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Gunnar Larsen21.8.20222 min read

Financial results for the second quarter of 2022

HAV Group ASA reported revenues of NOK 159.9 million in the second quarter of 2022, down from NOK 303 million in the same quarter in 2021, and an EBIT of NOK 13.9 million (36.8). Fluctuations in turnover are to be expected due to the company's project-based business model. The development in the maritime market generates good opportunities, and HAV Group reiterates the 2025 revenue outlook of NOK 1.3 billion.

“The second quarter of 2022 was a busy period for HAV Group with several important contract wins, the preliminary approval for hydrogen based energy-systems for ships and the letter of intent to acquire Høglund Marine Solutions, “ says Gunnar Larsen, Chief Executive Officer of HAV Group.

HAV Group had revenues in the second quarter 2022 of NOK 159.9 million, down from NOK 303.9 million in the same period last year following less trading of equipment, and an EBIT of NOK 13.9 million (36.8). The company held NOK 299.7 million in cash at the end of the quarter.
HAV Group will continue to pursue value accretive growth, organic and through consolidation, and has outlined the following priorities for the subsidiaries:

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. The design documentation for the FreeCo2ast project has got preliminary approval from Flag and Class Administration. HAV Hydrogen is set to launch a deck-based containerized hydrogen (H2) energy system for ships in order to fast-track the commercial use of hydrogen as ship fuel.

Norwegian Electric Systems:
Focus on international growth and expansion in energy design and smart control for low and zero emission technology, in order to meet the growing demand for technology that enables 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.

"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. Short term, the market and company performance are characterized by the general uncertainty and some postponements, while the overall outlook remain firm. Expected development in the maritime industry provides strong market opportunities, and we reiterate our 2025 revenue outlook of NOK 1.3 billion,” Larsen concludes.

Download report and presentation:
Q2 2022 Presentation
Q2 2022 Report