Endur Asa · OSL:ENDUR
Endur Asa — Q4 2024 Earnings Presentation
28 slides from Endur Asa's earnings presentation, Feb 10, 2025
Slide 1: Endúr ASA Q4 and full-year 2024 financial results
Endúr ASA Q4 and full-year 2024 financial results 10 February 2025
Slide 2: Agenda
ENDÚR Q4 2024 PRESENTATION Agenda Group - Consolidated key figures and highlights - Group structure and strategy - Subsequent events: VAQ and Refinancing offer Business segments - Aquaculture, Infrastructure and Other - Key figures and highlights Financials - Profit & loss - Balance sheet - Cash flo
Slide 3: Ending the year on a high note
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Ending the year on a high note REVENUE EBITA EBITA MARGIN LTM CASH CONVERSION NOK 775.1 million NOK 61.3 million 7.9% 133% +18% vs. Q4 2023 +58% vs. Q4 2023 +2.0 p.p. vs. Q4 2023 • High activity levels within all business Revenue (pro forma)* EBITA & EBITA mar
Slide 4: Growth case and specialist contractor within Aquaculture Solutions and Infrastructure
GROUP STRUCTURE AND STRATEGY Growth case and specialist contractor within Aquaculture Solutions and Infrastructure • Leading full-service provider for Aquaculture Solutions and Aquaculture Solutions Infrastructure Other Infrastructure in Norway and Sweden, servicing both public and private sector Ar
Slide 5: Completed acquisition of VAQ
SUBSEQUENT EVENTS Completed acquisition of VAQ Transaction structure and strategic rationale • On 23 December 2024, Endúr ASA entered into an agreement to acquire 100% of the shares in VAQ AS («VAQ») for NOK 115 million, based on an Enterprise Value excl. leasing liabilities (“debt- and cash-free ba
Slide 6: Committed refinancing offer
SUBSEQUENT EVENTS Committed refinancing offer • Committed refinancing offer from the syndicate Sparebank 1 SR Bank and Sparebank 1 SMN • Existing term loans, with quarterly installments of approximately NOK 30 million, originally to be refinanced in Q1 2026 and with aggregate year-end 2024 balances
Slide 7: Business segments
endur. Business segments
Slide 8: Aquaculture: Growth in both construction and planning/design supported by increased engineering capacity
AQUACULTURE SOLUTIONS Aquaculture: Growth in both construction and planning/design supported by increased engineering capacity REVENUE EBITA EBITA MARGIN +104% vs. Q4 2023 +NOK 22.8 million vs. Q4 2023 +22.3 p.p. vs. Q4 2023 • Continued revenue growth as activity Revenue EBITA & EBITA margin level i
Slide 9: Infrastructure: Double-digit growth and margin
INFRASTRUCTURE Infrastructure: Double-digit growth and margin REVENUE EBITA EBITA MARGIN +9% vs. Q4 2023 +5% vs. Q4 2023 -0.3 p.p. vs. Q4 2023 EBITA & EBITA margin* • Full-year pro forma revenue growth of Revenue* 10% with LTM margin of 10% 70 64,8 60,00% 56,3 59,1 549,7 554,9 51,9 510,7 517,0 600 6
Slide 10: Other: Solid performance from Endúr Maritime
OTHER Other: Solid performance from Endúr Maritime, both on quarterly and full-year basis REVENUE – ENDÚR MARITIME EBITA – ENDÚR MARITIME EBITA MARGIN – ENDÚR MARITIME -7% vs. Q4 2023 +103% vs. Q4 2023 +6.1 p.p. vs. Q4 2023 Endúr Maritime Endúr Maritime Revenue EBITA & EBITA margin 74,5 71,5 65,9 68
Slide 11: Financials
endur. Financials
Slide 12: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q4 2024 Q4 2023 FY 2024 FY 2023 • Financial statements with actual Actuals Actuals Actuals Actuals figures • Consolidated revenues impacted by Operating revenue 770,6 523,1 2 766,6 1 961,0 the consolidation of Repstad Other revenue 4,5 5,1 20,5 17,2 • Pro for
Slide 13: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q4 2024 Q3 2024 Amounts in MNOK Q4 2024 Q3 2024 Actuals Actuals Actuals Actuals • Financial statements with actual figures ASSETS EQUITY AND LIABILITES • Intangible assets largely related to Intangible assets and goodwill 1 352 1 351 Share capital 18 18 acqui
Slide 14: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q4 2024 Q4 2023 FY 2024 FY 2023 Actuals Actuals Actuals Actuals • Financial statements with actual Profit/loss for the period 24,1 -19,2 47,1 -27,0 figures Adjustments for non-cash items 62,7 19,8 223,2 129,8 • Cash flow from operations Adjustments for non-operat
Slide 15: Net working capital (NWC) and net interest-bearing debt (NIBD)
FINANCIALS Net working capital (NWC) and net interest-bearing debt (NIBD) 160 NWC NIBD excl. leasing liabilities Equity & Equity ratio • Seasonally large decrease in 700 4/5 NWC after production wrap-up 1 240 1200 into Christmas holiday 1 221 1 192 1 187 1 192 • Reduction in NWC also impacted 14 0 1
Slide 16: Outlook & summary
endur. Outlook & summary
Slide 17: Attractive outlook for both Aquaculture Solutions and Infrastructure
OUTLOOK Attractive outlook for both Aquaculture Solutions and Infrastructure • Strong backlog for all business segments, before entering Book-to-bill of 0.7x in Q4 2024 “tender-season” in H1 2025 7 000 Geo Salmo ph. 1: NOK 1 800 mill. Drag: NOK 160 mill. 2 560 • Still many outstanding bids and high
Slide 18: Ending the year on a high note
SUMMARY Ending the year on a high note Full-year revenue and EBITA of NOK 2.8 billion (Q4: 0.8 billion) and NOK 192 million (Q4: 61 million), yielding a margin of ~7% (Q4: ~8%) LTM cash conversion of 133% (Q4 2024: 229%) Firm backlog of NOK 3.3 billion, subsequent awards of NOK 0.2 billion and conti
Slide 19: Q&A
endur. Q&A
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Slide 21: Appendix
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Slide 22: 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, amortization and this presentatio
Slide 23: Operating results per company
APPENDIX Operating results per company Artec Aqua (Aquaculture Solutions) Endúr Sj sterk w/ subsidiaries (Aquaculture Solutions) Amounts in MNOK Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Revenue 42,7 42,9 46,7 73,6 96,1 33,3 49,0 57,2 52,8 59,2 EBITDA -9,9 -0,5
Slide 24: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Actuals Actuals Actuals Actuals Actuals Continued operations Operating revenue 514,7 571,4 682,1 742,5 770,6 Other revenue 13,0 4,4 9,7 2,0 4,5 Revenue 527,7 575,8 691,8 744,4 775,1 Cost of sales 261,2 259,4 342
Slide 25: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Amounts in MNOK Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 1 373 1 365 1 3
Slide 26: Quarterly cash flow and statement of changes in equity
APPENDIX Quarterly cash flow and statement of changes in equity Amounts in MNOK Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 54,7 70,1 83,2 100,0 240,5 Cash flow from investing activities -97,6 -23,3 -11,2 -26,3 -20,9 Cash flow f
Slide 27: Leverage ratio
APPENDIX Leverage ratio NIBD & Leverage ratio (covenant calculation) 900 10 873 869 9 859 859 850 8 7 800 6 5 750 741 4 3 2,5 2,5 2,4 2,4 1,9 700 2 1 650 0 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 All amounts in MNOK. Group Business segments Financials Outlook Appendix 27 * Sub-ordinated seller’s credit of NOK
Slide 28: endur.
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