Slides
Page 1
FOURTH QUARTER 2024 RESULTS PRESENTATION 27 FEBRUARY 2025 | BERGEN
Page 2
This presentation by Scana ASA is designed to provide a high -level overview of aspects of the operations of Scana ASA. The material set out in the presentation is current as of 27 February 2025. This presentation contains forward-looking statements relating to operations of Scana ASA that are based on the management’s own current expectations, estimates and projections about matters relevant to Scana ASA’s future financial performance. Words such as «likely», «aims», «looking forw ard», «potential», «anticipates», «expects», «predicts», «plans», «targets», «believes» and «estimates» and similar expressions are intended to identify forward -looking statements. References in the presentation to assumptions, estimates and outcomes and forward -looking statements about assumptions, estimate s and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factor s. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of Sc ana ASA or the likelihood that the assumptions, estimates or outcomes will be achieved. Scana ASA’s divisions engages in project activities which means that significant fluctuations in sales and order intake from qua rter to quarter can be expected. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided fo r information only. Scana ASA, its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and Scana AS A assumes no obligation to update any forward looking-statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitut e an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investmen t in the company’s shares or in making a decision to hold or sell your shares. 2 DISCLAIMER 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024
Page 3
3 Visit Scana’s website to learn more: www.scana.no INDUSTRIAL HISTORY – SOLUTIONS FOR TOMORROW
Page 4
27 FEBRUARY 2025 4 Q4 HIGHLIGHTS PSW Power & Automation strengthened its energy storage portfolio with strong positioning in the Nordic and Baltic energy transition. PSW Power & Automation secured important frame agreement with a Swedish energy company and received the first call-off within energy modules for data centers. FOURTH - QUARTER RESULTS 2024 Joint venture in Singapore between Skarpenord and Xtronica expands Scana’s reach in the Asia- Pacific region. Mongstad Industrier delivered best quarter ever. New chairman of the board and board member elected during EOGF in December.
Page 5
5 Major acquisitions, orders and deliveries 2024 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 Established new subsidiary in Namibia Purchased Mongstad Industrier Delivered subsea system to Bacalhau project offshore Brazil Delivered two subsea systems to Sparta and Vito Gulf of Mexico Delivered subsea system to Martin Linge project Delivered subsea system to Victory project Installed two mooring systems at Ivory coast Installed two mooring systems in Brazil Delivered BESS, shore power, vessel retrofits & energy modules in Norway Delivered BESS modules in Germany Delivered BESS modules in Netherlands Delivered BESS modules to Island Delivered BESS modules to UK Delivered Energy modules in Australia Delivered BESS and shore power modules to Sweden Delivered energy modules in Gulf of Mexico Expansion of energy storage in the Baltics Delivered BESS modules in Saudi Arabia Joint venture in Singapore: Skarpenord - Xtronica Delivered valve systems to ships under construction in China and Korea
Page 6
- 32 % to 329 MNOK Q4 HIGHLIGHTS 6 + 9 % to 448 MNOK -16 % to 1008 MNOK - 28 % to 26 MNOK REVENUE EBITDA ORDER BACKLOG Q4 2024 vs. Q4 2023 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 ORDER INTAKE 1 196 1 138 1 074 1 135 1 008 487 553 479 492 329 (400) (200) 0 200 400 600 800 1 000 0 200 400 600 800 1 000 1 200 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Order backlog Order intake + 21 % to 50 MNOK ADJ. EBITDA* *) EBITDA less adjustments related to identified cost or revenue that are excluded to improve comparability of the underlying business performance between periods. Ref appendix, Alternative Performance Measures 412 541 545 436 448 37 97 80 57 26 41 52 87 64 50 0 100 200 300 400 500 600 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Revenue EBITDA EBITDA adjusted*
Page 7
- 18 % to 1852 MNOK 2024 HIGHLIGHTS 7 + 23 % to 1970 MNOK -16 % to 1008 MNOK + 44 % to 261 MNOK REVENUE EBITDA ORDER BACKLOG 2024 vs. 2023 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 ORDER INTAKE 305 912 1 606 1 970 17 71 181 261 0 500 1 000 1 500 2 000 FY2021 FY 2022 FY 2023 FY 2024 Revenue EBITDA 78 533 1 196 1 008 167 1 087 2 261 1 852 (300) 200 700 1 200 1 700 2 200 2 700 0 200 400 600 800 1 000 1 200 FY2021 FY 2022 FY 2023 FY 2024 Order backlog Order intake
Page 8
8 NOVEMBER 2024 Slide 8THIRD - QUARTER RESULTS 2024 OFFSHORE PSW TECHNOLOGY PSW SOLUTIONS PSW NAMIBIA WEST ASSET MANAGEMENT SKARPENORD SEASYSTEMS SUBSEATEC MONGSTAD INDUSTIER
Page 9
LATEST WITHIN OFFSHORE 9 Order intake Q4: NOK 202 million Turnaround project at Equinor Mongstad: Orders for electrical disciplines and management received. Operational planning continues. PSW Namibia delivered a strong half year with new contract extension secured for first half year 2025. Altera Baleine project: FPSO and FSO on route from Dubai to Ivory Coast. Project successfully completed. Process improvement and synergy assessment related to the Mongstad Businesses. Excellent performance on the maintenance contract led to high score on KPI’s. New NDT facilities at Mongstad are in full operation with great reception from customers. Strong quarter for Mongstad Industrier thanks to the delivery of three major projects. Supply chain issues affecting our subsea projects are resolved and deliveries are progressing smoothly. Increased strategic focus on China, Singapore and Brazil for mooring solutions within Oil & Gas. Fish farming projects are gaining traction while renewables are progressing slowly. Continued work with our PSW business portfolio to improve facility utilization. Strong demand within NDT with several large surface treatment projects for Equinor in the funnel. Continued focus on regional development of our business portfolio through co-operation and joint ventures. Continued focus on Namibian Oil & Gas market. NEW ORDERS OPERATIONS OUTLOOK 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024
Page 10
108 NOVEMBER 2024 THIRD - QUARTER RESULTS 2024 PSW POWER & AUTOMATIONENERGY
Page 11
LATEST WITHIN ENERGY 11 Order intake Q4: NOK 140 million Power & Automation secured an important frame agreement with a Swedish energy company and received the first call off within energy modules / data centers. An important 11.3 MWh BESS contract was signed with Trollhättan Energi, with installation at 3 different locations in Sweden. Expansion to the Baltic energy storage market by signing a contract with a Baltic energy company. Secured leasing agreements including recurring revenues from grid balancing services both in Sweden and the Baltics. Reinforced business development team to capitalize on emerging opportunities within new markets and segments. Increased demand for long-term service agreements towards BESS and shore power. Established software development project for our EMS (Energy Management System) platform – to be conducted in 2025. Delivered 6 MW offshore electrification project “Askepott elektrifisering”. Delivered 4MWh BESS project to Uddevalla Energi. Electrification trend driving growth: The ongoing electrification trend supports underlying and expected growth in all segments. While order intake may vary over time, we see increased bidding activities in Northern Europe where our market position is strong. In 2025 the energy storage as a service model will be deployed with an expected uplift in margins. The development of aftermarket services on Energy Storage is expected to gain pace as installed systems reach first twelve months of operation. Significant growth potential towards new markets - both the Baltics and the Middle East. NEW ORDERS OPERATIONS OUTLOOK 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024
Page 12
FINANCIAL PERFORMANCE
Page 13
Revenue of NOK 448 million The growth in revenue of 9% compared to Q4 last year is driven by the offshore division. Energy has higher underlying value creation as new leasing model is reflected in capex until BESS is delivered. EBITDA of NOK 26 million Energy delivers stable EBITDA margins while Offshore is negatively impacted by one-off cost related to an arbitration process. Net loss before tax of NOK 14 million The increase in financial cost is related to unrealized losses on currency hedges. 13 REVENUE GROWTH AND MARGIN INCREASE *) Ref appendix Alternative Performance Measures 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 NOK million Q4 2024 Q4 2023 2024 2023 Revenue 448,4 412,3 1 970,1 1 606,0 Materials, goods and services (198,0) (216,5) (919,3) (881,3) Payroll expenses (171,9) (134,6) (634,1) (441,9) Other operating expenses (52,0) (24,3) (156,0) (101,6) EBITDA 26,4 36,9 260,6 181,3 EBITDA-margin 5,9% 9,0% 13,2% 11,3% Depreciation, amortisation, impairment (29,7) (26,9) (113,0) (97,9) Operating profit/(loss) - EBIT (3,2) 10,0 147,6 83,3 EBIT-margin -0,7% 2,4% 7,5% 5,2% Income from interests in associated companies - (0,0) - 4,8 Net financial income/expenses (-) (10,8) (8,2) (37,7) (31,6) Profit/(loss) before tax (14,1) 1,8 109,9 56,5 Income tax expense 2,4 15,1 (26,6) 15,0 Profit/(loss) (11,7) 16,9 83,3 71,6 Adjusted EBITDA* 49,8 41,2 253,3 197,0 Adjusted EBITDA-margin 11,1% 10,0% 12,9% 12,3% FULL YEARQUARTER
Page 14
14 ROBUST FINANCIAL STRUCTURE FUNDING, 31 DEC, 2024 | MNOK Liquidity reserve of NOK 167 million at end of quarter includes NOK 160 million of undrawn WCF. Cash flow from operation was NOK 30 million with a release of working capital of NOK 6 million CAPEX of NOK 18 million in Q4. NOK 12 million is related to the Energy-segment. NIBD of NOK 60 million at end of quarter includes NOK 50 million in bank loans and NOK 18 million related to Mongstad Industrier*). Net working capital of NOK 157 million at end of quarter. NIBD Equity CASH FLOW Q4 | MNOK *)See appendix for details on financing 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 Right of use assets 389 Property, plant & Equipment 151 Intangible assets and Goodwill 427 NWC 157 - Financial assets 13 Equity 663 NIBD 60 Lease liabilities 415 Net Capital Employed Finance 23 24 6 ( 18) ( 18) ( 1) ( 8) 7 Cash/Bank overdraft at end Q3 2024 CFFO before working capital Working capital Acquisition of PPE Payments of lease liabilities Paid other finance costs Interests paid Cash/Bank overdraft at end Q4 2024
Page 15
1 196 1 138 1 074 1 135 1 008 898 859 837 781 690 529 60 16 84 298 279 238 354 318 297 5 5 12 135 945 0 200 400 600 800 100 0 120 0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 2025 2026 2027 2028 -> Energy Offshore 15 Order backlog of NOK 1.008 million at end of Q4 2024. NOK 826 million of the order backlog related to projects estimated to be executed in 2025. Conservative approach to backlog where only firm commitments on frame agreements is included. ORDER BACKLOG Order backlog by execution year *) Options framework contract Equinor 2*3year options, first renewal in 2026. 10-year contract in West Asset Management has a mutual 1-year cancellation clause * * * * 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024
Page 16
16 Revenue of NOK 288 million Revenue increased with 21% compared to Q4 last year. Excellent performance from Mongstad Industrier and successful handling of supply chain delays within subsea are the main drivers of growth in the quarter. Overall revenues within offshore has been negatively impacted by cost-saving measures from Mongstad Refinery which impacts revenue both directly and indirectly. EBITDA of NOK 28 million EBITDA reduced with 29% which in full is related to one-off cost. NOK 14 million is related to an arbitration-process with expected conclusion in Q2. Strong underlying margins within subsea, surface treatment and successful project deliveries from Mongstad Industrier are the main contributors in the quarter. Adjusted EBITDA increased with 18% Order intake of NOK 202 million While project pipeline and bidding activities has been strong in the quarter, order intake has been sluggish. Uptick expected already in Q1. Order backlog of NOK 695 million NOK 250 million of the backlog is related to Equinor. Approximately NOK 530 million of the order backlog is expected to be delivered in 2025. OFFSHORE 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 239 336 331 246 288 40 88 63 47 28 0 100 200 300 400 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Revenue EBITDA 898 859 837 783 695 315 369 309 189 202 -500 -400 -300 -200 -100 0 100 200 300 400 500 0 200 400 600 800 1 0 00 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Order backlog Order intake 1,3 1,1 0,9 0,8 0,7 0 1 1 2 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Book to bill
Page 17
17 Revenue of NOK 170 million Revenues similar to Q4 last year with underlying value creation in Q4 this year is higher as NOK 8 million in BESS for rental is capex with no profit margin attached. There are some temporary delays in project portfolio within modules and grid scale solutions. EBITDA of NOK 15 million The increase in EBITDA of 26% is mainly a result of better product mix. Underlying segment performance is mixed as there are a few legacy modules projects coming to an end and a milestone grid BESS project has seen some challenges towards final delivery. Similar to revenue recognition on lease business model, EBITDA of rental portfolio will first be recognized when projects are delivered from Q1 and onwards. Order intake of NOK 140 million From all time high order intake in Q3 the current quarter has been slower. Delays in grid sanctioning in Sweden has postponed certain projects in our pipeline while other projects has been moved to the 2025 investment budget. Trollhättan Energi is a key BESS win in the quarter while frame agreements within BESS and Modules towards datacenters has secured a platform for growth without impacting the order intake directly. The order intake is split with approx. 45% energy storage, 45% Modules and 10% shore power. Order backlog of NOK 318 million The backlog is split between approx. 50% energy storage, 35% modules and 15% shore power. 93% of the order backlog is expected to be delivered in 2025 cENERGY 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 1,0 0,9 0,8 1,6 0,8 0 1 1 2 2 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Book to bill 178 219 232 204 170 12 21 29 21 15 0 50 100 150 200 250 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Revenue EBITDA 298 279 238 354 318 175 198 188 319 140 -30 20 70 120 170 220 270 320 370 0 100 200 300 400 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Order backlog Order intake
Page 18
18 Subseatec signed frame agreement with international subsea technology company, becoming exclusive global supplier of steel parts. Expected volume classified as a “sizeable contract”. Seasystems signed sizeable contract for mooring equipment to FLNG plant. 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 SUBSEQUENT EVENTS
Page 19
19 WHY INVEST IN SCANA A portfolio with exposure to an improving offshore market combined with electrification and renewable energy Strong revenue and EBITDA growth over the past three years, demonstrating a proven track record. Positioned to leverage previous investments in equipment and facilities Significant growth opportunities both organically and through M&A
Page 20
ADDITIONAL INFORMATION
Page 21
22 INCOME STATEMENT 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 FULL YEAR FULL YEAR NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Revenue 400,5 408,7 384,6 412,3 1 606,0 540,5 545,4 435,8 448,4 1 970,1 Materials, goods and services (234,8) (225,6) (204,5) (216,5) (881,3) (266,5) (267,8) (187,0) (198,0) (919,3) Payroll expenses (98,0) (102,4) (106,9) (134,6) (441,9) (148,5) (158,0) (155,7) (171,9) (634,1) Other operating expenses (24,2) (22,9) (30,2) (24,3) (101,6) (28,8) (39,3) (36,0) (52,0) (156,0) EBITDA 43,4 57,9 43,0 36,9 181,3 96,7 80,4 57,1 26,4 260,6 Depreciation, amortisation, impairment (23,4) (23,5) (24,1) (26,9) (97,9) (27,2) (28,6) (27,6) (29,7) (113,0) Operating profit/(loss) - EBIT 20,0 34,4 18,9 10,0 83,3 69,5 51,8 29,5 (3,2) 147,6 Income from interests in associated companies - 4,8 - (0,0) 4,8 - - - - - Net interest expense (10,0) (9,6) (9,1) (8,6) (37,3) (8,1) (8,7) (8,4) (7,3) (32,6) Net currency gain/loss (-) 2,1 4,7 1,0 0,4 8,1 (3,7) 6,2 (2,3) (3,5) (3,3) Other financial income/expenses (-) (0,8) (0,7) (0,8) (0,1) (2,4) (0,4) (0,8) (0,7) 0,0 (1,9) Profit/(loss) before tax 11,2 33,6 10,0 1,8 56,5 57,2 48,6 18,1 (14,1) 109,9 Income tax expense (0,1) 0,0 0,0 15,1 15,0 (12,6) (9,5) (7,0) 2,4 (26,6) Profit/(loss) 11,1 33,6 10,0 16,9 71,6 44,7 39,1 11,2 (11,7) 83,3 QUARTERQUARTER
Page 22
23 FINANCIAL POSITION 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 NON-CURRENT ASSETS Deferred tax assets 52,4 52,4 52,4 67,8 55,3 45,0 39,4 44,2 Goodwill 274,2 274,2 274,2 285,9 285,9 308,5 308,5 313,1 Intangible assets 71,6 72,8 70,7 71,4 71,7 69,1 69,7 69,8 Right of use assets 421,5 412,3 398,3 389,5 431,9 418,6 404,3 389,2 Property, plant and equipment 140,9 140,0 140,5 154,0 105,7 119,7 141,0 151,5 Investment in associated companies 36,3 1,1 1,0 1,1 1,1 1,1 1,1 1,1 Other non-current assets 4,9 7,9 7,9 15,0 14,1 14,7 14,7 14,8 Total non-current assets 1 001,8 960,6 945,0 984,7 965,7 976,6 978,7 983,8 CURRENT ASSETS Inventories 68,0 63,2 67,7 59,2 87,8 124,5 108,1 99,4 Trade receivables 198,8 228,8 269,8 252,6 285,1 313,0 241,7 327,6 Contract assets 147,2 153,6 93,2 99,4 135,4 154,4 153,6 108,0 Derivatives - - 1,8 6,4 1,7 4,3 2,7 0,4 Prepayments and other current receivables 48,4 22,0 17,8 56,6 16,9 18,0 17,6 44,8 Cash and cash equivalents 5,1 4,7 26,5 36,4 36,0 23,9 72,9 7,4 Total current assets 467,6 472,3 476,8 510,5 562,9 638,1 596,6 587,5 Total assets 1 469,5 1 432,9 1 421,8 1 495,2 1 528,7 1 614,7 1 575,4 1 571,3 QUARTER NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 EQUITY Paid-in capital 1 136,2 1 136,2 1 136,2 1 149,7 1 153,1 1 153,1 1 166,5 1 166,5 Other equity (631,6) (597,6) (586,8) (568,5) (545,7) (505,3) (492,2) (503,5) Total equity 504,6 538,7 549,4 581,2 607,4 647,8 674,3 663,0 NON-CURRENT LIABILITIES Loans and borrowings 123,9 104,0 99,1 93,6 48,8 58,4 58,5 58,0 Lease liabilities 354,7 347,6 336,4 326,1 354,3 349,4 334,9 322,5 Pension obligations 1,9 1,9 1,9 2,2 2,2 2,2 2,2 2,8 Total non-current liabilities 480,5 453,5 437,4 422,0 405,3 410,0 395,6 383,2 CURRENT LIABILITIES Loans and borrowings 35,7 45,2 22,1 22,1 28,9 75,4 54,4 9,5 Lease liabilities 78,7 79,1 78,5 81,5 98,0 91,7 91,9 92,5 Trade payables 105,4 94,9 92,8 101,2 115,6 134,6 90,5 109,8 Contract liabilities 156,8 97,6 111,3 115,6 80,3 53,0 89,9 97,6 Derivatives 5,9 3,0 1,8 2,8 2,1 0,6 1,6 2,6 Dividend - - - - 22,6 - 0,0 - Other current liabilities 101,8 121,0 128,5 168,8 168,4 201,7 177,2 213,0 Total current liabilities 484,3 440,8 435,0 492,1 515,9 556,9 505,5 525,1 Total equity and liabilities 1 469,5 1 432,9 1 421,8 1 495,2 1 528,7 1 614,7 1 575,4 1 571,3 QUARTER
Page 23
24 CASH FLOW 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 FULL YEAR FULL YEAR NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 CASH FLOW FROM OPERATING ACTIVITIES Profit / (loss) before tax 11,2 33,6 10,0 1,7 56,5 57,2 48,6 18,1 (14,1) 109,9 Taxes paid (0,7) (0,1) 0,5 0,4 0,1 (0,2) (0,4) (1,5) (4,1) (6,2) Gain / loss 0,2 (4,8) (0,0) (0,0) (4,7) (45,5) (0,0) (0,0) (0,1) (45,6) Currency exchange differences and non cash element 5,6 (2,8) (1,7) 4,5 5,7 5,1 (1,8) 3,8 4,6 11,7 Depreciation, amortisation, impairment 23,4 23,5 24,1 26,9 97,9 27,2 28,5 27,6 29,7 113,0 Net interest costs 10,0 9,6 9,1 8,6 37,3 8,1 8,7 8,4 7,3 32,6 Interest received 0,8 1,2 0,6 0,6 3,2 1,5 1,1 1,1 1,0 4,6 Change in net working capital (28,5) (55,9) 37,4 8,7 (38,3) (78,7) (58,4) 57,8 5,7 (73,6) Net cash from operating activities 22,0 4,4 80,0 51,5 157,9 (25,0) 26,2 115,2 30,0 146,5 CASH FLOW FROM INVESTING ACTIVITIES Proceeds from sales of property, plant, equipment 0,6 - 0,0 0,0 0,7 105,7 0,0 0,2 0,1 106,1 Acquisition of property, plants, equipment and intangible assets (3,3) (7,0) (5,5) (16,9) (32,7) (19,9) (13,0) (29,9) (18,2) (81,0) Proceeds from sale of shares - 40,2 - (0,0) 40,2 - - - - - Acquisition of subsidiaries - - - (6,8) (6,8) - (18,2) 0,2 (0,0) (18,0) Net changes associated companies and other non-current assets (1,8) (1,8) 0,8 (0,1) 0,2 (0,2) 0,8 Net cash from investing activities (2,7) 31,5 (5,5) (23,6) (0,3) 86,7 (31,2) (29,4) (18,3) 7,8 CASH FLOW FROM FINANCING ACTIVITIES Payments of LT borrowings (5,9) (20,0) (5,0) (5,0) (35,9) (55,0) (5,0) (5,0) - (65,0) Payments of lease liabilities (14,4) (14,4) (14,9) (15,5) (59,2) (17,3) (16,6) (19,5) (18,4) (71,8) Payments of ST borrowings 0,0 (0,5) 0,0 0,2 (0,3) - - - - - Proceeds from issue of new share capital - - - 13,5 13,5 3,4 0,0 13,5 - 16,8 Dividend paid - - - - - - (22,6) - (0,0) (22,6) Paid other finance costs - (0,0) (0,1) (2,5) (2,6) (0,2) (0,5) (0,5) (1,0) (2,2) Interests paid (10,9) (10,9) (9,6) (9,0) (40,4) (10,7) (9,9) (9,5) (8,3) (38,5) Net cash flow from financing activities (31,2) (45,9) (29,5) (18,3) (124,8) (79,8) (54,7) (21,1) (27,7) (183,3) Net cash flow (11,8) (10,0) 45,0 9,7 32,8 (18,2) (59,6) 64,7 (16,0) (29,0) Cash and cash equivalents at beginning of period 2,6 (8,5) (18,5) 26,5 2,6 36,4 18,2 (41,5) 23,3 36,4 Net foreign exchange difference 0,6 0,0 0,0 0,3 1,0 0,0 0,0 (0,0) (0,0) (0,0) Cash and cash equiv. at end of period (8,5) (18,5) 26,5 36,4 36,4 18,2 (41,5) 23,3 7,3 7,3 QUARTER QUARTER
Page 24
25 SPLIT PER SEGMENT 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 FY FY NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 REVENUE ENERGY 115,3 114,3 154,1 178,4 562,1 218,6 232,2 203,8 170,0 824,6 OFFSHORE 286,4 297,4 232,4 239,1 1 055,3 336,1 330,6 246,2 288,2 1 201,2 SCANA HQ 0,9 0,8 0,9 2,6 5,1 0,2 1,5 0,8 3,3 5,8 ELIMINATION / INTERSEGMENT (2,1) (3,8) (2,8) (7,8) (16,5) (14,4) (18,9) (15,1) (13,2) (61,6) Revenue 400,5 408,7 384,6 412,3 1 606,0 540,5 545,4 435,8 448,4 1 970,1 EBITDA ENERGY 15,8 14,3 19,2 12,2 61,5 20,5 29,3 21,3 15,3 86,5 OFFSHORE 40,9 53,2 30,9 39,8 164,8 88,0 62,7 46,9 28,2 225,7 SCANA HQ (13,2) (9,6) (7,1) (15,1) (45,0) (11,9) (11,6) (11,1) (17,1) (51,5) EBITDA 43,4 57,9 43,0 36,9 181,3 96,7 80,4 57,1 26,4 260,6 EBITDA% ENERGY 13,7% 12,5% 12,5% 6,8% 10,9% 9,4% 12,6% 10,5% 9,0% 10,5% OFFSHORE 14,3% 17,9% 13,3% 16,6% 15,6% 26,2% 19,0% 19,0% 9,8% 18,8% EBITDA% 10,8% 14,2% 11,2% 8,9% 11,3% 17,9% 14,7% 13,1% 5,9% 13,2% ADJUSTED EBITDA ENERGY 15,8 14,3 19,2 12,2 61,5 20,5 29,3 21,3 15,3 86,5 OFFSHORE 43,4 53,2 33,2 39,8 169,6 42,4 66,4 48,8 46,8 204,5 SCANA HQ (8,3) (8,7) (6,4) (10,8) (34,1) (10,7) (8,3) (6,9) (12,3) (38,2) ADJUSTED EBITDA 50,9 58,9 46,0 41,2 197,0 52,3 87,4 63,8 49,8 253,4 ADJUSTED EBITDA% ENERGY 13,7% 12,5% 12,5% 6,8% 10,9% 9,4% 12,6% 10,5% 9,0% 10,5% OFFSHORE 15,2% 17,9% 14,3% 16,6% 16,1% 12,6% 20,1% 19,8% 16,2% 17,0% ADJUSTED EBITDA% 12,7% 14,4% 12,0% 10,0% 12,3% 9,7% 16,0% 14,6% 11,1% 12,9% QUARTER QUARTER FY FY NOK million Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 EBIT ENERGY 11,1 9,5 14,1 4,4 39,1 12,7 19,2 13,1 5,0 50,0 OFFSHORE 22,5 34,6 12,0 20,8 89,9 68,7 44,3 27,6 8,9 149,5 SCANA HQ (13,6) (9,7) (7,2) (15,1) (45,6) (11,9) (11,6) (11,1) (17,2) (51,9) EBIT 20,0 34,4 18,9 10,0 83,3 69,5 51,8 29,5 (3,2) 147,6 EBIT% ENERGY 9,6% 8,3% 9,1% 2,5% 7,0% 5,8% 8,3% 6,4% 2,9% 6,1% OFFSHORE 7,9% 11,6% 5,2% 8,7% 8,5% 20,4% 13,4% 11,2% 3,1% 12,4% EBIT% 5,0% 8,4% 4,9% 2,4% 5,2% 12,9% 9,5% 6,8% -0,7% 7,5% NET ORDER INTAKE ENERGY 206,0 115,9 170,2 174,8 666,9 198,2 187,6 319,3 140,1 845,1 OFFSHORE 830,6 234,9 223,4 315,5 1 604,4 368,9 308,6 188,6 201,6 1 067,7 ELIMINATION / INTERSEGMENT (1,2) (3,1) (2,0) (3,6) (9,9) (14,2) (17,4) (15,8) (13,0) (60,4) NET ORDER INTAKE 1 035,4 347,7 391,6 486,7 2 261,4 552,8 478,8 492,1 328,7 1 852,4 ORDER BACKLOG ENERGY 283,7 285,3 301,3 297,7 297,7 278,7 237,7 353,9 318,2 318,2 OFFSHORE 887,2 824,3 815,5 898,4 898,4 859,0 836,7 782,8 694,5 694,5 ELIMINATION / INTERSEGMENT - - - - - - - (1,5) (4,6) (4,6) ORDER BACKLOG 1 170,9 1 109,6 1 116,8 1 196,1 1 196,1 1 137,7 1 074,5 1 135,1 1 008,1 1 008,1 BOOK TO BILL ENERGY 1,8 1,0 1,1 1,0 1,2 0,9 0,8 1,6 0,8 1,0 OFFSHORE 2,9 0,8 1,0 1,3 1,5 1,1 0,9 0,8 0,7 0,9 BOOK TO BILL 2,6 0,9 1,0 1,2 1,4 1,0 0,9 1,1 0,7 0,9 QUARTER QUARTER
Page 25
26 NIBD / FINANCIAL COVENANTS Net interest bearing debt | NOK million Financial covenants | NOK million 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 NOK million Facilities Maturity Interest 31.12.2024 Interest-bearing liabilities NOK 110m WC facility Annual renewal NOWA +2,45% - Interest-bearing liabilities NOK 50m WC facility Annual renewal NOWA +2,45% 0,0 Interest-bearing liabilities NOK 50m bullet Bullet January 27 3mnd Nibor +2,75% 50,0 Interest-bearing liabilities Amortized cost (1,5) Interest-bearing liabilities Accrued interests 0,8 Interest-bearing liabilities Seller credit 2026 4 % 10,0 Interest-bearing liabilities Contingent consideration - earn-out 2025-2026 8,2 Cash and cash equivalents (7,4) Net interest bearing debt 60,1 NOK million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Covenant NIBD/EBITDA - threshold 2.5x 2.5x 2.5x 2.5x Covenant NIBD/EBITDA - actual 0,6 0,8 0,3 0,4 Covenant Equity ratio - threshold 30 % 30 % 30 % 30 % Covenant Equity ratio - actual 56 % 55 % 59 % 57 %
Page 26
PROFIT MEASURES EBITDA Operating profit/loss before depreciation, amortization and impairment. Adjusted EBITDA EBITDA less adjustments related to identified cost or revenue that are excluded to improve comparability of the underlying business performance between periods. EBIT Operating profit/loss. Margins EBITDA margin, Adjusted EBITDA margin and EBIT margin are calculated as EBITDA, Adjusted EBITDA and EBIT divided by revenue. 27 ALTERNATIVE PERFORMANCE MEASURES Alternative performance measures, which means financial target figures that are not defined within the current financial reporting framework, is used by Scana to provide additional information. Alternative performance targets are intended to improve the comparability of the results from period to period. It is Scana’s experience that these are often used by analysts, investors, and other parties. Alternative performance measures are not a substitute for measuring results in accordance with IFRS. 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 ORDER INTAKE/BACKLOG MEASURES Order intake Consists of the period’s new orders as well as net changes to existing orders, including variation orders, cancellations and changes related to exchange rates. Order backlog Consists of estimated value of remaining deliveries on contracts entered at the end of the period. The order backlog does not include potential growth or value of options in existing contracts. The order backlog does not include framework agreements, except for estimates of firm scope to be delivered Book to bill Order intake divided by revenue in the period. Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY NOK million 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 EBITDA 43,4 57,9 43,0 36,9 181,3 96,7 80,4 57,1 26,4 260,7 1) Gain from sale - - - - - (45,6) - - - (45,6) 2) Strategy and M&A costs 0,2 0,1 2,2 - 2,6 - 2,7 1,1 1,9 5,7 3) Option program / incentive scheme 0,7 0,7 0,7 1,5 3,6 1,2 1,2 3,2 0,5 6,1 4) Restructuring costs 6,6 0,1 - 2,8 9,5 - - - 1,8 1,8 5) Business development - - - - - - 0,3 1,3 0,7 2,3 6) ERP - - - - - - 2,8 1,2 3,2 7,2 7) Arbitration case 15,2 15,2 Total items excluded from EBITDA 7,5 0,9 3,0 4,3 15,7 (44,4) 7,0 6,7 23,3 (7,4) Adjusted EBITDA 50,9 58,8 46,0 41,2 197,0 52,3 87,4 63,8 49,8 253,3
Page 27
28 ALTERNATIVE PERFORMANCE MEASURES (CONT.) 27 FEBRUARY 2025 FOURTH - QUARTER RESULTS 2024 FINANCING MEASURES Net working capital (NWC) Net working capital is a measure of the current capital necessary to maintain operations. Working capital includes inventories, trade receivables, trade payables, contract assets, contract liabilities, accruals and provisions. Net interest-bearing debt (NIBD) Total non-current and current interest-bearing financial debt (excluding lease liabilities), minus total cash. Equity ratio Total equity divided by total assets. Covenant EBITDA Adjusted EBITDA adjusted for financial lease. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NOK million 2023 2023 2023 2023 2024 2024 2024 2024 Non-current loans and borrowings 123,9 104,0 99,1 93,6 48,8 58,4 58,5 58,0 Current loans and borrowings 35,7 45,2 22,1 22,1 28,9 75,4 54,4 9,5 Cash and cash equivalents (5,1) (4,7) (26,5) (36,4) (36,0) (23,9) (72,9) (7,4) NIBD 154,5 144,5 94,7 79,3 41,7 109,9 40,0 60,1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NOK million 2023 2023 2023 2023 2024 2024 2024 2024 Adjusted EBITDA 50,9 58,8 46,0 41,2 52,3 87,4 63,8 49,8 Effect leasing - IFRS 16 (19,4) (19,8) (19,9) (20,0) (23,8) (22,9) (25,4) (24,8) Covenant EBITDA 31,6 39,0 26,1 21,2 28,5 64,5 38,4 25,0 Covenant EBITDA (12 months rolling) 46,3 79,1 104,1 117,8 114,8 140,3 152,7 156,5 Covenant NIBD/EBITDA NIBD divided by Covenant EBITDA (12 months rolling). Covenant equity ratio Equity divided by (total assets – lease liabilities) Liquidity reserve Available cash. Calculated by adding cash and cash equivalents and unused credit facilities. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NOK million 2023 2023 2023 2023 2024 2024 2024 2024 WC Facility limit 110,0 110,0 110,0 110,0 160,0 160,0 160,0 160,0 WC Facility drawn (13,6) (23,2) - - (17,8) (65,5) (49,6) - Cash and cash equivalents 5,1 4,7 26,5 36,4 36,0 23,9 72,9 7,4 Liquidity reserve 101,5 91,5 136,5 146,4 178,2 118,4 183,3 167,4
Page 28
scana.noScana ASA | Wernersholmvegen 49 | NO -5232 Paradis, Norway | post@scana.no If you have additional questions, please send them to ir@scana.no