Eolus Vind — Interim / Quarterly Report 2021

May 18, 2021

Translated extract from Q1 Report January 1 – March 31 2021

Eolus expands to the Polish market

3 Months January 2021 – March 2021

• Net sales 241.5 (140.0) MSEK.
• EBIT -29.4 (-122.2) MSEK. Profit before tax -21.1 (-81.4) MSEK. Net profit -16.8 (-63.8) MSEK.
• Earnings per share, before and after dilution equals -0.67 (-2.56) SEK.
• During the four months period 0 (0) wind turbines were taken into operations with a total installed capacity of 0 (0) MW.
• During the four months period the equivalent of 0 (1) wind turbines with an installed capacity of 0 (0.8) MW was handed over to customers.
• At the end of the period Eolus had 874 (687) MW under asset management.
• In January 2021 Eolus signed individual PPA:s with a major global energy company for the three wind farms Boarp, Dållebo and Rosenskog totaling 68 MW. The agreements cover 100 % of the produced electricity volume in the wind farms which are sold to Commerz Real.
• In March Eolus established operations in Poland, which is a fast growing market when it comes to renewable energy while also being one of the European countries most dependent on fossil-based electricity production. The entry to a new market is part of the strategy for growth determined by the company.
• In March Eolus signed an agreement with a customer for the delivery of a turn-key wind power facility in Timmele in Ulricehamn municipality in Sweden. The facility will comprise two Enercon E-138 with a total installed capacity of 8.4 MW.
• 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 Ja n 2 0 2 1 - Ma r 2 0 2 1	Inte rim Ja n 2 0 2 0 - Ma r 2 0 2 0	Rolling 12 Apr 2 0 2 0 - Ma r 2 0 2 1	Full ye a r Se p 2 0 19 - De c 2 0 2 0
Net sales, MSEK	241,5	140,0	2 104,3	2 468,6
EBIT, MSEK	-29,4	-122,2	161,8	280,0
Profit before tax, MSEK	-21,1	-81,4	61,9	182,6
Changes in market valuation of financial derivatives, MSEK	-22,9	-1,6	14,9	69,6
Net profit, MSEK	-16,8	-63,8	60,3	198,3
Earnings per share before and after dilution, SEK	-0,67	-2,56	2,42	7,96
Equity per share, SEK	41,30	38,49	41,30	41,63
Cashflow from operating activities, MSEK	-51,3	-316,1	11,9	-483,7
Total assets, MSEK	1 856,3	2 010,0	1 856,3	1 808,2
Net debt - /net cash +, MSEK	238,6	212,1	238,6	304,2
Signed customer contracts, MSEK	4 999,9	5 116,6	4 999,9	5 130,9
No of turbines taken into operation, amount	-	-	38,0	81,0
No of turbines handed over to customers, amount	-	1,0	39,0	83,0
Turbines taken into operation, MW	-	-	160,3	323,7
Turbines handed over to customers, MW	-	0,8	161,1	325,3
Managed turbines, MW	874	687	874	903
Equity/assets ratio, %	55,4	47,7	55,4	57,3
Return on equity after tax, %	6,1	23,9	6,1	20,6**

**return on equity after tax is calculated for 16 months earnings relative to avarage equity.

Change of the company's financial year

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.

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 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	2021	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 which has been started for the part of the wind farm that has been completed. Erection of wind turbines from Vestas is ongoing.
Öyfjellet	Vefsn, Norway, NO4	7 2	400	1,300	2021	Concession granted for 30 years of operations. Grid capacity reserved. 15 year PPA signed with Alcoa. The customer Aquila Capital has acquired all shares in the project company . Internal roads and electricity system completed. Delivery of wind turbine components from Nordex is ongoing.
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 signed 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 signed 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 signed 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 May 17, 2021

Degree of completion per wind farm under construction Ma r 3
Wind Fa rm
Wind Wall	75%
Øyfjellet	19%
Boarp	0%
Dållebo	0%
Rosenskog	0%
Timmele	0%

Projects in late development phase or sales phase

Project	Location	Technology Capacity,	MW	Planned commissioning Comment
Stockåsbodarna	Sundsvall, Sweden	Wind	5 0	2024	Sales- and procurement process initiated. Environmental permit appealed. 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.
Stor-Vrången	Ockelbo, Sweden	Wind	6 4	2023	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	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.
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.
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 has filed an appeal of the municipal decision.
Centennial Flats	Arizona, US	Solar & Storage	500 + 250	2023	Grid connection secured. Required permits are expected to be obtained during 2021.
Group			1 293

As of May 17, 2021

Consolidated income statement KSEK	Inte rim Ja n 2 0 2 1 - Ma r 2 0 2 1	Inte rim Ja n 2 0 2 0 - Ma r 2 0 2 0	Rolling 12 Apr 2 0 2 0 - Ma r 2 0 2 1	Full ye a r Ja n 2 0 2 0 - De c 2 0 2 0
Net sales	241 542	139 961	2 104 330	2 468 639
Other operating income	10 513	5 428	94 241	122 061
	252 056	145 389	2 198 571	2 590 700
Operating expences Change in inventories of w ind turmbines, w ind
turbines under construction and projekts under
development	-97 081	-76 472	-92 114	38 009
Cost for goods and project development	-132 243	-121 739	-1 797 277	-2 147 034
Other external costs	-13 838	-20 933	-60 624	-82 772
Employee benefits expenses	-13 269	-10 148	-57 600	-71 005
Depreciation/amortization and impairment of
property, plant and equipment and intangible	-1 364	-1 471	-5 782	-8 131
Other operating expenses	-23 649	-36 812	-23 335	-39 792
Operating profit	-29 387	-122 187	161 838	279 975
Profit/loss from financial items	8 247	40 801	-99 920	-97 422
Profit before tax	-21 140	-81 386	61 918	182 553
Tax on profit	4 357	17 579	-1 633	15 749
Net profit for the period	-16 783	-63 807	60 285	198 302
Whereof related to the shareholder of the parent
company	-16 781	-63 790	60 295	198 348
Whereof related to minority stakeholders	- 2	-16	-10	-46
Net profit for the period	-16 783	-63 807	60 285	198 302
Total shares	24 907	24 907	24 907	24 907
Profit per share before/after dilution (SEK)	-0,67	-2,56	2,42	7,96

Consolidated statement of comprehensive income

KSEK
Net profit for the period	-16 783	-63 807	60 285	198 302
Other comprehensive income
Translation differences	-3 079	-	2 826	5 905
Other comprehensive income for the period
net after tax	8 547	-16 617	9 636	-14 831
Total comprehensive income for the period	-8 236	-80 424	69 921	183 471
Whereof related to the shareholder of the parent
company	-8 234	-80 407	69 931	183 824
Whereof related to minority stakeholders	- 2	-16	-10	-353
Total comprehensive income for the period	-8 236	-80 424	69 921	183 470

Consolidated balance sheet KSEK	Ma r 3 1 2021	Ma r 3 1 2020	De c 3 1 2020
ASSETS
Non-current assets
Intangible assets	22 390	34 166	24 865
Property, plant and equipment	30 381	30 270	29 955
Deferred tax asset	17 347	11 564	13 120
Other financial assets	15 549	18 132	15 089
Total fixed assets	85 667	94 131	83 029
Current assets
Inventories, w ork in progress	366 960	885 172	429 289
Advance payment to suppliers	63 619	183 721	47 367
Account receivable - trade	10 854	222 599	16 365
Derivative instruments	14 760	7 008	37 011
Current tax assets	36 070	71 665	34 730
Other receivables	4 295	116 680	6 864
Prepaid expenses and accrued income	586 435	61 076	462 629
Cash and bank balances	687 675	367 900	690 938
Total current assets	1 770 667	1 915 821	1 725 193
TOTAL ASSETS	1 856 335	2 009 953	1 808 222
KSEK	Ma r 3 1 2021	Ma r 3 1 2020	De c 3 1 2020
EQUITY AND LIABILITIES
Equity
Equity related to the share holders of parent company	1 028 686	958 755	1 036 920
Equity related to minority stake holders	-958	-948	-956
Total equity	1 027 728	957 807	1 035 964
Non-current liabilities
Non-current interest bearing liabilities	132 938	152 982	135 116
Provision, non current	593	782	583
Deferred taxes	20 384	22 944	21 291
Other liabilities	70 714	292	70 698
Total non-current liabilities	224 629	177 000	227 687
Current liabilities
Current interest bearing liabilities	316 104	2 811	251 664
Bills payable	164 624	175 599	169 408
Derivative instruments	5 582	15 206	4 899
Current tax liabilities	7 552	33	6 889
Accrued expenses and deferred income	89 934	140 937	102 830
Advance paument from customers	10 000	492 712	-
Other liabilities		47 846
	10 182		8 880
Total current liabilities	603 978	875 145	544 571

Consolidated cash flow statement	Inte rim	Inte rim	Rolling 12	Full ye a r
	Ja n 2 0 2 1	Ja n 2 0 2 0	Apr 2 0 2 0	Ja n 2 0 2 0
KSEK	- Ma r 2 0 2 1	- Ma r 2 0 2 0	- Ma r 2 0 2 1	- De c 2 0 2 0
Operating activities
Operating profit	-29 387	-122 187	161 839	279 974
Non cash items	15 894	2 508	-17 553	-57 837
	-13 493	-119 679	144 286	222 138
Interest received	31	1 250	1 948	3 553
Interest paid	-4 547	-4 337	-16 184	-20 795
Income tax paid	-4 222	-9 774	29 106	21
Net cash flow from operating activities before	-22 231	-132 540	159 157	204 917
changes in working capital
Adjustments of w orking capital	- -29 020	- -183 546	- -147 234	- -688 582
Cash flow from operating activities	-51 251	-316 087	11 923	-483 666
Acquisition of intangible assets	-	-	-	-
Acquisition of property, plant and equipment	-856	-455	-16 545	-16 260
Sales of property, plant and equipment	190	202	20 110	20 521
Cash flow from investing activities	-666	-253	3 565	4 261
Borrow ings	47 369	-	310 576	263 207
Repayment of loans	-	-2 666	-	-152 933
Paid dividends	-	-37 361	-	-37 361
Cash flow from financing activities	47 369	-40 027	310 576	72 913
Cash flow for the year	-4 549	-356 366	326 063	-406 492
Cash and cash equivalents at beginning of year	690 938	721 753	367 900	1 102 983
Exchange-rate differences in cash and cash equivalents	1 285	2 513	-6 289	-5 553
Cash and cash equivalents at year-end	687 675	367 900	687 675	690 938

Consolidated statement of changes in equity

Consolidated statement of changes in equity Additiona l Tota l, Non Sha re pa id- in Re ta ine d Eolus's c ontrolling 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 KSEK At 1 September 2019 24 907 190 843 -1 210 861 982 1 076 522 -932 1 075 591 Net profit for the year -63 790 -63 790 -16 -63 807 Other comprehensive income -16 626 9 -16 617 -16 617 Total comprehensive income -16 626 -63 781 -80 407 -16 -80 424 Transactions with shareholders Dividend -37 361 -37 361 -37 361 At 31 March 2020 24 907 190 843 -17 836 760 841 958 755 -948 957 807 Net profit for the year 77 076 77 076 - 8 77 068 Other comprehensive income 1 149 -60 1 089 1 089 Total comprehensive income 1 149 77 016 78 165 - 8 78 157 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 -16 781 -16 781 - 2 -16 783 Other comprehensive income 5 427 3 120 8 547 8 547 Total comprehensive income 5 427 -13 661 -8 234 - 2 -8 236 Transactions with shareholders At 31 March 2021 24 907 190 843 -11 260 824 196 1 028 686 -958 1 027 728