HAV Group ASA — Earnings Release 2022

Mar 10, 2023

HAV Group: Financial results for the fourth quarter of 2022

HAV Group: Financial results for the fourth quarter of 2022

(Fosnavåg, Norway, 10 March 2023) HAV Group ASA (HAV Group, OSE:HAV), the enabler of the green transition as sea, reported revenues of NOK 124.3 million in the fourth quarter of 2022, down from NOK 224.5 million in the same quarter in 2021, due to the project based business model. The operating result (EBIT) was NOK -19.4 million (23.8), as the company booked provisions on a project that was awarded in 2018. The company has secured an order intake of approximately NOK 200 million at the start of 2023, as the company is perfectly positioned to leverage on the green maritime megatrends. HAV Group reiterates the 2025 revenue outlook of NOK 1.3 billion.

“The fourth quarter of 2022 was characterized by provisions on a project that was awarded in 2018, which significantly impacted our financial performance negatively. Overall, we are seeing an improved market, which has resulted in a number of new contracts both in the fourth quarter and the subsequent months,” says Gunnar Larsen, Chief Executive Officer of HAV Group.

Order intake in the fourth quarter 2022 was NOK 125 million, up from NOK 65 million in the corresponding quarter last year. The order backlog stood at NOK 482 million at year-end (382). So far in this year’s first quarter, HAV Group has secured an order intake of approximately NOK 200 million.

HAV Group reported a revenue decline to NOK 124.3 million in the period, following less periodically trading of equipment, and an EBITDA* of NOK -14.7 million (29.4). The EBIT was NOK -19.4 million in the fourth quarter of 2022 (23.8), mainly related to the provisions on a particular project, while the cash balance of the end of the quarter was NOK 224.4 million.

Global megatrends with ambitious goals and increasingly stringent environmental requirements provide incentives and requirements for the maritime industry to reduce its environmental footprint considerably. HAV Group is well positioned with technology and products within digitalization and sustainability to enable the green shift in the maritime and marine industries.

This week, the company announced that the deck-based containerized hydrogen (H2) energy systems for ships had received Approval in Principle (AiP) from DNV. The AiP is an important milestone for HAV Group in bringing the new Zero Emission Pod system onto the market and engaging with customers on the first commercial installations of the system. Please see the stock exchange announcement dated 6 March 2023 for further details.

“Global megatrends, including regulatory changes, provide incentives and requirements for the maritime industry to reduce the environmental footprint short and long term. HAV Group possesses the technologies and products that enable the green transition at sea. The global maritime market outlook is more positive going into 2023, and HAV Group has chosen to maintain its capacity to be able to fully capitalize on forthcoming growth opportunities. HAV Group reiterates the 2025 revenue outlook of NOK 1.3 billion, with periodic fluctuations reflecting the project-driven business,” Larsen concludes.

HAV Group will present the financial results for the fourth quarter of 2022 via webcast on Friday 10 March at 08:00 CET. The presentation is given by Gunnar Larsen, CEO, and Pål Aurvåg, Chief Financial Officer.

Link to webcast: https://vimeo.com/event/2991021

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/alnb7q7x3x6q

The presentation and board of directors’ report for the fourth quarter 2022 is enclosed.

*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

About HAV Group | www.havgroup.no

The HAV Group is an international provider of technology and services for maritime and marine industries, listed on Euronext Growth Oslo under the ticker code HAV. The group comprises four subsidiaries with several decades of combined experience in the industry, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Daniel Kopperstad, Head of Legal Affairs, on 10 March 2023 at 07:00 CET.