Fosnavåg,15 November 2023 : Eqva ASA (OSE: EQVA) reports a strong development in the Products, Solutions & Renewables segment, and divests its shipyardHavyard Leirvik. In the first nine months of 2023, the group reported an operating income ofNOK 579 million , an increase ofNOK 127 million from 2022 (NOK 452 million). EBITDA wasNOK 8.8 million . The operating income for Eqva, excluding Havyard Leirvik, wasNOK 472 million with an EBITDA ofNOK 22.5 million , calculated on a pro forma basis. The Products, Solutions & Renewable segment capitalizes on a strong order book ofNOK 504 million , leading to increased activity and improved margins. YTD segment revenue reachedNOK 472 million , up fromNOK 276 million in the same period last year. With growth leveraging current cost levels, the EBITDA margin increased to 6.9 %, compared to 3.4 % last year. For the Maritime Services segment, the negative trend in the service- and maintenance market continued from Q2 through Q3. Following the sale ofHavyard Leirvik, Maritime Services will no longer be a reporting segment for Eqva going forward. "We are proud of the progress made and our staff's performance in challenging markets. In Products, Solutions & Renewables, we have increased activity on key projects, driving notable volume and margin growth," says CEO,Erik Høyvik . Eqva divests Havyard Leirvik and reaffirms strategic direction On 13 November, Eqva entered into a sales agreement withTersan Shipyard to divest its shipyard Havyard Leirvik.Tersan Shipyard is a leading global shipbuilder located inTurkey , which has a clear ambition to further strengthen its position inNorthern Europe , with Havyard Leirvik as steppingstone. Tersan is buying all shares in Havyard Leirvik Holding AS, including its subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. The transaction is settled byNOK 30 million in cash. The profit from the share sale will be booked as financial income in Eqva's accounts, with effect in Q4 2023. The transaction allows Eqva to concentrate on further development of its portfolio companies BKS and Fossberg Kraft. Additionally, as an investment company and active owner, Eqva will be targeting new investment opportunities that contribute to the green transition in maritime, power intensive and renewable industries. Outlook Eqva's robust order book bodes well for the last quarter of 2023 and into 2024, with sustained high activity expected in the Products, Services & Renewables segment. Additionally, the group will continue to seek new M&A opportunities. A presentation of the results will be held by CEOErik Høyvik and interim CFO Ask Haukaas, alongside the Chair of the Board EvenMatre Ellingsen , today. The presentation will be available on the company's web site www.eqva.no and https://vimeo.com/webinars/events/f439b041-804d-4a05-9052-b5af8669ff2c from09:00 CET . For more information, please contact: Erik Høyvik, Chief Executive Officer: +47 916 83 173 Ask Haukaas, Interim Chief Financial Officer: +47 478 92 539 EvenMatre Ellingsen , Chairman of the Board: + 47 990 05 500 Eqva ASA in brief Eqva ASA is a knowledge-based active owner of engineering, construction and service companies that contribute to the green transition in maritime, power intensive and renewable industries. The group has a well-diversified product and market portfolio, and further growth will be established through a combination of company-based development, utilization of synergies between the companies in the group as well as value-creating M&A activities. Key companies in the group are BKS and Fossberg Kraft, each building on decades of experience and widely recognized by clients in a broad range of industries. Read more on www.eqva.no This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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