Slide 1: HAV Group ASA Fourth quarter financial results 2023
HAV GROUP ASA Fourth quarter financial results 2023 Gunnar Larsen, CEO Pål Aurvåg, CFO 15.03.24
Slide 2: Agenda
Agenda 1. Q4 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: Q4 Highlights
Q4 HIGHLIGHTS Key developments • Order intake of NOK 109,8 million = book-to-bill of x0.97 Operating income EBITDA Cash balance • Revenue of NOK 113.5 million, down 10.3% from Q4 2022 (126.5) • Weaker EBIT as guided in Q2 presentation, primarily caused by NOK 113.5m NOK -18.9m NOK 152.0m differences
Slide 4: HAV Group in brief
HAV Group in brief A sustainable future at sea www.havgroup.no
Slide 5: HAV Group: enabling the green transition at sea
Headquarters Fosnavåg, Norway Enabling the green transition at sea CEO Gunnar Larsen Employees International provider of green technology and 160 services for maritime industries Operating income 2023 NOK 617m Vision: A sustainable future at sea Order backlog end-2023 NOK 604 Technology: Ship design
Slide 6: Maritime solutions provider
Maritime solutions provider SHIP DESIGN ENERGY DESIGN & HYDROGEN-BASED WATER TREATMENT SMART CONTROL ENERGY SYSTEMS SYSTEMS Supplier of innovative ship Supplier of sustainable energy Supplier of zero-emission Supplier of ballast water design, pioneering the design systems, electric propulsion, hydro
Slide 7: 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 8: Segment information
Segment information A sustainable future at sea www.havgroup.no
Slide 9: Ship design
Q4 highlights Ship design • High tendering activity throughout Q4 • Selected for two highly innovative projects that underline HAV Design's technology competence and ability to guide the shipping industry through the green transition: • Development of the most efficient vessels possible, • Announced
Slide 10: Ship design activity on the rise on back of recent awards
Ship design activity on the rise on back of recent awards Lavik - Oppedal Ammonia-fuelled wellboat Service operations vessel • 4 x electric ferries for Fjord1 • North Salmon Service • ESVAGT / Vestas • Ship design and engineering • Six-month preliminary project • Ship design and large integrated pac
Slide 11: Energy design and smart control systems
Energy design Q4 highlights and smart control • Prequalified as supplier in selected international markets that are showing increased interest in electric ferry technologies systems • Developing new concepts to meet future expected growth in the short sea shipping segment, driven by the EU Emission
Slide 12: Hydrogen-based energy systems
Hydrogen-based Q4 highlights energy systems • Targeting new and attractive public funding solutions for realization of maritime zero emissions • Ongoing dialogue with potential customers of Zero Emission Pod – ZEPOD® – a containerized hydrogen (H2) energy system for ships (see illustration) • Comple
Slide 13: Water treatment systems
Water treatment Q4 highlights systems • Contract from Wilson to deliver BWTS to six 3,800 dwt newbuild bulkers o Option for delivery to eight additional vessels • Contract from Ulstein to deliver BWTS to 2 x CSOVs • Pursuing an increasing amount of opportunities within land-based • Ballast water tre
Slide 14: Partner for Fjord1's autonomous zero-emission ferries
Partner for Fjord1’s autonomous zero-emission ferries The vessels HAV Group impact Status • 4 x newbuild, autonomous zero- • Emphasizes HAV Group’s leading • Standstill period over emission ferries to be in operation competence on zero emission ferry • Contract signed between in 2026 operations Norw
Slide 15: Q4 2023 order intake does not include Lavik-Oppedal or ESVAGT SOV
Q4 2023 order intake does not include Lavik-Oppedal or ESVAGT SOV Order intake per quarter Order backlog development 350 700 614 607 604 300 288 600 514 240 482 250 500 200 400 150 125 300 110 100 200 53 50 100 0 0 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 NOK 200 million contract
Slide 16: Financials
Financials A sustainable future at sea www.havgroup.no
Slide 17: Revenue and EBITDA development
Revenue and EBITDA development Revenue EBITDA 250 70 63,8 60 200,3 200 193 50 40 150 30 124,3 110,3 113,5 20 100 10 0 50 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 -10 -11,6 -20 -14,7 -17 0 -18,9 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 -30 A sustainable future at sea One-off effect of NOK 46.9 million related to reversal
Slide 18: Q4 2023 key financials
Q4 2023 key financials NOKm Q4 2023 Q4 2022 2023 2022 Comments • As the business is largely project-driven, unaudited unaudited Unaudited Audited periodic fluctuations will occur Operating income 113.5 126.5 617.1 621.8 • Expected weaker EBIT in H2 2023, as EBITDA -18.9 -16.1 16.2 19.8 guided in Q2
Slide 19: Segment financials by business area
Ship design Water treatment systems NOKm Q4 2023 Q4 2022 2023 2022 NOKm Q4 2023 Q4 2022 2023 2022 Operating income 23.8 41.3 249.3 155.4 Operating income 22.2 41.1 156.0 226.7 EBITDA 0.8 1.6 50.1 15.7 EBITDA -1.2 8.8 3.1 30.8 Profit before tax 1.1 1.4 50.4 10.5 Profit before tax -3.3 6.2 -4.1 23.3 E
Slide 20: Q4 2023 balance sheet
Q4 2023 balance sheet NOKm 2023 2022 NOKm 2023 2022 Comments unaudited audited unaudited audited Assets: Non-current assets Equity • Total assets are NOK 427.5 million versus Total intangible assets 90.3 77.3 Total equity 96.9 112.5 NOK 479.8 million at end of 2022 Fixed assets Liabilities • Cash an
Slide 21: Q4 2023 cash flow statement
Q4 2023 cash flow statement Comments Q4 2023 NOKm Q4 2023 Q4 2022 YTD 2023 FY 2022 Unaudited Unaudited Unaudited Audited Negative cash flow from operations Cash flow from operations • Negative result of NOK in period -26 • Increase in other current receivables - 13 Net cash flow from/to operating ac
Slide 22: Order backlog: segment breakdown
Order backlog: segment breakdown 350 Comments 311 • For water treatment systems, ”fleet- 300 agreements” signed by different ship owners 3 are not included in the official backlog figures 250 250 200 Subsequent events: 150 • HAV Design signed contract for design and integrated equipment package for
Slide 23: Summary and market outlook
Summary and market outlook A sustainable future at sea www.havgroup.no
Slide 24: Why invest
Why invest Strong fundamentals and megatrends for maritime greentech Perfectly positioned to leverage the green maritime megatrends Track-record of profitable operations and robust balance sheet Solid position for value creation A sustainable future at sea www.havgroup.no
Slide 25: Outlook
Outlook • Global megatrends, including regulatory changes, provide incentives and requirements for the maritime industry to reduce the environmental footprint short and long term. IMO’s revised GHG reduction strategy for shipping expected to further enhance this development. • HAV Group possesses th
Slide 26: Q&A
Q&A A sustainable future at sea www.havgroup.no