Integrated Wind Solutions ASA (“IWS”) has today published its Q4 2023 Financial Report and Presentation.
HIGHLIGHTS
•Total revenue of EUR 6.5m for Q4 2023, an increase of 26% from Q4 2022.
•IWS Services revenue of EUR 6.0m in Q4 2023, an increase of 19% from Q4 2022, with increased order backlog.
•PEAK Wind continues its strong growth with an increase in net revenue for Q4 by 46% compared with Q4 2022 (+31% for the full year). The Group’s share of the net profit in Q4 2023 was EUR 0.3m, before EUR -0.1m amortisation of acquisition-related intangible assets. IWS has recognised a fair value gain of EUR 1.2m on its fixed-price option to acquire an additional 19% of the voting shares, which is reported within finance income.
•Group EBITDA of EUR -0.2m for Q4 2023 compared with EUR -0.4m in Q3 2023 and EUR -0.4m in Q4 2022.
•IWS Fleet took delivery of IWS Skywalker on 12 December. The vessel arrived in Denmark in February and is undergoing final quayside preparations before commencing its first contract at the Dogger Bank Wind Farm.
•IWS Fleet has entered a strategic cooperation with Havfram Wind AS to provide technical management services to Havfram Wind’s two state-of-the-art Wind Turbine Installation Vessels (“WTIVs”) with scheduled delivery in 2025.
•IWS Fleet has entered into (i) a three-year frame term agreement starting in 2025 with Siemens Gamesa Renewable Energy A/S - the minimum commitment covers about 1,300 days with a revenue backlog of EUR 51-55m, (ii) a time charter contract at market terms with Asso.subsea, which will commence in Q4 2024/Q1 2025 and have a duration of up to eight months, and (iii) a time charter contract at market terms for a minimum of 4 months that will start at the end of May 2024 with TenneT TSO B.V., a leading European Transmission System Operator owned by the Dutch government.
•The Company has published its first Green Financing Framework. The second-party opinion provider, S&P Global Ratings, has assessed the framework as Medium Green.
•IWS has, from Q4 2023, changed the presentation currency of the Group’s financial statements from NOK to EUR. The functional currency of the parent company and IWS Fleet subsidiaries was changed from NOK to EUR on 1 October – refer to Note 11.
Lars-Henrik Røren, CEO, commented: “For IWS Fleet, we are proud to have IWS Skywalker arriving in Europe, showcasing our commitment to innovation and excellence in the offshore wind space. Our charter contracts are stamps of quality of the Company’s ability to deliver high quality, high operability, and flexibility to industry-leading clients. We are eager to commence vessel operations to drive the Group's earnings growth in the next few years. We are also pleased with the development of IWS Services, which delivered a record strong quarter, and PEAK Wind, which continues to grow steadily.”
Company contacts:
Lars-Henrik Røren
CEO Integrated Wind Solutions
Phone: +47 98 22 85 06
E-mail: lhr@integratedwind.com
Marius Magelie
CFO Integrated Wind Solutions
Phone: +47 920 27 419
E-mail: mm@integratedwind.com
About:
Integrated Wind Solutions ASA offers a fleet of state-of-the-art service vessels to the offshore wind industry combined with a suite of adhering services to reduce the levelised cost of energy (“LCOE”) for offshore wind. The Company’s first Commissioning Service Operation Vessels (“CSOVs”) has arrived in Europe to commence its first charter contract, and the Company has five additional CSOVs under construction with delivery in 2024 and 2025. Furthermore, IWS owns the offshore wind supply-chain service company, IWS Services A/S and has a 30% ownership in the independent advisor, consultancy, data intelligence and wind farm operator firm PEAK Wind Group.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.