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Endur ASA

Second quarter and half‐year 2022 financial results

By 24.08.2022November 3rd, 2023No Comments

24 August 2022 – Endúr ASA (Endúr) delivered consolidated revenue of NOK 637.9 million in the second quarter 2022, up 18 percent from the same quarter last year (Q2 2021: NOK 542 million). Adjusted EBITDA improved by 55 percent to NOK 57.5 million (37.2), equivalent to an adjusted EBITDA margin of 9 percent (6.9%). Profit before tax ended at NOK 7.8 million (‐31.8).

“The positive development from the first quarter continued into the second quarter. Both revenue, results and margins represent a significant improvement versus last year. It was a solid second quarter, and measure taken to improve utilization of critical resources and optimize operating expenses are starting to pay off,” says Jeppe Raaholt, CEO of Endúr.

Endúr had an underlying order intake of NOK 289 million in this year’s second quarter (275). Order intake and organic growth in ongoing projects yielded the Group to uphold the backlog during the quarter, ending at NOK 1,760 as of 30 June 2022.

Endúr reported revenues in the second quarter 2022 of NOK 637.9 million (542). Adjusted EBITDA was NOK 57.5 million (37.2) and reported EBITDA ended at NOK 61.1 million (27.1). EBIT was NOK 27.3 million (‐6.9) and profit before tax NOK 7.8 million (‐31.8). Cash flow from operations was NOK 67.5 million, a substantial improvement on last year’s second quarter (‐85.4). Net interest‐bearing debt was reduced by NOK 69 million in the second quarter, ending at NOK 600 million (989) at the end of the quarter.

“We have in recent months made numerous operational improvements throughout all group companies. As a consequence, we have improved the working capital and solidity substantially in the past year, achieving negative working capital for the first time in the second quarter. We will continue our strong focus on identifying and implementing small and large improvements across the group,” adds Jeppe Raaholt.

IMPROVED MARGINS IN CORE SEGMENTS

Endúr is a leading full‐service provider for aquaculture solutions and marine infrastructure in Norway and Sweden, servicing both public and private sector.

The Marine Infrastructure segment delivered revenue of NOK 258.1 million (243.8) and improved its margins significantly versus the same quarter last year. EBITDA ended at NOK 43.4 million (31.8), equivalent to an EBITDA margin of 16.8 percent (13%). Both the Norwegian and Swedish operations contributed positively to the strengthened results.

In the Aquaculture Solutions segment, revenue was NOK 332.6 million, up 30 percent from the corresponding quarter last year (255.3). EBITDA ended at NOK 17 million (12.3), equivalent to an EBITDA margin of 5,1 percent (4.8%). Both revenue and results were driven by intensive production at Salmon Evolution BTA and positive results from production of feed barges.

“We are maintaining our focus on strengthening margins in the aquaculture segment, while simultaneously building out organizational and structural capacity in a market that has a highly favourable outlook,” says Jeppe Raaholt.

OUTLOOK

Within Marine Infrastructure, Endúr expects an increase in activity level in coming quarters, because of continued high tender activity and general strong demand for the type of services Endúr delivers.

As a result, Endúr expects Marine Infrastructure margins to improve further in the second half of the year.

Within Aquaculture Solutions, Endúr expects several early phase projects with secured LOIs to materialize in the near term. For the remainder of 2022, engineering and project design will make out a larger portion of activities in Aquaculture Solutions, with less capital‐intensive construction activity.

COMPANY PRESENTATION AT 08:00 CET TODAY

Endúr will host live webcast presentation today at 08:00 (CET). Investors, analysts, lenders and media are invited to follow the webcast from the following URL:

https://channel.royalcast.com/landingpage/hegnarmedia/20220824_1/

The 2022 half year report and second quarter 2022 results presentation are enclosed to this announcement.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5‐12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Einar Olsen, interim CFO of Endúr ASA, on 24 August 2022 at 07:00 CET.

(ENDS)

For further information, please contact:

Media
Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759 Investors
Einar Olsen, CFO of Endúr, tel: +47 924 01 787

About Endúr ASA

Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land‐based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Bergen, Norway. See www.endur.no

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