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Trading update Q3 2021

Nov 5, 2021

Execution of orderbook on schedule, transformational plan for future manufacturing nearing completion

Highlights Q3:

  • 2 lost time safety- incidents: YTD number of LTI now 3 (1 in Q3 2020);
  • COVID-19 measures: still alert in respect of recent developments;
  • Fine-tuning production lines for start-up of Dogger Bank A;
  • High tender activity for post-2023 with a mix of smaller and larger sized projects;
  • Tight labor market for multiple disciplines;
  • Construction of Roll-on -Roll-off quay and 200-meter quay-extension progressing towards completion;
  • On track for replacement of gas-preheating by electrical preheating (induction).

Key figures:

  • Year-to-Date (YTD) contribution increased to €82.5 million (€68.5 million YTD 2020)
    • €77.9 million from production of (components for) foundations (€67.5 million first 9 months 2020)
    • €1.9 million from marshalling activities (€1.0 million first 9 months 2020);
    • €2.7 million from engineering activities (€0 first 9 months 2020);
  • EBITDA Year to Date increased to €28.0 million (€17.3 million first 9 months 2020);
  • Operating Working Capital at end of Q3 2021 -€58.4 million (-€70.9 million at end of Q3 2020 and -€56.9 million at end of Q2 2021);
  • Total cash position at end of Q3 2021 €62.4 million (€49.5 million at end of Q3 2020 and €61.7 million at end of Q2 2021);
  • Throughput of 36 kilotons brings Year to Date production to 124 kilotons (113 kilotons YTD Q3 2020);
  • Order book 46 kilotons for Q4 2021, 185 kilotons for 2022 and 220 kilotons for 2023 and beyond.


In € million

YTD 2021

YTD 2020

Change

YoY

Q3 2021

Q3 2020

Contribution

82.5

68.5

+20.4%

24.8

22.8

EBITDA

28.0

17.3

+61.8%

7.8

5.8

Kton production

124

113

+9.7%

36

37

Order book in Kton

For remainder 2021

For 2022

For 2023 and beyond

Contracted

46

185

90

Exclusive negotiation

0

0

130

Total for the year

46

185

220

Year-to-date (YTD) refers to the period 1 January- 30 September

For the full release please open attachement PDF

Trading update Q3 2021 PDF