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2018-12-21 Eolus Annual Report 2017/2018

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2018-12-21 Eolus Annual Report 2017/2018 ANNUAL REPORT 2017/2018 EOLUS VIND AB ANNUAL REPORT 2017/2018 EOLUS VIND AB ANNUAL REPORT Eolus Vind is a leading Nordic wind power developer. Eolus creates value at every level of project develop- ment, establishment and operation of renewable energy facilities. We offer attractive and competitive investment opportunities in the Nordic region, Baltic countries and the US to both local and international investors. Since the company’s inception in 1990, Eolus has been involved in the construction of more than 540 wind turbines with a capacity of nearly 930 MW. The Eolus Group currently has customer contracts for asset management services with an installed capacity of more than 400 MW. Eolus Vind AB has approximately 8,200 shareholders. Eolus’s Class B share is traded on Nasdaq Stockholm, Small Cap. Eolus Vind AB Box 95, SE-281 21 Hässleholm, Sweden Street address: Tredje Avenyen 3 Tel: +46 (0)10-199 88 00 E-mail: [email protected] www.eolusvind.com THE PAST YEAR SIGNIFICANT EVENTS DURING THE FISCAL YEAR 232 MW OF WIND POWER TO AQUILA CAPITAL In December 2017, Eolus signed an agreement with Aquila Capital regarding the divestment of Kråktorpet and Nylandsbergen wind farms, comprising 61 wind turbines and a total installed capacity of 232 MW. Kråktorpet will comprise 43 Vestas V136-3.8 MW wind turbines, and Nylandsbergen will comprise 18 Vestas V136-3.8 MW wind turbines. Both wind farms are scheduled KGAL RE-SELECTED EOLUS for handover to Aquila Capital in the second half of 2019. Eolus In December 2017, Eolus signed an agreement with the German will provide asset management services for both of the farms. fund manager KGAL regarding divestment of the Sötterfällan and Anneberg wind farms. The total transaction comprised 47 MW, divided between 13 Vestas V136-3.6 MW wind turbines, of which POWER PURCHASE AGREEMENT ten will be constructed in Sötterfällan and three in Anneberg. This FOR ØYFJELLET is KGAL’s second transaction with Eolus in a short time, and the wind farms are scheduled for handover in December 2018 and In March 2018, Eolus signed a 15-year Power Purchase Agree- the summer of 2019, respectively. Eolus will provide asset manage- ment with Alcoa for the Norwegian Øyfjellet project. This is Eolus’ ment services for both of the farms. largest permitted project to date, with capacity of up to 330 MW and estimated generation of about 1.2 TWh per year. Alcoa will purchase all electricity generated by the new wind farm with deployment planned for 2021, with the JENÅSEN HANDED OVER TO CUSTOMER aim of supplying its production facility In August 2018, Eolus handed over the Jenåsen wind farm to in Mosjøen with local electricity. Munich Re. This wind farm is Eolus’s largest establishment to date, Deployment in 2021 will qualify with a total capacity of 79 MW divided between 23 Vestas wind the wind farm for certifi- turbines of model V126-3.45 MW. All electricity generated by the cates under the joint Jenåsen wind farm is covered by a ten-year Power Purchase Swedish-Norwegian Agreement (PPA) with Google, and the farm was completed in Electricity Certificate System. summer 2018. Eolus provides asset management services for As part of the arrangement, the wind farm, which is located in the Municipality of Sundsvall. Eolus has signed a power guarantee with the Norwegian Export Credit Guarantee Agency (GIEK). The guaranteed amount is EUR 256 M. STIGAFJELLET TO BE THE FIRST PROJECT IN NORWAY In July 2018, Eolus signed an agreement with ewz regarding divestment of the Stigafjellet wind farm in Norway with an installed capacity of 30 MW. The wind farm is scheduled for deployment in the second half of 2020 and ewz will contribute financing during the construction phase. Eolus will provide asset management servic- es for the wind farm, which is located in Bjerkreim, south of Stavanger, and this will be the first wind farm completed by Eolus in Norway. 2 ANNUAL REPORT EOLUS VIND AB 2017/2018 THE PAST YEAR CONTENTS Significant events during 84 the fiscal year .......................................2 During the fiscal year, Eolus Five-year summary ...............................3 deployed 25 wind turbines Message from the CEO ........................4 93 with a total capacity During the fiscal year, the of 84 MW. Eolus in brief .........................................6 equivalent of 31 wind turbines Market ..................................................8 were handed over to Customer groups ...............................11 customers, with a total Project development ...........................12 capacity of 93 MW. 330 Asset management.............................20 Eolus signed its largest-ever Electricity generation ...........................21 Power Purchase Agreement during the year, regarding Customer case ...................................22 330 MW from Øyfjellet Sustainability ......................................24 with Alcoa. Financial summary ..............................27 Key figures for the Group ....................27 Share and ownership structure ...........28 Management ......................................30 EOLUS’S CUMULATIVE INSTALLED CAPACITY Directors’ Report ................................32 MW 1,000 Corporate Governance Report ...........37 Consolidated statement of income .....40 800 Consolidated statement 600 of other comprehensive income ..........41 400 Consolidated statement of financial position .............................42 200 Consolidated statement 0 of changes in equity ............................44 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 Consolidated Installed capacity during the fiscal year + Total installed capacity cash flow statement ...........................45 Parent Company income statement ....46 Parent Company statement FIVE-YEAR SUMMARY of other comprehensive income ..........47 SEK M 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 Parent Company balance sheet ..........48 Net sales 1,366.0 1,065.7 693.4 1,502.1 465.8 Parent Company Operating profit 202.4 40.2 -15.9 90.0 41.5 statement of changes in equity ...........50 Profit/loss before tax 198.9 34.2 -29.1 75.2 13.1 Parent Company cash flow statement ...........................51 Net profit/loss for the year 194.3 24.5 -23.9 80.0 9.9 Notes .................................................52 Earnings/loss per share, before and after dilution, SEK 7.81 1.02 -0.92 3.25 0.44 Signatures ..........................................80 No. of turbines constructed Auditor’s Report ..................................81 and deployed 25 25 14 33 27 Board of Directors ..............................84 Turbines constructed and Glossary .............................................86 deployed, MW 83.8 72.2 37.7 68.6 53.0 Annual General Meeting, financial Managed turbines, MW 415 351 293 303 125 calendar, definitions of alternative Electricity generation, GWh 30.2 58.6 123.6 242.3 172.1 performance measures .......................87 ANNUAL REPORT EOLUS VIND AB 2017/2018 3 MESSAGE FROM THE CEO COMPETENCE, FLEXIBILITY AND AN EAGERNESS TO IMPROVE HAVE LIFTED EOLUS TO RECORD-BREAKING HEIGHTS I am delighted to confirm that Eolus’s earn- High awareness ings for the 2017/2018 fiscal year are the – now it’s time for action company’s highest-ever. The largest single In its latest report, the UN Intergovernmental reason for these excellent results is the Panel on Climate Change (IPCC) analyses handover of the Jenåsen wind farm to our the impact of limiting the temperature in- customer Munich Re. The farm was handed crease to 1.5°C above pre-industrial levels. over on schedule in August 2018 and the According to the report,the temperature has construction costs were lower than budget- already risen 1.0°C and to meet the target, ed. The establishment is Eolus’s largest to global greenhouse gas emissions must be date and we will obviously be using the les- halved by 2030. Moreover, the longer it sons learned from this project in both future takes to introduce effective initiatives, the and larger ongoing establishments. The greater the adverse effects on people and success is the result of genuine project the economy. Awareness among politicians, development skills, a proactive divestment investors and consumers is high. Now it’s process and a high-quality, cost-conscious time to move fast and take action! Eolus is establishment. I feel privileged to be leading ready to do its part, and more. The Nordic an organization that can deliver such pro- countries have ideal conditions to lead the jects at a time when the need for renewable transition to an economically, environmental- electricity generation is becoming increas- ly and socially sustainable energy supply. ingly obvious! ”With a high-quality project portfolio, a strong financial position and dedicated employees, Eolus has a fantastic opportunity to be a driving force in the ongoing energy revolution.” 4 ANNUAL REPORT EOLUS VIND AB 2017/2018 MESSAGE FROM THE CEO Crucial to credibility The expansion of renewable electricity gener- ation in the Nordic region is now moving for- ward at a rapid rate. Sweden’s objective to extend the Electricity Certificate System until 2030 in combination with expansion in Nor- The Jenåsen wind farm way could actually be achieved with existing facilities by 2021. In times of rapid change, a total capacity of 30 MW and will be the first of Eolus’s business model. The project is in it is vital that politicians and authorities moni- wind farm completed by Eolus in Norway. the early stages of development, but if permits tor developments closely. The design of the After these divestments, there are only two are granted, it will combine up to 500 MW stop mechanism in the Electricity Certificate more projects to divest from the original of solar PV capacity with 250 MW of battery System that the Swedish Energy Agency is portfolio of high-priority projects – Øyfjellet storage. Our analyses shows that such a facil- expected to announce in December 2018 is in Norway and Wind Wall in the US. Final- ity could generate electricity at a lower cost crucial to Sweden’s credibility among inves- stage project development is now underway per megawatt-hour than an equivalent wind tors in renewable electricity generation.
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