19 slides from Integrated Wind Solutions Asa's earnings presentation, May 31, 2024
Slide 1: Q1 2024 Presentation
Q1 2024 Presentation 31 May 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%1) 74.62% 97%2) 30% → 49%3) 1) Subject to closing of transaction, expected in June, 2) 97% of share capital; 100% of votes. IWS Services owns 75% of ProCon 3 and 100% of Green Ducklings,
Slide 4: Q1 2024 | Recent highlights
Q1 2024 | Recent highlights Total revenue of EUR 5.4m for Q1 2024, a 16% reduction from Q4 2023 and a 7% reduction compared with Q1 2023. IWS Services revenue of EUR 4.6m in Q1 2024, a decrease of 24% from Q4 2023, due to the nature of the project-driven construction business. However, the backlog r
Slide 5: Q1 2024 | Recent highlights (cont.)
Q1 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: Havfram Fleet Management | A strategic joint venture
Havfram Fleet Management | A strategic joint venture 7
Slide 8: IWS Fleet | Recent contract highlights
IWS Fleet | Recent contract highlights 8
Slide 9: IWS Fleet | Strong revenue backlog to tier 1 clients
IWS Fleet | Strong revenue backlog1 to tier 1 clients 9 1) Project startup based on management estimates, gross victualling income of EUR 5,000 per day and zero inflation adjustments.
Slide 10: IWS Skywalker class | Overview
IWS Skywalker class | Overview 10 1) Total vessel days available. Firm days assume management estimates on the start-up of charter contracts
Slide 11: 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 12: IWS Windwalker | Port of Hanstholm, Denmark
IWS Windwalker | Port of Hanstholm, Denmark Photo: Frederik Lambrecht 27/05/2024
Slide 13: IWS Skywalker class | Vessel overview
IWS Skywalker class | Vessel overview 1 2 3 IWS Skywalker IWS Windwalker IWS Seawalker Operating at Dogger Bank Soon in operation In commissioning 4 5 6 IWS Starwalker IWS Moonwalker IWS Sunwalker Soon ready for sea trials Keel laying in April ’24 Keel laying in April ’24 13 Source: IWS Fleet
Slide 14: Key financials | Q1 2024
Key financials | Q1 2024 Income statement (EUR '000) Q4 2023 Q1 2024 Q1 2023 Operating revenue 6,263 5,226 5,643, / PEAK Wind share of net profit of EUR 0.3m less EUR Share of net profit of associates 196 a7 168 9 1m amortisation of acqn-related intangible assets. Total revenue 6,459 5,401 5,811 Ope
Slide 15: Key financials | Segment reporting
Key financials | Segment reporting 15
Slide 16: Key financials | Q1 2024
Key financials | Q1 2024 Balance sheet (EUR Q4 2023 Q1 2024 Q4 2023 Q1 2024 Vessels 0 48,204 Share capital 7,703 7,703 Vessels under construction 95,672 78,928 Share premium reserve 126,809 126,809 Other fixed assets 1,692 1,639 Retained earnings -14,551 -17,088 Intangible assets 6,158 6,117 Non-con
Slide 17: IWS Fleet | Yard payments & financing
IWS Fleet | Yard payments & financing 1) Debt facility signed for IWS Skywalker, IWS Windwalker, IWS Seawalker and IWS Starwalker for up to EUR 118.65m. 17 2) The bank financing for IWS Moonwalker and IWS Sunwalker is expected to be secured in 2024.
Slide 18: 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 19: iws@integratedwind.com integratedwind.com
iws@integratedwind.com integratedwind.com