ZITON A/S - interim report Q4 2022

28 Feb 2023 17:00 CET

Highlights of Q4 2022
At the end of Q4 2022, RWE Renewables (“RWE”) and ZITON entered into a strategic
agreement that will provide RWE with priority services and quick response to
avoid unscheduled downtime on their offshore wind turbines. The framework
agreement has a duration of four years and allows RWE to utilise multiple
vessels across ZITON’s versatile fleet dedicated to operations and maintenance
(“O&M”) services. The agreement involves that RWE makes a minimum annual
commitment for utilisation of ZITON’s fleet of EUR 10 million.

The Siemens Gamesa Renewable Energy (“SGRE”) 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.

For the full year 2022 EBITDA amounted to EUR 26.6m compared to EUR 18.8m for
2021. The realised EBITDA for 2022 is in the lower end of the expected range of
EUR 26-30m. Considering non-recurring costs of EUR 1.9m, EBITDA would have been
EUR 28.5m and thereby in the middle of our guidance. Non-recurring costs
includes approx. EUR 0.8m related to abortion of the sales process and EUR 1.1m
related to an incident with the jacking system on J/U WIND SERVER causing the
vessel to be out of operations for a few weeks.

EBITDA amounted to EUR 5.0m in Q4 2022 compared to EUR 5.6m in Q4 2021.

The following sets out our KPI guidance for 2023:
o Weighted average utilisation rate. We expect a utilisation rate in the range
of 75%-85%.
o EBITDA. We expect EBITDA to be in the range of EUR 28-32m.
o Cash flow from operating activities. We expect cash flows from operating
activities of EUR 25-29m.
o CAPEX. We expect CAPEX of around EUR 5m.

More information:
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583899_ZITON - Q4 2022.pdf