Kurs & Likviditet
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Land | Norge |
---|---|
Lista | OB Match |
Sektor | Tjänster |
Industri | Industri |
2024-02-28 07:00:00
28 February 2024: Eqva ASA (OSE: EQVA) ended 2023 on a strong note, with a solid
fourth quarter showing continued progress in the Products, Solutions &
Renewables segment. The successful divestment of the shipyard Havyard Leirvik,
further reaffirms the group's strategic direction to be an active owner of
industrial service companies.
For the full year 2023, Eqva reported an operating income, excluding
discontinued operations, of NOKm 687 (pro forma 2022: NOKm 394) with an adjusted
EBITDA of NOKm 42 (pro forma 2022: NOKm 3.3). Revenues were up 75% from last
year, and EBITDA margin strengthened from 0.8% to 6.1%.
Products, Solutions & Renewables delivered another strong quarter, which lead to
a full year EBITDA margin of 5.6%. Excluding non-recurring effects of total NOKm
13 and a management fee of NOKm 8, the segment delivered an adjusted EBITDA of
NOKm 59.2, representing an adjusted EBITDA margin of 8.6%.
The orderbook at the end of the fourth quarter was NOKm 487 (2022: NOKm 300).
With this as a foundation, the group expects robust order intake and a high
activity level throughout 2024.
"Eqva delivered another solid quarter thanks to our broad portfolio with
diversified revenue streams, strong client relationships and our dedicated
staff's hard work. Throughout 2023, we have seen increased activity on key
projects in Products, Solutions & Renewables, resulting in notable volume and
margin growth," says CEO Erik Høyvik.
Key strategic milestones
Several strategic events stood out in the fourth quarter 2023. First of all,
Eqva divested its shipyard Havyard Leirvik. With this transaction completed,
Eqva will now strengthen its efforts to continue the development of BKS and
Fossberg Kraft. Additionally, it frees up resources to pursue new investment
opportunities that contribute to the green transition in maritime,
power-intensive, and renewable industries.
Also in the fourth quarter, Eqva announced a letter of intent to acquire and
combine LOS Gruppen with BKS, with the aim to take a leading market position as
a full-service supplier for technical installations in maritime-, offshore and
land-based industries. The process towards final agreement is progressing as
planned, with closing expected in the beginning of second quarter 2024. The
closing of the acquisition of Kvinnherad Elektro, announced earlier in 2023, is
also expected in the second quarter.
Outlook
The increased inflation, higher interest rates and market uncertainties continue
to influence Eqva's markets, but the company has a positive outlook for the
year. Eqva benefits from its flexibility, its diversified mix of services, and
strong customer relationship in Norway. Most demand comes from key customers
closely linked to Eqva's portfolio companies, reducing its exposure to
short-term cyclicality in the general economy.
Eqva expects revenues for 2024 to be in the range of NOK 600-700 million with an
EBITDA margin in the range of 5-7%. With planned M&A activities included,
revenues are expected to increase to NOK 1.2-1.4 billion on a full-year basis,
with similar EBITDA range.
A presentation of the results will be held by CEO Erik Høyvik, CFO Petter
Sørdahl. The presentation will be available on the company's web site
www.eqva.no and https://vimeo.com/event/4110756 from 09:00 CET.
For more information, please contact:
Erik Høyvik, Chief Executive Officer: +47 916 83 173
Petter Sørdahl, Chief Financial Officer: +47 917 56 147
Even Matre Ellingsen, Chairman of the Board: + 47 990 05 500
Eqva ASA in brief
Eqva ASA is a knowledge-based active owner of engineering, construction and
service companies that contribute to the green transition in maritime, power
intensive and renewable industries.
The group has a well-diversified product and market portfolio, and further
growth will be established through a combination of company-based development,
utilization of synergies between the companies in the group as well as
value-creating M&A activities.
Key companies in the group are BKS and Fossberg Kraft, each building on decades
of experience and widely recognized by clients in a broad range of industries.
Read more on www.eqva.no
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.