interim report january 1 to march 31 q1 2016mb.cision.com/main/11098/2011995/517409.pdf · 2016. 5....

Aligera Holding AB (publ) Interim Report January 1 – March 31, 2016

1

Interim Report January 1 to March 31

Q1 2016


1

Interim Report January 1 – March 31

First quarter 2016 • Net sales for the quarter amounted to 19.1 (26.7) MSEK. • Operating profit before depreciation (EBITDA) amounted to 15.8 (23.9) MSEK. • Profit before tax amounted to 1.7 (11.6) MSEK. • Profit after tax amounted to 1.3 (8.8) MSEK. • Power production, including production guarantees amounted to 29.3 (40.5)

GWh. • The quarter have had winds below normal and especially very weak winds in the

month of March which resulted in production slightly below budget. The comparative quarter in Q1 2015 consisted of record high winds which resulted in a production high above budget.

• Aligera has entered into an agreement with Slitevind AB regarding the acquisition of 50% of Samkraft AB. Samkraft AB has ten operational wind turbines with an estimated production of 60-65 Gwh.

GROUP IN SHORT – FIRST QUARTER 2016

87%

88%

88%

89%

89%

90%

90%

91%

0

5

10

15

20

25

30

Q1 2015 Q1 2016

mkr

Turnover EBITDA margin

PRODUCTION DURING PERIOD (INCLUDING PRODUCTION GUARANTEE)

29.3 GWh DEPLOYED CAPACITY

104 GWh NUMBER OF WIND TURBINES

15

EBITDA

15.8 MSEK RESULTS BEFORE TAX

1.7 MSEK EQUITY

220.6 MSEK EQUITY RATIO 31%


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 March 2016 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-100 2 MW turbines, two are German Enercon E-82 2 MW turbines, four and a half German Fuhrländer FL 2500 2.5 MW turbines and five and a half are Chinese Sinovel SL3000 3 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. 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 first quarter of 2016 was characterized by lower winds than normal and changing electricity prices. The month of January was cold with high electricity prices and in February it was warm with record-low electricity prices in March we had both light winds and low electricity prices. Generally speaking, the quarter have had lighter wind than normal which resulted in a production slightly below budget. During the quarter no acquisitions were made, but we have reached an agreement with Slitevind to acquire 50% of Samkraft AB, which previously was owned by a municipalities. The order of the acquisition process is first Slitevind to access Samkraft in April (completed), and after that will we have accesses to our 50%. Aligera have already contributed with about 2/3 of our purchase price but we have not received accessed since we first should conclude our DD, which is expected to be completed in the coming weeks. Samkraft is located in Gävle and has assets in the form of ten operational wind turbines. The park consists of eight Vestas V90-2MW which was put in operation between 2011 and 2012 and two Enercon E82-2MW that was put into operation in 2010. Samkraft have between 60-65 GWh of annual production, out of this production we are supposed to own 50% in a couple of weeks. We are very excited about this transaction and expect a good and stable return on investment, the acquisition will be done on very attractive terms. After completion, we will have own production of approximately 137GWh. Samkraft transaction is also very good for Slitevind where we are the largest owners, Slitevind will increase its production with Samkraft transaction about 85GWh approximately 115-118GWh. POWER PRODUCTION The first quarter was had lower production than budget, the winds were generally weak and especially the month of March. We had no major production problems, and our downtime has been normal character. WEATHER AND MARKET From March onwards we have seen a relatively sharp rise in electricity prices. After four years of price declines, it feels like a sign of health for the market that we get a rebound. The rise is mainly due to the fact that fuel prices have bottomed out and increased slightly while the water reservoirs are at relatively good levels, even if they are larger than normal. Time will tell if that is the beginning of a long upswing we see. 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 electricity industry and especially for coal and nuclear power producers. OKG announced in April that Oskarshamn 1 will be decommissioned for good in June 2017. Meanwhile, Vattenfall is making noise in the media to obtain final clearance for the efficacy tax. Baltkabeln were launched in February and has resulted in significantly higher prices in SE4 certain days. We are optimistic about the future and we are convinced that it is renewable, which will go from winning the structural change in the electricity industry. Kristoffer Löfgren, CEO


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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


5

Power generation The first quarter production was lower than the budgeted production, main reason for this was the

generally weak winds during the quarter, but primarily during the month of March, we had in the

quarter no major technical problems, although occasional downtime always occurs.

Production at the company's farms during the quarter amounted in total to 29.3 (40.5) GWh. The

decrease is due to the Q1 2015 winds were very strong and in Q1 2016 the winds were weaker than

normal.

PRODUCTION DURING PERIOD (INCLUDING PROCTION GUARANTEE)

29,3 GWh DEPLOYED CAPACITY

104 GWh NUMBER OF TURBINES

15

0

5

10

15

20

25

30

35

40

45

Q1 2015 Q1 2016

GW

h

Total energy production

Production first quarter 2016


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Investments During the quarter, no direct investments has been made in wind turbines. We have reached an agreement with Slitevind AB to acquire 50% of Samkraft AB.

Net sales and profit Net sales and other revenues for the quarter amounted to 19.1 (26.7) MSEK, the decrease is mainly attributable to the lower wind speed than normal during this quarter compared with the same quarter of 2015 when wind was record high. Operating expenses increased from -8.6 MEK to -9.9 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 15.8 (23.9) MSEK. Operating profit (EBIT) amounted to 9.2 (18.1) MSEK including deprecations of -6.6 (-5.8) MSEK. Financial net was -7.5 (-6.9) MSEK, where the difference is explained by increased interest costs of -7.5 (-6.9) MSEK primarily related to the bond program. Profit before tax amounted to 1.7 (11.3) MSEK, profit after tax was 1.3 (8.8) MSEK.

Cash flow Cash flow from operating activities before changes in working capital was 8.2 (17.0) MSEK. Changes in working capital, cash flow increased by -7.0 (-10.7) MSEK, which generated a cash flow from operating activities 1.2 (6.3) MSEK. Investments in tangible fixed assets amounted to 0.0 (0.0) MSEK, after the cash flow after investments amounted to -13.7 (-0.9) MSEK. The net amount of long and short term interest bearing liabilities increased cash flow by 0.0 (0.0) MSEK. Interest rates of -7.5 (-6.9) 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 -12.5 (6.3) MSEK.

Financing and liquidity Interest-bearing net debt amounted to 443.1 (366.2) MSEK. The equity ratio at the end of the period was 31 percent. Cash and cash equivalents amounted to 36.5 (14.8) 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 2015.

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.


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 2015 and in the bond prospectus dated 27 January 2015.

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 0.0 (0.0) MSEK and expenses totaled -0.3 (-0.1) MSEK and the operating profit (EBIT) was -0.3 (0.1) MSEK. Net financial items of -7.5 (-6.7) MSEK and the group contribution of 0.0 (0.0) MSEK resulted in the net profit after tax amounted to -6.1 (-5.3) MSEK.

Ownership A list of the company's ownership structure is available on the Company's website (www.aligera.se).

Audit report This report has not been audited by the auditor.

http://www.aligera.se/


8

Financial calendar

Interim report second quarter 30 August 2016

Interim report third quarter 28 November 2016

Interim report fourth quarter 24 February 2017

Annual Report April 2017

Annual General Meeting April 2017

Interim report first quarter 18 May 2017

Please contact us For further information, please contact: Kristoffer Löfgren, CEO +46 (0) 708 614968 Aligera Holding AB Org.nr 556909-1704 LIDKÖPING STOCKHOLM Fabriksgatan 4 Grev Turegatan 18 531 30 Lidköping 114 46 Stockholm [email protected] www.aligera.se

http://www.aligera.se/


9

Consolidated statement of comprehensive income

The group found no items that are recognized as other comprehensive income and hence total comprehensive income consistent with this year's results.

kSEK Q 1

2016 Q 1

2015 Full year

2015

Operating income

Net sales 19 050 26 667 63 904

Other 0 0 2 205

Total operating income 19 050 26 667 66 109

Operating expenses

Other external costs -3 216 -2 765 -15 744

Depreciation -6 642 -5 848 -25 105

Total operating expenses -9 858 -8 613 -40 849

Operating income 9 192 18 054 25 260

Profit from financial items

Financial income 0 69 275

Financial expenses -7 537 -6 872 -31 147

Financial items - net -7 537 -6 803 -30 872

Group contribution 0 18 297

Profit before tax 1 655 11 251 12 685

Tax -343 -2 453 -2 703

Net profit 1 312 8 798 9 982


10

Consolidated balance sheet

kSEK Mar 31

2016 Mar 31

2015 Dec 31

2015

ASSETS

Fixed assets

Tangible fixed assets

Share in wind turbines 541 969 497 321 548 610

Total tangible assets 541 969 497 321 548 610

Financial assets

Shares in associated companies 122 110 122

Other share holdings 18 154 18 154

Group receivables 62 946 29 290 49 246

Other long-term receivables 0 0 0

Total financial assets 81 222 29 400 67 522

Total fixed assets 623 191 526 721 616 132

Current assets

Accounts receivable 0 148 0

Current tax assets 134 120 28

Receivables from group companies 0 11 488 0

Other receivables 640 125 623

Prepaid expenses and accrued income 57 510 31 139 46 318

Cash equivalents 4 866 4 870 4 866

Cash 36 524 14 759 49 014

Total current assets 99 674 62 649 100 849

TOTAL ASSETS 722 865 589 370 716 981


11

Consolidated Balance Sheet, cont.

kSEK Mar 31

2016 Mar 31

2015 Dec 31

2015

EQUITY

Equity attributable to Company shareholders

Share capital 500 500 500

Other capital 202 859 175 359 202 859

Retained earnings including net comprehensive income 17 261 14 765 15 949

Total equity 220 620 190 624 219 308

LIABILITIES

Long-term liabilities

Liabilities bond 484 487 385 856 483 198

Deferred taxes 5 136 1 599 5 145

Total long-term liabilities 489 623 387 455 488 343

Current liabilities

Accounts payable 806 2 729 663

Current tax liabilities 352 2 454 0

Liabilities to related companies 4 872 0 1 784

Other liabilities 1 769 702 874

Accrued expenses and deferred income 4 823 5 406 6 009

Total current liabilities 12 622 11 291 9 330

TOTAL EQUITY AND LIABILITIES 722 865 589 370 716 981


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, 2015 500 175 359 5 967 181 826

Shareholder contributions 27 500 27 500

Net profit 9 982 9 982

Overall Results 500 27 500 9 982 37 482

Closing balance as of December 31, 2015 500 202 859 15 949 219 308

Net profit 1 312 1 312

Overall Results 0 0 1 312 1 312

Closing balance as of December 31, 2016 500 202 859 17 261 220 620


13

Cash Flow Statement

kSEK Q 1

2016 Q 1

2015 Full year

2015

Cash flow from operating activities

Operating income 9 192 18 054 25 260

Depreciation 6 642 5 848 25 105

Interest received 0 69 275

Interest paid -7 537 -6 872 -31 147

Paid income tax -106 -113 -22

Cash flows from operating activities before working capital changes

8 191 16 986 19 471

Cash flow from changes in working capital

Increase / decrease in trade receivables 0 695 843

Increase / decrease in current receivables -9 921 -12 155 -29 597

Increase / decrease in accounts payable 143 2 212 146

Increase / decrease in current liabilities 2 797 -1 421 1 137

Total change in working capital -6 981 -10 669 -27 471

Cash flow from operating activities 1 210 6 317 -8 000

Cash flows from investing activities

Acquisition of financial assets -13 700 -850 -12 285

Acquisition of tangible assets 0 0 -66 700

Cash flows from investing activities -13 700 -850 -78 985

Cash flows from financing activities

Borrowing 0 797 100 000

Shareholder contributions 0 0 27 500

Cash flows from financing activities 0 797 127 500

Cash flow -12 490 6 264 40 515

Cash and cash equivalents at beginning of year 53 880 13 365 13 365

Cash and cash equivalents at end of year 41 390 19 629 53 880


14

Consolidated key figures

Q1

2016 Q1

2015

Operational key figures

Commissioned capacity at end of period, GWh 104 97

Commissioned effect at end of period, MW 38,6 35

Key financial figures

EBITDA margin,% 83 90

Operating margin% 48 68

Capital employed, kSEK 705.1 579.1

Equity, kSEK 220.6 190.6

Interest-bearing net debt, kSEK 443.1 385.9

Equity ratio,% 31 312

Debt to equity ratio, X 2.0 2.0


15

Parent company income

The parent company are no items recognized in other comprehensive income and hence total comprehensive income is consistent with this year's results.

kSEK Q 1

2016 Q 1

2015 Full year

2015

Operating income

Net sales 12 0 625

Other operating income 0 0 0

Total operating income 12 0 625

Operating expenses

Other external costs -240 -95 -493

Depreciation -67 0 -135

Total operating expenses -307 -95 -628

Operating income -295 -95 -3

Profit from financial items

Financial income 0 69 275

Financial expenses -7 537 -6 750 -29 877

Financial items - net -7 537 -6 681 -29 602

Allocations 0 0 29 605

Profit before tax -7 832 -6 776 0

Income tax 1 723 1 491 0

Net profit -6 109 -5 285 0


16

Parent company balance sheet

kSEK Mar 31

2016 Mar 31

2015 Dec 31

2015

ASSETS

Tangible assets

Wind Turbines 5 797 0 5 865

Total tangible assets 5 797 0 5 865

Shares in group companies 3 200 150 3 200

Other share holdings 18 154 0 18 154

Group liabilities 608 921 549 808 604 565

Other long-term receivables 0 0 0

Total financial assets 630 275 549 958 625 919

Total fixed assets 636 072 549 958 631 784

Current assets

Accounts receivable 3 781 125 3 781

Receivables group companies 0 5 800 0

Current tax assets 1 728 1 493 3

Other receivables 0 98 1

Prepaid expenses and accrued income 126 2 484 348

Cash equivalents 4 866 4 870 4 866

Cash 34 456 4 017 39 442

Total current assets 44 957 18 887 48 441

TOTAL ASSETS 681 029 568 845 680 225


17

Parent Company Balance Sheet, cont.

kSEK Mar 31

2016 Mar 31

2015 Dec 31

2015

EQUITY

Share capital 500 500 500

Total equity 500 500 500

Unrestricted equity

Retained earnings 184 159 184 159 184 159

Year total result -6 109 -5 285 0

Total unrestricted equity 178 050 178 874 184 159

Total equity 178 550 179 374 184 659

LIABILITIES

Long-term liabilities

Liabilities bond 484 487 385 857 483 198

Total long-term liabilities 484 487 385 857 483 198

Current liabilities

Accounts payable 155 80 7

Liabilities group companies 13 868 0 8 278

Other liabilities 348 0 391

Accrued expenses and deferred income 3 621 3 534 3 692

Total current liabilities 17 992 3 614 12 368

TOTAL EQUITY AND LIABILITIES 681 029 568 845 680 225


18

Changes in equity for the Parent Company

kSEK Share capital Balanced profit

And this year overall results

Total equity

Balance at January 1, 2015 500 184 159 184 659

Capitalization of company 0 0

Annual result 0

Overall Results 0 0 0 0

Closing balance as of December 31, 2015 500 0 184 159 184 659

Annual result -6 109 -6 109

Overall Results 0 0 -6 109 -6 109

Closing balance as of March 31, 2016 500 0 178 050 178 550


19

Cash flow statement for parent company

kSEK Q 1

2016 Q 1

2015 Full year

2015

Cash flow from operating activities

Operating income -295 -95 -3

Depreciation 67 0 135

Interest received 0 69 275

interest paid -7 537 -6 750 -29 877

Paid income tax -2 -1 -2

Cash flows from operating activities before working capital changes

-7 767 -6 777 -29 472

Cash flow from changes in working capital

Increase / decrease in trade receivables 0 -125 -3 656

Increase / decrease in current receivables 1 512 -4 403 348

Increase / decrease in accounts payable 148 31 -42

Increase / decrease in current liabilities 5 477 453 9 279

Total change in working capital 7 137 -4 044 5 929

Cash flow from operating activities -630 -10 821 -23 543

Cash flows from investing activities

Acquisition of financial assets -4 356 12 471 -33 885

Acquisition of tangible assets 0 0 -6 000

Cash flows from investing activities -4 356 12 471 -39 885

Cash flows from financing activities

Borrowing 0 -499 100 000

Shareholder contributions 0 0 0

Cash flows from financing activities 0 -499 100 000

Cash flow -4 986 1 151 36 572

Cash and cash equivalents at beginning of year 44 308 7 736 7 736

Cash and cash equivalents at end of year 39 322 8 887 44 308


20

Tangible assets for the Group

kSEK

Shares in wind turbine

Advances for construction

in progress Total

2015 financial year

Opening book value 503 169 0 503 169

Purchases 70 546 0 70 546

Depreciation -25 105 0 -25 105

Closing book value 548 610 0 548 610

As of December 31, 2015

Cost of acquisition 583 357 0 583 357

Accumulated amortization -34 746 0 -34 746

Book value 548 611 0 548 611

Financial year 2016

Opening book value 548 611 0 548 611

Purchases 0 0 0

Depreciation -6 642 -6 642

Closing book value 541 969 0 541 969

As of March 31, 2016

Cost of acquisition 583 357 0 583 357

Accumulated amortization -41 388 -41 388

Book value 541 969 541 969


21

Definitions

EBITDA-margin Operating income before depreciation (EBITDA) in relation to total income.

Operating margin Operating profit (EBIT) in relation to total income.

Interest-bearing net debt Interest-bearing liabilities less cash and restricted cash.

Debt to equity ratio Interest-bearing net debt to equity

Equity ratio Equity in relation to total assets.

Capital employed Shareholders' equity plus net debt.

interim report january 1 to march 31 q1 2016mb.cision.com/main/11098/2011995/517409.pdf · 2016. 5....

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