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Arise AGM Information 2020
3135_rns_2020-05-06_9055dfb1-973b-445a-a704-0c332b185ee0.pdf
AGM Information
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ARISE
Renewable energy for a sustainable future
AGM 6 May, 2020
Daniel Johansson
CEO, Arise AB
arise
VISION & MISSION
We develop renewable energy for a sustainable future!
- We want to be the obvious partner for investors in wind power by creating value throughout the life cycle
- We want to maximise the value of our green electricity production through professional operation, management, sales and financing
arise
ARISE IN BRIEF
| 2007
Business founded | 30
No. of employees | 850 MW
Project portfolio |
| --- | --- | --- |
| 139 MW
Own wind power operations | 1 300 MW
Wind power under mngmt, Sweden & Norway | 276 MW
Wind power under construction |
arise
GEOGRAPHICAL OVERVIEW
Own wind power operations
Managed wind farms
Wind farms under construction
Sold wind farms
Project under development
- TELLENES
arise
Diversified customer and supplier base
Well renowned and recurring customers as well as relationships with leading suppliers
CUSTOMERS
Allianz BLACKROCK KUM BRO IACQUARE re WHITEHELM CAPITAL Foresight FOR A SHARTER FUTURE
TURBINE SUPPLIERS
NORDEX SENVION SIEMENS Gamesa Vestas
arise
Promising project pipeline
| Project | Size | Timing, FC | Profit potential |
|---|---|---|---|
| Ranasjöhöjden, Swe | 25 WTGs / ~150 MW | 2020 | Good |
| Salsjöhöjden, Swe | 14 WTGs / ~84 MW | 2020 | Moderate |
| Fasikan, Swe | 15 WTGs / ~90 MW | 2021–2022 | Good to excellent |
| Kölvalen, Swe | 47 WTGs / ~282 MW | 2021–2022 | Excellent |
| Finnåberget, Swe | 25 WTGs / ~150 MW | 2021–2022 | Good to excellent |
| Tormsdale, Scotland | 16 WTGs / ~72 MW | 2022–2023 | Excellent |
| Total | 142 WTGs / ~828 MW |
Attractive project portfolio of approx. 850 MW with profit multiples expected to range between 1-2 MSEK/MW
2019 IN BRIEF
Full year 2019, 1 January-31 December, 2019
- Net sales for the year amounted to MSEK 454 (343)
- Sale of the company's 50 percent ownership in Jädraås, which strengthened the cash position by almost MSEK 200
- Successful sale of the Skaftåsen project at the end of the year, which is expected to contribute profits of at least MSEK 210, including MSEK 140 that was received and recognized during 2019
- Operating profit before depreciation and amortization, excl. associates (Adj. EBITDA) totalled MSEK 217 (191) and incl. associates (EBITDA) MSEK -56 (191)
- Operating profit, excl. associates (Adj. EBIT) amounted to MSEK 142 (118) and incl. associates (EBIT) MSEK -131 (118)
- Profit before tax, excl. associates (Adj. EBT) amounted to MSEK 60 (28) and incl. associates (EBT) MSEK -233 (28)
- Net income, excl. associates (Adj. net income) amounted to MSEK 53 (21) and incl. associates MSEK -235 (21), corresponding to SEK -7.03 (0.64) per share before dilution and SEK -7.03 (0.64) after dilution
- Operating cash flow was MSEK 327 (114) and total cash flow was MSEK 305 (-85)
- Production from Own wind power operations was 333 (295) GWh
- Average income from Own wind power operations was SEK 436 per MWh (512), of which SEK 333 per MWh (344) from electricity and SEK 103 per MWh (169) from electricity certificates, incl. guarantees of origin
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Q1, 2020
Q1, 1 January-31 March, 2020
- Net sales for the quarter amounted to MSEK 50 (81)
- Operating profit before depreciation and amortization (EBITDA) was MSEK 26 (-232)
- Operating profit (EBIT) was MSEK 7 (-251)
- Loss before tax amounted to MSEK -7 (-294)
- Loss after tax amounted to MSEK -7 (-288) corresponding to SEK -0.21 (-8.61) per share
- Operating cash flow was MSEK 8 (40)
- Production from Own wind power operations was 124 GWh (103). The increase was due to stronger winds than last year
- Average income from Own wind power operations was SEK 314 per MWh (475), of which SEK 236 per MWh (363) from electricity and SEK 78 per MWh (112) from electricity certificates, including guarantees of origin
- Arise repurchased bonds for a nominal MSEK 150 during the quarter. This repurchase relates to the company's secured bonds with an outstanding nominal amount of MSEK 650 (ISIN: SE0010920900). The average repurchase price for the bonds corresponds to 98.2% of the bonds' nominal amount, meaning just over MSEK 147. The purpose of the repurchase was to reduce gross debt and improve Arise's net interest expenses. The repurchases were enabled by the company's strong cash position
arise
STRONG FINANCIAL POSITION
Net debt, MSEK
Debt, 31 March 2020
- MSEK 500 secured bond
- All-in hedged interest: ~6 %
- No amortisation
- Maturity: March 2021
- Security: 10 wholly-owned wind farms, 139 MW
- MSEK 240 (IFRS MSEK 234) in convertible bonds, convertible into shares @ 22 SEK/share, maturing in 2022
- An additional MSEK 20 have been converted after the end of the quarter
- Cash position of MSEK 224 (after repurchase of nominal MSEK 150 of secured bonds)
A strong financial position enables a significant reduction of financial costs in conjunction with planned refinancing in 2020 and increased profitability within Own wind farm operations
*Net debt 31 March 2020 adjusted for conversion of convertibles in April 2020
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OUTLOOK
- Focus on completion of the Bröcklingberget project and final settlement of both the Bröcklingberget and Enviksberget projects in H1 2020
- Sale of the projects Ranasjö- & Salsjöhöjden (215 - 240 MW) late 2020
- Refinancing of the remaining MSEK 500 in secured bonds at attractive terms
- Progress, grow and diversify project pipeline
- Extend the remaining useful life of Own wind farms
- Continued focus on profitable growth
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Thank you for your attention!
