HAV Group ASA (HAV Group, OSE: HAV) reported revenue of NOK 113.5 million in the fourth quarter of 2023 (Q4 2022: NOK 126.5 million). As guided in the second quarter presentation, the company expected weaker operating result in the second half 2023. EBITDA* for the fourth quarter was at NOK -18.9 million (-16.1) as HAV Group has maintained capacity to be able to fully capitalize on forthcoming growth opportunities.
“We are delivering in line with our guidance but would have obviously preferred to present stronger financial figures for the second half of 2023. That said, we have recently won several important contracts that are expected to have a positive effect on our capacity utilisation going forward. The supporting maritime megatrends mean that we retain our optimistic view on the future,” says Gunnar Larsen, CEO of HAV Group.
Order intake in the fourth quarter 2023 was NOK 109,8 (127), representing a book-to-bill of x0.97. The order intake includes an order to deliver an onshore charging station to Scandlines, a six-month preliminary project to develop an ammonia-fuelled wellboat, and an award to deliver ballast water treatment systems to six newbuild bulkers – with option to supply eight additional vessels. HAV Group’s external order backlog stood at NOK 604 million at the end of the fourth quarter, versus NOK 482 million one year prior.
HAV Group’s has been awarded important contracts after the end of the fourth quarter. In January, it was announced that ESVAGT had chosen HAV Group to deliver ship design and a large equipment package to a newbuild SOV with a total contract value in excess of NOK 100 million. Further, on 1 March, HAV Group announced that its ship design business has signed a contract to design and develop four newbuild, autonomous zero-emission ferries that will operate the Lavik-Oppedal crossing on the northwest coast of Norway.
“It has been an encouraging start to 2024. I am particularly pleased to see that we are being chosen to support groundbreaking projects that could pave the way for new zero-emission technologies, such as the ammonia-fuelled wellboat or the autonomous ferries that will operate the Lavik-Oppedal crossing. These confirm our ability to guide the maritime industry through the required green transition,” says Gunnar Larsen.
HAV Group reported revenue of NOK 113.5 million (126.5) in the fourth quarter. EBITDA was NOK -18.9 million (-16.1), and EBIT was NOK -23.2 million (-20.7). Net cash flow was NOK -80.8 million in the quarter (-33.7). Cash flow from operations was NOK -70.6 million in the fourth quarter (-18.6), significantly affected by decrease in account payables and advance from customers in addition to the loss in the period.
For the full-year 2023, HAV Group delivered revenue of NOK 617.1 million (621.8), with EBITDA of NOK 16.2 million (19.8), and EBIT of NOK -0.8 million (2.0).
OUTLOOK
Global megatrends, including regulatory changes, provide incentives and requirements for the maritime industry to reduce the environmental footprint short and long term. IMO’s revised GHG reduction strategy for shipping expected to further enhance this development.
HAV Group expects that the company’s capacity utilisation will improve in 2024 compared to H2 2023, on the back of recent contract wins and healthy tender activity. Consequently, HAV Group expects revenue to grow 2024 (vs 2023) and increase further in 2025.
As certain projects in the sales pipeline has been delayed, HAV Group expects to reach its earlier communicated NOK 1.3 million revenue ambition in 2026.
Q4 2023 PRESENTATION
HAV Group will present its fourth quarter and interim full-year 2023 results via webcast today at 08:00 CET. Presenters are Gunnar Larsen, CEO, and Pål Aurvåg, CFO.
Link to webcast: https://vimeo.com/event/414481...
Questions can be submitted during the webcast. However, questions submitted in advance via the link will have better chance of being answered. Questions can be submitted here: https://www.menti.com/al1kyvk7...
The presentation material is enclosed to this announcement.
*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the NGAAP financial statements as a part of the APM section of the annual report.
Stock Exchange in English
Stock Exchange in Norwegian
Report Q4 2023
Presentation Q4 2023
For additional information, please contact:
Gunnar Larsen, CEO
gunnar.larsen@havgroup.no
+47 901 05 694
About HAV Group
HAV Group and its subsidiaries (together: “HAV Group”) is an international provider of technology and services for maritime and marine industries. HAV Group has several decades of industry experience, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions. HAV Group ASA is listed on Euronext Growth under the ticker code HAV.
