Hav Group Asa · OSL:HAV
Hav Group Asa — Q3 2024 Earnings Presentation
23 slides from Hav Group Asa's earnings presentation, Nov 22, 2024
Slide 1: Third quarter financial results 2024
HAV GROUP ASA Third quarter financial results 2024 Gunnar Larsen, CEO Pål Aurvåg, CFO 22.11.24
Slide 2: Agenda
Agenda 1. Q3 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: Q3 2024 Highlights
Q3 2024 HIGHLIGHTS Key developments • Solid order backlog of NOK 1,322 million as of 30 September 2024, up 118% from year-end 2023, reflecting strong order intake in recent quarters Operating income EBITDA Cash balance • Two new battery package contracts signed in Q3, including breakthrough award in
Slide 4: Order intake & backlog | Strong growth
Order intake & backlog | Strong growth Order intake per quarter Order backlog development +118% 600 570 1600 533 1387 1400 1322 500 1200 1010 400 1000 288 800 300 607 604 600 200 110 400 100 70 200 0 0 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 NOK 200 million contract to develop SO
Slide 5: HAV Group in brief
HAV Group in brief A sustainable future at sea www.havgroup.no
Slide 6: HAV Group at a glance
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 171 optimized solutions throughout a ship’s lifecycle Operating income Q3 2024 NOK
Slide 7: Supplier of innovative ship design, energy systems and treatment systems
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 Q3 highlights • Development of the most efficient vessels possible. • Successful completion of preliminary six-month project to develop an covering every aspect of vessel performance and ammonia-fuelled wellboat together with North Salmon Service functionality. through: • Applying for fu
Slide 11: Energy design and smart control systems
Energy design Q3 highlights and smart control • Two new contracts to deliver deck-based battery energy storage systems: • AquaShip/Intership for Grip Explorer wellboat: first battery package systems system contract for live fish carrier • With Rem Offshore for Rem Inspector construction support vess
Slide 12: Hydrogen-based energy systems
Hydrogen-based Q3 highlights energy systems • Significant amount of funding awarded from Enova to develop Norwegian maritime hydrogen value chain, which brings commercial market closer to realisation, including: • Vessels (incl. Maris Fiducia) • Enabling technologies (incl. HAV Hydrogen) • Complete
Slide 13: Water treatment systems
Water treatment Q3 highlights systems • Well positioned for contracts for disinfection of inlet water to several land- based aquaculture facilities • Long-awaited new regulations for land-based aquaculture could open up significant market opportunities in Norway • Proposed requirement to disinfect a
Slide 14: Order backlog: segment breakdown
Order backlog: segment breakdown 1000 918 900 41 800 700 600 500 Q4 2023 400 368 Q3 2024 311 300 250 200 1322 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 0,0 250 0 193,0 192,2 -5 200 -10 150 134,8 127,1 113,5 -15 100 -17,0 -20 -18,0 -18,9 50 -25 -24,8 0 -30 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 A sustainable future at sea www.havgroup.no
Slide 17: Q3 2024 key financials
Q3 2024 key financials NOKm Q3 2024 Q3 2023 2023 Comments • Revenue decline vs Q3 last year largely Unaudited Unaudited Audited driven by lower levels of trading, while Operating income 134.8 193.0 617.1 capacity utilization rate is on similar level EBITDA -24.8 -17.0 9.1 • Revenue and margin negati
Slide 18: Segment financials
Ship design Water treatment systems NOKm Q3 2024 Q3 2023 2023 NOKm Q3 2024 Q3 2023 2023 Operating income 55.7 99.7 249.3 Operating income 22.9 38.9 156.0 EBITDA -1.6 -3.0 50.1 EBITDA -2.2 -1.5 3.1 Profit before tax -0.4 -2.1 50.4 Profit before tax -3.7 -4.3 -4.1 Energy design & smart Hydrogen-based
Slide 19: Q3 2024 balance sheet
Comments Q3 2024 balance sheet Assets: • Current assets increased from NOK 326.6 million year-end 2023 vs NOK 568.9 million per Q3 2024. • Cash and bank deposit decreased by NOK 3.2 million and total receivables increased by NOK 245.5 million from year end. NOKm Q3 2024 2023 NOKm Q3 2024 2023 Equity
Slide 20: Q3 2024 cash flow statement
Q3 2024 cash flow statement Comments Q3 2024 (NOKm) NOKm Q3 2024 Q3 2023 FY 2023 Unaudited Unaudited Audited Positive cash flow from operations of NOK Cash flow from operations 30.5 million • Negative result of NOK in period -19.0 Net cash flow from/to operating activities 30.5 -7.5 -5.4 • Net chang
Slide 21: Summary and market outlook
Summary and market outlook A sustainable future at sea www.havgroup.no
Slide 22: 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 technolo
Slide 23: Q&A
Q&A A sustainable future at sea www.havgroup.no