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    ENDUR   NO0010379779

END┌R ASA

(ENDUR)
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End˙r : First Quarter 2021

05/21/2021 | 03:45am EDT

Endúr ASA

Q1 2021 interim results (unaudited)

21 May 2021

Today's presenters

Hans Olav Storkås

Lasse B. Kjelsås

Ingegjerd Eidsvik

CEO

CFO

CEO Artec Aqua

2

Agenda

Highlights and key figures

Company overview

Special focus: Artec Aqua

Financials

Business segment information

Summary

Appendix

Highlights and key events Q1 2021

Highlights; structural

  • Completion of acquisition of Marcon-Gruppeni Sverige AB
  • Completion of acquisition of Artec Aqua AS
  • Successful placement of NOK 1100 million senior secured bond loan
  • Q1 2021 a transformational quarter for Endúr
    • Completion of two major acquisitions
    • Bankruptcies declared in two loss-making entities (ØPD and Endúr Industrier)
    • Complete refinancing of the new Group's interest bearing debt
    • New executive management onboarded

Highlights; operational

  • Adjusted proforma EBITDA of NOK 21.6 million in Q1 2021
  • Q1 is always the quarter with the seasonally lowest activity level for marine infrastructure
  • BMO Entrepenør has however had a historically strong Q1 both in terms of EBITDA and order intake
  • Swedish winter has been unusually cold, with frozen waterways and ice packed harbours even far south
    • causing delays for both ongoing and new projects
  • Artec Aqua's activities in the quarter has been marked by tail-end activities on two major projects, and start-up preparations for two new major projects, as planned
    • will have higher activity levels in coming quarters
  • Artec Aqua's services remain in very high demand
  • Order backlog of NOK 2.5 billion at end of Q1 2021

4

Q1 2021 - Proforma key financials, actual order backlog

Proforma; key financials Q1 2021 & FY 20201) - unaudited

P&L

ENDÚR

AQUACULT.

MARINE

OTHER

ENDUR

GROUP -

GROUP -

SOLUTIONS

INFRASTR.

PROFORMA

PROFORMA

NOKm

Q1 2021

Q1 2021

Q1 2021

Q1 2021

FY 2020

Sales

424.6

177.4

181.8

65.4

1,824.8

EBITDA

(9.1)

5.5

25.6

(40.3)

221.5

EBIT

(41.6)

0.5

0.3

(42.5)

138.6

Adjusted EBITDA

ENDÚR

AQUACULT.

MARINE

OTHER

ENDUR

GROUP -

GROUP -

SOLUTIONS

INFRASTR.

PROFORMA

PROFORMA

NOKm

Q1 2021

Q1 2021

Q1 2021

Q1 2021

FY 2020

EBITDA

(9.1)

5.5

25.6

(40.3)

221.5

Restructuring costs

13.2

-

-

13.2

-

Transaction costs

17.7

-

-

17.7

10.0

Other special items

(0.2)

-

-

(0.2)

(2.0)

Adjusted EBITDA

21.6

5.5

25.6

(9.6)

229.6

Total assets

2,500

2,503

NIBD

862

863

Equity ratio

30.7%

35.0%

EBITDA pct.

(2.1)%

12.1%

Adjusted EBITDA pct.

5.1%

12.6%

Order backlog Q1 2021

2,531

359

639

1,533

Aquaculture

Marine

Other

Total

Solutions

Infrastructure

  1. Pro forma figures; calculated assuming the acquisitions of BMO Entrep., Artec Aqua and Marcon were undertaken on 1 January 2020, and similarly, that the bankruptcies in Endúr Industrier AS and ØPD

AS occurred on that same date.

5

Disclaimer

Endur ASA published this content on 21 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2021 07:44:02 UTC.


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Financials
Sales 2020 405 M 45,7 M 45,7 M
Net income 2020 -519 M -58,5 M -58,5 M
Net Debt 2020 217 M 24,5 M 24,5 M
P/E ratio 2020 -0,72x
Yield 2020 -
Capitalization 1 021 M 116 M 115 M
EV / Sales 2019 0,93x
EV / Sales 2020 2,35x
Nbr of Employees 478
Free-Float 20,9%
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Managers and Directors
Hans Olav Storkas Chief Executive Officer
Lasse B. Kjelsňs Chief Financial Officer
Pňl Reiulf Olsen Chairman
Jan Torvald Skaala Manager-Information Technology
Nils Ingemund Hoff Chief Operating Officer