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Trading Update Q3 2022

Nov 4, 2022

Outlook confirmed, solid orderbook for 2023

Highlights Q3 2022:

  • Two lost time safety- incidents in Q3 2022: YTD seven LTI (three in first nine months 2021);
  • Manufacturing the largest Transition pieces in history of Sif for Dogger Bank B and TP-less monopiles for Hollandse Kust Noord;
  • Strong contribution from Marshalling & Logistics and KCI the engineers activities;
  • Water levels in rivers back to normal; no material delays in logistics;
  • Kick-off implementation license agreement with GS Entec (Korea);
  • Long term framework agreement signed with Dillinger Hütte to secure future steel plate deliveries;
  • On track on replacement of gas-preheating by electrical preheating (induction) program;
  • Good progress on the plans for expansion of our production facilities for larger monopiles.

Key figures:

  • Year to Date (YTD)[1] contribution increased to €93.3 million (€82.5 million first nine months 2021)
    • €79.3 million from production of (components for) foundations (€77.9 million first 9 months 2021)
    • €8.4 million from marshalling activities (€1.9 million first nine months 2021);
    • €5.6 million from other activities, including engineering (€3.9 million first nine months 2021);
  • Adjusted EBITDA Year to Date increased to €28.9 million (€28.4 million first nine months 2021);
  • Net Working Capital end of Q3 2022 -/-€43.4 million (-/-€58.4 million end of Q3 2021 and -/-€42.0 million end of Q2 2022);
  • Total cash position at end of Q3 2022 €61.2 million (€62.4 million at end of Q3 2021 and €57.6 million at end of Q2 2022);
  • Throughput of 40 kilotons brings Year to Date production to 129 kilotons (124 kilotons same period 2021);
  • Order book 43 kilotons for Q4 2022, and 278 kilotons for 2023 and beyond.
In € million

YTD 2022

YTD 2021



Q3 2022

Q3 2021







EBITDA adjusted






EBITDA reported






Kton production






Order book in kilotons

For remainder 2022

For 2023 and 2024




Exclusive negotiation



Total for the period



Comment from Fred van Beers, CEO of Sif Group:

“Good performance in Marshalling & Logistic services to a large extent compensated for the additional costs of energy. Also, KCI the engineers reported better contribution due to a strong recovery of engineering services for various energy market related projects.

The sheer size and design of the foundations for the projects currently at hand in combination with the dimensions and outfitting of our production facilities, has had its effects on efficiency. Extra safety measures and very limited maneuvering space in our facility in Roermond have their impact on manufacturing-flows. Thanks to the skills and craftsmanship of our employees, results in Q3 were satisfactory.

In total 32 monopiles were completed and 28 transition pieces. We expect total production for the year 2022 to arrive at approximately 172 kilotons. We are on schedule for delivery of the forecast adjusted EBITDA for the full year 2022 which we expect to be slightly higher than the realized adjusted EBITDA in 2021.

From a strategic perspective, Q3 2022 was a pivotal quarter. We have made good progress with plans to expand manufacturing capabilities and production capacity and expect to be able to give an update on the final investment decision in Q4 2022. For emerging markets in Asia, we announced a license cooperation with GS Entec to assist them with know-how in converting their Busan facility into a monopile production site and to train their employees to manufacture monopiles for the Asian market. Meanwhile the first GS Entec employees have visited Sif in Roermond and the cooperation took off expeditiously. For the market in the USA, talks with a potential joint venture partner are progressing. These developments illustrate that Sif not only prepares for the envisaged growth in Europe but also has a keen interest to play a key role as the leading monopile foundations manufacturer globally”.

For the full release refer to the PDF attachment.

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