ZITON A/S - Interim report Q3 2022

22 Nov 2022 17:45 CET

Highlights of Q3 2022
• The Siemens Gamesa Renewable Energy (“SGRE”) long-term time charter of J/U
WIND ENTERPRISE for 3 years and 8 months was initiated on 1 March 2021. The
vessel continues to operate successfully on the time charter with limited
off-hire days.
• EBITDA amounted to EUR 8.2m in Q3 2022 compared to EUR 7.2m in Q3 2021. The
increase is due to improved profitability of framework agreements and other
tenders attained during Q3 2022 compared to the Meerwind blade campaign and
tenders attained during Q3 2021.
• The contemplated debt restructuring that has been communicated in earlier
stock exchange announcements dated 31 March, 7 June and 30 September 2022 is now
completed. The debt restructuring was completed on 30 September 2022, and
therefore the balance sheet presented in this interim report reflects the
strengthening of the capital structure and liquidity of the company following
the debt restructuring. The debt restructuring includes various elements to
provide the company with a long-term sustainable capital structure and
significant strengthening of liquidity:
o An extension of maturities of the first and second lien bonds issued by ZITON
A/S by 24 months.
o Conversion of EUR 38.7m in subordinated debt into equity.
o Net liquidity improvement of EUR 10.1m.
The debt restructuring makes Permira Credit Solutions III Sub Master Euro
S.à.r.l. the new controlling shareholder of ZITON A/S.
• The KPI guidance for 2022 is unchanged:
o Weighted average utilisation rate. We expect a utilisation rate in the range
of 70%-80%.
o EBITDA. We expect EBITDA to be in the range of EUR 26-30m.
o Cash flow from operating activities. We expect cash flows from operating
activities of EUR 23-27m. This reflects a slight increase in working capital,
resulting in a cash conversion rate of around 90%.
o CAPEX. We expect CAPEX of around EUR 5m.

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576411_ZITON - Q3 2022.pdf