14 slides from Integrated Wind Solutions Asa's earnings presentation, Feb 27, 2023
Slide 1: Q4 2022 Presentation
Q4 2022 Presentation 27 February 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: Q4 2022 | Recent highlights
Q4 2022 | Recent highlights Total revenue of NOK 53m and EBITDA of NOK -4m for Q4 2022 vs. NOK 59m and NOK -4m for Q3 2022. Exercised options and entered into newbuilding contracts with China Merchants Industry Holdings Co. to construct two additional CSOVs with a firm yard price of EUR 52.5 million
Slide 5: Q4 2022 | Recent highlights (cont.)
Q4 2022 | Recent highlights (cont.) 5
Slide 6: IWS Skywalker | Commissioning Service Operation Vessel
IWS Skywalker | Commissioning Service Operation Vessel (“CSOV”) January 2023 January 2023 January 2023 6
Slide 7: CSOV market | Favourable market dynamics
CSOV market | Favourable market dynamics Growth in offshore wind turbines (# ‘000)* Vessel supply & demand (#) CSOV rate development (EUR/day) 70,000 60,000 “Tier 3 swing-tonnage” Gap filled by 50,000 40,000 30,000 20,000 10,000 0 Jul-2020 Jul-2021 Jul-2022 Jan-2021 Jan-2022 Jan-2023 Apr-2021 Apr-20
Slide 8: IWS Fleet | CSOVs contracted at attractive prices
IWS Fleet | CSOVs contracted at attractive prices Newbuilding yard prices1 (EUR million) Six CSOVs ordered at an attractive average 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: Clarksons
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 | Q4 2022
Key financials | Q4 2022 Income statement (NOK )) Q3 2022 Q4 2022 Operating revenue 58,388 52,726 PEAK Wind share of net profit of NOK 1.4m less NOK 0.9m Share of net profit of associates 605 500 amortisation of acquisition-related intangible assets. Total revenue 58,993 53,226 Operating expenses -6
Slide 11: Key financials | Q4 2022
Key financials | Q4 2022 Balance sheet (NOK 000) Q3 2022 Q4 2022 Q3 2022 Q4 2022 Vessels under construction 384,648 532,776 Share capital 57,076 57,076 Other fixed assets 1,736 2,681 Share premium reserve 970,687 969,244 Intangible assets 68,233 66,611 Retained earnings -15,024 -28,440 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 for bank financing of IWS 12 Seawalker & IWS Starwalker received for up to EUR 62.4m. 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