Highlights of Q1 2023
o	On 28 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 mandated Pareto 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 of
EUR 93m, to repay drawn amounts on the working capital facility and to finance
transaction costs and general corporate purposes.
o	EBITDA amounted to EUR 8.7m in Q1 2023 compared to EUR 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 of EUR 30-34m which was revised
upwards from EUR 28-32m on 28 April 2023.
o	Cash flow from operating activities. We expect cash flows from operating
activities of EUR 27-31m which was revised upwards from EUR 25-29m on 28 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 around EUR 5m.

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