Endur Asa · OSL:ENDUR

Endur Asa — Q4 2023 Earnings Presentation

29 slides from Endur Asa's earnings presentation, Feb 22, 2024

  1. Slide 1: Endúr ASA Q4 2023 financial results

    Endúr ASA Q4 2023 financial results 22 February 2024

  2. Slide 2: Agenda

    ENDÚR Q4 2023 PRESENTATION Agenda Group - Consolidated key figures and highlights - Group structure and strategy Business segments - Aquaculture, Marine Infrastructure and Other - Key figures and highlights - Focus: Participation in Geo Salmo private placement Financials - Profit & loss - Balance sh

  3. Slide 3: Solid EBITDA margin, lower Aquaculture Solutions revenue

    CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: Q4 2023 Solid EBITDA margin, lower Aquaculture Solutions revenue REVENUE ADJ. EBITDA ADJ. EBITDA MARGIN CASH FLOW FROM OPERATIONS NOK 658.9 million NOK 87.1 million 13.2% NOK 54.7 million -27% vs. Q4 2022 -27% vs. Q4 2022 -0.1 p.p. vs. Q4 2022 • Revenue and E

  4. Slide 4: Strong operating performance in spite of revenue reduction

    CONSOLIDATED KEY FIGURES AND HIGHLIGHTS: FY 2023 Strong operating performance in spite of revenue reduction REVENUE ADJ. EBITDA ADJ. EBITDA MARGIN NOK 1 978.8 million NOK 248.9 million 12.6 % -21% vs. FY 2022 +8% vs. FY 2022 +3.4 p.p. vs. FY 2022 • All figures are actual (no pro forma Revenue Segmen

  5. Slide 5: Targeting group annualized revenue of NOK 4 billion by end of 2025

    GROUP STRUCTURE AND STRATEGY Targeting group annualized revenue of NOK 4 billion by end of 2025 • Leading full-service provider for Aquaculture Solutions and Marine Aquaculture Solutions Marine Infrastructure Other Infrastructure in Norway and Sweden, servicing both public and private sector Artec A

  6. Slide 6: Business segments

    Business segments

  7. Slide 7: Aquaculture: Revenue affected by delayed start-up of new projects

    AQUACULTURE SOLUTIONS Aquaculture: Revenue affected by delayed start-up of new projects REVENUE EBITDA EBITDA MARGIN -75% vs. Q4 2022 NOK -9.1 million -12.4 p.p. vs. Q4 2022 • Revenues comprise feed barge Revenue EBITDA & EBITDA margin production and planning/design for 350 10 7,2 8,4 15,00% Salmon

  8. Slide 8: Participation in successful Geo Salmo private placement

    FOCUS Participation in successful Geo Salmo private placement • Brings construction start one step closer for Geo Salmo and Artec Aqua • Bookbuilding in December 2023 and fund raising completed in January 2024 • Total subscriptions of EUR 13.5 million, spread across Icelandic, Norwegian, Swedish and

  9. Slide 9: Marine Infrastructure: Industry-leading margins, strong market outlook

    MARINE INFRASTRUCTURE Marine Infrastructure: Industry-leading margins, strong market outlook REVENUE EBITDA EBITDA MARGIN -6% vs. Q4 2022 -18% vs. Q4 2022 -2.6 p.p. vs. Q4 2022 EBITDA & EBITDA margin* • Change in revenues and EBITDA caused Revenue* by sale and lease-back of machinery in 600 544,2 14

  10. Slide 10: Other: Solid performance throughout 2023

    OTHER Other: Solid performance throughout 2023 REVENUE – ENDÚR MARITIME EBITDA – ENDÚR MARITIME EBITDA MARGIN – ENDÚR MARITIME +20% vs. Q4 2022 +16% vs. Q4 2022 -0.3 p.p. vs. Q4 2022 Endúr Maritime Revenue 81,0 76,9 Revenue split quarter • 90 Strong revenue growth in all four 80 74,5 quarters in 202

  11. Slide 11: Financials

    Financials

  12. Slide 12: Profit & loss

    FINANCIALS Profit & loss Amounts in MNOK Q4 2023 Q4 2022 FY 2023 FY 2022 • All financial statements with actual Actuals Actuals Actuals Actuals figures (no pro forma adjustments) Continued operations • Repstad consolidated from December 14 (closing date) Operating revenue 523,1 667,2 1 969,4 2 492,2

  13. Slide 13: Balance sheet

    FINANCIALS Balance sheet Amounts in MNOK Q4 2023 Q3 2023 Amounts in MNOK Q4 2023 Q3 2023 Actuals Actuals Actuals Actuals • All financial statements with ASSETS EQUITY AND LIABILITES actual figures (no pro forma Intangible assets and goodwill Share capital 18 16 adjustments) 1 373 1 054 Property, pla

  14. Slide 14: Consolidation details Repstad

    FINANCIALS Consolidation details Repstad Amounts in MNOK Q4 2023 Q4 2023 Q4 2023 Q4 2023 Excl. Repstad Consolidated Repstad Acquisition financing Incl. Repstad Intangible assets and goodwill 1 048 275 50 1 373 Property, plant and equipment 418 48 466 Right-of-use assets Provision related to Repstad

  15. Slide 15: Cash flow

    FINANCIALS Cash flow Amounts in MNOK Q4 2023 Q4 2022 FY 2023 FY 2022 Actuals Actuals Actuals Actuals • All financial statements with Profit/loss for the period -19,2 -3,3 -27,2 9,1 actual figures (no pro forma adjustments) Adjustments for non-cash items 19,8 37,3 128,2 131,3 Adjustments for non-oper

  16. Slide 16: Net working capital (NWC) and net interest-bearing debt (NIBD)

    FINANCIALS Net working capital (NWC) and net interest-bearing debt (NIBD) NWC NIBD Equity & Equity ratio • Tie-up in NWC excl. Repstad is stable compared to last quarter, 160 NIBD Acquistion financing 80,00% Repstad 1 192 but higher compared to last year 1200 141 • Fluctuations in NWC must 1000 140

  17. Slide 17: Outlook & summary

    Outlook & summary

  18. Slide 18: Sizeable order backlog coupled with attractive outlook for both segments

    OUTLOOK Sizeable order backlog coupled with attractive outlook for both Marine Infrastructure and Aquaculture Solutions provides good visibility for 2024 • Large infrastructure projects ratified in Sweden; power industry, Backlog and early-phase grow-out projects* mining industry, port upgrades, cro

  19. Slide 19: Healthy EBITDA and strong outlook

    SUMMARY Healthy EBITDA and strong outlook Adj. EBITDA (pro forma) of NOK 87.1 million (13.2%) Repstad acquisition completed on December 14 Positive net cash flow, even after the Repstad acquisition, and available liquidity of NOK 253 million Firm backlog of NOK 1.9 billion and high bid activity Cont

  20. Slide 20: Q&A

    Q&A

  21. Slide 21: Slide 21

  22. Slide 22: Appendix

    Appendix

  23. Slide 23: 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

  24. Slide 24: Operating results per company

    APPENDIX Operating results per company Artec Aqua (Aquaculture Solutions) Endúr Sjøsterk (Aquaculture Solutions) Amounts in MNOK Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Revenue 251,7 112,8 78,5 55,7 42,7 47,9 42,0 48,1 36,5 33,3 EBITDA 0,4 -4,5 4,4 4,4 -9,9 0,

  25. Slide 25: Quarterly profit & loss

    APPENDIX Quarterly profit & loss Amounts in MNOK Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Actuals Actuals Actuals Actuals Actuals Continued operations Operating revenue 667,2 484,2 543,4 418,7 523,1 Other revenue 1,0 0,5 0,5 3,2 5,1 Revenue 668,3 484,7 543,9 421,9 528,3 Cost of sales 429,5 282,1 306,

  26. Slide 26: Quarterly balance sheet

    APPENDIX Quarterly balance sheet Amounts in MNOK Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Amounts in MNOK Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Intangible assets and goodwill 1 071 1 069 1 0

  27. Slide 27: Quarterly cash flow and statement of changes in equity

    APPENDIX Quarterly cash flow and statement of changes in equity Amounts in MNOK Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 129,4 -51,8 148,0 -17,9 54,7 Cash flow from investing activities -32,9 -9,3 -10,1 -24,7 -97,6 Cash flow

  28. Slide 28: Leverage ratio

    APPENDIX Leverage ratio NIBD & Leverage ratio (covenant calculation) 1000 10 859 900 9 800 8 700 7 600 582 560 600 6 500 489 5 400 4 300 2,6 2,6 2,5 3 2,2 1,9 200 2 100 1 0 0 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Amounts in MNOK. Group Business segments Financials Outlook Appendix 28

  29. Slide 29: Slide 29

Endúr — Q4 2023 Earnings Presentation on 6ix