The interim financial report for Q3 2023 shows a solid result for ZITON, which keeps the EBITDA guidance for 2023 in the range of EUR 32-36m.
Highlights of Q3 2023:
- On 20 June 2023, ZITON completed the purchase of J/U WIND ENERGY. The vessel was in dock in China from the end of June through July 2023. On 9 August 2023, the jack-up departed from China on a semi-submersible vessel to be transported to Europe.
- The vessel arrived at Fayard Shipyard in the beginning of November (as shown on the front page picture). At Fayard, the vessel will complete a yard stay to be upgraded. It is expected that J/U WIND ENERGY will go on time charter with Siemens Gamesa during February 2024. This is a delay of approximately six weeks compared to previous expectations mainly due to the delayed voyage.
- EBITDA amounted to EUR 9.9m in Q3 2023 compared to EUR 8.2m in Q3 2022. The improvement was due to an increase in revenue reflecting improved utilisation of the three smaller vessels due to a stronger market for major component replacements.
- The KPI guidance for 2023 is unchanged:
- Weighted average utilisation rate. We expect a utilisation rate in the range of 80-90%.
- EBITDA. We expect EBITDA to be in the range of EUR 32-36m.
- Cash flow from operating activities. We expect cash flows from operating activities to be in the range of EUR 29-35m.
- CAPEX. We expect CAPEX of around EUR 5m excluding CAPEX related to J/U WIND ENERGY. In addition, we expect CAPEX for J/U WIND ENERGY of
approximately EUR 82m including capitalized interest costs of approximately EUR 5m related to the vessel.
Read the full interim financial report for Q3 2023 here.