Trading update Q1 2021

Operational highlights

• One Lost Time Injury
• Production of monopiles for Hollandse Kust Zuid and preparations for Dogger Bank A;
• Marshalling services for Kincade floating wind project and preparations for contract with Siemens Gamesa for marshalling services as of December 2021;
• KCI the engineers acquisition finalized and consolidated as of 1 March 2021;
• Continued mitigation measures in relation to COVID 19 pandemic;
• Workforce at end of Q1 (KCI included) at 389 permanent and 177 flexible FTE (End of Q1 2020; 312 permanent and 236 flexible);
• Sick leave at 4.4% (8.2% Q1 2020);
• Total throughput of approximately 44 Kton steel or 53 monopiles (35 Kton in Q1 2020).

Key figures

• Contribution €27.1m (€20.8m Q1 2020) of which €0.4m for marshalling (€0.4m in Q1 2020) and €0.4m for engineering services;
• EBITDA €8.1m (€2.7m Q1 2020);
• Net Working Capital at end of Q1 2021 - €24.9m (- €41.8m at end Q1 2020);
• Net cash at the end of Q1 2021 €36.7m (€ 21m net cash at end Q1 2020)[1];
• Order book approximately 140 Kton for remainder 2021 and 250 Kton for 2022-2023.

[1] Net debt corrected for IFRS16 effects.

For the full release reference is made to the attached PDF