Endur med gode tall og fremtidsutsikter !
Endúr ASA: Fourth quarter and full-year 2022 financial results
24 February 2023 – Endúr ASA (Endúr) recorded quarterly revenues of NOK 668.3 million in the fourth quarter 2022, an increase of one percent from an equally strong corresponding quarter last year (Q4 2021: NOK 663.2 million). Adjusted EBITDA ended at NOK 55.3 million (62.2), well in line with previous guiding, and EBIT nearly tripled to NOK 20 million (7.3). Cash flow from operations was NOK 129.4 million (-86.5).
“We continue to deliver strong operating results and cash flow. Particularly the Marine Infrastructure Segment delivers solid figures, but it is also worth noting that Endúr Maritime has improved margins for the fifth quarter in a row. Overall, the fourth quarter results show that our efforts to improve profitability, liquidity, and cash generation continue to pay off,” says Jeppe Raaholt, CEO of Endúr.
Order intake in the fourth quarter was NOK 243 million (169). The order backlog was NOK 1,310 million at year-end, providing good visibility for 2023. The latter figure does not include the construction phase of the NOK ~1.5-1.8 billion contract with Icelandic salmon farmer Geo Salmo.
“We experience seasonally high tender activity for the Marine Infrastructure segment, while there is also substantial international interest for various land-based fish farming projects. Bid activity is high for Endúr Maritime too. We expect to see a growing order backlog throughout 2023,” adds Jeppe Raaholt.
Endúr reported revenue in the fourth quarter 2022 of NOK 668.3 million (663.3). Adjusted EBITDA was NOK 55.3 million (62.3), equivalent to a margin of 8.3% (9.4%). Reported EBITDA was NOK 52.7 million (61.9). EBIT was NOK 20 million (7.3) and profit before tax NOK 1.7 million (-17.3). Cash flow from operations was NOK 129.4 million (-86.5).
STRONG FULL-YEAR RESULTS
For the full year 2022, revenue was NOK 2,510, a 15 percent increase from NOK 2,186 million in 2021. Adjusted EBITDA ended at NOK 230.7 million, a 23 percent increase from 2021 (NOK 187.8 million). Reported EBITDA was NOK 230 million (149). Full-year EBIT was NOK 96.3 million versus NOK -8 million (pro forma) in 2021. Profit before tax was NOK 14.3 million in 2022, compared to
NOK -118.6 (pro forma) million in 2021.
STRENGTHENING OF BALANCE SHEET
Endúr’s net interest-bearing debt was NOK 582 million (687) at year-end. Subsequent to year-end, the company has secured bank loans of approximately NOK 550 million, an overdraft facility of NOK 150 million, and completed a private placement that secured gross proceeds of NOK 140 million. The committed bank financing will partly be utilized for a forthcoming refinancing of Endúr’s outstanding senior secured open callable bond, currently standing at a net principal amount of NOK 810 million. The refinancing, including the early redemption of the bond loan, is expected to be completed during the first quarter of 2023.
“The refinancing enables a calculated NOK 40-50 million reduction in annual interest expenses. In addition, it is expected to reduce our net interest-bearing debt with close to NOK 100 million. This provides us with added flexibility that will allow us to generate more cash going forward,” adds Jeppe Raaholt.
ACTIVE MARINE INFRASTRUCTURE SEGMENT
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 311.1 (244.6) in the fourth quarter. EBITDA was NOK 50.5 million (56.1), equivalent to an EBITDA margin of 16.2% (22.9%). Several early-phase projects have so far been reported at cautionary margin levels, which impacts the EBITDA.
In the Aquaculture Solutions segment, revenue was NOK 299.6 million (376.3) in the fourth quarter. The lower EBITDA of NOK 1.2 million (22.3), equivalent to an EBITDA margin of 0.4% (4.5%), is caused by shift in revenue mix, cautionary provisions on ongoing projects and cost coverage only when producing above target price at Salmon Evolution BTA.
OUTLOOK
Within Aquaculture Solutions, the construction phase – the most revenue-intensive phase – at the Geo Salmo project is expected to commence in H2 2023. Numerous projects, which are not affected by the temporary halt in license applications, are awaiting final government permissions. There is also substantial interest for various land-based projects from other countries and continents.
The outlook for Marine Infrastructure remains attractive due to maintenance gap on critical infrastructure and a solid pipeline of secured projects and ongoing tenders, including material bids that are expected to be concluded in the near term.
24 February 2023 – Endúr ASA (Endúr) recorded quarterly revenues of NOK 668.3 million in the fourth quarter 2022, an increase of one percent from an equally strong corresponding quarter last year (Q4 2021: NOK 663.2 million). Adjusted EBITDA ended at NOK 55.3 million (62.2), well in line with previous guiding, and EBIT nearly tripled to NOK 20 million (7.3). Cash flow from operations was NOK 129.4 million (-86.5).
“We continue to deliver strong operating results and cash flow. Particularly the Marine Infrastructure Segment delivers solid figures, but it is also worth noting that Endúr Maritime has improved margins for the fifth quarter in a row. Overall, the fourth quarter results show that our efforts to improve profitability, liquidity, and cash generation continue to pay off,” says Jeppe Raaholt, CEO of Endúr.
Order intake in the fourth quarter was NOK 243 million (169). The order backlog was NOK 1,310 million at year-end, providing good visibility for 2023. The latter figure does not include the construction phase of the NOK ~1.5-1.8 billion contract with Icelandic salmon farmer Geo Salmo.
“We experience seasonally high tender activity for the Marine Infrastructure segment, while there is also substantial international interest for various land-based fish farming projects. Bid activity is high for Endúr Maritime too. We expect to see a growing order backlog throughout 2023,” adds Jeppe Raaholt.
Endúr reported revenue in the fourth quarter 2022 of NOK 668.3 million (663.3). Adjusted EBITDA was NOK 55.3 million (62.3), equivalent to a margin of 8.3% (9.4%). Reported EBITDA was NOK 52.7 million (61.9). EBIT was NOK 20 million (7.3) and profit before tax NOK 1.7 million (-17.3). Cash flow from operations was NOK 129.4 million (-86.5).
STRONG FULL-YEAR RESULTS
For the full year 2022, revenue was NOK 2,510, a 15 percent increase from NOK 2,186 million in 2021. Adjusted EBITDA ended at NOK 230.7 million, a 23 percent increase from 2021 (NOK 187.8 million). Reported EBITDA was NOK 230 million (149). Full-year EBIT was NOK 96.3 million versus NOK -8 million (pro forma) in 2021. Profit before tax was NOK 14.3 million in 2022, compared to
NOK -118.6 (pro forma) million in 2021.
STRENGTHENING OF BALANCE SHEET
Endúr’s net interest-bearing debt was NOK 582 million (687) at year-end. Subsequent to year-end, the company has secured bank loans of approximately NOK 550 million, an overdraft facility of NOK 150 million, and completed a private placement that secured gross proceeds of NOK 140 million. The committed bank financing will partly be utilized for a forthcoming refinancing of Endúr’s outstanding senior secured open callable bond, currently standing at a net principal amount of NOK 810 million. The refinancing, including the early redemption of the bond loan, is expected to be completed during the first quarter of 2023.
“The refinancing enables a calculated NOK 40-50 million reduction in annual interest expenses. In addition, it is expected to reduce our net interest-bearing debt with close to NOK 100 million. This provides us with added flexibility that will allow us to generate more cash going forward,” adds Jeppe Raaholt.
ACTIVE MARINE INFRASTRUCTURE SEGMENT
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 311.1 (244.6) in the fourth quarter. EBITDA was NOK 50.5 million (56.1), equivalent to an EBITDA margin of 16.2% (22.9%). Several early-phase projects have so far been reported at cautionary margin levels, which impacts the EBITDA.
In the Aquaculture Solutions segment, revenue was NOK 299.6 million (376.3) in the fourth quarter. The lower EBITDA of NOK 1.2 million (22.3), equivalent to an EBITDA margin of 0.4% (4.5%), is caused by shift in revenue mix, cautionary provisions on ongoing projects and cost coverage only when producing above target price at Salmon Evolution BTA.
OUTLOOK
Within Aquaculture Solutions, the construction phase – the most revenue-intensive phase – at the Geo Salmo project is expected to commence in H2 2023. Numerous projects, which are not affected by the temporary halt in license applications, are awaiting final government permissions. There is also substantial interest for various land-based projects from other countries and continents.
The outlook for Marine Infrastructure remains attractive due to maintenance gap on critical infrastructure and a solid pipeline of secured projects and ongoing tenders, including material bids that are expected to be concluded in the near term.
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murpy
24.02.2023 kl 07:22
10543
fjerde kvartal 2022 hadde Endúr inntekter på 668,3 millioner kroner, mot 663,3 millioner kroner i fjerde kvartal 2021. Selskapet fikk et driftsresultat (EBIT) på 20 millioner kroner, opp fra 7,3 millioner kroner for et år siden. Resultat før skatt var på 1,7 millioner kroner, mot et negativt resultat på 17,3 millioner kroner året før. Nettoresultatet ble på minus 3,3 millioner kroner, mot et overskudd på 22,6 millioner kroner i fjerde kvartal 2021.
I fjerde kvartal hadde Endúr en ordreinngang på 243 millioner kroner.
– Vi fortsetter å levere sterke driftsresultater og kontantstrøm. Spesielt Marine Infrastructure Segment leverer solide tall, men det er også verdt å merke seg at Endúr Maritime har forbedret marginene for femte kvartal på rad. Samlet sett viser resultatene for fjerde kvartal at vår innsats for å forbedre lønnsomhet, likviditet og kontantgenerering fortsetter å gi resultater, sier Jeppe Raaholt, adm. direktør i Endúr.
I løpet av 2022 hadde Endúr inntekter på 2,51 milliarder kroner og fikk et nettoresultat på 9,1 millioner kroner.
SE DIREKTE: Webcast fra kvartalspresentasjonen kl. 8.00
I fjerde kvartal hadde Endúr en ordreinngang på 243 millioner kroner.
– Vi fortsetter å levere sterke driftsresultater og kontantstrøm. Spesielt Marine Infrastructure Segment leverer solide tall, men det er også verdt å merke seg at Endúr Maritime har forbedret marginene for femte kvartal på rad. Samlet sett viser resultatene for fjerde kvartal at vår innsats for å forbedre lønnsomhet, likviditet og kontantgenerering fortsetter å gi resultater, sier Jeppe Raaholt, adm. direktør i Endúr.
I løpet av 2022 hadde Endúr inntekter på 2,51 milliarder kroner og fikk et nettoresultat på 9,1 millioner kroner.
SE DIREKTE: Webcast fra kvartalspresentasjonen kl. 8.00
murpy
24.02.2023 kl 07:56
10482
Endur tjente 20 mill. på driften i fjerde kvartal
8 minutter siden · Infront TDN Direkt
Endúr, som leverer tjenester til oppdrettsbransjen, fikk en justert ebitda på 55,3 millioner kroner i fjerde kvartal 2022, mot 62,3 millioner kroner i samme kvartal året før, ifølge selskapets kvartalsrapport fredag.
Omsetningen ble 668,3 millioner kroner (663,3), mens driftsresultatet utgjorde 20 millioner kroner (7,3).
Selskapets ordrereserve var på 1.310 millioner kroner ved utgangen av fjerde kvartal 2022 etter en ordreinngang på 243 millioner kroner. Ved utgangen av forrige kvartal var ordrereserven 1.509 millioner kroner.
Selskapet målsetter en årlig omsetning på 4 milliarder kroner ved utgangen av 2024 både organisk og gjennom komplementære M&A, opplyses det.
Innen Aquaculture Solutions forventes byggingsfasen – den mest omsetningsintensive fasen – ved Geo Salmo-prosjektet å starte i andre halvår 2023. En rekke prosjekter, som ikke er berørt av den midlertidige stansen i konsesjonssøknader, avventer endelig statlig tillatelse. Det er også stor interesse for ulike landbaserte prosjekter fra andre land og kontinenter, skriver selskapet.
Utsiktene for marin infrastruktur er fortsatt attraktive på grunn av vedlikeholdsgap på kritisk infrastruktur og en solid pipeline av sikrede prosjekter og pågående anbud, inkludert anbud som forventes avsluttet i løpet av kort sikt.
Økt etterspørsel etter fornybar energi, LNG og karbonnøytral produksjon av stål, vil gi ytterligere muligheter innenfor Endúrs nisje, skriver selskapet videre.
Les rapporten her
8 minutter siden · Infront TDN Direkt
Endúr, som leverer tjenester til oppdrettsbransjen, fikk en justert ebitda på 55,3 millioner kroner i fjerde kvartal 2022, mot 62,3 millioner kroner i samme kvartal året før, ifølge selskapets kvartalsrapport fredag.
Omsetningen ble 668,3 millioner kroner (663,3), mens driftsresultatet utgjorde 20 millioner kroner (7,3).
Selskapets ordrereserve var på 1.310 millioner kroner ved utgangen av fjerde kvartal 2022 etter en ordreinngang på 243 millioner kroner. Ved utgangen av forrige kvartal var ordrereserven 1.509 millioner kroner.
Selskapet målsetter en årlig omsetning på 4 milliarder kroner ved utgangen av 2024 både organisk og gjennom komplementære M&A, opplyses det.
Innen Aquaculture Solutions forventes byggingsfasen – den mest omsetningsintensive fasen – ved Geo Salmo-prosjektet å starte i andre halvår 2023. En rekke prosjekter, som ikke er berørt av den midlertidige stansen i konsesjonssøknader, avventer endelig statlig tillatelse. Det er også stor interesse for ulike landbaserte prosjekter fra andre land og kontinenter, skriver selskapet.
Utsiktene for marin infrastruktur er fortsatt attraktive på grunn av vedlikeholdsgap på kritisk infrastruktur og en solid pipeline av sikrede prosjekter og pågående anbud, inkludert anbud som forventes avsluttet i løpet av kort sikt.
Økt etterspørsel etter fornybar energi, LNG og karbonnøytral produksjon av stål, vil gi ytterligere muligheter innenfor Endúrs nisje, skriver selskapet videre.
Les rapporten her
Sequia
24.02.2023 kl 09:01
10326
Arctic:
Endúr reported Q4/22 EBITDA of NOK 53m, spot on latest Factset consensus and 17% below our estimated NOK 63m. This corresponded to a Q4/22 EBITDA margin of 7.9% vs. 9.3% in Q4/21. As a result of continued high activity and slow order intake, the company’s order backlog continued to slide both Q/Q and Y/Y. Following the completed refinancing announced earlier this month we remain up-beat about the medium-term outlook for Endúr.
However, we continue to see near-term downside risk to estimates as we wait for LOI’s to materialise in firm order backlog.
Endúr reported Q4/22 EBITDA of NOK 53m, spot on latest Factset consensus and 17% below our estimated NOK 63m. This corresponded to a Q4/22 EBITDA margin of 7.9% vs. 9.3% in Q4/21. As a result of continued high activity and slow order intake, the company’s order backlog continued to slide both Q/Q and Y/Y. Following the completed refinancing announced earlier this month we remain up-beat about the medium-term outlook for Endúr.
However, we continue to see near-term downside risk to estimates as we wait for LOI’s to materialise in firm order backlog.
Dr_Eval
01.03.2023 kl 10:25
9790
Simplywall kommer nå med "fair price" på hele 621kr basert på 7.3mrd cash flow neste 10 årene. Kanskje litt voldsomt, og vil nok bli korrigert ned noen hakk neste kvartal når beregningsgrunnlaget er bedre, men det sier litt om potensialet. https://simplywall.st/stocks/no/capital-goods/ob-endur/endur-shares/valuation
Furuen
02.03.2023 kl 18:18
9561
Noen som kan utdype dette?:
Endúr ASA: Notice of exercise of call option
Endúr ASA has today notified Nordic Trustee AS of the exercise of its call option for the remaining outstanding bonds in the bond issue "Endúr ASA FRN Senior Secured Open Callable NOK 1,100,000,000 Bonds 2021/2025" (ISIN NO0010935430) with original maturity date 3 March 2025, and each Bondholder is hereby given notice thereof.
The entire bond will be repaid at 103.68 per cent of the Nominal Amount (plus accrued and unpaid interest on the redeemed bonds), with settlement date 16 March 2023 (being the date falling 10 Business Days after the date of the Call Option Notice).
For information relating to the exercise of the Call Option etc. reference is made to the attached notice from Nordic Trustee AS.
Endúr ASA: Notice of exercise of call option
Endúr ASA has today notified Nordic Trustee AS of the exercise of its call option for the remaining outstanding bonds in the bond issue "Endúr ASA FRN Senior Secured Open Callable NOK 1,100,000,000 Bonds 2021/2025" (ISIN NO0010935430) with original maturity date 3 March 2025, and each Bondholder is hereby given notice thereof.
The entire bond will be repaid at 103.68 per cent of the Nominal Amount (plus accrued and unpaid interest on the redeemed bonds), with settlement date 16 March 2023 (being the date falling 10 Business Days after the date of the Call Option Notice).
For information relating to the exercise of the Call Option etc. reference is made to the attached notice from Nordic Trustee AS.
Redigert 02.03.2023 kl 18:19
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besson
02.03.2023 kl 23:46
9326
"men det sier litt om potensialet."
Det sier vel mer om potensialet til Simplywall. Kontantstrømmene er jo fullstendig løsrevet fra selskapets egen guiding.
Det sier vel mer om potensialet til Simplywall. Kontantstrømmene er jo fullstendig løsrevet fra selskapets egen guiding.
murpy
03.03.2023 kl 08:39
9208
Middels lang sikt, 2. mar 2023
Endúr har brutt opp gjennom taket i en fallende trendkanal på mellomlang sikt. Dette indikerer i første omgang svakere falltakt, eller innledningen av en mer horisontal utvikling. Aksjen ga kjøpssignal fra en rektangelformasjon ved bruddet opp gjennom motstanden ved 29.38 kroner. Videre oppgang til 40.58 kroner eller mer er signalisert. Det er ingen motstand i kursdiagrammet og en videre oppgang indikeres. Ved reaksjoner tilbake har aksjen støtte ved cirka 35.30 kroner. Volumbalansen er positiv og styrker aksjen på kort sikt. RSI er over 70 etter en god kursoppgang de siste ukene. Aksjen har et sterkt positivt momentum og videre oppgang indikeres. RSI-kurven viser en stigende trend, noe som kan være et tidlig signal om innledning av en stigende trend også for kursen. Aksjen anses samlet sett teknisk positiv på mellomlang sikt.
Anbefaling en til seks måneders sikt: Kjøp (Score: 84)
Endúr har brutt opp gjennom taket i en fallende trendkanal på mellomlang sikt. Dette indikerer i første omgang svakere falltakt, eller innledningen av en mer horisontal utvikling. Aksjen ga kjøpssignal fra en rektangelformasjon ved bruddet opp gjennom motstanden ved 29.38 kroner. Videre oppgang til 40.58 kroner eller mer er signalisert. Det er ingen motstand i kursdiagrammet og en videre oppgang indikeres. Ved reaksjoner tilbake har aksjen støtte ved cirka 35.30 kroner. Volumbalansen er positiv og styrker aksjen på kort sikt. RSI er over 70 etter en god kursoppgang de siste ukene. Aksjen har et sterkt positivt momentum og videre oppgang indikeres. RSI-kurven viser en stigende trend, noe som kan være et tidlig signal om innledning av en stigende trend også for kursen. Aksjen anses samlet sett teknisk positiv på mellomlang sikt.
Anbefaling en til seks måneders sikt: Kjøp (Score: 84)
Gruskongen
07.03.2023 kl 08:21
8890
Godt å se at det ikke bare er enkelte på forumet som har sett potensialet i Endur:) Den er tatt inn i månedsporteføljen til Sp1 Markets...
okai?
07.03.2023 kl 10:17
8772
https://www.landbasedaq.no/denvo-flekksteinbit/satser-pa-oppdrett-av-flekksteinbit/1496670
Var ikke endur i dialog om steinbit for en tid siden?
Var ikke endur i dialog om steinbit for en tid siden?
okai?
07.03.2023 kl 13:16
8643
https://www.doffin.no/Notice/Details/2023-666441
Er denne rammeavtalen på opptil 100 millioner meldt? Har gått meg hus forbi
Er denne rammeavtalen på opptil 100 millioner meldt? Har gått meg hus forbi
ISTJ
10.05.2023 kl 12:32
7625
Ingen forventninger egentlig. Jeg har veldig lyst å handle Endur billig i 1-2 år fremover.
okai?
11.05.2023 kl 07:09
7529
Endúr ASA: First quarter 2023 financial results
11 May 2023 – Endúr ASA (Endúr) delivered a solid adjusted EBITDA result of NOK 51.1 million (Q1 2022: 50.8), equivalent to a seasonally strong EBITDA-margin of 10.5 percent (8.3%), in this year’s first quarter. Revenue showed, as expected, a decline to NOK 484.7 million (611.8) due to phasing of projects in the Aquaculture Solutions segment. EBIT ended at NOK 14.4 million (17.6). The company successfully completed its refinancing process in the first quarter.
“The underlying operational performance is strong, even as revenues and contributions from Aquaculture Solutions are lower in this quarter. Order intake was solid and the market outlook for our key segments remains positive. Overall, the first quarter was another step in the right direction,” says Jeppe Raaholt, CEO of Endúr.
Order intake in the first quarter 2023 was NOK 453 million. The order backlog stood at NOK 1,470 million at the end of the first quarter, an increase from NOK 1,310 million at year-end 2022. The order backlog does not include the construction phase of the NOK ~1.6 billion contract with Icelandic salmon farmer Geo Salmo.
SUCCESSFUL REFINANCING
During the first quarter 2023, Endúr completed the previously announced refinancing and early redemption of its bond loan, which has been replaced with bank loans and an overdraft facility, supported by a completed private placement. The successful refinancing enables a potential NOK 40-50 million reduction in annual interest expenses.
Endúr reported revenue in the first quarter 2022 of NOK 484.7 million (611.8). Adjusted EBITDA was NOK 51.1 million (50.8), equivalent to a margin of 10.5% (8.3%). Reported EBITDA was NOK 50.2 million (50.8). EBIT was NOK 14.4 million (17.6). Profit before tax was NOK -63.3 million (-6) affected by NOK 78.8 million in costs related to The Group’s former financing structure.
SEASONALLY STRONG MARINE INFRASTRUCTURE SEGMENT
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 252.2 million (204.8) in the first quarter. EBITDA was NOK 48.3 million (32.2), equivalent to an EBITDA margin of 19.2%.
“The Marine Infrastructure segment delivers excellent results. Both revenue and margins are seasonally strong. We expect the margin to remain solid going forward,” says Jeppe Raaholt.
In the Aquaculture Solutions segment, revenue was NOK 154.8 million (364.6) in the first quarter. EBITDA was NOK -3.6 million (22.3). The expected decline is caused by the production phase of Salmon Evolution phase 1 coming to an end, which means that workload focus shifts from production to less revenue and cost intensive design and planning processes.
In the business segment “Other”, Endúr Maritime delivered its highest ever revenue and EBITDA result since the inception of the new Endúr. The vessel maintenance provider delivered revenue of NOK 81 million (51.2) and EBITDA of NOK 7.5 million (3.7), equivalent to an EBITDA margin of 9.3% (7.2%). In addition, Endúr Maritime has been notified that The Norwegian Defense / Forsvarets Logistikkorganisasjon will exercise its option to prolong the ongoing framework contract involving maintenance, repairs and upgrades of the Norwegian Royal Navy’s ship fleet. The 12-month option period starts on 9 October 2023 and has an estimated value of NOK 100 million.
OUTLOOK
The market outlook remains positive for all Endúr’s key segments.
The Marine Infrastructure segment has a strong order backlog and experiences high bid activity driven by the maintenance gap on critical infrastructure. Increased demand for renewable energy and green industry also represents attractive business opportunities for the segment.
Within Aquaculture Solutions, the market is improving both internationally and domestically. There is substantial international interest for the company’s solutions, while the domestic market is improving after short term uncertainties due to proposed resource rent tax. Endúr expects significant growth for Aquaculture Solutions in 2024 as mature leads are expected to materialise.
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 watch the webcast from the following URL:
https://channel.royalcast.com/landingpage/hegnarmedia/20230511_2/
The first quarter 2023 results presentation is 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, CFO of Endúr ASA, on 11 May 2023 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 Lysaker, Norway. See www.endur.no
11 May 2023 – Endúr ASA (Endúr) delivered a solid adjusted EBITDA result of NOK 51.1 million (Q1 2022: 50.8), equivalent to a seasonally strong EBITDA-margin of 10.5 percent (8.3%), in this year’s first quarter. Revenue showed, as expected, a decline to NOK 484.7 million (611.8) due to phasing of projects in the Aquaculture Solutions segment. EBIT ended at NOK 14.4 million (17.6). The company successfully completed its refinancing process in the first quarter.
“The underlying operational performance is strong, even as revenues and contributions from Aquaculture Solutions are lower in this quarter. Order intake was solid and the market outlook for our key segments remains positive. Overall, the first quarter was another step in the right direction,” says Jeppe Raaholt, CEO of Endúr.
Order intake in the first quarter 2023 was NOK 453 million. The order backlog stood at NOK 1,470 million at the end of the first quarter, an increase from NOK 1,310 million at year-end 2022. The order backlog does not include the construction phase of the NOK ~1.6 billion contract with Icelandic salmon farmer Geo Salmo.
SUCCESSFUL REFINANCING
During the first quarter 2023, Endúr completed the previously announced refinancing and early redemption of its bond loan, which has been replaced with bank loans and an overdraft facility, supported by a completed private placement. The successful refinancing enables a potential NOK 40-50 million reduction in annual interest expenses.
Endúr reported revenue in the first quarter 2022 of NOK 484.7 million (611.8). Adjusted EBITDA was NOK 51.1 million (50.8), equivalent to a margin of 10.5% (8.3%). Reported EBITDA was NOK 50.2 million (50.8). EBIT was NOK 14.4 million (17.6). Profit before tax was NOK -63.3 million (-6) affected by NOK 78.8 million in costs related to The Group’s former financing structure.
SEASONALLY STRONG MARINE INFRASTRUCTURE SEGMENT
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 252.2 million (204.8) in the first quarter. EBITDA was NOK 48.3 million (32.2), equivalent to an EBITDA margin of 19.2%.
“The Marine Infrastructure segment delivers excellent results. Both revenue and margins are seasonally strong. We expect the margin to remain solid going forward,” says Jeppe Raaholt.
In the Aquaculture Solutions segment, revenue was NOK 154.8 million (364.6) in the first quarter. EBITDA was NOK -3.6 million (22.3). The expected decline is caused by the production phase of Salmon Evolution phase 1 coming to an end, which means that workload focus shifts from production to less revenue and cost intensive design and planning processes.
In the business segment “Other”, Endúr Maritime delivered its highest ever revenue and EBITDA result since the inception of the new Endúr. The vessel maintenance provider delivered revenue of NOK 81 million (51.2) and EBITDA of NOK 7.5 million (3.7), equivalent to an EBITDA margin of 9.3% (7.2%). In addition, Endúr Maritime has been notified that The Norwegian Defense / Forsvarets Logistikkorganisasjon will exercise its option to prolong the ongoing framework contract involving maintenance, repairs and upgrades of the Norwegian Royal Navy’s ship fleet. The 12-month option period starts on 9 October 2023 and has an estimated value of NOK 100 million.
OUTLOOK
The market outlook remains positive for all Endúr’s key segments.
The Marine Infrastructure segment has a strong order backlog and experiences high bid activity driven by the maintenance gap on critical infrastructure. Increased demand for renewable energy and green industry also represents attractive business opportunities for the segment.
Within Aquaculture Solutions, the market is improving both internationally and domestically. There is substantial international interest for the company’s solutions, while the domestic market is improving after short term uncertainties due to proposed resource rent tax. Endúr expects significant growth for Aquaculture Solutions in 2024 as mature leads are expected to materialise.
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 watch the webcast from the following URL:
https://channel.royalcast.com/landingpage/hegnarmedia/20230511_2/
The first quarter 2023 results presentation is 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, CFO of Endúr ASA, on 11 May 2023 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 Lysaker, Norway. See www.endur.no
Jones9
11.05.2023 kl 14:57
7249
Endur, et kjempecase! EV på 2 mrd NOK, EBITDA bare på Infrastruktur (BMO og Marcon) på over 200 MNOK i år, kan regne hjem caset alene på BMO og Marcon, og så kommer rosinen i pølsa Artec Aqua på toppen. Hva det er verdt er anybody's guess, men at dette kan bli verdt 2-3 mrd NOK er nok ikke å ta i. for å være litt bull da, blir Artec Aqua verdt 3 mrd NOK og vi sier BMO og Marcon er verdt 2 mrd NOK, så skal aksjen gå til over 130.
Analytica
11.05.2023 kl 15:20
7240
Takk for inspirerende lesning Jones9!🙂
Dersom det er en viss realisme i det caset du der skisserer, hvorfor ligger kursen og subber på dagens nivå mener vi?
Dersom det er en viss realisme i det caset du der skisserer, hvorfor ligger kursen og subber på dagens nivå mener vi?
Jones9
11.05.2023 kl 18:22
7168
Ofte avvik mellom hva jeg mener selskaper er verdt og hva de prises til😅. Først og fremst er BMO og marcon bare i startgropen, så må gjerne vise litt mer over tid. Og når det gjelder artec Aqua så trengs nok en vellykket fase 1 og igangsatt fase 2 med salmon evolution, samt igangsettelse av geo Salmo. Men når det skjer er caset bra derisket og potensialet er stort. Og så er det vanskelig å ikke bli Bull når mam hører på ledelsen, de fremstår med stor troverdighet og også veldig stor optimisme. Jeg mener også verktøykassen er stor her, de har mange strategiske valg som kan tas.
En annen ting, aksjen er jo underanalysert som bare rakkeren. Arctic har en daff analytiker som knapt bryr seg om aksjen, og sparebank1 markets er ikke mye mer på ballen heller, så får ikke mye hjelp der..
En annen ting, aksjen er jo underanalysert som bare rakkeren. Arctic har en daff analytiker som knapt bryr seg om aksjen, og sparebank1 markets er ikke mye mer på ballen heller, så får ikke mye hjelp der..
Redigert 11.05.2023 kl 18:23
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okai?
25.05.2023 kl 07:38
6639
Her drypper det vel snart inn en ny storkontrakt
"We look forward to sharing the details about both our build-out plan and the
financial ambitions for the next chapter of Andfjord Salmon's growth story,"
says Martin Rasmussen, CEO of Andfjord Salmon.
Date: Tuesday 13 June 2023
"We look forward to sharing the details about both our build-out plan and the
financial ambitions for the next chapter of Andfjord Salmon's growth story,"
says Martin Rasmussen, CEO of Andfjord Salmon.
Date: Tuesday 13 June 2023
Mora di
25.05.2023 kl 20:47
6487
Tror ikke Andfjord er relevant for Endur da de ikke bruker Endur sin teknologi.
Positive nyheter i dag for laksenæringen. Det kan jo få fortgang på beslutningsprosessene : ) Det er meg bekjent at det er god fremdrift (og vel så det) i de konsesjonsprosessene hvor Endur kan stå som byggherre. Disse to tingene kan jo medføre at det tilkommer en mega-kontrakt eller to til Endur innen rimelig tid.
Flott å se at de 50 største aksjonærene tviholder på aksjene sine. Ryktene skal ha det til at de som er ute etter å kjøpe større blokker blir møtt med iskalde skuldre..
Positive nyheter i dag for laksenæringen. Det kan jo få fortgang på beslutningsprosessene : ) Det er meg bekjent at det er god fremdrift (og vel så det) i de konsesjonsprosessene hvor Endur kan stå som byggherre. Disse to tingene kan jo medføre at det tilkommer en mega-kontrakt eller to til Endur innen rimelig tid.
Flott å se at de 50 største aksjonærene tviholder på aksjene sine. Ryktene skal ha det til at de som er ute etter å kjøpe større blokker blir møtt med iskalde skuldre..
Jones9
29.05.2023 kl 09:41
6100
Mora di snakker fornuft, tror på avklaringer snart både på Geo Salmo og forhåpentlig Salmon Evolution. Når de kommer på plass så er hele Artec Aqua-caset derisket. Tror også Endur har langt bedre marginer på særlig Geo Salmo-kontrakten enn på den første Salmon Evolution-kontrakten, så det vil også være veldig positivt. Det tviholdes på topp 50, ingen som har møtt selskapet de seneste seks månedene er i nærheten av å vurdere et salg av aksjen…
Jones9
01.06.2023 kl 13:35
5849
Geo Salmo skal hente penger i markedet nå for å finansiere fase 1 av utbyggingen. De bruker aktivt i markedsføringen at Artec Aqua skal bygge anlegget. satser på å ha det klart innen utgangen av måneden. veldig positivt for Endur.
okai?
02.06.2023 kl 08:32
5670
Med 12 millioner til nr 2 på tilbyderlisten tviler jeg på om det er så mye å hente på en slik kontrakt. Noen har regnet feil her. Vi får håpe det var Consolvo
Jones9
02.06.2023 kl 15:03
5575
jeg hører at BMO mener de tjener like gode marginer på denne kontrakten som på de vanlige kontraktene, så det er nok heller nummer 2 som har lagt seg veldig høyt!
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