ZITON A/S - interim report Q2 2024

28 Aug 2024 20:00 CEST

Highlights of Q2 2024
• EBITDA amounted to EUR 19.6m in Q2 2024 compared to EUR 11.1m in Q2 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.
• Following the strong performance in Q2 2024 and a strong pipeline for the
remainder of the year, we upgrade out expectations for 2024. The following sets
out our revised KPI guidance for 2024. Our KPI guidance for 2024 is unchanged
at:
o Weighted average utilisation rate. We expect a utilisation rate in the range
of 90-100% up from the previous guidance of 85-95%.
o EBITDA. We expect EBITDA to be in the range of EUR 55-59m up from the previous
guidance of EUR 52-56m.
o Cash flow from operating activities. We expect cash flows from operating
activities to be in the range of EUR 50-54m up from the previous guidance of EUR
47-51m. This takes into account reversal of trade payables related to the
upgrade of J/U WIND ENERGY amounting to EUR 6.5m at the end of 2023.
o CAPEX. We expect CAPEX of EUR 7-9m (up from 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 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.
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.

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626474_ZITON - Q2 2024.pdf