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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 € millionFY 2023FY 2022change YOY
Adjusted EBITDA42,241,8+1,0%
Earnings after tax (profit attributable to the shareholders)10,97,2+14,3%
Year-end net working capital(133,4)(81,5)+63,7%
Year-end cash131,489,8


Adjusted ROACE in %110,743,6


Production in kton192169+13,6
Contribution to global offshore wind capacity in MW2.6221.954


LTIF in injuries per mln working hours8,286,50


Read the full financial results for 2023 here.