Q2 2024 Hav Group ASA Earnings Call Transcript
Key Points
- HAV Group ASA (STU:6HH) reported a record order backlog of NOK1.387 billion, up 130% from year-end 2023.
- The company achieved a significant order intake of NOK570 million with a book-to-bill ratio of 2.95 times.
- HAV Group ASA has seen strong growth in the hydrogen sector, including a NOK300 million funding award for hydrogen systems.
- The company has a solid sales pipeline and expects further order growth in 2024 and 2025.
- HAV Group ASA is well-positioned in the market with a focus on sustainable maritime solutions, including low and zero-emission technologies.
- The EBITDA for the quarter was NOK26,000, reflecting a 0% margin, indicating challenges in profitability.
- The energy design and smart control systems segment reported an EBITDA of minus NOK5.8 million.
- The company experienced a reduction in equity from NOK91.2 million to NOK60 million due to year-to-date results.
- HAV Group ASA's cash flow from operations was more or less in balance, indicating limited cash generation.
- The commercial market for hydrogen technology is not fully developed, posing challenges for immediate profitability.
Good morning, and welcome to the second quarter and half year financial results 2024 presentation from HAV Group. My name is Gunnar Larsen and I am the CEO of the group and with me today, I also have our CFO, Pål Aurvåg, who will give you some more details about the financials. We have our standard agenda today, and we start with the Q2 highlights. Some of the key developments within the quarter is that we had a revenue of NOK193.2 million.
We have an EBITDA of NOK0 million and a cash balance of NOK124 million. This is compared also to NOK200 million approximately last year, which was affected by a one-off effect of NOK46.9 million. The EBITDA is around NOK0 million today, and that is a significant improvement from the last three quarters. In this quarter also, as we did in Q1, we won significant contracts and we had a total order intake of NOK570 million and a book-to-bill of 2.95 times.
And of this, we can mention a large equipment package to Havyard Leirvik or HAV Hydrogen which they are done today and automation of the vessel
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