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

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Reynold Robbins
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1 1 Interim Report January 1 to June 30 Q2

2 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 profit before depreciation (EBITDA) amounted to 7.3 (6.8) MSEK. Profit before tax amounted to -6.9 (-6.4) MSEK. Profit after tax amounted to -5.4 (-5.0) MSEK. Power production, including production guarantees amounted to 16.9 (15.0) GWh. The quarter have had winds below normal and especially very weak winds in the month of June which resulted in production slightly below budget. Aligera ownership is now 50% of Samkraft, the remaining stake is owned by Slitevind AB. Samkraft has ten operational wind turbines with an annual estimated production of 65 GWh. First six months (January 1-June 30) Net sales for the quarter amounted to 30.0 (36.4) MSEK. Operating profit before depreciation (EBITDA) amounted to 23.1 (30.7) MSEK. Profit before tax amounted to -5.3 (-4.9) MSEK. Profit after tax amounted to -4.1 (-3.8) MSEK. Power production, including production guarantees amounted to 46.2 (56.0) GWh. GROUP IN SHORT FIRST SIX MONTHS % 88% 86% 84% 82% 80% 78% 76% 74% 72% Turnover EBITDA margin 70% 6M 6M PRODUCTION DURING PERIOD (INCLUDING PRODUCTION GUARANTEE) 46.2 GWh DEPLOYED CAPACITY 104 GWh NUMBER OF WIND TURBINES 15 EBITDA 23.1 MSEK RESULTS BEFORE TAX -5.3 MSEK EQUITY MSEK EQUITY RATIO 30%

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 June 30 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. In addition a shareholding of 50% in Samkraft AB with an annual production estimation of 65GWh, and a shareholding in Slitevind AB of approximately 20% with an annual estimation production of 117 GWh. 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. 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 2, 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.

We have not made any new acquisitions during the quarter, the focus has been to complete the Samkraft acquisition that was announced in our Q1 report.

4 3 Comments from the CEO The winds in the quarter have been weaker than normal while electrical prices have started to move upwards. The production have been lower than budget due to weaker winds in the first six months of the year. We have not made any new acquisitions during the quarter, the focus has been to complete the Samkraft acquisition that was announced in our Q1 report. Samkrafts annual production budget is set to 65 GWh, we now have an ownership of 50%. Due to this will we not consolidated the figures, the acquisition will only be in our balance sheet as an asset. Our estimated annual production now consists of own production of 104 GWh, co-owned production of 56 GWh (50% of Samkraft which will be around 32.5 GWh and approximately 20% of Slitevind which will be around 24.5 GWh). POWER PRODUCTION The production for the second quarter fell out slightly below budget, the winds were generally weak and especially in the month of June. In addition, the second and third quarter are more or less always seasonally weak. We have had few production issues, all of them are now solved, and our downtime has been of normal character. WEATHER AND MARKET From March onwards we have seen a relatively sharp rise in spot electricity prices, in addition to this have prices on electricity futures slowly increased. After four years of price declines, it is great to see the change, the rise is mainly due to that water reservoirs are slightly lower than normal and that coal prices slowly have worked its way up. There are many indications that we now see the beginning of a long time upswing. The quota curve regarding green certificates is adjusted in January, the result of this is that the surplus has begun to decline. Despite this, prices weakened at the beginning of the year, which is probably due to a distrust of politicians and the green certificate system. After the energy agreement that was presented in June and the decision on the extension of the green certificate system, prices have stabilized, and during July onwards we have seen a positive trend and an increased activity in the market. FUTURE In June, five parliamentary parties delivered the Swedish energy-agreement. The proposals were, cancelation of a special nuclear power tax within two years, gradually minimize the property tax for hydropower, as well as a clarification that no subsidies will be provided for new nuclear power. Nuclear power will in the future be responsible for a larger proportion of claims for damages. It is also expected that the provisions to the Nuclear Waste Fund will increase. For our business; the wind power, was the positive news that the green certificate system is extended by ten years to 2030, a new target was set for Sweden which is to be a 100% renewable energy country by We are optimistic about the future and expect stable and slowly increasing electricity and certificate prices ahead. 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: 0,7 (Aligera äger 66 % 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: 4 Effect/turbine: 3 MW Calculated annual production: 32,260 GWh Date of commissioning: 2014 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: 1,5 Effect/turbine: 3 MW Calculated annual production: 12,000 GWh (Aligeras) Date of commissioning: 2014 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 SAMKRAFT Price area/region: se-2/gävlreborgskommun Manufacturer/model: 8 Vestas V90, 2 Enercon-E82 Turbines: 10 (Aligera ownership of 50%) Effect/turbine: 2,0 MW Calculated annual production: 65,000 GWh (Aligera 32,5GWh) Date of commissioning: SLITEVIND AB Price area/region: se-2,3,4 Manufacturer/model: Mainly Vestas Turbines: 40 Effect/turbine: 0,5-2,0MW Calculated annual production: 117,000 GWh Date of commissioning: 1992 Aligera ownership: 20% (production of 117x20%=23,5Gwh)

6 GWh GWh Aligera Holding AB (publ) 5 Power generation The secound quarter production was lower than the budget, main reason for this was the generally weak winds during the quarter, but primarily during the month of June, we had in the quarter no major technical problems, although occasional downtime always occurs. Production at the company's own farms during the quarter amounted in total to 16.9 (15.0) GWh. Annual estimated production capacity Total CO- OWNED OWN Total CO- OWNED OWN 2014 OWN ANNUAL PRODUCTION CAPACITY A LIGERA OWN PRODUCTION 104,0 GWh ALIGERAS SHARE OF SAMKRAFT 32,5 GWh ALIGERAS SHARE OF SLITEVIND 24,5 GWh ALIGERA OWN PRODUCTION 104, GWh CO-OWNED PRODUCTION 57,0 GWh TOTAL ANNUAL PRODUCTION 161,0 GWh Production second quarter Total energy production 17, , , ,5 14 Q2 Q2 PRODUCTION DURING PERIOD (INCLUDING PROCTION GUARANTEE) 16,9 GWh DEPLOYED CAPACITY 104 GWh 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 11.0 (9.8) MSEK, the decrease is mainly attributable to the lower wind speed than normal during this quarter compared with the same quarter of when wind was record high. Operating expenses increased from -8.8 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 7.3 (6.8) MSEK. Operating profit (EBIT) amounted to 0.6 (1.0) MSEK including deprecations of -6.6 (-5.8) MSEK. Financial net was -7.5 (-7.4) MSEK, where the difference is explained by increased interest costs of -7.5 (-7.4) MSEK primarily related to the bond program. Profit before tax amounted to -6.9 (-6.4) MSEK, profit after tax was -5.3 (-5.0) MSEK. Cash flow Cash flow from operating activities before changes in working capital was -0.3 (-0.6) MSEK. Changes in working capital, cash flow decreased by -1.8 (-8.5) MSEK, which generated a cash flow from operating activities -2.1 (-9.1) MSEK. Investments in tangible fixed assets amounted to 7.5 (5.7) MSEK, after the cash flow after investments amounted to -7.5 (-59.3) MSEK. The net amount of long and short term interest bearing liabilities increased cash flow by 0.0 (126.7) MSEK. Interest rates of -7.5 (-7.4) MSEK has been paid and the interest rates obtained in about 0.0 (0.0) MSEK, after which the cash flow for the quarter amounted to -9.6 (58.3) MSEK. Financing and liquidity Interest-bearing net debt amounted to (402.2) MSEK. The equity ratio at the end of the period was 30 percent. Cash and cash equivalents amounted to 31.8 (77.9) 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 2014 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 was 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 0.1 (0.0) MSEK and expenses totaled -0.2 (-0.2) MSEK and the operating profit (EBIT) was -0.1 (-0.2) MSEK. Net financial items of (-7.3) MSEK and the group contribution of 0.0 (0.0) MSEK resulted in the net profit after tax amounted to -8.7 (-5.8) 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 Interim report third quarter 28 November Interim report fourth quarter 24 February 2017 Annual Report April 2017 Annual General Meeting April 2017 Interim report first quarter 18 May 2017 Interim report second quarter 30 August 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 2 Q 2 Jan-Jun Jan-Jun 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 Jun 30 Jun 30 Dec 31 ASSETS 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 Other receivables Prepaid expenses and accrued income Cash equivalents Cash Total current assets TOTAL ASSETS

12 11 Consolidated Balance Sheet, cont. ksek Jun 30 Jun 30 Dec 31 EQUITY 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 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 Net profit Overall Results Closing balance as of December 31, Net profit Overall Results Closing balance as of 30 June,

14 13 Cash Flow Statement ksek Cash flow from operating activities Q 2 Q 2 Jan-Jun Jan-Jun 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 Q2 Commissioned capacity at end of period, GWh Commissioned effect at end of period, MW 38,6 38,6 Q2 Key financial figures EBITDA margin,% Operating margin% 5,7 10,2 Capital employed, ksek 674,1 615,4 Equity, ksek 215,3 213,2 Interest-bearing net debt, ksek 458,8 402,2 Equity ratio,% Debt to equity ratio, X 2,1 1,9

16 15 Parent company income ksek Operating income Q 2 Q 2 Jan-Jun Jan-Jun Full year Net sales Other operating income 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 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 Jun 30 Jun 30 Dec 31 ASSETS 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 Receivables group companies Current tax assets Other receivables Prepaid expenses and accrued income Cash equivalents Cash Total current assets TOTAL ASSETS

18 17 Parent Company Balance Sheet, cont. ksek Jun 30 Jun 30 Dec 31 EQUITY Share capital Total equity Unrestricted equity Retained earnings Year total result Total unrestricted equity Total equity LIABILITIES Long-term liabilities Liabilities bond Total long-term liabilities Current liabilities Accounts payable Liabilities group companies 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, Capitalization of company 0 0 Annual result 0 Overall Results Closing balance as of December 31, Annual result Overall Results Closing balance as of June 30,

20 19 Cash flow statement for parent company ksek Cash flow from operating activities Q 2 Q 2 Jan-Jun Jan-Jun 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 June 30, 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 September 30, Interim Report January 1 to September 30 Q3 2016

Aligera Holding AB (publ) Interim Report January 1 September 30, Interim Report January 1 to September 30 Q3 2016 1 Interim Report January 1 to September 30 Q3 mkr 1 Interim Report January 1-September 30 Third quarter (1 July-September 30) Net sales for the quarter amounted to 13.7 (13.5) MSEK. Operating profit before