Fosnavåg, Norway, 28 August 2024: Similar to the first quarter, HAV Group ASA (HAV Group, OSE: HAV) recorded strong order intake in the second quarter – NOK 570 million (Q2 2023: NOK 53 million) – reflecting increased demand for the company’s products and services. The order backlog stood at a record-high NOK 1,387 million (514) at the end of the quarter.
“The first and second quarter have been highly encouraging periods where we have more than doubled our order backlog since the start of the year. Recent contract wins are still in start-up phase and have not yet started to generate noticeable income/margin contribution,” says Gunnar Larsen, CEO of HAV Group.
Important contract awards in the second quarter include a NOK 200 million contract for equipment deliveries to Tersan Havyard, plus a contract from Fjord1 to develop systems for automation of vessel functions and autonomous navigation for the four autonomous, zero-emission ferries that will operate the Lavik-Oppedal crossing.
HAV Group delivered revenue of NOK 193.2 million in the second quarter of 2024, compared to NOK 200.3 million in the second quarter last year which included a one-off effect of NOK 46.9 million related to reversal of previously accounted provision. EBITDA ended at NOK 0 million, compared to NOK 63.8 million in last year’s corresponding quarter which included the aforementioned one-off effect.
“Our EBITDA result is a significant improvement compared to the past three quarters. It is satisfying to return to a positive operating result, but our ambitions are obviously higher than this,” adds Gunnar Larsen.
During the second quarter, HAV Group’s business for hydrogen-based energy systems took important steps towards the commercial breakthrough of its ZEPOD®, which is a module that contains a complete hydrogen energy system for ships.
In May, HAV Hydrogen entered into a cooperation agreement with vessel operator Maris Fiducia with the objective of developing, building and operating hydrogen-powered dry-bulk vessels in Europe. One month later, Norwegian state-owned Enova announced that it had awarded NOK 300 million in innovation funding to Maris Fiducia Norway AS, with HAV Hydrogen as subcontractor, to develop, build and operate five hydrogen-powered dry-bulk vessels.
The plan is to equip each of the five vessels with a ZEPOD®. Following Maris Fiducia’s placement of newbuild contract with its chosen shipyard, HAV Hydrogen will enter into discussions to agree on commercial terms and delivery structure for the cooperation project.
HAV Group reported revenue of NOK 193.2 million (200.3) in this year’s second quarter. EBITDA was NOK 0 million (63.8), and EBIT was NOK -3.9 million (59.6). Net cash flow was NOK -4.3 million in the quarter (19.3). HAV Group has a healthy balance sheet with NOK 124 million in cash and cash equivalents, and NOK 33.1 million in interest-bearing debt.
Global megatrends, including regulatory changes, provide incentives and requirements for the maritime industry to increase energy efficiency and 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 revenue to grow in 2024 (vs 2023) and increase further in 2025 on the back of recent contract wins and healthy tender activity. HAV Group reiterates is revenue target of NOK 1.3 million in 2026. Q2/H1 2024
Group will present its second quarter and half-year 2024 financial results via webcast today at 08:00 CET.
Presenters are Gunnar Larsen, CEO, and Pål Aurvåg, CFO.
Link to webcast: https://vimeo.com/event/4517869
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 through this URL:
https://www.menti.com/al3sph8cj4fw
The presentation material and half-year 2024 report are 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. (ENDS) For additional information, please contact: Gunnar Larsen, CEO gunnar.larsen@havgroup.no +47 901 05 694
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.
You will find the second quarter and half-year financial results 2024 report and presentation here