Endúr ASA
Q1 2023 financial results
11 May 2023
ENDÚR Q1 2023 PRESENTATION
Agenda
Group
- Consolidated key figures and highlights
- Group structure and strategy
- Selected ongoing projects
Business segments
- Aquaculture, Marine Infrastructure and Other
- Key figures and highlights
- Focus: Luleå Port / Malmporten
Financials
- Profit & loss
- Balance sheet
- Cash flow
- NWC and NIBD
Outlook and summary
Appendix
- Operating results per company
- Historical financial statements
Jeppe Raaholt (CEO), +47 976 69 759, jr@endurasa.no | 2 |
Einar Olsen (CFO), +47 924 01 787, eo@endurasa.no |
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS
Refinancing complete and operations progressing according to plan
REVENUE | ADJ. EBITDA | ADJ. EBITDA MARGIN | CASH FLOW FROM OPERATIONS | |||
NOK 484.7 million | NOK 51.1 million | 10.5% | ||||
NOK -51.8 million | ||||||
-21% vs. Q1 2022 | +1% vs. Q1 2022 | +2.2 p.p. vs. Q1 2022 | ||||
• | Refinancing process completed | Revenue | ||||
• Solid revenue growth in Marine | 611.8 | 637.9 | 668.3 | |||
Infrastructure, expected revenue | 592.6 | |||||
reduction in Aquaculture Solutions as | 484.7 | |||||
planning and design overtakes on-site | ||||||
construction activities | ||||||
• Underlying operational profit (EBIT) | ||||||
remains solid | ||||||
• Seasonally strong margin driven by | Q1'22 | Q2'22 | Q3'22 | Q4'22 | Q1'23 | |
shift in revenue mix and strong | ||||||
underlying performance within Marine | ||||||
Infrastructure |
Adj. EBITDA & Adj. EBITDA margin
67.2
57.5 | 55.3 | |||
50.8 | 51.1 | |||
8.3 % | 9.0 % | 11.3 % | 8.3 % | 10.5 % |
Q1'22 | Q2'22 | Q3'22 | Q4'22 | Q1'23 |
- Expected increase in NWC (details on page 15) yields negative cash flow from operations, but liquidity remains robust
- Negative EBT affected by financial one- offs and other expenses related to the refinanced bond (details on page 12)
- Strong order intake of NOK 453 million
- Increased backlog while further processing attractive leads, LOIs and early-phase projects within Aquaculture Solutions
EBT & CF from operations | ||||||
129.4 | ||||||
63.6 | 67.5 | 6.3 | ||||
7.8 | 10.8 | 1.7 | -51.8 | |||
-6.0 | ||||||
-63.3 | ||||||
Q1'22 | Q2'22 | Q3'22 | Q4'22 | Q1'23 |
Backlog & order intake ** | ||||||
1 812 | 1 760 | |||||
1 509 | 1 310 | 1 470 | ||||
135 | 289 | 216 | 453 | |||
243 | ||||||
(501) | ||||||
Q1'22 | Q2'22 | Q3'22 | Q4'22 | Q1'23 |
* Order intake in parentheses in Q1'22 adjusted for previously announced cancellation order in Artec Aqua.
Group | Business segments | Financials | Outlook | Appendix | 3 |
GROUP STRUCTURE AND STRATEGY
Targeting group annualized revenue of NOK 4 billion by end of 2024
- Leading full-service provider for
Aquaculture Solutions and Marine Infrastructure in Norway and Sweden, servicing both public and private sector - Substantial growth predicted in both core markets
- Endúr as significant niche player in highly fragmented market segments, exposed to strong sustainability-drivenmegatrends
- Targeted annualized revenue of NOK 4 billion by end of 2024 to be achieved both organically and through complementary M&A
Aquaculture Solutions
Artec Aqua
- Leading turnkey supplier for onshore aquaculture facilities
- Post-smolt,brood stock, grow-out and other species
- Hybrid, flowthrough and RAS
- Superior water quality and fish health
Endúr Sjøsterk
- Production of concrete feed barges for offshore aquaculture
Marine Infrastructure
BMO Entreprenør
- Projects throughout Norway
- Rehabilitation of concrete and steel infrastructure: bridges, quays, dams and railway constructions
- Primarily public clients
- Industry-leadingmargins
Marcon
- Projects throughout Sweden
- Marine construction activities: quays, piers, seabed piping, sea lines, diving and renewable energy
- Primarily public end-customers
- Industry-leadingmargins
Other
Endúr Maritime
- Technical ship maintenance: inspections, service, repairs, upgrades and modifications
- Framework contracts with the Norwegian Defense and Equinor
Endúr ASA
- Listed on Oslo Stock Exchange
- Group management functions; financing, M&A and strategic initiatives
Operating results per company presented in Appendix. | Group | Business segments | Financials | Outlook | Appendix | 4 |
PROJECTS
Selected ongoing projects
Aquaculture Solutions
Geo Salmo phase 1
Company | Artec Aqua |
Value | NOK ~1.6 billion |
Client | Geo Salmo EHF |
Building period | 2023-2025 |
PoC | <5% |
Turnkey supplier of land-based salmon grow-out facility on Iceland
Project design and planning in progress
Feed barge Eidsfjord Sjøfarm
Company | Endúr Sjøsterk |
Value | NOK ~38 million |
Client | Eidsfjord Sjøfarm |
Building period | 2023-2024 |
PoC | 0% |
Turnkey delivery of concrete feed barge with complete technical infrastructure
Marine Infrastructure
Railway bridge replacements Oslo
Company | BMO Entreprenør |
Value | NOK ~70 million |
Client | Bane Nor |
Building period | 2023-2024 |
PoC | 0% |
Replacement of 7 railway bridges in The Oslo Region, Norway
Lime-cement stabilization
Company | Marcon / SVENTAB |
Value | SEK 40 million |
Client | Bauer Grundläggning |
Building period | 2023 |
PoC | 25% |
Stabilization of approx. 13,000 m2 of the lake bed with lime-cement columns from a pontoon.
Other
Option exercise:
"Avlastningsavtalen"
Company | Endúr Maritime |
Value | NOK ~100 million |
Client | Forsvarets Logistikkorg. |
Building period | 2023-2024 |
PoC | 0% |
Framework contract involving maintenance, repairs and upgrades of the Norwegian Royal Navy's ship fleet
Group | Business segments | Financials | Outlook | Appendix | 5 |
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Endur ASA published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 05:14:46 UTC.