Endur Asa · OSL:ENDUR
Endur Asa — Q3 2024 Earnings Presentation
27 slides from Endur Asa's earnings presentation, Nov 14, 2024
Slide 1: Endúr ASA Q3 2024 financial results
Endúr ASA Q3 2024 financial results 14 November 2024
Slide 2: Agenda
ENDÚR Q3 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: Gartnerløkka Financials - Profit & loss - Balance sheet - Cash flow - NWC and NIBD O
Slide 3: Continued growth in revenue, results and backlog
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Continued growth in revenue, results and backlog REVENUE ADJ. EBITDA ADJ. EBITDA MARGIN CASH FLOW FROM OPERATIONS NOK 744.4 million NOK 117.1 million 15.7% NOK 100.0 million +28% vs. Q3 2023 +12% vs. Q3 2023 -2.3 p.p. vs. Q3 2023 • Increased activity level and
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: Ready for ramp-up of Salmon Evolution phase 2
AQUACULTURE SOLUTIONS Aquaculture: Ready for ramp-up of Salmon Evolution phase 2 REVENUE EBITDA EBITDA MARGIN +37% vs. Q3 2023 -23% vs. Q3 2023 -3.9 p.p. vs. Q3 2023 • Solid revenue growth in Artec Aqua as Revenue EBITDA* & EBITDA margin activity level is gradually increasing 126,4 8,4 6,5 140 10 6,
Slide 7: Marine Infrastructure: Growth in revenue, results and order intake
MARINE INFRASTRUCTURE Marine Infrastructure: Growth in revenue, results and order intake REVENUE EBITDA EBITDA MARGIN +27% vs. Q3 2023 +20% vs. Q3 2023 -1.1 p.p. vs. Q3 2023 EBITDA & EBITDA margin* • Significant revenue growth compared to Revenue* last year and previous quarters 120 111,9 60,00% 549
Slide 8: E18/E39 Gartneløkka – Kolsdalen, Kristiansand
FOCUS E18/E39 Gartneløkka – Kolsdalen, Kristiansand Key project information Contract awarded on September 6, ref. stock exchange notice • Company: Repstad Anlegg AS • Client: Eiffage Gènie Civil • Size: NOK ~500 million • Building period: 5 years from Q3’24 • Contract format: Standard sub-contract w
Slide 9: Other: Contract awarded for Kongeskipet Norge
OTHER Other: Contract awarded for Kongeskipet Norge REVENUE – ENDÚR MARITIME EBITDA – ENDÚR MARITIME EBITDA MARGIN – ENDÚR MARITIME +16% vs. Q3 2023 +9% vs. Q3 2023 -0.7 p.p. vs. Q3 2023 Endúr Maritime Endúr Maritime Revenue EBITDA* & EBITDA margin 74,5 71,5 • 65,9 68,4 7,4 80 Stable financial perfo
Slide 10: Financials
endur. Financials
Slide 11: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q3 2024 Q3 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 742,5 418,7 1 996,0 1 446,3 1
Slide 12: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q3 2024 Q2 2024 Amounts in MNOK Q3 2024 Q2 2024 Actuals Actuals Actuals Actuals • Financial statements with actual ASSETS EQUITY AND LIABILITES figures Intangible assets and goodwill 1 351 1 356 Share capital 18 18 • Intangible assets largely related to Prope
Slide 13: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q3 2024 Q3 2023 YTD 2024 YTD 2023 FY 2023 Actuals Actuals Actuals Actuals Actuals • Financial statements with actual Profit/loss for the period 11,1 20,0 23,0 -8,0 -27,0 figures Adjustments for non-cash items 62,5 38,0 160,5 108,4 129,8 • 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 • Seasonally small increase in Repstad NWC after production re-start NIBD Acquistion financing 80,00% 141 1200 after summer holiday 1 221 1 192 1 192 • Expected reduction in NWC tie- 1000 1 1
Slide 15: Outlook & summary
endur. Outlook & summary
Slide 16: Adding to backlog within all segments
OUTLOOK Adding to backlog within all segments • Strong backlog for all business segments Book-to-bill of 1.7x in Q3 2024 7 000 Geo Salmo ph. 1: NOK 1 800 mill. • Several outstanding bids and high tender activity Drag: NOK 160 mill. 2 560 6 000 6 124 Sævareid: NOK 600 mill. • New Norwegian National T
Slide 17: Continued growth in revenue, results and backlog
SUMMARY Continued growth in revenue, results and backlog Adj. EBITDA and margin of NOK 117.1 million (Q3 2023: NOK 104.9 million) and 15.7% (Q3 2023: 18.0%) Seasonally strong cash conversion with cash flow from operations of NOK 100.0 million (YTD: NOK 253.3 million) Order intake of NOK 1.1 billion
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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Revenue 55,7 42,7 42,9 46,7 73,6 36,5 33,3 49,0 57,2 52,8 EBITDA 4,4 -9,9 -0,5 -1,7 -6,5 3,
Slide 23: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Actuals Actuals Actuals Actuals Actuals Continued operations Operating revenue 418,7 514,7 571,4 682,1 742,5 Other revenue 3,2 13,0 4,4 9,7 2,0 Revenue 421,9 527,7 575,8 691,8 744,4 Cost of sales 189,7 261,2 259
Slide 24: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Amounts in MNOK Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 1 054 1 373 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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities -17,9 54,7 70,1 83,2 100,0 Cash flow from investing activities -24,7 -97,6 -23,3 -11,2 -26,3 Cash flow f
Slide 26: Leverage ratio
APPENDIX Leverage ratio NIBD & Leverage ratio (covenant calculation) 1000 10 900 859 869 859 873 9 800 8 700 7 560 600 6 500 5 400 4 300 3 2,5 2,5 2,4 2,4 2,2 200 2 100 1 0 0 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 All amounts in MNOK. Group Business segments Financials Outlook Appendix 26 * Seller’s credit o
Slide 27: endur.
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