In This Article:
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Net Sales: SEK 851 million for the full fiscal year 2024.
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Net Profit: SEK 155 million for the full fiscal year 2024.
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Q4 Net Sales: SEK 729 million, up from SEK 155 million in Q4 2023.
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Q4 Operating Profit: SEK 437 million, compared to SEK 99 million in Q4 2023.
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Q4 Net Profit: SEK 315 million, compared to SEK 71 million in Q4 2023.
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Equity to Asset Ratio: 38% at the end of 2024.
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Dividend Proposal: SEK 2.25 per share for 2024, unchanged from the previous year.
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Cash and Cash Equivalents: SEK 356 million at the end of December 2024.
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Interest Bearing Liabilities: Nearly SEK 2.4 billion, up from SEK 692 million in December 2023.
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Net Cash Flow from Operations: SEK 422 million, compared to SEK 82 million last year.
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Projects Under Construction: 456 megawatts with a 94% completion rate.
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Milestone Payment: $64.7 million for the Centennial Flats project in the US.
Release Date: February 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Eolus Vind AB (FRA:7EVB) reported its second-best quarter in company history, with significant net sales and profits.
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The company received a substantial milestone payment for the Centennial Flats project, contributing significantly to operating profit.
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Eolus Vind AB (FRA:7EVB) has a diversified portfolio across wind, solar, and battery storage projects, which provides stability even when certain markets slow down.
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The company has a strong pipeline of projects expected to reach construction in the near term, indicating continued growth potential.
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Eolus Vind AB (FRA:7EVB) maintains a solid financial position with a 38% equity to asset ratio, supporting its ability to take calculated risks.
Negative Points
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The company experienced a decrease in portfolio size by 1%, equaling 371 megawatts, indicating potential challenges in maintaining growth momentum.
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There is a slower market for onshore wind projects, which may impact the timing of project sales and revenue recognition.
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Eolus Vind AB (FRA:7EVB) did not meet its sales volume targets in megawatts, leading to a strategic shift from volume to value focus.
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The geopolitical risk has increased, potentially affecting project timelines and investor interest, particularly in the Baltic states.
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The company has a high net debt position due to ongoing construction projects, which may limit financial flexibility until transactions are completed.
Q & A Highlights
Q: What is Eolus Vind AB's long-term view on offshore wind projects given recent challenges in the industry? A: Per Witalisson, CEO, stated that offshore wind will be crucial in most markets to meet electrification targets. However, near-term support is needed, both politically and in terms of risk-sharing. Eolus Vind AB is developing its Swedish projects at a slower pace to preserve value and maintain control over timing.