26 February 2021 – Endúr ASA (Endúr) reported consolidated proforma revenues of NOK 1,825 million in 2020, with an EBITDA-result of NOK 221 million and EBIT-result of NOK 139 million. At year-end the group’s proforma order backlog stood at NOK 2.7 billion.
The consolidated proforma revenues for 2020 include the recently announced, but not completed, acquisitions of Artec Aqua, a leading turnkey supplier of land-based aquaculture facilities and solutions, and Swedish marine infrastructure group Marcon. Through the announced acquisitions of Artec Aqua and Marcon, Endúr is on track to reach its previously announced 2022 revenue target of minimum NOK 2 billion already in 2021.
“With everything that has happened so far in 2021, the fourth quarter 2020 seems like light years away. Endúr per 26 February 2021 is in a completely different and much more exciting place compared to the Endúr we were in the fourth quarter,” says Hans Olav Storkås, CEO of Endúr.
Storkås refers to a number of value-creating structural initiatives that have either been implemented or announced so far in 2021. These include the announced acquisitions of supplier of land-based aquaculture solutions Artec Aqua and Swedish marine infrastructure group Marcon. In addition, Endúr has also made the tough but necessary decisions to wind down the loss-making entities Endúr Industrier AS and ØPD AS. Moreover, Endúr recently announced the successful placement of a NOK 1,100 million senior secured bond that will further increase the group’s financial flexibility.
Artec Aqua is a turnkey supplier of process facilities and solutions to the onshore aquaculture industry – both within smolt, broodstock and grow-out facilities. Artec Aqua delivered revenues of NOK 637 million with an EBITDA-result of NOK 64 million in 2020. Marcon is a leading Swedish provider of marine infrastructure and civil engineering products and services. Marcon delivered revenues of NOK 424 million in 2020 and an EBITDA-result of NOK 94 million.
Moreover, on 17 December 2020, Endúr completed the acquisition of Norwegian marine infrastructure group BMO Entreprenør. BMO delivered revenues of NOK 399 million and an EBITDA-result of NOK 69 million in 2020. The company’s accounts were consolidated into Endúr from 31 December 2020.
Today, Endúr is a leading provider of marine infrastructure and land-based aquaculture solutions. Endúr has identified the marine infrastructure and land-based aquaculture market segments as highly fragmented and exposed to strong sustainability-driven megatrends, and has taken the role as a consolidator to establish a one-stop-shop for clients with scale benefits.
“We have acquired, or are in process of acquiring, companies that are greatly complementary to each other as well as accretive for our shareholders. We look forward to capitalising on the collective skills and competencies in new Endúr, providing further improved product and service offerings to our customers, whilst doing our utmost to realize the substantial potential for top line synergies within market segments with considerable prospects,” adds Hans Olav Storkås.
Reported fourth quarter revenues 2020 for Endúr on a stand-alone basis were NOK 144.4 million, up from NOK 87 million in the same period the year before. The EBITDA-result in the fourth quarter was NOK -14.2 million versus NOK 1 million in the corresponding quarter 2019. EBIT was NOK -440.2 million (Q4 2019: NOK -1.6 million) in the fourth quarter, significantly impacted by the goodwill impairment write-downs announced on 5 February 2021 in connection with the wind down of ØPD AS.
Webcast presentation of the Q4 2020 results can be seen by clicking this link: