Slide 1: HAV Group ASA Second quarter and half-year financial results 2024
HAV GROUP ASA Second quarter and half-year financial results 2024 Gunnar Larsen, CEO Pål Aurvåg, CFO 28.08.24
Slide 2: Agenda
Agenda 1. Q2 highlights 2. HAV Group in brief 3. Business segment update 4. Financials 5. Summary and outlook 6. Q&A A sustainable future at sea www.havgroup.no
Slide 3: Q2 2024 Highlights
Q2 2024 HIGHLIGHTS Key developments • Revenue of NOK 193.2 million, down 3.5% from Q2 2023 (200.3 million, including one-off effect of NOK 46.9 million) • EBITDA break even, significant improvement on past three quarters Operating income EBITDA Cash balance • Multiple important contracts won in Q2 2
Slide 4: Order intake & backlog | Strong growth
Order intake & backlog | Strong growth Order intake per quarter Order backlog development* +975% +170% 600 570 1600 533 1387 1400 500 1200 1010 400 1000 288 800 300 607 604 600 514 200 110 400 100 53 200 0 0 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 NOK 200 million contract to deve
Slide 5: HAV Group in brief
HAV Group in brief A sustainable future at sea www.havgroup.no
Slide 6: HAV Group in brief: key facts
Headquarters Fosnavåg. Norway Enabling optimized vessel performance, safety and operating costs CEO Gunnar Larsen Employees Value proposition: Improves vessel and cargo owners’ competitiveness by providing advice and 163 optimized solutions throughout a ship’s lifecycle Operating income Q2 2024 NOK
Slide 7: Supplier of innovative ship design, energy systems and water treatment
Supplier of innovative Supplier of sustainable Supplier of zero-emission Supplier of ballast water ship design. energy systems. electric hydrogen-based energy treatment systems and pioneering the design propulsion. automation. and systems for vessels. process water treatment and construction of NavC
Slide 8: Our main industry segments
Our main industry segments Offshore wind Oil and gas Ferries and ropax Aquaculture Fishery Short sea cargo A sustainable future at sea www.havgroup.no
Slide 9: Segment information
Segment information A sustainable future at sea www.havgroup.no
Slide 10: Ship design
Ship design Q2 highlights • Development of the most efficient vessels possible. • Solid project execution throughout the quarter covering every aspect of vessel performance and functionality. through: • Revenue increase versus previous quarters • Concept development • Detail design • High tendering
Slide 11: Energy design and smart control systems
Energy design Q2 highlights and smart control • Contract for equipment deliveries to Norwegian shipbuilder Havyard Leirvik, worth in excess of NOK 200 million systems • Contract from Fjord1 to develop automation of vessel functions and autonomous navigation for four Lavik-Oppedal ferries • Supplier
Slide 12: Hydrogen-based energy systems
Hydrogen-based Q2 highlights energy systems • Cooperation agreement with Maris Fiducia Norway • NOK 300 million in innovation funding to a Maris Fiducia Norway, with HAV Hydrogen and Norwegian Hydrogen as subcontractors, to develop, build and operate five hydrogen-powered dry-bulk vessels • Complete
Slide 13: Water treatment systems
Water treatment Q2 highlights systems • Main sales and marketing focus of ballast water treatment systems (BWTS) shifted from retrofit to newbuilds as a result of buoyant newbuilding market • BWTS order intake reflects successful sales efforts in the newbuilding market • Ballast water treatment syst
Slide 14: Order backlog: segment breakdown
Order backlog: segment breakdown 1000 934 900 52 800 700 600 500 Q4 2023 417 400 Q2 2024 311 300 250 200 1387 100 46 36 0 External Internal Ship design Energy design & Water treatment smart control systems A sustainable future at sea www.havgroup.no
Slide 15: Financials
Financials A sustainable future at sea www.havgroup.no
Slide 16: Revenue and EBITDA development
Revenue and EBITDA development Revenue EBITDA 250 70 63,8 60 200,3 200 193,0 192,2 50 40 150 30 127,1 113,5 20 100 10 0,0 0 50 -10 -20 -17,0 -18,9 -18,0 0 -30 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 A sustainable future at sea One-off effect of NOK 46.9 million related to reversa
Slide 17: Q2 2024 key financials
Q2 2024 key financials NOKm Q2 2024 Q2 2023* 2023 Comments • As the business is largely project-driven. Unaudited Unaudited Audited periodic fluctuations will occur Operating income 193.2 200.3 617.1 • Recent contract wins are still in start-up EBITDA 0.0 63.8* 9.1 phase and have not yet started to
Slide 18: Segment financials by business area
Ship design Water treatment systems NOKm Q2 2024 Q2 2023* 2023 NOKm Q2 2024 Q2 2023 2023 Operating income 56.6 105.9 249.3 Operating income 29.3 53.9 156.0 EBITDA 5.1 56.0 50.1 EBITDA 4.8 4.3 3.1 Profit before tax 4.2 55.5 50.4 Profit before tax 2.2 2.1 -4.1 * One-off effect of NOK 46.9 million rela
Slide 19: Q2 2024 balance sheet
Q2 2024 balance sheet Comments Assets: • The total assets in the Group are NOK 537.2 million versus NOK 427.5 million at end of 2023. NOKm Q2 2024 2023 NOKm Q2 2024 2023 • Current assets increased from NOK 326.6 million unaudited audited unaudited audited year-end 2023 versus NOK 439.7 million per Q
Slide 20: Q2 2024 cash flow statement
Q2 2024 cash flow statement Comments Q2 2024 (NOKm) NOKm Q2 2024 Q2 2023 FY 2023 Unaudited Unaudited Audited Positive cash flow from operations Cash flow from operations • Negative result of NOK in period -7.0 • Decrease in other current receivables -17.4 Net cash flow from/to operating activities 0
Slide 21: Summary and market outlook
Summary and market outlook A sustainable future at sea www.havgroup.no
Slide 22: Why invest
Why invest Toolbox in place to support shipowners’ growing desire to reduce vessels’ operating costs and environmental footprint International and national maritime regulations support HAV Group’s business case Solid balance sheet Growing order backlog positions HAV Group for value creation A sustai
Slide 23: Outlook
Outlook • Global megatrends, including regulatory changes as well as increasing pressure on vessel and cargo owners to remain competitive, provide commercial incentives and regulatory requirements for the maritime industry to invest in vessels’ lifecycle performance. • HAV Group possesses the techno
Slide 24: Q&A
Q&A A sustainable future at sea www.havgroup.no