Endur Asa · OSL:ENDUR
Endur Asa — Q1 2024 Earnings Presentation
27 slides from Endur Asa's earnings presentation, May 15, 2024
Slide 1: Endúr ASA Q1 2024 financial results
Endúr ASA Q1 2024 financial results 15 May 2024
Slide 2: Agenda
ENDÚR Q1 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: Share buy-back program Financials - Profit & loss - Balance sheet - Cash flow - NWC
Slide 3: Seasonally strong result, improved margin and cash conversion
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Seasonally strong result, improved margin and cash conversion REVENUE ADJ. EBITDA ADJ. EBITDA MARGIN CASH FLOW FROM OPERATIONS NOK 575.8 million NOK 67.0 million 11.6% NOK 70.1 million -10% vs. Q1 2023 +8% vs. Q1 2023 +1.9 p.p. vs. Q1 2023 • Revenue reduction
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: Current activities provide profitable platform, new build-out projects represent uptick opportunity
AQUACULTURE SOLUTIONS Aquaculture: Current activities provide profitable platform, new build- out projects represent uptick opportunity REVENUE EBITDA EBITDA MARGIN -41% vs. Q1 2023 NOK 6.8 million +9.7 p.p. vs. Q1 2023 • Revenues comprise feed barge Revenue EBITDA & EBITDA margin production and pla
Slide 7: Marine Infrastructure: Seasonally strong quarter and solid backlog
MARINE INFRASTRUCTURE Marine Infrastructure: Seasonally strong quarter and solid backlog REVENUE EBITDA EBITDA MARGIN +3% vs. Q1 2023 +0% vs. Q1 2023 -0.4 p.p. vs. Q1 2023 EBITDA & EBITDA margin* • Upheld seasonally strong EBITDA Revenue* 93,2 94,6 margin, expected to improve throughout 600 100 60,0
Slide 8: Other: First quarter as expected for Endúr Maritime
OTHER Other: First quarter as expected for Endúr Maritime REVENUE – ENDÚR MARITIME EBITDA – ENDÚR MARITIME EBITDA MARGIN – ENDÚR MARITIME -19% vs. Q1 2023 -36% vs. Q1 2023 -2.0 p.p. vs. Q1 2023 Endúr Maritime Revenue Revenue split quarter 81,0 76,9 • 74,5 90 Solid activity towards both public and 80
Slide 9: Share buy-back program
FOCUS Share buy-back program • The program is initiated by The Board of Directors with authorization from the Annual General Meeting in 2023 (authorization subject to renewal), covers purchases of up to 1 629 741 shares (5%) and the maximum amount paid under the program shall be NOK 50 million. The
Slide 10: Financials
endur. Financials
Slide 11: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q1 2024 Q1 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 and Operating revenue lower revenues from Artec
Slide 12: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q1 2024 Q4 2023 Amounts in MNOK Q1 2024 Q4 2023 Actuals Actuals Actuals Actuals • Financial statements with actual figures ASSETS EQUITY AND LIABILITES • Intangible assets largely related to Intangible assets and goodwill 1 365 1 373 Share capital 18 18 acqui
Slide 13: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q1 2024 Q1 2023 YTD 2024 YTD 2023 FY 2023 Actuals Actuals Actuals Actuals Actuals • Financial statements with actual Profit/loss for the period -6,3 -49,4 -6,3 -49,4 -27,0 figures Adjustments for non-cash items 44,1 22,0 44,1 22,0 129,8 • Positive cash conversion
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 • No seasonal increase in NWC – rather a small reduction NIBD Acquistion financing 80,00% Repstad 141 1 192 1 187 1200 • Fluctuations in NWC must always be accounted for, but 140 1000 909 919
Slide 15: Outlook & summary
endur. Outlook & summary
Slide 16: National Transport Plan for 2025-2036 underlines long-term case for infrastructure investments
OUTLOOK National Transport Plan for 2025-2036 underlines long-term case for infrastructure investments • New Norwegian National Transport Plan for 2025-2036 (“NTP”) Planned spending per infrastructure segment, per NTP period* indicates substantial increases in investments in infrastructure (NOK in b
Slide 17: Seasonally strong first quarter
SUMMARY Seasonally strong first quarter Adj. EBITDA and margin of NOK 67.0 million (Q1 2023: NOK 62.0 million) and 11.6% (Q1 2023: 9.7%) Strong cash conversion with cash flow from operations of NOK 70.1 million (Q1 2023: NOK -51.8 million) Firm backlog of NOK 2.0 billion and high bid activity Contra
Slide 18: Q&A
endur. Q&A
Slide 19: endur.
endur.
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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Revenue 112,8 78,5 55,7 42,7 42,9 42,0 48,1 36,5 33,3 49,0 EBITDA -4,5 4,4 4,4 -9,9 -0,5 1,
Slide 23: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Actuals Actuals Actuals Actuals Actuals Continued operations Operating revenue 484,2 543,4 418,7 514,7 571,4 Other revenue 0,5 0,5 3,2 13,0 4,4 Revenue 484,7 543,9 421,9 527,7 575,8 Cost of sales 282,1 306,5 189
Slide 24: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Amounts in MNOK Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 1 069 1 060 1 0
Slide 25: Quarterly cash flow and statement of changes in equity
APPENDIX Quarterly cash flow and statement of changes in equity Amounts in MNOK Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities -51,8 148,0 -17,9 54,7 70,1 Cash flow from investing activities -9,3 -10,1 -24,7 -97,6 -23,3 Cash flow f
Slide 26: Leverage ratio
APPENDIX Leverage ratio NIBD & Leverage ratio (covenant calculation) 1000 10 900 859 869 9 800 8 700 7 600 560 600 6 500 489 5 400 4 300 2,6 2,5 2,5 3 2,2 1,9 200 2 100 1 0 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 All amounts in MNOK. Group Business segments Financials Outlook Appendix 26 * Seller’s credit o
Slide 27: endur.
endur.