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17 February 2022 - Nekkar ASA (Nekkar) reported record high revenue of NOK 138
million in the fourth quarter of 2021, up from NOK 132 million in the same
quarter last year. Operational EBITDA was NOK 47 million (Q4 2020: NOK 38
million), equivalent to an operational EBITDA-margin of 34.3 percent (29.3%).
Nekkar’s order backlog was NOK 838 million at year-end 2021.
“We are delivering both stronger revenues and higher operational EBITDA-margin
than we have seen in previous quarters and years. During the fourth quarter,
Nekkar successfully completed four large shiplift projects in our Shipyard
Solutions business area. The project deliveries had a positive impact on
revenues and margins in the quarter.” says Preben Liltved, interim CEO of
Nekkar.
INCREASED SERVICE ORDER INTAKE
As clients may delay investment decisions for newbuild projects, Nekkar
initiated a project in 2019 to generate more service revenues from its extensive
global installed base of ship lifts and transfer systems.
In 2021, Nekkar’s order intake from aftersales and services grew by 165 percent
year-over-year, from NOK 27.6 million to NOK 73.2 million.
“Both order intake and revenues from services are showing promising development.
We expect this to continue into 2022 and beyond. In addition, we expect to see
contract awards for newbuild projects in 2022,” adds Preben Liltved.
Nekkar reported revenues of NOK 138 million (132) in the fourth quarter 2021.
The company’s operational EBITDA was NOK 47 million (38), equivalent to an
operational EBITDA-margin of 34.3 percent (29.3%). Operational EBITDA excludes
losses/gain on foreign exchange contracts not qualifying for hedge accounting.
Reported EBITDA was NOK 48 million (61). EBIT ended at NOK 45 million in this
year’s fourth quarter (60).
At year-end, Nekkar’s order backlog stood at a healthy NOK 838 million (1,167).
Nekkar’s balance sheet remains strong with no interest-bearing debt and cash and
cash equivalents of approximately NOK 180 million at year-end.
GOOD PROGRESS ON IMPACT TECHNOLOGY PROJECTS
In addition to the Shipyard Solutions business, Nekkar has three business areas:
Digital Solutions, Aquaculture and Renewables.
In the Digital Solutions business area, Nekkar’s subsidiary company Intellilift
AS established a joint venture company (JV), named Inteliwell, together with a
subsidiary of Transocean Inc. in the fourth quarter. The JV’s purpose is to
commercialize software-based products and services that enable digital well
construction to rig operators and oil companies. The solution aims to generate
platform fees and SaaS revenues for Intillilift.
In the Aquaculture business area, testing of the scaled-down Starfish closed
fish cage progresses as planned, showing promising results. In the fourth
quarter, Nekkar has also progressed plans to build the first full-scale Starfish
closed fish cage, placing orders for key long lead items.
“We have also initiated advanced discussions with a leading Norwegian fish
farming company regarding the location for the full-scale Starfish test later in
2022,” says Preben Liltved.
Within the Renewables business area, development of the SkyWalker wind turbine
installation tool is progressing according to plan. Nekkar is currently
conducting tests on the 1:20 SkyWalker model, in addition to finishing design of
the full-scale prototype. Nekkar and the company’s innovation partners are also
in ongoing discussions about the most optimal go-to-market model for the
SkyWalker solution.
PRESENTATION AT 08:00 AM TODAY
The fourth quarter and full-year 2021 interim financial results presentation is
enclosed to this announcement.
Nekkar ASA will hold a live webcast presentation today at 08:00 CET. The webcast
presentation can be followed from the following URL:
https://channel.royalcast.com/landingpage/hegnarmedia/20220217_18/
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.
CONTACTS
ABOUT NEKKAR ASA
Nekkar (OSE: NKR) is an industrial technology group offering impact technologies
combined with high-end software solutions. The group combines 50 years’ heritage
from the world’s number one shiplift company, Syncrolift, with new investments
into sustainable, digitalised technology businesses that aim to unlock growth
within ocean-based industries such as offshore energy and renewables and
aquaculture.
ATTACHMENTS
NEKKAR ASA Q4_FY 2021 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/1210/1613/NEKKAR%20ASA%20Q4_FY%20
2021%20Presentation.pdf
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