Endur Asa · OSL:ENDUR
Endur Asa — Q2 2024 Earnings Presentation
27 slides from Endur Asa's earnings presentation, Aug 22, 2024
Slide 1: Endúr ASA Q2 2024 financial results
Endúr ASA Q2 2024 financial results 22 August 2024
Slide 2: Agenda
ENDÚR Q2 2024 PRESENTATION Agenda Group - Consolidated key figures and highlights - Group structure and strategy Business segments - Aquaculture, Marine Infrastructure and Other - Key figures and highlights - Focus: Salmon Evolution phase 2 Financials - Profit & loss - Balance sheet - Cash flow - NW
Slide 3: Strong financial performance and major increase in backlog
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Strong financial performance and major increase in backlog REVENUE ADJ. EBITDA ADJ. EBITDA MARGIN CASH FLOW FROM OPERATIONS NOK 691.8 million NOK 97.5 million 14.1% NOK 83.2 million -4% vs. Q2 2023 +6% vs. Q2 2023 +1.3 p.p. vs. Q2 2023 • Revenues on par with e
Slide 4: Targeting group annualized revenue of NOK 4 billion by end of 2025
GROUP STRUCTURE AND STRATEGY Targeting group annualized revenue of NOK 4 billion by end of 2025 • 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: Business segments
endur. Business segments
Slide 6: Aquaculture: Financial performance as expected, increase in backlog after FID for Salmon Evolution phase 2
AQUACULTURE SOLUTIONS Aquaculture: Financial performance as expected, increase in backlog after FID for Salmon Evolution phase 2 REVENUE EBITDA EBITDA MARGIN -18% vs. Q2 2023 -26% vs. Q2 2023 -0.6 p.p. vs. Q2 2023 • Revenues primarily comprise feed Revenue EBITDA & EBITDA margin barge production, pl
Slide 7: Marine Infrastructure: Seasonally strong performance across the board
MARINE INFRASTRUCTURE Marine Infrastructure: Seasonally strong performance across the board REVENUE EBITDA EBITDA MARGIN +1% vs. Q2 2023 +16% vs. Q2 2023 +2.1 p.p. vs. Q2 2023 EBITDA & EBITDA margin* • Increasing revenue and margin, as Revenue* 93,2 94,6 segment enters busy-season after 100 89,3 60,
Slide 8: Other: Stable and attractive returns from Endúr Maritime
OTHER Other: Stable and attractive returns from Endúr Maritime REVENUE – ENDÚR MARITIME EBITDA – ENDÚR MARITIME EBITDA MARGIN – ENDÚR MARITIME -8% vs. Q2 2023 -22% vs. Q2 2023 -1.7 p.p. vs. Q2 2023 Endúr Maritime Endúr Maritime Revenue EBITDA & EBITDA margin 76,9 74,5 • 90 Stable revenues as a resul
Slide 9: Salmon Evolution phase 2 (BTB)
FOCUS Salmon Evolution phase 2 (BTB) • Company: Artec Aqua AS • Description: Second of three phases for the construction of Salmon Evolutions’s grow-out facility at Indre Harøy. The project utilizes Artec • Client: Salmon Evolution ASA Aqua’s Hybrid Technology and has an expected total capacity of H
Slide 10: Financials
endur. Financials
Slide 11: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q2 2024 Q2 2023 YTD 2024 YTD 2023 FY 2023 • Financial statements with actual Actuals Actuals Actuals Actuals Actuals figures • Consolidated revenues impacted by Continued operations the consolidation of Repstad Operating revenue 682,1 543,4 1 253,6 1 027,6 1
Slide 12: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q2 2024 Q1 2024 Amounts in MNOK Q2 2024 Q1 2024 Actuals Actuals Actuals Actuals • Financial statements with actual ASSETS EQUITY AND LIABILITES figures Intangible assets and goodwill 1 356 1 365 Share capital 18 18 • Intangible assets largely related to Prope
Slide 13: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q2 2024 Q2 2023 YTD 2024 YTD 2023 FY 2023 Actuals Actuals Actuals Actuals Actuals • Financial statements with actual Profit/loss for the period 18,2 21,4 11,9 -28,0 -27,0 figures Adjustments for non-cash items 51,6 48,4 98,0 70,4 129,8 • Cash conversion equaling
Slide 14: Net working capital (NWC) and net interest-bearing debt (NIBD)
FINANCIALS Net working capital (NWC) and net interest-bearing debt (NIBD) 160 NWC NIBD Equity & Equity ratio • Relatively stable NWC Repstad throughout H1 2024 NIBD Acquistion financing 80,00% 1 192 1 187 1 192 141 1200 • Fluctuations in NWC must always be accounted for, but 140 1000 909 919 focus o
Slide 15: Outlook & summary
endur. Outlook & summary
Slide 16: Backlog, pipeline and general market conditions provide attractive growth opportunity
OUTLOOK Backlog, pipeline and general market conditions provide attractive growth opportunity • Strong backlog for all business segments Book-to-bill of 2.5x in Q2 2024 6 000 • Several outstanding bids and high tender activity 5 000 1 800 5 279 • New Norwegian National Transport Plan for 2025-2036 S
Slide 17: Strong financial performance and major increase in backlog
SUMMARY Strong financial performance and major increase in backlog Adj. EBITDA and margin of NOK 97.5 million (Q2 2023: NOK 92.1 million) and 14.1% (Q2 2023: 12.8%) Strong cash conversion with cash flow from operations of NOK 83.2 million (YTD: NOK 153.3 million) FID for Salmon Evolution phase 2 Ord
Slide 18: Q&A
endur. Q&A
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Slide 20: Appendix
endur. Appendix
Slide 21: 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 22: Operating results per company
APPENDIX Operating results per company Artec Aqua (Aquaculture Solutions) Endúr Sjøsterk (Aquaculture Solutions) Amounts in MNOK Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Revenue 78,5 55,7 42,7 42,9 46,7 48,1 36,5 33,3 49,0 57,2 EBITDA 4,4 4,4 -9,9 -0,5 -1,7 2,4
Slide 23: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Actuals Actuals Actuals Actuals Actuals Continued operations Operating revenue 543,4 418,7 514,7 571,4 682,1 Other revenue 0,5 3,2 13,0 4,4 9,7 Revenue 543,9 421,9 527,7 575,8 691,8 Cost of sales 306,5 189,7 261
Slide 24: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Amounts in MNOK Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 1 060 1 054 1 3
Slide 25: Quarterly cash flow and statement of changes in equity
APPENDIX Quarterly cash flow and statement of changes in equity Amounts in MNOK Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 148,0 -17,9 54,7 70,1 83,2 Cash flow from investing activities -10,1 -24,7 -97,6 -23,3 -11,2 Cash flow f
Slide 26: Leverage ratio
APPENDIX Leverage ratio NIBD & Leverage ratio (covenant calculation) 1000 10 900 859 869 859 9 800 8 700 7 560 600 6 500 489 5 400 4 300 3 2,5 2,5 2,4 2,2 1,9 200 2 100 1 0 0 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 All amounts in MNOK. Group Business segments Financials Outlook Appendix 26 * Seller’s credit o
Slide 27: endur.
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