Eolus Vind AB interim report March 1 2020 – May 31 2020

Hässleholm, Sweden, July 8, 2020

3 Months March 2020 – May 2020

• Net sales 380.6 (520.3) MSEK.
• EBIT 38.1 (10.9) MSEK. Profit before tax 13.5 (10.0) MSEK. Net profit 17.6 (12.2) MSEK.
• Earnings per share, before and after dilution equals 0.71 (0.49) SEK.
• During the three month period 0 (0) wind turbines were taken into operations with a total installed capacity of 0 (0) MW.
• During the three month period the equivalent of 0 (1) wind turbines with an installed capacity of 0 (2.0) MW was handed over to customers.
• At the end of the period Eolus had 687 (421) MW under asset management.
• In March 2020 the project company Øyfjellet Wind AS, which Eolus has a construction management agreement with, signed a turbine supply agreement with Nordex regarding 72 wind turbines of the model N149 with a total installed capacity of 400 MW. A 20-year Premium Service contract with options for extension was also signed.

Significant events after the balance sheet date

• In July Eolus signed a cooperation agreement with SCA regarding development of wind power projects. Under the cooperation agreement Eolus and SCA will initiate joint development of a number of projects and Eolus will also be able to sign land lease agreements in other identified projects areas. The goal is to reach around 1 000 MW of projects for realization in Sweden, Estonia and Latvia.

Financial summary	Interim	Interim	6 month	6 month	Full year
	Mar 2020	Mar 2019	Sep 2019	Sep 2018	Sep 2018
	-May 2020	-May 2019	-May 2020	-May 2019	-Aug 2019
Net sales, MSEK	380,6	520,3	934,3	998,2	2 031,9
EBIT, MSEK	38,1	10,9	143,4	46,4	118,3
Profit before tax, MSEK	13,5	10,0	108,7	43,3	116,0
Changes in market valuation of financial derivatives, MSEK	32,2	-18,7	52,2	-39,9	-24,9
Net profit, MSEK	17,6	12,2	135,4	51,8	132,8
Earnings per share before and after dilution, SEK	0,71	0,49	5,44	2,08	5,33
Equity per share, SEK	39,40	32,43	39,40	32,43	35,65
Cashflow from operating activities, MSEK	37,8	-328,1	-362,2	-353,9	566,6
Total assets, MSEK	2 073,6	2 211,1	2 073,6	2 211,1	2 057,8
Net debt - /net cash +, MSEK	373,1	-120,4	373,1	-120,4	800,1
Signed customer contracts, MSEK	4 826,0	2 691,6	4 826,0	2 691,6	1 348,9
No of turbines taken into operation, amount	0,0	0,0	43,0	3,0	31,0
No of turbines handed over to customers, amount	0,0	1,0	44,0	5,0	34,0
Turbines taken into operation, MW	0,0	0,0	163,4	10,8	115,2
Turbines handed over to customers, MW	0,0	2,0	164,2	14,8	120,0
Managed turbines, MW	687	421	687	421	524
Equity/assets ratio, %	47,3	36,6	47,3	36,6	43,2
Return on equity after tax, %	24,2	28,3	24,2	28,3	15,6

Change of the company’s financial year

Eolus is planning for an Extraordinary General Meeting (EGM) Thursday August 27^th. The Board of Directors will propose the that EGM resolves to change the company’s financial year to run from 1 January to 31 December, instead of 1 September to 31 August. The current financial year is extended to cover a period of 16 months, that is, until 31 December 2020. Five financial statements will be given and the fifth will cover four months, 1 September – 31 December 2020. Annual report for the extended financial year will be given during the spring of 2021.

For further information contact:

Per Witalisson, CEO, +46 10 199 88 02
Catharina Persson, CFO, +46 70 932 97 77
Johan Hammarqvist, head of communications, +46 10 199 88 10

The information in this press release is disclosed pursuant to the EU Market Abuse Regulation. The information was released for public disclosure through the agency of head of communication Johan Hammarqvist on July 8^th 2020, at 8.30 AM CET.

About Eolus:
Eolus Vind AB is one of the leading wind power developers in the Nordics. Eolus is active in the whole value chain from development of green field projects to construction and operation of wind farms. Eolus offers attractive and competitive investments in the Nordic and Baltic countries as well as the United States to both local and international investors. Founded in 1990, Eolus has constructed 615 wind turbines with a capacity of over 1 200 MW. Eolus has signed contracts for about 1 300 MW of asset management services of which some 745 MW is in operation.

Eolus Vind AB has about 26 000 shareholders. Eolus shares are listed at Nasdaq Stockholm.

For more information about Eolus, please visit www.eolusvind.com

Attachment

• Eolus - Extract of interim report Mar 31 2020-May 31 2020