Trading update Q3 2023
Nov 3, 2023
Highlights and Key Figures for Q3 2023
Highlights Q3 2023:
- One lost time safety- incident in Q3 2023: YTD eight LTI (seven in first nine months 2022);
- Expansion project on schedule: successful tests on longitudinal welding training machine;
- Successful completion of rights issue with 98.9% take-up of new shares;
- Throughput of 50 Kton brings Year to Date production to 144 Kton (129 Kton Q3 2022);
- Load-out of Dogger bank A transition pieces continues, manufacturing of Dogger bank B monopiles close to completion, manufacturing for Dogger bank C transition pieces started;
- He Dreiht transition pieces completed per end of Q3 2023;
- Effects of New York State Energy Research and Development Authority’s decision on Empire Wind projects under investigation by Empire Wind partners BP and Equinor;
- License agreement with GS Entec (Korea) finalized;
- Annabelle Vos appointed Supervisory Board member.
Key figures:
- Year to Date (YTD)[1] contribution increased to €106.2 million (€93.3 million first nine months 2022)
- €93.0 million from production of foundations (€79.2 million first 9 months 2022);
- €5.8 million from marshalling activities (€8.4 million first nine months 2022);
- €7.4 million from other activities, including engineering (€5.7 million first nine months 2022);
- Adjusted EBITDA €28.5 million (€28.9 million first nine months 2022);
- Net Working Capital at end of Q3 2023 -/-€59.9 million (-/-€43.4 million at end of Q3 2022 and -/-€74.8 million at end of Q2 2023);
- Total cash position at end of Q3 2023 €124.4 million (€61.2 million at end of Q3 2022 and €103.6 million at end of Q2 2023) with main inflows in Q3 relating to financing of expansion project:
- €50 million from rights issue July 2023;
- €18 million from AFP Ecowende in July 2023;
- €19.5 million from AFP Empire Wind in September 2023;
- Order book 56 Kton for Q4 2023, and 668 Kton for 2024 and beyond.
| In € million | YTD 2023 | YTD 2022 | Change YoY | Q3 2023 | Q3 2022 |
| Contribution | 106.2 | 93.3 | +13.8% | 34.8 | 29.8 |
| EBITDA adjusted | 28.5 | 28.9 | -1.4% | 7.1 | 7.8 |
| EBITDA reported | 24.4 | 25.5 | -4.3% | 5.6 | 6.4 |
| Kton production | 144 | 129 | +11.6% | 50 | 40 |
| Order book in Kton | End of September 2023 for remainder 2023 | End of September 2023 for 2024 and beyond |
| Contracted | 56 | 358 |
| Exclusive negotiation | 0 | 310 |
| Total for the period | 56 | 668 |
Reference is made to the PDF attachment for the full release
[1] Year-to-date (YTD) refers to the period 1 January- 30 September
Read the full press release here.
