Good morning to all. I'm very pleased to welcome you to BW Ideol 2022 full year and Q4 call. I'm joined by Nicolas de Kerangal, our CFO, that will present together with me, and as usual, this presentation will be followed by a Q&A session at the end. During 2022, the company has delivered on its objectives in the context of rapid growth of the global floating wind market, with more than 25 GW worldwide awarded just in 2022. The company has grown its portfolio with 1 GW of projects under development, compared to 30 MW by end of 2021, and a total of 2.9 GW of substantiated pipeline. The company has been awarded a 960 MW project in Scotland together with our partners, the Buchan Offshore Wind project in January. The development activities are progressing rapidly, targeting to be among the very first project to be consented in Scotland with the start of the environmental studies in March, the deployment of the floating lidar in November, and the signing of the geotechnical and geophysical contract by year-end. In parallel, the company has continued to progress on the demonstration of the bankability of its solution with the final investment decision on the EolMed 30 MW project in France and the signing of a first non-recourse project financing using our technology. This project will use one of the most powerful wind turbine currently available in the market, the Vestas V236 10 MW, confirming our pioneering role at the front of the competition. The project is progressing on its construction activities with the full certification of the floater design by BV and the first teach-out on the floaters in September. We have extended our associated pipeline by the signing of a partnership agreement with Taiya Renewable in Taiwan, preparing for a demo tender announced by the Taiwanese authorities around mid-2023, including our positioning as co-developer but also as exclusive EPCI contractor for the floaters, targeting to generate early EPCI revenues. By the signing of a partnership agreement with Tohoku Electric in Japan in preparation for a tender announced by the Japanese government in Iwate Prefecture, one of the most advanced sites for floating wind in Japan. During the year, the company has also extended its partnership with EDF Renewables and Maple Power in France in preparation for a total of three times 250 MW tenders currently ongoing, with a first tender in South Brittany to be submitted in June for an award expected in Q4. We have continued to explore new markets, especially with the award of multiple feasibility studies for power-to-platform projects, confirming our leadership position in this segment in partnership with BW Offshore. In parallel to progressing our leading development portfolio, we remain focused on strong cash discipline. Over the year, the company has generated EUR 6.6 million revenues in comparison to EUR 2.3 million in 2021. The operational cash burn has been limited to EUR 3.4 million in comparison to EUR 5.9 million in 2021. The cash position reached EUR 9.1 million at the end of the year, and we confirm that we are progressing well on the long-term funding of the company to be closed by the end of the first semester in 2023. Over the year, the company has actively deployed strategy to preserve its technology leadership and to [Foreign language] - anticipate for EPCI readiness. We have finalized the standard product designs that will be fully compatible with all 15 MW class wind turbines to be available in the market and with all size condition prevailing on all key floating wind markets, integrating some key new innovations that will further be disclosed in 2023. We have validated the principles of offshore replacement of wind turbines' major components without the need to tow back floaters to ports or to use expensive jack-up vessels, substantially reducing the maintenance costs of floating wind. Finally, Floatgen, our demonstrator in France, has reached another production record with an average capacity factor of around 60% over the last three months and an accumulated production of more than 25 GW in four years of operation. We are also preparing for larger EPCI contracts by structuring the supply chain and pre-selecting key suppliers and by the preparation of a production line in the port of Ardersier in Scotland, able to deliver around 1 GW of floaters per year, including the reopening of the port access by dredging activities. 2022 is indeed the birth of floating wind, with more than 25 GW of projects awarded worldwide over the year, including a total of 17 GW in Scotland and around 8 GW in California. This 25 GW represents a total market potential of around EUR 30 billion to be supplied of in floating foundations, with the delivery of around 1,350 units starting from 2027, 2028 in a context of supply chain bottleneck and capacity constraints. In addition, we anticipate another 24 GW to be awarded in 2023, with tenders in France, Norway, the U.K., Celtic Sea, the U.S., Portugal, Spain, Scotland, and Taiwan, extending the market footprint to new geographies and confirming further the market boom. It also highlights the supply chain challenges associated with the setup of this new industry and the unique advantage linked to our capacity to industrialize the production of our complete floaters. BW Ideol is ideally positioned to capture a significant share of this market as one of the first and only pioneer on several key points. We are the only fully patented floating wind technology. The first to have deployed concrete floaters in water and synthetic mooring lines. The first to have developed a floating substation solution. The only one having secure and exclusive port access to deploy a serial production line. The first technology in terms of compactness and capacity to accommodate the XXL wind turbines to come. The only technology having successfully weathered storms in Atlantic and typhoon in Japan. The first to confirm its bankability by the signing of the first non-recourse project financing. The company current valuation on the market is around EUR 23 million, similar to valuation in 2016 before significant value triggers confirmed in between as the technology validation, the successful deployment of demonstrator, the award of the EolMed project, the award of the Buchan project, the partnership with EDF Renewables in France, and many other significant milestones. The company is followed by four reputable analysts, Pareto, Nordea, Fearnley Securities, and BNP Paribas, that all have a buy recommendation and concluded in an average implied valuation of EUR 195 million. All indicate a significant potential upside to the company current market valuation, in particular, in light of the market developments and our leading position. On our projects under operation, Floatgen continues to overperform with a record of 2.4 GWh produced in Q4, compared to 1 GWh in Q3, and accumulated production over the last four years, close to 25 GWh in a favorable market context with high electricity price. From November to January, the average capacity factor was close to 60%, underlying the benefits of floating wind and its ability to capture the best possible wind resources, weather depth constraints, contributing to a much-needed energy resilience. In light of the good results and to further serve as a unique R&D platform to qualify new innovation for BW Ideol, Floatgen life has been extended by another two years. Our Hibiki project in Japan has passed successfully another powerful typhoon in September without any damage, confirming the suitability of our design in typhoon areas and our unique proven track record for markets like Japan or Taiwan. In France, we continue to build a unique footprint in this key market for floating wind. The EolMed 40 MW project has reached its final investment decision in May, targeting a commercial operation date in 2024, with the signing of a first non-recourse financing for a total of EUR 170 million, confirming the bankability of our solution. The construction is progressing with the first steel cut of the floaters in September and the final certification of the floating foundation designed by BV. The timing is now confirmed for the AO5 South Brittany tender of 250 MW, with applications that shall be submitted in June 2023 and an expected award by end of 2023. The overall auction rules have been validated by the European Commission in February 2023. BW Ideol is also progressing with its partner, EDF Renewables and Maple Power, in the preparation of the AO6 in the Mediterranean area with two times 250 MW and a bid submission anticipated for the end of 2023. In Scotland, we are progressing as planned on the Buchan Offshore Wind project. The development team has been set up in Glasgow. The site investigations, including birds and mammal surveys, are ongoing from March. The floating lidar has been deployed on site successfully in November. It will measure both wind and metocean conditions. The geotechnical and geophysical contract has been signed, with surveys to start as early as April 2023, both on the project site and the export cable corridor. The floating lidar and the geotechnical campaign will serve as a baseline for all our engineering studies to be started by end of 2023. We are also progressing with the serial production line in the port of Ardersier. A feasibility study has been concluded in 2022, confirming our capacity to produce around 1 GW of floater per year at the targeted price. The port owners have made significant progress on the dredging activities, and the sea access channel has been reopened. It further confirms the unique value of this partnership with Ardersier port, the only port facility in Scotland ready to serve as a floater production line, creating hundreds of jobs in Scotland while ensuring the most competitive price. We have significantly further expanded our development position over the year, in particular in Japan, where we are progressing on our project in partnership with ENEOS and Tokyo Electric, increasing activities on site data collection, port surveys, grid connection, and stakeholder management. BW Ideol is currently developing around 2 GW of floating wind project in Japan with leading Japanese energy companies, one of the largest floating wind project pipeline in the country. Also on the float-to-platform market, a new frontier segment on which we can significantly leverage on BW Offshore experience and track record with the finalization of several feasibility studies over 2022 for undisclosed clients. Finally, we have secured a partnership with Taiya Renewable in Taiwan, targeting in particular the demo project tender for two or three sites of 100-200 MW each, to be launched by mid-2023 by the Taiwanese authorities. Partnerships that include both a co-development role and exclusivity on the floater EPCI contract. We are finally preparing for the upcoming 2023 tenders all over the world in firming up partnership with leading partners. I will now let Nicolas de Kerangal presenting the financial section of this presentation. Thank you, Paul. We are pleased to report our annual 2022 financial results today, demonstrating the company's continued delivery on its objectives since the IPO. In 2022, BW Ideol revenue amounts to EUR 6.6 billion, a 187% increase compared to 2021. The main contributors to revenue was the EolMed project with engineering and royalty-related payments, the reinvoicing of our bid cost related to Buchan Offshore Wind, and revenue generated from projects under development in Japan and France, and from power-to-platform feasibility studies. The company continues to demonstrate strong operational and cash management discipline as we expanded our team, resulting in a net operating cash burn of EUR 3.4 million versus EUR 5.9 million in 2021. Finally, with the expansion of our awarded projects portfolio comes an increased level of investment from EUR 2.9 million in 2021 to EUR 17.2 million in 2022. At year-end, the company held EUR 9.1 million in cash. The company is currently focusing on securing additional funding to support its growth. A EUR 10 million shareholder loan from BW Offshore is currently being finalized, subject to BWO's board approval at the end of the month. Additional R&D funding has been secured through a grant of EUR 2.3 million awarded by ADEME in France. The first disbursement will occur during the first semester. The company is actively pursuing funding opportunities to cover its next two to three years' financial needs. The plan is to complete this process by the end of this semester. We maintain our strong commitment toward building a sustainable future, not only by the nature of our activities, but also by being a steward of best practices. This covers our governance approach, the pursuit of the highest quality and environmental standards. We are progressing currently toward an ISO 14001 certification for later this semester, and the promotion of a diverse and balanced workforce supported by robust training programs. Back to you, Paul. We are continuing to rapidly maturing our projects portfolio, creating value for shareholders with the fast-track development of our 960 MW Buchan offshore wind project in Scotland, including ongoing metocean, environmental, geotechnical, geophysical surveys, and with the start of the construction of the EolMed 40 MW project, targeting a commercial operation date in 2024. We are expanding our substantiated pipeline with the ongoing preparation works for the three times 250 MW tenders in France, and an increased focus on mid-terms project having the capacity to generate EPCI opportunities, including the demo tender in Taiwan or power-to-platform projects. We are structuring the industrialization of our floaters with the progress on setting up a 1 GW serial production line in Scotland and preparing the next-generation floating wind solution with our 15 MW standard design, including key innovations, confirming our EPCI readiness to serve an onward 25 GW market. In Paris, the company continues a strict focus on cash discipline with a significant increase in your revenues in 2022 to EUR 6.6 million and an immediate operating cash burn reduced to EUR 3.4 million, while structuring additional funding capacity to be closed by mid-2023 with the continuing support of our majority shareholder, BW Offshore, through shareholder loans. We are ahead of our 2030 goal to be involved in 10 GW of gross portfolio projects, offering a unique investment opportunity in a new industry, transforming the energy landscape and securing our energy independence. Thank you for your attention, and we are now opening up for questions. To ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Again, if you would like to ask a question, please press star one on your telephone keypad. There are no questions at this time on the phone lines. I would like to turn the call over to the management. On the webcast, we have a question in relation to the Californian tender. On California, we have looked in detail on the market's dynamics, and we have decided not to participate with this tender. There is currently no feed-in tariff scheme in California, so you are taking a pure market risk. In addition, you have to pay for quite significant premium as option fee at the time of award of the lease. The combination of market risk in the country where you are in direct competition, potentially with PV solar, including storage at a very competitive price, and the fact that you have to pay a significant option fee amount upfront makes the balance of the two not sustainable for us. We have decided during a board at the end of November, not to participate to the tender. Apparently, our analysis of the market has been shared by others because you can notice that, in this tender, none of the large companies that were expected to participate have participated, including all major oil and gas companies that have withdrawn from the auction process. Is there any further question? There are no further questions on the phone lines. Neither on the webcast, so we thank you very much and have a nice day. This concludes today's event. You may now disconnect.
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