BW Ideol : First Half 2023 Results
BW Ideol: H1 2023 Performance
Progressing Projects in the Works As our endeavors continue, our ongoing projects are gaining momentum and developing further.
Expanding the well-supported pipeline in key markets.
Speeding up the readiness for Engineering, Procurement, Construction, and Installation (EPCI) operations.
Kept a strong emphasis on managing financial resources
BW Ideol is continuing to make excellent headway in implementing its two-pronged approach as a co-developer of floating wind projects and as the contractor responsible for the engineering, procurement, construction, and installation of floating wind technology. This is done by advancing ongoing projects and securing fresh opportunities for the project pipeline.
By the end of June 2023, BW Ideol had 1 gigawatt (GW) of projects in the works and around 4.4 GW of confirmed future projects. The company is actively pursuing opportunities for business growth as countries and companies look for ways to reduce carbon emissions in various industries. This is evident in the four studies being conducted for oil and gas companies to establish a framework for power-to-platform projects in partnership with BW Offshore. The recent agreement with ADEME Investissement, providing a funding of EUR 40 million for BW Ideol's project development activities, coupled with a EUR 12 million shareholder loan from BW Offshore and Noria, is expected to support the company's business plans for the next year.
"We are constantly growing our collection of floating offshore wind projects as a provider of technology and engineering, procurement, construction, and installation services. Additionally, we also collaborate as a co-developer of renewable power generation. The establishment of a joint project company and the funding agreement with ADEME Investissement solidify the immense worth of our project portfolio. It also offers financial resources to unleash the potential for creating sustainable value in the long run through our exceptional platform for executing floating wind projects," stated Paul de la Guérivière, Chief Executive Officer of BW Ideol.
The income generated in the first half of 2023 amounted to 2 million euros, which primarily came from design and engineering work done in various countries including France, Norway, the UK, Japan, the US, and Canada. This amount is lower compared to the 2.7 million euros earned during the same period in 2022. The operating loss before accounting for depreciation and amortization (EBITDA) for this period is 3.5 million euros, which is higher in comparison to the 2.1 million euros loss incurred during the same period in 2022. This change can be attributed to a decline in customer revenue and a decrease in the amount of French research and development tax credit received.
As of June 30, 2023, the overall ownership value amounted to EUR 87.8 million with a corresponding equity ratio of 72%. There was a total of EUR 5.9 million in available funds, which is a decrease from the EUR 9.1 million recorded on December 31, 2022. Additionally, the amount of debt that is subject to interest was EUR 9.9 million.
Kindly refer to the enclosed document containing the report and presentation for more details.
Tomorrow, on 24 August at 09:00 CEST, The Company is set to host a webcast discussion, followed by an interactive Q&A session. The webcast will be conducted in the English language and will feature CEO Paul de la Guérivière and CFO Nicolas de Kerangal.
You can access the webcast by simply clicking on this URL: https://app.webinar.net/QBaeP3YLrR2
For optimal performance, we suggest using a recent web browser like Chrome to access the website.
If you require additional details, please get in touch with us.
Nicolas de Kerangal, the Chief Financial & Partnerships Officer at BW Ideol, can be reached at +33 (0) 7 76 87 70 08 or via email at [email protected].
BW Ideol is a top-notch all-inclusive platform in the field of offshore wind energy. We have been working in this industry for over 12 years, gaining expertise in designing, executing, and developing floating wind projects using our patented technology and engineering skills. Our company is focused on achieving double-digit growth by providing both floating windmills and maintenance services, as well as developing and co-owning wind farm projects. Currently, we have two fully functional offshore floating wind turbines in France and Japan, and a promising list of upcoming projects. We are fortunate to have the support and guidance of BW Offshore, a company with extensive experience in developing and operating offshore energy systems.
This information must be shared in accordance with the regulations stated in Section 5-12 of the Norwegian Securities Trading Act.
