third QUARTER (1 July - 30 September 2020)
FIRST nine months (1 January - 30 September 2020)
- Net sales for the quarter amounted to MSEK 24 (58).
- Operating profit/loss before depreciation and amortisation (EBITDA) totalled MSEK 0 (21).
- Operating profit/loss (EBIT) was MSEK -16 (2).
- Profit/loss before tax amounted to MSEK -32 (-16).
- Profit/loss after tax totalled MSEK -32 (-16), corresponding to SEK -0.93 (-0.48) per share before and after dilution.
- Operating cash flow was MSEK 49 (-4).
- Production from Own wind power operations was 68 GWh (69).
- Average income from Own wind power operations was SEK 211 per MWh (419), of which SEK 206 per MWh (322) from electricity and SEK 4 per MWh (97) from electricity certificates, including guarantees of origin.
- Following an in-depth technical analysis performed by a third party, the expected economic lifetime for the company's own wind farms will increase from an average of 25 years to approximately 30 years. This will result in about a MSEK 10 decrease in depreciation annually, starting in August 2020.
- A 5-year full-service agreement was signed with WP Green Service GmbH for the company's three GE wind farms, comprising 21 turbines in total. The agreement will come into effect on 1 January 2021. WP Green Service GmbH will take full responsibility for all components while operating costs will decrease and a continued high availability will be guaranteed.
Significant events after the end of the reporting period
- Net sales for the period amounted to MSEK 104 (206).
- Operating profit/loss before depreciation and amortisation excluding associates (adjusted EBITDA) totalled MSEK 32 (71), and including associates (EBITDA) totalled MSEK 32 (-202).
- Operating profit/loss excluding associates (adjusted EBIT) amounted to MSEK -22 (14), and including associates (EBIT) totalled MSEK -22 (-259).
- Profit/loss before tax excluding associates (adjusted EBT) amounted to MSEK -67 (-48), and including associates (EBT) totalled MSEK -67 (-341).
- Profit/loss after tax excluding associates (adjusted loss after tax) amounted to MSEK -66 (-45) and including associates totalled MSEK -66 (-333), corresponding to SEK -1.94 (-9.96) per share before dilution and SEK -1.94 (-9.92) per share after dilution.
- Operating cash flow was MSEK 66 (134).
- Production from Own wind power operations was 267 GWh (245). The increase was due to stronger wind conditions than in the preceding year.
- Average income from Own wind power operations was SEK 249 per MWh (435), of which SEK 206 per MWh (337) from electricity and SEK 43 per MWh (98) from electricity certificates, including guarantees of origin.
- Arise successfully refinanced outstanding secured bonds with a bank loan of MEUR 40. As such, the Group's annual financing costs will be dramatically reduced from about MSEK 60 to approximately MSEK 25, including interest expenses relating to the company's outstanding convertible bonds, IFRS 16 items and accrued arrangement fees. During the fourth quarter of 2020, a one-off charge will arise in connection with the refinancing totalling approximately MSEK -34, of which approximately MSEK -33 has already been charged to Group equity in accordance with IFRS 9.
Halmstad, 6 November 2020
ARISE AB (publ)
For further information, please contact
Daniel Johansson, VD Arise AB, +46 702 244 133
Linus Hägg, CFO Arise AB, +46 702 448 916
This information is information that Arise AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above, at 08.00 CET on 6 November 2020.
Arise is one of Sweden's leading wind power companies, with the business concept to develop, build and manage onshore wind farms for its own account and on behalf of investors. The company is listed on NASDAQ Stockholm.
Arise AB (publ), P.O. Box 808, SE-301 18 Halmstad, Sweden, telephone +46 (0)10 450 71 00, corporate id. no. 556274-6726
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