The Board of Directors of Eolus Vind Aktiebolag (publ) (“Eolus”) has resolved, pursuant to the authorisation granted by the annual general meeting held on 16 May 2024, to repurchase own shares on Nasdaq Stockholm. The purpose of the repurchase is to secure future delivery of shares to the participants of Eolus’ long-term share savings program which was resolved by the 2024 annual general meeting and to cover the cash flow effects associated with the program, primarily social security charges.
The repurchase may commence on 29 August 2024 and will be administered by Carnegie Investment Bank AB, which will take trading decisions independently of Eolus with regard to the timing of the repurchases. However, no acquisitions will be made during a 30-day period prior to the announcement of a financial report.
A maximum of 18,000 series B shares may be acquired on one or several occasions prior to 15 May 2025. Repurchase shall be made on Nasdaq Stockholm in accordance with the Nordic Main Market Rulebook for Issuers of Shares. The repurchases will be made at a price within the prevailing price interval on Nasdaq Stockholm applicable from time to time (i.e. in the interval between the highest purchase price and the lowest selling price). Acquisitions may also be made by way of block trades in accordance with applicable rules. Payment for the shares will be made in cash. Reporting will take place through the stock exchange in accordance with applicable rules.
The total number of shares in Eolus amounts to 24,907,000, of which 1,284,625 shares are series A shares and 23,622,375 shares are series B shares. At the time of this press release, the company does not hold any own shares. In the event of a fully executed share repurchase, the company will hold shares representing approximately 0.07 per cent of the issued shares in the company.
Construction in focus during the second quarter
1 April–30 June 2024
- Net sales amounted to 54 (1,742) MSEK.
- EBIT amounted to -26 (517) MSEK. Profit before tax amounted to -45 (503) MSEK.
- Net profit amounted to -50 (422) MSEK.
- Earnings per share, before and after dilution equaled -1.99 (16.97) SEK.
- At the end of the period, Eolus had 967 (817) MW under asset management.
1 January–30 June 2024
- Net sales amounted to 98 (2,019) MSEK.
- EBIT amounted to -55 (506) MSEK. Profit before tax amounted to -74 (491) MSEK.
- Net profit amounted to -82 (407) MSEK
- Earnings per share, before and after dilution equaled -3.29 (16.36) SEK.
- At the end of the period Eolus had 967 (817) MW under asset management.
Significant events during the period
- Eolus submitted a permit application to the government for the 2.2 GW offshore wind power project Skidbladner north of Gotska Sandön in Sweden.
- Magnus Axelsson, Chief Operating Officer and deputy CEO, and Heléne Sebrén, Head of HR, decided to leave Eolus as of 30 June and 30 September 2024, respectively.
- Christer Baden Hansen, formerly Chief Commercial Officer, was appointed Chief Operating Officer and deputy CEO of Eolus with effect from 1 July 2024.
Significant events after the balance sheet date
- Eolus appointed Åsa Lamm as Chief People & Culture Officer taking office on 16 September 2024.
Financial Summary
| MSEK |
Unit |
Q2 2024 |
Q2 2023 |
6 months 2024 |
6 months 2023 |
Rolling 12
Jul–Jun |
Full year 2023 |
| Net sales |
MSEK |
54 |
1,742 |
98 |
2,019 |
381 |
2,301 |
| EBIT |
MSEK |
-26 |
517 |
-55 |
506 |
203 |
764 |
| Profit before tax |
MSEK |
-45 |
503 |
-74 |
491 |
154 |
719 |
| Net profit |
MSEK |
-50 |
422 |
-82 |
407 |
83 |
573 |
| Earnings per share before and after dilution |
SEK |
-1.99 |
16.97 |
-3.29 |
16.36 |
3.35 |
23.00 |
|
|
|
|
|
|
|
|
| Equity per share |
SEK |
57.00 |
55.86 |
57.00 |
55.86 |
57.00 |
60.63 |
| Cashflow from operating activities |
MSEK |
-517 |
860 |
-498 |
624 |
-1,273 |
-152 |
| Total assets |
MSEK |
3,397 |
2,496 |
3,397 |
2,496 |
3,397 |
2,808 |
| Net debt -/net cash+ |
MSEK |
-417 |
888 |
-417 |
888 |
-417 |
120 |
|
|
|
|
|
|
|
|
| Order backlog |
MSEK |
662 |
845 |
662 |
845 |
662 |
665 |
| Project under construction |
MW |
456 |
514 |
456 |
514 |
456 |
368 |
| Taken into operation and handed over to customer |
MW |
0 |
0 |
0 |
400 |
125 |
525 |
| Project portfolio |
MW |
28,386 |
25,446 |
28,386 |
25,446 |
28,386 |
26,836 |
| Managed turbines |
MW |
967 |
817 |
967 |
817 |
967 |
941 |
|
|
|
|
|
|
|
|
| Equity/assets ratio |
% |
44 |
58 |
44 |
58 |
44 |
56 |
| Return on equity after tax |
% |
6 |
37 |
6 |
37 |
6 |
46 |
Presentation of the report
At 10:00 today, CEO Per Witalisson and CFO Catharina Persson will present the report via a webcast with telephone conference.
In connection with the presentation, it will be possible to ask questions through the teleconference or in written form through the webcast. The presentation will be held in English.
Webcast:
If you wish to participate via webcast, please use the link below:
https://ir.financialhearings.com/eolus-q2-report-2024
Via the webcast you can ask written questions.
Teleconference:
If you wish to participate via teleconference, please register on the link below:
https://conference.financialhearings.com/teleconference/?id=50048261
After registration you will be provided phone number and a conference ID to access the conference.
You can ask questions verbally via the teleconference.
With the children’s book Alfie’s Adventure – The Windy Day, Eolus aims to spark curiosity and inspire discussions about wind and solar power.
It was at the beginning of 2023 that Mathilda Gylling and Eva Emmelin, Communication Specialists at Eolus, first thought of a picture book as part of their efforts to spread knowledge about renewable energy.
“When I started working at Eolus, I noticed that the average age at our consultation meetings was quite high. We realised that it might be difficult for parents of young children to attend these meetings, so we came up with the idea of a children’s corner, so that the whole family could come together. And what better fits in a children’s corner than a children’s book,” says Eva Emmelin.
The goal was to create an exciting story, an adventure that would entice reading.
“It’s not a fact book about wind power but a fairy tale where the forces of nature play important roles. A story for children is told as much through images as through words, so it was important for us to hire a professional illustrator,” says Mathilda Gylling.
Viktoria Åström, an illustrator and animator, was commissioned to bring the brave dog Alfie to life.
For the Future
At the end of the book, there is an educational section where Alex, the book’s other main character, explains in simple terms how renewable power work.
“We want to spark curiosity and educate about energy – how you can generate the electricity needed to cook your food, charge your mobile, and drive your electric car,” says Eva Emmelin.
With Alfie’s Adventure – The Windy Day, Eolus aims to contribute to a balanced discussion about energy.
“The energy transition is crucial to addressing the climate crisis, and what Eolus does, we do for the future, for the children. Unfortunately, in Sweden, we see that the level of conflict is quite high when it comes to renewable energy, and wind power is often painted as something bad and dangerous. With the help of Alfie and Alex, we want to show that renewable energy has a natural place in people’s surroundings,” says Eolus’s Head of Communications and Sustainability, Karin Wittsell Heydl.
The book is in swedish, but might be translated into english and other languages further on.
Eolus Vind AB’s Interim Report for Q2 2024 will be published on Thursday 29 August 2024 at 7:45 a.m. (CEST). At 10:00 a.m. the same day a webcast with teleconference will be held, where the report is presented by CEO Per Witalisson and CFO Catharina Persson.
In connection with the presentation, it will be possible to ask questions through the teleconference or in written form through the webcast. The presentation will be held in English.
Webcast:
If you wish to participate via webcast, please use the link below:
https://ir.financialhearings.com/eolus-q2-report-2024
Via the webcast you can ask written questions.
Teleconference:
If you wish to participate via teleconference, please register on the link below:
https://conference.financialhearings.com/teleconference/?id=50048261
After registration you will be provided phone number and a conference ID to access the conference.
You can ask questions verbally via the teleconference.
Eolus has appointed Åsa Lamm as Chief People & Culture Officer and member of the Group Management. She will take office on 16 September 2024 and be based in Malmö, Sweden.
Åsa Lamm has solid experience from leading positions in HR and joins Eolus from a role as Nordic HR Manager at Unilin Group. Before, she has held similar positions in Granitor Properties, Skanska and Manpower.
“I am pleased to welcome Åsa to Eolus and look forward to collaborating on the development of Eolus’s organization and culture. Bringing knowledge and experience from several sectors, I am convinced that Åsa will be a highly valuable resource on our continued growth journey”, says Per Witalisson, CEO of Eolus.
“I am strongly motivated to be part of Eolus and its important mission of developing renewable energy projects. I look forward to getting to know all the employees and to set the plan for continuing the development of people, organization and culture going forward”, says Åsa Lamm.
Eolus is applying to the Government for permission to build the Skidbladner offshore wind farm, with up to 147 wind turbines located just over 20 kilometers north of Gotska Sandön. The estimated electricity production is 11.7 TWh per year, which corresponds to half of today’s electricity consumption in Stockholm County or more than ten times Gotland’s electricity needs.
“Given the enormous need for new electricity production in Sweden, offshore wind power will need to be expanded gradually over many years to come. A wind farm of this size would therefore make a significant contribution to the Swedish electricity supply,” says Per Witalisson, CEO of Eolus.
Eolus is planning several offshore wind farms in Swedish waters, two of which are located in the Swedish economic zone off Gotland; Skidbladner and Herkules. Together, they have the potential to supply Sweden with 4.6 GW of installed capacity and a total electricity production of approximately 25 TWh per year. Skidbladner, which reaches an important milestone with the application being submitted to the Government, covers a project area of approximately 1,400 square kilometers. There can be a maximum of 147 wind turbines, with a maximum total height of 360 meters to the blade tip, mounted on floating foundations that are anchored to the seabed.
“The goal is for Gotland to have a completely renewable energy system by 2040, and initiatives like the Skidbladner offshore wind farm fit very well into that plan,” says Lars Thomsson, coordinator of Energy Island Gotland.
The area for the Skidbladner wind farm is located about 100 kilometers southeast of Stockholm and 20 kilometers north of Gotska Sandön. The wind farm is expected to be completed by 2033 with an annual production of 11.7 TWh. This corresponds to household electricity for millions of homes – roughly half of Stockholm County’s electricity consumption today or more than ten times Gotland’s annual electricity needs.
“One advantage of floating wind power is that it can be placed further out from the coast where wind conditions are even better and the visual impact is minimal. Eolus was a pioneer when we started as a wind power developer in the 90s. Now we look forward to being among the first to realize floating wind power in the Baltic Sea,” says Anna Lundsgård, head of offshore wind power at Eolus.
Skidbladner at a glance
Number of turbines: max 147
Total height: max 360 m
Project area: 1400 km²
Planned installed capacity: 2.2 GW
Estimated annual electricity production: 11.7 TWh
Planned operational start: 2033
More about the project here
For further information, please contact:
Per Witalisson, CEO, +46 702 65 16 15, per.witalisson@eolus.com
Anna Lundsgård, Head of Offshore, +46 73 062 65 26, anna.lundsgard@eolus.com
Christer Baden Hansen, currently Chief Commercial Officer, has been appointed Chief Operating Officer and Deputy CEO of Eolus from 01 July 2024.
Christer Baden Hansen joined Eolus in February 2023 after a long career at Vestas.
“I am delighted Christer has accepted to take on the role as COO. Eolus is on an exciting growth journey and I am convinced Christer will continue to play a key role in the future development and expansion of Eolus, now with a broader responsibility”, says Per Witalisson, CEO of Eolus.
“It is a fantastic opportunity to lead the development and realization of renewable projects contributing to the energy transition. Eolus has a strong project portfolio, a skilled organization, and long-lasting partnerships which I look forward to continuing working with”, says Christer Baden Hansen.
From 01 July, 2024, Eolus’s Group Management consists of the following members:
Per Witalisson, CEO
Christer Baden Hansen, COO
Catharina Persson, CFO
Heléne Sebrén, Head of HR
Karin Wittsell Heydl, Head of Communications & Sustainability
Karl Olsson, General Counsel
Following a request from Eolus, Göteborg Energi Nät is now exploring the possibility of connecting the Västvind wind farm directly to Gothenburg’s local power grid at the Gothenburg harbor. The park, located off Öckerö, is being developed by Eolus and is planned to have a capacity of up to 1,000 MW, providing a significant and much-needed addition of renewable electricity to the region.
“We stand before an enormous challenge with a great need for both capacity and electricity in Gothenburg in the coming years. Connecting a wind farm that, in terms of electricity production, corresponds to the entire current electricity usage in Gothenburg, directly to our local power grid is a fantastic opportunity. Currently, only 11% of the electricity used in Gothenburg is produced locally. We are pleased that Eolus has chosen to submit a preliminary application to us, and we will now investigate the possibilities for a connection,” says Lars Edström, CEO of Göteborg Energi Elnät, and continues
“If the wind farm can be connected to Gothenburg’s local power grid, it could lead to a faster and smoother process. Ensuring timely resolution of the electricity needs is crucial to secure the thousands of jobs created by the transition”.
“A new offshore wind farm is part of an industrial initiative on Hisingen in Gothenburg, and if we can connect the electricity directly to the heart of the industrial cluster, it’s undoubtedly a significant advantage”, says Per Witalisson, CEO of Eolus.
“Access to electricity is crucial for industrial competitiveness and the well-being of the Gothenburg region. The possibility of Hisingen being flooded with green electricity would be a true blessing”, says Johan Trouvé, CEO of The West Sweden Chamber of Commerce.
For the regional and local economy, supplying electricity via Hisingen would create significant opportunities. There are concrete requests for additional power and electricity from industries in Gothenburg, including efforts to replace fossil fuels in processes and investments in sectors like automotive and chemicals. Eolus and Volvo Cars have signed a letter of intent for Västvind to supply electricity to the new battery factory on Hisingen. Additionally, Port of Gothenburg has become a minority shareholder in the wind farm.
“As a port, we see challenges in managing electricity supply in our area, but also significant opportunities. Ports play a key role in the green transition, and we anticipate increasing electricity demand in the coming years,” says Viktor Allgurén, Chief Innovation Officer at Port of Gothenburg.
“At Eolus, we always strive for our projects to contribute as much local and regional benefit as possible. If we build Västvind and can connect the power cable on Hisingen, it will create better conditions for supplying electricity to residents and businesses on Öckerö and in Kungälv, says Anna Lundsgård, Head of Offshore at Eolus.
About Västvind Wind Farm
The Västvind wind farm is located in the municipalities of Kungälv and Öckerö, as well as within the Swedish exclusive economic zone. The wind farm is expected to have an installed capacity of up to 1,000 MW and the potential to generate 4–4.5 TWh of renewable electricity annually. The permit application, along with the associated environmental impact assessment, was submitted to the Environmental Court and the government in July 2023. Ongoing dialogues aim to enable coexistence with other interests, such as commercial fishing and shipping activities. Construction is planned to begin in 2027, with completion by 2029. Eolus owns 95% of the project, and Port of Gothenburg owns 5%.
Read more about the project at eolus.com/vastvind
For more information please contact:
Cecilia Erdalen, Press Manager, Göteborg Energi, 0704 – 66 04 28, cecilia.erdalen@goteborgenergi.se
Anna Lundsgård, Head of Offshore, Eolus, 0730 – 62 65 26, anna.lundsgard@eolusvind.com
Stefan Gustavsson, Public Affairs Manager, Eolus, 0734 – 28 21 34, stefan.gustavsson@eolusvind.com
ABOUT EOLUS
Eolus is a leading developer of innovative and customized renewable energy solutions. We offer attractive and sustainable investments in the Nordics, the Baltics, Poland and the USA. From development of green field projects to construction and operation of renewable energy assets, we are part of the entire value chain. For over three decades we have worked for a future where everyone can lead a fulfilling, yet sustainable life. Today, our project portfolio includes more than 28 GW wind, solar and energy storage projects. Eolus – shaping the future of renewable energy.
Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com
Today, Eolus has submitted an application for an environmental permit for the Kesemossen wind farm, located approximately three kilometers west of Ljung in Herrljunga municipality. With five wind turbines, the park is estimated to produce 135 GWh of electricity per year, equivalent to the annual household electricity needs of around 27,000 villas.
“This project has very favorable conditions and is unique in several ways,” says project manager Emma Lundström.
In addition to excellent wind conditions and unusually few conflicts of interest in the area, there is an engaged group of local landowners passionate about the project. They have negotiated a one-time compensation that will be distributed to nearby residents. Furthermore, Eolus promises annual community funds for the development of local nature and culture, as well as a compensation model for those living closest to the wind turbines.
“It feels good that all the landowners are local and very concerned about the development of the area. Since it is such a good project in many ways, there is also an economic margin that we can share,” says Emma Lundström.
It has been just over a year since Eolus held consultations with the public to gather data for the environmental impact assessment included in the application.
“We have conducted thorough surveys of wildlife and nature, and investigations related to the living environment, and feel confident in applying for the environmental permit,” says Emma Lundström.
The Västra Götaland region is in great need of fossil-free electricity to enable the transition that the industrial and transport sectors are currently undergoing. This transition is necessary both to reduce climate impact and to ensure that companies can compete globally. The Kesemossen wind farm could become an important part of a renewable future.
The application for the environmental permit for the wind farm has been submitted to the Land and Environmental Court at Vänersborg District Court, where the environmental review process now begins. If the Kesemossen wind farm is granted a permit, it is estimated that it can be built and operational by 2028/2029. The application comprises several hundred pages, and the main application and environmental impact assessment with a technical description include 15 appendices: noise, shadow, and visibility studies, reports from three years of bird inventories, an archaeological investigation, landscape image analysis, bat surveys from breeding and migration periods, and a natural value inventory, among others – all in accordance with Swedish environmental legislation requirements.
Project Summary
Name: Kesemossen Wind Farm
Number of turbines: max 5
Project area: approx. 2 km²
Total height: max 300 m
Estimated annual electricity production: 135 GWh
Planned operational start: 2029
Heléne Sebrén, Head of HR, has decided to leave Eolus and return to her own consultancy business after four years with Eolus. She will remain in her role, including the position in the Group Management until 30 September 2024.
Heléne started working at Eolus in 2020 as a consultant, and in September 2022 she was employed as Head of HR and member of the Group Management.
“ Heléne has been a highly valuable resource for Eolus in a period of strong growth where she has led the development of our organizational structure, recruited more than 100 employees and contributed to the establishment of strong organizations in all our markets”, says Per Witalisson, CEO of Eolus.
“I am grateful for the opportunity to be part of Eolus’s growth journey. Together we have built a strong organization that is well prepared for future success. I have now decided to return to my own consultancy business”, says Heléne Sebrén.
The process of recruiting a new Head of HR will start immediately.
