Eqva Asa · OSL:EQVA
Eqva Asa — Havyard Group — H1 2022 Earnings Presentation
29 slides from Eqva Asa's earnings presentation, Aug 31, 2022
Slide 1: First half year 2022
First half year 2022 Erik Høyvik, CEO Eirik Sævareid, CFO 31 August 2022 www.havyard.com Havyard Group ASA | August 2022
Slide 2: Agenda
Agenda 1. Havyard Group ASA - strategy and financial targets 2. About Havyard Group ASA 3. H1’22 financials (pro forma) and order book 4. Key takeaways 5. Q&A Enclosure • Half-year financial statements Havyard Group ASA | August 2022
Slide 3: Havyard Group ASA
Havyard Group ASA Havyard Group ASA is a knowledge-based active owner of industrial service companies that contribute to the green transition in maritime, power intensive and renewable industries. Maritime service provider Full-service provider of A specialised with attractive location, technical, s
Slide 4: Havyard Group's business platform
Havyard Group’s business platform Strong foundation for further value creation Broad service offering to maritime and landbased industries To position ourself in industries where we can make a change for a more sustainable future and create strong shareholder value. Long history Building on our over
Slide 5: Our business segments
Our business segments Maritime services Products, solutions & renewables Maritime Services (previously Ship Technology) with the Products, solutions & renewables (new segment) shipyard Havyard Leirvik in Sogn, delivers conversion, consists of the service and maintenance provider service and maintena
Slide 6: Strong macro tailwinds
Strong macro tailwinds Key macro drivers Sustainability, clean energy Maritime Digitalisation and decarbonisation service conversion Havyard Group ASA | August 2022 |6
Slide 7: Well positioned for further growth
Well positioned for further growth Both through organic growth and M&A activity Strategic priorities Diversified product and Capitalise on key macro market portfolio with broad Opportunistic M&A trends revenue stream Havyard Group ASA | August 2022 |7
Slide 8: Overview of financial targets
Overview of financial targets Medium-term targets (NOK million) FY’2022 EBITDA FY’2023 EBITDA FY’2022 revenue FY’2023 revenue margin margin 550-600 5-6% 650-750 7-8% Havyard Group ASA | August 2022 |8
Slide 9: Agenda
Agenda 1. Havyard Group ASA - strategy and financial targets 2. About Havyard Group ASA 3. H1’22 financials (pro forma) and order book 4. Key takeaways 5. Q&A Enclosure • Half-year financial statements Havyard Group ASA | August 2022
Slide 10: Maritime services
Maritime services Maritime service provider with shipyard Havyard Leirvik in Sogn Share of H1’2022 revenue*: • Attractive geographical location with proximity to maritime sectors along the coast of Norway • Broad variety of high-quality services, including conversion, service and maintenance of vess
Slide 11: Products, solutions & renewables
Products, solutions & renewables A fully integrated service and hydropower provider • New reporting segment, includes operations from BKS, Share of H1’2022 revenue*: with underlying subsidiaries, and Fossberg Kraft • BKS provides service and maintenance services to the Norwegian land-based and marit
Slide 12: Experienced management team
Experienced management team Executive management Erik Høyvik Eirik Sævareid Tor Leif Mongstad Trygve Kjerpeseth Tom Jensen Sverre Olav Handeland CEO Havyard Group CFO Havyard Group CEO Havyard Leirvik CEO BKS / Group CEO Fossberg Kraft In-house lawyer. Head of Risk and 15+ years of 15+ years of expe
Slide 13: Backed by strong board and industrial owners
Backed by strong board and industrial owners The board of Directors Top shareholders Shareholder as of 30 June Number of shares Ownership 2022 Nintor AS 16,938,645 23.50% Havila Holding AS 10,000,000 13.90% Even Matre Ellingsen Vegard Sævik Rune Skarveland ROS Holding AS 5,660,027 7.90% Chairman1 Bo
Slide 14: Agenda
Agenda 1. Havyard Group ASA - strategy and financial targets 2. About Havyard Group ASA 3. H1’22 financials (pro forma) and order book 4. Key takeaways 5. Q&A Enclosure • Half-year financial statements Havyard Group ASA | August 2022
Slide 15: H1 2022 highlights
H1 2022 highlights Pro forma figures H1 2022* Operational highlights (all in NOK) • Combination of Havyard Group ASA and HG Group AS successfully completed 29 June 2022 • Strategic shift from newbuilding to service for Maritime Services • Strengthening of management to position the group for further
Slide 16: Maritime services
Maritime services Key events Pro forma figures H1 2022 (all in NOK) • Successful transition from newbuilding to services completed in the first half of 2022 Revenues EBITDA • New strategy implies lower risk and less volatility 126 million 5.6 million • Strong demand for maritime service conversion •
Slide 17: Products, solutions & renewables
Products, solutions & renewables Key events Pro forma figures H1 2022 (all in NOK) • Good operational performance in BKS with solid order Revenues EBITDA intake 198 million 8.7 million • Frame agreements secure steady operations going forward • Increase in volumes to key clients expected in 2nd half
Slide 18: Havyard Group pro forma figures 1st half 2022
Havyard Group pro forma figures 1st half 2022 Group pro forma figures H1 2022 (all in NOKm) Maritime Services Products, Solutions & Services Other/Elimination*,** Havyard Group pro forma per. 30.06.2022 Revenues 126.0 197.9 3.3 327.2 Materials and consumables 79.4 57.4 4.7 141.5 Payroll expenses 29.
Slide 19: Q2 Balance sheet
Q2 Balance sheet 30 June 2022 (NOKm) 842 842 Goodwill • Total Assets and liabilities increased due to the acquisition of HG Group 304 Equity 406 • Equity ratio of 48 per cent • Total debt increased from NOK 194 million by end 2021 P, P & E to NOK 436 million per first half year 2022. 155 Debt to fin
Slide 20: Order book supporting a strong second half of 2022
Order book supporting a strong second half of 2022 Order book divided by segment (%) Maritime Order book in Maritime Service services • Major ferry electrification project for execution in 2nd half 2022. • Combined with service projects with short lead-time, the yard will have good capacity utilisat
Slide 21: Agenda
Agenda 1. Havyard Group ASA - strategy and financial targets 2. About Havyard Group ASA 3. H1’22 financials (pro forma) and order book 4. Key takeaways 5. Q&A Enclosure • Half-year financial statements Havyard Group ASA | August 2022
Slide 22: Key takeaways
Key takeaways • Acquisition of HG Group and 100% of its subsidiaries BKS Holding and Fossberg Kraft, successfully completed • Well positioned to capitalise on strong macro trends • Positive outlook supported by solid order book and strong demand from underlying markets • Observe general inflationary
Slide 23: Q&A
Q&A Havyard Group ASA | August 2022
Slide 24: Thank you
Please direct any questions to eirik.saevareid@havyard.com Thank you Havyard Group ASA | August 2022
Slide 25: Enclosure: Consolidated financial statement First six months of 2022
Enclosure Consolidated financial statement First six months of 2022 (Unaudited) Havyard Group ASA | August 2022
Slide 26: Consolidated statement of profit and loss
Consolidated statement of profit and loss (NOK 1,000) Note 2022 YTD 2021 YTD 2021 Unaudited Unaudited Audited Revenues 3.4 128,976 629,600 902,893 Other operating revenues 339 0 7,293 Operating income 3.4 129,315 629,600 910,186 Materials and consumables 84,132 465,814 636,956 Payroll expenses 35,85
Slide 27: Consolidated statement of financial position
Consolidated statement of financial position (NOK 1,000) Assets, NOKm ASSETS Note Equity and 2022 YTD 2021 liabilities, NOKm EQUITY AND LIABILITIES Note 2022 YTD 2021 Unaudited Audited Unaudited Audited Equity Share capital 8 3,599 1,239 Share premium reserve 265,175 22,535 Non-current assets Treasu
Slide 28: Consolidated statement of cashflow
Consolidated statement of cashflow (NOK 1,000) Note 2022 YTD 2021 YTD 2021 CASH FLOW FROM OPERATIONS Profit/(loss) after tax 3 -828 111,239 379,663 Income tax expense 7 0 7,534 -957 Depreciation 1,542 2,754 5,409 Comments Net financial items 7,214 44,336 41,353 Impairment of other financial fixed as
Slide 29: Havyard Group ASA | August 2022
www.havyard.com Havyard Group ASA | August 2022