Endúr ASA
Q2 2023 financial results
24 August 2023
ENDÚR Q2 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: Salmon Evolution phase 2
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
Record high results and margins in second quarter
REVENUE | ADJ. EBITDA | ADJ. EBITDA MARGIN | CASH FLOW FROM OPERATIONS | |||
NOK 543.9 million | NOK 77.5 million | 14.2% | ||||
NOK 148.0 million | ||||||
-15% vs. Q2 2022 | +35% vs. Q2 2022 | +5.2 p.p. vs. Q1 2022 | ||||
- Strongest ever results and margins on both EBITDA and EBT level
- Strong revenue growth in Marine Infrastructure and continued revenue reduction in Aquaculture Solutions, as previously guided
- Adj. EBITDA in H1 2023 of NOK 128.6 million (12.5%)
- LTM adj. EBITDA of NOK 251.1 million (11.0%)
- Strong cash conversion after significant reduction in NWC
- Net financial expense of NOK 5.2 million (Q2 2022: NOK 19.5 million)
- Signed contract with Salmon Evolution regarding the build-out of phase 2
- Strong order intake of NOK 299 million
- Order backlog upheld despite construction phases of Geo Salmo and Salmon Evolution not yet being included as firm backlog
Revenue | ||||
637,9 | 592,6 | 668,3 | ||
543,9 | ||||
484,7 | ||||
Q2'22 | Q3'22 | Q4'22 | Q1'23 | Q2'23 |
EBT & CF from operations | ||||||
129,4 | 148,0 | |||||
67,5 | ||||||
6,3 | 27,8 | |||||
7,8 | 10,8 | 1,7 | -50,0 | |||
-63,3 | ||||||
Q2'22 | Q3'22 | Q4'22 | Q1'23 | Q2'23 |
Adj. EBITDA & Adj. EBITDA margin
67,2 | 77,5 | |||
57,5 | 55,3 | 51,1 | ||
11,3 % | 10,5 % | 14,2 % | ||
9,0 % | 8,3 % | |||
Q2'22 | Q3'22 | Q4'22 | Q1'23 | Q2'23 |
Backlog & order intake
1 760 | ||||
1 509 | 1 310 | 1 470 | 1 479 | |
289 | 216 | 243 | 453 | 299 |
Q2'22 | Q3'22 | Q4'22 | Q1'23 | Q2'23 |
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 | Marine Infrastructure | Other | ||||||||||
Salmon Evolution phase 2 | Fallfors- og Røssvassdammen | Statsraad Lehmkuhl | ||||||||||
Company | Artec Aqua | Company | BMO Entreprenør | Company | Endúr Maritime | |||||||
Value | NOK ~0.8-0.9 billion | Value | NOK ~40 million | Value | NOK ~20 million | |||||||
Client | Salmon Evotion ASA | Client | Statkraft | Client | Statsraad Lehmkuhl | |||||||
Building period 2023-2026 | Building period | 2023-2024 | Building period | 2023-2024 | ||||||||
PoC | <5% | PoC | 0% | PoC | 0% | |||||||
Turnkey supplier of the process- and | Rehabilitation and upgrades of the dams | Contract involving maintenance, repairs | ||||||||||
technical infrastructure for the phase 2 | Fallforsand Røssvass in Nordland south | and upgrades of the ship Statsraad | ||||||||||
of the land-based salmon grow-out | of Mo I Rana | Lehmkuhl | ||||||||||
facility at Indre Harøy. Project design and | ||||||||||||
planning in progress | ||||||||||||
Lingalaks barge | Diving works Slussen | |||||||||||
Company | Endúr Sjøsterk | Company | Marcon / SVENTAB | |||||||||
Value | NOK ~40 million | Value | SEK ~30 million | |||||||||
Client | Lingalax | Client | Skanska | |||||||||
Building period | 2023-2024 | Building period 2023-2024 | ||||||||||
PoC | 0% | PoC | 20% | |||||||||
Turnkey delivery of concrete feed barge | Diving and underwater works for | |||||||||||
with complete technical infrastructure | Skanska at the project Slussen in | |||||||||||
Stockholm | ||||||||||||
Group | Business segments | Financials | Outlook | Appendix 5 |
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Disclaimer
Endur ASA published this content on 24 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2023 11:26:07 UTC.