Eolus Vind — Interim / Quarterly Report 2021

Aug 31, 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) Box 95 281 21 HÄSSLEHOLM Tel: 010-199 88 00 (vx)

Financial summary	Inte rim	Inte rim	6 month	6 month	Rolling 12	Full ye a r
	Apr 2 0 2 1 - Jun 2 0 2 1	Apr 2 0 2 0 - Jun 2 0 2 0	Ja n 2 0 2 1 - Jun 2 0 2 1	Ja n 2 0 2 0 - Jun 2 0 2 0	Apr 2 0 2 0 - Jun 2 0 2 1	Se p 2 0 19 - 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 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.

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.

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
Öyfjellet	Vefsn, Norway, NO4	7 2	400	1,300	2021	Roads and other infrastructure completed. 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, 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 . PPA s igned for 100 % of the electricity produced. Procurement 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 . PPA s igned for 100 % of the electricity produced. Procurement 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 . PPA s igned for 100 % of the electricity produced. Procurement of civil works has begun.
Timmele	Ulricehamn, Sweden, SE3	2	8	2 3	2022	The wind farm is sold to a private investor 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 30, 2021
Wind Farm
Øyfjellet	28%
Boarp	0%
Dållebo	0%
Rosenskog	0%
Timmele	0%

Projects in late development phase or sales phase

Project	Location	Capacity, Technology		Planned
			MW	commissioning Comment
Stockåsbodarna	Sundsvall, Sweden	Wind	5 0	2024	The project was given a positive decision from the 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, Sweden	Wind	8 1	2025	Environmental permit with legal force for maximum 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	4 3	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, Sweden	Wind	5 0	2024	Environmental permit with legal force. The project 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, Sweden	Wind	2 4	2025	Environmental permit granted for 4 of 15 wind turbines 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/ Utterberget	Avesta, Sweden	Wind	7 4	2023	Fully permitted project acquired during June 2021. Sales process initiated with the ambition to sign an agreement with an investor during 2021.
Tjärnäs	Hedemora, Sweden	Wind	2 5	2023	Fully permitted project acquired during June 2021. Sales process initiated with the ambition to sign an agreement with an investor during 2021.
Stor-Skälsjön	Sundsvall and Timrå, Sweden	Wind	260	2023	Fully permitted project totaling 260 MW which has 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	5 9	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 Dobele, Latvia	Wind	172	2024	Environmental impact assessment approved at 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

Consolidated income statement	Inte rim	Inte rim	6 month	6 month	Rolling 12	Full ye a r
KSEK	Apr 2 0 2 1 - Jun 2 0 2 1	Apr 2 0 2 0 - Jun 2 0 2 0	Ja n 2 0 2 1 - Jun 2 0 2 1	Ja n 2 0 2 0 - Jun 2 0 2 0	Apr 2 0 2 0 - Jun 2 0 2 1	Ja n 2 0 2 0 - 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 Change in inventories of w ind turmbines, w ind
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
KSEK

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

Consolidated balance sheet KSEK	Jun 3 0 2021	Jun 3 0 2020	De c 3 1 2020
ASSETS
Non-current assets
Intangible assets	21 705	30 995	24 865
Property, plant and equipment	30 127	41 018	29 955
Deferred tax asset	2 524	10 956	13 120
Other financial assets	15 287	15 357	15 089
Total fixed assets	69 643	98 326	83 029
Current assets
Inventories, w ork in progress	686 878	776 698	429 289
Advance payment to suppliers	63 296	250 440	47 367
Account receivable - trade	65 942	26 753	16 365
Derivative instruments	18 336	16 158	37 011
Current tax assets	44 027	63 248	34 730
Other receivables	30 479	5 187	6 864
Prepaid expenses and accrued income	60 764	7 538	462 629
Cash and bank balances	765 243	694 923	690 938
Total current assets	1 734 966	1 840 946	1 725 193
TOTAL ASSETS	1 804 608	1 939 273	1 808 222
	Jun 3 0	Jun 3 0	De c 3 1
KSEK	2021	2020	2020
EQUITY AND LIABILITIES
Equity
Equity related to the share holders of parent company	974 890	987 787	1 036 920
Equity related to minority stake holders	-999	-948	-956
Total equity	973 892	986 839	1 035 964
Non-current liabilities
Non-current interest bearing liabilities	179 552	152 894	135 116
Provision, non current	575	593	583
Deferred taxes	5 390	26 076	21 291
Other liabilities	70 721	271	70 698
Total non-current liabilities	256 238	179 834	227 687
Current liabilities
Current interest bearing liabilities	23 049	266 467	251 664
Bills payable	141 358	157 391	169 408
Derivative instruments	3 936	6 638	4 899
Current tax liabilities	6 662	31	6 889
Accrued expenses and deferred income	174 463	138 261	102 830
Advance paument from customers	10 000	182 145	-
Other liabilities	215 010	21 667	8 880
Total current liabilities
	574 479	772 599	544 571

Consolidated cash flow 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
KSEK	- 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
Operating activities
Operating profit	8 154	64 195	-21 233	-57 993	105 798	279 974
Non cash items	7 029	-15 392	22 922	-12 884	4 868	-57 837
	15 183	48 803	1 690	-70 877	110 666	222 138
Interest received	441	131	472	1 381	2 258	3 553
Interest paid	-3 346	-2 208	-7 892	-6 545	-17 321	-20 795
Income tax paid	-6 249	18 088	-10 471	8 314	4 769	21
Net cash flow from operating activities before	6 029	64 814	-16 202	-67 727	100 372	204 917
changes in working capital
Adjustments of w orking capital	361 063-	18 656-	332 043-	-164 890 -	195 173 -	-688 582 -
Cash flow from operating activities	367 092	83 469	315 841	-232 617	295 545	-483 666
Acquisition of property, plant and equipment	-1 573	-15 453	-2 429	-15 908	-2 664	-16 260
Sales of property, plant and equipment	201	329	391	531	19 982	20 521
Cash flow from investing activities	-1 372	-15 124	-2 038	-15 377	17 318	4 261
Borrow ings	-	263 208	47 369	263 208	47 369	263 207
Repayment of loans	-236 441	-	-236 442	-2 666	-236 442	-152 933
Paid dividends	-49 814	-	-49 814	-37 361	-49 814	-37 361
Cash flow from financing activities	-287 992	263 208	-240 624	223 181	-240 624	72 913
Cash flow for the year	77 728	331 553	73 179	-24 813	72 239	-406 492
Cash and cash equivalents at beginning of year	687 675	367 900	690 938	721 753	694 923	1 102 983
Exchange-rate differences in cash and cash equivalents	-160	-4 530	1 126	-2 017	-1 919	-5 553
Cash and cash equivalents at year-end	765 243	694 923	765 243	694 923	765 243	690 938

Consolidated statement of changes in equity

	Sha re	Additiona l pa id- in		Re ta ine d	Tota l, Eolus's	Non c ontrolling
KSEK	c a pita l	c a pita l	Re se rve s	e a rnings	sha re holde rs	inte re sts	Tota l e quity
At 1 September 2019	24 907	190 843	-1 210	861 982	1 076 522	-932	1 075 591
Net profit for the year				-40 914	-40 914	-16	-40 930
Other comprehensive income			-10 424	-37	-10 461		-10 461
Total comprehensive income			-10 424	-40 951	-51 375	-16	-51 391
Transactions with shareholders
Dividend				-37 361	-37 361		-37 361
At 30 June 2020	24 907	190 843	-11 634	783 671	987 787	-948	986 839
Net profit for the year				54 200	54 200	- 8	54 192
Other comprehensive income			-5 053	-14	-5 067		-5 067
Total comprehensive income			-5 053	54 186	49 132	- 8	49 125
At 31December 2020	24 907	190 843	-16 687	837 857	1 036 920	-956	1 035 964
At 1 January 2021	24 907	190 843	-16 687	837 857	1 036 920	-956	1 035 964
Net profit for the year				-18 310	-18 310	- 3	-18 314
Other comprehensive income			2 970	3 125	6 095	-66	6 029
Total comprehensive income			2 970	-15 186	-12 215	-69	-12 284
Transactions with shareholders
Non-controlling interest araised at aquisition of group						25	25
companies
Dividend				-49 814	-49 814		-49 814
At 30 June 2021	24 907	190 843	-13 717	772 857	974 891	-1 000	973 891