Trading update Q1 2023
May 12, 2023
On track to meet 2023 forecast, execution expansion plan on schedule
Operational highlights
- Four Lost Time Injuries;
- Sickness absenteeism at 7.2% (8.2% in Q1 2022);
- Production of monopiles and transition pieces for Dogger Bank B and He Dreiht;
- Workforce at end of Q1 stood at 374 permanent and 244 flexible FTE (end of Q1 2022: 366 permanent and 224 flexible);
- Total throughput of approximately 48 Kton steel (48 Kton in Q1 2022).
Key figures
- Contribution of €34.0m (€30.5m in Q1 2022) of which €29,8m for wind (€26,3m in Q1 2022), €2.2m for marshalling (€2.4m in Q1 2022) and €2,0m for other activities (€1.8m in Q1 2022), including engineering services;
- EBITDA of €9.6m (€8.8m in Q1 2022);
- Adjusted EBITDA of €10.8m (€9.6m in Q1 2022);
- Net Working Capital at end of Q1 2023 -/- €85.7m (-/- €81.5m at end 2022);
- Cash at the end of Q1 2023 of €138.2m (€ 89.8m cash at end 2022);
- Orderbook contains approximately 170 Kton for remainder 2023 and 549 Kton for 2024 and beyond (270 Kton end of Q1 2022 for 2023 and 2024).
| In € (millions) | Q1 2023 | Q1 2022 | delta |
| Contribution | 34.0 | 30.5 | +11.5% |
| Adjusted EBITDA | 10.8 | 9.6 | +12.5% |
| Production (in Kton) | 48 | 48 | 0 |
| Orderbook (Kton) as at 12 May 2023 | For remainder 2023 | For 2024 | For 2025-2026 |
| Contracted | 170 | 161 | 158 |
| Exclusive negotiation | 0 | 45 | 185 |
| Total | 170 | 206 | 343 |
Important Note: in this release, Sif uses various non-IFRS financial measures. Please consult the overview and definition of used measures at the end of this release
Reference is made to the PDF attachment in the link below for the full release.