Ziton A/S
Ziton A/S
06/15/2022 | Press release | Distributed by Public on 06/15/2022 02:33
ZITON A/S - interim report Q1 2022
Tid15.06.2022, 08:30:00
MeldingsID564952
UtstederIDZITON
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ZITON A/S - interim report Q1 2022
Highlights of Q1 2022
• The Siemens Gamesa Renewable Energy ("SGRE") long-term time charter of J/U WIND ENTERPRISE for 3 years and 8 months was initiated on 1 March 2021. The vessel continues to operate successfully on the time charter with limited off-hire days.
• The activity level for regular major component replacements saw steady growth during Q1 2022 in spite of adverse weather during February.
• EBITDA amounted to EUR 5.8m in Q1 2022 compared to EUR -0.8m in Q1 2021. The increase is due to increased revenue and lower OPEX and high project related costs.
• As communicated in earlier stock exchange announcements dated 31st March, 29th April and 1st June 2022, ZITON and its majority shareholder have had ongoing discussions with holders of its financial indebtedness to reach a solution for a long-term and viable capital structure. The parties have reached an agreement in principle and have entered into a lock-up agreement, subject to certain conditions precedent and regulatory approvals, to execute a transaction which will significantly improve the capital structure and liquidity of ZITON. The proposed transaction includes an extension of maturities of the first and second lien bond by 24 months, equitization of EUR 37m in subordinated debt and EUR 13.2m in incremental liquidity (EUR 10m in new second lien bonds, plus a waiver of amortisation and capitalisation of first lien interest totalling EUR 3.2m). EUR 3m of the new liquidity will be applied towards repayment of part of the second super senior working capital facility. Subject to satisfaction of the conditions and obtaining regulatory approvals, the debts of certain consenting creditors of ZITON will be partly or fully converted into equity, resulting in those creditors acquiring ~90% of the post-restructured ordinary equity of ZITON, and 100% of the preferred equity, subject to certain dilution. Following the transaction, proforma equity would be approximately EUR 10m and the controlling shareholder would be Permira Credit Solutions III Sub Master Euro S.à.r.l.
• The KPI guidance for 2022 is unchanged:
o Weighted average utilisation rate. We expect a utilisation rate in the range of 70%-80%.
o EBITDA. We expect EBITDA to be in the range of EUR 26-30m.
o Cash flow from operating activities. We expect cash flows from operating activities of EUR 23-27m. This reflects a slight increase in working capital, resulting in a cash conversion rate of around 90%.
o CAPEX. We expect CAPEX of around EUR 5m, including CAPEX for classing of J/U WIND.
• The Siemens Gamesa Renewable Energy ("SGRE") long-term time charter of J/U WIND ENTERPRISE for 3 years and 8 months was initiated on 1 March 2021. The vessel continues to operate successfully on the time charter with limited off-hire days.
• The activity level for regular major component replacements saw steady growth during Q1 2022 in spite of adverse weather during February.
• EBITDA amounted to EUR 5.8m in Q1 2022 compared to EUR -0.8m in Q1 2021. The increase is due to increased revenue and lower OPEX and high project related costs.
• As communicated in earlier stock exchange announcements dated 31st March, 29th April and 1st June 2022, ZITON and its majority shareholder have had ongoing discussions with holders of its financial indebtedness to reach a solution for a long-term and viable capital structure. The parties have reached an agreement in principle and have entered into a lock-up agreement, subject to certain conditions precedent and regulatory approvals, to execute a transaction which will significantly improve the capital structure and liquidity of ZITON. The proposed transaction includes an extension of maturities of the first and second lien bond by 24 months, equitization of EUR 37m in subordinated debt and EUR 13.2m in incremental liquidity (EUR 10m in new second lien bonds, plus a waiver of amortisation and capitalisation of first lien interest totalling EUR 3.2m). EUR 3m of the new liquidity will be applied towards repayment of part of the second super senior working capital facility. Subject to satisfaction of the conditions and obtaining regulatory approvals, the debts of certain consenting creditors of ZITON will be partly or fully converted into equity, resulting in those creditors acquiring ~90% of the post-restructured ordinary equity of ZITON, and 100% of the preferred equity, subject to certain dilution. Following the transaction, proforma equity would be approximately EUR 10m and the controlling shareholder would be Permira Credit Solutions III Sub Master Euro S.à.r.l.
• The KPI guidance for 2022 is unchanged:
o Weighted average utilisation rate. We expect a utilisation rate in the range of 70%-80%.
o EBITDA. We expect EBITDA to be in the range of EUR 26-30m.
o Cash flow from operating activities. We expect cash flows from operating activities of EUR 23-27m. This reflects a slight increase in working capital, resulting in a cash conversion rate of around 90%.
o CAPEX. We expect CAPEX of around EUR 5m, including CAPEX for classing of J/U WIND.