Eolus Vind books Q1 loss under new fiscal reporting

Wind turbines in Sweden. Author: Arctic Mirror.

Swedish wind project developer Eolus Vind AB (STO:EOLU-B) posted a net loss of SEK 16.8 million (USD 2.02m/EUR 1.66) in the first quarter of its new fiscal year, against a deficit of SEK 63.8 million a year earlier.

The Swedish company last year decided to change the reporting period for its financial year to run from January 1 to December 31. For that purpose, its previous fiscal year was extended to cover 16 months through December 31, instead of August 31. Eolus noted that all comparative periods in 2021 will correspond to interim periods that have not been presented before.

Further details about Eolus’ performance in January-March are available in the table.

Amounts in SEK million, unless otherwise noted	Jan-Mar 2021 (Q1)	Jan-Mar 2020
Net sales	241.5	140
EBIT (loss)	(29.4)	(122.2)
Profit (loss) before tax	(21.1)	(81.4)
Net profit (loss)	(16.8)	(63.8)
Cash flow from operating activities	(51.3)	(316.1)
Total assets	1,856.3	2,010
Managed turbines (in MW)	874	687

Eolus’ board of directors have proposed a dividend payout of SEK 2 per share, to be voted at the annual general meeting on May 19. The year-ago distribution stood at SEK 1.5 per share.

During the reporting period, Eolus did not bring online any turbine capacity and no turbines were handed over to customers, respectively. At the end of March, the company had 874 MW of assets under management, as compared to 687 MW a year earlier.

The three-month period marked Eolus’ entry into the Polish market and the signing of a 68-MW power purchase agreement (PPA) for the output of three wind farms that Eolus will build in Sweden. The power plants were previously sold to Germany’s Commerz Real.

(SEK 1.0 = USD 0.120/EUR 0.098)

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