Sif Full Year 2020 results

Full year results 2020: improving execution and filling up order book 2021-2023

Operational highlights:

• TRIF[1] at 9.93 (19.1 in 2019);
• Contracts won for foundations for Akita-Noshiro, Hollandse Kust Noord and Dogger Bank A and B;
• Contract won for marshalling services relating to floating wind units;
• Successful launch of innovative Skybox, facilitating slip-joint connection of monopiles and towers;
• Carbon neutral footprint after putting HaliadeX @13 MW wind turbine into use, gross carbon footprint at 19.3 kg per ton production implies that the total company Sif is a net CO2 compensation provider;
• Financing arrangement extended with 2 years until March 2024;
• No governmental or other Covid-19 support used or required;
• Total throughput of approximately 164 Kton of steel (2019:185 Kton) or 160 monopiles and primary steel for 115 transition pieces
  • 156 Kton (or 95%) for offshore wind
  • 8 Kton (or 5%) for oil & gas

Key figures 2020:

All numbers presented are including IFRS 16-effects, unless stated otherwise.

• FY 2020 contribution of €101.6 million (FY 2019 €101.5 million);
• FY 2020 EBITDA of €31.8 million (FY 2019 €26.3 million);
• FY 2020 profit attributable to the shareholders €7.3 million (FY 2019 €5.5 million);
• Earnings per share 2020 €0.29 (€0.22 in 2019);
• Dividend-proposal €0.12 per share or 42% (zero in 2019);
• Year-end 2020 net working capital -€2.9 million (YE 2019 €4.3 million);
• Year-end 2020 net cash excl. IFRS 16-effects of lease obligations is €2.6 million (YE 2019 net debt of €21.3 million);
• Order book 185 Kton for 2021 and 250 Kton for 2022 and beyond.

[1] Total Recordable Injury Frequency: number of injuries per million working hours (first aid treatment excluded)