Endur Asa · OSL:ENDUR
Endur Asa — Q1 2023 Earnings Presentation
27 slides from Endur Asa's earnings presentation, May 11, 2023
Slide 1: Endúr ASA Q1 2023 financial results
Endúr ASA Q1 2023 financial results 11 May 2023
Slide 2: Agenda
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 - Bal
Slide 3: Refinancing complete and operations progressing according to plan
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 p
Slide 4: Targeting group annualized revenue of NOK 4 billion by end of 2024
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 Aquaculture Solutions Marine Infrastructure Other Infrastructure in Norway and Sweden, servicing both public and private sector Artec A
Slide 5: Selected ongoing projects
PROJECTS Selected ongoing projects Aquaculture Solutions Marine Infrastructure Other Geo Salmo phase 1 Railway bridge replacements Oslo Option exercise: Company Artec Aqua Company BMO Entreprenør “Avlastningsavtalen” Value NOK ~1.6 billion Value NOK ~70 million Company Endúr Maritime Client Geo Salm
Slide 6: Business segments
endur. Business segments
Slide 7: Aquaculture: Salmon Evolution phase 1 completed
AQUACULTURE SOLUTIONS Aquaculture: Salmon Evolution phase 1 completed REVENUE EBITDA EBITDA MARGIN -58% vs. Q1 2022 -116% vs. Q1 2022 -8.4 p.p. vs. Q1 2022 • Revenue down as production phase of Revenue EBITDA & EBITDA margin Salmon Evolution phase 1 is finalized and production tilts toward design an
Slide 8: Marine Infrastructure: Seasonally high revenue and margin
MARINE INFRASTRUCTURE Marine Infrastructure: Seasonally high revenue and margin REVENUE EBITDA EBITDA MARGIN +23% vs. Q1 2022 +50% vs. Q1 2022 +3.5 p.p. vs. Q1 2022 EBITDA & EBITDA margin • Seasonally strong revenue supported Revenue by additional investments in work force 56.1 311.1 60 60,00% 350 5
Slide 9: Luleå Port/Malmporten represents material growth opportunities in Northern Sweden
FOCUS Luleå Port/Malmporten represents material growth opportunities in Northern Sweden Industry investments of over 100 billion EUR Volumes Total annual tonnage (kt) Total volume of outgoing goods (kt) Total volume of incoming goods (kt) 30 000 A shift towards a sustainable heavy industry Enabling
Slide 10: Other: Strong revenue and sustained contribution from Endúr Maritime
OTHER Other: Strong revenue and sustained contribution from Endúr Maritime REVENUE – ENDÚR MARITIME EBITDA – ENDÚR MARITIME EBITDA MARGIN – ENDÚR MARITIME +59% vs. Q1 2022 +103% vs. Q1 2022 +2.1 p.p. vs. Q1 2022 Endúr Maritime Revenue 81.0 Revenue split quarter • 90 Highest ever revenue and EBITDA s
Slide 11: Financials
endur. Financials
Slide 12: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q1 2023 Q1 2022 YTD 2023 YTD 2022 FY 2022 • Revenue down as production in Actuals Actuals Actuals Actuals Actuals Aquaculture Solutions tilts toward design and planning Continued operations • Seasonally solid EBITDA and margin Operating revenue 484,2 609,9 48
Slide 13: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q1 2023 Q4 2022 Amounts in MNOK Q1 2023 Q4 2022 Actuals Actuals Actuals Actuals • Intangible assets largely related ASSETS EQUITY AND LIABILITES to acquisitions of Artec Aqua, Deferred tax assets Share capital 16 14 BMO Entreprenør and Marcon 0 0 Intangible a
Slide 14: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q1 2023 Q1 2022 YTD 2023 YTD 2022 FY 2022 Actuals Actuals Actuals Actuals Actuals • Expected increase in net working Profit/loss for the period -49,4 -8,0 -49,4 -8,0 9,1 capital yields negative cash flow Adjustments for non-cash items 22,0 35,2 22,0 35,2 131,3 fr
Slide 15: Net working capital (NWC) and net interest-bearing debt (NIBD)
FINANCIALS Net working capital (NWC) and net interest-bearing debt (NIBD) NWC NIBD & Leverage ratio Equity & Equity ratio • Identifiable reasons for expected increase in NWC: 100 700 10 80,00% 91 1 006 • End-invoicing of two large projects 1000 680 677 9 70,00% 906 910 896 • VAT payments on unresolv
Slide 16: Outlook & summary
endur. Outlook & summary
Slide 17: Market outlook remains positive for all Endúr's segments
OUTLOOK Market outlook remains positive for all Endúr’s segments • Market for Aquaculture Solutions improving, both domestically and Backlog and early-phase “grow out” projects* internationally. Several new projects in early phase Aquaculture Solutions • Investments in design and planning for early-
Slide 18: Financial development as expected: Increase in margin, reduction in revenue
SUMMARY Financial development as expected: Increase in margin, reduction in revenue Q1 2023 revenue and EBITDA of NOK 484.7 million and NOK 51.1 million (Q1 2022: 611.8 and 50.8, respectively) Expected increase in NWC impacts cash flow from operations after high cash conversion in Q4 2022 Leverage r
Slide 19: Q&A
endur. Q&A
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Slide 21: Appendix
endur. Appendix
Slide 22: Alternative performance measures
Alternative performance measures Basis for preparation Alternative performance measures (cont.) This presentation provides financial highlights for the quarter. The financial information in EBITDA - Profit/loss before i) tax, ii) net finance cost, iii) depreciation, amortisation, this presentation i
Slide 23: Operating results per company
APPENDIX Operating results per company Artec Aqua (Aquaculture Solutions) Endúr Sjøsterk (Aquaculture Solutions) Amounts in MNOK Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Revenue 341,4 301,3 252,8 251,7 112,8 23,1 31,2 40,0 47,9 42,0 EBITDA 21,0 15,8 8,9 0,4 -4,
Slide 24: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Actuals Actuals Actuals Actuals Actuals Continued operations Operating revenue 609,9 625,3 589,8 667,2 484,2 Other revenue 1,9 12,6 2,8 1,0 0,5 Revenue 611,8 637,9 592,6 668,3 484,7 Cost of sales 408,2 399,7 376
Slide 25: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Amounts in MNOK Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Deferred tax assets 0 0 0 0 0 Share capital 14
Slide 26: Quarterly cash flow and statement of changes in equity
APPENDIX Quarterly cash flow and statement of changes in equity Amounts in MNOK Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 63,6 67,5 6,3 129,4 -51,8 Cash flow from investing activities -7,6 3,0 -8,0 -32,9 -9,3 Cash flow from fi
Slide 27: endur.
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