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2019 12 publications
Sif provides Monopiles to Vattenfall/Nuon for 3 zones of Hollandse Kust Zuid project
11 July 2019

Roermond, The Netherlands – 11 July 2019. Sif Holding n.v. will manufacture 114 monopiles (113 KTon steel) for Vattenfall/Nuon for 3 out of 4 zones for the 1.4 GW project Hollandse Kust Zuid in The Netherlands. Sif’s scope comprises manufacturing of the monopiles and storage at the MV2 facility in Rotterdam in 2020-2021.

Attachment

Sif provides Monopiles for Vineyard project Massachusetts- First large-scale offshore wind project in United States of America
08 July 2019

Roermond, The Netherlands – 8 July 2019. Sif Holding n.v. will manufacture 84 monopiles (103 KTon steel) for the 800 MW Vineyard project in Massachusetts USA. Sif’s scope comprises manufacturing of the monopiles, storage at our MV2 facility and delivery by RoRo load-out via our deep sea quay side on transportation vessels in 2020-2021.

Attachment

Sif provides monopiles for Two Towers innovation site Borssele V
20 May 2019

Roermond, The Netherlands - 20 May 2019. Sif Holding n.v. will manufacture two monopiles for the Two Towers Borssele V innovation site. A number of innovations will be applied in the project such as a slip joint connection, seabed protection and a full aluminum sprayed coating.

One of the monopiles will have a slip joint connection. The slip joint connection is the connection between the monopile foundation and the transition piece that connects the foundation and the tower. This has traditionally been a flanged or a grouted connection.

In contrast, one foundation will be equipped with conical-shaped end pieces of the monopile and transition piece, which are stacked like coffee cups in a cupboard. This connection will save installation time offshore. While this technique has been applied successfully onshore, it was only used in offshore projects on a test basis.

The coating for the other monopile will be aluminium sprayed for a major part of the surface with a view to avoiding corrosion combined with minimizing the required maintenance activities.

Fred van Beers: "Sif considers it important to be part of innovations such as the ones being applied by our client Two Towers at Borssele V. These innovations are aimed at either saving costs on the manufacturing of the products and/or the installation and its maintenance at sea or at ensuring an improvement of the environmental impact on sea life. The offshore wind industry is still young and innovations such as these help to further decrease the levelized costs of energy from offshore wind."

Two Towers is the consortium for the Borssele V project that comprises Van Oord, Investri Offshore and Green Giraffe. Grid connection is scheduled for 2021.

About Sif Holding N.V.

Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customised tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 65 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines, as well as legs, pile sleeves and piles of the larger jackets for oil & gas as well as tubular structures for various uses such as jetties.

For further information, please contact:

Sif Holding N.V.
Fons van Lith

telephone +31 (0)475 385 777
mobile +31 (0)6 5131 4952
e-mail [email protected]

Resolutions Annual General Meeting of Shareholders 2019
03 May 2019

Roermond 3 May 2019. On Friday 3 May 2019 Sif Holding n.v. held its Annual General Meeting of Shareholders (AGM) in Roermond. The most important resolutions voted by the AGM are as follows.

Approval of financial statements, discharge and dividend proposal

The 2018 financial statements were approved. The dividend proposal to pay out € 0.10 per ordinary share in cash was approved as well. Both Supervisory Board and Executive Board were discharged for supervision and management.

Supervisory Board (re)appointments

Caroline van den Bosch and André Goedée were reappointed for a 4- years term.

Executive Board authorizations

The Executive Board was authorized for an 18 months period to acquire shares in Sif Holding n.v. and to issue shares or grant the right to subscribe for shares in the Company.


About Sif Holding N.V.

Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customised tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 65 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines, as well as legs, pile sleeves and piles of the larger jackets for oil & gas as well as tubular structures for various uses such as jetties.

For further information, please contact:

Sif Holding N.V.

Fons van Lith


telephone +31 (0)475 385 777

mobile +31 (0)6 5131 4952

e-mail [email protected]

Highlights and Key Figures for Q1 2019
03 May 2019

Operational highlights

  • Production of transition pieces and monopiles for Seamade and Triton Knoll and production of monopiles for Borssele 3&4
  • Load-out for Hohe See and Albatros completed
  • Construction of new coating facilities on schedule for completion in July 2019
  • AX ERP system is being implemented; final stations operational in May 2019
  • Workforce end Q1 at 512 FTE (292 permanent and 220 flexible), increased by 83 FTE from 429 at the end of 2018
  • Total throughput of approximately 42 Kton steel (38 Kton in Q4 2018):
    • o 92% for offshore wind
    • o 8% for offshore oil and gas

Key figures

  • (only) Q1 2019 numbers reflect implementation of IFRS 16;
  • Contribution €18.8m (€17.3m Q4 2018)
  • EBITDA €4.1m (€0.3m Q4 2018)
  • Net Working Capital at the end of Q1 2019 -/- €21.8m (€14.2m at year-end 2018)
  • Net debt at the end of Q1 2019 €8.4m (€ 30.4m at year-end 2018)
  • Order book approximately 210 Kton for 2019 and 155 Kton for 2020 and beyond

Fred van Beers, CEO of Sif Group, comments:

We have started our work for Seamade and continued working on Triton Knoll and Borssele 3&4. For Sif, the Seamade and Triton Knoll projects together constitute 130 Kton of steel, or the equivalent of 148 monopiles and 58 transition pieces. From the third quarter onwards, we will also initiate works on Borssele 1&2. After ramping up in Q2, we will then be back on more normalized quarterly production levels of close to 60 Kton, to end the year with total production numbers of approximately 210 Kton or 272 monopiles and 150 transition pieces.

Investments in coating facilities are on schedule for completion in July 2019, as is the buildup of our workforce. To deliver the estimated production volumes, we will partially lift the option to work 24 hours, seven days a week, at some production points, between the end of Q2 2019 and the end of the year. With a full order book for 2019 and a sound funnel of projects for the years thereafter, we are well placed to contribute to the planned growth of the offshore wind industry, both in Europe and emerging markets in Asia and the north-eastern USA. We are negotiating exclusively on two projects and are involved on a non-exclusive basis in all other projects on the market. We feel confident we are well placed to win our fair share of available projects though given the nature and characteristics of the industry, exact timing remains difficult to predict.

Notice and agenda for AGM 3 May 2019
21 March 2019

The General Meeting of Shareholders of Sif Holding N.V. will be held on Friday 3 May 2019 at 13:00 hours in TheaterHotel De Oranjerie at Kloosterwandplein 12-16, 6041 JA Roermond (telephone +31 475 391 491).

Please find attached the full notice and agenda for this AGM


Attachment

Full year 2018 results analyst presentation
21 March 2019

Sif presented 2018 annual results on 21 March 2019. Attached please find slides for the webcast presentation.

Attachment

Sif Holding annual report 2018
21 March 2019

We herewith present you our 2018 annual report as an attachment.

Attachment

Sif Holding annual report 2018
21 March 2019

We herewith present you our 2018 annual report as an attachment.

Full Year 2018 results. Gearing up for new industry design-standards and improved market outlook
21 March 2019

Operational highlights:

  • Continued strong safety performance resulting in LTIF of 0.97 for FY 2018 (1.49 in 2017)
  • Production and/or delivery of monopiles and transition pieces for Borssele 3+4, Hohe See, Albatros, Trianel and Norther offshore wind farms
  • Delivery of pin piles for Peregrino and Sverdrup jacket foundations
  • Innovations support decreasing LCOE for offshore wind
  • Contracts won for Seamade and Borssele 1+2+3+4
  • New exclusive position for 75 Kton project
  • Total throughput of approximately 138 Kton of steel (2017: 232 Kton)
  • 102 Kton (or 74%) for offshore wind
  • 34 Kton (or 24%) for oil & gas
  • 2 Kton (or 2%) for other

Key figures:

  • FY 2018 contribution of € 74.3 million (FY 2017: € 135.6 million)
  • FY 2018 normalized EBITDA of € 13.3 million (FY 2017: € 57.1 million);
  • FY 2018 profit attributable to the shareholder -€ 2.1 million (FY 2017: € 30.8 million);
  • Earnings per share 2018 -€ 0.08 (€ 1.21 in 2017);
  • Dividend proposal € 0.10 in cash per share (€ 0.30 for 2017);
  • Year-end 2018 net working capital € 14.2 million (YE 2017: € 7.1 million)
  • Year-end 2018 net debt € 30.4 million (YE 2017: € 25.1 million)
  • Order book 210 Kton signed contracts for 2019; 155 Kton exclusive negotiations for 2020 and beyond
Sif reaches agreement on refinancing
26 February 2019

Roermond (the Netherlands), 26 February 2019 - Sif Holding N.V. today announces that it has reached an agreement with RABO bank, ING, ABN AMRO, Euler-Hermes and Tokio Marine concerning the refinancing of the Company. The new credit facility of € 350 million in total replaces the facility of € 250 million in total set to expire mid-2019.

The new facility expires 22 February 2022, with two one-year extension options. The facility consists of a revolving credit facility of € 100 million and a committed guarantee facility of € 250 million. The previous arrangement had a revolving credit facility of € 90 million with committed guarantee facilities of € 160 million. The increase in facilities serves to support SIF's future business.

Margins and commitment fees remain unchanged at Euribor plus a surcharge that depends on the leverage and solvency on a quarterly basis. The new leverage (net debt/EBITDA) should be equal to or less than 2.5 (was 1.5 under the expiring facility) and the solvency should be equal to or more than 30% in 2019 and 35% during the years beyond 2019. .

The financing arrangement has also been made sustainable. Sif can earn discounts of max 0.05% if certain sustainability KPI's are reached.

Leon Verweij, CFO: "This amended and broader facility provides sufficient flexibility to pursue our strategy going forward. This new agreement assures Sif a financing structure that fits the characteristics of our Company."

Sif subject to the large company regime (volledig structuurregime) as from 1 February 2019
31 January 2019

Roermond, the Netherlands, 31 January 2019. After meeting the relevant criteria for three consecutive years, Sif Holding N.V. will become subject to the large company regime (volledig structuurregime) as from 1 February 2019.

The large company regime allows employees to have a say in the appointment of supervisory board members and certain power is shifted to the supervisory board in accordance with the Dutch Civil Code.

The applicability of the large company regime amongst others entails the following:

  • the supervisory board will have the power to appoint executive board members;
  • the supervisory board members shall be appointed by the general meeting on the basis of a binding nomination drawn up by the supervisory board;
  • both the general meeting and the works council have the right to recommend candidates to the supervisory board for the nomination;

Dutch law requires that a large company conforms its articles of association to the rules applicable to large companies. The articles of association of Sif Holding N.V. already allow for the consequences of Sif Holding N.V. becoming subject to the large company regime. The articles of association that apply as from 1 February 2019 are available on the company's website and as an attachment to this press release.

For further information, please contact:

Sif Holding N.V.

Fons van Lith
telephone +31 (0)475 385 777
mobile +31 (0)6 5131 4952
e-mail [email protected]

2018 13 publications
Sif to manufacture 58 monopiles for SeaMade Offshore Wind Farm
12 December 2018

Roermond, the Netherlands 12 December 2018. Sif Holding N.V. announces that Dredging International has awarded to Sif the production of 58 monopiles and the primary steel of the transition pieces for SeaMade offshore wind farm.

The contract has been awarded by EPCI-contractor Dredging International, a DEME Group's subsidiary. The transition pieces will be manufactured in joint venture with Smulders in Hoboken.

SeaMade offshore wind farm is located approximately 40 to 50 km off the coast of Ostend (Belgium) in 22- 38 m water depth. SeaMade will be developed by SeaMade N.V., a joint venture of the Otary group (70%), Electrabel (Engie) (17.5%) and Eneco Wind Belgium (12.5%). The 487 Megawatt offshore wind farm will comprise of 58 Siemens- Gamesa turbines each with an individual installed capacity of 8.4 MW and will be placed on monopile foundations. The monopiles and primary steel for transition pieces will be produced by Sif. Smulders will manufacture secondary steel and be responsible for the outfitting of the transition pieces.

The total volume of the project will amount to approximately 60 ktons for the MP's and 13.7 ktons for the primary steel for TP's. The production is scheduled for 2019. The project is already in the orderbook of Sif as presented when releasing interim 2018 results in August last. At that time still as a project where Sif and Dredging International were in exclusive negotiations. Following financial close on 3 December last, the contract is now firm.

Highlights and Key Figures for Q3 2018
08 November 2018

Highlights:

  • High sales activity in closing and pursuing monopile projects for 2019-2021 timeframe
  • Appointment and start of CEO Fred van Beers
  • Production resumed in August after 4-month black-out period
  • Successful testing of blue piling innovation
  • Material supplies and load-outs delayed beyond Sif's control

Key figures:

  • Year-to-Date contribution decreased to €57.0 million (€104.7 million YTD 2017)
  • Adjusted EBITDA Year to Date fell to €13.0 million (€44.9 million YTD 2017)
  • Operating Working Capital at end of Q3 2018 €28.4 million (€32.7 million at end of Q2 2018)
  • Net Debt at end of Q3 2018 €43.1 million (€52.5 million at end of Q2 2018)
  • Throughput of 19 Kton brings Year to Date production to 100 Kton (167 Kton YTD Q3 201
    • 74% for offshore wind
    • 26% for offshore oil & gas & other
  • Order book 45 Kton for Q4 2018, 200 Kton for 2019 and 90 Kton for 2020
Sif to manufacture 47 monopiles for the Borssele I-II Offshore Wind Farm
25 October 2018

Roermond, the Netherlands 25 October 2018. Sif Holding N.V. announces that Ørsted has awarded to Sif the production of 47 monopiles (approx. 40 Kton) for the Borssele I-II offshore wind farm.

Richard Jongen, Commercial Manager Wind Sif: "This is the first time Sif is going to manufacture the offshore foundations for a wind project on behalf of Ørsted. With our new assembly facility and state-of-the-art deep-sea quay on Maasvlakte II (Port of Rotterdam), Sif is ideally located and perfectly equipped to efficiently produce and deliver the monopile foundations. Sif is very pleased to contribute to a successful offshore wind project off the Dutch coast such as Borssele I-II."

The Borssele I-II wind farm is located approximately 22 kilometers out to sea from the coast of Zeeland in The Netherlands. The project will cover an area of 138 square kilometers with water depths of up to 38 meters and will comprise of 8 MW Siemens Gamesa 8.0-167 DD wind turbines. The turbines will be installed on 94 monopile foundations with transition pieces. The total installed capacity of the Borssele I-II wind farm will be 752 MW.

The production of monopiles is scheduled for 2019. The project is already in the orderbook of Sif as presented when releasing interim 2018 results in August last.

Interim results 2018 analyst presentation 24 August 2018
18 September 2018

On 24 August 2018 Sif released interim 2018 earnings. The results were explained by the executive board during a webcast analyst presentation.

Attached please find the slides that are used at this presentation

Interim Results 2018
24 August 2018

Operational highlights:

Contract won for Borssele 3&4; financial close 28 June 2018

Contract won for Tyra jacket components

Delivery of monopiles and transition pieces for Hohe See and Borkum West 2 (Trianel) offshore wind farms

Delivery of pin piles for Johan Sverdrup and Peregrino jacket foundations

Extensive maintenance program and layout adjustments during period of low utilization

Total throughput of approximately 81 Kton steel (108 Kton in HY1 2017)

  • 78% for offshore wind (91% HY1 2017)
  • 22% for offshore oil & gas (9% HY1 2017)

Key figures:

Contribution of € 45.6 million (HY 2017: € 74.4 million)

EBITDA adjusted for IPO costs reached € 14.0 million (HY 2017: € 33.7 million)

Revenue reached € 145.9 million (HY 2017: € 156.2 million)

Operating working capital stood at € 32.7 million (HY 2017: € 18.1 million; YE 2017: € 7.1 million)

Net debt totaled € 52.5 million (HY 2017: € 47.7 million; YE 2017: € 25.1million)

Order book per 23 August 2018 of 150 Kton for 2018, 200 Kton for 2019 and 90 Kton for 2020

Post reporting events:

New CEO nominated for appointment at General Meeting of Shareholders 31 August 2018

Successful test of Blue 25M hammer installation technology by Carbon Trust and Fistuca

Entered into exclusive negotiations for projects for 2019 (total approx. 115 Kton)

View attachment for the full interim 2018 report

Fred van Beers nominated for appointment as new CEO of Sif Holding N.V.
10 July 2018

Roermond, The Netherlands, 10 July 2018. The Supervisory Board of Sif Holding N.V. will nominate Fred van Beers for appointment as the company's new CEO effective 1 September 2018 at the General Meeting of Shareholders to be held on 31 August 2018. The Works Council has been informed and requested to provide advice.

Trading update Q1 2018
03 May 2018

Operational highlights:
Q1 strong commercial quarter

  • Contract award for Borssele III & IV for production 2018 (wind)
  • Deutsche Bucht Demonstrator Project for production in 2018 (wind)
  • 100 Kton exclusive negotiations for production in 2019 (wind)

Delivery of monopiles and transition pieces for Hohe See, Norther and Albatros offshore wind farms
Delivery of pin-piles for Johan Sverdrup jacket oil & gas project
Total throughput of approximately 52 Kton steel (66 Kton in Q4 2017)

  • 82% for offshore wind
  • 18% for offshore oil & gas

Financial key figures:
Contribution € 27.6 million (€ 30.9 million Q4 2017)
Normalized EBITDA € 10.1 million (€ 12.2 million Q4 2017)
Net Working Capital at the end of Q1 2018 € 34.8 million (€ 7.1 million at year-end 2017)
Net Debt at the end of Q1 2018 € 48.2 million (€ 25.1 million at year-end 2017)
Order book approximately 185 Kton for 2018 and 160 Kton for 2019

Sif to manufacture all monopiles for the Borssele III - IV Offshore Wind Farm
20 April 2018

Roermond, the Netherlands 20 April 2018. Sif Holding N.V. announces today that it has been awarded the production of 77 monopiles (68 Kton) for the Borssele III & IV offshore wind farm. Borssele III & IV is developed by a consortium (Blauwwind II) comprising Shell, Eneco, Van Oord, and Diamond Generating Europe, a wholly owned subsidiary of Mitsubishi Corporation. The contract has been awarded by Van Oord as the EPCI contractor for the project and is subject to financial close.

The Borssele III & IV wind farm is located approximately 22 kilometers out to sea from the coast of Zeeland in The Netherlands. The project will cover an area of 122 square kilometers with water depths of up to 38 meters and will comprise of Vestas V164-9.5 MW wind turbines. The turbines will be built on monopile foundations without transition pieces. The total installed capacity of the Borssele III & IV wind farm will be 731.5 MW.

The production of monopiles is scheduled from early July until December 2018. The project was already presented in the orderbook of Sif as "exclusive negotiations" and will now be presented as a firm contract. This brings the total orderbook for 2018 at 183 Kton

Sif Holding NV: Notice and Agenda for AGM 3 May 2018
21 March 2018

Sif's Annual General Meeting of Shareholders is scheduled for 3 May 2018. Attached please find the Notice and the Agenda for the Meeting.

Full year 2017 results analyst presentation
15 March 2018

Today Sif released Q4 and FY 2017 earnings. The results were explained by CEO and CFO during a webcast analyst presentation.

Attached please find the slides that are used at this presentation.

Sif Holding N.V. Annual Report 2017
15 March 2018

Please find attached Sif's Annual Report 2017.

Full Year 2017 Results
15 March 2018

Operational highlights Q4:

Continued strong safety performance resulting in LTIF of 1.49 for FY 2017 (2.83 in 2016)

Production of monopiles and transition pieces for Hohe See, Albatros, Borwin 3, Trianel and Norther offshore wind farms

Delivery of pin piles for Peregrino jacket foundation

New location at Rotterdam (Maasvlakte 2) running at full capacity

Total throughput of approximately 66 Kton of steel (Q4 2016: 49 Kton) results in FY 2017 production of 232 Kton (FY 2016: 191 Kton)

o 208 Kton (or 90%) for offshore wind

o 24 Kton (or 10%) for oil & gas

Key figures Q4 and FY2017:

Q4 contribution of € 30.9 million (Q4 2016: € 30.9 million) results in FY 2017 contribution of € 135.6 million (FY 2016: € 129.5 million)

Q4 normalized EBITDA of € 12.2 million (Q4 2016: € 10.5 million) results in FY 2017 normalized EBITDA of € 57.1 million (FY 2016: € 65.4 million);

FY 2017 profit attributable to the shareholder € 30.8 million (FY 2016: € 37.4 million);

Earnings per share 2017 € 1.21 (€ 1.47 in 2016);

Dividend proposal € 0.30 in cash per share (€ 0.37 for 2016);

Year-end 2017 net working capital € 7.1 million (YE 2016: € 8.3 million)

Year-end 2017 net debt € 25.1 million (YE 2016: € 42.0 million)

Order book 115 Kton signed contracts and 70 Kton exclusive negotiations for 2018; 60 Kton signed contracts for 2019

CEO Jan Bruggenthijs not available for reappointment
13 March 2018

Roermond (the Netherlands), 13 March 2018 Sif Holding N.V. ("Sif", or the "Company") today announces that Jan Bruggenthijs will not be available for reappointment as CEO and member of the Executive Board.

Mr. Bruggenthijs (60) will step down for personal reasons upon the end of his current term at the close of the Annual General Meeting of Shareholders (AGM) on 3 May 2018. Mr. Bruggenthijs has been CEO and member of the Executive Board since September 2014. The Supervisory Board would, on behalf of the Company, like to thank Mr. Bruggenthijs for his endeavours and wishes him all the best. Under his leadership, Sif has reinforced its leadership position as a manufacturer of foundations for offshore windturbines and oil & gas equipment.

The Supervisory Board has begun the process of finding potential candidates to fill the vacancy that will arise following the end of Mr. Bruggenthijs' term.