ZITON A/S - interim report Q1 2024

31 May 2024 16:30 CEST

Highlights of Q1 2024
• J/U WIND ENERGY initiated the time charter with Siemens Gamesa at the end of
February 2024.
• EBITDA amounted to EUR 9.5m in Q1 2024 compared to EUR 8.7m in Q1 2023. The
improvement was due to an increase in revenue reflecting that J/U WIND ENERGY
went on time charter with Siemens Gamesa at the end of February 2024, as well as
improved contribution from the three smaller vessels due to a stronger market
for major component replacements, which was partly offset by one-off income of
EUR 0.8m in Q1 2023 for J/U WIND ENTERPRISE.
• The Board of Directors of ZITON has engaged Nomura Greentech to act as
financial advisor in reviewing strategic alternatives focused on maximising
shareholder value. These alternatives include, among other things, a corporate
sale, a business combination or a partnership, while continuing to develop other
growth opportunities. There can be no assurance that this strategic review will
result in any transaction. ZITON has not set a timetable for completion of the
process, and it does not intend to comment further unless a specific transaction
is approved by ZITON’s Board of Directors and its shareholders, or it is
otherwise determined that further disclosure is appropriate or required by law.
• Our KPI guidance for 2024 is unchanged, with the exception of CAPEX, at:
o Weighted average utilisation rate. We expect a utilisation rate in the range
of 85-95%
o EBITDA. We expect EBITDA to be in the range of EUR 52-56m.
o Cash flow from operating activities. We expect cash flows from operating
activities to be in the range of EUR 47-51m. This takes reversal of trade
payables related to the upgrade of J/U WIND ENERGY amounting to EUR 6.5m at the
end of 2023 into account.
o CAPEX. We expect CAPEX of around EUR 7m excluding CAPEX related to J/U WIND
ENERGY. In addition, we expect CAPEX for J/U WIND ENERGY of approximately EUR
26m (up from EUR 22m due to additional CAPEX required) including CAPEX for leg
extension and capitalised interest costs of approximately EUR 2m related to the
vessel.
• Beyond 2024, the effect of having J/U WIND ENERGY on time charter with Siemens
Gamesa for the full year will positively effect EBITDA. Further, when the time
charter for J/U WIND ENTERPRISE was extended it was mutually agreed with Siemens
Gamesa that the day rate for J/U WIND ENTERPRISE will increase materially from
mid-2025. In summary, the contracted terms of the two long-term time charter
contracts with Siemens Gamesa are, almost entirely, expected to enhance running
twelve months EBITDA to around EUR 75m from mid-2025.

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620414_ZITON - Q1 2024.pdf