Endur Asa · OSL:ENDUR
Endur Asa — H1 2021 Earnings Presentation
35 slides from Endur Asa's earnings presentation, Aug 31, 2021
Slide 1: Endúr ASA Q2/H1 2021 interim results presentation
Endúr ASA Q2/H1 2021 interim results presentation 31 August 2021
Slide 2: Today's presenters
Today’s presenters Hans Olav Storkås Lasse B. Kjelsås Jeppe Raaholt CEO CFO CEO, BMO Entreprenør 2
Slide 3: Agenda
Agenda Highlights and key figures Company overview Special focus: BMO Entreprenør Financials Business segment information Summary Appendix
Slide 4: Highlights in Q2 2021
Highlights in Q2 2021 ▪ Revenue growth: +13.1% versus Q2 2020 (pro forma) Financial highlights (pro forma)1 Revenue Revenue ▪ Several new contract wins: 542,3 479,3 955,2 − BMO Entreprenør: NOK 127 million contract for work 412,8 940,2 on 19 bridges for BaneNOR on Meråker and Trønderbanen − Artec Aq
Slide 5: Streamlining of Endúr continues
Streamlining of Endúr continues Gradually becoming a pure-bred supplier to marine infrastructure and aquaculture industries Endúr as of 30 June 2021 Divested or wound down in H1 2021 Aquaculture Marine infrastructure Other 5
Slide 6: Artec Aqua: high-potential agreement with K Smart Farming
Artec Aqua: high-potential agreement with K Smart Farming ▪ Agreement with K Smart Farming Co., Ltd. (KSF) to conduct feasibility study for a 20,000 tonnes land-based salmon grow- out farming facility in South Korea ▪ Agreement includes intention for Artec Aqua to conduct engineering, delivery, inst
Slide 7: Agenda
Agenda Highlights and key figures Company overview Special focus: BMO Entreprenør Financials Business segment information Summary Appendix
Slide 8: Introduction to Endúr
Introduction to Endúr Leading provider of Market capitalisation: marine infrastructure and 478 employees at YE 2020 HQ in Bergen, Norway NOK 1,090m1) aquaculture solutions Identified two market segments as The Endúr industrial group is a leading Recent major acquisitions: highly fragmented and expos
Slide 9: Building a unique service provider within marine infrastructure and aquaculture solutions
Building a unique service provider within marine infrastructure and aquaculture solutions Offshore wind Concrete bridge ✓ Full-service offering within marine infrastructure to take Infield cable Land-based aquaculture large multi-disciplinary projects Water cleansing facility Subsea power cable ✓ Ta
Slide 10: «One stop shop» with all relevant services
«One stop shop» with all relevant services Rationale Targeted marine infrastructure segments • Marine infrastructure and aquaculture solutions markets highly fragmented - clients seek “one stop shop”-offerings • Several segments showing high return potential on stand Sea cables/ alone basis. Profita
Slide 11: Experienced management team, board and owners with extensive industrial background
Experienced management team, board and owners with extensive industrial background Executive management Board of directors Strong industrial ownership Chairman: Pål R. Olsen Shareholders per 30 June 2021 Mill. Shares Pct. Hans Olav Storkås 30 years experience as executive and board member, particula
Slide 12: Agenda
Agenda Highlights and key figures Company overview Special focus: BMO Entreprenør Financials Business segment information Summary Appendix
Slide 13: BMO Entreprenør
BMO ENTREPRENOR
Slide 14: The start of our journey
The start of our journey 1996 Begins with 2010 rehabilitation of BM Oveflateteknikk 1977 2020 bridges in early 90s changes name to Vidar Pettersen BMO Entreprenør through BM BMO Entreprenør founded Buskerud becomes part of Overflateteknikk and BMO Malerservice Endúr ASA (previously part of Tunnelsik
Slide 15: One of Norway's largest players in rehabilitation of concrete and steel structures
One of Norway’s largest players in rehabilitation of concrete and steel structures We rehabilitate bridges, quays, dams and other concrete and steel structures 30 years 400 MNOK ~60% CAGR experience revenues 2020 from 2017 to 2020 175 Easily compliant full-time employees with ISO 901, 14001, 45001
Slide 16: Highlights Q2/H1
Highlights Q2/H1 • Still Covid-19 • Historically high turnover H1 and strong results • Contract Artec Aqua (Salmon EV) Polyurea coating – 25-30 MNOK • Signed TPC “Transition bridges Meråker- og Trønderbanen” – 130 MNOK • Furthered ØPD’s activities of strategic importance to the group • Additional 30
Slide 17: Market outlook
Market outlook Historically high Attractive portfolio, Macro is very Solidly established backlog size and flexibility favourable position
Slide 18: Damfossen dam, replacement of old revision fence
Damfossen dam, replacement of old revision fence
Slide 19: Armering av landkar, Vindøla bru, SVV
Armering av landkar, ensidig 11 m høy støp, Vindøla bru, SVV
Slide 20: Strossing av tunnel, Bane NOR – Dunderklumpen
«Dunderklumpen» - developed Strossing av tunnel, Bane NOR for the expansion of Lieråsen tunnel. https://www.youtube.com/watch?v=OvweiUx_nrU https://www.youtube.com/watch?v=XN2qL7tz2QY
Slide 21: Strossing av tunnel, Bane NOR
Strossing av tunnel, Bane NOR
Slide 22: id ee;
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Slide 23: Katfoss bru, Viken fk
Katfoss bru, Viken fk
Slide 24: Agenda
Agenda Highlights and key figures Company overview Special focus: BMO Entreprenør Financials Business segment information Summary Appendix
Slide 25: Q2 2021 – Proforma key financials, actual order backlog
Q2 2021 – Proforma key financials, actual order backlog Proforma; key financials Q2 2021 & H1 20211) – unaudited (NOK mill.) Order backlog per 30 June 2021 P&L Q2 2021 Q2 2020 H1 2021 H1 2020 FY 2020 2 454 Sales 542.3 479.3 955.2 940.2 1793.8 314 EBITDA 27.1 90.4 21.4 129.6 201.8 EBIT (7.0) 58.7 (45
Slide 26: Agenda
Agenda Highlights and key figures Company overview Special focus: BMO Entreprenør Financials Business segment information Summary Appendix
Slide 27: Marine Infrastructure
Marine infrastructure Aquaculture Other Marine Infrastructure Strong Norwegian market, Swedish market not recovered from Covid-19 Q2 21 highlights Order backlog Endúr companies in segment • Strong increase in order book, up to NOK 748 748 million, driven by several new contracts, including: 631 639
Slide 28: Aquaculture Solutions
Marine infrastructure Aquaculture Other Aquaculture Solutions Strong revenue growth, margins negatively affected by fixed-cost projects Q2 21 highlights Order backlog Endúr companies in segment 1643 • Strategically important contract for feasibility 1533 study with K Smart Farming for land-based 139
Slide 29: «Other»; Maritime and Endúr ASA
Marine infrastructure Aquaculture Other «Other»; Maritime and Endúr ASA Endúr Maritime Endúr ASA Order backlog • Engine workshop with specialist expertise in high- • Offers holding group functions to the group 380 342 speed diesel engines companies such as HR and finance 314 • Inspection, service, r
Slide 30: Agenda
Agenda Highlights and key figures Company overview Special focus: BMO Entreprenør Financials Business segment information Summary Appendix
Slide 31: Summary Outlook
Summary Outlook Solid revenue growth, but weaker Continued strong land-based EBITDA results than planned aquaculture market, higher activity level expected going forward, as secured by order backlog Strong order backlog at NOK 2,454 Expected continued strong million at end Q2 2021. Q2 order Norwegia
Slide 32: Questions and answers
Questions and answers endur.
Slide 33: Appendix
Appendix endur.
Slide 34: 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 35: Meaning of the name Endúr
Endúr is an Old Norse word derived from the word ‘endurnýja’ – which means to renew, to refresh, to change. But endúr also has several other meanings – not least ‘enduring’ or ‘persisting’ – and can be read as a short form of the English word endurance, which means tireless perseverance; to withstan