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.
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/