News Tag: Report

Interim report January-March 2022

Strong start of the year with value enhanced portfolio and geographical expansion

During the first quarter Hexicon successfully managed to grow its project portfolio, expand its geographical presence, and advance the company and its offering. Hexicon continues to preserve its early-mover position in key markets as the global floating wind industry matures towards commercialisation.

JANUARY-MARCH 2022

  • Net revenue amounted to 5.7 (11.6) MSEK
  • Operating profit/loss was -19.4 (-1.5) MSEK
  • Profit/loss before tax for the period was -18.4 (-0.1) MSEK
  • Earnings per share basic and diluted was -0.05 (0.00) SEK
  • Cash flow from operating activities was -21.8 (-14.6) MSEK
  • At the end of the period the cash at hand amounted to 253.0 (99.7) MSEK

Q1 HIGHLIGHTS

  • SOUTH KOREA – Two additional Electricity Business Licenses secured for Munmu Baram Project. Currently three EBLs with a planned output of 1,300 MW.
  • ITALY – Created a JV; AvenHexicon SRL, with Avapa Energy to develop floating wind projects in Italian waters
  • TWINHUB PROGRESS – The project was awarded a marine license and is set to be the first floating offshore wind project in the Celtic Sea, UK.
  • USA – Establishing Hexicon in the North American market. Focusing on recruiting leading individuals in the US offshore wind establishment.
  • SWEDEN – JV Freja Offshore recruited Magnus Hallman as Chief Executive.
  • SOUTH KOREA – Hexicon Korea secured an additional area on the east coast, Pohang, of about 450 MW.
  • HEXICON – Appointed Karin Ljung as new CFO.

HIGHLIGHTS AFTER Q1

  • GREECE – Created a JV; Hexicon Power SA, in Greece with the local company; EAMAA, to develop floating wind projects off the Greek coastline.

COMMENT FROM MARCUS THOR, CEO
“As energy prices are surging, the consensus around the importance of scalable renewable energy sources like floating wind and secure energy infrastructure continues to grow. This trend provides an excellent opportunity for Hexicon, that has managed to further strengthen its position during the first quarter of 2022.

Several important milestones were reached during the first quarter. In South Korea, we secured two additional Electricity Business Licenses (EBL) for the floating offshore wind project Munmu Baram. We also secured the water rights to an additional 450 MW in the Pohang region on the east coast. In Sweden, our 50/50 JV Freja Offshore with Aker Offshore Wind progressed into the environmental impact assessment stage following a successful consultation.

The technology roadmap has been further advanced. In January, we were awarded a marine license for the installation of two TwinWind foundations in the Celtic Sea, within our TwinHub project. After being pre-qualified for the Contracts for Difference auction scheme, we are now preparing for our participation in one of the upcoming allocation rounds. Being pre-qualified provides evidence of our ability as a project developer and as we move into the bidding stage within the Contracts for Difference, the competitiveness of our technology will be put to the test. In Norway, the site-specific engineering continues full speed ahead for the TwinWay Demonstrator Project with our fabrication partner Worley. The two Vestas 3 MW turbines previously purchased are now planned to be transported to Norway this summer.

We continue to expand our geographical presence. In North America, a substantial and strategically important market, we continue to strengthen our position. During the first quarter, new key recruitments were made, bringing us extensive industry experience and local know- how. We are now better equipped to compete in Marcus Thor CEO North America, as a technology provider as well as a project developer. President Biden’s push for a clean energy economy is adding both pace to the renewables transition and size to the market. The development is now underway, faster than we initially projected.

In Greece, we created a new JV after the end of the quarter (April). Together with the local company EAMAA, we formed JV Hexicon Power SA. Greece and Italy, the latter being operated through our JV AvenHexicon, are strategically important markets being main recipients of the EU Green Deal and having suitable environments for floating wind. The early positioning in these South European markets, ahead of legal frameworks for offshore wind which is expected within short, is in line with our strategy as an early-stage developer.

We are well-positioned for our next step. As the demand for floating wind continues to grow, so is its rise on the political agenda. Nations continue to turn their attention to this emerging industry, adapting legislation and undertaking new initiatives. Given this development and our significant progress during the last three months, I feel that we are taking considerable steps in our company journey. Step by step, we continue to move Hexicon in the right direction.”

PRESENTATION
Marcus Thor will provide an update of the operations in connection with his speech at the 2022 AGM on 12 May. The speech will be published at Hexicon’s website following the end of the AGM.

LINK TO THE REPORT
The interim report is attached to this announcement and available at https://www.hexicon.eu/investors/report-center/

Hexicon’s annual report for 2021

Hexicon has today published the English version of its annual report for 2021 on its website.

The annual report is available at https://www.hexicon.eu/investors/report-center/ and as an attachment to this press release.

Hexicons årsredovisning för 2021

Hexicon har idag publicerat sin årsredovisning för 2021.

Årsredovisningen finns tillgänglig på https://www.hexicon.eu/investors/report-center/ samt i bifogad fil. En engelsk version av årsredovisningen släpps vid senare tillfälle.

Year-end report 2021

QUOTE FROM MARCUS THOR, CEO
“There should no longer be any doubt about the potential and viability of floating offshore wind. 2021 was a breakthrough year for Hexicon – our project portfolio doubled, adding a gross 5 000 MW of projects and prospects and we achieved the highest annual revenue number ever. We are now demonstrating the potential of the business model as a project developer with our own technology.”

October – December 2021

  • Net revenue amounted to 6.1 (0.8) MSEK.
  • Operating profit/loss was -15.0 (-24.6) MSEK.
  • Profit/loss before tax for the period was -17.4 (-25.1) MSEK.
  • Earnings per share basic and diluted was -0.05 (-0.11) SEK.
  • Cash flow from operating activities was -11.5 (3.5) MSEK.
  • At the end of the period the cash at hand amounted to 289.6 (106.6) MSEK.

January – December 2021

  • Net revenue amounted to 23.1 (4.4) MSEK.
  • Operating profit/loss was -49.8 (-35.9) MSEK.
  • Profit/loss before tax for the period was -51.0 (-36.9) MSEK.
  • Earnings per share basic and diluted was -0.16 (-0.19) SEK.
  • Cash flow from operating activities was -52.9 (-3.4) MSEK.

Significant events during the quarter

  • CoensHexicon and Shell’s JV, MunmuBaram, was granted Electricity Business License, a big step towards a fully permitted wind farm in Ulsan, South Korea
  • Additionally, CoensHexicon was granted rights to four new water areas in the seas off South Korea
  • Partnered with Worley for the design and fabrication of the TwinWay demonstrator, Norway

Significant events after the end of the quarter

  • TwinHub was awarded a marine license for the installation of a small floating wind farm in England
  • Recruited top offshore wind executive Adrienne Downey, to expand Hexicon’s North America presence and pipeline

COMMENT FROM MARCUS THOR, CEO
“2021 was a truly remarkable year for Hexicon. With several large projects under way and a patented technology being matured towards fabrication, Hexicon has created an early mover position to partake in the first wave of commercial projects that will roll in over the next few years. The partnership-based and asset light business model has allowed us to accelerate our growth plan, steadily increasing revenue over the year, and keeping us within the budget that was communicated at the time of the IPO.

I am equally excited over the momentum that the industry is experiencing where an increasing number of nations embrace the opportunity of floating wind, adapting their legislation and initiating new auctions. Sweden is no exception where offshore wind is on top of the agenda in the upcoming elections later this year and very recently, the Swedish Government presented its first ever offshore wind target.

After a successful 2021, our focus now shifts to the future. We aim to further increase and mature our project portfolio which is where most of the revenue will come from in the short term, whilst in parallel proving the benefits of our technology for deployment in multiple projects.”

Presentation
Marcus Thor will provide an update of the operations in a conference call and webcast today at 11.00 CET.
Dial-ins for conference call: SE +46 8 5055 8350 / UK: +44 3333 009 030
Link to webcast: https://tv.streamfabriken.com/hexicon-q4-2021

Link to the report
The interim report is attached to this announcement and available at https://www.hexicon.eu/investors/report-center/

Interim report January-September 2021

QUOTE FROM MARCUS THOR, CEO
“All projects moved forward, lowering the portfolio risk level. The expansion continued and after the period new seabed rights were secured in South Korea, significantly increasing the portfolio potential. Hexicon also received an important intention from the European Patent Office to grant Hexicon a European patent for its unique twin turbine design.”

July – September 2021 (July – September 2020)

  • Net revenue amounted to 4.4 (0.5) MSEK.
  • Operating profit/loss amounted to -11.3 (-4.0) MSEK.
  • Profit/loss before tax for the period amounted to -11.3 (-4.0) MSEK.
  • Earnings per share basic and diluted amounted to -0.03 (-0.02) SEK.
  • Cash flow from operating activities amounted to -42.3 (-4.0) MSEK.
  • Cash at the end of the period amounted to 320.9 (1.4) MSEK.

January – September 2021 (January – September 2020)

  • Net revenue amounted to 17.0 (3.6) MSEK.
  • Operating profit/loss amounted to -34.8 (-11.3) MSEK.
  • Profit/loss before tax for the period amounted to -33.6 (-11.8) MSEK.
  • Earnings per share basic and diluted amounted to -0.11 (-0.07) SEK.
  • Cash flow from operating activities amounted to -41.4 (-6.9) MSEK.

Key events July – September

  • MunmuBaram, the JV between CoensHexicon and Shell, completed wind measurements, geotechnical surveys and applied for its first electricity generation license in South Korea.
  • Hexicon and Aker Offshore Wind formed a 50-50 JV and concluded site consultations in Sweden.
  • The TwinWay demonstrator project completed the first engineering phase and received feasibility certification from DNV GL.

Key events after July – September

  • Korean JV, CoensHexicon, with regional partners, secured additional seabed rights in South Korea with a gross potential of more than 1 GW.
  • Korean JV with Shell, MunmuBaram, applied for two additional electricity generation licenses in South Korea.
  • The European Patent Office issued its formal intention to grant Hexicon a European patent for its dual-turbine technology.
  • Hexicon partnered with global contractor Worley for the fabrication of the TwinWay demonstrator project in Norway.

COMMENT FROM MARCUS THOR, CEO
I can summarise yet another eventful quarter for Hexicon with several new strategic achievements and increased political ambitions around the globe. While Hexicon’s focus remains on the creation of long-term growth and value generation around our first mover advantage, we did see an increase in revenue for the period sooner than forecasted stemming from the value created through origination and early developments of projects.

During the period, and more so since our IPO in June, we have moved forward within the entire project portfolio. Our early establishment in South Korea, the 1.4 GW MunmuBaram project, that Shell bought into during spring of 2019, has recently concluded various environmental campaigns and has applied for multiple electricity generation licenses.

Additionally, CoensHexicon has been granted priority rights to four additional areas in South Korean waters. This is a major success and confirms our business model of being an originator and early-stage developer in key markets and with local partners.

The second of the two synergetic parts of our business model, being a foundation technology provider, has taken some important steps forward. The TwinWay demonstrator project has achieved its feasibility certification by DNV and recently partnered with global contractor Worley which will fabricate the TwinWind, starting in about a year from now.

In summary, over a period of significant increased political ambitions, we have continued to enhance the project portfolio value and have taken significant steps forward in maturing the patented TwinWind technology, all in line with the plan set forth at the time of the IPO in June 2021.

Presentation
Marcus Thor will provide an update of the operations in a conference call and webcast today at 10.00 CET.
Dial-ins for conference call: SE +46 8 5055 8373 / UK +44 3333 009 030
Link to webcast: https://tv.streamfabriken.com/hexicon-q3-2021

Link to the report
The interim report is attached to this announcement and available at https://www.hexicon.eu/investors/report-center/

Interim report January-June 2021

QUOTE FROM CEO MARCUS THOR
“Global CO2 emissions need to be halved by 2030 and such emissions are predominantly caused by the production and consumption of energy. Floating wind power is a renewable energy source that can be deployed at the scale that is needed and within a reasonable timeframe.”

April-June 2021 (Apr-Jun 2020)

  • Net revenue amounted to SEK 1.0 million (2.1)
  • Operating result amounted to SEK -22.1 million (-3.2)
  • Result before tax amounted to SEK -22.2 (-3.4)
  • Earnings per share amounted to SEK -0.08 (-0.02)
  • Cash flow used in operating activities amounted SEK 15.5 million (-1.7)

January-June 2021 (Jan-Jun 2020)

  • Net revenue amounted to SEK 12.6 million (3.1)
  • Operating result amounted to SEK -23.5 million (-7.4)
  • Result before tax amounted to SEK -22.3 (-7.8)
  • Earnings per share amounted to SEK -0.08 (-0.04)
  • Cash flow used in operating activities amounted SEK 0.9 million (-3.0)

Highlights second quarter

  • Hexicon’s Korean J/V has entered a shareholder's agreement with Shell for the continued development of the Munmu Baram project
  • Hexicon and Aker Offshore Wind have jointly initiated public consultations for three offshore sites in Sweden and planning is underway to establish a long-term 50-50 development structure
  • To serve the design of the TwinWay demonstrator project in Norway, an exhaustive model test campaign was successfully conducted of the TwinWind foundation at MARIN test centre in the Netherlands
  • Hexicon has acquired WaveHub, an offshore site in Cornwall, England, to develop the site for up to 40 megawatts (MW) in partnership with Bechtel
  • Hexicon successfully listed its shares on NASDAQ First North Premier Growth Market

COMMENT FROM MARCUS THOR, CEO
“I can summarise an eventful quarter for Hexicon where we have taken important steps in regards of both project and technology development, while also having the pleasure to welcome thousands of new shareholders in connection with our listing on Nasdaq First North Premier Growth Market.

We continuously work to develop our project portfolio, and over the past months we have been able to move forward on several locations. In South Korea, our joint venture and Shell have entered into a shareholders’ agreement which is another exciting step taking us closer to realising the project’s target of creating the world’s largest floating offshore wind farm. Furthermore, towards the end of the first quarter, we entered into a joint development agreement with Aker Offshore Wind to develop floating wind projects offshore Sweden that could generate several gigawatts of renewable power and support Sweden’s goal of reaching net zero emissions. Additional early-stage developments are ongoing with local partners and expertise in selected markets such as Ireland, South Africa and Spain.

In the quarter we have also acquired Wave Hub, an offshore renewable energy test site off Cornwall, South West England. Our intention is to develop the site for a 30-40MW floating offshore wind project with two TwinWind foundations with the aim to deliver power by 2025.

For anyone out there still questioning that human influence has warmed the globe, last week’s assessment report from the United Nations Intergovernmental Panel on Climate Change should turn you around. Climate change is no longer a future threat, it is here and now. With current policies we are on track towards a significantly warmer planet than per the Paris Agreement.

With the evidence presented in the report and the upcoming COP26 climate conference in Glasgow later this year, I am however optimistic that we will see improved government policies that more closely align with the Paris Agreement, which will further benefit the offshore wind markets where Hexicon is active.”

Link to the report
The interim report is attached to this announcement and available at https://www.hexicon.eu/investors/report-center/

Delårsrapport januari-mars 2021

Finansiell utveckling i sammandrag

  • Nettoomsättningen uppgick till 11 535 TSEK (1 030)
  • Rörelseresultatet uppgick till -1 396 TSEK (-4 242)
  • Periodens resultat före skatt uppgick till -37 TSEK (-4 515)
  • Resultat per aktie före och efter utspädning uppgick till 0,00 SEK (-0,03)
  • Kassaflöde från den löpande verksamheten uppgick till -14 708 TSEK (-1 267)

För mer information, kontakta:

Marcus Thor, +46 73 924 44 93, marcus.thor@hexicon.eu

Om Hexicon

Hexicon erbjuder en patenterad teknik för flytande vindparker som möjliggör att generera stora mängder förnybar energi ute till havs, samt utvecklar vindkraftsprojekt på djupa vattenområden. Bolaget grundades 2009 och har medverkat i utvecklingsprojekt över hela världen, bland annat världens största flytande vindpark utanför Sydkorea. Flytande vindkraft bedöms vara en viktig komponent när världen går från fossila bränslen till förnybar energi. För mer information, besök www.hexicon.eu.

Hexicon publicerar årsredovisning för 2020

Hexicon har idag publicerat årsredovisning för 2020 på sin webbplats.

För mer information, kontakta:

Marcus Thor, +46 73 924 44 93, marcus.thor@hexicon.eu

Om Hexicon

Hexicon erbjuder en patenterad teknik för flytande vindparker som möjliggör att generera stora mängder förnybar energi ute till havs, samt utvecklar vindkraftsprojekt på djupa vattenområden. Bolaget grundades 2009 och har medverkat i utvecklingsprojekt över hela världen, bland annat världens största flytande vindpark utanför Sydkorea. Flytande vindkraft bedöms vara en viktig komponent när världen går från fossila bränslen till förnybar energi. För mer information, besök www.hexicon.eu.