Highlights of Q1 2023 o On28 April 2023 ,Siemens Gamesa Renewable Energy ("Siemens Gamesa ") and ZITON announced a strategic agreement whereby the current time charter agreement for J/U WIND ENTERPRISE will be extended by four and a half years and the parties will enter into a new six-years' time charter agreement for a new vessel to be purchased which is the sister vessel to J/U WIND ENTERPRISE. o ZITON has mandatedPareto Securities AB to conduct a series of fixed income meetings and, subject to market conditions, raise financing of the new vessel. The net proceeds from the financing are intended to be used to repay ZITON's and the subsidiary Wind Enterprise P/S's outstanding bonds, to finance the purchase of the sister vessel and related capital expenditures for an aggregate amount ofEUR 93m , to repay drawn amounts on the working capital facility and to finance transaction costs and general corporate purposes. o EBITDA amounted toEUR 8.7m in Q1 2023 compared toEUR 5.8m in Q1 2022. The improvement is due to an increase in revenue reflecting improved utilisation of all three of the smaller vessels as the market for major component replacements showed double digit growth rates in Q1 2023 compared to Q1 2022. o The guidance for 2023, does not consider the effects of the contemplated financing and purchase of the sister vessel to J/U WIND ENTERPRISE. The following sets out our KPI guidance for 2023: o Weighted average utilisation rate. We expect a utilisation rate in the range of 80%-90% up from the previous guidance of 75%-85%. o EBITDA. We expect EBITDA to be in the range ofEUR 30-34m which was revised upwards fromEUR 28-32m on28 April 2023 . o Cash flow from operating activities. We expect cash flows from operating activities ofEUR 27-31m which was revised upwards fromEUR 25-29m on28 April 2023 . This reflects a slight increase in working capital, resulting in a cash conversion rate of around 90%. o CAPEX. We expect CAPEX of aroundEUR 5m .
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