Sweden's Eolus Vind swings to profit in Q2 2022

Swedish wind project developer Eolus Vind AB (STO:EOLU-B) posted a net profit of SEK 225 million (USD 21.2m/EUR 21.1m) in the second quarter of 2022, enough to absorb losses in January-March and come out on top for the semester.

The turnaround followed a net loss of SEK 138 million, and EBIT loss of SEK 158 million in the first quarter. The second-quarter results, released today, also showed improvement compared to year-ago earnings.

Key financial figures are presented in the table below:

In million SEK unless otherwise noted:	Q2 2022	Q2 2021	H1 2022
Net sales	1,448	673	1,880
EBIT (loss)	220	8	62
Profit (loss) before tax	221	(4)	62
Net profit (loss)	225	(2)	87
Cash flow from operating activities	315	367	152
Total assets	1,844	1,805	1,844
Managed turbines (in MW)	912	921	912

In the April-June period, Eolus Vind did not commission and hand over to customers any wind turbines. At the end of June, the company had 786 MW of wind farms under construction.

A major event during the reporting period was the closing of the sale of interest in the 260-MW Stor-Skalsjon wind project in Sweden to MEAG. In that transaction, Eolus Vind and Hydro REIN sold of a combined 75% stake, and agreed to jointly handle the installation.

(SEK 1.0 = USD 0.941/EUR 0.938)

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