Sif Group Annual report 2023
Mar 15, 2024
Operational highlights
- Improving safety performance on 12-month rolling statistics; full-year 2023 LTIF at 8.28 (6.50 in 2022);
- Output of 192 kton (169 kton in 2022); 141 monopiles and primary steel for 182 transition pieces (130 monopiles and primary steel for 126 transition pieces in 2022);
- Contribution to 2,622 MW offshore wind capacity (1,954 MW in 2022) with foundations for amongst others Dogger Bank and Hollandse Kust Noord;
- Carbon footprint further reduced through higher compensation from the wind turbine on Sif’s premises and ongoing electrification to replace gas;
- Marshalling services for Siemens’ Hollandse Kust Zuid completed;
- Orderbook addition with Baltyk II+III (Equinor/Polenergia) and termination of Empire Wind 2 (Equinor);
- Good progress on the expansion of our manufacturing facilities to increase production to Ø11 meters and 500 kton production capacity.
Financial highlights
| In € million | FY 2023 | FY 2022 | change YOY |
|---|---|---|---|
| Contribution | 149,0 | 130,5 | +41,2% |
| Adjusted EBITDA | 42,2 | 41,8 | +1,0% |
| Earnings after tax (profit attributable to the shareholders) | 10,9 | 7,2 | +14,3% |
| Year-end net working capital | (133,4) | (81,5) | +63,7% |
| Year-end cash | 131,4 | 89,8 | 46,3% |
| Adjusted ROACE in % | 110,7 | 43,6 | 153,9% |
| Production in kton | 192 | 169 | +13,6 |
| Contribution to global offshore wind capacity in MW | 2.622 | 1.954 | +34,2% |
| LTIF in injuries per mln working hours | 8,28 | 6,50 | +27,4% |
Read the full financial results for 2023 here.
