Slide 1: 2022 Q1 results
2022 Q1 results 29 April 2022 abl-group.com
Slide 2: Highlights, Financial review, Outlook
1. Highlights Reuben Segal, CEO 2. Financial review Dean Zuzic, CFO 3. Outlook Reuben Segal, CEO © 2012-2022 ABL Group
Slide 3: Disclaimer
Disclaimer ▪ This Presentation has been produced by AqualisBraemar LOC ASA (the “Company” or “ABL”) solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential
Slide 4: Q1 2022 Highlights
Q1 2022 Highlights 39.6 • Record quarterly revenue, EBIT and operational cash flow 37.8 36.7 • Revenue of USD 39.6 million, up 8% compared to Q1 2021 (USD 36.7 Revenue (USDm) million) • Revenue growth primarily driven by renewables consultancy OWC (+56% Q1'21 Q4'21 Q1'22 YoY) 3.4 • Adjusted EBIT of
Slide 5: Our Markets
Our Markets 5 A=
Slide 6: Our Service Portfolio
Our Service Portfolio CONSULTING & ENGINEERING LOSS PREVENTION LOSS MANAGEMENT • Technical due diligence • Clean shipping Marine surveys, Marine warranty survey Marine casualty support & Expert witness & litigation • Owner’s engineering & • Engineering & design inspections & audits • Renewables mana
Slide 7: Global partner, local expert
Global partner, local expert 946 Employees1 63 Offices 39 Countries Global footprint provides clients with local expertise and swift response 7 1 Includes subcontractors on 100% utilisation basis. Calculated as an average during Q1 2022
Slide 8: Renewables now ABL's second largest market – 29% LTM
Renewables now ABL’s second largest market – 29% LTM Market sector revenue LTM Segment revenue LTM1 Longitude 5% Maritime Europe 20% OWC 23% 16% 153.0 Oil&Gas 153.0 USDm 51% USDm Americas 16% Renewables Asia Pacific 29% 23% Middle East 17% Note: No adjustment for intercompany eliminations 8 Note: Ma
Slide 9: Project: OWC appointed owner's engineer for Korean offshore wind farm
RENEWABLES Project: OWC appointed owner’s engineer for Korean offshore wind farm • Saman Corp has awarded OWC the owner’s engineering role at KOWP’s 400 MW SouthWest Phase II wind farm project offshore South Korea • The KOWP SouthWest Phase II offshore wind farm project is among the largest renewabl
Slide 10: Project: Viking Link Interconnector
RENEWABLES Project: Viking Link Interconnector • ABL were appointed as MWS on the marine transportation & installation (T&I) operations relating to Viking Link in 2020 • The project reached a significant milestone this quarter, with the support of ABL, as the interconnector reached landfall in South
Slide 11: Jackup activity up 9% from trough, E&P capex set for big growth in 2022
OIL & GAS Jackup activity up 9% from trough, E&P capex set for big growth in 2022 E&P capex growth Rigs under contract 40.0% 360 140 +9.1% 30.0% 340 130 20.0% 16.8% 10.0% 320 120 # Jackups # Floaters 0.0% 300 110 -10.0% 280 100 -20.0% -30.0% 260 90 -40.0% 2021e 2022e 2003 2004 2005 2006 2007 2008 20
Slide 12: Project: Scarborough Gas Project MWS
OIL & GAS Project: Scarborough Gas Project MWS • ABL Australasia has been awarded the MWS contract for Woodside’s Scarborough development project, offshore Western Australia • Scarborough consists of 13 daisy-chained subsea wells tied back to a semi- submersible Floating Production Unit (FPU) • The
Slide 13: Product Launch: emiTr – Emissions tracking for greener ports
MARITIME Product Launch: emiTr – Emissions tracking for greener ports • ABL Group has developed a new digital product to join the group’s growing clean shipping services portfolio • emiTr is an easy-to-use solution enabling ports, harbours and terminals to track and calculate their emissions – both
Slide 14: Project: Longitude to support Pertamina's low carbon shipping drive
MARITIME Project: Longitude to support Pertamina’s low carbon shipping drive • Longitude in Singapore awarded new contract with Asian Development Bank • Scope of work: • Feasibility study to help Pertamina (Indonesian state-owned Oil & Gas company) to develop a roadmap for the integration of low car
Slide 15: Permanent staff growth continues, seasonal reduction in subcontractors
Permanent staff growth continues, seasonal reduction in subcontractors Highlights Q1 2022 Staff level development1 • Average staff levels down 1% from Q4 to Q1 1 000 50% • Lower subcontractor hours due to seasonal lower offshore activity 800 40% • Increased permanent staff across renewables and engi
Slide 16: Highlights, Financial review, Outlook
1. Highlights Reuben Segal, CEO 2. Financial review Dean Zuzic, CFO 3. Outlook Reuben Segal, CEO © 2012-2022 ABL Group
Slide 17: Revenue and adjusted EBIT
Revenue and adjusted EBIT Revenue (USDm) Adj EBIT (USDm) +8% +39% 39.6 3.4 38.3 38.0 37.8 36.7 2.8 2.4 2.5 2.0 19.8 19.6 1.8 19.2 18.4 1.4 1.0 0.6 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Revenue (reported) LOC Adjusted EBIT 17 Note: LOC results conso
Slide 18: Segment revenues and EBIT
Segment revenues and EBIT Segment revenues (USDm) Segment adjusted EBIT1 (USDm) 14.0 1.4 12.0 1.2 10.0 1.0 8.0 0.8 6.0 4.0 0.6 2.0 0.4 0.0 0.2 -2.0 0.0 -4.0 -0.2 -6.0 -0.4 -8.0 -0.6 1Q21 4Q21 1Q22 1Q21 4Q21 1Q22 • Revenue growth primarily driven by renewables consultancy OWC (+56% YoY) • Improved EB
Slide 19: Income Statement
Income Statement USD thousands Consolidated income statement Q1 2022 Q1 2021 FY 2021 • Revenues of USD 39.6 million for Q1 2022, Revenue 39 643 36 698 150 748 up 8% from Q1 2021 (USD 36.7 million) Total revenue 39 643 36 698 150 748 Staff costs (21 143) (20 295) (81 978) • EBIT of USD 2.8 million (Q
Slide 20: Strong financial position, returning excess cash to shareholders and banks
Strong financial position, returning excess cash to shareholders and banks Highlights Q1 2022 Working capital2 (% of quarterly revenue) • Net cash1 of USD 10.4 million (Q4 21: USD 8.2 million) 150% 138% 135% • USD 21.2 million cash (Q4 21: USD 19.8 million) 127% • USD 10.8 million bank debt (Q4 21:
Slide 21: Proposed semi-annual dividend of NOK 0.3 per share to be paid in June
Proposed semi-annual dividend of NOK 0.3 per share to be paid in June Paid and proposed dividends (NOK/share) • Proposed dividend of NOK 0.3 per share upheld, corresponding to USD 3.3 million • The distribution will for tax purposes be considered a repayment of paid-in 0.30 capital • The dividend is
Slide 22: Highlights, Financial review, Outlook
1. Highlights Reuben Segal, CEO 2. Financial review Dean Zuzic, CFO 3. Outlook Reuben Segal, CEO © 2012-2022 ABL Group
Slide 23: Summary and outlook
Summary and outlook • Record quarterly revenues, EBIT and operating cash flow • Q2 generally higher seasonal activity than Q1 • Strong market outlook across the energy sector as focus turns to energy security • Renewables: Continued strong growth in existing and new geographies • O&G: Expected major
Slide 24: Appendix
Appendix © 2012-2022 ABL Group
Slide 25: ABL Group targets
ABL Group targets • Financial targets • Organic revenue growth of 5 percent over a business cycle • Renewable and sustainability-oriented services target at 50% of revenue in 2025 • Adjusted EBIT margin of 10 percent (excluding effects from IFRS 16 Leases and items affecting comparability) over a bu
Slide 26: Billing ratio development
Billing ratio development Billing ratio1 – Total technical staff (including subcontractors) LOC consolidated from 1Q21 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Billing ratio, Aqualis/AqualisBraemar Gliding 3m average, AB 1 For AqualisBraemar:
Slide 27: General (1/2)
General (1/2) Basis of preparations Alternative Performance Measures (APMs) This presentation provides consolidated ABL discloses APMs in addition to those normally required by IFRS. APMs are meant to provide an enhanced insight into financial highlights for the quarter of the the operations, financ
Slide 28: General (2/2)
General (2/2) Alternative Performance Measures (APMs) continued Return on equity (ROE) ROE is calculated as the adjusted profit (loss) for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit (loss) is annualised for interim per
Slide 29: Adjustment items
Adjustment items USD thousands Adjustment items (EBITDA) FY 19 Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Restructuring and integration costs 528 48 55 52 30 185 283 36 29 14 362 - Other special items (incl. share-based expenses) - 78 76 80 83 318 106 353 531 485 1 475 456 T
Slide 30: APMs and Key Figures
APMs and Key Figures USD thousands Profitability measures FY 19 Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Operating profit (loss) (EBIT) (332) 1 279 1 577 506 (416) 2 946 1 859 2 281 1 319 1 916 7 375 2 806 Depreciation, amortisation and impairment 690 362 363 392 360 1 477
Slide 31: APMs and Key Figures
APMs and Key Figures USD thousands Net Cash FY 19 Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Cash and cash equivalents 10 930 10 079 10 987 14 123 30 642 30 642 28 319 24 532 23 212 19 815 19 815 21 212 Less: Interest bearing bank borrowings - - - - 15 083 15 083 15 096 13 3
Slide 32: Consolidated Statement of Income
Consolidated Statement of Income USD thousands Consolidated income statement FY 19 Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Revenue 54 792 19 787 19 232 18 431 19 565 77 015 36 698 38 266 37 986 37 797 150 748 39 643 Total revenue 54 792 19 787 19 232 18 431 19 565 77 015
Slide 33: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position USD thousands Consolidated balance sheet Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Property, plant and equipment 559 509 475 452 1 213 1 350 1 284 1 169 1 137 1 345 Right-of-use assets 2 376 2 021 1 757 1 485 4 707 4 046 3 363 2 938 3 62
Slide 34: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow USD thousands Consolidated cashflow statement FY 19 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Profit (loss) before taxes 9 900 3 000 1 394 441 (2 328) 2 507 1 414 1 866 495 2 408 6 184 3 151 Adjustments for: Depreciation, amortisation a
Slide 35: Revenues and EBIT - split per segments
Revenues and EBIT - split per segments USD thousands Revenues FY 19 Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Middle East 19 955 7 013 5 595 4 019 5 738 22 365 7 230 7 775 6 282 7 186 28 473 7 789 Asia Pacific 14 958 5 745 5 256 5 638 5 610 22 249 8 959 9 129 9 950 11 237 3
Slide 36: Trade receivable & Cash and cash equivalents - split per segments
Trade receivable & Cash and cash equivalents - split per segments USD thousands Trade receivables FY 19 Q1 20 Q2 20 Q3 20 Q4 20 FY 20 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Middle East 5 648 6 915 6 778 4 937 6 338 6 338 6 316 6 997 6 251 6 363 6 363 6 190 Asia Pacific 6 207 6 844 6 597 6 050 8 091 8
Slide 37: Top 20 shareholders
Top 20 shareholders # Name of shareholder No. of shares % ownership 1 GROSS MANAGEMENT AS 14 890 351 15.4% 2 HOLMEN SPESIALFOND 9 650 000 10.0% 3 BJØRN STRAY 6 017 743 6.2% 4 MELESIO INVEST AS 4 611 016 4.8% 5 SOBER AS 3 500 000 3.6% 6 MUSTANG CAPITAL AS 2 830 334 2.9% 7 HAUSTA INVESTOR AS 2 500 000
Slide 38: abl-group.com
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