Nrc Group Asa · OSL:NRC
Nrc Group Asa — Q1 2022 Earnings Presentation
21 slides from Nrc Group Asa's earnings presentation, May 10, 2022
Slide 1: 1st quarter 2022
1st quarter 2022 CEO Henning Olsen CFO Ole Gulsvik 11 May 2022
Slide 2: Key figures: Improved results and strong cashflow
KEY FIGURES Improved results and strong cashflow REVENUE EBITA* EBITA* margin NOK 1.2 Billion NOK -37Million -3.2% Q1 2021 : NOK 1.1 Billion Q1 2021: NOK -59 Billion Q1 2021: -5.2% ORDER INTAKE OPERATING CASH FLOW ORDER BACKLOG NOK 0.9 Billion NOK 69 Million NOK 7.3 Billion Q1 2021: NOK 0.9 Billion
Slide 3: Health and safety: Reduced injury frequency rate
HEALTH AND SAFETY Reduced injury frequency rate LTI* TRI** 5.1 14.3 Q1 2021: 9.6 Q1 2021: 20.2 SICKNESS ABSENCE SERIOUS INJURIES 4.9% 1 Q1 2021: 4.1% Q1 2021: 0 *LTI: Injuries resulting in absence at least one full day per million man-hours (incl. subcontractors). Previously reported as LTI-1. **TRI
Slide 4: Sustainability report 2021: Key results
SUSTAINABILITY REPORT 2021 Key results EU TAXONOMY ELIGIBLE* EU TAXONOMY ALIGNED* 87% 62% GHG EMISSION REDUCTION RECYCLING (SCOPE 1+2) RATE 13.5% 96% * Group’s activities in terms of revenue 4
Slide 5: War in Ukraine: Long term impact characterised by uncertainty globally
WAR IN UKRAINE Long term impact characterised by uncertainty globally 1 Limited supplies from Ukraine Short term well protected against rise in material 2 and fuel prices 3 Continue to manage risks in projects 5
Slide 6: Profit & loss: Improved results
PROFIT & LOSS Improved results EBITA* (NOK million) (Amounts in NOK million) Q1 2022 Q1 2021 FY 2021 Revenue 1 176 1 129 5 957 102 Operating expenses 1 168 1 139 5 621 88 Other income and expenses (M&A expenses) -1 -6 -34 EBITDA 7 -16 302 Depreciation 45 49 196 47 50 EBITA* -37 -59 139 EBITA -38 -64
Slide 7: Key financial figures LTM: Improvement program is yielding results
KEY FINANCIAL FIGURES LTM* Improvement program is yielding results Revenue LTM (NOK million) EBITA** LTM (NOK million) EBITA** margin LTM (%) 200 3,0 % 6 563 6 570 6 579 161 2,7 % 180 6 449 139 160 2,5 % 6 324 6 191 140 2,3 % 2,0 % 5 934 5 957 6 004 120 83 79 100 1,3 % 1,5 % 1,3 % 65 80 46 50 60 0,8
Slide 8: Balance sheet: Interest-bearing debt reduced
BALANCE SHEET Interest-bearing debt reduced (Amounts in NOK million) 31.03.2022 31.03.2021 31.12.2021 Net Interest-bearing debt (NOK million) ASSETS Intangible assets 2 797 2 890 2 867 Net Interest-bearing debt ex. Leases: NOK 383 million Right-of-use assets 490 541 514 Total other non-current asset
Slide 9: Cash flow: Continued good cash flow performance
CASH FLOW Continued good cash flow performance Cash flow from operations Net working capital (NWC) Change in cash in Q1 22 (NOK million) (NOK million) (NOK million) Operating CF NOK 69 million 238 173 164 149 129 110 88 77 80 77 69 43 31 17 -2 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 -45 -35 Q12
Slide 10: Financial position: Leverage ratio in line with long term target
FINANCIAL POSITION Leverage ratio in line with long term target Net interest-bearing debt (NIBD) Bank and bond maturities NIBD / EBITDA** ratio (NOK million) (NOK million) Target < 2.5x 5,1 4,3 4,4 4,3 4,3 3,6 3,5 600 2,7 2,4 106 141 133 2022 2023 2024 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Ba
Slide 11: Backlog: Good visibility in 2022
BACKLOG Good visibility in 2022 Order intake (NOK million) and Book-to- Order backlog Current Year (CY) order backlog bill (x) LTM (NOK million) comparison (NOK million) 23% 2 682 1,3 1,2 19% 1,3 8 048 1,2 7 526 7 647 7 801 7 331 2 165 634 3 486 6 835 6 693 0,9 6 475 3 261 0,9 1 872 0,8 0,9 5 961 2
Slide 12: Operational review
FINANCIAL POSITION Operational review
Slide 13: Finland: Lower activity impact results
OPERATIONAL REVIEW FIN Lower activity impact results EBITA* - LTM Order backlog (NOK million) 213 216 213 3 388 202 162 167 2 109 2 149 126 129 100 1 032 Coming years 1 279 1 117 Current year Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q1 2022 Q1 2021 (NOK million) Q1 2022 Q1 2021 Notes Revenue 389
Slide 14: Finland: Decline in tender pipeline
OPERATIONAL REVIEW FIN Decline in tender pipeline NOK 1.2 billion tender pipeline1 NOK million value, # of tenders, next 9 months Notes 1 500 Tender pipeline 1 200 Decreased with NOK 0.4 bn from Q421 pipeline and NOK 2.7 bn from same period last year mainly related to maintenance projects which have
Slide 15: Norway: Higher activity and improved performance
OPERATIONAL REVIEW NO Higher activity and improved performance EBITA* - LTM Order backlog (NOK million) 89 73 2 064 1 872 47 37 26 1 013 949 Coming years 1051 923 Current year -14 -17 -42 -38 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q1 2022 Q1 2021 (NOK million) Q1 2022 Q1 2021 Notes Revenue 499
Slide 16: Norway: High tender activity after decrease in Rail construction
OPERATIONAL REVIEW NO High tender activity after decrease in Rail construction NOK 6.2 billion tender pipeline1 NOK million value, # of tenders, next 9 months Notes Tender pipeline Decrease of NOK 2.7 bn in tender pipeline vs Q421 3 500 3 150 3 025 and a decrease of NOK 3.0 bn vs last year 3 000 Dec
Slide 17: Sweden: Higher activity and improved result
OPERATIONAL REVIEW SWE Higher activity and improved result EBITA* - LTM Order backlog** (NOK million) 1 879 1 940 -55 723 1 046 Coming years -69 -69 -68 -77 -76 1 156 895 Current year -121 -132 -130 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q1 2022 Q1 2021 (NOK million) Q1 2022 Q1 2021 Notes Reve
Slide 18: Sweden: Continued high tender activity level
OPERATIONAL REVIEW SWE Continued high tender activity level NOK 10.2 billion tender pipeline1 NOK million value, # of tenders, next 9 months Notes Tender pipeline 6 000 5 400 Increase of NOK 1.6 bn in tender pipeline vs Q421 and NOK 1.0 bn compared 4 750 to same period last year mainly explained by
Slide 19: Q1 in short
SUMMARY Q1 in short • Improved results and strong operational cash flow Financials • Revenue growth 7% in local currency • Short term well protected against rise in material and fuel prices Operations • Continued focus on core processes in tendering and project execution • Focus on profitable growth
Slide 20: Questions?
Questions? 18 August 2022: Half-yearly interim report – Q2 2022
Slide 21: Disclaimer
Disclaimer • This draft presentation (hereinafter referred to as the “Presentation”) has been prepared exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments. • This Presentation includes and is based on, among o