Led by Endeavour’s ownership of global marine fuels supplier, Monjasa, the company realised the second-best financial performance ever, which contributed to an all-time high consolidated equity of USD 437m.
An important contributor to Monjasa’s solid financial performance, was the ability to navigate the high market volatility and determination to continue strengthening the fleet. Overall, the Monjasa fleet of owned tankers increased from 12 to 14 during 2023, while the total number of tankers and barges deployed worldwide remained steady at 30.
Looking at the overall financial performance, Endeavour Invest concluded 2023 with revenue of USD 4.4bn (USD 5.5bn) and a net result of USD 113m (2022: USD 170m), which led to a significantly improved consolidated equity of USD 437m (2022: USD 327m).
Selling RelateIT to twoday
Main developments in 2023 also included a farewell to a treasured Endeavour member, IT business unit, RelateIT. During August, we finalised the sale of all shares in RelateIT to Nordic IT Group, twoday. Under our ownership, RelateIT has grown to become a major player in Denmark within ERP solutions, with close to 200 colleagues working across six locations.
Offshore developments
Looking to the offshore wind industry, CBED, performed above expectations and demonstrated a strong business throughout the year. This also meant the right timing to invest, and in late 2023, CBED concluded the acquisition of two SOVs, Wind Evolution and Wind Creation, which were delivered to the CBED fleet in Q1-Q2 2024.
Overall, we foresee another busy year in offshore wind logistics with a continued strong chartering demand throughout 2024.
Multiple Holding investments
Multiple Holding experienced another year of steady developments in activities spanning across first musical production to extended stem cells treatment research. As such, AHA Creations revealed its first large-scale musical production, the hit musical Wicked, to premiere in Fredericia and Copenhagen, during autumn 2024.
Endeavour’s dedicated entity for stem cell treatment research, Endeavour Cells, initiated a process to further expand its involvement in Danish company, Cell2Cure. As of 3 January 2024, this process successfully enabled Endeavour Cells to become the majority shareholder in Cell2Cure and securing continued research funding.
During the year, Multiple Holding also increased its share of ownership in Danish football club, FC Fredericia, from around 20% to 42% as part of a capital expansion.
Expectations for 2024
Looking back at 2023, the year leaves us in a very strong financial position to face future challenges and opportunities such as the green shipping transition and global offshore wind developments.
No matter what, we will continue to evolve our business by observing and navigating the markets and world around us, day by day.
By continuing to attract and retain the right colleagues and staying personal with our customers and partners, we expect 2024 to be another positive financial year for Endeavour Invest with a net result in the range of USD 40-80m.
