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Gunnar Larsen11.3.20222 min read

Financial results for the fourth quarter of 2021

HAV Group ASA reported revenue of NOK 224.5 million in the fourth quarter of 2021 (Q4 2020: NOK 143.1 million), with an operating profit of NOK 25.4 (-12.0), corresponding to a margin of 11.3%. The company reiterates the solid outlook and targets 2025 revenue of NOK 1.3 billion, with periodic fluctuations reflecting the project-driven strategy.

“HAV Group delivered a satisfactory fourth quarter with solid activity level and margins, bringing our full year performance in line with our guidance. We continue to see increasingly stringent environmental requirements for the maritime industry, and we will utilize our knowledge, technology and products in digitization and sustainability to meet these requirements. HAV Group has a solid platform to expand our leading positions to contribute to the green shift in the maritime and marine industry, " says Gunnar Larsen, CEO of HAV.

The full year revenue ended at NOK 916.7 million (646.4) with an EBIT of NOK 92.2 million (30.9). The company had NOK 376 million (34) in cash at the end of 2021.

HAV Group will continue to pursue value accretive growth, both organic and through consolidation. Short-term the subsidiaries have outlined the following priorities: 

HAV Design:

Leverage on market position, competence and customer references to enhance growth within existing and new market segments.

HAV Hydrogen:

Developing the organization and products in collaboration with potential customers. Design documentation for the FreeCo2ast project has been submitted to Flag and Class Administration for preliminary approval.

Norwegian Electric Systems:

Focus on international growth and expansion within Energy Design and smart control. Utilizing the growing demand for technology enabling energy efficiency and emission reductions.

Norwegian Greentech:

Optimization of sales and supply chain to leverage the BWMS growth, strengthen life cycle services and develop new aquaculture offerings.

“Based on the positive underlying long- term development in the subsidiaries, the sales activity, pipeline and market development, HAV Group has an ambition of revenues exceeding NOK 1.3 billion in 2025 with solid margins. As the business is largely project-driven, periodic fluctuations will occur, ” Larsen concludes.


HAV Group will present the financial results for the fourth quarter of 2021 via webcast on Friday 11 March at 08:00 CET. The presentation is given by Gunnar Larsen, CEO, and Pål Aurvåg, CFO, and can be followed here.

Questions can be submitted here during webcast:
You can download the presentation and the board's report for the fourth quarter of 2021 here.

For additional information, please contact:
Gunnar Larsen, CEO
phone: +47 901 05 694