20 slides from Integrated Wind Solutions Asa's earnings presentation, Feb 27, 2024
Slide 1: Q4 2023 Presentation
Q4 2023 Presentation 27 February 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 100% 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 3 exercisable within September 2024 to acquire
Slide 4: Q4 2023 | Recent highlights
Q4 2023 | Recent highlights Total revenue of EUR 6.5m for Q4 2023, an increase of 26% from Q4 2022. IWS Services revenue of EUR 6.0m in Q4 2023, an increase of 19% from Q4 2022, with increased order backlog. PEAK Wind continues its strong growth with an increase in net revenue for Q4 by 46% compared
Slide 5: Q4 2023 | Recent highlights (cont.)
Q4 2023 | Recent highlights (cont.) 5
Slide 6: IWS Fleet | New charter contracts in Q4 2023 and Q1 2024
IWS Fleet | New charter contracts in Q4 2023 and Q1 2024 6
Slide 7: Havfram Wind | Strategic cooperation
Havfram Wind | Strategic cooperation 7
Slide 8: IWS Fleet | Strong revenue backlog to tier 1 clients
IWS Fleet | Strong revenue backlog1 to tier 1 clients 8 1) Project startup based on management estimates, gross victualling income of EUR 5,000 per day and zero 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 | Low newbuilding prices → high cash flow yields
IWS Fleet | Low newbuilding prices → high cash flow yields Newbuilding yard prices1 (EUR million) ► Attractive free equity cash flow yields2 IWS’s favourable capex improves free cash flow yield in a rising market. IWS Fleet’s six CSOVs ordered at an attractive average fixed yard price of EUR 48m per
Slide 11: The Skywalker class CSOV's
The Skywalker class CSOV’s
Slide 12: IWS Skywalker class | Vessel overview
IWS Skywalker class | Vessel overview 1 2 3 IWS Skywalker IWS Windwalker IWS Seawalker Final mobilisation In late commissioning Under construction 4 5 6 IWS Starwalker IWS Moonwalker IWS Sunwalker Under construction First steel-cut in Dec’23 First steel-cut in Dec’23 12 Source: IWS Fleet
Slide 13: IWS Skywalker Hanstholm Harbour, February 2024
IWS Skywalker Hanstholm Harbour, February 2024 13
Slide 14: IWS Skywalker Hanstholm Harbour, February 2024
IWS Skywalker Hanstholm Harbour, February 2024
Slide 15: Key financials | Q4 2023
Key financials | Q4 2023 Income statement (EUR '000) Q3 2023 Q4 2023 Q4 2022 Operating revenue 5,421 6,263 5,075 ; ; PEAK Wind share of net profit of EUR 0.3m less EUR Share of net profit of associates 109 196 48 0 1m amortisation of acqn-related intangible assets. Total revenue 5,530 6,459 5,123 Op
Slide 16: Key financials | Segment reporting
Key financials | Segment reporting 16
Slide 17: Key financials | Q4 2023
Key financials | Q4 2023 Balance sheet (EUR Q3 2023 Q4 2023 Q3 2023 Q4 2023 Vessels under construction 65,126 95,672 Share capital 7,703 7,703 Other fixed assets 1,800 1,692 Share premium reserve 126,809 126,809 Intangible assets 6,192 6,158 Retained earnings -15,283 -14,551 Investments, equity meth
Slide 18: 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. 18 2) The bank financing for IWS Moonwalker and IWS Sunwalker is expected to be secured in 2024.
Slide 19: Outlook
Outlook The outlook for the offshore wind industry remains positive with increased activity versus 2023 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 (ProCon), offshore
Slide 20: iws@integratedwind.com integratedwind.com
iws@integratedwind.com integratedwind.com