Nrc Group Asa · OSL:NRC
Nrc Group Asa — Q3 2022 Earnings Presentation
20 slides from Nrc Group Asa's earnings presentation, Nov 8, 2022
Slide 1: 3rd quarter 2022
8 November 2022 3rd quarter 2022 CEO Henning Olsen CFO Ole Gulsvik
Slide 2: Key figures Q3 22
KEY FIGURES Q3 22 Strong growth and record high order backlog REVENUE EBITA* EBITA* margin NOK 2.0 billion NOK 94 million 4.7% Q3 2021: NOK 1.7 billion Q3 2021: NOK 102 million Q3 2021: 6.0% ORDER INTAKE OPERATING CASH FLOW ORDER BACKLOG NOK 2.2 billion NOK 96 million NOK 8.6 billion Q3 2021: NOK 2.
Slide 3: Health and safety: fewer injuries resulting in absence
HEALTH AND SAFETY Fewer injuries resulting in absence LTI1 TRI2 4.9 15.6 YTD 2021: 7.1 YTD 2021: 19.9 SICKNESS ABSENCE SERIOUS INJURIES 4.0% 2 YTD 2021: 3.7% YTD 2021: 0 1) LTI: Injuries resulting in absence at least one full day per million man-hours (incl. subcontractors). Previously reported as L
Slide 4: Investments in Rail expected to remain strong in 2023
MARKET CHARACTERISTICS Investments in Rail expected to remain strong in 2023 Market drivers Rail and Recent quote from and characteristics metro systems Norwegian client Expectation that investments in rail will “We left the thought of remain strong in 2023 large double track Combined railway mainte
Slide 5: High volumes and profits in line with last year
PROFIT & LOSS High volumes and profits in line with last year EBITA* (Amounts in NOK million) Q3 2022 Q3 2021 YTD 2022 YTD 2021 FY 2021 NOK million Revenue 1 988 1 698 5 075 4 356 5 957 102 Operating expenses -1 849 -1 548 -4 821 -4 117 -5 621 94 88 Other income and expenses (M&A expenses) 0 -1 -1 -
Slide 6: On track for strong growth in 2022
KEY FINANCIAL FIGURES LAST TWELVE MONTHS (LTM) On track for strong growth in 2022 Revenue LTM EBITA* LTM EBITA* Margin LTM NOK million NOK million Percent 2,8 % 6 677 2,7 % 177 170 2,5 % 6 534 161 2,3 % 6 449 6 387 139 6 324 6 191 1,3 % 6 004 5 934 5 957 79 1,1 % 65 0,8 % 50 0,7 % 45 14 0,2 % Q3 20
Slide 7: Unchanged net interest-bearing debt levels
BALANCE SHEET Unchanged net interest-bearing debt levels (Amounts in NOK million) 30.09.2022 30.09.2021 31.12.2021 Net Interest-bearing debt ASSETS NOK million NOK +13 million Intangible assets 2 907 2 900 2 867 Right-of-use assets 510 499 514 Total other non-current assets 215 206 193 1 223 1 157 1
Slide 8: Unchanged cash position
CASH FLOW Unchanged cash position Cash flow from operations NWC – Average of last four quarters Change in cash in Q3 22 NOK million NOK million NOK million Operating CF NOK 96 million 126 238 105 102 149 129 110 84 96 72 69 17 1) 31 -45 23 15 -90 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22
Slide 9: Financial flexibility remains good – unchanged leverage ratio
FINANCIAL POSITION Financial flexibility remains good – unchanged leverage ratio Net interest-bearing debt (NIBD) Bank and bond maturities1 NIBD / EBITDA* LTM ratio NOK million NOK million Percent Target < 2.5x 5,2 4,4 4,3 4,3 3,5 600 2,8 2,8 2,7 2,4 154 145 39 2022 2023 2024 Q3 20 Q4 20 Q1 21 Q2 21
Slide 10: Record high order backlog supporting long-term growth
BACKLOG Record high order backlog supporting long-term growth Order intake & Book-to-bill LTM Order backlog (total) Order backlog comparison (short-term) + 13% - 1% NOK million NOK million NOK million 1,48 2 670 2 682 1,3 1,3 8 610 1,3 1,28 8 348 1,2 1,1 7 647 7 801 2 165 2 161 7 331 1,08 6 835 6 69
Slide 11: Operational review
FINANCIAL POSITION Operational review
Slide 12: Higher activity and improved performance (Norway)
OPERATIONAL REVIEW NRC GROUP NORWAY NO Higher activity and improved performance EBITA* LTM Order backlog (total) NOK million NOK million 2 179 2 232 70 63 47 37 26 1 647 1 740 Coming years -14 -17 532 492 Current year -42 -38 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q3 2022 Q3 2021 Key
Slide 13: Solid tender pipeline with high number of large projects
Solid tender pipeline with high number of large projects NOK 7.0 billion tender pipeline1 Notes BNOK value, # of tenders, next 9 months Decreased by NOK 0.4 billion in tender pipeline compared to Q2 22 mainly related to Civil and Environment, and a Rail construction decrease of NOK 0.4 billion vs la
Slide 14: High production and record high order backlog (Sweden)
OPERATIONAL REVIEW NRC GROUP SWEDEN SWE High production and record high order backlog EBITA* LTM Order backlog (total) NOK million NOK million 3 297 2 031 -40 -39 -55 2 852 -69 -69 -68 -77 -76 1 668 Coming years 445 363 Current year -130 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q3 2022
Slide 15: High tender activity expected to continue
High tender activity expected to continue NOK 12.7 billion tender pipeline1 Notes BNOK value, # of tenders, next 9 months Increase of NOK 2.0 billion in tender pipeline vs Q2 22 and increase of NOK 4.0 billion compared to same period last year Rail and Civil construction explained by both Rail and C
Slide 16: Good profitability and solid order backlog (Finland)
OPERATIONAL REVIEW NRC GROUP FINLAND FIN Good profitability and solid order backlog EBITA* LTM Order backlog (total) NOK million NOK million 213 216 213 3 384 202 3 133 190 180 162 167 129 2 626 2 875 Coming years 507 509 Current year Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q3 2022 Q3
Slide 17: Moderate tender pipeline
Moderate tender pipeline NOK 1.7 billion tender pipeline1 Notes BNOK value, # of tenders, next 9 months Decreased by NOK 0.1 billion from Q2 22 pipeline related to Maintenance. Rail construction Decrease of NOK 2.2 billion from same period last year mainly related to #3 #7 0.8 reduced tender pipelin
Slide 18: Q3 in brief
SUMMARY Q3 in brief Financials • Revenue growth of 17% • Quarterly result in line with same period last year • Year to date result improved with 34% compared to 2021 • Continued high order intake and record high order backlog Operations • Good profitability in Finland • Continued improved results in
Slide 19: Q4 2022 results 21 February
Q4 2022 results 21 February 19
Slide 20: Disclaimer
DISCLAIMER This draft presentation (hereinafter referred to as the “Presentation”) has been prepared exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments. This Presentation includes and is based on, among other