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Endur ASA

Third quarter 2021 interim financial results

By 16.11.2021November 3rd, 2023No Comments

Endúr ASA (Endúr) earned consolidated revenues of NOK 568 million in the third quarter of 2021, an increase of 34 percent on the corresponding quarter (proforma) last year (Q3 2020: NOK 423 million), and Endúr’s highest quarterly revenues ever, both actual and proforma. EBITDA for Q3 was NOK 65.7 million, a 12 percent increase on Q3 2020 (proforma NOK 58.6 million), and, most importantly, a material improvement on this year’s previous quarters. NIBD per Sept. 30, 2021, was NOK 894 million, as compared to NOK 989 million per June 30, 2021. The Company is in compliance with all financial covenants as defined under its bond loan agreement per Q3 2021. Endúr’s order backlog stood at NOK 2.2 billion at the end of the third quarter.

The adjusted EBITDA for Q3 2021 was NOK 65.5 million, a substantive increase on previous quarters; NOK 22.9 million (proforma) in Q1 2021 and NOK 37.2 million in Q2 2021. Proforma adj. EBITDA in Q3 2020 was NOK 59.4 million. EBIT for Q3 2021 was NOK 29.9 million, as compared to NOK -38.2 million and NOK -7.0 million in Q1 2021 (proforma) and Q2 2021 respectively.

Activities in both the Company’s main operating and reporting segments – marine infrastructure and aquaculture solutions – have contributed positively towards the improvement in the quarter.

Endúr considers that the outlook remains favourable for the group’s main operating activities. Endúr’s board are particularly encouraged by the improved activity level and prospects for the Company’s Swedish marine infrastructure division servicing the Stockholm region and northwards, which was the main contributor to the 25% revenue decrease (year-on-year) suffered by Endúr’s Swedish operations per H1 2021 (proforma). Here the market and outlook has materially improved, with large-sized projects exiting a near 1-year hiatus. This region now has a large pent-up demand, and the activity level will expectedly remain high for some time.

For further comments on Endúr’s Q3 operational and financial performance, please confer the stock exchange announcement by Endúr on 1 November 2021 regarding preliminary Q3 2021 results.

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 Lasse B. Kjelsås, CFO of Endúr ASA, on 16 November 2021 at [07:45] CEST.

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/20211116_1/

The third quarter 2021 interim financial result presentation is enclosed to this announcement.

ENDS
For further information, please contact:
Media: Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759
Investors: Lasse B. Kjelsås, CFO of Endúr, tel: +47 908 49 772

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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