Performance and progress Q1 2024 on track
May 17, 2024
Start-up of expanded factory in two months.
Operational highlights
- No Lost Time Injuries (4 in Q1 2023);
- Sick leave at 8.6% (7.2% in Q1 2023);
- Production of monopiles and transition pieces for Dogger Bank C and several components for offshore steel structures;
- Workforce at end of Q1 stood at 393 permanent staff and 261 flexible staff (end of Q1 2023: 374 permanent and 244 flexible staff);
- Total throughput of approximately 42 Kton steel (48 Kton in Q1 2023), on track for full year production of 165 Kton.
Key figures
- Contribution of €33.6 million (€34.0 million in Q1 2023) of which €27.7 million for Wind (€29.8 million in Q1 2023), €3.0 million for Offshore Steel Structures (OSS) (€0,7 million in Q1 2023), €2.2 million for Engineering (€0,9 million in Q1 2023), €0.3 million for Marshalling (€2.2 million in Q1 2023) and €0.4 million for other activities (€0.4 million in Q1 2023);
- Adjusted EBITDA of €8.0 million (€10.8 million in Q1 2023) on track for full year generation of €35 million adjusted EBITDA;
- Net Working Capital at end of Q1 2024 -/- €158.3 million (-/- €133.4 million at end 2023);
- Cash at the end of Q1 2024 of €140.7 million (€131.4 million at end 2023);
- Orderbook contains approximately 125 Kton for remainder 2024 and 320 Kton for 2025 and beyond.
Read the full press release here.
