Aligera Holding AB (publ) Interim Report January 1 December 31, Interim Report January 1 to December 31 Q4 2015

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Brook Booker
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1 1 Interim Report January 1 to December 31 Q4

2 mkr Aligera Holding AB (publ) 1 Interim Report January 1 December 31 Fourth quarter Net sales for the quarter amounted to 13.9 (13.0) MSEK. Operating profit before depreciation (EBITDA) amounted to 8.7 (8.5) MSEK. Profit before tax amounted to 12.0 (0.6) MSEK. Profit after tax amounted to 9.4 (0.5) MSEK. Power production, including production guarantees amounted to 21.4 (19.9) GWh. Production has been good and with no major technical problems. Twelve months Net sales for the first half year amounted to 66.1 (36.2) MSEK. Operating profit before depreciation (EBITDA) amounted to 50.4 (29.5) MSEK. Profit before tax amounted to 12.7 (7.8) MSEK. Profit after tax amounted to 10.0 (6.1) MSEK. Power production, including production guarantees amounted to (55.7) GWh. Our bond with ISIN SE was listed on Nasdaq Stockholm on 27 January. Kristoffer Löfgren has taken over as the new CEO of Aligera Holding AB. An office for the company s management functions has been established in Stockholm. An additional and last tap of MSEK in our bond Aligera have received a "green bond" certification from Cicero. Our bond have on August 24, changed list to Nasdaq Stockholm new Sustainable Corporate Bond List. Aligera have acquired a stake of 20% of the share capital in Slitevind AB, one of the pioneers in Swedish wind power. The company have a production of 98 GWh and a very interesting project portfolio. GROUP IN SHORT FIRST NINE MONTHS % 81% 80% 79% 78% 77% 76% 75% 74% Turnover EBITDA margin 73% PRODUCTION DURING PERIOD (INCLUDING PRODUCTION GUARANTEE) GWh DEPLOYED CAPACITY 104 GWh NUMBER OF WIND TURBINES 15 EBITDA 50.4 MSEK RESULTS BEFORE TAX 12.7 MSEK EQUITY MSEK EQUITY RATIO 31%

3 2 Aligera Holding AB (publ) Aligera Holding AB (publ) is a long-term owner of renewable energy production assets and specifically in wind energy. The Group has only invested in operational wind plants and through this avoided the risks that are related to own project development. Aligera Holding is a public company with its subsidiaries, forming a group that intends during the coming years to grow their holdings and to develop new wind farms. The aim is to build long term holdings that generate returns to owners and to contribute to the expansion of renewable energy. Aligera Holding Group holding consists per 31 December of 14 wholly-owned and 2 half owned, of which 6.5 are located in the price range SE3 and 8.5 the price range SE4. One of the turbines is a Danish Vestas V90 2 MW turbine, two are Danish Vestas V MW turbines, two are German Enercon E-82 2 MW turbines, four and a half German Fuhrländer FL MW turbines and five and a half are Chinese Sinovel SL MW turbines. BUSINESS MODEL Aligera Holding AB is one of Sweden's leading companies in onshore wind power with the business model to manage the wind power parks and to sell the electricity produced. Aligera Holding AB's business model is to acquire deployed, turnkey wind power plants in order to maximize shareholder value in the company. The company continuously invests in production facilities where both production, price guarantee and availability guarantee is obtained for five years after the investment has been made. Through the sale of produced electricity and electricity certificates, the company creates revenue. Through long-term contracts with established suppliers we obtain service, maintenance, monitoring and insurance with the highest quality. Which in the long term contributes to successfully establish and manage further wind power. The company operates with the most efficient organization possible. This means that the company does not have its own staff. All management, operation and administration have so far been purchased by external partners. The company is run by a very active and committed Board of Directors and CEO. Aligera Holding AB prefer to do their acquisition of wind turbines in southern Sweden, exclusively in price range 3 and 4, in order to ensure high availability and maximum production, in all seasons. Aligera Holding strongly believe in climate improvement through renewable energy and wants to grow its holding in wind turbines and wind farms with by sustainability as a pillar, we want to contribute to a greener society.

3 Comments from the CEO The fourth quarter was operationally relatively uneventful, no acquisitions were made, and our wind turbines delivered according to plan.

At the same time, we have gone in as the largest shareholder in the company Slitevind AB with an ownership interest of approximately 20%, we now have a board member representative in Slitevind and

4 3 Comments from the CEO The fourth quarter was operationally relatively uneventful, no acquisitions were made, and our wind turbines delivered according to plan. During the year, we grew by acquiring an additional wind turbine of 2,5MW and a smaller increase to 62% of a wind turbine that we previously had an ownership of 50% in. At the same time, we have gone in as the largest shareholder in the company Slitevind AB with an ownership interest of approximately 20%, we now have a board member representative in Slitevind and expect future collaborations. Slitevind is a Gotland-based wind power company with 98 GWh in production mainly on Gotland and in southern Sweden. During the year we also established an office in Stockholm and listed our bond and received a Green certification bond, the bond is now listed on Nasdaq Stockholm Sustainability list. POWER PRODUCTION Fourth quarter and more or less throughout the year contained very favorable winds. We had production problems in three wind turbines during the second and third quarters. This is now fixed, and thanks to the good winds during the year, we came in at the budgeted production level. WEATHER AND MARKET During in Sweden electricity production and export came in on record levels. Electricity production has been the second highest ever in Sweden since the extreme rainfall has given hydropower plants overflowing reservoirs and accounted for 47% of total production, while exports were the highest ever at 22.6 TWh. Wind power hit record and accounted for 10% of total production in Sweden. Electricity consumption was the second lowest in 15 years, the contributing factor to this was that it was a very warm year, with reduced heating requirements. The price of electricity during the year was the lowest since 2000 main reasons for this has been the record warm weather, record high rainfall, the low price of coal, oil and CO2, as well as the high availability in the nuclear power plants. FUTURE It is obvious to more and more that the future is renewable and that wind energy has a significant role to play in the transition to a sustainable energy supply. There are major challenges in the industry and especially for electricity producers in category coal and nuclear power. In the beginning of 2016, Vattenfall has indicated that more nuclear power plants may close prematurely, in addition to the four nuclear power plants, where closure was decided in October. Main reasons to this is the profitability problems and huge future investment needs. Of our ten Swedish nuclear power plants are decisions taken that four will be closed before 2020, the big question is if it will be more. The owners of nuclear power plants are driven by profitability and today they lose money on the business. Exports will increase from the Nordic to the continent. Baltic cable between Sweden and the Baltic countries have been test-run at the beginning of 2016 and will shortly go for the full capacity, it is a 700MW cable, which will eat up a portion of the surplus in the electricity market. While Norway is building two cables of 2000MW each to Germany and the UK, which will be in operation within 1-3 years. Current market situation is not easy, but it opens up for new opportunities, unless the high Nordic average temperatures, record rainfall, low oil / coal price lasts forever, there must be a great opportunity to buy electricity production capacity at a favorable price. Kristoffer Löfgren, CEO

4 Holdings KLEMEDSTORP Price area/region: se-4/eslöv Manufacturer/model: Enercon/e-82 Turbines: 2 Effect/turbine: 2 MW Calculated annual production: 11,410 GWh Date of commissioning: 2011 STRÖMMESTAD

5 4 Holdings KLEMEDSTORP Price area/region: se-4/eslöv Manufacturer/model: Enercon/e-82 Turbines: 2 Effect/turbine: 2 MW Calculated annual production: 11,410 GWh Date of commissioning: 2011 STRÖMMESTAD Price area/region: se-3/mjölby Manufacturer/model: Vestas/V-100 Turbines:: 2 Effect/turbine: 2 MW Calculated annual production: 11,110 GWh Date of commissioning: 2013 LILLÄNG Price area/region:: se-3/skara kommun Tillverkare/modell: Fuhrländer/FL2500 Turbines: 0,6 (Aligera äger 62 % av verk) Effect/turbine: 2,5 MW Calculated annual production: 4,080 GWh (Aligeras) Date of commissioning: 2011 STOR KVILLA Price area/region: se-4/torsås kommun Manufacturer/model: Sinovel/SL3000 Turbines: 3 Effect/turbine: 3 MW Calculated annual production: 25,150 GWh Date of commissioning: MORTORP 1 Price area/region: se-4/kalmar kommun Manufacturer/model: Fuhrländer/FL2500 Turbines: 1 Effect/turbine: 2,5 MW Calculated annual production: 7,030 GWh Date of commissioning: 2012 MORTORP 2 Price area/region: se-3/kalmar kommun Manufacturer/model: Sinovel/SL3000 Turbines: 2,5 (Aligera äger 83% av verken) Effect/turbine: 3 MW Calculated annual production: 19,375 GWh (Aligeras) Date of commissioning: SANNERSBY Price area/region: se-3/lilla Edet kommun Manufacturer/model: Vestas/V-90 Turbines: 1 Effect/turbine: 2 MW Calculated annual production: 5,564 GWh Date of commissioning: 2011 VÄRSLEN Price area/region: se-3/mariestad kommun Manufacturer/model: Fuhrländer/FL2500 Turbines: 1 Effect/turbine: 2,5 MW Calculated annual production: 6,850 GWh Date of commissioning: 2012 STORA FARSNÄS Price area/region: se-3/marks kommun Manufacturer/model: Fuhrländer/FL2500 Turbines: 2 Effect/turbine: 2,5 MW Calculated annual production: 13,202 GWh Date of commissioning: 2012

6 GWh Aligera Holding AB (publ) 5 Power generation The quarter production was in line with the budgeted production, we had in the quarter no major technical problems, although occasional downtime always occurs. The winds were good and the full year also came in at the budget level. Production at the company's wind parks during the year amounted to SEK (55.7) GWh, an increase of 82% or 46.0 GWh. This is because we had more turbines in production now, compared with the same period in. In early, we had four wind turbines in production and during the current year we had 15 wind turbines, however, three of them had technical problems for a long period during the second and third quarter, all problems have now been resolved and are in production. Production first nine months Total energy production PRODUCTION DURING PERIOD (INCLUDING PROCTION GUARANTEE) GWh DEPLOYED CAPACITY 104 GWh 20 0 NUMBER OF TURBINES 15

7 6 Investments During the quarter, no direct investments has been made in wind turbines. Net sales and profit Net sales and other revenues for the quarter amounted to 13.9 (13.0) MSEK, the increase is mainly attributable to the increase in number of wind turbines and the ok wind speeds during this quarter compared with the same quarter of. Operating expenses increased from -8.6 MEK to MSEK, mainly due to that the Company has increased the number of wind turbines and thus increased its costs relating to the operational contract costs and the depreciation. Operating profit before depreciation (EBITDA) amounted to 8.7 (8.6) MSEK. Operating profit (EBIT) amounted to 1.9 (4.4) MSEK including deprecations of -6.8 (-4.1) MSEK. Financial net was -8.2 (-3.8) MSEK, where the difference is explained by increased interest costs of -8.4 (-4.3) MSEK primarily related to the bond program. Profit before tax amounted to 12.0 (0.6) MSEK, profit after tax was 9.4 (0.5) MSEK. Cash flow Cash flow from operating activities before changes in working capital was 0.5 (4.3) MSEK. Changes in working capital, cash flow increased by 12.3 (-0.9) MSEK, which generated a cash flow from operating activities 12.8 (3.4) MSEK. Investments in tangible fixed assets amounted to -1.7 (-128.0) MSEK, after the cash flow after investments amounted to (-167.9) MSEK. The net amount of long and short term interest bearing liabilities increased cash flow by 0.0 (151.4) MSEK. Interest rates of -8.4 (-4.3) MSEK has been paid and the interest rates obtained in about 0.2 (0.0) MSEK, after which the cash flow for the quarter amounted to (-13.0) MSEK. Financing and liquidity Interest-bearing net debt amounted to (386.7) MSEK. The equity ratio at the end of the period was 31 percent. Cash and cash equivalents amounted to 53.9 (13.4) MSEK. At the end of the period there remained no unused credit. Since Aligera Holding AB only has Swedish subsidiaries, tax has been calculated for the Swedish tax rate 22.0 percent. Considered the group's tax depreciation possibilities, it is deemed that no taxes paid will be reported in the coming years. Valuation of wind turbines are made at the end of the year based on a DCF analysis, taking into account the public information on transactions made in the market in and. Related party transactions Aligera Holding AB is the parent company of Aligera Holding Group is a subsidiary of Aligera AB and are considered to have significant influence over the Group. Other related parties are all subsidiaries within the Group, senior executives of the Group, ie Board and management, its family members and company senior executives possess. During the quarter, no related party transaction conducted.

8 7 Risks and uncertainties The markets for both electricity and certificates have moved down slightly in the quarter. The exchange rate EUR / SEK has continued to rise although only compensates the low electricity prices marginally. The interest rate is also at historically low levels and a further decline is not impossible. The focus of monitoring is primarily on the development of electricity and certificate prices and exchange rates, especially EUR and our counterparty risks for production guarantee, availability, warranty and guarantee. The Group's risks and uncertainties are described in the Company's Annual Report for the year and in the bond prospectus dated 27 January. Parent company The Parent Company has accounted for the main work with the procurement of turnkey plants for wind, handled Group trading of electricity and electricity certificates and performed administrative services. The parent company manages the Group's production plans and monitors the company's agreements regarding availability guarantee, production, warranty and guarantee. The electricity-generating subsidiaries sell its electricity to the customer under the agreement. The parent company's total income during the quarter amounted to 0.6 (5.4) MSEK and expenses totaled -0.2 (-0.9) MSEK and the operating profit (EBIT) was 0.3 (4.5) MSEK. Net financial items of -7.3 (-4.1) MSEK and the group contribution of 29.6 (-0.4) MSEK resulted in the net profit after tax amounted to 17.6 (0.0) MSEK. Ownership A list of the company's ownership structure is available on the Company's website ( Audit report This report has not been audited by the auditor.

9 8 Financial calendar Annual Report April 2016 Annual General Meeting April 2016 Interim report first quarter 18 May 2016 Interim report second quarter 28 August 2016 Interim report third quarter 10 November 2016 Interim report fourth quarter 24 February 2017 Please contact us For further information, please contact: Kristoffer Löfgren, CEO +46 (0) Aligera Holding AB Org.nr LIDKÖPING STOCKHOLM Fabriksgatan 4 Grev Turegatan Lidköping Stockholm info@aligera.se

10 9 Consolidated statement of comprehensive income ksek Operating income Q 4 Q 4 Full year Full year Net sales Other Total operating income Operating expenses Other external costs Depreciation Total operating expenses Operating income Profit from financial items Financial income Financial expenses Financial items - net Group contribution Profit before tax Tax Net profit The group found no items that are recognized as other comprehensive income and hence total comprehensive income consistent with this year's results.

11 10 Consolidated balance sheet ksek ASSETS Dec 31 Dec 31 Fixed assets Tangible fixed assets Share in wind turbines Total tangible assets Financial assets Shares in associated companies Other share holdings Group receivables Other long-term receivables Total financial assets Total fixed assets Current assets Accounts receivable Current tax assets Receivables from group companies Receivables from affiliated companies Other receivables Prepaid expenses and accrued income Cash and cash equivalents Total current assets TOTAL ASSETS

12 11 Consolidated Balance Sheet, cont. ksek EQUITY Dec 31 Dec 31 Equity attributable to Company shareholders Share capital Other capital Retained earnings including net comprehensive income Total equity LIABILITIES Long-term liabilities Liabilities bond Deferred taxes Total long-term liabilities Current liabilities Accounts payable Current tax liabilities 3 0 Liabilities to related companies Other liabilities Accrued expenses and deferred income Total current liabilities TOTAL EQUITY AND LIABILITIES

13 12 Changes in equity for the Group ksek Share capital Other contributed capital Balanced result Ink. this year overall results Total equity Balance at January 1, Shareholder contributions Change the acquisition of subsidiaries Net profit Overall Results Closing balance as of December 31, Shareholder contributions Net profit Overall Results Closing balance as of December 31,

14 13 Cash Flow Statement ksek Cash flow from operating activities Q 4 Q 4 Full year Full year Operating income Depreciation Interest received Interest paid Paid income tax Cash flows from operating activities before working capital changes Cash flow from changes in working capital Increase / decrease in trade receivables Increase / decrease in current receivables Increase / decrease in accounts payable Increase / decrease in current liabilities Total change in working capital Cash flow from operating activities Cash flows from investing activities Acquisition of financial assets Acquisition of tangible assets Cash flows from investing activities Cash flows from financing activities Borrowing Shareholder contributions Cash flows from financing activities Cash flow Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

15 14 Consolidated key figures Operational key figures Full year Full year Commissioned capacity at end of period, GWh Commissioned effect at end of period, MW 38,35 35 Key financial figures EBITDA margin,% Operating margin% Capital employed, ksek Equity, ksek Interest-bearing net debt, ksek Equity ratio,% Debt to equity ratio, X

16 15 Parent company income ksek Operating income Q 4 Q 4 Full year Full year Net sales Other operating income Total operating income Operating expenses Costs attributable to the bond 0 0 Other external costs Depreciation Total operating expenses Operating income Profit from financial items Financial income Financial expenses Financial items - net Allocations Profit before tax Income tax Net profit The parent company are no items recognized in other comprehensive income and hence total comprehensive income is consistent with this year's results.

17 16 Parent company balance sheet ksek ASSETS Dec 31 Dec 31 Tangible assets Wind Turbines Total tangible assets Shares in group companies Other share holdings Group liabilities Other long-term receivables Total financial assets Total fixed assets Current assets Accounts receivable Current tax assets 3 1 Other receivables Prepaid expenses and accrued income Total current assets Cash equivalents Cash TOTAL ASSETS

18 17 Parent Company Balance Sheet, cont. ksek EQUITY Dec 31 Dec 31 Share capital Total equity Unrestricted equity Retained earnings Net profit including net comprehensive income 0 0 Total unrestricted equity Total equity LIABILITIES Long-term liabilities Liabilities bond Total long-term liabilities Current liabilities Accounts payable 7 49 Other liabilities Accrued expenses and deferred income Total current liabilities TOTAL EQUITY AND LIABILITIES

19 18 Changes in equity for the Parent Company ksek Share capital Balanced profit And this year overall results Total equity Balance at January 1, Registration of company Capitalization of company Annual result 0 Overall Results Closing balance as of December 31, Shareholder contribution Annual result 0 0 Overall Results Closing balance as of December 31,

20 19 Cash flow statement for parent company ksek Cash flow from operating activities Q 4 Q Full year Full year Operating income Depreciation Interest received interest paid Paid income tax Cash flows from operating activities before working capital changes Cash flow from changes in working capital Increase / decrease in trade receivables Increase / decrease in current receivables Increase / decrease in accounts payable Increase / decrease in current liabilities Total change in working capital Cash flow from operating activities Cash flows from investing activities Acquisition of financial assets Acquisition of tangible assets Cash flows from investing activities Cash flows from financing activities Borrowing Shareholder contributions Cash flows from financing activities Cash flow Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

21 20 Tangible assets for the Group ksek financial year Shares in wind turbine Advances for construction in progress Opening book value Purchases Depreciation Closing book value Total As of December 31, Cost of acquisition Accumulated amortization Book value Financial year Opening book value Purchases Depreciation Closing book value As of December 31, Cost of acquisition Accumulated amortization Book value

22 21 Definitions EBITDA-margin Operating margin Interest-bearing net debt Debt to equity ratio Equity ratio Capital employed Operating income before depreciation (EBITDA) in relation to total income. Operating profit (EBIT) in relation to total income. Interest-bearing liabilities less cash and restricted cash. Interest-bearing net debt to equity Equity in relation to total assets. Shareholders' equity plus net debt.

Aligera Holding AB (publ) Interim Report January 1 June 30, Interim Report January 1 to June 30 Q2 2016

Aligera Holding AB (publ) Interim Report January 1 June 30, Interim Report January 1 to June 30 Q2 2016 1 Interim Report January 1 to June 30 Q2 mkr Aligera Holding AB (publ) 1 Interim Report January 1-June 30 Second quarter (1 April-June 30) Net sales for the quarter amounted to 11.0 (9.8) MSEK. Operating