Roermond,
03
November
2023
|
07:01
Europe/Amsterdam

Trading update Q3 2023

Highlights and Key Figures for Q3 2023

Highlights Q3 2023:

  • One lost time safety- incident in Q3 2023: YTD eight LTI (seven in first nine months 2022);
  • Expansion project on schedule: successful tests on longitudinal welding training machine;
  • Successful completion of rights issue with 98.9% take-up of new shares;
  • Throughput of 50 Kton brings Year to Date production to 144 Kton (129 Kton Q3 2022);
  • Load-out of Dogger bank A transition pieces continues, manufacturing of Dogger bank B monopiles close to completion, manufacturing for Dogger bank C transition pieces started;
  • He Dreiht transition pieces completed per end of Q3 2023;
  • Effects of New York State Energy Research and Development Authority’s decision on Empire Wind projects under investigation by Empire Wind partners BP and Equinor;
  • License agreement with GS Entec (Korea) finalized;
  • Annabelle Vos appointed Supervisory Board member.

Key figures:

  • Year to Date (YTD)[1] contribution increased to €106.2 million (€93.3 million first nine months 2022)
    • €93.0 million from production of foundations (€79.2 million first 9 months 2022);
    • €5.8 million from marshalling activities (€8.4 million first nine months 2022);
    • €7.4 million from other activities, including engineering (€5.7 million first nine months 2022);
  • Adjusted EBITDA €28.5 million (€28.9 million first nine months 2022); 
  • Net Working Capital at end of Q3 2023 -/-€59.9 million (-/-€43.4 million at end of Q3 2022 and -/-€74.8 million at end of Q2 2023);
  • Total cash position at end of Q3 2023 €124.4 million (€61.2 million at end of Q3 2022 and €103.6 million at end of Q2 2023) with main inflows in Q3 relating to financing of expansion project:
    • €50 million from rights issue July 2023;
    • €18 million from AFP Ecowende in July 2023;
    • €19.5 million from AFP Empire Wind in September 2023;
  • Order book 56 Kton for Q4 2023, and 668 Kton for 2024 and beyond.  
In € million

YTD 2023

YTD 2022

Change

YoY

Q3 2023

Q3 2022

Contribution

106.2

93.3

+13.8%

34.8

29.8

EBITDA adjusted

28.5

28.9

-1.4%

7.1

7.8

EBITDA reported

24.4

25.5

-4.3%

5.6

6.4

Kton production

144

129

+11.6%

50

40

Order book in Kton

End of September 2023 for remainder 2023

End of September 2023 for 2024 and beyond

Contracted

56

358

Exclusive negotiation

0

310

Total for the period

56

668


 Reference is made to the PDF attachment for the full release


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