Company type
Limited Corporation
Established
1999
Size
Medium
Employees
156
Revenue
581 MDKK
Gross profit
38 MDKK
Operating Profit (EBIT)
-42,923,000 DKK
Profit for the year
-95,117,000 DKK
Equity
-116,767,000 DKK
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Rank Profit for the year

Rank in industry
6/6
"Lowest 10%"
Rank in Denmark
341,712/342,330
"Lowest 10%"

Top management top 3

Board top 3

Legal owners top 3

Rights certificate

Selskabet tegnes af to direktører i forening, af et bestyrelsesmedlem i forening med formanden for bestyrelsen eller af et bestyrelsesmedlem i forening med en direktør.

Company information based on CVR

NameBabcock & Wilcox A/S
Alternate namesBabcock & Wilcox Environmental A/S, Babcock & Wilcox Renewable A/S, Babcock & Wilcox Thermal A/S, Babcock & Wilcox Vølund A/S, Ejendomsaktieselskabet Falkevej 2, Babcock & Wilcox A/S, Ejendomsselskabet Falkevej 2 A/S Show more
CVR25053664
AddressFalkevej 2, 6705 Esbjerg Ø
IndustryManufacture of steam generators, except central heating hot water boilers [253000]
Established22-11-1999 (24 yr)
First financial statement period22-11-1999 to 31-12-2000
Company typeLimited Corporation
Number of employees126 (man years:117)
Advertising protectionNo
AuditorDeloitte Statsautoriseret Revisionspartnerselskab since 13-10-2011
Financial statement period01-01 to 31-12
Bank connectionDanske Bank
Company capital5,000,000 DKK
20,000,000 DKK (09-12-2002 - 27-12-2020)
10,000,000 DKK (17-12-2001 - 08-12-2002)
125,000 DKK (22-11-1999 - 16-12-2001)
Articles of assoc. last04-10-2021

Purpose

Selskabets formål er design, ingeniørvirksomhed, køb, salg, distribution, import, eksport, produktion, samling, konstruktion, forsyning, vedligeholdelse, reparation, opstart og genopbygning af kedler, tilhørende kedeludstyr og miljøkontrolleringsudstyr, reservedele, komponenter og tilsvarende produkter, samt hermed beslægtet virksomhed. Selskabets formål er herudover koordinering og styring af egne og andre entreprenørers leverancer samt drift og vedligeholdelse af anlæg. Det er endvidere selskabets formål at eje og udleje fast ejendom samt hermed beslægtet virksomhed.

Financial Statement

 202220212020
Currency/unit000' DKK000' DKK000' DKK
Revenue
580,733
+50%
388,262
-11%
436,632
-34%
Gross Profit
37,661
-54%
82,249
-57%
192,349
+592%
Profit for the year
-95,117
-
-48,057
-
-166,026
-
Equity
-116,767
-
-20,972
-
26,810
-
Total Assets
437,158
+5%
414,896
+6%
392,475
+27%

Mangement review

The end-market demand for our products is strong. The markets in Europe, North and South America and Asia are showing increasing interest in renewable power generation projects from waste andbiomass fuel sources, which are well aligned with our products and services.

We are confident in our leading technology, which is in high demand in all markets. In 2022, we continued to focus on our core technologies and on transitioning into a fully integrated and efficient global projects and engineering execution model leveraging our knowledge and expertise with the restof the global B&W operations.

Our operations regarding service have been reduced as the main activity of service have been transferred to Babcock & Wilcox Renewable Service A/S, which is also part of the group. This strategic transfer was to ensure we consolidated our service personnel under one system and operation and best service our customers.

We continue to see strong demand for our renewable technologies. As a result, we expect sales to increase as we continue to pursue our growth strategy. We have handed over well-performing plants to our customers, and these plants function as showcases for future customers and offer longer-term opportunities for our service and O&Mbusiness.

A more detailed project status summary is contained in our parent company's 10-K to be found at lnvestors.babcock.com. The shareholders’ support letter provided in 2017, in which B&W committed to fund our company with the cash required to meet our obligations and allow the business to continue as a going concern, was last year extended through at minimum December 2024 (see note 2).
Profit/loss for the year in relation to expected developments
Our full-year 2022 net revenues were DKK 581 million, which is an increase of DKK 193 million
compared to the prior year due to an increasing activity level in large project activities. Operating results was nearly unchanged with an operating loss in 2021 of 42.5 million to 42.9 million in 2022. We have remained focus on serving our customers, making important decisions to better position our businesses for the future, and driving improved financial performance. The year-end results reflected a loss of DKK 95 million.
We generally recognize revenues and related costs from long-term contracts on a percentage-of-completion basis. Accordingly, we review contract price and cost estimates regularly as work
progresses and reflect adjustments in profit proportionate to the percentage of completion in the
periods in which we revise estimates to complete the contract. To the extent that these adjustments
result in a reduction of previously reported profits from a contract, we recognize a charge against
current earnings. If a contract is estimated to result in a loss, such loss is recognized in the current
period as a charge to earnings and the full loss is accrued on our balance sheet, which results in no
expected gross profit from the loss contract in the future unless there are revisions to our estimated
revenues or costs of completion in periods following the accrual of the contract loss. Changes in the
estimated results of our percentage-of-completion contracts are necessarily based on information
available at the time of the estimates and are based on judgments that are inherently uncertain, as
they are predictive in nature. As with all estimates to complete used to measure contract revenue and
costs, actual results can and do differ from our estimates made over time.
Insurance recoveries and sub-contractor claims
We have collected on claims in 2022 and we continue to pursue insurance recoveries and subcontractor claims related to the previous loss-making projects.
Restructuring and growth activities
In May 2020, we aligned under The Babcock & Wilcox Company (B&W) in a global company structure
for all B&W operations. Under this structure, sales, engineering, project management, procurement,
manufacturing, and other project-related support is provided through a globally matrixed structure.
The structure helps us better address workload ebbs and flows, while also allowing employees across
the global B&W operations to expand their skills and gain greater experience in supporting all of B&W’s
product line areas, thus increasing overall manpower flexibility.
Throughout 2022, we continued to identify and implement multiple actions to proactively improve our
cost structure. Key actions included workforce reductions to align with the new global structure and
our activity levels, other selling, general and administrative cost reductions as well as other process
improvements. These actions have continued into 2022 and were focused on productivity and
efficiency gains to enhance profitability and cash flow going forward.
30-06-2023

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