14 slides from Integrated Wind Solutions Asa's earnings presentation, May 25, 2023
Slide 1: Q1 2023 Presentation
Q1 2023 Presentation 25 May 2023
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 within three years from original share purchase to acquire an additional 19% of shares (pre-dilution from share-based option program to key employees)
Slide 3: IWS business areas | Covering integrated services and asset management
IWS business areas | Covering integrated services and asset management Integrated Services Operations and Asset Management 100% 97%1) 30% → 49%2) Owner and operator of Electrical engineering & high-end CSOVs services and strategic A leading provider of wind advisory farm consultancy, operations and
Slide 4: Q1 2023 | Recent highlights
Q1 2023 | Recent highlights Total revenue of NOK 64m for Q1 2023, an increase of 25% from Q1 2022 IWS Services revenue of NOK 61.7m in Q1 2023, an increase of 24% from Q1 2022 PEAK Wind revenue in Q1 2023 increased by more than 40% compared with Q1 2022. The Group's share of net profit in PEAK Wind
Slide 5: Q1 2023 | Recent highlights (cont.)
Q1 2023 | Recent highlights (cont.) 5
Slide 6: IWS Fleet | Vessels under construction at CMI shipyard
IWS Fleet | Vessels under construction at CMI shipyard 1 2 3 4 IWS Skywalker IWS Windwalker IWS Seawalker IWS Starwalker Construction is in the “commissioning phase” with start-up Successful launch in May Keel-laying in April Keel-laying in April of gangway installation in June Construction of newbu
Slide 7: CSOV market | Favourable market dynamics
CSOV market | Favourable market dynamics Growth in offshore wind turbines (# ‘000)1 Vessel supply & demand (#)2 CSOV rate development (EUR/day) “Tier 3 swing-tonnage” Gap filled by High oil & gas prices have led to a resurgence in oil & gas work for vessels that have used the wind market as a tempor
Slide 8: IWS Fleet | CSOVs contracted at attractive prices
IWS Fleet | CSOVs contracted at attractive prices Newbuilding yard prices1 (EUR million) -30% IWS Fleet’s six CSOVs ordered at an attractive average fixed yard price of EUR 48m per vessel, which includes additional equipment and features that would add EUR ~5m to standard yard prices. 8 1) Source: C
Slide 9: IWS Fleet | Well positioned to benefit from a strong market
IWS Fleet | Well positioned to benefit from a strong market Under construction Firm contracts Options 9
Slide 10: Key financials | Q1 2023
Key financials | Q1 2023 Income statement (NOK Q4 2022 Q1 2023 Operating revenue 52,726 61,990 PEAK Wind share of net profit of NOK 2.7m less NOK 0.9m Share of net profit of associates 500 4,840 amortisation of acquisition-related intangible assets. Total revenue 53,226 63,830 Operating expenses -57
Slide 11: Key financials | Q1 2023
Key financials | Q1 2023 Balance sheet (NOK '000) 42022 © Q1.2023 Q42022 —Q1 2023 Vessels under construction 532,776 657,597 Share capital 57,076 78,289 Other fixed assets 2,681 4,192 Share premium reserve 969,244 1,288,986 Intangible assets 66,611 71,479 Retained earnings -28,440 3,359 Investments,
Slide 12: IWS Fleet | Capex & financing
IWS Fleet | Capex & financing ~ ~ 1) Debt facility signed for IWS Skywalker & IWS Windwalker for up to EUR 56.25m. Term sheet agreed for up to EUR 62.4m bank 12 financing of IWS Seawalker & IWS Starwalker. The bank financing for IWS Moonwalker & IWS Sunwalker is expected to be secured in 2024.
Slide 13: Outlook
Outlook Continued positive outlook for the offshore wind industry. IWS is well-positioned to take part in the industry growth by providing CSOVs, electrical works (ProCon), offshore wind consultancy (Green Ducklings), and the consultancy & advisory and operations & asset management services of wind
Slide 14: iws@integratedwind.com integratedwind.com
iws@integratedwind.com integratedwind.com