BW Ideol : First Half 2023 Results
BW Ideol: H1 2023 Results
Progressing Projects in the Works Many Projects in the Pipeline Advancing and Evolving Projects Projects on the Verge of Completion Projects Gaining Momentum Developing Projects near Completion
GROWING THE CONFIRMED CHANNEL IN KEY MARKETS
Speeding up readiness for Engineering, Procurement, Construction, and Installation endeavors
Continued emphasis on monetary restraint
BW Ideol is continuing to make strong advancements in carrying out its two-pronged approach. On one hand, it is actively involved in co-developing floating wind projects, while also serving as the EPCI contractor for floating wind technology. The company is diligently working towards advancing ongoing projects and constantly seeking new opportunities to add to its project pipeline.
As of the end of June 2023, BW Ideol had 1 gigawatt of projects in progress and approximately 4.4 gigawatts of confirmed future projects. There is a lot of interest in developing sustainable solutions for various industries, leading to increased business opportunities. As an example, four feasibility studies have been conducted for oil and gas companies, aiming to establish a framework for power-to-platform projects in collaboration with BW Offshore. To support their project development activities, BW Ideol has secured a funding agreement of 40 million euros from ADEME Investissement, and an additional shareholder loan of 12 million euros from BW Offshore and Noria. These funding sources are expected to cover BW Ideol's business plan for the next year.
"We are constantly growing our portfolio of floating offshore wind projects as a provider of technology and engineering, procurement, construction, and installation services, as well as being a partner in the development of renewable power generation. The establishment of a collaborative project company and financial agreement with ADEME Investissement solidify the importance of our project collection and supply the necessary funds to unlock the potential for creating substantial long-term value with our exceptional floating wind execution platform," stated Paul de la Guérivière, CEO of BW Ideol.
The earnings for the initial six months of 2023 amounted to EUR 2 million, primarily stemming from design and engineering projects carried out in France, Norway, UK, Japan, the US, and Canada. This figure is lower compared to the EUR 2.7 million earned during the same time frame in 2022. The operating loss before depreciation and amortization (EBITDA) for this period was EUR 3.5 million, whereas it was EUR 2.1 million in 2022. This decline in year-on-year performance can be attributed to a decrease in customer revenue and a reduction in the amount of French R&D tax credit received.
As of June 30, 2023, the overall value of ownership in the company amounted to €87.8 million, with an equity ratio of 72%. The total amount of available cash was €5.9 million, which is a decrease from the €9.1 million recorded on December 31, 2022. Additionally, the company had a debt of €9.9 million that accumulated interest.
Kindly refer to the enclosed report and presentation for additional details.
Tomorrow, on 24 August at 09:00 CEST, the Company has scheduled a webcast session, which will be immediately followed by a live question and answer session. The webcast, conducted in the English language, will be led by CEO Paul de la Guérivière and CFO Nicolas de Kerangal.
You can access the webcast by clicking on this link: https://app.webinar.net/QBaeP3YLrR2
For optimal performance, it is advised to use an updated browser, with Chrome being the recommended option.
For additional details, kindly get in touch:
Nicolas de Kerangal, the person in charge of finances and partnerships at BW Ideol, can be contacted at +33 (0) 7 76 87 70 08 or via email at [email protected].
BW Ideol is a top-notch all-in-one platform in the field of floating offshore wind. With over 12 years of experience, we have expertise in designing, executing, and developing floating wind projects using our patented technology and engineering skills. Our company follows a two-pronged approach for growth: firstly, we offer floaters, EPCI services, and maintenance; and secondly, we develop and co-own wind farm projects. Currently, we have two full-scale offshore floating wind turbines operating in France and Japan. Additionally, we have a substantial project pipeline and benefit from the vast knowledge and experience of BW Offshore in developing and operating offshore energy production systems.
The details provided here are obligated to be revealed as per the regulations outlined in Section 5-12 of the Norwegian Securities Trading Act.
