Q2 2024 Eolus Vind AB (publ) Earnings Call Transcript
Key Points
- Eolus Vind AB (FRA:7EVB) has a robust portfolio of about 250 projects with a potential of 28 gigawatts.
- The company has a strong focus on renewable energy projects, including solar and energy storage.
- Eolus Vind AB (FRA:7EVB) has secured a project finance agreement of USD 175 million for the Palm project.
- The company has several mature projects in Sweden, Latvia, Finland, and the US approaching ready-to-build status.
- Eolus Vind AB (FRA:7EVB) has a diversified portfolio spread over multiple markets and technologies, which helps mitigate risks associated with long permitting lead times.
- The company reported a net loss of SEK 50 million for Q2 2024, compared to a net profit of SEK 422 million in Q2 2023.
- No new transactions were closed during the quarter, impacting revenue recognition and resulting in a negative operating profit.
- The equity to assets ratio has decreased due to capital tied up in ongoing construction projects.
- The company faces delays in project completion and handover due to technical problems with turbine suppliers.
- Cash flow from operating activities was negative SEK 570 million, primarily due to ongoing constructions and investments in the project portfolio.
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Hi, all, and welcome to Elous's presentation of the Q2 report 2024. Elous is a developer of the renewable energy projects within solar and energy storage. Our activities are based on close to 35 years of experience from the industry with more than a 140 skilled and committed employees covering our operations in seven countries in Europe and the North America. And we have a portfolio of about 250 projects with the potential of the 28 gigawatt.
Our business model is to develop and sell renewable energy projects to utilities and financial investors would construct the projects on behalf of the customers. And we're often also entrusted by our customers to perform long-term technical and commercial asset management services for their operating assets.
So currently, we also have the 967 megawatts under it as it matter. And our portfolio was more more or less stable during Q2 and amounted to 28.4 gigawatts currently of roughly half of the of the projects are located in Sweden and the 20% each in
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