Eolus Vind — Interim / Quarterly Report 2020

Oct 21, 2020

Projects Bäckhammar and Stigafjellet completed and handed over to customers

3 Months June 2020 – August 2020

• Net sales 456.9 (1033.7) MSEK.
• EBIT 76.8 (72.0) MSEK. Profit before tax 37.6 (72.6) MSEK. Net profit 32.8 (81.0) MSEK.
• Earnings per share, before and after dilution equals 1.32 (3.25) SEK.
• During the three month period 38 (28) wind turbines were taken into operations with a total installed capacity of 160.3 (104.4) MW.
• During the three month period the equivalent of 39 (29) wind turbines with an installed capacity of 161.1 (105.2) MW was handed over to customers.
• At the end of the period Eolus had 903 (524) MW under asset management.
• In July Eolus signed a cooperation agreement with SCA regarding development of wind power projects. The goal is to reach around 1 000 MW of projects for realization in Sweden, Estonia and Latvia.
• In July Eolus signed an agreement to acquire seven wind power projects in early development phase from Vindkraft Värmland. Together the projects can facilitate up to approximately 450 MW.
• On August 27th, an Extraordinary General Meeting was held that decided to change the company's financial year to run from January 1st to December 31st. The current financial year is extended to cover a period of 16 months, September 1st, 2019 to December 31st, 2020.
• In August wind farm Bäckhammar (130 MW) was completed and handed over to KGAL who has signed a PPA with Amazon Web Services. Bäckhammar is the first wind farm outside North America to be commissioned with a PPA with Amazon Web Services. Eolus will deliver technical and administrative services for the wind farm.
• In August wind farm Stigafjellet (30 MW) was completed and handed over to ewz. The wind farm is the first Eolus completes in Norway and Eolus will deliver technical and administrative services for the wind farm.

Significant events after the balance sheet date

In September Eolus signed an agreement with Commerz Real regarding the sale of the wind farms Boarp (24 MW), Dållebo (26 MW) and Rosenskog (18 MW) totaling 68 MW for a preliminary purchase price of EUR 82.5 million. An agreement have been signed with Siemens Gamesa Renewables for delivery of 7 Siemens Gamesa SG 5.8-170 wind turbines and 4 Siemens Gamesa SG 5.8-155 wind turbines to the wind farms which are expected to be completed in the autumn of 2023. Eolus will deliver technical and administrative services for the wind farms.

Eolus Vind AB (publ) Box 95 281 21 HÄSSLEHOLM Tel: 010-199 88 00 (vx)

In October Eolus signed an agreement with Cubico Sustainable Investments regarding the sale of the turn key wind farm Wind Wall 1 (46.5 MW) located near Tehachapi in California, USA. Construction is ongoing and Wind Wall 1 is expected to be completed during the autumn of 2020.

Change of the company's financial year

Eolus held an Extraordinary General Meeting (EGM) Thursday August 27th . The EGM resolved 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 31 December 2020 and will cover the period 1 September 2019 to 31 December 2020. Five financial statements will be given and the fifth will cover four months, 1 September 2020 – 31 December 2020. In total the financial year will cover 16 months.

Annual report will be made public during week 12, 2021. Annual General Meeting will be held in Hässleholm, Wednesday May 19 th, 2021.

Hässleholm, Wednesday May 19 th, 2021.
Financial summary	Inte rim	Inte rim	12 months	12 months
	Ma r 2 0 2 0 - Aug 2 0 2 0	Ma r 2 0 19 - Aug 2 0 19	Se p 2 0 19 - Aug 2 0 2 0	Se p 2 0 18 - Aug 2 0 19
Net sales, MSEK	456,9	1 033,7	1 391,1	2 031,9
EBIT, MSEK	76,8	72,0	220,2	118,3
Profit before tax, MSEK	37,6	72,6	146,3	116,0
Changes in market valuation of financial derivatives, MSEK	-1,7	15,0	50,4	-24,9
Net profit, MSEK	32,8	81,0	168,2	132,8
Earnings per share before and after dilution, SEK	1,32	3,25	6,75	5,33
Equity per share, SEK	40,47	35,65	40,47	35,65
Cashflow from operating activities, MSEK	-8,4	920,5	-370,7	566,6
Total assets, MSEK	1 960,0	2 057,8	1 960,0	2 057,8
Net debt - /net cash +, MSEK	400,9	800,1	400,9	800,1
Signed customer contracts, MSEK	4 591,1	1 348,9	4 591,1	1 348,9
No of turbines taken into operation, amount	38,0	28,0	81,0	31,0
No of turbines handed over to customers, amount	39,0	29,0	83,0	34,0
Turbines taken into operation, MW	160,3	104,4	323,7	115,2
Turbines handed over to customers, MW	161,1	105,2	325,3	120,0
Managed turbines, MW	903	524	903	524
Equity/assets ratio, %	51,4	43,2	51,4	43,2
Return on equity after tax, %	17,7	15,6	17,7	15,6

Project portfolio

Eolus' success as a developer of renewable energy projects is in large dependent on access to a highquality 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.

To increase the long-term visibility of our activities the company in conjunction with the interim report for the first period of the fiscal year redefined the classification of our project portfolio and will clarify the communication for our most prioritized projects for establishment from 2022 onwards. The intention is to describe the progress of the projects in interim reports and on Eolus website and continually add information about future projects when they reach the late development phase.

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 och permit factors in the future.

Projects under establishment

Proje c t	Loc a tion	Numbe r of WTG	Ca pa c ity, M W	Estima te d produc tion, GWh	Pla nne d c ommissioning	Comme nt
Wind Wall	Tehachapi, California, USA	1 3	4 7	155	2020	Project sold to Cubico Sustainable Investments. Repowering project. Full value production tax credit granted for the project. 15 year PPA signed with Amazon Web Service. Erection of wind turbines from Vestas is ongoing.
Öyfjellet	Vefsn, Norway, NO4	7 2	400	1,400	2021	Fully concessioned. Grid capacity reserved. 15 year PPA signed with Alcoa. The customer Aquila Capital has acquired all shares in the project company . Turbine supply agreement signed with Nordex. Construction of the wind farm and the electricity system has started.
Rosenskog	Falköping, Sweden, SE3	3	1 8	5 5	2023	The wind farm is sold to Commerz Real that is expected to take over the facility in the autumn of 2023. Turbine supply agreement signed with Siemens Gamesa Renewables . Procurem ent of civil works has begun.
Dållebo	Ulricehamn, Sweden, SE3	4	2 6	6 6	2023	The wind farm is sold to Commerz Real that is expected to take over the facility in the autumn of 2023. Turbine supply agreement signed with Siemens Gamesa Renewables . Procurem ent of civil works has begun.
Boarp	Vaggeryd, Sweden, SE3	4	2 4	7 2	2023	The wind farm is sold to Commerz Real that is expected to take over the facility in the autumn of 2023. Turbine supply agreement signed with Siemens Gamesa Renewables . Procurem ent of civil works has begun.

As of October 20, 2020

Degree of completion per wind farm under construction	2020- 08- 31
Wind Farm
Wind Wall*	0 %
Öyfjellet	0 %

Projects in late development phase or sales phase

Project	Location	Technology	Capacity, MW	Planned commissioning Comment
Stockåsbodarna	Sundsvall, Sweden	Wind	39	2022	Sales and procurement process initiated. Environmental permit appealed. Grid connection secured.
Ölme	Kristinehamn, Sweden	Wind	64	2023	Environmental permit with legal force for maximum height of 150 meters. Appclication for increased maximum height in process.
Stor-Vrången	Ockelbo, Sweden	Wind	64	2022	Environmental permit with legal force for maximum height of 150 meters. Ongoing optimization in regards to the restriction of the permit.
Fågelås	Hjo, Sweden	Wind	34	2023	Environmental permit with legal force for maximum height of 150 meters. Changed permit regarding increased total height for in total seven wind turbines was approved in April 2020. The decision has been appealed to the Land- and Environment court.
Vaberget	Sollefteå, Sweden	Wind	49	2024	Environmental permit with legal force. The project dependent on other projects being connected to a new grid sub station.
Siggebohyttan	Lindesberg, Sweden	Wind	20	2024	Application for environmental permit submitted. Wind measurments to begin during 2020. Environmental permit granted for 4 of 15 wind turbines in March 2020. Eolus has filed an appeal of the decision to the Land and Environment Court to grant permit for more wind turbines.
Pörtom	Närpes, Finland	Wind	44	2023	Permit with legal force. The project is dependent on grid connection with other projects in the area.
Peineva/Dobele	Tukums och Dobele, Latvia	Wind	172	2024	Environmental impact assessment aproved at the federal level. Negative decision on municipality level in March 2020. Eolus has filed an appeal of the municpal decision.
Centennial Flats	Arizona, US	Solar & Storage	500 + 250	2023	Grid connection secured. Required permits are expected to be obtained during 2020.
Group			1 236

As of October 20, 2020

Eolus Vind AB (publ) | Org. nr: 556389-3956 | Interim Report December 1st 2019 – February 29th 2020 Page 5 of 9

Consolidated income statement KSEK	Inte rim Ma r 2 0 2 0 - Aug 2 0 2 0	Inte rim Ma r 2 0 19 - Aug 2 0 19	12 months Se p 2 0 19 - Aug 2 0 2 0	12 months Se p 2 0 18 - Aug 2 0 19
Net sales	456 851	1 033 689	1 391 130	2 031 911
Other operating income	14 757	43 184	88 625	58 706
	471 608	1 076 873	1 479 755	2 090 617
Operating expences
Change in inventories of wind turmbines,
wind turbines under construction and projekts	586 336	24 471	366 534	-289 576
Cost for goods and project development	-966 936	-971 433	-1 493 834	-1 503 682
Other external costs	-7 111	-20 774	-56 058	-58 141
Employee benefits expenses	-8 934	-11 643	-34 029	-39 088
Depreciation/amortization and impairment of
property, plant and equipment and intangible	-1 335	-1 075	-6 096	-4 968
Other operating expenses	3 174	-24 467	-36 118	-76 842
Operating profit	76 802	71 951	220 154	118 321
Profit/loss from financial items	-39 152	676	-73 829	-2 350
Profit before tax	37 650	72 627	146 325	115 971
Tax on profit	-4 840	8 329	21 886	16 823
Net profit for the period	32 810	80 955	168 211	132 794
Whereof related to the shareholder of the
parent company	32 803	80 991	168 242	132 876
Whereof related to minority stakeholders	7	-36	-31	-82
Net profit for the period	32 810	80 955	168 211	132 794
Total shares	24 907	24 907	24 907	24 907
Profit per share before/after dilution (SEK)	1,32	3,25	6,75	5,33

Consolidated statement of comprehensive income
KSEK
Net profit for the period	32 810	80 955	168 211	132 794
Other comprehensive income
Translation differences	-9 760	-811	-17 354	-1 501
Tax on items that may be reclassified to profit
or loss	3 699	-	3 699	-
Other comprehensive income for the period
net after tax	-6 061	-811	-13 655	-1 501
Total comprehensive income for the period	26 749	80 144	154 556	131 293
Whereof related to the shareholder of the
parent company	26 742	80 107	154 894	131 169
Whereof related to minority stakeholders	7	3 7	-338	125
Total comprehensive income for the period	26 749	80 144	154 556	131 293

Consolidated balance sheet KSEK	Aug 3 1 2020	Aug 3 1 2 0 19
ASSETS
Non-current assets
Intangible assets	29 770	54 084
Property, plant and equipment	30 678	31 810
Deferred tax asset	13 020	4 421
Other financial assets	14 874	20 502
Total fixed assets	88 342	110 817
Current assets
Inventories, work in progress	764 090	472 359
Advance payment to suppliers	-	277 014
Account receivable - trade	216 178	25 277
Derivative instruments	18 658	-
Current tax assets	60 740	5 705
Other receivables	2 806	35 411
Prepaid expenses and accrued income	9 360	28 223
Cash and bank balances	799 863	1 102 983
Total current assets	1 871 695	1 946 973
TOTAL ASSETS	1 960 037	2 057 789
KSEK	Aug 3 1 2020	Aug 3 1 2 0 19
EQUITY AND LIABILITIES
Equity
Equity related to the share holders of parent company	1 007 990	887 817
Equity related to minority stake holders	-941	2 037
Total equity	1 007 049	889 854
Non-current liabilities
Non-current interest bearing liabilities	152 410	152 400
Provision, non current	588	925
Deferred taxes	38 977	6 153
Other liabilities	70 709	284
Total non-current liabilities	262 683	159 762
Current liabilities
Current interest bearing liabilities	246 563	150 533
Bills payable	192 849	229 381
Derivative instruments	5 747	37 521
Current tax liabilities	11 504	3 2
Accrued expenses and deferred income	182 449	91 585
Advance paument from customers Other liabilities	11 898 39 294	293 791 205 330
Total current liabilities	690 304	1 008 173

Consolidated cash flow statement	Inte rim	Inte rim	12 months	12 months
	Ma r 2 0 2 0	Ma r 2 0 19	Se p 2 0 19	Se p 2 0 18
KSEK	- Aug 2 0 2 0	- Aug 2 0 19	- Aug 2 0 2 0	- Aug 2 0 19
Operating activities
Operating profit	76 802	71 951	220 154	118 321
Non cash items	-6 054	-18 258	-50 960	29 896
	70 748	53 692	169 194	148 217
Interest received	1 008	422	2 312	4 261
Interest paid	-7 507	-7 486	-16 559	-13 807
Income tax paid	17 163	-9 781	2 719	-59 140
Net cash flow from operating activities before	81 412	36 847	157 666	79 532
changes in working capital
Adjustments of working capital	-89 853-	883 655-	-528 322-	487 098-
Cash flow from operating activities	-8 440	920 502	-370 656	566 630
Acquisition of intangible assets	-	-	-	-96 162
Acquisition of property, plant and equipment	-	-368	-16 023	-1 939
Sales of property, plant and equipment	19 408	-	20 338	310
Acquisition of participations in subsidaries/asset
acquisition	-	-	-	-1 681
Acquisition of financial assets	-	-	-	-1 376
Sales of financial assets	-	-	-	6 3
Cash flow from investing activities	19 408	-368	4 315	-100 785
Borrowings	62 482	320 232	263 208	721 810
Repayment of loans	-	-496 944	-152 933	-787 617
Paid dividends	-	-	-37 361	-37 361
Cash flow from financing activities	62 482	-176 712	72 914	-103 168
Cash flow for the year	73 450	743 422	-293 427	362 677
Cash and cash equivalents at beginning of year	729 562	359 258	1 102 983	739 825
Exchange-rate differences in cash and cash
equivalents	-3 148	304	-9 694	482
Cash and cash equivalents at year-end	799 863	1 102 983	799 863	1 102 983

Consolidated statement of changes in equity

Consolidated statement of changes in equity
		Additiona l			Tota l,	Non
	Sha re c a pita l	pa id- in c a pita l	Re se rve s	Re ta ine d e a rnings	Eolus's sha re holde rs	c ontrolling inte re sts	Tota l e quity
KSEK
At 1 September 2018 Adjustment for changed accounting principle:	24 907	190 843	-496	598 758	814 012	1 912	815 923
IFRS 15 Income from agreements with
customers				-20 000	-20 000		-20 000
Adjusted as per 1 september 2018	24 907	190 843	-496	578 758	794 012	1 912	795 923
Net profit for the year				132 876	132 876	-82	132 794
Other comprehensive income			-1 674	-33	-1 707	206	-1 501
Total comprehensive income			-1 674	132 843	131 169	125	131 293
Transactions with shareholders
Dividend				-37 361	-37 361		-37 361
At 31 August 2019	24 907	190 843	-2 170	674 240	887 817	2 037	889 854
At 1 September 2019	24 907	190 843	-2 170	674 240	887 817	2 037	889 854
Net profit for the year				168 242	168 242	-31	168 211
Other comprehensive income			-13 341	-6	-13 348	-307	-13 655
Total comprehensive income			-13 341	168 236	154 894	-338	154 556
Transactions with shareholders
Acquisition of shares from non-controlling				2 640	2 640	-2 640	-
interests
Dividend				-37 361	-37 361		-37 361
At 31 August 2020	24 907	190 843	-15 511	807 755	1 007 991	-941	1 007 050