Endur Asa · OSL:ENDUR
Endur Asa — Q2 2023 Earnings Presentation
27 slides from Endur Asa's earnings presentation, Aug 24, 2023
Slide 1: Endúr ASA Q2 2023 financial results
Endúr ASA Q2 2023 financial results 24 August 2023
Slide 2: Agenda
ENDÚR Q2 2023 PRESENTATION Agenda Group - Consolidated key figures and highlights - Group structure and strategy - Selected ongoing projects Business segments - Aquaculture, Marine Infrastructure and Other - Key figures and highlights - Focus: Salmon Evolution phase 2 Financials - Profit & loss - Ba
Slide 3: Record high results and margins in second quarter
CONSOLIDATED KEY FIGURES AND HIGHLIGHTS Record high results and margins in second quarter REVENUE ADJ. EBITDA ADJ. EBITDA MARGIN CASH FLOW FROM OPERATIONS NOK 543.9 million NOK 77.5 million 14.2% NOK 148.0 million -15% vs. Q2 2022 +35% vs. Q2 2022 +5.2 p.p. vs. Q1 2022 • Strongest ever results and m
Slide 4: Targeting group annualized revenue of NOK 4 billion by end of 2024
GROUP STRUCTURE AND STRATEGY Targeting group annualized revenue of NOK 4 billion by end of 2024 • 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
Slide 5: Selected ongoing projects
PROJECTS Selected ongoing projects Aquaculture Solutions Marine Infrastructure Other Salmon Evolution phase 2 Fallfors- og Røssvassdammen Statsraad Lehmkuhl Company Artec Aqua Company BMO Entreprenør Company Endúr Maritime Value NOK ~0.8-0.9 billion Value NOK ~40 million Value NOK ~20 million Client
Slide 6: Business segments
endur. Business segments
Slide 7: Aquaculture: Planning for build-out phases on new projects
AQUACULTURE SOLUTIONS Aquaculture: Planning for build-out phases on new projects REVENUE EBITDA EBITDA MARGIN -62% vs. Q2 2022 -58% vs. Q2 2022 +0.6 p.p. vs. Q2 2022 • Revenues comprise planning and design Revenue EBITDA & EBITDA margin for projects in early-phase, as 332,6 299,6 17,0 350 20 30,00%
Slide 8: Salmon Evolution phase 2
FOCUS Salmon Evolution phase 2 • Endúr subsidiary Artec Aqua AS to deliver process facility for Salmon Evolution’s phase 2 (BTB) • Contract an important recognition of Artec Aqua’s technology and project execution capabilities • Project design phase commenced, will run until year-end 2023 • Target p
Slide 9: Marine Infrastructure: Strong growth in revenues and result
MARINE INFRASTRUCTURE Marine Infrastructure: Strong growth in revenues and result REVENUE EBITDA EBITDA MARGIN +31% vs. Q2 2022 +44% vs. Q2 2022 +1.8 p.p. vs. Q2 2022 EBITDA & EBITDA margin • Strong growth in revenues compared to Revenue Q2 2022 70 62,7 60,00% 400 337,2 56,1 311,1 60 50,5 • EBITDA m
Slide 10: Other: Activity level remains high for Endúr Maritime
OTHER Other: Activity level remains high for Endúr Maritime REVENUE – ENDÚR MARITIME EBITDA – ENDÚR MARITIME EBITDA MARGIN – ENDÚR MARITIME +42% vs. Q2 2022 +67% vs. Q2 2022 +1.7 p.p. vs. Q2 2022 Endúr Maritime Revenue Revenue split quarter 81,0 • 76,9 90 Strong revenue growth in H1 2023 80 14% comp
Slide 11: Financials
endur. Financials
Slide 12: Profit & loss
FINANCIALS Profit & loss Amounts in MNOK Q2 2023 Q2 2022 YTD 2023 YTD 2022 FY 2022 Actuals Actuals Actuals Actuals Actuals • Marine Infrastructure continues to deliver strong revenue growth with strong margins Continued operations Operating revenue 543,4 625,3 1 027,6 1 235,2 2 492,2 • Revenues redu
Slide 13: Balance sheet
FINANCIALS Balance sheet Amounts in MNOK Q2 2023 Q1 2023 Amounts in MNOK Q2 2023 Q1 2023 Actuals Actuals Actuals Actuals • Intangible assets largely related ASSETS EQUITY AND LIABILITES to acquisitions of Artec Aqua, Deferred tax assets Share capital 16 16 BMO Entreprenør and Marcon 0 0 Intangible a
Slide 14: Cash flow
FINANCIALS Cash flow Amounts in MNOK Q2 2023 Q2 2022 YTD 2023 YTD 2022 FY 2022 Actuals Actuals Actuals Actuals Actuals • After strong EBITDA in Q2 2023 Profit/loss for the period 21,4 18,8 -28,0 10,7 9,1 and the reversal of a significant Adjustments for non-cash items 48,4 10,8 70,4 46,0 131,3 tie-u
Slide 15: Net working capital (NWC) and net interest-bearing debt (NIBD)
FINANCIALS Net working capital (NWC) and net interest-bearing debt (NIBD) NWC NIBD & Leverage ratio Equity & Equity ratio • Partly reversal of excessive tie- up in NWC from Q1 2023, a strong 100 800 10 80,00% 91 1006 1021 underlying cash flow from 1000 ongoing production and pre- 9 summer billing/co
Slide 16: Outlook & summary
endur. Outlook & summary
Slide 17: Strong market outlook for Marine Infrastructure, land-based Aquaculture market improving
OUTLOOK Strong market outlook for Marine Infrastructure, land-based Aquaculture market improving • After a period impacted by market uncertainty related to the Backlog and early-phase “grow-out” projects* resource rent tax and deferred permit processes, the market for Aquaculture Solutions land-base
Slide 18: Strong financial and operating performance on all parameters
SUMMARY Strong financial and operating performance on all parameters Strongest ever EBITDA of NOK 77.5 million (57.5), EBITDA margin of 14.2% (9.0%), despite lower revenue of NOK 543.9 million (637.9) Highly positive development in NWC and cash flow from operations Leverage ratio of 1.9x and availab
Slide 19: Q&A
endur. Q&A
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Slide 21: Appendix
endur. Appendix
Slide 22: 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 23: Operating results per company
APPENDIX Operating results per company Artec Aqua (Aquaculture Solutions) Endúr Sjøsterk (Aquaculture Solutions) Amounts in MNOK Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Revenue 301,3 252,8 251,7 112,8 78,5 31,2 40,0 47,9 42,0 48,1 EBITDA 15,8 8,9 0,4 -4,5 4,4
Slide 24: Quarterly profit & loss
APPENDIX Quarterly profit & loss Amounts in MNOK Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Actuals Actuals Actuals Actuals Actuals Continued operations Operating revenue 625,3 589,8 667,2 484,2 543,4 Other revenue 12,6 2,8 1,0 0,5 0,5 Revenue 637,9 592,6 668,3 484,7 543,9 Cost of sales 399,7 376,5 429
Slide 25: Quarterly balance sheet
APPENDIX Quarterly balance sheet Amounts in MNOK Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Amounts in MNOK Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals ASSETS EQUITY AND LIABILITES Deferred tax assets 0 0 0 0 0 Share capital 14
Slide 26: Quarterly cash flow and statement of changes in equity
APPENDIX Quarterly cash flow and statement of changes in equity Amounts in MNOK Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Actuals Actuals Actuals Actuals Actuals Cash flow from operating activities 67,5 6,3 129,4 -51,8 148,0 Cash flow from investing activities 3,0 -8,0 -32,9 -9,3 -10,1 Cash flow from
Slide 27: endur.
endur.