FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2024
===== SIDA 1 =====
Q
Report for the
NINE MONTHS
ended 30 September 2024
Orrön Energy AB (publ)
3
company registration number 556610-8055
===== SIDA 2 =====
Orrön Energy – Interim report for the third quarter 2024 2
Highlights
• Added 33 GWh of annual proportionate power generation in the SE3 and SE4 price areas through acquisitions and
increased ownership in existing windfarms.
• Power generation amounted to 620 GWh for the reporting period, which was approximately ten percent below
expectations, due to lower-than-average wind speeds and voluntary production curtailments during periods of low
electricity prices.
• Continued progress on the Company’s greenfield projects, with additional land secured and the first projects in the UK and
Germany approaching the ready-to-permit stage.
Consolidated financials – 9 months
• Cash flows from investing activities amounted to MEUR 39.5 and was positively impacted by the sale of the Leikanger
hydropower plant in the second quarter.
• Cash flows from operating activities amounted to MEUR -3.6.
Proportionate financials – 9 months
• Achieved electricity price amounted to EUR 35 per MWh, which resulted in a proportionate EBITDA of MEUR 6.9.
• Proportionate net debt of MEUR 55.9, with significant liquidity headroom available through the MEUR 170 revolving credit
facility.
Financial Summary
Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting
proportionate financials to show the net ownership and related results of these assets. The purpose of the proportionate
reporting is to give an enhanced insight into the Company’s operational and financial results.
1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures. F or more details
see section Key Financial Data.
All numbers and updates in this report relate to the nine-month period ending 30 September 2024, unless otherwise specified. Amounts
from the same period in the previous year are presented in brackets. References to “Orrön Energy” or “the Company” pertain to the
Group in which Orrön Energy AB (publ) is the Parent Company or to Orrön Energy AB (publ), depending on the context.
In January 2024, the Company’s investment in the Leikanger hydropower plant was reclassified from investment in associates and joint
ventures to asset held for sale, which is why the proportionate financials do not include any revenues or costs from the operations during
the reporting period, see the section Financial Review on page 8. Following the sale in April 2024, a gain on the sale of MEUR 10.9 was
recognised in the income statement as other income.
Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of
Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth
opportunities in the Nordics, the UK, Germany and France. With significant financial capacity to fund further growth and acquisitions, and
backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful
businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.
Expressed in MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Consolidated financials
Revenue 18.6 1.6 19.6 2.3 28.0
EBITDA 0.9 -7.1 -4.2 -6.7 -5.1
Operating profit (EBIT) -11.2 -11.3 -12.6 -9.4 -17.0
Net result -6.7 -11.1 -15.6 -7.8 -7.6
Earnings per share – EUR -0.02 -0.04 -0.05 -0.03 -0.03
Earnings per share diluted – EUR -0.02 -0.04 -0.05 -0.03 -0.03
Proportionate financials1
Power generation (GWh) 620 164 539 161 765
Average price achieved per MWh – EUR 35 18 49 23 47
Operating expenses per MWh – EUR 18 21 18 20 18
Revenue 22.0 2.9 26.6 3.6 36.2
EBITDA 6.9 -4.9 4.0 -4.3 5.3
Operating profit (EBIT) -8.1 -10.1 -7.8 -8.2 -11.0
===== SIDA 3 =====
Orrön Energy – Interim report for the third quarter 2024 3
Words from the CEO
The third quarter provided many opportunities for our business, in a period characterised by low and volatile electricity prices.
We continued to grow our business through selective acquisitions and consolidation opportunities, and continued to lay the
foundation for future growth through our greenfield projects across Europe. However, the third quarter was challenging from a
revenue and electricity price perspective, impacting our financial results. In the Nordics this was primarily due to lower -than-
expected electricity demand, low gas prices and an oversupply of electricity during peak hours. Despite these challenges, we
successfully expanded our asset base through strategic acquisitions of shares and assets across wind farms and companies,
delivered in line with our cost guidance and maintained high technical availability across our operational portfolio. Orrön Energy’s
balance sheet remains robust and we have ample liquidity to continue to invest in growth while withstanding periods with lower
electricity prices, allowing us to capitalise on opportunities when markets are weak.
Proportionate power generation amounted to 620 GWh for the reporting period and was below expectations due to lower-than-
average wind speeds and voluntary production curtailments during periods of low electricity prices. I am pleased that we continue
to achieve high technical availability across our operational assets, reaching an average of 96 percent in the third quarter, which
demonstrates that we ha ve the capacity to produce more if not for the weather conditions and low prices. L ower seasonal
demand, c oupled with high volatility in the electricity markets , resulted in a high er number of hours with low or negative
electricity prices across the Nordics this summer. During these periods, we proactively curtailed production for short periods to
avoid uneconomical power generation, returning to full operation once prices strengthened. As we move into winter, we expect
to see higher demand which should help to strengthen electricity pricing into the fourth quarter this year and the first quarter
next year, as already reflected in the futures pric e. Based on our power generation year to date , we now expect to produce
around 900 GWh in 2024, depending on wind speeds and power prices during the fourth quarter.
The third quarter marks one year since the start of the Sudan trial in the Stockholm D istrict Court, which will conclude in early
2026 with a verdict expected around the summer 2026. My view on this case remains unchanged and, if anything, it has
strengthened over the past 12 months, and I expect a complete and unequivocal acquittal of all parties involved , given the
baseless nature of the allegations. Once the trial is complete, we will no longer need to fund the ongoing legal costs related to
this case which reduces our G&A expenses by around MEUR 7 per annum, leading to higher underlying EBITDA for the Company
in the long term.
Strategic Growth
We have been active on the M&A front since the start of the summer, adding 33 GWh of annual power generation in the SE3 and
SE4 price area s through increased ownership in various wind farms and companies. These investments strengthen our
operational portfolio, and we will continue to seek opportunities to further consolidate ownership in assets that are
complementary to our existing portfolio.
On the greenfield front, we continue to make good progress with our growth strategy. Having secured additional land, we are
now moving closer to the ready -to-permit phase for our first large -scale projects in both the UK and Germany, where market
valuations and demand for such projects remain high. Additionally, we ha ve commissioned our first battery project in Sweden
and continue to advance a pipeline of projects across wind, solar and batteries in the Nordics.
Financially Resilient
We remain in a financially robust position, with liquidity headroom exceeding MEUR 110. Proportionate revenues and other
income amounted to MEUR 2.9 for the third quarter, which was impacted by low electricity prices, resulting in a proportionate
EBITDA of MEUR -4.9 for the third quarter and MEUR 6.9 for the reporting period. Due to cost savings and phasing of investments
into 2025, we are revising our capital expenditure guidance to MEUR 11 for 2024.
Looking Ahead
Throughout the remainder of the year, we will intensify our efforts on the greenfield side to reach the ready-to-permit phase for
our first large -scale projects, whil e continuing to explore opportunities to capitalise on the current market conditions. Orrön
Energy has a resilient financial position , enabling us to withstand periods of low pricing while still investing in accretive growth
opportunities and acquisitions. I expect market conditions to improve as we come into the winter months , and over time, I am
convinced that we will see further value creation through the growth in our core business and greenfield projects.
Once again, I thank our shareholders for their continued support and look forward to sharing updates as we continue to grow
the business.
CEO
===== SIDA 4 =====
Operational review
Orrön Energy – Interim report for the third quarter 2024 4
Power generation outlook
Orrön Energy’s operating portfolio consists of high -quality, cash generating renewable energy assets in the Nordics. The
proportionate power generation for the reporting period amounted to 620 GWh and was around ten percent below expectations
primarily due to lower-than-average wind speeds and voluntary production curtailments during periods of low electricity prices.
In the third quarter, proportionate power generation amounted to 164 GWh, which was around 20 percent below expectations,
with half of the shortfall attributed to lower-than-average wind speeds and the other half to voluntary production curtailments.
The voluntary production curtailments were implemented to optimise profitability when electricity prices fell below the variable
production costs. Based on the year-to-date power generation performance, the Company now expects its proportionate power
generation to be around 900 GWh in 2024.
Expenditure Guidance
The Company delivered in line with expenditure guidance for the reporting period. The Company maintains its full -year 2024
guidance for operating expenses, general and administrative (G&A) expenses and Sudan legal costs, and has reduced its capital
expenditure guidance from MEUR 14 to MEUR 11.
Expenditure Guidance1
MEUR
Guidance 2024
12 months
Actuals 2024
9 months
Operating expenses 15–17 11
G&A expenses2 9 7
Sudan legal costs3 7 5
Capital expenditure4 11 7
1Guidance is presented based on proportionate (net) ownership in assets and related financial results.
2Excludes non-cash items and costs in relation to the Sudan legal case.
3Legal costs in relation to the defence of the Company and its former representatives in the Sudan legal case. These costs are included in the G&A expenses line item
in the consolidated income statement. More information about the case can be found in the section Contingent liabilities.
4Excluding acquisitions.
Operational assets
The Company’s proportionate power generation for the reporting period amounted to 620 GWh, out of which 164 GWh were
generated in the third quarter. Both were below expectations primarily due to lower -than-average wind speeds and voluntary
production curtailments during periods of low electricity prices.
Realised electricity price amounted to EUR 35 per MWh for the reporting period, and EUR 18 per MWh for the third quarter. Out
of the realised electricity price, guarantees of origin and hedging impact accounted for EUR 2 per MWh for the reporting period
and EUR 2 per MWh for the third quarter. The Company is awarded and sells guarantees of origin for all of its power generation,
certifying that the electricity has been produced from renewable energy sources. The weighted average regional electricity price
for the Company’s power generation during the reporting period amounted to EUR 46 per MWh, and the Nordic system price
averaged EUR 38 per MWh. The variance to the Company’s realised electricity price is explained by ‘capture price discounts’,
which occur in any given period where a majority of power is generated during periods of low prices relative to the average spot
price for the same period.
Proportionate operating expenses amounted to MEUR 11.4 for the reporting period and to MEUR 3.4 for the third quarter, which
was in line with guidance. Unit operating expenses amounted to 18 EUR per MWh for the reporting period and were impacted
by lower-than-expected power generation volumes.
Sweden
The Company has a diversified portfolio consisting of ownership in 200 operational wind turbines in more than 50 sites across
Sweden, which have an estimated long-term proportionate annual power generation of around 800 GWh and a total net installed
capacity of around 300 MW. A majority of the assets are situated in the SE3 and SE4 price areas. A vailability warranties are in
place for a majority of the Company’s assets, which guarantees the availability of the turbines and gives the Company protection
against downtime and outages.
The largest producing asset in the Swedish portfolio is the Karskruv wind farm, which started commercial operations at the end
of 2023. Karskruv has an estimated long-term proportionate annual power generation of 290 GWh in the SE4 price area, which
is generated from 20 Vestas turbines with a total installed capacity of 86 MW. The project has an availability warranty in place,
which guarantees the availability of the turbines through their operational life of approximately 30 years and gives the Company
protection against downtime and outages.
Another large production hub for the Company is situated at Näsudden on Gotland, which is a pioneering region for wind power
in Sweden and where the Company has its operational office. The production hub consists of ownership in five wind farms, with
a combined estimated long-term proportionate annual power generation of around 170 GWh in the SE3 price area.
Power generation from the Swedish portfolio was below expectations during the reporting period, due to lower -than-average
wind speeds and voluntary production curtailments during periods of low electricity prices.
===== SIDA 5 =====
Operational review
Orrön Energy – Interim report for the third quarter 2024 5
Finland
The Company owns 50 percent of the Metsälamminkangas (MLK) wind farm and 100 percent of a 9 GWh wind farm located in
Hanko in Finland. MLK has an estimated long -term proportionate annual power generation of around 400 GWh, which is
generated from 24 GE turbines with a total installed capacity of 132 MW. The wind farm has an estimated operational life of
around 30 years and has been in operation since the end of March 2022. An availability warranty is in place, which guarantees
the availability of the turbines through their operational life and gives the Company protection against downtime and outages.
In February 2024, a fire occurred at one wind turbine at MLK, which was safely managed with no personal injury or material
environmental impact. The root cause has been concluded to be a faulty electrical connection linked to the de- icing system in
the affected blade. Inspections and preventative actions have been taken across all turbines in the wind farm, where all remaining
turbines are fully operational. The fire damaged turbine will be replaced and associated costs and lost production are covered
under warranties from the turbine supplier.
Power generation from MLK was below expectation during the reporting period, primarily due to lower -than-average wind
speeds and voluntary production curtailments during periods of low electricity prices, but also impacted by lower-than-expected
availability, partly related to the fire. Production losses due to availability are covered by the turbine supplier's availability
warranty.
Project Pipeline
The Company has established a growth platform of greenfield projects in onshore wind, solar and batteries, with the aim of
advancing the large-scale projects to key project milestones and monetise before incurring significant capital costs.
During the reporting period, the Company expanded its growth platforms in the Nordics, the UK, Germany and France, and
continued to mature its long-term project pipeline and growth opportunities in the operational portfolio. The Company is active
in all stages of the renewable energy lifecycle and plans to continue advancing its project pipeline.
Greenfield projects
The Company is maturing a 40 GW portfolio of early-stage greenfield projects in onshore wind, solar and battery projects in the
Nordics, the UK, Germany and France. These countries are attractive for renewable energy developments due to their high
ambitions to increase renewable energy generation, strong regulatory support, low political and operational risk and a robust
investor base. The Company’s greenfield business is led by experienced development teams, with a proven track record in
greenfield project origination and development in these markets. Final project realisation will be dependent on a number of
factors, such as permitting, fulfilment of project milestones and commercial viability. The Company plans to monetise projects
throughout the value chain, depending on market conditions at the time. For larger projects, the strategy will be to divest before
incurring significant development and construction costs.
Nordics
In the Nordics, the Company is progressing a range of stand -alone and co-located project opportunities with an estimated total
capacity of around 1 GW, ranging from early-stage projects in the screening phase, through to projects with construction permits
in place moving towards investment decisions. This allows the Company to organically grow its portfolio, optimise power
generation and crystalise further value from its operational assets, which includes projects aimed at extending asset lifetim es,
re-powering and consolidation of ownership shares. The co -located project opportunities enable the Company to optimise the
grid utilisation, provide ancillary services and enable new revenue streams, through adding complementary technology of solar
and battery storage solutions to existing wind power facilities.
In Sweden, the Company is maturing a greenfield portfolio consisting of wind, solar and battery projects. During the first nine
months of 2024, the Company secured building permits for battery projects and completed its first 1 MW stand- alone battery
project in Vilhelmina, with final qualification ongoing. In July 2024, the Company further expanded its portfolio by acquirin g a
large greenfield portfolio of early -stage solar and battery projects from one of Sweden’s largest private l andowners, securing
land for developments in the SE2 and SE3 price areas. Feasibility studies have been initiated, with plans to further define these
projects over the coming year.
In Finland, the Company is maturing a greenfield portfolio consisting of wind and battery projects. The greenfield projects are at
an early-stage, and the Company aims to reach the ready-to-build stage for the first wind project in 2027. Land has been secured
for all planned wind turbine and battery locations. The permitting process for the largest project is ongoing, and the permitting
process for the second project is expected to be initiated in 2025.
The Company is setting up its largest wind farms to provide ancillary services to the grid. MLK has been providing ancillary services
to the market since July 2024. W ork is progressing well to implement ancillary services on Karskruv, and the Company plans to
add additional wind power assets to the ancillary market.
===== SIDA 6 =====
Operational review
Orrön Energy – Interim report for the third quarter 2024 6
UK, Germany and France
Since establishing its greenfield business in the UK, Germany and France in 2023, the Company has successfully created a platform
for growth, established experienced development teams and originated a pipeline of large-scale greenfield solar and battery
projects. Initially focused on developing this platform, the Company has now shifted its strategy towards advancing the existing
pipeline, particularly in the UK and Germany, with the first large -scale projects approaching the ready-to-permit milestone. As
part of the Company's strategy, divestment opportunities will be evaluated once projects have reached this stage.
In the UK, the Company has secured a portfolio of grid connections with a capacity of 24 GW for solar projects and 12 GW for co-
located battery projects, with grid energisation dates expected between 2030 and 2040. The grid connections are located in
favourable areas for development identified through extensive screening of key criteria, including irradiation, grid capacity, land
availability and constraint mapping. In 2024, the Company secured multiple land exclusivity agreements and is negotiating further
land rights. With a high permitting success rate and strong regulatory support for large -scale projects, including additional
advantages through Nationally Significant Infrastructure Projects (NSIP) designation, the new UK government has shown solid
support for solar developments, having already approved several NSIP solar projects.
In Germany, the Company continues its efforts to secure land in targeted regions, which have been selected based on key criteria,
including irradiation, grid capacity, constraints mapping and land availability. The Company has successfully originated a pipeline
of around 3 GW of solar and battery projects and is actively working to advance the first projects.
In France, the Company has carried out early- stage land availability studies as well as high level grid surveys. Targeted regions
have been identified based on key criteria, including irradiation, grid capacity, constraints mapping and land availability, and the
Company is working to secure land for its first projects.
Transactions
Orrön Energy’s strategy is to invest in renewable energy projects and pursue value accretive opportunities in the energy transition
to grow and optimise its portfolio.
In January 2024, the Company entered into an agreement to acquire a greenfield portfolio consisting of wind and battery
development projects in Finland, with a total installed capacity of around 200 MW.
In April 2024, the Company entered into an agreement to sell its 50 percent interest in the company owning the Leikanger
hydropower plant for an enterprise value of MNOK 613, approximately MEUR 53, to the existing p artner Sognekraft. The
transaction completed in early May 2024. In January 2024, the investment in the company owning the Leikanger hydropower
plant was reclassified from investment in associates and joint ventures to asset held for sale and the c onsolidated and
proportionate financials have been presented without any contribution from this asset. The result generated before the
reclassification in January was not material.
In July 2024, the Company entered into an agreement with one of the largest landowners in Sweden to acquire a portfolio
consisting of early -stage solar and battery projects in the SE2 and SE3 price area s, with a total installed capacity of around
500 MW.
Between June and September 2024, the Company entered into agreements to acquire additional ownership stakes in the Stugyl
wind farm , located in the SE3 price area . These acquisitions are expected to add around 19 GWh of long -term annual
proportionate power generation to the Company’s portfolio, increasing the Company’s interest in Stugyl to 66 percent at the end
of the reporting period. Several agreements are subject to regulatory approval and are expected to complete during the fourth
quarter.
Between June and September 2024, the Company acquired shares in Slättens Vind AB (publ), a company with wind farms in the
SE3 price area, leading to an ownership of around 18 percent at the end of the reporting period. The shareholding adds around
8 GWh of long-term annual proportionate power generation.
Transactions after reporting period end
In October 2024, the Company entered into an agreement to acquire additional ownership shares in the Klinte and Långås wind
farms, located in the SE3 and SE4 price areas. This acquisition adds around 6 GWh of long -term annual proportionate power
generation.
===== SIDA 7 =====
Operational review
Orrön Energy – Interim report for the third quarter 2024 7
Sustainability
Sustainability is at the core of Orrön Energy’s business as a pure play renewables company and constitutes an important
cornerstone of the Company’s long-term shareholder value creation. The Company owns and operates renewable assets in a safe
and responsible manner, with a long-term horizon for the benefit of all its stakeholders.
Climate change is one of the biggest challenges of our time, and the world needs to transition to energy sources with lower
greenhouse gas emissions, such as renewable energy, to allow to limit global warming in line with the Paris Agreement. The
energy transition is backed by firm targets set by the EU, which will require a significant increase of renewable energy generation,
with wind and solar power being highlighted as crucial to achieve these objectives. Given the intermittency of renewable energy,
energy storage systems also play an important role in the energy transition, due to its ability to balance supply and demand in
power systems. Orrön Energy is directly contributing to the achievement of these goals by investing in and increasing the supply
of renewable energy in its countries of operation. The demand for clean energy is set to increase, and Orrön Energy is committed
to continue investing in renewable power generation and technologies to drive the energy transition, for a clean and sustainable
energy future.
Orrön Energy’s approach to sustainability is aligned with the UN Sustainable Development Goals, in particular Goal 7 on
Affordable and Clean Energy, Goal 13 on Climate Action and Goal 15 on Life on Land, which underpins the way in which the
Company conducts its business. This ensures that the business delivers lasting value for all its stakeholders. The Company also
actively supports the UN Global Compact’s 10 Principles on human rights, labour standards, environment and anti-corruption.
Orrön Energy is developing biodiversity enhancement projects in areas around its renewable assets, such as targeted projects
aiming to increase biodiversity, planting of wildflowers to stimulate the growth of bee populations, wildlife monitoring syst ems
and grazing projects in collaboration with local farming communities. In addition, the Company considers strong community
engagement as essential to its business success and is collaborating with several local organisations to support and contribute to
the local communities around its assets. Environmental aspects and community engagements are key considerations throughout
the assets’ operational life. The Company was awarded with Prime Status by ISS ESG in 2024, one the world’s largest ESG rating
agencies.
Health and safety of people and the environment are core priorities for the business and the Company has procedures in place
to identify and mitigate risks, including investigation and reporting of incidents and accidents. During the first quarter, a fire
occurred at one wind turbine, which was safely managed with no personal injury or material environmental impact. There were
no recordable health and safety incidents during the reporting period.
===== SIDA 8 =====
Financial Review
Orrön Energy – Interim report for the third quarter 2024 8
Changes in the Group
In April 2024, the Company entered into an agreement to sell its 50 percent interest in the company owning the Leikanger
hydropower plant for an enterprise value of MNOK 613, approximately MEUR 53, to the existing partner Sognekraft. The
transaction completed in early May 2024 and generated an accounting profit for the Group of MEUR 10.9, which has been
recognised as other income in the income statement.
In January 2024, t he investment in the company owning the Leikanger hydropower plant was reclassified from investment in
associates and joint ventures to asset held for sale and the consolidated and proportionate financials have been presented
without any contribution from this asset. The result generated before the reclassification in January was not material.
Revenue and results – Consolidated financials
EBITDA for the reporting period amounted to MEUR 0.9 compared to MEUR -4.2 in the same period the previous year and
included an accounting profit of MEUR 10.9 from the sale of the Leikanger hydropower plant, which is included in other income.
Revenue and other income
Revenue for the reporting period amounted to MEUR 18.6 (MEUR 19.6) and was impacted by lower electricity prices than the
same period in the previous year, partly offset by increased power generation following the takeover of the Karskruv wind farm
for commercial operations at the end of 2023. The sale of the Leikanger hydropower plant generated an accounting profit for the
Group of MEUR 10.9, which has been recognised as other income.
As a result of the reclassification of the Company’s 50 percent interest in the Leikanger hydropower plant, no share in result from
associates and joint ventures has been recognised for this asset during the reporting period. The result generated before the
reclassification in January was not material.
Operating expenses
Operating expenses amounted to MEUR 9.4 (MEUR 9.4) for the reporting period.
General and administration expenses
General and administration expenses amounted to MEUR 14.9 (MEUR 13.6) for the reporting period , including MEUR 5.2
(MEUR 5.3) for legal and other fees incurred for the defence of the Company and its former representatives in the Sudan legal
case. A non- cash expense of MEUR 2.5 (MEUR 1.6) relating to long -term incentive plans is part of the overall general and
administration expenses recorded during the reporting period.
Share in result from associates and joint ventures
Share in result from associates and joint ventures amounted to MEUR -4.3 (MEUR -1.2) for the reporting period and is detailed
in note 2. Orrön Energy’s portion of the results in the 50 percent owned joint venture MLK wind farm amounted to MEUR -4.3
(MEUR -1.6) and the share in result from other associates and joint ventures amounted to MEUR -0.1 (MEUR 0.0). The
comparative period was impacted by a positive contribution of MEUR 0.4 from the Leikanger hydropower plant.
As a result of the reclassification of the Company’s 50 percent interest in the Leikanger hydropower plant from investment in
associates and joint ventures to asset held for sale in January 2024, no share in result from associates and joint ventures has been
recognised for this asset during the reporting period. The result generated before the reclassification in January was not material.
Associates and joint ventures are consolidated through the equity method and the net result of these entities is therefore
recognised as a single line item in the income statement.
Net financial items
Finance income amounted to MEUR 4.1 (MEUR 4.8) for the reporting period and is detailed in note 3. Interest income of MEUR 4.1
(MEUR 1.1) related to loans to joint ventures. Other finance income of MEUR 0.7 was recognised in the same period the previous
year and reflected a financial gain representing the variation in market value of historical hedges entered into by acquired
companies.
Finance costs amounted to MEUR 5.3 (MEUR 7.8) for the reporting period and are detailed in Note 4. The net foreign exchange
loss amounted to MEUR 0.4 (MEUR 4.0). Foreign exchange movements occur on the settlement of transactions denominated in
foreign currencies and the revaluation of working capital and loan balances to the prevailing exchange rate at the balance sheet
date where those monetary assets and liabilities are held in currencies other than the functional currencies of the Group’s
entities. Orrön Energy is exposed to exchange rate fluctuations relating to the relationship between Euro and other currencie s.
The net foreign exchange loss related mainly to the revaluation of external loans and intercompany loan balances, denominated
in other currencies than the functional currency of the Group company providing the financing. Interest expenses amounted to
MEUR 3.9 (MEUR 3.1) and related to the Group’s external loans. Other finance costs amounted to MEUR 1.0 (MEUR 0.7) and
represented mainly fees and other costs in relation to the Company’s revolving credit facility , with the comparative period also
impacted by fees and other costs in connection with acquisitions made.
Income tax
Income tax representing a net income amounted to MEUR 5.7 (MEUR –) for the reporting period and is detailed in Note 5. This
amount is mainly comprised of a deferred tax income relating to a reduction of accelerated depreciation allowances booked in
Sweden.
===== SIDA 9 =====
Financial Review
Orrön Energy – Interim report for the third quarter 2024 9
The Group operates in various countries and fiscal regimes where corporate income tax rates are different from the regulation s
in Sweden. Corporate income tax rates for the Group vary between 14.7 and 29.9 percent for the business in 2024.
Revenue and results - Proportionate financials
In addition to the consolidated financial reporting in line with IFRS, the Group provides proportionate financial reporting , which
forms part of the alternative performance measures that the Group presents. Proportionate reporting is aligned with the Group’s
internal management reporting, analysis and decision making.
Proportionate financials represent Orrön Energy’s proportionate share of all the entities in which the Group holds an ownership.
This is different to the consolidated financial reporting under IFRS, where the results from entities in which the Group hold s an
ownership of 50 percent or less are not fully consolidated but instead reported on one line, as share in result from associates
and joint ventures. All entities in which the Group holds an ownership of more than 50 percent are fully consolidated in the
financial reporting presented under IFRS.
Proportionate financials
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Power generation (GWh) 620 164 539 161 765
Average price achieved per MWh – EUR 35 18 49 23 47
Operating expenses per MWh – EUR 18 21 18 20 18
Revenue 22.0 2.9 26.6 3.6 36.2
Other income 11.2 – 0.8 0.2 0.8
Operating expenses -11.4 -3.4 -9.8 -3.3 -13.5
G&A expenses1 -14.9 -4.4 -13.6 -4.8 -18.2
EBITDA 6.9 -4.9 4.0 -4.3 5.3
Depreciation -15.0 -5.2 -11.8 -3.9 -16.3
Operating profit/loss (EBIT) -8.1 -10.1 -7.8 -8.2 -11.0
1 Includes legal and other fees of MEUR 5.2 (MEUR 5.3) incurred for the defence of the Company and its former representatives in the Sudan legal case and
a non-cash expense for long-term incentive plans of MEUR 2.5 (MEUR 1.6) for the reporting period.
Proportionate EBITDA amounted to MEUR 6.9 (MEUR 4.0) for the reporting period and was impacted by an accounting profit of
MEUR 10.9 made on the sale of the Leikanger hydropower plant, which is included in other income. The reporting period was
characterised by lower electricity prices compared to the same period the previous year, partly offset by increased power
generation following the takeover of the Karskruv wind farm for commercial operations at the end of 2023.
Proportionate revenue and other income
Proportionate revenues amount ed to MEUR 22.0 (MEUR 26.6) for the reporting period and were mainly impacted by lower
electricity prices compared to the same period in the previous year, partly offset by increased power generation following the
takeover of the Karskruv wind farm for commercial operations at the end of 2023 . The Leikanger hydropower plant contributed
with MEUR 3.6 to the Group ’s revenues in the comparative period and a s a result of the reclassification of the Company’s
50 percent interest in the Leikanger hydropower plant from investment in associates and joint ventures to asset held for sale in
January 2024, no share in the result from this asset has been recognised for the reporting period. The result generated during
January, before the reclassification, was not material.
Proportionate other income amounted to MEUR 11.2 (MEUR 0.8 ) and included a profit of MEUR 10.9 made on the sale of the
Leikanger hydropower plant in May 2024.
Proportionate operating expenses
Proportionate operating expenses amounted to MEUR 11.4 (MEUR 9.8) for the reporting period with the increase compared to
the same period the previous year mainly explained by the takeover of the Karskruv wind farm for commercial operations at the
end of 2023.
Cash flow and investments – Consolidated financials
Cash flow from operating activities
Net cash flows from operating activities amounted to MEUR -3.6 (MEUR 15.1) for the reporting period. Cash flows from operating
activities during the same period in the previous year included dividend payments from joint ventures of MEUR 13.1.
Cash flow from investing activities
Cash flows from investing activities amounted to MEUR 39.5 (MEUR -44.8) and were impacted by the proceeds from the sale of
the Leikanger hydropower plant of MEUR 28.9 and the repayment of a loan provided to Leikanger Kraft of MEUR 20.2, which was
reimbursed in connection with the sale. An amount of MEUR -8.0 (MEUR -54.5) related to investments in the renewable energy
business. The same period in the previous year was impacted by MEUR -4.7 from the acquisition of the remaining 3.5 percent of
the shares in Orrön Energy Sweden AB and acquisitions of additional ownership in companies and wind farms in Sweden.
===== SIDA 10 =====
Financial Review
Orrön Energy – Interim report for the third quarter 2024 10
Cash flow from financing activities
Cash flows from financing activities amounted to MEUR -43.4 (MEUR 37.3) for the reporting period and represented a repayment
of the credit facility of MEUR -43.1 compared to a net drawdown of MEUR 38.6 during the same period in the previous year.
Financing and liquidity – Consolidated financials
In January 2024, the Company exercised a portion of the accordion option and increased its three- year revolving credit facility
entered into in 2023, from MEUR 150 to MEUR 190, adding further capacity to fund future growth. The commercial terms of the
facility are unchanged and include a floating interest rate margin of 1.8 percent above the reference interest rate for the
borrowed currency. Following the sale of the Company’s interest in the Leikanger hydropower plant , which completed in May
2024, the revolving credit facility was reduced from MEUR 190 to MEUR 170.
Interest-bearing loans and borrowings amounted to MEUR 70.2 compared to MEUR 114.7 at year-end 2023 and related mainly
to an outstanding loan of MEUR 68.0 (MEUR 112.0), which has been drawn under the Group’s revolving credit facility. Interest -
bearing loans and borrowings also included a long-term loan of MEUR 2.2 (MEUR 2.7) taken up by a subsidiary.
The Company’s net debt amounted to MEUR 56.5 compared to MEUR 93.7 at year-end 2023.
Other current financial liabilities amounted to MEUR 0.4 compared to MEUR 0.8 at year-end 2023 and related to a short-term
loan, with less than twelve months maturity, which is held by a subsidiary.
Cash and cash equivalents amounted to MEUR 14.2 compared to MEUR 21.8 at year-end 2023.
Subsequent events
There has been no material event subsequent to the balance sheet date.
===== SIDA 11 =====
Other information
Orrön Energy – Interim report for the third quarter 2024 11
Parent Company
The business of the Parent Company is to invest in and manage operations within the renewable energy sector as of 1 July 2022.
The Parent Company reported a net result of MSEK 10.9 (MSEK 67.5) for the reporting period, which was impacted by general
and administration expenses and a dividend received from a group company of MSEK 125.3 (MSEK 127.9).
General and administration expenses amounted to MSEK 144.9 (MSEK 141.4), out of which MSEK 59.0 (MSEK 61.3) related to
legal fees and other costs incurred for the defence of the Company and its former representatives in the Sudan legal case.
Contingent Liabilities
In November 2021, the Swedish Prosecution Authority brought criminal charges against former representatives of the Company
in relation to past operations in Sudan from 1999 to 2003. The charges also included claims against the Company for a corporate
fine of MSEK 3.0 and forfeiture of economic benefits of MSEK 2,381.3, which according to the Swedish Prosecution Authority
represents the value of the gain of MSEK 720.1 that the Company made on the sale of an asset in 2003. The Company refutes
that there are any grounds for allegations of wrongdoing by any of its former representatives and sees no circumstance in which
a corporate fine or forfeiture could become payable. The claim for forfeiture of economic benefits was increased from
MSEK 1,391.8 by the Swedish Prosecution Authority in August 2023. This latest increase to the claimed forfeiture amount means
that the Prosecutor has presented three completely different amounts, based on three different methodologies, over the past
six years, raising serious questions about the substance and credibility of the Prosecutor’s claim. It is obvious that the
methodology used by the Prosecutor to arrive at the claimed forfeiture amount is fundamentally flawed, leading to an
unreasonable forfeiture claim which has no basis in law and is highly speculative. Any potential corporate fine or forfeiture of
economic benefits would only be imposed after an adverse final conclusion of the case against former representatives of the
Company. The trial at the Stockholm District Court started in September 2023 and is expected to last until February 2026. The
Company considers this to be a contingent liability and therefore no provision has been recognised.
As part of the IPC spin-off that was completed on 24 April 2017, the Company had indemnified IPC for certain legal proceedings
related to the period before the spin-off concerning Indonesian land and building tax assessed for the fiscal years 2012 and 2013.
The legal proceedings have been concluded for the fiscal year 2012 and did not lead to any liability for IPC, nor the Company . In
early 2024, the Company acquired the entity subject to the claim for 2013 from IPC and the indemnity to IPC was extinguished.
In October 2024, the legal proceedings were concluded for the fiscal year 2013 and the Supreme Court dismissed the appeal. The
Group has not recognised any provision in relation hereto as it does not believe it is probable that the judgement will lead to any
outflow of resources for the Group.
A portion of the Company’s past operations was held through a Canadian holding structure when acquired back in 2006. The tax
filings in Canada since 2006 in relation to both corporate income tax and withholding tax are under review by the Canadian Ta x
Office. All tax has been paid in relation to these tax filings and no provision has been recognised.
Share Data
Share capital
At the balance sheet date, t he Company’s issued share capital amounted to SEK 3,478,713 represented by 285,9 05,187 shares
with a quota value of SEK 0.01 each (rounded off).
During the reporting period, the number of shares and votes in the Company decreased following the retirement of 19,427 of
the Company’s own shares as resolved upon during an Extraordinary General Meeting (EGM) held on 7 August 2024. The shares
were received as a result of a legacy corporate transaction , and t he acquisition value of these shares was nil. A resolution to
reduce the share capital by SEK 236.36 through retirement of these shares was approved by t he EGM . The purpose of the
reduction of the share capital was allocation to unrestricted equity. The EGM further resolved to increase the share capital by
SEK 236.36. No new shares were issued in connection with the increase of the share capital. The amount by which the share
capital was increased has been transferred to the share capital from unrestricted equity.
Remuneration
The Policy on Remuneration and details of long-term incentive plans (“LTIP”) are provided on www.orron.com.
Employee LTIPs
A long -term share -related incentive plan in the form of a share option plan for members of Group management and other
employees of the Company was approved by the 2022 EGM (“Employee LTIP 2022”), with the aim of aligning the interests of the
members of Group management and other employees with the interests of the shareholders, as well as to provide market
appropriate reward for a new business focused on growth, reflecting continuity, commitment and share price appreciation. The
Board believes that the Employee LTIP 2022 provides the Company with a crucial component to a competitive total compensation
package to attract and retain employees who are critical to the Company’s future.
Similar plans were approved by the 2023 AGM (“Employee LTIP 2023") and the 2024 AGM (“Employee LTIP 2024"). In order to
secure the Company’s obligations under the Employee LTIPs 2022, 2023 and 2024, the Company has issued 20,160,000 warrants
in total under series 2022:2, 2024:1 and 2024:2 as resolved by the 2022 and 2024 AGMs.
===== SIDA 12 =====
Other information
Orrön Energy – Interim report for the third quarter 2024 12
The Company maintains an option to deliver shares to participants under an equity swap arrangement concluded with a third
party, whereby the third party in its own name shall be entitled to acquire and transfer shares (including to the participant s), as
resolved by the 2023 AGM.
The Employee LTIPs 2022 and 2023 are described in detail in Note 23 on page 60 of the 2023 Annual and Sustainability Report
and on pages 3 and 4 of the 2023 Remuneration Report. Information regarding the Employee LTIP 2024 can be found in the 2024
AGM materials available on www.orron.com.
Board LTIP
The 2022 EGM resolved to approve a one- off long-term share-related incentive plan for members of the Board (“Board LTIP
2022”) in the form of a share option plan.
The Company has secured its obligations under the Board LTIP 2022 by entering into an equity swap arrangement with a third
party, whereby the third party in its own name shall be entitled to acquire and transfer shares (including to the participant s) in
accordance with the plan.
The Board LTIP is described in detail in Note 23 on page 60 of the 2023 Annual and Sustainability Report and on page 6 of the
2023 Remuneration Report.
Exchange rates
For the preparation of the financial statements, the following currency exchange rates have been used.
30 Sep 2024 30 Sep 2023 31 Dec 2023
Average Period end Average Period end Average Period end
1 EUR equals SEK 11.4088 11.3000 11.4751 11.5325 11.4728 11.0960
1 EUR equals NOK 11.5805 11.7645 11.3483 11.2535 11.4244 11.2405
1 EUR equals GBP 0.8514 0.8354 0.8710 0.8646 0.8699 0.8691
1 EUR equals CHF 0.9581 0.9439 0.9776 0.9669 0.9717 0.9260
The financial information relating to the nine-month period ended 30 September 2024 has not been subject to review by
the auditors of the Company.
Stockholm, 6 November 2024
Daniel Fitzgerald
CEO
===== SIDA 13 =====
Consolidated Income Statement
Orrön Energy – Interim report for the third quarter 2024 13
MEUR Note
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Revenue 18.6 1.6 19.6 2.3 28.0
Other income 10.9 – 0.4 0.0 0.4
Operating expenses -9.4 -2.2 -9.4 -2.5 -12.6
General and administration expenses -14.9 -4.4 -13.6 -4.8 -18.2
Depreciation -12.1 -4.2 -8.4 -2.7 -11.9
Share in result of associates and joint ventures 2 -4.3 -2.1 -1.2 -1.7 -2.7
Operating profit/loss -11.2 -11.3 -12.6 -9.4 -17.0
Finance income 3 4.1 1.1 4.8 1.6 6.3
Finance costs 4 -5.3 -1.1 -7.8 0.0 -8.4
Net financial items -1.2 0.0 -3.0 1.6 -2.1
Profit/loss before income tax -12.4 -11.3 -15.6 -7.8 -19.1
Income tax 5 5.7 0.2 0.0 0.0 11.5
Net result -6.7 -11.1 -15.6 -7.8 -7.6
Attributable to:
Shareholders of the Parent Company -6.7 -11.0 -15.9 -7.7 -8.0
Non-controlling interest 0.0 -0.1 0.3 -0.1 0.4
-6.7 -11.1 -15.6 -7.8 -7.6
Earnings per share – EUR1 -0.02 -0.04 -0.05 -0.03 -0.03
Earnings per share diluted – EUR1 -0.02 -0.04 -0.05 -0.03 -0.03
1 Based on net result attributable to shareholders of the Parent Company.
===== SIDA 14 =====
Consolidated Statement of Comprehensive Income
Orrön Energy – Interim report for the third quarter 2024 14
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Net result -6.7 -11.1 -15.6 -7.8 -7.6
Items that may be reclassified to profit or loss:
Exchange differences foreign operations -1.5 0.8 -1.6 3.7 4.5
Items that will not be reclassified to profit or loss:
Changes in the fair value of equity investments 0.4 0.0 – – –
Other comprehensive income, net of tax -1.1 0.8 -1.6 3.7 4.5
Total comprehensive income -7.8 -10.3 -17.2 -4.1 -3.1
Attributable to:
Shareholders of the Parent Company -7.8 -10.2 -17.4 -3.9 -3.6
Non-controlling interest 0.0 -0.1 0.2 -0.2 0.5
-7.8 -10.3 -17.2 -4.1 -3.1
===== SIDA 15 =====
Consolidated Balance Sheet
Orrön Energy – Interim report for the third quarter 2024 15
MEUR Note 30 September 2024 31 December 2023
ASSETS
Non-current assets
Intangible assets 0.1 –
Property, plant and equipment 282.6 295.2
Investment in associates and joint ventures 12.9 34.0
Deferred tax assets 40.6 39.3
Other non-current financial assets 8 76.1 95.5
412.2 464.0
Current assets
Other current assets 2.9 7.5
Trade receivables 8 0.9 1.7
Other current financial assets 8 13.2 5.7
Cash and cash equivalents 8 14.2 21.8
31.2 36.7
TOTAL ASSETS 443.4 500.7
EQUITY AND LIABILITIES
Equity
Shareholders’ equity 348.2 353.4
Non-current liabilities
Interest-bearing loans and borrowings 8 70.2 114.7
Deferred tax liability 11.7 15.9
Provisions 3.2 3.0
85.1 133.6
Current liabilities
Trade and other payables 8 9.6 12.7
Current tax liabilities 0.1 0.2
Other current financial liabilities 8 0.4 0.8
10.1 13.7
TOTAL LIABILITIES 95.2 147.3
TOTAL EQUITY AND LIABILITIES 443.4 500.7
===== SIDA 16 =====
Consolidated Statement of Cash Flows
Orrön Energy – Interim report for the third quarter 2024 16
MEUR
Note
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Cash flows from operating activities
Net result -6.7 -11.1 -15.6 -7.7 -7.6
Adjustments for items not included in the
cash flow
9 3.6 7.5 14.5 3.7 8.1
Interest received 4.1 0.4 3.4 0.9 4.7
Interest paid -5.5 -1.3 -2.0 -0.0 -3.7
Income taxes paid – – – – -0.2
Distributions received 0.2 – 13.1 0.2 13.1
Distributions paid to non-controlling interest -0.3 -0.1 -0.3 0.0 -0.3
Changes in working capital 1.0 -0.4 2.0 4.1 1.4
Total cash flows from operating activities -3.6 -5.0 15.1 1.2 15.5
Cash flows from investing activities
Investment in renewable energy business1 -8.0 -3.7 -54.5 -13.6 -72.3
Acquisition of subsidiary net of cash -0.6 -0.1 -4.7 -0.8 -6.7
Investment in other fixed assets -1.4 -0.8 -0.1 -0.1 -0.1
Proceeds from equity investments 0.4 – – – –
Proceeds from sale of joint venture 28.9 – – – –
Repayment of loan from joint venture 20.2 – – – –
Total cash flows from investing activities 39.5 -4.6 -59.3 -14.5 -79.1
Cash flows from financing activities
Net drawdown/repayment of credit facility -43.1 7.6 38.6 8.0 59.0
Financing fees paid -0.3 -0.0 -1.3 -1.3 -1.3
Total cash flows from financing activities -43.4 7.6 37.3 6.7 57.7
Change in cash and cash equivalents -7.5 -2.0 -6.9 -6.6 -5.9
Cash and cash equivalents at the beginning of
the period 21.8 16.0 26.9 28.0 26.9
Currency exchange difference in cash and
cash equivalents -0.1 0.2 -0.1 -1.5 0.8
Cash and cash equivalents at the end of the
period 14.2 14.2 19.9 19.9 21.8
1Includes acquisitions of renewable energy assets and funding of joint ventures.
===== SIDA 17 =====
Consolidated Statement of Changes in Equity
Orrön Energy – Interim report for the third quarter 2024 17
Attributable to owners of the Parent Company
MEUR
Share
capital
Additional paid-
in- capital/Other
reserves
Retained
earnings Total
Non-
controlling
interest
Total
equity
1 January 2023 0.4 310.3 40.7 351.4 8.3 359.7
Comprehensive income
Net result – – -8.0 -8.0 0.4 -7.6
Other comprehensive income – 4.6 – 4.6 -0.1 4.5
Total comprehensive income – 4.6 -8.0 -3.4 0.3 -3.1
Transactions with owners
Non-controlling interests – – – – -5.9 -5.9
Share based payments – – 2.7 2.7 – 2.7
Total transactions with owners – – 2.7 2.7 -5.9 -3.2
31 December 2023 0.4 314.9 35.4 350.7 2.7 353.4
Comprehensive income
Net result – – -6.7 -6.7 – -6.7
Other comprehensive income – -1.1 – -1.1 – -1.1
Total comprehensive income – -1.1 -6.7 -7.8 – -7.8
Transactions with owners
Non-controlling interests – – – – -0.3 -0.3
Share based payments – 2.5 – 2.5 – 2.5
Other – – 0.4 0.4 – 0.4
Total transactions with owners – 2.5 0.4 2.9 -0.3 2.5
30 September 2024 0.4 316.3 29.1 345.8 2.4 348.2
===== SIDA 18 =====
Notes to the consolidated financial statements
Orrön Energy – Interim report for the third quarter 2024 18
Note 1 – Accounting policies
This interim report has been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting.
The Company has from 1 January 2023 changed its presentation currency from US dollar to E uro to better reflect the economic
environment in which the Company operates. Assets and liabilities, for each period presented , have been translated at closing rate of
the respective balance sheet date. Income and expenses for each period presented have been translated at average rate for the period
and all resulting exchange differences have been recognised in other comprehensive income.
The accounting policies adopted are in all other aspects consistent with those followed in the preparation of the Group’s annual financial
statements for the year ended 31 December 2023.
The financial reporting of the Parent Company has been prepared in accordance with accounting principles generally accepted in
Sweden, applying RFR 2 Reporting for legal entities, issued by the Swedish Financial Reporting Board and the Annual Accounts Act (SFS
1995:1554).
The Parent Company’s financial information is reported in Swedish krona.
Note 2 – Share in result of associates and joint
ventures
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Metsälamminkangas Wind Oy (50%) -4.2 -2.1 -1.6 -1.7 -3.2
Leikanger Kraft AS (50%) – – 0.4 0.0 0.3
Other -0.1 0.0 0.0 0.0 0.2
-4.3 -2.1 -1.2 -1.7 -2.7
Note 3 – Finance income
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Foreign currency exchange gain, net – – – – –
Interest income 4.1 1.1 4.1 1.5 5.9
Other 0.0 0.0 0.7 0.1 0.4
4.1 1.1 4.8 1.6 6.3
Note 4 – Finance costs
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Foreign currency exchange loss, net 0.4 -0.3 4.0 -1.6 2.6
Interest expense 3.9 1.0 3.1 1.3 4.8
Other 1.0 0.4 0.7 0.3 1.0
5.3 1.1 7.8 0.0 8.4
Note 5 – Income tax
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Current tax -0.1 -0.1 -0.2 -0.1 -0.2
Deferred tax 5.8 0.3 0.2 0.1 11.7
5.7 0.2 0.0 0.0 11.5
===== SIDA 19 =====
Notes to the consolidated financial statements
Orrön Energy – Interim report for the third quarter 2024 19
Note 6 – Related party transactions
Orrön Energy recognises the following related parties: associated companies, jointly controlled entities, key management
personnel and members of their close family or other parties that are partly, directly or indirectly controlled by key manage ment
personnel or of its family or of any individual that controls, or has joint control or significant influence over the entity.
During the reporting period, the Group has entered into material transactions with related parties on a commercial basis including
the transactions described below.
At the balance sheet date, the Group had an outstanding loan receivable on associates and joint ventures of MEUR 73.4 relating to
MLK, which amounted to MEUR 94.9 at year -end 2023 and related to MLK and Leikanger. Interest income on loans to associates
and joint ventures amounted to MEUR 4.0 (MEUR 4.0) during the reporting period.
Note 7 – Risks and risk management
Orrön Energy pursues a business that is exposed to changes in energy prices, which in turn are dependent on macro -economic
factors and geopolitical conditions. The Company’s operations have an impact on the surrounding environment and operational
processes are associated with occupational health and safety risks.
Risks and risk management are described in the 202 3 Annual and Sustainability Report on pages 17–19 and are in all material
aspects unchanged. Additional information on financial risks and information on how Orrön Energy manages these risks, including
liquidity, credit and market risks are addressed in note 9 to the consolidated financial statements in the 2023 Annual and
Sustainability Report.
Orrön Energy places risk management responsibility at all levels within the Company to continually identify, understand and
manage threats and opportunities affecting the business. This enables the Company to make informed decisions and to prioritis e
control activities and resources to deal effectively with any potential threats and opportunities.
Note 8 – Financial instruments
The Group holds the following financial instruments:
MEUR Level 30 September 2024 31 December 2023
Financial assets
Financial assets at amortised cost
Other non-current financial assets 2 76.1 95.5
Trade receivables 0.9 1.7
Other current financial assets1 12.8 5.7
Cash and cash equivalents 14.2 21.8
104.0 124.7
Financial assets at fair value through profit or loss
Other current financial assets1 – Derivative financial instruments 2 – –
– –
Financial assets at fair value through other comprehensive income
Other current financial assets1 – Equity securities 1 0.4 –
0.4 –
Financial liabilities
Financial liabilities at amortised cost
Interest-bearing loans and borrowings 70.2 114.7
Trade and other payables 9.6 12.7
Other current financial liabilities 0.4 0.8
80.2 128.2
Financial liabilities at fair value through profit or loss
Other current financial liabilities – Derivative financial instruments 2 – –
– –
1 Other current financial assets on the face of the balance sheet are divided in this table in financial assets at amortised cost, financial assets at fair
value through profit and loss and financial assets at fair value through other comprehensive income.
The nature of financial assets and liabilities is, in all material respects, the same as on December 31, 2023. The carrying amounts and
fair values are deemed to essentially correspond with one another.
For financial assets and liabilities measured at fair value in the balance sheet, the following fair value measurement hierarchy is
used:
– Level 1: based on quoted prices in active markets;
– Level 2: based on inputs other than quoted prices as within level 1, that are either directly or indirectly observable;
– Level 3: based on inputs which are not based on observable market data.
===== SIDA 20 =====
Notes to the consolidated financial statements
Orrön Energy – Interim report for the third quarter 2024 20
Note 9 – Supplementary information to the statement of cash flows
The consolidated statement of cash flows is prepared in accordance with the indirect method.
Adjustments for items not included in the
cash flow
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Depreciation 12.1 4.2 8.4 2.7 11.9
Current tax 0.1 0.1 0.2 0.1 0.2
Deferred tax -5.8 -0.2 -0.2 -0.1 -11.6
Long-term incentive plans 2.5 0.9 1.6 0.4 2.3
Foreign currency exchange gain/loss 0.2 -0.3 3.0 -1.5 1.3
Amortisation of deferred financing fees 0.3 0.1 – – –
Interest income -4.1 -1.1 -4.1 -1.6 -5.9
Interest expense 4.8 1.6 3.3 1.3 5.5
Unwinding of site restoration discount 0.1 0.1 – – –
Result from associated companies and joint
ventures 4.3 2.1 1.2 1.7 2.7
Profit from sale of joint venture -10.9 – – – –
Other – – 1.1 0.7 1.7
3.6 7.5 14.5 3.7 8.1
===== SIDA 21 =====
Parent Company Income Statement
Orrön Energy – Interim report for the third quarter 2024 21
MSEK
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Revenue 33.5 13.9 27.1 9.8 41.9
General and administration expenses -144.9 -44.0 -141.4 -41.0 -192.5
Operating profit/loss -111.4 -30.1 -114.3 -31.2 -150.6
Finance income 125.8 0.2 186.2 – 186.3
Finance costs -3.5 -0.8 -4.4 0.7 -5.4
Net financial items 122.3 -0.6 181.8 0.7 180.9
Profit/loss before income tax 10.9 -30.7 67.5 -30.5 30.3
Income tax – – – – 130.0
Net result 10.9 -30.7 67.5 -30.5 160.3
Parent Company Comprehensive Income Statement
MSEK
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Net result 10.9 -30.7 67.5 -30.5 160.3
Items that will not be reclassified to profit or loss:
Changes in the fair value of equity
investments 4.0 -1.1 – – –
Total comprehensive income 14.9 -31.8 67.5 -30.5 160.3
Attributable to:
Shareholders of the Parent Company 14.9 -31.8 67.5 -30.5 160.3
===== SIDA 22 =====
Parent Company Balance Sheet
Orrön Energy – Interim report for the third quarter 2024 22
MSEK 30 September 2024 31 December 2023
ASSETS
Non-current assets
Shares in subsidiaries 3,780.8 3,780.8
Other tangible fixed assets 0.0 0.1
Deferred tax assets 436.0 436.0
4,216.8 4,216.9
Current assets
Receivables 4.6 5.9
Other financial assets 4.0 –
Cash and cash equivalents 104.9 111.5
113.5 117.4
TOTAL ASSETS 4,330.3 4,334.3
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity including net result for the period 4,266.6 4,243.2
Non-current liabilities
Provisions 0.1 –
Interest-bearing loans and borrowings 21.0 39.5
21.1 39.5
Current liabilities
Other liabilities 42.6 51.6
42.6 51.6
TOTAL LIABILITIES 63.7 91.1
TOTAL EQUITY AND LIABILITIES 4,330.3 4,334.3
===== SIDA 23 =====
Parent Company Statement of Cash Flows
Orrön Energy – Interim report for the third quarter 2024 23
MSEK
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Cash flows from operating activities
Net result 10.9 -30.7 67.5 -30.5 160.3
Adjustments for items not included in the cash
flow -117.8 2.0 -125.5 0.1 -254.1
Changes in working capital 6.8 8.1 17.8 15.7 24.8
Total cash flows from operating activities -100.1 -20.6 -40.2 -14.7 -69.0
Cash flows from investing activities
Result from equity investments 4.0 – – – –
Dividends received – – 127.9 – 127.9
Total cash flows from investing activities 4.0 – 127.9 – 127.9
Cash flows from financing activities
Net drawdown/repayment of loan 89.5 21.0 -10.2 1.8 28.0
Total cash flows from financing activities 89.5 21.0 -10.2 1.8 28.0
Change in cash and cash equivalents -6.6 0.4 77.5 -12.9 86.9
Cash and cash equivalents at the beginning of the
period 111.5 104.5 24.6 115.0 24.6
Currency exchange difference in cash and cash
equivalents – – – – –
Cash and cash equivalents at the end of the
period 104.9 104.9 102.1 102.1 111.5
===== SIDA 24 =====
Parent Company Statement of Changes in Equity
Orrön Energy – Interim report for the third quarter 2024 24
MSEK
Restricted equity Unrestricted equity
Share
capital
Statutory
reserve Other
reserves
Retained
earnings Dividends
Total
equity
1 January 2023 3.5 861.3 7,182.7 55,573.3 -59,542.8 4,078.0
Transfer of prior year dividends – – – -59,542.8 59,542.8 –
Total comprehensive income – – – 160.3 – 160.3
Transactions with owners
Share based payments – – – 4.9 – 4.9
Total transactions with owners – – – 4.9 – 4.9
31 December 2023 3.5 861.3 7,182.7 -3,804.3 – 4,243.2
Comprehensive income
Net result – – – 10.9 – 10.9
Other comprehensive income – – – 4.0 – 4.0
Total comprehensive income – – – 15.0 – 15.0
Transactions with owners
Share based payments – – 4.4 – – 4.4
Other – – – 4.0 – 4.0
Total transactions with owners – – 4.4 4.0 – 8.4
30 September 2024 3.5 861.3 7,187.1 -3,785.3 – 4,266.6
===== SIDA 25 =====
Key Financial Data
Orrön Energy – Interim report for the third quarter 2024 25
The alternative performance measures presented and disclosed in this interim report are used internally by management in
conjunction with IFRS measures to measure performance and make decisions regarding the future direction of the business. The
Group believes that these alternative performance measures, when provided in combination with reported IFRS measures, provide
helpful supplementary information for investors.
In addition to the consolidated financial reporting in line with IFRS, the Group provides proportionate financial reporting, which forms
part of the alternative performance measures the Group presents. Proportionate reporting is aligned with the Group’s internal
management reporting, analysis and decision making.
Proportionate financials represent Orrön Energy’s proportionate share of all the entities in which the Group holds an ownership.
This is different to the consolidated financial reporting under IFRS, where the results from entities in which the Group holds an
ownership of 50 percent or less are not fully consolidated but instead reported on one line, as share of result in joint vent ures. All
entities, in which the Group holds an ownership of more than 50 percent are fully consolidated in the financial reporting presented
under IFRS.
Reconciliations of relevant alternative performance measures are provided on the following page. Definitions of the performan ce
measures are provided under the key ratio definitions below.
Financial data
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Consolidated financials
Revenue 18.6 1.6 19.6 2.3 28.0
EBITDA 0.9 -7.1 -4.2 -6.7 -5.1
Operating profit (EBIT) -11.2 -11.3 -12.6 -9.4 -17.0
Net result -6.7 -11.1 -15.6 -7.8 -7.6
Net cash (-) / Net debt (+) 56.5 56.5 72.6 72.6 93.7
Proportionate financials
Power generation (GWh) 620 164 539 161 765
Average price achieved per MWh – EUR 35 18 49 23 47
Operating expenses per MWh – EUR 18 21 18 20 18
Revenue 22.0 2.9 26.6 3.6 36.2
Operating expenses -11.4 -3.4 -9.8 -3.3 -13.5
EBITDA 6.9 -4.9 4.0 -4.3 5.3
Operating profit (EBIT) -8.1 -10.1 -7.8 -8.2 -11.0
Net cash (-) / Net debt (+) 55.9 55.9 65.9 65.9 92.4
===== SIDA 26 =====
Key Financial Data
Orrön Energy – Interim report for the third quarter 2024 26
Data per share
EUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Earnings per share -0.02 -0.04 -0.05 -0.03 -0.03
Earnings per share – diluted -0.02 -0.04 -0.05 -0.03 -0.03
EBITDA per share 0.00 -0.02 -0.02 -0.02 -0.02
EBITDA per share – diluted 0.00 -0.02 -0.01 -0.02 -0.02
Number of shares issued at period end 285,905,187 285,905,187 285,924,614 285,924,614 285,924,614
Number of shares in circulation at period end 285,905,187 285,905,187 285,924,614 285,924,614 285,924,614
Weighted average number of shares for the
period 285,922,416 285,918,068 285,924,614 285,924,614 285,924,614
Weighted average number of shares for the
period – diluted 292,695,041 294,610,387 288,172,420 288,877,045 288,526,711
Share price
Share price at period end in SEK 8.30 8.30 7.31 7.31 7.96
Share price at period end in EUR
1
0.73 0.73 0.63 0.63 0.72
Key ratios
Return on equity (%) -2 -3 -4 -2 -2
Return on capital employed (%) -3 -5 -3 -2 -4
Equity ratio (%) 78 78 74 74 71
1 Share price at period end in EUR is calculated based on quoted share price in SEK and applicable SEK/ EUR exchange rate at period end.
EBITDA – Consolidated financials
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Operating profit/loss (EBIT) -11.2 -11.3 -12.6 -9.4 -17.0
Add: Depreciation 12.1 4.2 8.4 2.7 11.9
0.9 -7.1 -4.2 -6.7 -5.1
Net debt/Net cash – Consolidated financials
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Interest-bearing loans and borrowings – Non-
current 70.2 70.2 91.8 91.8 114.7
Interest-bearing loans and borrowings –
Current 0.5 0.5 0.7 0.7 0.8
Less: Cash and cash equivalents -14.2 -14.2 -19.9 -19.9 -21.8
56.5 56.5 72.6 72.6 93.7
EBITDA – Proportionate financials
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Operating profit/loss (EBIT) -8.1 -10.1 -7.8 -8.2 -11.0
Add: Depreciation 15.0 5.2 11.8 3.9 16.3
6.9 -4.9 4.0 -4.3 5.3
===== SIDA 27 =====
Key Financial Data
Orrön Energy – Interim report for the third quarter 2024 27
Net debt/Net cash – Proportionate financials
MEUR
1 Jan 2024-
30 Sep 2024
9 months
1 Jul 2024-
30 Sep 2024
3 months
1 Jan 2023-
30 Sep 2023
9 months
1 Jul 2023-
30 Sep 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Net cash/Net debt – Consolidated financials 56.5 56.5 72.6 72.6 93.7
Add/Less: Cash and cash equivalents of
Associates and joint ventures 0.6 0.6 -6.7 -6.7 -3.5
Add/Less: External interest-bearing loans and
borrowings of Associates and joint ventures -1.2 -1.2 – – 2.2
55.9 55.9 65.9 65.9 92.4
Bridge from proportionate to consolidated financials
1 Jan – 30 Sep 2024 – 9 months
MEUR
Proportionate
financials
Residual ownership
for fully consolidated
entities1
Elimination of
equity consolidated
entities2
Consolidated
financials
Revenue 22.0 0.4 -3.8 18.6
Other income 11.2 -0.1 -0.2 10.9
Operating expenses -11.4 -0.3 2.3 -9.4
General and administration expenses -14.9 – – -14.9
Share in result of associates and joint ventures – – -4.3 -4.3
EBITDA 6.9 0.0 -6.0 0.9
Depreciation -15.0 0.0 2.9 -12.1
Operating profit (EBIT) -8.1 0.0 -3.1 -11.2
Net financial items -4.8 0.0 3.6 -1.2
Tax 6.2 0.0 -0.5 5.7
Net result -6.7 0.0 – -6.7
Attributable to:
Shareholders of the Parent Company -6.7 – – -6.7
Non-controlling interest – 0.0 – 0.0
1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 percent economic interest.
2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy’s share of net income/loss.
1 Jul – 30 Sep 2024 – 3 months
MEUR
Proportionate
financials
Residual ownership
for fully consolidated
entities1
Elimination of
equity consolidated
entities2
Consolidated
financials
Revenue 2.9 -0.5 -0.8 1.6
Other income 0.0 -0.1 0.1 0.0
Operating expenses -3.4 0.5 0.7 -2.2
General and administration expenses -4.4 – – -4.4
Share in result of associates and joint ventures – – -2.1 -2.1
EBITDA -4.9 -0.1 -2.1 -7.1
Depreciation -5.2 0.0 1.0 -4.2
Operating profit (EBIT) -10.1 -0.1 -1.1 -11.3
Net financial items -1.1 0.0 1.1 0.0
Tax 0.2 0.0 0.0 0.2
Net result -11.0 -0.1 – -11.1
Attributable to:
Shareholders of the Parent Company -11.0 – – -11.0
Non-controlling interest – -0.1 – -0.1
1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 percent economic interest.
2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy’s share of net income/los s.
===== SIDA 28 =====
Key Financial Data
Orrön Energy – Interim report for the third quarter 2024 28
Bridge from proportionate to consolidated financials
1 Jan – 30 Sep 2023 – 9 months
MEUR
Proportionate
financials
Residual ownership
for fully consolidated
entities1
Elimination of
equity consolidated
entities2
Consolidated
financials
Revenue 26.6 2.7 -9.7 19.6
Other income 0.8 0.0 -0.4 0.4
Operating expenses -9.8 -2.4 2.8 -9.4
General and administration expenses -13.6 – – -13.6
Share in result of associates and joint ventures – – -1.2 -1.2
EBITDA 4.0 0.3 -8.5 -4.2
Depreciation -11.8 0.0 3.4 -8.4
Operating profit (EBIT) -7.8 0.3 -5.1 -12.6
Net financial items -7.4 0.3 4.1 -3.0
Tax -0.7 -0.3 1.0 0.0
Net result -15.9 0.3 – -15.6
Attributable to:
Shareholders of the Parent Company -15.9 – – -15.9
Non-controlling interest – 0.3 – 0.3
1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 percent economic interest.
2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy’s share of net income/los s.
1 Jul – 30 Sep 2023 – 3 months
MEUR
Proportionate
financials
Residual ownership
for fully consolidated
entities1
Elimination of
equity consolidated
entities2
Consolidated
financials
Revenue 3.6 0.0 -1.3 2.3
Other income 0.2 -0.1 -0.1 0.0
Operating expenses -3.3 0.0 0.8 -2.5
General and administration expenses -4.8 – – -4.8
Share in result of associates and joint ventures – – -1.7 -1.7
EBITDA -4.3 -0.1 -2.3 -6.7
Depreciation -3.9 0.1 1.1 -2.7
Operating profit (EBIT) -8.2 0.0 -1.2 -9.4
Net financial items 0.1 0.0 1.5 1.6
Tax 0.4 -0.1 -0.3 0.0
Net result -7.7 -0.1 – -7.8
Attributable to:
Shareholders of the Parent Company -7.7 – – -7.7
Non-controlling interest – -0.1 – -0.1
1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 percent economic interest.
2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy’s share of net income/los s.
===== SIDA 29 =====
Key Financial Data
Orrön Energy – Interim report for the third quarter 2024 29
Bridge from proportionate to consolidated financials
1 Jan – 31 Dec 2023 – 12 months
MEUR
Proportionate
financials
Residual ownership
for fully consolidated
entities1
Elimination of
equity consolidated
entities2
Consolidated
financials
Revenue 36.2 3.6 -11.8 28.0
Other income 0.8 0.0 -0.4 0.4
Operating expenses -13.5 -3.1 4.0 -12.6
General and administration expenses -18.2 – – -18.2
Share in result of associates and joint ventures – – -2.7 -2.7
EBITDA 5.3 0.5 -10.9 -5.1
Depreciation -16.3 -0.1 4.5 -11.9
Operating profit (EBIT) -11.0 0.4 -6.4 -17.0
Net financial items -7.9 0.2 5.6 -2.1
Tax 10.9 -0.2 0.8 11.5
Net result -8.0 0.4 – -7.6
Attributable to:
Shareholders of the Parent Company -8.0 – – -8.0
Non-controlling interest – 0.4 – 0.4
1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 percent economic interest.
2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy’s share of net income/los s.
===== SIDA 30 =====
Key Financial Data
Orrön Energy – Interim report for the third quarter 2024 30
Earnings per share: Net result attributable to shareholders of the Parent Company divided by the weighted average number of
shares for the period.
Earnings per share – diluted: Net result attributable to shareholders of the Parent Company divided by the weighted average
number of shares for the period after considering any dilution effect.
EBIT (Earnings Before Interest and Tax): Operating profit.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation): Operating profit before depreciation.
Equity ratio: Total equity divided by the balance sheet total.
Net debt/Net cash – Consolidated: Interest-bearing loans and borrowings less cash and cash equivalents.
Net debt/Net cash – Proportionate: Net cash/Net debt – Consolidated less cash and cash equivalents of associates and joint
ventures plus/minus adjustment for external interest-bearing loans and borrowings of associates and joint ventures.
Return on equity: Net result divided by average total equity.
Return on capital employed: Income before tax plus interest expenses plus/less currency exchange differences on financial
loans divided by the average capital employed (the average balance sheet total less non-interest-bearing liabilities).
Weighted average number of shares for the period: The number of shares at the beginning of the period with changes in the
number of shares weighted for the proportion of the period they are in issue.
Weighted average number of shares for the period – diluted: The number of shares at the beginning of the period with
changes in the number of shares weighted for the proportion of the period they are in issue after considering any dilution
effect.
Definitions and abbreviations Industry related terms and measurements
CHF Swiss franc GWh Giga Watt hours
EUR Euro MWh Mega Watt hours
GBP British pound sterling
NOK Norwegian Krone
SEK Swedish Krona
TSEK Thousand SEK
MEUR Million EUR
MSEK Million SEK
===== SIDA 31 =====
Shareholders’ information
Orrön Energy – Interim report for the third quarter 2024 31
Daniel Fitzgerald, CEO and Espen Hennie, CFO comment on the third quarter results 2024.
Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in
Orrön Energy and its future growth strategy at a webcast held on 6 November 2024 at 14.00 CET. T he presentation will be
followed by a question-and-answer session.
Follow the presentation live on the below webcast link:
https://vimeo.com/event/4678321/54544efc16
Financial Calendar
• Year-end report 2024 12 February 2025
• Annual and Sustainability report 2024 9 April 2025
• Interim report for the first quarter 2025 6 May 2025
• Interim report for the second quarter 2025 6 August 2025
The 2025 AGM will be held virtually on 5 May 2025 and a “townhall” meeting will be held during the same month to allow
shareholders an opportunity to meet and ask questions to representatives of the Board of Directors and the management team.
Contacts
Robert Eriksson
Director Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com
Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com
s
Forward-Looking Statements
Statements in this report relating to any future status or circumstances, including statements regarding future performance,
growth and other trend projections are forward -looking statements. These statements may generally, but not always, be
identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar
expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend
on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from
those expressed or implied by these forward- looking statements due to several factors, many of which are outside the
Company’s control. Any forward- looking statements in this report speak only as of the date on which the statements are made
and the Company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new
information, future events or otherwise.
===== SIDA 32 =====
Corporate Head Office
Orrön Energy AB (publ)
Hovslagargatan 5
SE-111 48 Stockholm, Sweden
T +46-8-440 54 50
W orron.com