Trading update Q1 2022
mei 12, 2022
Backlog execution according to plan, investment program on schedule for Final Investment Decision in July 2022
Operational highlights
- One Lost Time Injury;
- Sickness absenteeism at 8.2% (4.4% in Q1 2021) due to 2 waves of flue and covid infections;
- Production of monopiles and transition pieces for Dogger Bank A and monopiles for Maasvlakte 2;
- Marshalling services for Siemens Gamesa;
- Workforce at end of Q1 stood at 366 permanent and 224 flexible FTE (end of Q1 2021: 389 permanent and 177 flexible);
- Total throughput of approximately 48 Kton steel (44 Kton in Q1 2021).
Key figures
- Contribution of €30.5m (€27.1m in Q1 2021) of which €26,3m for wind (€25,7m in Q1 2021), €2.4m for marshalling (€0.4m in Q1 2021) and €1.8m for other activities (€0.9m in Q1 2021), including engineering services;
- EBITDA of €8.8m (€8.1m in Q1 2021);
- EBITDA of €9.6m (€8.6m in Q1 2021) if adjusted for non-recurring expenses related to expansion studies and plans;
- Net Working Capital at end of Q1 2022 - €24.3m (- €24.9m at end Q1 2021);
- Cash at the end of Q1 2022 of €35.7m (€ 36.7m cash at end Q1 2021);
- Orderbook contains approximately 133 Kton for remainder 2022 and 270 Kton for 2023-2024.
| In € (millions) | Q1 2022 | Q1 2021 |
| Contribution | 30.5 | 27.1 |
| Adjusted EBITDA | 9.6 | 8.6 |
| Production (in Kton) | 48 | 44 |
| Orderbook (Kton) as at 12 May 2022 | For remainder 2022 | For 2023 and 2024 |
| Contracted | 133 | 215 |
| Exclusive negotiation | 0 | 55 |
| Total | 133 | 270 |
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