21 slides from Integrated Wind Solutions Asa's earnings presentation, Nov 22, 2023
Slide 1: Q3 2023 Presentation
Q3 2023 Presentation 22 November 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 by September 2024 to acquire an additional 19%* of the A-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 three years from original
Slide 4: Q3 2023 | Recent highlights
Q3 2023 | Recent highlights +) Total revenue of NOK 63.1m for Q3 2023, an increase of 7% from Q3 2022. C2 } IWS Services revenue of NOK 60.9m in Q3 2023, an increase of 5% from Q3 2022, with increased order backlog. PEAK Wind continues to grow according to expectations and net revenue for Q3 increas
Slide 5: Q3 2023 | Recent highlights (cont.)
Q3 2023 | Recent highlights (cont.) 5
Slide 6: Offshore wind | Market observations
Offshore wind | Market observations1 6 1) Market observation comments provided by Green Ducklings
Slide 7: 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 -29% improves free cash flow yield in a rising market. IWS Fleet’s six CSOVs ordered at an attractive average fixed yard price of EUR 48
Slide 8: 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 8 1) IWS has the option to nominate which Skywalker class vessel will perform the services
Slide 9: 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 Late-stage construction and In final commissioning Launched 30 October Launched 30 October preparing for commissioning The steel-cut of newbuilding 5 and 6, IWS Moonwalker and IWS
Slide 10: The Skywalker class CSOV's
The Skywalker class CSOV’s 10
Slide 11: 11
11
Slide 12: 12
12
Slide 13: IWS Skywalker | Galley and Lounge at the Viking Panorama Deck
IWS Skywalker | Galley and Lounge at the Viking Panorama Deck 13 Photos from IWS Skywalker, November 2023
Slide 14: IWS Skywalker | Dining facilities
IWS Skywalker | Dining facilities 14 Photos from IWS Skywalker, November 2023
Slide 15: IWS Skywalker | Client office and conference room
IWS Skywalker | Client office and conference room 15 Photos from IWS Skywalker, November 2023
Slide 16: IWS Skywalker | Recreational facilities
IWS Skywalker | Recreational facilities 16 Photos from IWS Skywalker, November 2023
Slide 17: Key financials | Q3 2023
Key financials | Q3 2023 Income statement ( Q2 2023 Q3 2023 Operating revenue 61454 61,826 , ; PEAK Wind share of net profit of NOK 2.2m less NOK 1.0m Share of net profit of associates “At9t 1,235 amortisation of acquisition-related intangible assets. Total revenue 60,263 63,061 Operating expenses -
Slide 18: Key financials | Q3 2023
Key financials | Q3 2023 Balance sheet (NOK '000) Q22023 © Q3 2023 Q2 2023 © Q3. 2023 Vessels under construction 713,866 732,896 Share capital 78,289 78,289 Other fixed assets 21,392 20,262 Share premium reserve 1,288,976 1,288,976 Intangible assets 73,002 69,680 Retained earings 3,196 -25,522 Inves
Slide 19: 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. 19 2) The bank financing for IWS Moonwalker and IWS Sunwalker is expected to be secured in 2024.
Slide 20: Outlook
Outlook Positive outlook for the offshore wind industry, despite recent newsflow. 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 se
Slide 21: iws@integratedwind.com integratedwind.com
iws@integratedwind.com integratedwind.com