Roermond,
15
March
2024
|
07:00
Europe/Amsterdam

Full year 2023 in line with expectations

Investment Program on schedule and within budget

Operational highlights:

  • Improving safety performance on 12-month rolling statistics; full-year 2023 LTIF at 8.28 (6.50 in 2022)
  • Output of 192 kton (169 kton in 2022); 141 monopiles and primary steel for 182 transition pieces (130 monopiles and primary steel for 126 transition pieces in 2022)
  • Contribution to 2,622 MW offshore wind capacity (1,954 MW in 2022) with foundations for amongst others Dogger Bank and Hollandse Kust Noord
  • Carbon footprint further reduced through higher compensation from the wind turbine on Sif’s premises and ongoing electrification to replace gas
  • Marshalling services for Siemens’ Hollandse Kust Zuid completed
  • Orderbook addition with Baltyk II+III (Equinor/Polenergia) and termination of Empire Wind 2 (Equinor)
  • Good progress on the expansion of our manufacturing facilities to increase production to Ø11 meters and 500 kton production capacity

Financial highlights:

In € million

FY 2023

FY 2022

change YOY

Contribution1

149.0

130.5

+14.2%

Adjusted EBITDA[1]

42.2

41.8

+1.0%

Earnings after tax (profit attributable to the shareholders)

10.9

7.2

+51.4%

EPS in €

0.32

0.28

+14.3%

Year-end net working capital1

(133.4)

(81.5)

+63.7%

Year-end cash

131.4

89.8

46.3%

Adjusted ROACE1 in %

110.7

43.6

+153.9%

Production in kton

192

169

+13.6%

Contribution to global offshore wind capacity in MW

2,622

1,954

+34.2%

LTIF in injuries per mln working hours

8.28

6.50

+27.4%

 

Orderbook in kton (status 14 March 2024)

For 2024

For 2025 & beyond

Total

Contracted

165

250

415

Exclusive negotiations

 

92

92

Total

165

342

507

 

Outlook full-year 2024: factory-integration and start-up of the expanded production facilities in the second half of 2024 will result in lower production output of approximately 165 kton with expectation for adjusted EBITDA at a level of approximately €35 million. After start-up of the new plant, we foresee higher volumes with €135 million EBITDA for 2025 and at least €160 million from 2026.
 

Reference is made to attached PDF for the full release


[1] Reference is made to section 'Definition and Explanation of use of non-IFRS financial measures' and 'Reconciliation of non-IFRS financial measures' for the definition and explanation of use, and reconciliation