Quarterly Report • May 20, 2010
Quarterly 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 in southern Sweden. The company is aiming to install and put into operation about 300 wind turbines with an annual output of about 2 TWh of green electricity by 2014. Arise Windpower is listed on NASDAQ OMX Stockholm.
In the second quarter we continued to expand capacity at the company's wind farms, and we now have 102.5 MW in operation or under construction, which is in line with plan.
According to Danish wind energy figures, the energy content of the wind was relatively normal during the period (96 per cent of a normal year).
The construction projects in Idhult (8 Vestas turbines, 16 MW) and Fröslida (6 GE turbines, 15 MW) are going to plan, and the two farms are scheduled to be taken into operation in late autumn 2010. A decision has also been made to add a further 3 turbines (7.5 MW) at the Fröslida farm, which will be taken into operation at the same time as the other turbines.
Construction has begun on the Kåphult wind farm (7 GE turbines, 17.5 MW) and a long-term loan agreement has been concluded with Swedbank. The specific investment cost is about SEK 5.3 per annual kilowatt hour and the estimated pre-tax return comfortably exceeds 10 per cent.
The Swedish krona has continued to strengthen against the euro, which is positive, as a large portion of the company's investments are in euro. Another positive factor is that interest from banks to provide loan funding for wind power projects remains strong. This is partly due to the general decline in the number of wind power projects in Europe but is also explained by the proven success of the company's business model and the fact that the company is now listed.
The company's model of projectfunding individual projects as they are realised has proved advantageous, and the company has therefore chosen, for the time being, to decline an offer of a major SEK 1.5 billion credit facility. This will avoid unnecessary up-front credit expenses.
The sale of the power grid station in Knäred was recognised in the accounts during the quarter, resulting in a one-off gain of about SEK 4.7 million, which is slightly more than the previously communicated figure of SEK 3.8 million.
Wind-wise, the second quarter is seasonally weak, and this proved to be the case this year too. See the following graph, which shows the quarterly distribution of available energy in the wind (wind energy) based on Danish wind energy figures for the years 1979–2009 (www.vindstat.dk).
The best time for annual servicing of the turbines is during the less windy months when the loss of income during standstill periods is generally lowest. All operational turbines were therefore serviced during the reporting period.
The average income per megawatt hour for electricity and electricity certificates in the quarter were slightly above the market price (SEK 725/MWh compared with an average market price at NordPool of SEK 667/MWh), which was due to previous price hedges.
Access to wind turbines has been further secured through a supplementary agreement with GE, which was concluded on favourable terms and covers deliveries also in 2012.
The Swedish Armed Forces have announced certain restrictions on the construction of wind turbines in the proximity of ten named airfields. The company's wind farms which are currently in operation or under construction are not affected by the restrictions. Nor do they affect the company's short-term or long-term expansion targets.
A partnership agreement has been signed with Solid Vind under which Solid, for a limited period, will prospect for new wind turbines in Skåne.
The company's crane has been delivered and an agreement on operation and maintenance of the crane has been signed with Jinert AB, a crane operator in Hässleholm. The crane is now fully employed in lifting the company's turbines in Idhult.
Events after the reporting period: A long-term loan agreement has been signed with Nordea in respect of the Idhult wind farm and the company's crane and related equipment.
The expansion target for 2010 has now largely been achieved, and the company is therefore focusing on the planned expansion in 2011 (approx. 160 MW, which is equivalent to 65– 70 turbines) and beyond.
Our projects and operations organisation has been further strengthened and the company's financial position remains very strong, with cash assets of SEK 620 million and a further SEK 446 million in unused credit facilities, grants and committed lines of credit. The company is therefore well equipped for the planned expansion.
Halmstad, August 2010 Peter Nygren CEO, Arise Windpower AB
All turbines, with a combined capacity of 10 MW in Råbelöv and 12.5 MW in Brunsmo, are now operational and have been handed over by the suppliers, Vestas and GE Wind.
Decisions have been made to build turbines with a capacity of a further 17.5 MW in Kåphult outside Laholm and 7.5 MW in Fröslida outside Hylte, which will increase capacity at the Fröslida farm to 22.5 MW. Both wind farms as well as 16 MW in Idhult outside Mönsterås are being built and are expected to go into operation in the second half of 2010.
The energy content of the wind in the second quarter was close to normal.
Net sales in the second quarter were TSEK 14,538 (6,042). Expenditure of TSEK 4,647 (3,350) was capitalised. Other income was TSEK 8,422 (-) and refers mainly to a recognised capital gain of SEK 4.7 million (-) relating to the sale of the Knäred facility, standstill payments and a gain of SEK 3.3 million (0.6) relating to power trading, see Note 1 on page 7.
The operating result before depreciation (EBITDA) was TSEK 10,819 (-2,582). The operating result (EBIT) was TSEK 3,124 (-4,757), which includes scheduled depreciation in the amount of TSEK 7,695 (-2,175).
The net financial expense was TSEK -5,689 (-3,254) and the loss before tax was TSEK -2,565 (-1,503). Earnings after tax were TSEK -1,891 (-1,108), which corresponds to earnings per share of SEK -0.06 (-0.08).
The total result for the quarter was a loss of TSEK -11,062 (-3,917) after cash flow hedges of electricity, interest rates and currencies reduced the total result by a net TSEK -9,171.
Investments in the quarter were TSEK 214,486 (219,253), all of which refers to the planned expansion of wind power capacity. Sales of property, plant and equipment, relating mainly to the electrical installation in Knäred, were TSEK 92,300 (-).
Arise Windpower's cash flow from operating activities was TSEK -6,795 (-50,107) and cash flow after investing activities was TSEK -127,378 (-263,864). Long-term and current interest-bearing liabilities were reduced through repayments, TSEK -3,625 (180,000), while interest payments reduced the cash flow by TSEK -11,308 (-9,014). TSEK 13,800 (-) has been paid into frozen accounts, mainly under agreements on loan funding, resulting in a quarterly cash flow of TSEK -156,111 (-92,878).
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.
Net sales in the first half of 2010 were TSEK 28,831 (6,480). Expenditure of TSEK 8,709 (5,663) was capitalised. Other income was TSEK 9,395 (142) and refers mainly to a recognised capital gain of SEK 4.7 million (-) relating to the sale of the Knäred facility, standstill payments, gains on the sale of externally purchased electricity certificates and a gain of SEK 3.3 million (0.6) relating to power trading, see Note 1 on page 7.
The operating result before depreciation (EBITDA) was TSEK 14,965 (-7,454). Other external expenses include a oneoff loss of approximately SEK 1.6 million relating to power trading, see Note 2 on page 7.
The operating result (EBIT) was TSEK 698 (-9,957), which includes scheduled depreciation in the amount of TSEK -14,267 (-2,503). The net financial expense was TSEK -9,920 (-4,153) and the loss before tax was TSEK -9,222 (-5,804). Earnings after tax were TSEK -6,797 (-4,278), which corresponds to earnings per share of SEK -0.27 (-0.29).
The total result for the six-month period was a loss of TSEK -18,501 (-4,728) after cash flow hedges of electricity, interest rates and currencies reduced the total result by a net TSEK -11,704.
Investments in the first half of 2001 were TSEK 319,030 (338,451), all of which refers to the planned expansion of wind power capacity. Sales of property, plant and equipment, relating mainly to the electrical installation in Knäred, were TSEK 92,300 (-).
Arise Windpower's cash flow from operating activities was TSEK 17,363 (- 85,975) and cash flow after investing activities was TSEK -210,848 (-418,930). Long-term and current interest-bearing liabilities were reduced through repayments, TSEK -7,250 (180,000). The share offering raised a net TSEK 525,407 (-) for the Group while interest payments reduced cash flow by TSEK - 15,231 (-8,377). TSEK 13,800 (-) has been paid into frozen accounts, mainly under agreements on loan funding, resulting in a six-month cash flow of TSEK 278,278 (-247,307).
Due to previous share offerings the Group reports an interest-bearing net asset of TSEK 26,836 compared with interest-bearing net liabilities of TSEK -308,385 for the same period the year before. The equity/assets ratio at the end of the period was 63.4 (39.2) per cent.
Cash and cash equivalents were TSEK 619,586 (161,615), in addition to which there were unused credits and grants at the end of the period of TSEK 266,000 (237,000).
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 882. There have been no other transactions with related parties.
There have been no changes in the Group's contingent liabilities.
Outlook
The company's finances are strong, with cash assets of SEK 620 million as well as unused credits, grants and committed lines of credit totalling a further SEK 446 million. The company's expansion is going to plan. The target is to build 35 new turbines in 2010, including Brunsmo, which would bring the total capacity in operation or under construction at year-end to about 110 MW. The company's long-term target is to build 300 turbines by 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 ample opportunity to achieve its planned expansion until the end of 2011. 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 also 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 projects |
No. of wind turbines |
Total capacity (MW) |
Average output per turbine (MW) |
|
|---|---|---|---|---|
| Farms in operation and under construction |
||||
| In operation | 3 | 22 | 47 | 2.1 |
| Under construction | 4 | 24 | 56 | 2.3 |
| Project portfolio | ||||
| Permits received/acquired | 2 | 8 | 16 | 2.0 |
| Permits pending | 26 | 258 | 549 | 2.1 |
| Project planning completed | 16 | 122 | 263 | 2.2 |
| Leases signed | 3 | 42 | 92 | 2.2 |
| Total portfolio | 54 | 476 | 1,023 | 2.1 |
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.
Wind power projects where the wind farm has been taken into production after completion of test runs and is generating electricity.
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 permit application process has been initiated. The Company is applying 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. Long-term 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 electricity-producing 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 and other income, was TSEK 12,255 (8,489) in the first six months. The net result after tax was TSEK -2,818 (-859). The parent company has paid advances for some investments on behalf of subsidiaries. Net investments in the first six months of 2010 were TSEK -81,498 (-14,926).
The company's ownership structure is presented on the company's website (www.arisewindpower.se).
The Board of Directors and Chief Executive Officer warrant and declare that this interim report gives a true and fair view of the company's and Group's operations, financial positions and results, and that it describes significant risks and uncertainties faced by the company and the companies included in the Group.
Halmstad, 25 August 2010
Arise Windpower AB (publ)
Pehr G Gyllenhammar Leif Jansson Ulf Corné Chairman Director Director
Birger von Hall Joachim Gahm Jon G Brandsar
Director Director Director
Peter Nygren CEO
We have reviewed the interim report of Arise Windpower AB (publ) for the six-month period 1 January to 30 June 2010. Responsibility for preparing and presenting this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act rests with the Board of Directors and CEO. Our responsibility is to express a conclusion on this interim financial information based on our review.
We have conducted our review in accordance with the Standard on Review Engagements (SÖG) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review involves asking questions, primarily to individuals with responsibility for financial and accounting issues, making analyses and performing other review measures. A review has a different focus and a significantly narrower scope than a full audit conducted in accordance with the Auditing Standard in Sweden (RS) and generally accepted auditing standards. The procedures employed in a review do not enable us to obtain a level of assurance which would make us aware of all significant circumstances that would have been identified in an audit. The conclusion based on a review therefore does not have the same certainty as a conclusion based on an audit.
Based on our review, nothing has come to our attention that would give us reason to believe that the interim financial information has not, in all material respects, been prepared, as regards the Group, in accordance with IAS 34 and the Swedish Annual Accounts Act and, as regards the parent company, in accordance with the Swedish Annual Accounts Act.
Gothenburg, 25 August 2010
Öhrlings PricewaterhouseCoopers AB
Bror Frid Authorised Public Accountant
| 2010 | 2009 | 2010 | 2009 | 2009 | |
|---|---|---|---|---|---|
| Amounts in TSEK | Q2 | Q2 | 6 mth | 6 mth | 12 mth |
| Net sales | 14,538 | 5,426 | 28,831 | 5,864 | 29,652 |
| Work performed by the company for its own use and capitalised |
4,647 | 3,350 | 8,709 | 5,663 | 13,262 |
| Other operating income Note 1 |
8,422 | 616 | 9,395 | 758 | 554 |
| Total income | 27,607 | 9,392 | 46,935 | 12,285 | 43,468 |
| Staff costs | -8,353 | -6,890 | -15,012 | -11,729 | -23,353 |
| Other external expenses Note 2 |
-8,435 | -5,084 | -16,958 | -8,010 | -18,388 |
| Operating result before depreciation (EBITDA) | 10,819 | -2,582 | 14,965 | -7,454 | 1,727 |
| Depreciation of property, plant and equipment | -7,695 | -2,175 | -14,267 | -2,503 | -12,525 |
| Operating result (EBIT) | 3,124 | -4,757 | 698 | -9,957 | -10,798 |
| Financial income | 893 | 3,318 | 1,176 | 4,271 | 7,402 |
| Financial expense | -6,582 | -64 | -11,096 | -118 | -8,001 |
| Profit/loss before tax | -2,565 | -1,503 | -9,222 | -5,804 | -11,397 |
| Income tax | 674 | 395 | 2,425 | 1,526 | 3,783 |
| Net result | -1,891 | -1,108 | -6,797 | -4,278 | -7,614 |
| Earnings per share before dilution, SEK | -0.06 | -0.08 | -0.27 | -0.29 | -0.44 |
| Earnings per share after dilution, SEK | -0.06 | -0.08 | -0.27 | -0.29 | -0.44 |
Treasury shares have not been included in calculating earnings per share.
| 2010 | 2009 | 2010 | 2009 | 2009 | |
|---|---|---|---|---|---|
| Amounts in TSEK | Q2 | Q2 | 6 mth | 6 mth | 12 mth |
| Net result | -1,891 | -1,108 | -6,797 | -4,278 | -7,614 |
| Other comprehensive income | |||||
| Cash flow hedges, unrealised changes in value | -12,445 | -3,811 | -15,881 | -611 | 1,012 |
| Income tax attributable to components of other comprehensive income |
3,274 | 1,002 | 4,177 | 161 | -266 |
| Other comprehensive income, net after tax | -9,171 | -2,809 | -11,704 | -450 | 746 |
| Total comprehensive income | -11,062 | -3,917 | -18,501 | -4,728 | -6,868 |
The comprehensive income is 100 per cent attributable to the shareholders of the parent.
Note 1: Other external income for Q2-10 and 6 mth-10 refers to a net gain of SEK 3.3 million (0.6) on power trading and a gain of SEK 4.7 million (-) on the sale of assets relating to the power grid station in Knäred.
Note 2: Other external expenses for 6 mth-10 refer to a one-off loss of SEK 1.6 million (-) on power trading.
| 2010 | 2009 | 2009 | |
|---|---|---|---|
| - In summary, amounts in TSEK | 30 Jun | 30 Jun | 31 Dec |
| Property, plant and equipment | 1,119,757 | 678,894 | 898,061 |
| Financial assets | 50,195 | 13,564 | 20,214 |
| Other current assets | 96,657 | 86,617 | 88,544 |
| Cash and cash equivalents | 619,586 | 161,615 | 341,308 |
| TOTAL ASSETS | 1,886,195 | 940,690 | 1,348,127 |
| Shareholders' equity | 1,195,379 | 368,859 | 680,273 |
| Non-current liabilities | 577,100 | 472,400 | 590,260 |
| Current liabilities | 113,716 | 99,431 | 77,594 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,886,195 | 940,690 | 1,348,127 |
| 2010 | 2009 | 2010 | 2009 | 2009 | |
|---|---|---|---|---|---|
| - In summary, amounts in TSEK | Q2 | Q2 | 6 mth | 6 mth | 12 mth |
| Cash flow from operating activities before changes in working capital |
4,116 | -2,631 | 8,372 | -7,553 | 1,530 |
| Cash flow from changes in working capital | -10,911 | -47,476 | 8,991 | -78,422 | -121,418 |
| Cash flow from operating activities | -6,795 | -50,107 | 17,363 | -85,975 | -119,888 |
| Acquisition of property, plant and equipment | -212,883 | -213,757 | -320,511 | -332,955 | -567,640 |
| Sale of property, plant and equipment | 92,300 | - | 92,300 | - | - |
| Cash flow after investing activities | -127,378 | -263,864 | -210,848 | -418,930 | -687,528 |
| Change in interest-bearing liabilities | -3,625 | 180,000 | -7,250 | 180,000 | 310,000 |
| Interest paid and received | -11,308 | -9,014 | -15,231 | -8,377 | -229 |
| Deposits into frozen accounts | -13,800 | - | -13,800 | - | - |
| Issue of new shares | - | - | 525,407 | - | 310,143 |
| Cash flow from financing activities | -28,733 | 170,986 | 489,126 | 171,623 | 619,914 |
| Cash flow for the period | -156,111 | -92,878 | 278,278 | -247,307 | -67,614 |
| Cash and cash equivalents at beginning of period | 775,697 | 254,493 | 341,308 | 408,922 | 408,922 |
| Cash and cash equivalents at end of period | 619,586 | 161,615 | 619,586 | 161,615 | 341,308 |
| Interest-bearing liabilities at end of period | -592,750 | -470,000 | -592,750 | -470,000 | -600,000 |
| Interest-bearing net liabilities (-) / assets (+) | 26,836 | -308,385 | 26,836 | -308,385 | -258,692 |
| 2010 | 2009 | 2009 | |
|---|---|---|---|
| - In summary, amounts in TSEK | 30 Jun | 30 Jun | 31 Dec |
| Opening balance | 680,273 | 373,587 | 373,587 |
| Total comprehensive income | -18,501 | -4,728 | -6,868 |
| Issue of new shares incl. income tax | 533,007 | - | 313,554 |
| Use of treasury shares in connection with acquisition of assets | 600 | - | - |
| Closing balance | 1,195,379 | 368,859 | 680,273 |
| 2010 | 2009 | 2010 | 2009 | 2009 | |
|---|---|---|---|---|---|
| Q2 | Q2 | 6 mth | 6 mth | 12 mth | |
| Operational key ratios | |||||
| Installed capacity at end of period, MW | 46.5 | 24.0 | 46.5 | 24.0 | 30.0 |
| Electricity production during period, GWh | 20.3 | 7.3 | 39.1 | 8.0 | 36.0 |
| No. of employees at end of period | 23 | 18 | 23 | 18 | 21 |
| Financial key ratios | |||||
| EBITDA margin, % | 74.4% | neg | 51.9% | neg | 5.8% |
| Operating margin, % | 21.5% | neg | 2.4% | neg | neg |
| Return on capital employed, % | 1.0% | neg | 1.4% | neg | 0.3% |
| Return on equity, % | neg | neg | neg | neg | neg |
| Capital employed, TSEK | 1,168,543 | 677,244 | 1,168,543 | 677,244 | 938,965 |
| Average capital employed, TSEK | 1,097,531 | 542,764 | 1,044,676 | 446,731 | 597,174 |
| Shareholders' equity, TSEK | 1,195,379 | 368,859 | 1,195,379 | 368,859 | 680,273 |
| Average shareholders' equity, TSEK | 1,200,610 | 370,818 | 1,027,164 | 371,741 | 496,410 |
| Interest-bearing net liabilities (-) / assets (+),TSEK | 26,836 | -308,385 | 26,836 | -308,385 | -258,692 |
| Equity/assets ratio, % | 63.4% | 39.2% | 63.4% | 39.2% | 50.5% |
| Interest coverage ratio, times | neg | neg | neg | neg | neg |
| Debt/equity ratio, times | 0.6 | 1.6 | 0.6 | 1.6 | 1.0 |
| Equity per share, SEK | 39 | 25 | 47 | 25 | 39 |
| Equity per share after dilution, SEK | 38 | 23 | 45 | 23 | 36 |
| No. of shares at end of period excl. treasury shares | 30,635,570 | 14,516,385 | 30,635,570 | 14,516,385 | 20,488,570 |
| Average no. of shares | 30,629,570 | 14,516,385 | 25,562,070 | 14,516,385 | 17,502,478 |
| Average no. of shares after dilution | 31,569,570 | 15,966,385 | 26,556,237 | 15,966,385 | 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 |
THE GROUP'S SEGMENT REPORTING
| operations | development | Eliminations | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Q2 -10 | Q2-09 | Q2 -10 | Q2-09 | Q2 -10 | Q2-09 | Q2 -10 | Q2-09 | ||
| Net sales, external | 14,538 | 5,426 | - | - | - | - | 14,538 | 5,426 | |
| Net sales, internal Work performed by the company for its |
- | - | 10,346 | 7,102 | -10,346 | -7,102 | - | - | |
| own use and capitalised | - | - | 4,647 | 3,350 | - | - | 4,647 | 3,350 | |
| Other income | 3,689 | 616 | 4,733 | - | - | - | 8,422 | 616 | |
| Total income | 18,226 | 6,042 | 19,727 | 10,452 | -10,346 | -7,102 | 27,607 | 9,392 | |
| Operational result | 14,247 | 4,363 | 19,686 | 10,452 | -9,829 | -7,102 | 24,104 | 7,713 | |
| Operating result before depreciation (EBITDA) |
13,670 | 3,855 | 5,836 | -3,840 | -8,687 | -2,597 | 10,819 | -2,582 | |
| Operating result (EBIT) | 6,078 | 2,041 | 4,991 | -4,201 | -7,945 | -2,597 | 3,124 | -4,757 | |
| Assets | 1,120,241 | 367,910 | 1,048,716 | 732,213 | -282,762 | -159,433 | 1,886,195 | 940,690 |
| 6 months | Wind power operations |
Wind power development |
Eliminations | Group | ||||
|---|---|---|---|---|---|---|---|---|
| 6 mth-10 | 6 mth-09 | 6 mth-10 | 6 mth-09 | 6 mth-10 | 6 mth-09 | 6 mth-10 | 6 mth-09 | |
| Net sales, external | 28,831 | 5,864 | - | - | - | - | 28,831 | 5,864 |
| Net sales, internal | - | - | 13,347 | 7,102 | -13,347 | -7,102 | - | - |
| Work performed by the company for its | ||||||||
| own use and capitalised | - | - | 8,709 | 5,663 | - | - | 8,709 | 5,663 |
| Other income | 4,635 | 704 | 4,760 | 54 | - | - | 9,395 | 758 |
| Total income | 33,466 | 6,568 | 26,816 | 12,819 | -13,347 | -7,102 | 46,935 | 12,285 |
| Operational result | 24,677 | 4,889 | 26,304 | 12,819 | -12,294 | -7,102 | 38,687 | 10,606 |
| Operating result before depr. (EBITDA) | 23,800 | 4,381 | 1,512 | -9,238 | -10,348 | -2,597 | 14,965 | -7,454 |
| Operating result (EBIT) | 9,837 | 2,567 | -332 | -9,927 | -8,806 | -2,597 | 698 | -9,957 |
Note 1: Other external income for Q2-10 and 6 mth-10 refers to a net gain of SEK 3.3 million (0.6) on power trading and a gain of SEK 4.7 million (-) on the sale of assets relating to the power grid station in Knäred.
Note 2: Other external expenses for 6 mth-10 refer to a one-off loss of SEK 1.6 million (-) on power trading.
| 2010 | 2009 | 2010 | 2009 | 2009 | |
|---|---|---|---|---|---|
| Amounts in TSEK | Q2 | Q2 | 6 mth | 6 mth | 12 mth |
| Net sales | 3,654 | 6,563 | 6,166 | 7,214 | 18,086 |
| Work performed by the company for its own use and capitalised |
413 | 778 | 3,089 | 1,275 | 8,627 |
| Other operating income | 2,628 | - | 3,000 | - | - |
| Total income | 6,695 | 7,341 | 12,255 | 8,489 | 26,713 |
| Staff costs | -5,736 | -4,805 | -10,462 | -7,408 | -15,869 |
| Other external expenses | -3,996 | -3,060 | -7,233 | -4,803 | -9,825 |
| Operating result before depreciation (EBITDA) | -3,037 | -524 | -5,440 | -3,722 | 1,019 |
| Depreciation of property, plant and equipment | -138 | -47 | -252 | -103 | -260 |
| Operating result (EBIT) | -3,175 | -571 | -5,692 | -3,825 | 759 |
| Financial income | 1,575 | 2,504 | 2,658 | 2,669 | 5,588 |
| Financial expense | -789 | - | -789 | -9 | -9 |
| Profit/loss before tax | -2,389 | 1,933 | -3,823 | -1,165 | 6,338 |
| Income tax | 629 | -509 | 1,005 | 306 | -868 |
| Net result | -1,760 | 1,424 | -2,818 | -859 | 5,470 |
| Other comprehensive income | - | - | - | - | - |
| Comprehensive income | -1,760 | 1,424 | -2,818 | -859 | 5,470 |
| 2010 | 2009 | 2009 | |
|---|---|---|---|
| - In summary, amounts in TSEK | 30 Jun | 30 Jun | 12 mth |
| Property, plant and equipment | 123,580 | 27,996 | 41,724 |
| Financial assets | 331,650 | 236,445 | 323,041 |
| Other current assets | 405,007 | 108,039 | 134,747 |
| Cash and cash equivalents | 425,590 | 22,103 | 234,531 |
| TOTAL ASSETS | 1,285,827 | 394,583 | 734,043 |
| Restricted equity | 2,526 | 1,237 | 1,715 |
| Unrestricted equity | 1,226,547 | 375,758 | 696,564 |
| Current liabilities | 56,754 | 17,588 | 35,764 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,285,827 | 394,583 | 734,043 |
| 2010 | 2009 | 2009 | |
|---|---|---|---|
| - In summary, amounts in TSEK | 30 Jun | 30 Jun | 12 mth |
| Opening balance | 698,279 | 377,854 | 377,854 |
| Net result | -2,818 | -859 | 5,470 |
| Issue of new shares | 533,012 | - | 314,963 |
| Use of treasury shares in connection with acquisition of assets | 600 | - | -8 |
| Closing balance | 1,229,073 | 376,995 | 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. 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 Bo Rydlinger, IR Tel. +46 (0)703-300 853
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