Management’s review
Message from the CEO 2021 has been a year of great change for our employees and for BWSC. In November 2020 we adopted a new business strategy that shifted our focus from supplying turnkey power plants to providing comprehensive advisory and technical services to power plants and green energy facilities worldwide. Much of 2021 involved implementing the new strategy, and I am pleased to announce that doing so has paid off in our first positive financial result in 5 years.
Strong results validate new strategy In 2021, BWSC made a significant profit before tax of DKKm 129 based on revenue of DKKm 1,245. While one-time financial events – such as sale of our ACT business and divestment in three UK power plants – contributed to the positive result, we also see that our strategy is succeeding as intended, with continued strong results in our Service and O&M business areas.
I’d like to express my deepest gratitude to all our employees and partners in Denmark and at our sites around the world for the dedication they showed to staying safe and helping to keep their colleagues safe as well. 4
We are still rolling out the new strategy and look forward to continued gains as our initiatives are finalized and implemented. Our promising Green Energy Solutions business unit is a good example. In 2021 we signed a major contract with the Danish green energy innovators Stiesdal Storage Technologies, and we expect many additional deals to fall in place in 2022 and beyond.
Significant achievements in 2021 In addition to establishing our Green Energy Solutions business unit, our O&M, technical services, and other teams have garnered significant wins in 2021. These include a multi-year maintenance and technical support services agreement with Amager Resource Center (ARC), one of the biggest waste-to-energy and district heating facilities in Northern Europe. In September we won an important contract with Fjernvarme Fyn to convert a coal-fired boiler at Fyn Power Station to operate on gas, accelerating the utility’s move away from coal. And in December we signed a long-term O&M extension agreement with the owners of Sleaford Renewable Energy Plant in the UK. Finally, reflecting our new strategy, we adopted a new brand position in 2021. To be rolled out in 2022, this position explains who we are and what we do today and is expected to support our sales work in all business areas going forward.
