Trading update: Sif Interim Results 2018
Sif Holding N.V. (Euronext symbol SIFG / ISIN code NL0011660485) - Regulatory news
- Contract won for Borssele 3&4; financial close 28 June 2018
- Contract won for Tyra jacket components
- Delivery of monopiles and transition pieces for Hohe See and Borkum West 2 (Trianel) offshore wind farms
- Delivery of pin piles for Johan Sverdrup and Peregrino jacket foundations
- Extensive maintenance program and layout adjustments during period of low utilization
- Total throughput of approximately 81 Kton steel (108 Kton in HY1 2017)
- 78% for offshore wind (91% HY1 2017)
- 22% for offshore oil & gas (9% HY1 2017)
- Contribution of € 45.6 million (HY 2017: € 74.4 million)
- EBITDA adjusted for IPO costs reached € 14.0 million (HY 2017: € 33.7 million)
- Revenue reached € 145.9 million (HY 2017: € 156.2 million)
- Operating working capital stood at € 32.7 million (HY 2017: € 18.1 million; YE 2017: € 7.1 million)
- Net debt totaled € 52.5 million (HY 2017: € 47.7 million; YE 2017: € 25.1million)
- Order book per 23 August 2018 of 150 Kton for 2018, 200 Kton for 2019 and 90 Kton for 2020
Post reporting events:
- New CEO nominated for appointment at General Meeting of Shareholders 31 August 2018
- Successful test of Blue 25M hammer installation technology by Carbon Trust and Fistuca
- Entered into exclusive negotiations for projects for 2019 (total approx. 115 Kton)
View attachment for the full interim 2018 report.
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.