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.”
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/