Hav Group Asa · OSL:HAV
Hav Group Asa — Q4 2022 Earnings Presentation
25 slides from Hav Group Asa's earnings presentation, 2023
Slide 1: HAV Group ASA Fourth quarter 2022
PRESENTERS: HAV GROUP ASA Gunnar Larsen CEO Fourth quarter 2022 Pål Aurvåg CFO
Slide 2: Agenda
AGENDA 1. HAV Group in brief and Q4 highlights 2. Megatrends and strategy 3. Business update 4. Financials 5. Summary and outlook 6. Q&A
Slide 3: HAV Group ASA: Enabling the green transition at sea
HAV GROUP ASA: Enabling the green transition at sea International provider of green technology and services for maritime industries Vision: A sustainable future at sea Comprises four subsidiaries with several decades of Special expertise in guiding the marine and maritime combined industry experienc
Slide 4: Q4 Highlights
Q4 HIGHLIGHTS Key developments Q4 22 • Signed contracts for battery pack upgrades of three of Volstad Maritime’s offshore vessels • Extensive interest in containerized hydrogen solutions for ships • Revenue decline reflecting significant deliveries in the corresponding quarter in 2021 • The majority
Slide 5: Maritime Greentech Megatrends and HAV Group Strategy
MARITIME GREENTECH MEGATRENDS AND HAV GROUP STRATEGY
Slide 6: HAV attractively positioned for maritime megatrends
HAV attractively positioned for maritime megatrends Yearly offshore wind turbine installations World merchant fleet by building year NWE N. America S. America Taiwan Other APAC China Tankers Bulk Carriers Container Gas carriers Cruise / RoPax / RoRo Offshore Others 3 500 60 Implied yearly added SOVs
Slide 7: HAV Group perfectly positioned to leverage the greentech maritime megatrends
HAV Group perfectly positioned to leverage the greentech maritime megatrends Advise customers regarding selection of vessel parameters and technologies that enable them to increase their competitiveness and enable the green transition at sea Pioneering innovations in the design and construction of z
Slide 8: HAV Group value creation
HAV Group value creation STRATEGIC DEVELOPMENT COMPLIMENTARITY SYNERGIES VALUE & GROWTH Actively taking part in subsidary Creating stakeholder value through Extracting synergies through economies Pursuing value accretive growth companies’ strategic development to collaboration and utilizing compleme
Slide 9: HAV Group – Enabling the green transition at sea
HAV Group – Enabling the green transition at sea Four subsidiaries with a leading position within their respective segments Energy Hydrogen- Water Ship design design and based energy treatment smart control systems systems systems Supplier of innovative ship Supplier of sustainable Supplier of zero-
Slide 10: Ship design
Ship design Q4 highlights • Breakthrough in US offshore wind market (Q1 2023) • First European ship designer to develop SOV for the US • Development of the most efficient vessels market possible, covering every aspect of vessel • Chosen by CREST, a joint venture of Esvagt and Crowley performance and
Slide 11: Water treatment systems
Water treatment systems Q4 highlights • Recurring business represents increasing proportion of revenue • Solid order intake in Q4, continuing into 2023 • Ballast water treatment systems (BWTS) for • Contract from Ulstein Verft for Olympic Group ships • BWTS for 2 x commissioning service operation ve
Slide 12: Energy design and smart control systems
Energy design and Q4 highlights smart control systems • Volstad Maritime orders battery packs for three offshore construction vessels: • Grand Canyon III • Supplier of low and zero-emission energy, • Grand Canyon II propulsion and control systems for the global • Deep Cygnus marine market • Energy d
Slide 13: Hydrogen-based energy systems
Hydrogen-based Q4 highlights energy systems • Obtained DNV Approval in Principle (AiP) for containerized H2 system for ships: Zero Emission Pod (Q1 2023 • AiP confirms that “the design is feasible and that no significant obstacles • Complete and scalable zero-emission exist to prevent it from being
Slide 14: Containerized H2 system for ships
Containerized H2 system Substantial interest after “soft launch” in August for ships 2022 • Contacted by ~75 shipowners from all over the world • Ongoing discussions with ~25 shipowners operating within • Stand alone, complete hydrogen fuel cell powered • Offshore wind generation system: Zero Emissi
Slide 15: Financials
117A\V group - FINANCIALS
Slide 16: Q4 2022 key financials (unaudited)
Q4 2022 key financials (unaudited) Comments • As the business is largely project-driven, NOKm Q4 2022 Q4 2021 2022 2021 periodic fluctuations will occur • The company continues to invest in Operating income 124.3 224.5 619.7 916.7 competence and capacity to leverage on the expected growth to support
Slide 17: Subsidiary financials
HAV Design Norwegian Greentech NOKm Q4 2022 Q4 2021 2022 2021 NOKm Q4 2022 Q4 2021 2022 2021 Operating income 39.5 111.3 153.6 627.1 Operating income 40.7 45.7 226.4 167.5 EBIT 1.8 14.9 12.2 80.8 EBIT 6.8 3.6 24.2 14.4 Profit before tax 2.9 14.6 11.9 84.7 Profit before tax 5.9 3.5 22.9 11.9 Norwegia
Slide 18: Q4 2022 balance sheet
Q4 2022 balance sheet Comments year change NOKm 2022 2021 NOKm 2022 2021 unaudited audited unaudited audited Total liabilities: • Total liabilities decreased from NOK Non-current assets Equity 426.4 million to NOK 365.3 million at year Total intangible Total equity 114.1 164.8 end 2022 mainly follow
Slide 19: Q4 2022 cash flow statement
Q4 2022 cash flow statement Comments year change NOKm 2022 2021 Negative cash from operations Unaudited Audited • Mainly related to project progress – Cash flow from operations NOK 69 million Net cash flow from/to operating activities -68.6 274.8 Cash flow from investments Negative cash from investm
Slide 20: Book-to-bill of 1.0 in Q4 2022
Book-to-bill of 1.0 in Q4 2022 Secured order intake of NOK ~200 million YTD 2023 Order intake Order backlog 350 600 300 500 250 400 200 300 150 200 100 50 100 0 0 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Slide 21: Order backlog: segment breakdown
Order backlog: segment breakdown Comments • For Norwegian Greentech ”fleet- agreements” signed by different ship owners are not included in the official backlog figures 20 • Secured order intake of approximately NOK 200 million so far in Q1 2023 235 193 482 75 Internal External HDE NES NGT
Slide 22: Summary and Market Outlook
117A\V group - SUMMARY AND MARKET OUTLOOK
Slide 23: Why invest
Why invest Strong fundamentals and megatrends for maritime greentech Perfectly positioned to leverage the green maritime megatrends Profitable operations and robust balance sheet Solid position for value creation
Slide 24: Outlook
Outlook • Global megatrends, including regulatory changes, provide incentives and requirements for the maritime industry to reduce the environmental footprint short and long term • HAV Group possesses the technologies and products that enable the green transition at sea • The global maritime market
Slide 25: 17A\V group
17A\V group