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ABL Group Investor Presentation 2023

Oct 26, 2023

3519_rns_2023-10-26_26820e9e-c823-474c-a9b9-f167b52c5a1e.pdf

Investor Presentation

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2023 Q3 results

26 October 2023

abl-group.com

1. Highlights Reuben Segal, CEO

  1. Financial review Stuart Jackson, CFO

  2. Operations and outlook Reuben Segal, CEO

Disclaimer

  • This Presentation has been produced by ABL Group ASA (the "Company" or "ABL Group") solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, has not been reviewed or registered with any public authority or stock exchange, and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its importance. However, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary companies or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.
  • This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
  • AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY'S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS.
  • SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.
  • By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.

Q3 2023 Highlights

  • Revenue of USD 70.4m, up 60% compared to Q3 2022 (USD 44.1m)
  • Growth primarily due to acquisition of AGR1
  • Organic revenue growth of 11%, primarily driven by OWC (+39% YoY)
  • Adjusted EBIT of USD 6.8m (Q3 22: USD 4.0m)
  • Adjusted EBIT margin of 9.7% (Q3 22: 9.0%, Q3 22 pro-forma: 8.0%)
  • Annual increase mainly driven by improved margin in ABL segment
  • Margin increase in every segment compared to Q2 2023
  • Net cash of USD 14.9m (Q2 23: USD 14.6m)
  • USD 3.0m cash flow from operations offset by USD 3.4m negative cash flow from investments (incl. DWP), loan repayments and other financing
  • Acquisition of Delta Wind Partners (DWP) completed in August2

  • Semi-annual dividend of NOK 0.35 per share declared, to be paid in November

  • Highlights Reuben Segal, CEO

2. Financial review Stuart Jackson, CFO

  1. Operations and outlook Reuben Segal, CEO

Segment overview

ABL AGR OWC Longitude
Key services •
MWS & other asset surveys
•
Marine operations support
•
Marine casualty support		 •
Wells & reservoir consulting
•
Resource solutions
•
Software		 •
Renewables consulting
•
Owner's engineering
•
Technical due diligence		 •
Marine ops engineering
•
Vessel & facility design
•
Analysis and simulations
Share of group
revenues (Q3 2023)		 49% 30% 16% 5%
Segment adj EBIT
margin1
(Q3 2023)		 25.1% 4.3% 12.0% 30.1%
Corporate costs, adjusted2 (7.9)%
Group adj EBIT margin 9.7%

(1) Segment EBIT is presented before group cost allocation. A group EBIT adjustment for an integration charge has been applied to AGR segment for comparability.

(2) Corporate costs, post group EBIT adjustments, as % of group revenues. The adjustment for AGR integration charge has been applied to AGR segment above for comparability.

6

Abbreviated segment revenues and EBIT

USD million

7

Eliminations
Group
revenues		 (1
8)
44
1		 (2
2)
67
9		 (2
2)
70
4
AGR 3 19 21
6 7 8
Longitude 2 3 3
8 2 5
OWC 8 11 11
2 2 4
ABL 31 36 35
3 0 9
Revenues Q3 Q2 Q3
22 23 23
EBIT Q3 Q2 Q3
22 23 23
ABL 5 8 9
8 3 0
OWC 1 1 1
2 1 4
Longitude 0 0 1
9 9 1
AGR (0 0 0
1) 6 8
Corporate (4 (6 (6
5) 5) 7)
Group
EBIT		 3
3		 4
4		 5
5
EBIT
adjustments		 0
6		 0
9		 1
3
Group 4 5 6
Adjusted 0 3 8
EBIT
EBIT Q3 Q2 Q3
margin 22 23 23
ABL 18 23 25
5% 0% 1%
OWC 14 9 12
7% 8% 0%
Longitude 32 28 30
8% 3% 1%
AGR -2 3 3
5% 1% 5%
Adjusted
margin
Group
EBIT		 9
0%		 7
8%		 9
7%
  • Revenue growth driven primarily by OWC (+39% YOY) and integration of Add Energy and AGR
  • Quarter on quarter improvement in EBIT margin across all segments
  • Compared to Q3 2022, group adjusted EBIT margin increased from 8.0% to 9.7% on pro-forma consolidated basis (9.0% to 9.7% on reported basis)
  • AGR's reported EBIT margin of 3.5% includes a USD 0.2m one-off integration cost, adjusted for in group numbers
  • Applying this adjustment directly to the AGR segment would increase margin to 4.3%
  • YoY reduction in OWC margins primarily due to high recruitment

Add Energy consolidated from 3Q22, AGR from 2Q23, DWP from 1 September 2023

The AGR segment includes the AGR business acquired in Q2 2023, as well as certain Add Energy entities acquired in Q3 2022. Financials for the AGR segment prior to Q2 2023 relates solely to these Add Energy entities.

USD million

8

Abbreviated income statement Q3 22 Q3 23
Total revenue 44.1 70.4
Staff costs (22.7) (37.9)
Other operating costs (17.1) (25.5)
Depreciation and amortisation (0.9) (1.5)
EBIT 3.3 5.5
Net FX gain (loss) (0.8) 1.3
Other financial items 0.5 (0.4)
Profit before tax 3.0 6.5
Taxation (0.7) (1.0)
Profit after tax 2.3 5.5
Adjusted EBIT 4.0 6.8
Adjusted EBIT margin 9.0% 9.7%
  • Increase in revenue (+60% YoY), staff costs (+67%) and other operating costs (+49%) primarily from acquisition of AGR in 2Q 2023
  • Pro-forma combined1 YoY revenue growth (+11%) driven mainly by high growth in OWC
  • Staff costs growth higher than revenues mainly due to integration of structurally lower margin AGR
  • D&A includes a USD 0.2m one-off AGR integration cost in Australia
  • Other increase mainly from IFRS16 treatment of new office leases (USD 0.6m vs 0.4m) and increased amortisation of PPA intangibles (0.3m vs 0.1m)
  • Net FX gain is primarily unrealised revaluation of instruments denominated in nonfunctional currencies
  • EBIT adjustments relate to share-based compensation, amortisation of PPA intangible assets, M&A transaction and integration costs and other extraordinary or non-cash items, see appendix for details

USD million

Abbreviated cash flow Q3 22 Q3 23
Profit (loss) before taxes 3.0 6.5
Non-cash adjustments 0.6 1.9
Changes in working capital 4.1 (2.9)
Interest, tax, FX (1.7) (2.4)
Cash flow from operating activities 5.9 3.1
Cash flow from investing activities (0.0) (1.7)
Cash flow from financing activities 5.3 (1.7)
Net cash flow 11.2 (0.3)
Cash, beginning of period 18.7 26.4
FX revaluation of cash (0.7) (0.2)
Cash, end of period 29.3 25.9
  • Increased working capital driven mainly by increased days sales outstanding in OWC
  • Increased FX charge in operating cash flow due to unrealised effects of movements in exchange rates
  • Negative cash flow from investing activities includes USD 1.1 million paid on acquisition of Delta Wind Partners
  • Financing activities covers debt and lease service, including USD 0.8m debt repayment
  • Net cash outflow of USD 0.3 million, combined with USD 0.2m reduced USD value of cash holdings, yields USD 25.9m closing cash balance
USD million
Abbreviated balance sheet Q2 23 Q3 23
Cash and cash equivalents 26.4 25.9
Other current assets 78.3 81.4
Non-current assets 69.2 70.7
Total assets 173.9 177.9
Short term borrowings 6.8 6.0
Other current liabilities 48.7 49.0
Long term borrowings 5.0 5.0
Other non-current liabilities 16.7 16.3
Equity 96.7 101.6
Total equity and liabilities 173.9 177.9
Net Working Capital 31.8 34.2
Net cash 14.6 14.9

10

  • Net cash1 increased to USD 14.9 million
  • Working capital ratio down to 49% due to low working capital intensity of AGR, driving improved return on capital employed
  • Underlying increase from Q2: WC ratio is based on average revenue of last 2 quarter – single quarter WC ratio increased from 47% in Q2 to 49% in Q3
  • USD 6 million term loan matures in December 2023, USD 5 million RCF extended to July 2024
  • Full refinancing planned for Q4 2023

(2) Working capital ratio calculated as net working capital over quarterly revenues (average last two quarters). Refer to definition of APMs in Appendix

Declaring semi-annual dividend of NOK 0.35 per share to be paid in November

  • Declaring dividend of NOK 0.35 per share, corresponding to approximately USD 3.9 million
  • The dividend was resolved and declared in accordance with the authorisation granted by the AGM held in June 2023
  • The dividend will be paid on or about 20 November 2023. Shareholders owning the shares at the end of 27 October 2023 are entitled to dividends. The ex-dividend date will be 30 October 2023.
  • The distribution will for tax purposes be considered a repayment of paid-in capital
  • Total dividend paid in 2023 will be NOK 0.7 per share, corresponding to approximately USD 8 million
  • ABL Group has implemented a semi-annual dividend schedule
  • Returning capital to shareholders remains a strategic priority for ABL Group

Paid and proposed dividends (NOK/share)

1. Highlights Reuben Segal, CEO

  1. Financial review Stuart Jackson, CFO

3. Operations and outlook Reuben Segal, CEO

High organic staff growth, accelerated by AGR acquisition

  • 1,569 average number of employees in quarter represents 1% growth from Q2 2023
  • 3% increase in permanent staff
  • Freelancer share of 32%, down from 34% in Q1
  • Slight reduction mainly due to seasonal variations

  • Freelancer model provides a flexible cost base, to accommodate seasonal and cyclical variations

  • Organic staff growth primarily driven by OWC, adding 40% more tech staff over the last 12 months

  • High recruitment has negatively affected margin, as new staff is not fully utilised immediately
  • Current AGR segment consists of parts of old Add Energy business plus AGR. Acquisition of AGR in 2Q23 distorts annual growth figures for this segment and group total.
  • Group tech staff growth of 49% compared to Q3 2022
  • 13 1 Average full-time equivalents in the quarter. Numbers include freelancers on FTE basis and excludes staff made temporary redundant. Freelancer share calculated in % of total technical staff

2 Average full-time equivalents in the quarter, own tech staff + freelancers.

Diversified revenue base across sectors and regions

14 Note: Market sector revenue based on management accounts

(1) Simplified pro-forma combined revenues of ABL Group and AGR. Not adjusted for Delta Wind Partners prior to September 2023.

(2) OWC segment includes activities in OWC, Innosea and East Point Geo entities.

Offshore wind market: Cost inflation impacting short-term demand

Announced lease auctions by start year (GW), Europe2

  • Inflation and interest rates impacting sector
  • Project postponements, specifically on projects with offtake prices that predate the recent rises, leads to reduced 2024 installation activity
  • Reduced growth also for early-stage work next 6-12 months as markets adjust to fixed price mechanisms
  • Positive long-term trajectory and market drivers persist: power sector decarbonisation, electrification of energy system (EVs etc) & energy security
  • Supported by high FID and seabed leasing activity: 2024 to see over 3x more capacity auctioned compared to 2023
  • ABL benefits from significant focus on early development phase (auction support) and a diverse exposure to multiple technologies and markets

OIL & GAS

O&G investments on the rise, jackup activity highest level since 2015

Summary and outlook

  • All time high quarterly revenues and EBIT
  • OWC continues to grow rapidly, 39% compared to same quarter last year
  • Improved margins in all segments compared to Q2
  • Robust market outlook despite near term slowing in offshore wind growth
  • Renewables: Reduced short term growth as markets adjust to cost inflation long term trajectory remains very positive
  • O&G: Brownfield market is active and continues to improve, greenfield activity to accelerate into 2024
  • Maritime: Maintaining strong position in stable market
  • Improving capital efficiency and returning cash to shareholders on semi-annual schedule
  • All-time high annualised ROCE of 21% in Q3, driven by reduced capital intensity post AGR acquisition
  • Semi-annual dividend of NOK 0.35 per share to be paid in November
  • We will continue to be active in consolidation of the energy consultancy industry

Appendix

© 2012-2023 ABL Group

Revenue base increased 600% since 2018

Revenue (USDm) and adjusted EBIT margin development, ABL Group

Key acquisitions

  • 2014: OWC
  • 2019: Braemar Technical Services (BTS), forming AqualisBraemar
  • 2020: LOC Group, forming ABL Group
  • 2021: East Point Geo, OSD-IMT
  • 2022: Add Energy
  • 2023: AGR, Delta Wind Partners

Our Markets

The ABL Group family

ABL Group ASA – a global brand family combining the deepest pool of expertise across energy, marine, engineering and digital solutions to drive safety and sustainability in energy and oceans throughout the life-cycle of a project of asset.

The Energy & Marine Consultants.

Global, independent energy, marine and engineering consultant working to derisk and drive sustainability across projects and assets in renewables, maritime and oil & gas.

The Energy & Software Consultants.

Multi-disciplinary engineering consultancy and software provider specialising in wells and reservoirs.

The Renewable Energy Consultants.

Dedicated engineering, technical advisory and consultant for the commercial development of offshore and onshore renewable energy.

The Engineering Consultants.

Independent engineering, design and analysis consultants working across marine markets: renewables, oil & gas, maritime, small craft and defence, and infrastructure.

Key services:

  • MWS & other asset surveys
  • Marine operations support
  • Marine casualty support

Key services:

  • Wells & reservoir consulting
  • Resource solutions
  • Software

Key services:

  • Renewables consulting
  • Owner's engineering
  • Technical due diligence

Key services:

  • Marine ops engineering
  • Vessel & facility design
  • Analysis and simulations

ABL Group Service Portfolio

CONSULTING & ENGINEERING

  • Owner's engineering
  • Technical due diligence
  • Site investigations
  • Geotechnical & geophysical
  • Marine operations
  • Construction supervision
  • Advance analysis & simulation

  • Client reps & secondments

  • Well engineering,

  • management & servicing • Reservoir management &
  • asset evaluation • Software & digital
  • Marine design, upgrade & conversion
  • Cable engineering
  • Asset integrity management
  • HSEQ & risk engineering
  • Clean shipping

LOSS PREVENTION

Surveys, inspections & audits

  • Vessel and marine assurance
  • Rig inspections and assurance
  • Industrial standard audit
  • Vessel condition survey
  • Pre-purchase survey
  • Well risk management and blowout contingency

Marine warranty survey

  • Renewables
  • Oil & gas
  • Operations • Project cargo
  • Rig moving
  • Decommissioning

LOSS MANAGEMENT

Marine casualty support & management

• Salvage & wreck removal

  • Hull & machinery (H&M) claims
  • P&I claims

Well control

  • Well kill support

  • Relief Well Injection Spool (RWIS)

  • Expert witness & litigation

  • Energy expert witness & litigation
  • Marine expert witness & litigations
  • Marine casualty investigations

22

Global partner, local expert

Global footprint provides clients with local expertise and swift response

Pro-forma combined financials (simplified)

ABL Group, as reported 9.0% 8.2% 8.0% 7.8% 9.7% Pro-forma combined (simplified) 8.0% 7.7% 7.4% 7.8% 9.7%

USD
millions
Revenue Q3
22		 Q4
22		 Q1
23		 Q2
23		 Q3
23		 Q/Q
growth		 Y/Y
growth
ABL
Group
reported
, as		 44
1		 42
8		 45
2		 67
9		 70
4		 3
6%		 59
6%
AGR
(consolidated
2Q23)		 19
1		 21
3		 19
5
Pro-forma
combined
(simplified)		 63
2		 64
0		 64
7		 67
9		 70
4		 3
6%		 11
4%
Adjusted
EBIT		 Q3
22		 Q4
22		 Q1
23		 Q2
23		 Q3
23		 Q/Q
growth		 Y/Y
growth
Group
ABL
reported
, as		 4
0		 3
5		 3
6		 5
3		 6
8		 29
1%		 72
6%
AGR
(consolidated
2Q23)		 1
1		 1
4		 1
2
Pro-forma
combined
(simplified)		 5
0		 4
9		 4
8		 5
3		 6
8		 29
1%		 35
5%
Adjusted
EBIT
margin		 Q3
22		 Q4
22		 Q1
23		 Q2
23		 Q3
23

Note: These pro-forma combined figures are a simple combination of stand-alone accounts – not adjusted for other hypothetical effects if transactions occurred earlier AGR figures are management accounts, converted to USD using average exchange rate for 2022 and Q1 23

Historical figures for Delta Wind Partners, consolidated from September 2023, are not included above.

24

Billing ratio development

Billing ratio1 – Technical staff

Comments

  • Freelancers are ~100% utilisation
  • Increased billing ratio including freelancers due to increased freelancer share after AGR integration
  • AGR consolidated from Q2 2023

25 1 Billing ratio excludes management, business development, administrative support staff and temporary redundancies. Figure calculated as billable hours over available hours. Available hours excludes paid absence (public holidays, time off in-lieu, compassionate leave, authorized annual leave) and unpaid absence (sabbatical and other unpaid leave).

General (1/2)

Basis of preparations

This presentation provides consolidated financial highlights for the quarter of the Company and its subsidiaries. The consolidated financial information is not reported according to requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited.

The accounting policies adopted in the preparation of this presentation are consistent with those followed in the preparation of the last annual consolidated financial statements for the year ended 31 December 2022. A description of the major changes and the effects are included in note 2 (standards issued but not yet effective) of the ABL annual report 2022 available on www.abl-group.com.

The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Alternative Performance Measures (APMs)

ABL discloses APMs in addition to those normally required by IFRS. APMs are meant to provide an enhanced insight into the operations, financing and future prospects of the company. Certain items may not be indicative of the ongoing operating result of the company and are excluded from the alternate profit measures. Profit measures excluding those adjustment items are presented as an alternative measures to improve comparability of the underlying business performance between the periods. The Company has defined and explained the purpose of the following APMs:

Adjusted EBITDA which excludes depreciation, amortization and impairments, share of net profit (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs is a useful measure because it provides useful information regarding the Company's ability to fund capital expenditures and provides a helpful measure for comparing its operating performance with that of other companies. EBITDA may not be comparable to other similarly titled measures from other companies.

Adjusted EBIT which excludes amortisation and impairments, share of net profit (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs is a useful measure because it provides an indication of the profitability of the Company's operating activities for the period without regard to significant events and/ or decisions in the period that are expected to occur less frequently.

Adjusted profit (loss) after taxes which excludes amortisation and impairments, share of net profit (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs and certain finance income is a useful measure because it provides an indication of the profitability of the Company's operating activities for the period without regard to significant events and/or decisions in the period that are expected to occur less frequently.

Order backlog is defined as the aggregate value of future work on signed customer contracts or letters of award. ABL's services are shifting towards "call-out contracts" which are driven by day-to-day operational requirements. An estimate for backlog on "call-out contracts" are only included in the order backlog when reliable estimates are available. Management believes that the order backlog is a useful measure in that it provides an indication of the amount of customer backlog and committed activity in the coming periods.

Working capital is a measure of the current capital tied up in operations. The amount of working capital will normally be dependent on the revenues earned over the past quarters. Working capital includes trade and other receivables and contact assets, trade and other payables, current tax payable, and contract liabilities. Working capital may not be comparable to other similarly titled measures from other companies. Working capital ratio provides an indication of the working capital tied up relative to the average quarterly revenue over the past two quarters.

General (2/2)

Alternative Performance Measures (APMs) continued

Return on equity (ROE)

ROE is calculated as the adjusted profit (loss) for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit (loss) is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the total equity.

Return on capital employed (ROCE)

ROCE is calculated as the adjusted EBIT for the period, divided by average capital employed for the period. Capital employed is defined as total assets less non-interest bearing current liabilities. The adjusted EBIT is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the capital employed.

Net cash

Net cash is calculated as the cash and cash equivalents minus interest-bearing debt excluding lease liabilities. This is a useful measure because it provides an indication of the company's liquidity, without being affected by drawdown and repayment of bank debt or the length of the group's office leases. ABL Group's lease liabilities predominantly relate to office leases of varying length, and depreciation of such leases is included in the Operating Profit (EBIT) and Adjusted EBIT measures.

Adjustment items

USD
thousands
Adjustment
items
(EBITDA)		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
Restructuring
and
integration
costs		 2
9		 1
4		 362 - - 1
9		 170 189 - - 172
Other
(incl
expenses)
special
items
. share-based		 531 485 1
475		 456 209 504 603 1
773		 393 404 607
Transaction
related
M&A
costs
to		 - - 6
7		 - 262 - 9
4		 357 351 172 197
(EBITDA)
Total
adjustment
items		 560 500 1
914		 456 472 523 868 2
318		 744 577 976
Adjustment
items
(EBIT)		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
Adjustment
items
(EBITDA)		 560 500 1
914		 456 472 523 868 2
318		 744 577 976
Amortisation
and
impairment		 8
9		 8
9		 356 8
9		 8
9		 110 142 430 154 322 349
Total
adjustment
items
(EBIT)		 649 589 2
270		 545 561 633 1
009		 2
748		 898 899 1
326
Adjustment
items
(profit
(loss)
after
taxes)		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
Adjustment
items
(EBIT)		 649 589 2
270		 545 561 633 1
009		 2
748		 898 899 1
326
Gain
on bargain
purchase
/
disposal
of
subsidiaries		 - (54) (54) - (84) (740) (1
064)		 (1
889)		 - - -
Total
adjustment
items
(profit
(loss)
after
taxes)		 649 535 2
216		 545 477 (107) (54) 860 898 899 1
326

APMs and Key Figures

USD
thousands
Profitability
measures		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
Operating
profit
(loss)
(EBIT)		 1
319		 1
916		 7
375		 2
806		 3
868		 3
329		 2
512		 12
514		 2
708		 4
397		 5
512
Depreciation
, amortisation
and
impairment		 820 998 3
790		 810 758 939 836 3
342		 863 1
347		 1
515
EBITDA 2
139		 2
914		 165
11		 615
3		 625
4		 4
268		 3
348		 15
856		 571
3		 5
745		 7
027
Total
adjustment
items
(EBITDA)		 560 500 1
914		 456 472 523 868 2
318		 744 577 976
Adjusted
EBITDA		 2
699		 3
414		 13
078		 4
071		 5
097		 4
791		 215
4		 175
18		 315
4		 6
321		 8
003
Operating
profit
(loss)
(EBIT)		 1
319		 1
916		 375
7		 2
806		 3
868		 3
329		 2
512		 12
514		 2
708		 4
397		 5
512
Total
adjustment
items
(EBIT)		 649 589 2
270		 545 561 633 1
009		 2
748		 898 899 1
326
Adjusted
EBIT		 1
968		 2
505		 9
645		 3
351		 4
428		 3
962		 3
521		 15
262		 3
606		 5
296		 6
838
Profit
(loss)
after
taxes		 (143) 1
145		 3
218		 2
974		 2
145		 2
301		 (1
166)		 6
253		 (99) 2
714		 5
519
(profit
(loss)
after
taxes)
Total
adjustment
items		 649 535 2
216		 545 477 (107) (54) 860 898 899 1
326
Adjusted
profit
(loss)
after
taxes		 507 1
680		 5
435		 3
519		 2
621		 2
193		 (1
221)		 7
113		 799 3
613		 6
845
Basic
earnings
per share
(USD)		 (0.00) 0.01 0.03 0.03 0.02 0.02 (0.01) 0.06 (0.00) 0.02 0.04
Adjusted
basic
earnings
(USD)
per share		 0.01 0.02 0.06 0.04 0.03 0.02 (0.01) 0.07 0.01 0.03 0.06

APMs and Key Figures

USD
thousands
Net
Cash		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
Cash
and
cash
equivalents		 23
212		 19
815		 19
815		 21
212		 18
711		 29
267		 30
974		 30
974		 28
819		 26
390		 25
890
Less:
Interest
bearing
bank
borrowings		 12
504		 11
661		 11
661		 10
817		 9
997		 14
166		 13
337		 13
337		 12
503		 11
795		 10
965
Cash
Net		 10
708		 8
154		 8
154		 10
395		 8
714		 15
102		 17
637		 17
637		 16
316		 14
594		 14
925
USD
thousands
Working
capital		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
Trade
and
other
receivables		 51
898		 43
235		 43
235		 44
920		 45
588		 45
110		 41
400		 41
400		 42
538		 53
484		 57
787
Contract
assets		 18
490		 18
101		 18
101		 18
302		 14
009		 17
160		 13
394		 13
394		 16
385		 24
832		 23
591
Trade
and
other
payables		 (33
594)		 (24
467)		 (24
467)		 (24
864)		 (22
032)		 (28
078)		 (25
890)		 (25
890)		 (27
443)		 (44
336)		 (45
075)
Contract
liabilities		 (934) (949) (949) (1
708)		 (1
638)		 (1
308)		 (1
535)		 (1
535)		 (1
864)		 (1
965)		 (2
003)
Income
payable
tax		 (673) (398) (398) (291) (77) (276) (439) (439) (514) (184) (93)
Net
working
capital		 35
188		 35
523		 35
523		 36
359		 35
851		 32
607		 26
931		 26
931		 29
101		 31
831		 34
208
Working
capital
ratio		 92% 94% 94% 94% 89% 76% 62% 62% 66% 56% 49%
Return
on equity
(ROE),
annualised		 2.9% 9.9% 8.2% 20.6% 15.2% 12.5% -6.9% 10.5% 4.6% 17.3% 27.6%
(ROCE),
Return
on capital
employed
annualised		 8.6% 11.2% 10.7% 14.8% 19.2% 16.2% 14.0% 16.2% 14.6% 18.7% 21.2%
Operational
metrics		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
Order
backlog
the
end
of
the
period
(USD
million)
at		 60.4 63.2 63.2 69.6 61.8 68.1 72.1 72.1 68.2 93.6 86.2
(1)
of
full-time
Average
number
equivalent
employees		 970 1
095		 1
098		 1
027		 1
125		 1
552		 1
569
922 960 925 946

1) Full time equivalent numbers include freelancers on FTE basis

2) Billing ratio for technical staff includes freelancers on 100% basis

Consolidated Statement of Income

USD
thousands
Consolidated
income
statement		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
Revenue 37
986		 37
797		 150
748		 39
643		 41
367		 44
100		 42
788		 167
897		 45
177		 67
938		 70
402
Total
revenue		 37
986		 37
797		 150
748		 39
643		 41
367		 44
100		 42
788		 167
897		 45
177		 67
938		 70
402
Staff
costs		 (20
590)		 (20
225)		 (81
978)		 (21
143)		 (20
624)		 (22
740)		 (23
619)		 (88
126)		 (25
468)		 (36
900)		 (37
922)
Other
operating
expenses		 (15
257)		 (14
658)		 (57
605)		 (14
885)		 (16
117)		 (17
092)		 (15
821)		 (63
915)		 (16
138)		 (25
293)		 (25
453)
Depreciation
, amortisation
and
impairment		 (820) (998) (3
790)		 (810) (758) (939) (836) (3
342)		 (863) (1
347)		 (1
515)
Operating
profit
(loss)
(EBIT)		 1
319		 1
916		 7
375		 2
806		 3
868		 3
329		 2
512		 12
514		 2
708		 4
397		 5
512
Gain
/
of
on bargain
purchase
disposal
subsidiaries		 - 5
4		 5
4		 - 8
4		 740 1
064		 1
889		 - - -
Finance
income		 2
3		 4
8		 112 4
2		 1
6		 6
6		 4
5		 169 5
2		 119 3
2
Finance
expenses		 (164) (196) (765) (115) (278) (317) (701) (1
411)		 (384) (258) (393)
Net
foreign
exchange
gain
(loss)		 (683) 585 (592) 418 (843) (793) (1
290)		 (2
507)		 (2
050)		 (696) 1
325
Profit
(loss)
before
income
tax		 495 2
408		 6
184		 3
151		 2
847		 3
026		 1
629		 10
654		 326 3
563		 6
476
Income
tax
expenses		 (638) (1
263)		 (2
965)		 (177) (703) (726) (2
796)		 (4
401)		 (424) (849) (958)
Profit
(loss)
after
tax		 (143) 1
145		 3
218		 2
974		 2
145		 2
301		 (1
166)		 6
253		 (99) 2
714		 5
519
Other
comprehensive
income
Currency
translation
differences		 (328) (1
551)		 (475) (360) (1
503)		 (2
619)		 1
706		 (2
777)		 2
101		 (1
851)		 (1
657)
Income
effect
tax		 - (343) (343) - - - (729) (729) - - -
Other
comprehensive
income
for
the
period		 (328) (1
894)		 (818) (360) (1
503)		 (2
619)		 976 (3
506)		 2
101		 (1
851)		 (1
657)
Total
comprehensive
income
for
the
period		 (470) (749) 2
400		 2
613		 641 (318) (190) 2
746		 2
002		 863 3
862
Total
comprehensive
income
for
the
period
is
attributable
to:
Equity
holders
of
the
parent
company		 (504) (705) 2
325		 2
610		 634 (321) (235) 2
689		 1
926		 775 3
801
Non-controlling
interests		 3
3		 (44) 7
5		 3 8 2 4
5		 5
8		 7
6		 8
8		 6
1

Consolidated Statement of Cash Flow

USD
thousands
Consolidated
cashflow
statement		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
Profit
(loss)
before
taxes		 495 2
408		 6
184		 3
151		 2
847		 3
026		 1
629		 10
654		 326 3
563		 6
476
Non-cash
adjustment
reconcile
profit
before
cash
flow:
to
tax
to
Depreciation
, amortisation
and
impairment		 820 998 3
790		 810 758 939 836 3
342		 863 1
347		 1
515
benefits
Non-cash
employee
expense – share-based
payments		 532 484 1
475		 456 209 360 371 1
396		 393 404 435
Gain
on bargain
purchase
/
disposal
of
subsidiaries		 - (54) (54) - (84) (740) (1
064)		 (1
889)		 - - -
Changes
in
working
capital:
Changes
in
trade
and
other
receivables		 (3
506)		 9
052		 (6
923)		 (1
885)		 3
624		 3
344		 7
475		 12
558		 (4
128)		 (4
916)		 (3
644)
Changes
in
trade
and
other
payables		 3
100		 (9
112)		 (252) 1
277		 (2
993)		 766 (1
903)		 (2
853)		 2
208		 1
144		 720
Interest
costs
- net		 118 110 488 5
1		 172 279 612 1
115		 384 123 215
Income
paid
taxes		 (1
019)		 (1
270)		 (3
194)		 (288) (947) (725) (935) (2
894)		 (305) (382) (695)
Net
exchange
differences		 4
4		 (896) (1
221)		 (153) (585) (1
302)		 (104) (2
144)		 249 (331) (1
952)
Cash
flow
from
(used
in)
operating
activities		 585 1
721		 293 3
418		 3
002		 5
947		 6
917		 19
285		 (11) 952 3
070
Payments
for
plant
and
equipment
property,		 (98) (184) (534) (425) (692) (285) (461) (1
862)		 (340) (542) (682)
Interest
received		 1
5		 2
2		 5
4		 7 1
0		 1
7		 4
7		 8
1		 3
5		 3
5		 2
7
(paid)
of
Net
cash
acquired
on acquisition
subsidiary		 - (556) (554) - - 236 (819) (583) - 3
085		 (1
077)
Cash
flow
from
(used
in)
investing
activities		 (83) (717) (1
035)		 (418) (682) (32) (1
233)		 (2
364)		 (305) 2
577		 (1
732)
Dividends
paid
to
company's
shareholders		 - (2
668)		 (5
476)		 - (2
917)		 - (3
019)		 (5
936)		 - (4
047)		 -
Principal
elements
of
lease
payments		 (561) (547) (2
601)		 (537) (302) (383) (543) (1
765)		 (569) (608) (710)
Proceeds
from
loans
and
borrowings		 - - - - - 5
000		 - 5
000		 - - -
Repayment
of
borrowings		 (806) (1
087)		 (3
422)		 (903) (762) (836) (833) (3
333)		 (833) (708) (831)
Proceeds
from
issuance
of
shares
capital		 - - 2
301		 - - 1
733		 1
3		 1
746		 - - -
Interest
paid		 (115) (110) (479) (56) (163) (221) (211) (650) (281) (162) (111)
Cash
flow
from
(used
in)
financing
activities		 (1
483)		 (4
412)		 (9
677)		 (1
496)		 (4
143)		 5
294		 (4
593)		 (4
939)		 (1
684)		 (5
525)		 (1
651)
Net
in
cash
and
cash
equivalents		 (981) (3
408)		 (10
419)		 1
505		 (1
823)		 11
208		 1
092		 11
982		 (2
000)		 (1
995)		 (314)
change
Cash
of
and
cash
equivalents
at
the
beginning
the
period		 24
532		 23
212		 30
642		 19
815		 21
212		 18
711		 29
267		 19
815		 30
974		 28
819		 26
390
Effect
of
movements
in
exchange
rates		 (339) 1
1		 (407) (108) (678) (652) 615 (823) (155) (435) (186)
Cash
and
cash
equivalents
the
end
of
the
period
at		 23
212		 19
815		 19
815		 21
212		 18
711		 29
267		 30
974		 30
974		 28
819		 26
390		 25
890

Consolidated Statement of Financial Position

USD
thousands
Consolidated
balance
sheet		 Q3
21		 Q4
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 Q1
23		 Q2
23		 Q3
23
Property
, plant
and
equipment		 1
169		 1
137		 1
345		 1
787		 2
993		 2
101		 2
163		 2
329		 2
209
Right-of-use
assets		 2
938		 3
629		 3
619		 8
046		 954
7		 904
7		 639
7		 8
236		 302
7
Goodwill
and
intangible
assets		 26
779		 27
465		 27
313		 26
937		 27
663		 29
382		 29
386		 53
644		 55
969
Investment
in
associates		 - - - - 6 2
9		 2
7		 2
6		 2
7
Deferred
tax
assets		 2
180		 1
708		 1
780		 1
702		 1
784		 1
744		 1
925		 4
997		 5
157
Trade
and
other
receivables		 51
898		 43
235		 44
920		 45
588		 45
110		 41
400		 42
538		 53
484		 57
787
Contract
assets		 18
490		 18
101		 18
302		 14
009		 17
160		 13
394		 16
385		 24
832		 23
591
Cash
and
cash
equivalents		 23
212		 19
815		 21
212		 18
711		 29
267		 30
974		 28
819		 26
390		 25
890
Total
assets		 126
665		 115
090		 118
492		 116
779		 131
938		 126
928		 128
882		 173
937		 177
932
EQUITY
AND
LIABILITIES
Equity 68
526		 66
865		 69
934		 67
868		 72
147		 68
427		 70
429		 96
718		 101
611
Deferred
tax
liabilities		 649 1
259		 1
237		 1
122		 1
102		 2
516		 1
588		 3
679		 3
759
Long
borrowings
term		 4
171		 3
328		 2
483		 1
664		 5
580		 - - 5
000		 5
000
Lease
liabilities
(non-current)		 1
409		 2
481		 2
463		 6
656		 006
7		 6
922		 6
544		 6
584		 942
5
Provisions
and
other
payables
(non-current)		 5
496		 5
661		 5
781		 5
692		 5
935		 5
993		 6
318		 6
465		 6
637
Trade
and
other
payables		 33
594		 24
467		 24
864		 22
032		 28
078		 25
890		 27
443		 44
336		 45
075
Contract
liabilities		 934 949 1
708		 1
638		 1
308		 1
535		 1
864		 1
965		 2
003
Short
term
borrowings		 8
333		 8
333		 8
333		 8
333		 8
585		 13
337		 12
503		 6
795		 5
965
Lease
liabilities
(current)		 1
673		 1
349		 1
397		 1
698		 1
920		 1
869		 1
678		 2
210		 1
848
Income
payable
tax		 673 398 291 7
7		 276 439 514 184 9
3
Provisions
(current)		 1
207		 - - - - - - - -
Total
equity
and
liabilities		 126
665		 115
090		 118
492		 116
779		 131
938		 126
928		 128
882		 173
937		 177
932

Revenues and EBIT

- split per segments

USD
thousands
Revenues Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
21 21 21 22 22 22 22 22 23 23 23
ABL 30 31 125 31 32 31 30 125 32 36 35
953 062 047 299 002 253 803 357 370 016 912
OWC 6 6 24 7 7 8 7 30 8 11 11
665 759 110 199 587 191 762 739 751 184 353
Longitude 2 2 8 2 3 2 2 11 2 3 3
212 113 381 356 083 826 926 191 663 191 530
AGR - - - - - 3
617		 2
852		 6
469		 3
309		 19
730		 21
835
Eliminations (1 (2 (6 (1 (1 (1 (1 (5 (1 (2 (2
844) 137) 790) 210) 305) 788) 556) 859) 916) 183) 228)
Total 37 37 150 39 41 44 42 167 45 67 70
revenues 986 797 748 643 367 099 788 897 177 938 402
Operating
profit
(loss)
(EBIT)		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
ABL 4 4 19 789 6 779 217 24 6 8 9
796 591 011 5 122 5 7 908 347 284 012
OWC 1
015		 536 3
089		 1
086		 1
299		 1
205		 772 4
362		 1
484		 1
092		 1
365
Longitude 341 213 1
395		 317 893 926 393 2
530		 475 904 1
064
AGR - - - - - (89) (756) (845) 8
4		 613 761
Corporate (4 (3 (16 (4 (4 (4 (5 (18 (5 (6 (6
group 833) 424) 120) 387) 447) 492) 114) 439) 682) 495) 690)
Total 1 1 7 2 3 3 2 12 2 4 5
EBIT 319 916 375 806 868 329 512 514 708 397 512

As of 1st July 2023, the ABL Group is managed by four distinct business lines under the brands ABL ("The Energy and Marine Consultants"), OWC ("The Renewable Energy Consultants"), Longitude ("The Engineering Consultants") and AGR ("The Energy and Software Consultants"). The internal restructuring was carried out to simplify the group structure and to improve clarity around service offerings. These business lines will also form the basis for the four reportable segments of the Group. The internal management reports provided by management to the Group's Board of Directors, which is the group's decision maker, is in accordance with this structure.

The former regional segments Middle East, Asia Pacific, Americas and Europe, together with Add Energy's asset integrity management business, now form the ABL segment. The AGR segment includes the AGR business acquired in Q2 2023, as well as certain Add Energy entities acquired in Q3 2022, which now form part of the AGR segment. Financials for the AGR segment prior to Q2 2023 relates solely to these Add Energy entities.

Trade receivable & Cash and cash equivalents

- split per segments

USD
thousands
Trade
receivables		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
ABL 28
785		 28
742		 28
742		 30
462		 30
730		 24
880		 24
902		 24
902		 25
564		 27
560		 28
029
OWC 2
779		 3
004		 3
004		 3
234		 3
896		 3
512		 3
192		 3
192		 4
255		 4
672		 7
383
Longitude 1
479		 1
884		 1
884		 1
680		 2
118		 1
861		 894 894 1
606		 1
737		 1
667
AGR - - - - - 4
189		 3
455		 3
455		 3
252		 10
125		 11
254
Total
trade
receivables		 33
043		 33
631		 33
631		 35
376		 36
743		 34
442		 32
443		 32
443		 34
677		 44
095		 48
333
Cash
and
cash
equivalents		 Q3
21		 Q4
21		 FY
21		 Q1
22		 Q2
22		 Q3
22		 Q4
22		 FY
22		 Q1
23		 Q2
23		 Q3
23
ABL 13
649		 13
288		 13
288		 14
960		 13
702		 18
955		 19
485		 19
485		 15
205		 12
478		 13
815
OWC 3
548		 3
356		 3
356		 3
448		 2
262		 3
255		 4
626		 4
626		 5
369		 4
261		 2
638
Longitude 1
053		 1
139		 1
139		 811 527 747 803 803 610 874 915
AGR - - - - - 848 1
710		 1
710		 872 6
582		 418
7
Corporate
group		 4
962		 2
032		 2
032		 1
994		 2
220		 5
462		 4
350		 4
350		 6
763		 2
194		 1
105
Total
cash
and
cash
equivalents		 23
212		 19
815		 19
815		 21
212		 18
711		 29
267		 30
974		 30
974		 28
819		 26
390		 25
890

As of 1st July 2023, the ABL Group is managed by four distinct business lines under the brands ABL ("The Energy and Marine Consultants"), OWC ("The Renewable Energy Consultants"), Longitude ("The Engineering Consultants") and AGR ("The Energy and Software Consultants"). The internal restructuring was carried out to simplify the group structure and to improve clarity around service offerings. These business lines will also form the basis for the four reportable segments of the Group. The internal management reports provided by management to the Group's Board of Directors, which is the group's decision maker, is in accordance with this structure.

The former regional segments Middle East, Asia Pacific, Americas and Europe, together with Add Energy's asset integrity management business, now form the ABL segment. The AGR segment includes the AGR business acquired in Q2 2023, as well as certain Add Energy entities acquired in Q3 2022, which now form part of the AGR segment. Financials for the AGR segment prior to Q2 2023 relates solely to these Add Energy entities.

Top 20 shareholders

# Name
of
shareholder		 No
. of
shares		 %
ownership
1 GROSS 14 12
MANAGEMENT 890 1%
AS 351
2 HOLMEN
SPESIALFOND		 10
450
000		 8
5%
3 DNB 7 6
BANK 637 2%
ASA 835
4 BJØRN
STRAY		 6
217
743		 5
0%
5 RGA
ENERGY
HOLDINGS
AS		 6
055
556		 4
9%
6 NORDEA
BANK
ABP
FIL
,		 6
055
555		 4
9%
7 MELESIO 4 3
INVEST 811 9%
AS 016
8 SOBER
AS		 3
500
000		 2
8%
9 SAXO 3 2
BANK 420 8%
A/S 525
10 HAUSTA 2 2
INVESTOR 747 2%
AS 088
11 CAPITAL 2 2
AS 539 1%
KRB 065
12 VALOREM
AS		 2
360
000		 1
9%
13 MP 2 1
PENSJON 251 8%
PK 128
14 TRAPESA
AS		 2
067
198		 1
7%
15 CATILINA 1 1
INVEST 685 4%
AS 339
16 MUSTANG 1 1
CAPITAL 675 4%
AS 000
17 BADREDDIN
DIAB		 1
652
695		 1
3%
18 AMPHYTRON 1 1
INVEST 600 3%
AS 339
19 GINKO
AS		 1
428
480		 1
2%
20 CARUCEL 1 1
FINANCE 300 1%
AS 000
Top 84 68
20 344 4%
shareholders 913
Other
shareholders		 39
005
454		 31
6%
Total 123 100
outstanding 350 0%
shares 367

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