Hav Group Asa · OSL:HAV
Hav Group Asa — Q1 2024 Earnings Presentation
25 slides from Hav Group Asa's earnings presentation, May 30, 2024
Slide 1: First quarter financial results 2024
HAV GROUP ASA First quarter financial results 2024 Gunnar Larsen. CEO Pål Aurvåg. CFO 30.05.24
Slide 2: Agenda
Agenda 1. Q1 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: Q1 2024 Highlights
Q1 2024 HIGHLIGHTS Key developments • Revenue of NOK 127.1 million, up 8.7% from Q1 2023 (110.3) • Multiple important contracts won in Q1 2024, reaching an order intake of NOK 533 million = book-to-bill of x4.2. Contracts include: Operating income EBITDA Cash balance • Ship design and integrated equ
Slide 4: Lavik-Oppedal: Signed three contracts worth approximately NOK 600 million
Lavik-Oppedal: Signed three contracts worth approximately NOK 600 million 1 March 2024 (Q1) 20 March 2024 (Q1) 27 May 2024 (Q2) • Contract signed with Fjord1 to • HAV Group’s energy design and • Energy design and smart control design and develop the four smart control systems business systems busine
Slide 5: Order intake & backlog | Strong growth
Order intake & backlog | Strong growth Order intake per quarter Order backlog development* +122% +64% 600 1200 533 1010 500 1000 400 800 614 607 604 288 600 300 514 240 200 400 110 100 200 53 0 0 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 NOK 200 million *Backlog doescontract to dev
Slide 6: HAV Group in brief
HAV Group in brief A sustainable future at sea www.havgroup.no
Slide 7: HAV Group in brief: key facts
Headquarters Fosnavåg. Norway Enabling optimized vessel performance, safety and operating costs CEO Gunnar Larsen Employees Value proposition: Improves vessel and cargo owners’ competitiveness by providing advice and 165 optimized solutions throughout a ship’s lifecycle Operating income Q1 2024 NOK
Slide 8: 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 9: 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 10: Segment information
Segment information A sustainable future at sea www.havgroup.no
Slide 11: Ship design
Q1 highlights Ship design • Awarded contract to develop SOV for Esvagt • Ship design and a large integrated equipment package including propulsion system, engines, propellers and positioning system • Contract value in excess of NOK 100 million • Development of the most efficient vessels possible. co
Slide 12: Energy design and smart control systems
Energy design Q1 highlights and smart control • Subcontractor to Ship Design business for Esvagt’s SOV • Delivery includes batteries. main generators. propulsion motors. DC systems switchboard setup. ensuring optimal energy distribution and utilization • Contracted by Tersan Shipyard to act as syste
Slide 13: Hydrogen-based energy systems
Hydrogen-based Q1 highlights energy systems • Received NOK 12.4 million in funding to build. test and certify a full-scale prototype of Zero Emission Pod – ZEPOD® Events subsequent to the end of Q1: • Complete and scalable zero-emission hydrogen- based energy systems • Cooperation agreement with Mar
Slide 14: Water treatment systems
Water treatment Q1 highlights systems • Call-off from frame agreement with Misje Rederi to deliver BWTS to two 5.000 dwt eco-friendly hybrid bulk carriers • Pursuing an increasing amount of opportunities within land-based aquaculture, but many final investment decisions are being pushed to the right
Slide 15: Order backlog: segment breakdown
Order backlog: segment breakdown 600 506 500 461 54 400 311 300 Q4 2023 250 Q1 2024 200 100 1010 46 43 0 External Internal Ship design Energy design & Water treatment smart control systems A sustainable future at sea www.havgroup.no
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 60 200,3 200 193,0 50 40 150 30 127,1 110,3 113,5 20 100 10 0 50 -10 -11,6 -20 -17,0 -18,9 -18,0 0 -30 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 A sustainable future at sea One-off effect of NOK 46.9 million related to rever
Slide 18: Q1 2024 key financials
Q1 2024 key financials NOKm Q1 2024 Q1 2023 2023 Comments • As the business is largely project-driven. Unaudited unaudited Audited periodic fluctuations will occur Operating income 127.1 110.3 617.1 • HAV Group’s decision to maintain capacity EBITDA -18.0 -11.6 9.1 to be able to fully capitalize on
Slide 19: Segment financials
Ship design Water treatment systems NOKm Q1 2024 Q1 2023 2023 NOKm Q1 2024 Q1 2023 2023 Operating income 39.3 19.9 249.3 Operating income 28.5 41.0 156.0 EBITDA 1.6 -3.7 50.1 EBITDA -0.8 1.5 3.1 Profit before tax 3.0 -4.1 50.4 Profit before tax -2.6 1.3 -4.1 Energy design & smart Hydrogen-based ener
Slide 20: Q1 2024 balance sheet
Q1 2024 balance sheet Comments Assets: • The total assets in the Group are NOK 561.6 million versus NOK 427.5 million at end of 2023. NOKm Q1 2024 2023 NOKm Q1 2024 2023 • Current assets increased from NOK 326.6 million unaudited audited unaudited audited year-end 2023 to NOK 462.2 million per Q1.20
Slide 21: Q1 2024 cash flow statement
Q1 2024 cash flow statement Comments Q1 2024 (NOKm) NOKm Q1 2024 Q1 2023 FY 2023 Unaudited Unaudited Audited Negative cash flow from operations Cash flow from operations • Negative result of NOK in period -21.3 • Increase in other current receivables 74.2 Net cash flow from/to operating activities -
Slide 22: Summary and market outlook
Summary and market outlook A sustainable future at sea www.havgroup.no
Slide 23: Why invest
Why invest Toolbox in place to support shipowners’ growing desire to reduce vessels’ operating costs and environmental footprint International and national maritime regulations support HAV Group’s business case Solid balance sheet Growing order backlog positions HAV Group for value creation A sustai
Slide 24: Outlook
Outlook • Global megatrends, including regulatory changes as well as increasing pressure on vessel and cargo owners to remain competitive, provide commercial incentives and regulatory requirements for the maritime industry to invest in vessels’ lifecycle performance. • HAV Group possesses the techno
Slide 25: Q&A
Q&A A sustainable future at sea www.havgroup.no