Sif Group Annual Report 2024
Mar 19, 2025
Strategic highlights:
- Expansion of manufacturing facilities completed, production ramping-up;
- Additional land leased for storage and marshalling activities.
Operational highlights:
- Improved safety performance: full-year 2024 LTIF at 0.78 (8.28 in 2023);
- Sickness leave: full-year 2024 at 7.75% (6.86% in 2023);
- Output of 158 kton (192 kton in 2023); 89 monopiles and primary steel for 109 transition pieces (141 monopiles and primary steel for 182 transition pieces in 2023) will contribute to the realization of 1,297 MW offshore wind capacity (2,622 MW in 2023);
- Carbon footprint scope 1 and 2 further decreased through ongoing electrification and use of biodiesel for inland shipping.
Financial highlights:
In € million
| FY 2024
| FY 2023
| change YOY
|
Contribution
| 146.5
| 149.0
| -1.7%
|
Adjusted EBITDA
| 38.4
| 42.2
| -9.0%
|
Earnings after tax (profit attributable to the shareholders)
| 1.2
| 10.9
| -89.0%
|
EPS in €
| (0.04)
| 0.32
| -112.5%
|
Year-end net working capital
| (178.5)
| (133.1)
| +34.1%
|
Year-end cash
| 113.8
| 131.4
| -13.4%
|
Adjusted ROACE in %
| 57.7
| 110.7
| -47.9%
|
Production in kton
| 158
| 192
| -17.7%
|
Contribution to global offshore wind capacity in MW
| 1,297
| 2,622
| -50.5%
|
LTIF in injuries per mln working hours
| 0.78
| 8.28
| -90.6% |
Order book in kton (status 19 March 2025)
| For 2025 & beyond
|
Contracted
| 508
|
Exclusive negotiations
| |
Total
| 508 |
Outlook:
- Order book strengthened with award of East Anglia TWO (Scottish Power) and transition pieces for Baltyk II+III (Equinor/Polenergia).
- Outlook for full-year 2025 revised to adjusted EBITDA of €90-120 million with some production shifting into 2026 due to the ramp-up taking some more time than originally anticipated. Outlook for 2026 reiterated at a level of at least €160 million.
Read the full 2024 Annual report here.