Roermond,
27
August
2021
|
07:00
Europe/Amsterdam

Sif interim 2021 results

Solid execution, strong orderbook, upgraded EBITDA outlook

Safety first:

  • Seven Recordable Injuries of which one Lost Time Injury resulting in LTIF of 2.63;
  • Rigourous COVID19 measures have resulted in limitation of infections and contributed to 4.5% sickness leave (6.7% first half 2020);

Sustainable products and production:

  • 100% of production for Offshore Wind industry;
  • CO2 neutral with 12 MW windturbine on Sif-premises;
  • Switch from gas pre-heating to induction on schedule;

Innovations:

  • Presentation of updated Skybox innovation (picture on next page);
  • Acquisition of KCI The Engineers to offer in-house design engineering capabilities;

New projects:

  • Exclusive contract negotiations for
    • production of 130 kton for longer term deliveries;

Operations:

  • Delivery of TP-less monopiles for Hollandse Kust Zuid (picture on this page, next column);
  • Preparation and production-line set up for Dogger Bank A;
  • Marshalling & Logistics for Kincade (Cobra) project completed;
  • 200 mtr Quay extension and Roll-on Roll-off Quay construction on schedule for Siemens HKZ marshalling project which will start end 2021.

Total throughput of approximately 88 Kton steel or 102 monopiles and 3 transition pieces (76 Kton or 84 monopiles and 43 transition pieces in HY1 2020)

  • 100% for offshore wind (92% HY1 2020);
  • 0% for offshore oil & gas (8% HY1 2020).

Key figures:

Contribution of € 57.7 million (HY 2020: € 45.7 million)

  • € 53.7 million Monopiles & Transition pieces for offshore wind (HY 2020: € 40.6 million);
  • € 4.0 million Marshalling, Oil & Gas and Other which includes KCI for € 1.8 million (HY 2020: € 5.1 million);

EBITDA of € 20.2 million (HY 2020: € 11.5 million);

Revenues of € 249.3 million (HY 2020: € 151.2 million);

Operating working capital stood at - € 56.9 million (HY 2020: - € 64.5 million);

No external debt excluding lease liabilities (HY 2020: nihil). Total cash position amounts to € 61.7 million (HY 2020: € 38.3 million);

Order book per 27 August 2021: 400 Kton for 2022 and beyond (300 Kton HY 2020)

  • 270 Kton signed contracts
  • 130 Kton exclusive negotiations

Read attachment for full text of the interim report