Slide 1: Q4 2023 Financial results
Q4 2023 Financial results Ole Falk Hansen CEO, Nekkar ASA Marianne Voreland Ottosen Head of Finance, Nekkar ASA Nekkar ASA | 15.02.2024
Slide 2: Disclaimer
Disclaimer By reading this company presentation (the “Presentation”), or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been produced by Nekkar ASA (the “Company”) f
Slide 3: Nekkar in brief
Nekkar in brief Revenue 2023 MNOK 575 Industrial technology company Order backlog Presently a portfolio of established businesses and impact technology ventures MNOK 803 within ocean-based industries World-class engineering expertise MNOK 194 in cash Proven track-record delivering complex and profit
Slide 4: Industrial technology company driving efficiency & sustainability for ocean-based industries
Industrial technology company driving efficiency & sustainability for ocean-based industries World-class expertise Engaged industrial Flexible ownership model to ownership maximize value Scalable software leveraged across the portfolio Long-term active owner Individual degree of integration to In-ho
Slide 5: Portfolio overview
Portfolio overview Companies The global leading provider of shipyard solutions for safe Intelligent load handling systems, such as cranes and and efficient ship docking gangways, for renewables, subsea, and aquaculture vessels Industrial software solutions focused on digitalizing workflows through a
Slide 6: Business segments
Nekkar operates in four main business segments, focused on sustainable technologies for ocean-based industries Shipyard Renewables Aquaculture Offshore Energy Solutions segments Business Digital Portfolio Impact technology ventures 6
Slide 7: The portfolio consist of mature, financially solid business, and new impact technology ventures
The portfolio consist of mature, financially solid business, and new impact technology ventures Nekkar portfolio, overview of maturity level and key focus areas 3. Established Installed customer base 2. Growth Focus on profitability Proven products Service on installed base Broaden customer base 1.
Slide 8: Highlights: Q4 2023
Highlights: Q4 2023 Financial highlights Operational highlights • Solid project execution • Revenue of MNOK 179, up 43% versus Q4 2022 (125) • Service revenue increasing ~33% y-o-y • EBITDA of MNOK 32, up 136% (14) • MUSD 15 contract: PT Pal Indonesia for newbuild shiplift and transfer system • EBIT
Slide 9: Key financials | Per quarter
Key financials | Per quarter Revenue EBITDA & margin (%) MNOK MNOK +43% +137% 35 25,0 % 200 32 179 180 30 29 162 160 20,0 % 25 25 23 140 132 125 120 15,0 % 20 101 100 15 14 80 10,0 % 60 10 40 5,0 % 5 20 0 0 0,0 % Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 EBITDA EBITDA margin 9
Slide 10: Key financials | Per year
Key financials | Per year Revenue EBITDA & margin (%) MNOK MNOK +48% 160 35,0 % 600 575 144 140 30,0 % 500 480 +60% 120 109 25,0 % 400 388 359 100 20,0 % 300 80 71 68 15,0 % 60 200 10,0 % 40 100 5,0 % 20 0 0 0,0 % 1 1 2020 2021 2022 2023 2020 2021 2022 2023 EBITDA EBITDA margin 10 1 Unaudited
Slide 11: Order intake and backlog | Per quarter
Order intake and backlog | Per quarter Order intake per quarter1 Order backlog development2 MNOK MNOK 300 1000 900 864 824 832 242 803 250 800 747 700 200 600 148 500 150 105 400 100 300 61 200 50 27 100 0 0 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Not included in above charts: As
Slide 12: Syncrolift Q4 update
Syncrolift Q4 update • Order confirmation for MUSD 15 shiplift and transfer system to PT Pal Market & Indonesia Sales • Letter of award for MUSD 5 basic engineering design contract from Asmar Chile and MUSD 24 option (LoA in Q1/24) • Continued high tendering activity within newbuilds and services Th
Slide 13: Recent newbuild awards
Recent newbuild awards Pt Pal, Indonesia (Q4/23) ASMAR, Chile (Q1/24) • Order confirmation: Delivery of newbuild shiplift and ship transfer • Letter of Award: Basic engineering design of 5,000 t shiplift and ship system transfer system • Value: USD 15 million • Value: USD 5 million • Delivery date:
Slide 14: Contract wins in past year emphasise Syncrolift's global reputation and competitiveness
Contract wins in past year emphasise Syncrolift’s global reputation and competitiveness Total secured contract value: MNOK∼300 Undisclosed naval shipyard Europe Ship transfer system Song Thu Shipyard Vietnam Dubai Maritime City Extension of shiplift and ship transfer system previously United Arab Em
Slide 15: Service revenues continue to grow
Service revenues continue to grow Service revenues Service as % of total revenues MNOK 90 18% 18% +35% 68 10% 10% 10% 46 34 27 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 15
Slide 16: High visibility and tendering activity, no major tenders lost in this quarter
High visibility and tendering activity, no major tenders lost in this quarter Syncrolift order backlog by execution year1 Tender pipeline, newbuild/upgrades by year of contract award1 MNOK Per 31.12.23 MNOK Per 15.02.24 800 4.000 3.700 708 700 3.500 153 900 600 555 3.000 500 2.500 1.300 400 2.000 30
Slide 17: Techano Oceanlift | Q4 update
Techano Oceanlift | Q4 update • Awarded MEUR 6.5 million contract to deliver offshore crane to newbuild Market & subsea IMR/survey vessel Sales • Developing new series of offshore/subsea cranes to meet increased demand for subsea operations and construction - electrified – enabling it to deliver reg
Slide 18: Offshore crane for Agalas
Offshore crane for Agalas • Shipyard: Sefine Shipyard • Contract value: MEUR 6.5 million • Capabilities: • 150 tonnes lifting capacity • Active heave-compensated winch • 3,000 m wire for subsea construction • Control system: Intellilift • Crane delivery: 2025 18
Slide 19: Intellilift | Q4 update
Intellilift | Q4 update • InteliWell pursuing new contracts for automation systems – preparing a Market & trial in H1 for a major oil company in the Gulf of Mexico Sales • Tendering for simulators and other drilling controls • Nekkar related contract awards for Techano crane and Syncrolift projects
Slide 20: Impact Technology Ventures | Q4 update
Impact Technology Ventures | Q4 update SkyWalker: Solving major bottlenecks for offshore wind Major component Installation & servicing wind Installation of tower sections Installation of floating replacement on bottom fixed turbines onshore for bottom fixed offshore turbines on floater at quay and f
Slide 21: Nekkar-led consortium awarded MNOK 75 grant
Nekkar-led consortium awarded MNOK 75 grant • Consortium to develop a safe and efficient solution for main component replacement (MCR) on offshore wind turbines • Objective: Reduce time, cost, and loss of revenue due to downtime • Develop: Remote-controlled, self-hoisting lifting equipment to replac
Slide 22: FiiZK | Q4 Update
FiiZK | Q4 Update Q4 focus on finalizing restructuring that took place before Nekkar’s entry into FiiZK Relevant IP secured from former FiiZK entities and is now part of the new FiiZK Group Following Nekkar’s investment, FiiZK has transformed its organization and focused its efforts into three busin
Slide 23: FiiZK | Unique market positions within aquaculture
FiiZK | Unique market positions within aquaculture TECHNICAL TEXTILES DIGITAL CLOSED SYSTEMS Lice skirts and treatment tarps Software-as-a-Service for decision Sea-based closed cage systems for fish support and production control farming ~80% market share in the Norwegian lice ~40% of all salmon pro
Slide 24: Nekkar financial highlights
Nekkar financial highlights Revenue • Q4 revenue of MNOK 179, an increase of 43% Profit & Loss, Q4 2023 compared to the same period last year • YTD revenue of MNOK 575, 48% year-over-year growth MNOK Q4 2023 Q4 2022 2023 2022 Profitability Revenue 179 125 575 388 Syncrolift 155 123 515 383 • EBITDA
Slide 25: Key financials | Per company
Key financials | Per company MNOK 2023 2022 Revenues 515 383 EBITDA 132 95 EBITDA % 26% 25% MNOK 2023 2022 Revenues 34 22 EBITDA 6 4 EBITDA % 18% 18% MNOK 2023 2022 Revenues 30 - EBITDA 1 - EBITDA % 4% - 25
Slide 26: Balance sheet
Balance sheet Assets Balance sheet, Q4 2023 • MNOK 46.7 million of Financial assets as of Q4 2023 are linked to the investment in FiiZK MNOK 31.12.23 30.09.23 31.12.22 Working capital ASSETS Intangible assets and goodwill 68.0 62.3 75.0 Deferred tax assets 0.0 0.0 7.0 • Stable working capital at Q4
Slide 27: Cash flow
Cash flow Cash flow development, Q4 2023 Cash flow • Operating cash flow for Q4 2023 is positive at MNOK MNOK 29.7, driven by a solid EBITDA in the +27.7 period. 194.1 • Cash flow from investments is negative at MNOK 32.2 4.8 in Q4 2023 and is mainly related to CAPEX 166.5 -5.1 • Cash flow from fina
Slide 28: Nekkar's capital allocation strategy
Nekkar’s capital allocation strategy Available capital Q4 2023 MNOK Net cash 194 Portfolio growth Undrawn credit facility 200 Investments in existing portfolio companies to fuel organic growth while maintaining a strong balance sheet Total 394 Expecting continued solid operational cash flow Share bu
Slide 29: Summary Q4 2023 & outlook
Summary Q4 2023 & outlook Summary Outlook Backlog provides good visibility for 2024 and Significant revenue and EBITDA growth, versus both Q4 2022 2025 and full-year 2022 – all time high revenue High tendering activity Successful implementation of InteliWell’s breakthrough award likely to open
Slide 30: Alternative performance measures
Nekkar ASA Alternative performance measures INTRODUCTION TO ALTERNATIVE PERFORMANCE MEASURES (APMs) PROFIT MEASURES Nekkar Group (Nekkar) discloses alternative performance measures in addition EBITDA is short for “earnings before interest, taxes, depreciation and to those normally required by IFRS.
Slide 31: nekkar.com
AY NEKKAR nekkar.com