Yes, speakers, please go ahead. Okay. Thank you. Good morning to you all. I'm very pleased to welcome you to BW Ideol Q1 2023 call. I'm together with Nicolas de Kerangal of CFO that will present together with me. As usual, this presentation will be followed by Q&A session. Next. Next. During Q1 2023, the company has continued to substantially mature its project under development. First, on its 960 MW Buchan offshore wind project in Scotland, with the completion of the first year of bird and mammal survey and the start of the geotechnical and geophysical campaigns with vessel mobilization on site, accelerating the project consenting. On the 30 MW EolMed project under construction in France with the start of the assembly works preparation on Port-la-Nouvelle and the delivery of the first proto-braces. The company has also expanded significantly its substantiated pipeline with the signing of head terms for a partnership to develop a gigawatt pipeline of project in Spain and Portugal with the local developer of Elawan, with the approval of a partnership to be on the coming Celtic Sea tender with a leading developer and the approval of a new partnership in Asia, both partnerships to be disclosed in more details later. Over the quarter, the company has secured significant additional funding, including EUR 40 million from ADEME Investissement to co-finance our project development activities, valuing our co-development business line loan at more than EUR 70 million and EUR 12 million shareholder loans from BW Offshore and Noria, covering all our financing needs for the next 12 months. In parallel, we welcome the closing of an up to GBP 300 million equity funding by the Port of Ardersier, securing the redevelopment of the strategic asset in Scotland, on which BW Ideol benefits from an exclusivity for concrete modules manufacturing. In parallel to progressing our development activities, we remain focused on strong cash discipline. Over the quarter, the company has generated around EUR 1 million of revenues. The operational cash burn has been limited to EUR 1.4 million, and the cash position reached EUR 5.6 million at the end of the quarter demonstrating again our ability to deliver ambitious objectives while preserving our financing capability. Next. Next. The offshore wind market, including floating wind, is continuing to expand very rapidly. Nine North Sea nations, including France, Germany, the U.K., Norway, have undertaken to produce at least 120 GW of offshore wind by 2030, with an ambition to reach at least 300 GW by 2050. This plan represents up to two times the original target set in 2022. In comparison only 30 GW are currently installed in the North Sea. BW Ideol solution is key to transform this ambition into a reality. It unlocks potential by removing the water-led constraint. It creates European manufacturing leadership by investing in concrete modules production lines. It ensures price competitiveness by harvesting the best wind resources in Europe. Next. More than 30 GW of floating wind projects have been already awarded worldwide, including around 23 GW in Scotland and around 8 GW in California. In addition, we anticipate another 20 GW to be potentially awarded in 2023. Over tenders in France, Norway, the U.K., the U.S., Portugal, Spain, and Taiwan, extending the market footprint to new geographies and confirming further the market boom. In less than two years, floating wind market has materialized. This 60 GW represents a total market potential of around EUR 50 billion for the supply of floating foundation, with the delivery of around 2,800 units starting from 2027, 2028. BW Ideol is ideally positioned to capture a significant share of this market as one of the first and only pioneer in the context of supply chain bottleneck and capacity constraints. I will now let Nicolas de Kerangal presenting the financing session of this presentation. Next. Next. Thank you, Paul. Following the announcement of the transaction with ADEME Investissement for a EUR 40 million investment in our co-development activities, progress is now being made toward a signing by the end of Q2. Initially, ADEME will inject EUR 16.7 million into a newly created subsidiary, BW Ideol Projects Company, which will hold a sub-3.8 GW portfolio of projects under development, notably including our share in the Buchan project in Scotland. Subsequent funding will be structured 50/50 with BW Ideol and ADEME. BW Ideol will hold initially 76.6% of BW IPC and will ultimately hold 66.2% once ADEME will have disbursed its full EUR 40 million commitment. A service agreement is to be signed between BW Ideol and BW IPC to cover commercial and tender activities as well as portfolio management activities, creating an additional revenue stream for BW Ideol. This transaction with ADEME Investissement enables BW Ideol to valorize its co-development activities with an implied per share valuation of circa NOK 20, separately from the other key assets and businesses of the company. BW Ideol remains full owner of its technology IP and knowhow portfolio, its team of experts spanning the entire floating wind value chain, its demonstrator FloatGen and its 5% stake in EolMed, as well as its EPCI business. During the quarter, we welcomed also the announcement made by Port of Ardersier of an investment of GBP 300 million made by U.S. based investment firm Quantum Energy to accelerate the port development. BW Ideol holds an exclusivity agreement for concrete floater production line at this facility, which will support the development of our EPCI business. We very pleased with this announcement that de-risk significantly the prospect of our EPCI business in Scotland. Next. We will turn it back to Paul. On our project under operation, FloatGen continues to overperform with 1.74 GWh produced over the quarter, an accumulated production above 25 GWh in around 4 years of production. New cables have been connected to the electrical hub to allow, in particular, the connection of the light hydrogen production unit in Q3, a worldwide first of coupling hydrogen production and floating wind. In addition, for the first time, a full inspection of air combustions have been performed by drone, demonstrating again our ability to innovate to further reduce cost and enhance operational safety. The construction works on the 13 MW EolMed project are continuing. 30 blocks have been delivered in Port-la-Nouvelle, where all blocks will be finally assembled, underlying the flexibility of our technology to ensure the highest levels of local content on each project. Next. In Scotland, we are progressing as planned on the Buchan offshore wind project, targeting to be among the very first ScotWind projects to be consented. The floating radar has been collecting wind and weather ocean data successfully since November 2022. The first year of bird and mammal surveys has been completed. The geotechnical and geophysical contract has been signed. All vessels have been mobilized and the surveys have started on the offshore project site, the export cable corridor, and the onshore landing point. Grid connection options have been significantly refined, all compatible with our planned landing point, with a final design option to be presented in August 2023. Next. We are very pleased to announce we are entering into the Iberian market. A partnership agreement has been signed with Elawan, targeting both the Spanish and Portuguese coming tenders. In particular, the Spanish government plans to put in operation between 1 and 3 GW of offshore wind projects by 2030, while the Portuguese government has announced a plan to award up to 10 GW by 2030. Elawan is a local developer with more than 2.6 GW of renewable assets bid and 8.4 gigawatt portfolio of projects. It is ultimately owned by ORIX Corporation, with whom BW Ideol is already actively collaborating on the Japanese market for several years. This partnership is a natural continuity for other developments in the Mediterranean area, a key market where our solution has significant advantages. Next. We are finally preparing for the upcoming 2023 tenders in firming a partnership with leading developers and finalizing our tender application. In France, tenders are ongoing for three different sites, each of 250 MW, with extension targeted after for 500 MW on each site. BW Ideol has partnered with EDF Renewables and Maple Power. Bid application are now expected in Q3 2023 for the South Brittany site and in Q4 for the Mediterranean site. The construction has been identified as one of the five most local content-oriented by the Brittany region. In Taiwan, the pilot project tender route has been updated. Potential project size has been increased from 50 MW to potentially up to around 200 MW. Bidding terms shall be seeked for all bidders and finally announced by the Taiwanese authorities by the end of Q2, allowing the tender to be potentially launched in Q3. Our partnership with Taiya Renewable Energy covers not only the project co-development but also the project floater co-EPCI. In the U.K, Crown Estate continues to prepare the Celtic Sea tender, targeting up to 4 GW of floating wind to be awarded in 2023 with ongoing site investigation. BW Ideol has secured a partnership with a leading developer to jointly participate in this tender, and is now proceeding on the application preparation. In Asia, a new partnership has been secured. Additional details will be provided in the coming weeks. Finally, on the power to platform market, the company has finalized a number of feasibility studies for undisclosed clients, leveraging on BW Offshore experience and track record. Next. Financial highlights for the quarter, the results remain robust. The company posted a EUR 1 million revenue during the quarter, roughly at the same level of Q1 2022. We continue to build engineering services in support of the construction of the EolMed project, as well as on other projects under development in Japan, France, and in Scotland. We remain disciplined in the management of our cash resources. Our cash position at the end of the quarter was EUR 5.6 million, with EUR 1.4 million of operational cash burn. The company also secured a EUR 12 million shareholder loan during Q1 from two of its larger shareholders, BW Offshore and Noria, which together with ADEME, the ADEME transaction, provide visibility for at least the next 12 months to the company. We note that no drawdown on the loan has occurred to date. Next. We are continuing to rapidly maturing our project portfolio, creating value for our shareholders with the fast-track development of our 960 MW Buchan offshore wind project in Scotland, including ongoing metocean environmental, geotechnical, and geophysical surveys, and with the construction progress on the EolMed 30 MW project, targeting a commercial operation date in 2024. We are expanding our associated pipeline with partnership sites for France, Spain, Portugal, Celtic Sea, Taiwan, and an increased focus on mid-term projects having the capacity to generate EPCI opportunity. In parallel, the company continues its strict focus on cash discipline. The company has secured additional funding capacity with EUR 40 million financing from ADEME Investissement and project co-development and a EUR 30 million shareholder loan. A new subsidiary dedicated to our co-development activities will be structured as part of the ADEME transaction, majority owned by the company, inducing a valuation around 20 NAV per share of our co-development business line only. 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 energy independence. Thank you for your attention. We are now opening up for Q&A sessions, you can ask questions directly on the web. For now, there are no questions coming through the platform, through the online platform. We thank you. Have a good day. Thank you very much.
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