Record strong results after project sales and progress in the US
1 April–30 June 2023
- Net sales amounted to 1,742 (1,448) MSEK.
- EBIT amounted to 517 (220) MSEK. Profit before tax amounted to 503 (221) MSEK.
- Net profit amounted to 422 (225) MSEK.
- Earnings per share, before and after dilution equaled 16.97
(4.12) SEK . - At the end of the period Eolus had 817 (912) MW under asset management.
1 January–30 June 2023
- Net sales amounted to 2,019 (1,880) MSEK.
- EBIT amounted to 506 (62) MSEK. Profit before tax amounted to 491 (62) MSEK.
- Net profit amounted to 407 (87) MSEK.
- Earnings per share, before and after dilution equaled 16.36
(-1.43) SEK . - At the end of the period Eolus had 817 (912) MW under asset management.
Significant events during the period
- Eolus sold the wind power projects Skallberget/Utterberget, Tjärnäs and Rosenskog comprising 125 MW to BKW.
- Eolus received a significant payment as a result of achieving an important milestone in the solar and battery storage project in
Arizona , US, which was sold inOctober 2022 . - Eolus signed a cooperation agreement with Finnish landowner Finsilva for development of five wind power projects with a potential for more than 600 MW in total.
The Gothenburg Port Authority decided to acquire five percent of Eolus’s Västvind offshore project outside Gothenburg.
Significant events after the balance sheet date
- Eolus made an investment decision for the 100 MW battery storage project Pome in US and signed an agreement regarding supply of a battery energy storage system.
- Eolus filed a permit application for the 1,000 MW Västvind wind power project, located west of
Gothenburg . Michiel Messing , Head of Construction, stepped down from Eolus’s Group Management as of 21 July since he will leave Eolus in October.- Eolus initiated a strategic review of its offshore wind power business with the intention to create the best conditions for permitting and realization of the projects.
Tiina Partanen took office as new Country Manager inFinland on 10 August.
Financial summary
Unit | Q2 2023 | Q2 2022 | 6 months 2023 | 6 months 2022 | Rolling 12 Jul-Jun | Full year 2022 | |
Net sales | MSEK | 1 742 | 1 448 | 2 019 | 1 880 | 2 496 | 2 356 |
EBIT | MSEK | 517 | 220 | 506 | 62 | 525 | 80 |
Profit before tax | MSEK | 503 | 221 | 491 | 62 | 538 | 109 |
Net profit | MSEK | 422 | 225 | 407 | 87 | 437 | 116 |
Earnings per share before and after dilution | SEK | 16,97 | 4,12 | 16,36 | -1,43 | 17,57 | -0,22 |
Equity per share | SEK | 55,86 | 37,85 | 55,86 | 37,85 | 55,86 | 39,49 |
Cashflow from operating activities | MSEK | 860 | 315 | 624 | 152 | 280 | -191 |
Total assets | MSEK | 2 496 | 1 844 | 2 496 | 1 844 | 2 496 | 1 919 |
Net debt - /net cash + | MSEK | 870 | 598 | 870 | 598 | 870 | 258 |
Order backlog | MSEK | 845 | 699 | 845 | 699 | 845 | 1 329 |
Project under construction | MW | 514 | 786 | 514 | 786 | 514 | 794 |
Taken into operation and handed over to customer | MW | 0 | 0 | 400 | 0 | 400 | 0 |
Project portfolio | MW | 25 446 | 17 428 | 25 446 | 17 428 | 25 446 | 21 880 |
Managed turbines | MW | 817 | 912 | 817 | 912 | 817 | 882 |
Equity/assets ratio | % | 58 | 54 | 58 | 54 | 58 | 54 |
Return on equity after tax | % | 37 | neg | 37 | neg | 37 | 12 |
Presentation of the report
At 10:00 (CEST) today, CEO Per Witalisson and CFO
Webcast:
If you wish to participate via webcast, please use the link below:
https://ir.financialhearings.com/eolus-q2-2023
Via the webcast you can ask written questions.
Teleconference:
If you wish to participate via teleconference, please register on the link below:
https://conference.financialhearings.com/teleconference/?id=200944
After registration you will be provided phone number and a conference ID to access the conference.
You can ask questions verbally via the teleconference.
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