Interim results 2019
Sif Holding N.V. (Euronext symbol SIFG / ISIN code NL0011660485) - Regulatory news
Highlights and Key figures for the first halfyear 2019 are as follows. Reference is made to the PDF attachment for the full Interim 2019 results.
- Contract won for Borssele 5 innovation site;
- Delivery of monopiles and transition pieces for Triton Knoll and Seamade offshore wind farms;
- Delivery of monopiles for Borssele 1-4 offshore wind farms;
- Agreement on refinancing and adjustment of governance structure to apply large companies regime;
- Total throughput of approximately 94 Kton steel (81 Kton in HY1 2018)
- 96% for offshore wind (78% HY1 2018)
- 4% for offshore oil & gas (22% HY1 2018)
- Contribution of € 45.5 million (HY 2018: € 45.6 million);
- EBITDA of € 12.7 million (HY 2018: € 14.0 million after adjustment for IPO related expenses);
- Revenues of € 170.4 million (HY 2018: € 145.9 million);
- Operating working capital stood at - € 11.7 million (HY 2018: € 32.7 million; YE 2018: € 14.2 million);
- Net debt excluding ground lease IFRS 16 of € 14.9 million (HY 2018: € 52.2 million; YE 2018: € 30.4 million);
- Order book per 27 August 2019 of 300 Kton for 2020 and beyond
- 220 Kton signed contracts
- 80 Kton exclusive negotiations
Post reporting events:
- Contract wins for Hollandse Kust Zuid (Netherlands; 114 monopiles, 113 Kton) and Vineyard (Massachsetts USA; 84 monopiles, 103 Kton) and announcement of delays at Vineyard affecting Sif’s production- schedule for 2020;
- Expansion of Maasvlakte 2 Rotterdam from 42 to 62 hectares to offer marshalling services to offshore wind clients; Innovation shipping B.V. ( a DEME Offshore company ) launching customer for October 2019- June 2020 period.
Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customised tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 70 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines, as well as legs, pile sleeves, and piles of the larger jackets for oil & gas as well as tubular structures for various uses such as jetties.
Some of the statements contained in this release that are not historical facts are statements of future projections and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Historical results are no guarantee for future performance. Forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of Sif’s business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. Sif does not intend, and does not assume any obligation, to update any industry information or forward- looking statements set forth in this release to reflect subsequent events or circumstances. The content of this trading update is for information purposes only and not intended as investment advise, or offer or solicitations for the purchase or sale in any financial instrument. Sif does not warrant or guarantee the completeness, accuracy, or fitness for any particular purposes in respect of the information included in this release.