3 minute read
CEO letter
Dear co-shareholder, It has been an eventful year for HAV Group with high business activity and good results. The group was established and listed on Euronext Growth Oslo in March 2021 and was a corporate spin-off of the ship design and equipment companies in the Havyard Group. Although HAV Group is new, the subsidiaries are well established with leading energy-saving and environmentally friendly technologies in their respective markets. The global trends in energy optimization and actions to combat climate change are beneficial for the HAV companies, which are experts in guiding the maritime industry in the green shift. We have set the course and have already navigated past significant buoys in the voyage towards a sustainable future at sea. HAV Group will create value through collaboration and by developing people who share our vision. We will create profitability by exploiting the synergies that exist within the group and developing our businesses with complementary resources, activities and solutions that give customers the greatest value. We will create growth through organic development, strategic partnerships and corporate acquisitions that provide added value through cooperation within the group.
Our subsidiaries entered the year with a respectable order backlog and had considerable activity with delivery to larger and smaller projects throughout the year, including final delivery to a series of offshore wind service vessels (SOV) and live fish carriers, as well as to the series of vessels for Havila Kystruten.
After the order intake took a plunge due to the coronavirus pandemic, our most important markets picked up properly during the year. The sales pipeline is filled with new and promising prospects. During 2021, we received orders for deliveries to live fish carriers, merchant vessels and electric ferries. Norwegian Greentech experienced a significant growth in order intake for ballast water treatment systems, with larger fleet agreements for several shipping companies. We are also experiencing an ever-increasing demand for our sustainable technology and solutions, both nationally and internationally.
Following the listing on Euronext Growth Oslo in March 2021, Havyard Group owned approximately 66% of the shares in HAV Group. In December 2021, Havyard Group decided to distribute half of its shares as a dividend and currently holds approximately 33% of the shares in HAV Group. Later, HAV Group initiated a repurchase program of up to 3.5 million of own shares, for the purpose of being used as settlement in any strategic acquisitions.
Through our four subsidiaries, we have the expertise, technology and experience to be a key partner for shipping companies in the green shift. HAV Design provides simulator-based ship design for optimal ships. Norwegian Electric Systems provides electrification and energy design for increased energy efficiency and reduced emissions, in addition to smart control and digitization for more efficient and safe operations. Norwegian Greentech provides clean water solutions, while HAV Hydrogen develops zero-emission energy systems.
Considering our strong position, HAV Group will be an active owner who works together with our subsidiaries to realize our strategy. Our key points are added value through collaboration within the group, further internationalization, development of innovative and sustainable technologies and new business opportunities.
Based on the beneficial underlying long-term development in the subsidiaries, sales activity, the pipeline and market development, HAV Group has an ambition of revenues exceeding NOK 1.3 billion in 2025. This gives us the size and position to exploit the opportunities the green shift provides in the coming decades.
I would like to thank our investors and everyone who have joined HAV Group’s exciting journey this far. We will continue to do our utmost to meet the expectations placed upon us, and we will strive to create long-term value. Our guiding star is our vision to contribute to a sustainable future at sea and we look forward to a fantastic voyage with our competent crew and valuable partners.
Gunnar Larsen CEO HAV Group
