Eolus Vind AB Interim Report 1 April–30 June 2023
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 in October 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 in Finland 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 Catharina Persson will present the report via a webcast with telephone conference.
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.