Roermond,
04
November
2020
|
17:43
Europe/Amsterdam

Trading update Q3 2020

Highlights and Key Figures for Q3 2020

Highlights Q3:

  • No lost time safety- incidents; LTI ytd still 1 with one year rolling LTIF at 0.81 (2.39 Full year 2019);
  • YTD 8 Sif employees COVID19 infected, none infected at working place. Impact of second wave COVID19 on Sif operations yet unclear but national trend is a concern;
  • Offshore Wind Projects funnel building up with projects in Europe (Green deal), Japan (neutral Carbon Dioxide emission by 2050 latest) and USA (subject to election outcome);
  • Oil & gas lines idle from the start of Q3;
  • Fine-tuning production lines for start-up of Hollandse Kust Zuid project in Q4 2020 as planned;
  • Gearing up to 24/5 + 2 (2 shifts on Saturday) working weeks from final quarter 2020 onwards.

Key figures:

  • Year-to-Date (YTD)[1] contribution increased to €68.5 million (€66.6 million YTD 2019)
    • 67.5 million from production of (components for) foundations (65.2 million first 9 months 2019)
    • €1.0 million from marshalling activities;
  • EBITDA Year to Date increased to €17.3 million (€14.6 million YTD 2019);
  • Operating Working Capital at end of Q3 2020 -€70.9 million (-€8.2 million at end of Q3 2019 and -64.5 million at end of Q2 2020);
  • Net Cash excluding IFRS 16 at end of Q3 2020 €49.5 million (Net debt €19.2 million at end of Q3 2019 and net cash 38.3 million at end of Q2 2020);
  • Throughput of 37 Kton brings Year to Date production to 113 Kton (140 Kton YTD Q3 2019);
  • Order book 52 Kton for Q4 2020, 182 Kton for 2021 and 120 Kton for 2022 and beyond.

[1] Year-to-date (YTD) refers to the period 1 January- 30 September