19 slides from Integrated Wind Solutions Asa's earnings presentation, Aug 28, 2024
Slide 1: Q2 2024 Presentation
Q2 2024 Presentation 28 August 2024
Slide 2: IWS | A fully integrated offshore wind solutions provider
IWS | A fully integrated offshore wind solutions provider 1) Clarksons 2 2) 30%* ownership. Fixed price option exercisable by September 2024 to acquire an additional 19%* of shares (*pre-dilution from share-based option program to key employees)
Slide 3: IWS | A fully integrated offshore wind solutions provider
IWS | A fully integrated offshore wind solutions provider Integrated Services Operations & Asset Management 25.38% 74.62% 97%1) 30% → 49%2) 1) 97% of share capital; 100% of votes. IWS Services owns 75% of ProCon and 100% of Green Ducklings, 2) Fixed price option exercisable 3 within September 2024 t
Slide 4: Q2 2024 | Recent highlights
Q2 2024 | Recent highlights Total revenue of EUR 12.6m for Q2 2024, a 133% increase from Q1 and a 143% increase compared with Q2 2023. Group EBITDA of EUR 1.6m for Q2 2024 compared with EUR -3.2m in Q1 and EUR -1.0m in Q2 2023. The positive EBITDA was driven by the charter operations of the first tw
Slide 5: Q2 2024 | Recent highlights (cont.)
Q2 2024 | Recent highlights (cont.) 5
Slide 6: Sumitomo Corporation | IWS Fleet strategic partnership
Sumitomo Corporation | IWS Fleet strategic partnership 25.38% 74.62% 6 1) As of 29 May 2024, JPY/USD = 0.006355
Slide 7: IWS Fleet | Ongoing and upcoming charter contracts
IWS Fleet | Ongoing and upcoming charter contracts Photo: Kamil Melnyczek 7
Slide 8: IWS Fleet | Strong revenue backlog to tier 1 clients
IWS Fleet | Strong revenue backlog1 to tier 1 clients 1) As of 1 July 2024. Project startup based on management estimates, gross victualling income of EUR 5,000 per day and zero 8 inflation adjustments.
Slide 9: IWS Skywalker class | Overview
IWS Skywalker class | Overview 9 1) Total vessel days available. Firm days assume management estimates on the start-up of charter contracts
Slide 10: IWS Fleet | Favourable yard prices → attractive cash flow yields
IWS Fleet | Favourable yard prices → attractive cash flow yields Newbuilding yard prices1 (EUR million) ► Attractive free equity cash flow yields2 ’ improves free cash flow yield in a rising market. ’ six CSOVs ordered at an attractive average fixed yard price of EUR 48m per vessel, which includes a
Slide 11: IWS Skywalker | Dogger Bank A, North Sea
IWS Skywalker | Dogger Bank A, North Sea Photo: Photo: Kamil Melnyczek
Slide 12: IWS Skywalker class | Vessel overview
IWS Skywalker class | Vessel overview 1 2 3 IWS Skywalker IWS Windwalker IWS Seawalker Operating at Dogger Bank Operating for TenneT Mobilising to Europe 4 5 6 IWS Starwalker IWS Moonwalker IWS Sunwalker Final commissioning phase Preparing for dry dock Preparing for dry dock 12 Source: IWS Fleet
Slide 13: Havfram Fleet Management | A strategic joint venture
Havfram Fleet Management | A strategic joint venture 13
Slide 14: Key financials | Q2 2024
Key financials | Q2 2024 Income statement (EUR ‘00! Q1 2024 Q2 2024 Q2 2023 Operating revenue 5,226 12,433 5,273 EUR 7.6m revenue from IWS Services, EUR 4.9m from WS Fleet. . PEAK Wind share of net profit of EUR 0.2m after EUR Share of net profit of associates 175 155 ~103 0.4m amortisation of acqn-
Slide 15: Key financials | Q2 2024
Key financials | Q2 2024 lance sheet (EUR '000) Q1 2024 Q2 2024 Q1 2024 Q2 2024 Vessels 48,204 93,803 Share capital 7,703 7,703 Vessels under construction 78,928 36,104 Share premium reserve 126,809 126,809 Other fixed assets 1,639 1,550 Retained earnings and other equity -17,088 10,220 Intangible a
Slide 16: IWS Fleet | Capex & financing
IWS Fleet | Capex & financing 1) Debt facility signed for IWS Skywalker, IWS Windwalker, IWS Seawalker and IWS Starwalker for up to EUR 118.65m. 16 2) The bank financing for IWS Moonwalker and IWS Sunwalker is signed and expected to become effective in Q3 2024.
Slide 17: Outlook
Outlook The offshore wind market remains strong with a pipeline of development projects, auctions and political ambitions. The IWS group of companies is well positioned to take part in this growth within its relevant segments providing CSOVs (IWS Fleet), electrical works and above-waterline services
Slide 18: Outlook (cont.)
Outlook (cont.) The third vessel, IWS Seawalker was successfully delivered by the yard on 23 August. The vessel is intended for already secured charter contracts from 2025. Charterers have shown interest in the vessel, and the short-term availability is expected to be filled. The delivery of the fou
Slide 19: iws@integratedwind.com integratedwind.com
iws@integratedwind.com integratedwind.com