Investor Presentation • Nov 16, 2021
Investor Presentation
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CEO - Paul De La Guérivière
This Presentation and its appendices (the "Presentation") has been produced by BW Ideol AS (the "Company", and together with its direct and indirect subsidiaries, the "Group") solely for information purposes. This document and the information contained herein is being made available on a strictly confidential basis and may not be disclosed, reproduced or redistributed, directly or indirectly, to any other person or published or used in whole or in part, for any purpose. This Presentation, and the information contained herein, does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and nothing contained herein shall form the basis of any contract or commitment whatsoever. By attending a meeting where this Presentation is made, or by reading the Presentation slides or by otherwise receiving this Presentation or the information contained herein, you agree to be bound by the following terms, conditions and limitations. Any failure to comply with the restrictions set out herein may constitute a violation of applicable securities laws or may result in civil, administrative or criminal liabilities. For the purposes of this notice, "Presentation" means and includes this document and its appendices, any oral presentation given in connection with this Presentation, any question-and-answer session during or after such oral presentation and any written or oral material discussed or distributed during any oral presentation meeting. No representation, warranty or undertaking, express or implied, is made by the Company, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.
This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company, its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. These materials do not purport to contain a complete description of the Group or the market(s) in which the Group operates, nor do they provide an audited valuation of the Group. The analyses contained in these materials are not, and do not purport to be, appraisals of the assets, stock or business of the Group or any other person. Moreover, these materials are incomplete without reference to, and should be viewed and considered solely in conjunction with, the oral briefing provided by an authorised representative of the Company in relation to these materials. The Company have not authorised any other person to provide any persons with any other information related to the Group and the Company will not assume any responsibility for any information other persons may provide.
The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own financial, legal, business, investment and tax advisers to receive financial, legal, business, investment and tax advice. In particular, nothing herein shall be taken as constituting the giving of investment advice and these materials are not intended to provide, and must not be taken as, the exclusive basis of any investment decision or other valuation and should not be considered as a recommendation by the Company (or any of their affiliates) that any recipient enters into any transaction. These materials comprise a general summary of certain matters in connection with the Group. These materials do not purport to contain all of the information that any recipient may require to make a decision with regards to any transaction. Any decision as to whether or not to enter into any transaction should be taken solely by the relevant Recipient. Before entering into such transaction, each recipient should take steps to ensure that it fully understands such transaction and has made an independent assessments of the appropriateness of such transaction in the light of its own objectives and circumstances, including the possible risks and benefits of entering into such transaction.
This Presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group and/or industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and risks, uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially from this results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward-looking statement.
The recipient acknowledges and accepts that it will be solely responsible for its own assessment of the Group, the market, the Group's market position, the Group's funding position, and the potential future performance of the Group's business and the Company's shares. The Company's shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States, absent registration under the U.S. Securities Act or under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act or in compliance with any applicable securities laws of any state or jurisdiction of the United States. Accordingly, any offer or sale of securities will only be offered or sold (i) within the United States or to U.S. Persons, only to qualified institutional buyers as defined under Rule 144A under the Securities Act ("QIBs") in offering transactions not involving a public offering and (ii) outside the United States in offshore transactions in accordance with Regulation S. Any purchaser of securities in the United States, or to or for the account of U.S. Persons, will be deemed to have been made certain representations and acknowledgements, including without limitation that the purchaser is a QIB.
The Company has not authorized any offer to the public of securities, or has undertaken or plans to undertake any action to make an offer of securities to the public requiring the publication of an offering prospectus, in any member state of the European Economic Area. No prospectus has or will be prepared in connection with this Presentation and the information contained herein. This Presentation is only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2 (E) of the Prospectus Regulation (Regulation (EU) 2017/1129).
Neither this Presentation nor the information contained herein is being issued, and nor may this Presentation nor the information contained herein be distributed, directly or indirectly, to or into any jurisdiction in which such issuance and/or distribution would be unlawful.
By accepting these materials, each recipient represents and warrants that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business. This Presentation is subject to and governed by Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as exclusive legal venue.
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| Announced partnership with EDF Renewables and Maple Power for the South Brittany tender in France in September 2021
3
Brittany License Round
Publication of the first Floatgen environnemental impact report
12
| In October 2021, BOEM1 outlines new offshore wind leasing for up to 7 new leasing rounds by 2025,
1) Bureau of Ocean Energy Management
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(unaudited figures in EUR)
| Consolidated | |
|---|---|
| 30 September 2021 | |
| CONTINUING OPERATIONS | |
| Operating revenue | 2 449 582 |
| Operating expenses | (7 886 854) |
| Operating profit /(loss) before depreciation/amortisation | (5 437 272) |
| Depreciation | (3 458 788) |
| Amortisation | (2 174 795) |
| Operating profit/(loss) | (11 070 855) |
| Interest expense | (200 140) |
| Other financial items | (522 855) |
| Net financial income/(expense) | (722 995) |
| Profit/(loss) before tax | (11 793 850) |
| Income tax expense | 463 006 |
| Profit/(loss) from continuing operations | (11 330 844) |
| Profit/(loss) from discontinued operation | 0 |
| Net profit/(loss) for the period | (11 330 844) |
| ASSETS | Consolidated 30 September 2021 |
|---|---|
| Property, plant & equipment | 152 863 |
| Right-of-use assets | 5 818 271 |
| Technical Installation tangible assets | 12 229 835 |
| Intangible assets | 4 136 201 |
| Goodwill | 25 266 520 |
| Technology Asset | 57 599 745 |
| Other non-current assets | 416 585 |
| Total non-current assets | 105 620 020 |
| Trade receivables and other current assets | 2 698 198 |
| Cash and cash equivalents | 38 482 485 |
| Total current assets | 41 180 683 |
| TOTAL ASSETS | 146 800 703 |
| EQUITY AND LIABILITIES | Consolidated 30 September 2021 |
|---|---|
| Shareholders' equity | 118 523 398 |
| Total equity | 118 523 398 |
| Interest-bearing long-term debt | 6 100 496 |
| Pension obligations | 189 748 |
| Asset retirement obligations | 1 217 441 |
| Other long-term liabilities | 3 564 278 |
| Long-term lease liabilities | 31 095 |
| Deferred Tax Liability | 12 671 944 |
| Total non-current liabilities | 23 775 002 |
| Trade payables and other short-term liabilities | 3 156 587 |
| Interest-bearing short-term debt | 1 262 394 |
| Short-term lease liabilities | 61 419 |
| Income tax liabilities | 21 903 |
| Total current liabilities | 4 502 303 |
| Total liabilities | 28 277 305 |
| TOTAL EQUITY AND LIABILITIES | 146 800 703 |
(unaudited figures in EUR)
| Consolidated | |
|---|---|
| 30 September | |
| 2021 | |
| Profit/(loss) before taxes | (11 793 850) |
| Unrealised currency exchange loss/(gain) | 2 074 |
| Depreciation and amortisation | 5 633 583 |
| Share -based payment expense |
1 222 189 |
| Change in Subsidies & Grants Receivable | 974 702 |
| Add back of net interest expense | 200 140 |
| Changes in trade and other current assets | 47 647 |
| Changes in trade payables | (318 055) |
| Changes in other balance sheet items and items related to operating activities | (48 282) |
| Net cash flow from operating activities | (4 079 852) |
| Investment in PP&E and right -of -use assets |
(7 332 162) |
| Investment in subsidiaries | (52 219 175) |
| Net cash flow from investing activities | (59 551 337) |
| Proceeds from Share Issue: Parent Company | 52 219 175 |
| Proceeds from Share Issue: Parent Company share of issuance on Oslo Stock Market | 9 916 896 |
| Proceeds from Share Issue: Oslo Stock Market | 39 683 104 |
| Proceeds from Share Issue: Greenshoe Oslo Stock Market | 1 977 128 |
| Transaction Costs Relating to the Share Issuance | (2 129 365) |
| Repayment of debt and other liabilities | (1 834 820) |
| Interest paid | (364 678) |
| Net cash flow from financing activities | 99 467 441 |
| Net change in cash and cash equivalents | 35 836 252 |
| Cash and cash equivalents at beginning of period | 3 960 |
| Cash and cash equivalents acquired at beginning of period | 2 642 273 |
| Cash and cash equivalents at end of period | 38 482 485 |
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