financial statements have been prepared in accordance with the Swedish Annual Accounts Act and Recommendation RFR 2 of the Swedish Financial Reporting Board. Unless otherwise stated, the accounting policies are the same as those applied in the latest annual report.
New and revised IFRS and interpretations from IFRIC that are applicable for the Group as of 1 January 2010 have not had any significant impact on consolidated earnings or on the Group's financial position.
New or revised IFRS and interpretations are not deemed to have had any significant impact on Arise Windpower's financial statements, with the exception of IFRS 3 Business Combinations, which states that transaction costs incurred in connection with acquisitions should not be included in the cost of the acquisition but should be expensed in the income statement. Additional descriptions of new and amended accounting policies are found in the latest annual report.
Peter Nygren, CEO Tel. +46 (0)706-300 680 Thomas Johansson, CFO Tel. +46 (0)768-211 115
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