Hav Group Asa · OSL:HAV
Hav Group Asa — Q3 2023 Earnings Presentation
25 slides from Hav Group Asa's earnings presentation, Nov 24, 2023
Slide 1: HAV Group ASA Third quarter financial results 2023
HAV GROUP ASA Third quarter financial results 2023 Gunnar Larsen Pål Aurvåg CEO CFO A sustainable future at sea www.havgroup.no Photo: AI-generated
Slide 2: Agenda
Agenda 1. HAV Group in brief and Q3 highlights 2. HAV Group’s strategy 3. Business update 4. Financials 5. Summary and outlook 6. Q&A A sustainable future at sea www.havgroup.no
Slide 3: HAV Group: Enabling the green transition at sea
HAV Group: Enabling the green transition at sea International provider of green technology and services for maritime industries Vision: A sustainable future at sea Renowned provider of maritime products, systems and integrated solutions Special expertise in guiding the marine and maritime industries
Slide 4: Q3 Highlights
Q3 HIGHLIGHTS Key developments Operating income EBITDA Cash balance • Order intake of NOK 288.3 million = book-to-bill of x1.48 • Includes NOK 200 million contract to develop SOV for ESVAGT NOK 193.2m NOK -17.0m NOK 232.7m • Revenue of NOK 193.2 million, up 41.3% from Q3 2022 (136.6) • Weaker EBIT a
Slide 5: HAV group strategy
HAV group strategy A sustainable future at sea www.havgroup.no
Slide 6: HAV Group value creation
HAV Group value creation STRATEGIC DEVELOPMENT COMPLEMENTARITY SYNERGIES VALUE & GROWTH Actively taking part in the companies’ Creating stakeholder value through Extracting synergies through economies of Pursuing value accretive growth – strategic development to implement collaboration and utilizing
Slide 7: HAV Group perfectly positioned to leverage maritime greentech megatrends
HAV Group perfectly positioned to leverage maritime greentech megatrends Enabler of: Reduced energy consumption and cost Lower emissions Green transition at sea Advise customers about Design and construction vessel solutions that of zero-emission and increase competitiveness energy-optimized vessels
Slide 8: HAV Group – Enabling the green transition at sea
HAV Group – Enabling the green transition at sea HAV Group as integrated solutions provider Energy Hydrogen- Water Ship design design and based energy treatment smart control systems systems systems Supplier of innovative ship Supplier of sustainable energy Supplier of zero-emission Supplier of ball
Slide 9: Ship design
Q3 highlights Ship design • Repeat order: HAV Group to develop methanol-fuelled SOV for ESVAGT • Scope: ship design and integrated equipment package including propulsion system, engines, propellers and positioning system • Contract value approximately NOK 200 million • Development of the most effici
Slide 10: Energy design and smart control systems
Energy design Q3 highlights and smart control • Completed acquisition of Undheim Systems • Adds dynamic positioning and autonomous vessel capabilities systems • IMO’s revised GHG reduction strategy for global shipping expected to drive adoption of low and zero emission solutions Event subsequent to
Slide 11: Hydrogen-based energy systems
Hydrogen-based Q3 highlights energy systems • Successful test of hydrogen fuel cell with maritime control system together with NES (photo below) • Invited to participate in project initiated by Ocean Hyway Cluster which aims to lower threshold for adopting zero-emission fuels through vessel retrofit
Slide 12: Water treatment systems
Water treatment Q3 highlights systems • Contracts with Chinese Yantai CIMC Raffles Offshore Ltd. for delivery of two large ballast water treatment systems for Havfram Wind’s vessel newbuilds • Additional BWTS orders through various frame agreements, including new orders from Wilson • Ballast water t
Slide 13: Solid order intake in Q3 2023
Solid order intake in Q3 2023 Order intake per quarter Order backlog development 350 700 614 607 300 288 600 514 240 481 482 250 500 200 400 150 125 300 100 200 61 53 50 100 0 0 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 NOK 200 million contract to develop SOV for ESVAGT (17 July 23
Slide 14: Partner for Fjord1's autonomous zero-emission ferries
Partner for Fjord1’s autonomous zero-emission ferries The vessels HAV Group impact • 4 x newbuild, autonomous zero- • Emphasizes HAV Group’s leading Sognefjorden emission ferries to be in operation competence on zero emission ferry by 2026 operations • Implementation of automation • Will elevate HAV
Slide 15: Financials
Financials A sustainable future at sea www.havgroup.no
Slide 16: Revenue and EBITDA development
Revenue and EBITDA development Revenue EBITDA 250 70 63,8 60 200,3 200 193 50 40 150 136,6 30 124,3 110,3 20 100 10 5,3 0 50 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 -10 -11,6 -20 -14,7 -17 0 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 -30 A sustainable future at sea One-off effect of NOK 46.9 million related to reversal of
Slide 17: Q3 2023 key financials
Q3 2023 key financials NOKm Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 Comments • As the business is largely project-driven, unaudited unaudited unaudited unaudited Audited periodic fluctuations will occur Operating income 193.0 136.6 503.6 495.3 621.8 • Expected weaker EBIT in H2 2023, as EBITDA -17.0
Slide 18: Segment financials by business area
Ship design Water treatment systems NOKm Q3 2023 Q3 2022 2022 NOKm Q3 2023 Q3 2022 2022 Operating income 99.7 61.4 155.4 Operating income 38.9 40.0 226.7 EBITDA -3.0 3.3 15.7 EBITDA -1.5 5.7 30.8 Profit before tax -2.1 -1.9 10.5 Profit before tax -4.3 5.4 23.3 Energy design & smart Hydrogen-based en
Slide 19: Q3 2023 balance sheet
Q3 2023 balance sheet NOKm Q3 2023 Q3 2022 2022 NOKm Q3 2023 Q3 2022 2022 Comments unaudited unaudited audited unaudited unaudited audited Assets: Non-current assets Equity • Total assets are NOK 497.1 million versus Total intangible assets 88.4 75.7 77.9 Total equity 123.6 135.1 112.5 NOK 479.8 mil
Slide 20: Q3 2023 cash flow statement
Q3 2023 cash flow statement Comments Q3 NOKm Q3 2023 Q3 2022 YTD 2023 YTD 2022 FY 2022 Unaudited Unaudited Unaudited Unaudited Audited Negative cash flow from operations Cash flow from operations • Mainly driven by negative result in period Net cash flow from/to operating activities -9.1 -28.8 62.3
Slide 21: Order backlog: segment breakdown
Order backlog: segment breakdown 350 Comments 322 • For water treatment systems, ”fleet- 300 agreements” signed by different ship owners are not included in the official backlog figures 245 250 3 Subsequent event: 200 • Awards of contracts from Fjord1 to HAV Group related to the Lavik-Oppedal ferrie
Slide 22: Summary and market outlook
Summary and market outlook A sustainable future at sea www.havgroup.no
Slide 23: Why invest
Why invest Strong fundamentals and megatrends for maritime greentech Perfectly positioned to leverage the green maritime megatrends Track-record of profitable operations and robust balance sheet Solid position for value creation A sustainable future at sea www.havgroup.no
Slide 24: Outlook
Outlook • Global megatrends, including regulatory changes, provide incentives and requirements for the maritime industry to reduce the environmental footprint short and long term. IMO’s revised GHG reduction strategy for shipping expected to further enhance this development. • HAV Group possesses th
Slide 25: Q&A
Q&A A sustainable future at sea www.havgroup.no