Translated extract from Q2 Report
April 1 - June 30 2021
Eolus strengthens the project portfolio through acquisitions
3 Months April 2021 - June 2021
Net sales 673.1 (409.9) MSEK.
EBIT 8.2 (64.2) MSEK. Profit before tax -4.3 (16.2) MSEK. Net profit -1.5 (22.9) MSEK.
Earnings per share, before and after dilution equals -0.06 (0.92) SEK.
During the period 13 (0) wind turbines were taken into operations with a total installed capacity of 47 (0) MW.
During the period the equivalent of 13 (1) wind turbines with an installed capacity of 47 (1) MW was handed over to customers.
At the end of the period Eolus had 921 (687) MW under asset management.
In May Eolus completed and handed over the repowering project Wind Wall 1 in Tehachapi, California, USA, to Cubico Sustainable Investments. The wind farm is covered by a Power Purchase Agreement (PPA) with Amazon Web Services and has an installed capacity of 47 MW. Eolus will provide asset management services for the wind farm.
In June Eolus signed an agreement with RWE to acquire two fully permitted wind power projects in Sweden. The projects located in SE3 totals 99 MW and Eolus has initiated the sales process with the ambition to sign an agreement with an investor during the autumn of 2021.
In June Eolus together with Hydro REIN signed an agreement to acquire the fully permitted wind power project Stor-Skälsjön from Enercon. The project, located in SE2, totals up to 260 MW and is covered by a 12-year Power Purchase Agreement (PPA) with Hydro. The sales process to sell a majority of the shares has been initiated and planned commissioning is during 2023.
6 Months January 2021 - June 2021
Net sales 914.6 (549.9) MSEK.
EBIT -21.2(-58.0) MSEK. Profit before tax -25.4(-65.2) MSEK. Net profit -18.3(-40.9) MSEK.
Earnings per share, before and after dilution equals -0.74(-1.64) SEK.
During the four months period 13 (0) wind turbines were taken into operations with a total installed capacity of 47 (0) MW.
During the four months period the equivalent of 13 (2) wind turbines with an installed capacity of 47
(2) MW was handed over to customers.
At the end of the period Eolus had 921 (687) MW under asset management.
Eolus financial year has changed from September 1st - August 31st to January 1st - December 31st. During the financial year that ended December 31st 2020 the presented periods where based on a prolonged financial year starting September 1st 2019. During 2021 the comparative figures will be presented for quarters corresponding to the period in year 2020. It means that comparative periods during 2021 will correspond to interim periods that have not been presented before.
Eolus Vind AB (publ)
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Eolus Vind AB (publ) | Org. nr: 556389-3956 | info@eolusvind.com | www.eolusvind.com
Financial summary
Inte rim | Inte rim | 6 month | 6 month | Rolling | 12 | Full ye a r |
Apr 2 0 2 1 | Apr 2 0 2 0 | Ja n 2 0 2 1 | Ja n 2 0 2 0 | Apr 2 0 2 0 | S e p 2 0 19 | |
- Jun 2 0 2 1 | - Jun 2 0 2 0 | - Jun 2 0 2 1 | - Jun 2 0 2 0 | - Jun 2 0 | 2 1 | - De c 2 0 2 0 |
Net sales, MSEK | 673,1 | 409,9 | 914,6 | 549,9 | 2 367,5 | 2 468,6 |
EBIT, MSEK | 8,2 | 64,2 | -21,2 | -58,0 | 105,8 | 280,0 |
Profit before tax, MSEK | -4,3 | 16,2 | -25,4 | -65,2 | 41,5 | 182,6 |
Changes in market valuation of financial derivatives, MSEK | 5,2 | 17,7 | -17,7 | 16,2 | 4,9 | 69,6 |
Net profit, MSEK | -1,5 | 22,9 | -18,3 | -40,9 | 35,9 | 198,3 |
Earnings per share before and after dilution, SEK | -0,06 | 0,92 | -0,74 | -1,64 | 1,44 | 7,96 |
Equity per share, SEK | 39,14 | 39,66 | 39,14 | 39,66 | 39,14 | 41,63 |
Cashflow from operating activities, MSEK | 367,1 | 83,5 | 315,8 | -232,6 | 295,5 | -483,7 |
Total assets, MSEK | 1 804,6 | 1 939,3 | 1 804,6 | 1 939,3 | 1 804,6 | 1 808,2 |
Net debt - /net cash +, MSEK | 562,6 | 275,6 | 562,6 | 275,6 | 562,6 | 304,2 |
Signed customer contracts, MSEK | 4 359,4 | 4 751,6 | 4 359,4 | 4 751,6 | 4 359,4 | 5 130,9 |
No of turbines taken into operation, amount | 13,0 | - | 13,0 | - | 51,0 | 81,0 |
No of turbines handed over to customers, amount | 13,0 | 1,0 | 13,0 | 2,0 | 51,0 | 83,0 |
Turbines taken into operation, MW | 46,8 | - | 46,8 | - | 207,1 | 323,7 |
Turbines handed over to customers, MW | 46,8 | 0,8 | 46,8 | 1,6 | 207,1 | 325,3 |
Managed turbines, MW | 921 | 687 | 921 | 687 | 921 | 903 |
Equity/assets ratio, % | 54,0 | 50,9 | 54,0 | 50,9 | 54,0 | 57,3 |
Return on equity after tax, % | 3,7 | 24,2 | 3,7 | 24,2 | 3,7 | 20,6** |
**return on equity after tax is calculated for 16 months earnings relative to avarage equity. |
Project portfolio
Eolus' success as a developer of renewable energy projects is in large dependent on access to a high- quality project portfolio that develops and is optimized over time. Over time the project portfolio consists of projects for wind, solar and storage in different phases developed by Eolus or acquired from others.
Development and optimization of projects is done during a long period of time. Development and optimization of the most important projects in the total project portfolio is therefore key activities for Eolus.
All project development normally occurs at Eolus own risk and even if Eolus has well developed processes for project development, there is a risk that some projects might not be able to establish due to market and permit factors in the future.
Eolus Vind AB (publ) | Org. nr: 556389-3956 | Q2 Report April 1st - June 30th 2021 | Page 2 of 8 |
Projects under establishment
Numbe r of | Ca pa c ity, | Estima te d | P la nne d | |||
P roje c t | Loc a tion | produc tion, | Comme nt | |||
WTG | MW | c ommissioning | ||||
G Wh | ||||||
Öyfjellet | Vefsn, | 72 | 400 | 1,300 | 2021 | Roads and other infrastructure completed. |
Norway, NO4 | All wind turbine components have been | |||||
delivered to the port in Mosjöen. 44 of 72 | ||||||
turbines have reached main installation. | ||||||
Both the transformers in the wind farm is | ||||||
connected to the grid. The first turbines was | ||||||
commissioned and started producing | ||||||
electricity in August. The customer Aquila | ||||||
Capital took over all shares in the project | ||||||
company in December 2019. The project is | ||||||
covered by a 15 year PPA with Alcoa. | ||||||
Rosenskog | Falköping, | 3 | 18 | 55 | 2023 | The wind farm is sold to Commerz Real that |
Sweden, SE3 | is expected to take over the facility in the | |||||
autumn of 2023. Turbine supply agreement | ||||||
signed with Siemens Gamesa | ||||||
Renewables. PPA signed for 100 % of the | ||||||
electricity produced. Procurement of civil | ||||||
works has begun. | ||||||
Dållebo | Ulricehamn, | 4 | 26 | 66 | 2023 | The wind farm is sold to Commerz Real that |
Sweden, SE3 | is expected to take over the facility in the | |||||
autumn of 2023. Turbine supply agreement | ||||||
signed with Siemens Gamesa | ||||||
Renewables. PPA signed for 100 % of the | ||||||
electricity produced. Procurement of civil | ||||||
works has begun. | ||||||
Boarp | Vaggeryd, | 4 | 24 | 72 | 2023 | The wind farm is sold to Commerz Real that |
Sweden, SE3 | is expected to take over the facility in the | |||||
autumn of 2023. Turbine supply agreement | ||||||
signed with Siemens Gamesa | ||||||
Renewables. PPA signed for 100 % of the | ||||||
electricity produced. Procurement of civil | ||||||
works has begun. | ||||||
Timmele | Ulricehamn, | 2 | 8 | 23 | 2022 | The wind farm is sold to a private investor |
Sweden, SE3 | that is expected to take over the facility in the | |||||
summer of 2022. Turbine supply agreement | ||||||
signed with Enercon. Procurement of civil | ||||||
works has begun. |
As of Augsut 30, 2021
Degree of completion per wind farm under construction | Jun 3 0 , 2 0 2 1 |
Wind Fa rm | |
Øyfjellet | 28% |
Boarp | 0% |
Dållebo | 0% |
Rosenskog | 0% |
Timmele | 0% |
Eolus Vind AB (publ) | Org. nr: 556389-3956 | Q2 Report April 1st - June 30th 2021 | Page 3 of 8 |
Projects in late development phase or sales phase
Project | Location | Technology | Capacity, | Planned | Comment |
MW | commissioning | ||||
Stockåsbodarna | Sundsvall, | Wind | 50 | 2024 | The project was given a positive decision from the |
Sweden | Land and Environment Court in July 2021, which in | ||||
turn have been appealed. The case of leave to appeal | |||||
shall be tried. Grid connection secured. | |||||
Ölme | Kristinehamn, | Wind | 81 | 2025 | Environmental permit with legal force for maximum |
Sweden | height of 150 meters. Application for increased | ||||
maximum height in process. As part of the process | |||||
the municipality said yes to the application for | |||||
increased height in April 2021. | |||||
Stor-Vrången | Ockelbo, Sweden | Wind | 0 | Activities for optimization of the project is ongong. | |
Given the prerequisites and the restrictions in the | |||||
permit the project at this time doesn´t fulfill the criteria | |||||
to reach favorable profitability. | |||||
Fågelås | Hjo, Sweden | Wind | 43 | 2024 | Environmental permit with legal force for maximum |
height of 150 meters. Permit regarding increased total | |||||
height for in total seven wind turbines approved in April | |||||
2020. The decision has been appealed to the Land | |||||
and Environmental court. | |||||
Vaberget | Sollefteå, | Wind | 50 | 2024 | Environmental permit with legal force. The project |
Sweden | dependent on other projects being connected to a new | ||||
grid sub station. New permit process for project | |||||
optimization initiated. As part of the process the | |||||
municipality said yes to the new application in May | |||||
2021. | |||||
Siggebohyttan | Lindesberg, | Wind | 24 | 2025 | Environmental permit granted for 4 of 15 wind turbines |
Sweden | in March 2020. Eolus has filed an appeal of the | ||||
decision to the Land and Environmental Court to grant | |||||
permit for more wind turbines. | |||||
Skallberget/ | Avesta, Sweden | Wind | 74 | 2023 | Fully permitted project acquired during June 2021. |
Utterberget | Sales process initiated with the ambition to sign an | ||||
agreement with an investor during 2021. | |||||
Tjärnäs | Hedemora, | Wind | 25 | 2023 | Fully permitted project acquired during June 2021. |
Sweden | Sales process initiated with the ambition to sign an | ||||
agreement with an investor during 2021. | |||||
Stor-Skälsjön | Sundsvall and | Wind | 260 | 2023 | Fully permitted project totaling 260 MW which has |
Timrå, Sweden | been acquired together with Hydro Rein in June 2021 | ||||
with Eolus owning 51% and Hydro REIN 49%. Sales | |||||
process initiated with the ambition to sign an | |||||
agreement with an investor during 2021 for the | |||||
majority of the shares in the project. | |||||
Pörtom | Närpes, Finland | Wind | 59 | 2024 | Permit with legal force. The project is dependent on |
grid connection with other projects in the area. Grid | |||||
connection design work initiated. | |||||
Peineva/Dobele | Tukums och | Wind | 172 | 2024 | Environmental impact assessment approved at |
Dobele, Latvia | federal level. Negative decision on municipality level in | ||||
March 2020. Eolus appeal of the municipal decision | |||||
was approved in July 2021. A new decision from the | |||||
municipality is expected during 2021 | |||||
Centennial Flats | Arizona, US | Solar & Storage | 500 + 250 | 2023 | Grid connection secured. Required permits are |
expected to be obtained during 2021. | |||||
Group | 1 588 |
As of August 30, 2021
Eolus Vind AB (publ) | Org. nr: 556389-3956 | Q2 Report April 1st - June 30th 2021 | Page 4 of 8 |
Consolidated income statement | Inte rim | Inte rim | 6 month | 6 month | Rolling 12 | Full ye a r |
Apr 2 0 2 1 | Apr 2 0 2 0 | Ja n 2 0 2 1 | Ja n 2 0 2 0 | Apr 2 0 2 0 | Ja n 2 0 2 0 | |
KS EK | - Jun 2 0 2 1 | - Jun 2 0 2 0 | - Jun 2 0 2 1 | - Jun 2 0 2 0 | - Jun 2 0 2 1 | - De c 2 0 2 0 |
Net sales | 673 079 | 409 906 | 914 621 | 549 867 | 2 367 503 | 2 468 639 |
Other operating income | 6 692 | 31 265 | 17 205 | 36 693 | 69 668 | 122 061 |
679 771 | 441 171 | 931 827 | 586 560 | 2 437 171 | 2 590 700 | |
Operating expences | ||||||
turbines under construction and projekts under | ||||||
development | 550 953 | -295 168 | 453 872 | -371 640 | 754 008 | 38 009 |
Cost for goods and project development | -1 186 091 | -61 459 | -1 318 334 | -183 198 | -2 921 908 | -2 147 034 |
Other external costs | -24 475 | -12 524 | -38 312 | -33 456 | -72 575 | -82 772 |
Employee benefits expenses | -14 644 | -11 622 | -27 913 | -21 770 | -60 623 | -71 005 |
Depreciation/amortization and impairment of | ||||||
property, plant and equipment and intangible | -1 361 | -1 323 | -2 725 | -2 794 | -5 820 | -8 131 |
Other operating expenses | 4 000 | 5 119 | -19 649 | -31 693 | -24 454 | -39 792 |
Operating profit | 8 154 | 64 195 | -21 233 | -57 993 | 105 797 | 279 975 |
Profit/loss from financial items | -12 424 | -48 013 | -4 177 | -7 212 | -64 330 | -97 422 |
Profit before tax | -4 270 | 16 182 | -25 410 | -65 204 | 41 467 | 182 553 |
Tax on profit | 2 740 | 6 695 | 7 097 | 24 274 | -5 587 | 15 749 |
Net profit for the period | -1 530 | 22 876 | -18 313 | -40 930 | 35 879 | 198 302 |
Whereof related to the shareholder of the parent | ||||||
company | -1 529 | 22 876 | -18 310 | -40 914 | 35 889 | 198 348 |
Whereof related to minority stakeholders | -1 | - | -3 | -16 | -10 | -46 |
Net profit for the period | -1 530 | 22 876 | -18 313 | -40 930 | 35 879 | 198 302 |
Total shares | 24 907 | 24 907 | 24 907 | 24 907 | 24 907 | 24 907 |
Profit per share before/after dilution (SEK) | -0,06 | 0,92 | -0,74 | -1,64 | 1,44 | 7,96 |
Consolidated statement of comprehensive income | ||||||
KS EK | ||||||
Net profit for the period | -1 530 | 22 876 | -18 313 | -40 930 | 35 879 | 198 302 |
Other comprehensive income | ||||||
Translation differences | -1 251 | -519 | 1 828 | -519 | 8 252 | 5 905 |
Other comprehensive income for the period | ||||||
net after tax | 607 | 6 165 | 6 029 | -10 461 | 962 | -14 831 |
Total comprehensive income for the period | -923 | 29 042 | -12 283 | -51 391 | 36 842 | 183 471 |
Whereof related to the shareholder of the parent | ||||||
company | -857 | 29 042 | -12 215 | -51 375 | 36 852 | 183 824 |
Whereof related to minority stakeholders | -66 | - | -68 | -16 | -10 | -353 |
Total comprehensive income for the period | -923 | 29 042 | -12 283 | -51 391 | 36 842 | 183 470 |
Eolus Vind AB (publ) | Org. nr: 556389-3956 | Q2 Report April 1st - June 30th 2021 | Page 5 of 8 |
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Eolus Vind AB published this content on 31 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 06:51:09 UTC.