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Endur ASA

First quarter 2021 interim results

By 21.05.2021November 21st, 2023No Comments

21 May 2021 – Endúr ASA (Endúr) delivered consolidated proforma revenues of NOK 424.6 million in the first quarter of 2021, down from 473.1 million in the same quarter last year primarily due to phasing of projects. The adjusted proforma EBITDA-result, excluding transaction and one-off restructuring costs, was NOK 21.6 million (NOK 45 million). Endúr’s order backlog was NOK 2.5 billion at the end of this year’s first quarter.

The consolidated proforma figures include the two acquisitions completed during the first quarter: Artec Aqua, a leading turnkey supplier of land-based aquaculture facilities and solutions, and Swedish marine infrastructure group Marcon, as well as the acquisition of BMO Entrepenør completed in Q4 2020. The proforma figures exclude the discontinued businesses ØPD AS and Endúr Industrier AS.

“This year’s first quarter was a major transformational quarter. We completed the accretive acquisitions of Artec Aqua and Marcon, and wound down the loss-making entities of ØPD and Endúr Industrier. Plus, we onboarded a new executive management team and conducted a complete refinancing of the group’s interest-bearing debt. Going forward there will be less focus on structural changes and more emphasis on realising revenue synergies between the various Endúr entities,” says Hans Olav Storkås, CEO of Endúr.

Endúr delivered consolidated proforma revenues of NOK 424.6 million in the first quarter of 2021 (473.1) and an adjusted proforma EBITDA-result of NOK 21.6 million (45). EBIT were NOK -41.6 million (12.4). The order backlog stood at NOK 2.5 billion at the end of the first quarter.

Marine infrastructure and aquaculture solutions

Following a number of structural changes over the past year, today’s Endúr is a leading provider of marine infrastructure and land-based aquaculture solutions. Going forward, the group will conduct business segment reporting through two core business segments: Marine Infrastructure and Aquaculture Solutions, plus a third segment comprised of Endúr’s legacy businesses and group functions.

The Marine Infrastructure segment, which includes the entities BMO Entreprenør, Marcon and Installit, experienced an expected seasonally lower activity level in the first quarter. An unusually cold Swedish winter, with frozen waterways and ice-packed harbours even in the South of Sweden, combined with Covid-19 shutdowns, negatively impacted Marcon’s activity levels further in the quarter. However, BMO Entreprenør delivered a historically strong first quarter, won several new contracts and acquired the estate and key personnel from the bankruptcy in ØPD AS. In total, the Marine infrastructure segment delivered proforma revenues of NOK 181.8 million (204.7) and a proforma EBITDA-result of NOK 24.6 million (19.4).

The Aquaculture Solutions segment, comprised of Artec Aqua and Endúr Sjøsterk, delivered proforma revenues of NOK 177.4 million (196.7) and an EBITDA-result of NOK 5.5 million (23.2). The first quarter marked a period with reduced activity for Artec Aqua as two large projects were being completed, whilst preparing to commence construction on two new projects. Artec Aqua expects and plans for higher activity through the remainder of 2021, secured through the company’s substantial order backlog.

“We have a strong order backlog and expect higher activity levels in both the Marine Infrastructure and Aquaculture Solutions segments going forward. Tender activity remains high. We retain our positive outlook for 2021,” says Hans Olav Storkås.

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