Sif Holding, Full Year 2017 Results.

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Algemeen advies 15/03/2018 07:12
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


In € million FY 2017 FY 2016 ? YOY Q4 2017 Q4 2016 ? YOY
Contribution 135.6 129.5 +4.7% 30.9 30.9 -
Normalized
EBITDA
57.1 65.4 -12.7% 12.2 10.5 +16.2%
Earnings after tax
30.8 37.4 -17.7%
Kton production 232 191 +21.5% 66 49 + 34.7%
EPS 1.21 1.47 -17.7%
Order book at year-end
For 2018 For 2019 For 2020
Contracted 115 60 0
Exclusive 70 0 0

CEO Jan Bruggenthijs:
“The successful start of operation of the second production line at our new facility in Maasvlakte 2 in Rotterdam and the upgraded manufacturing facilities in Roermond contributed towards the record production achieved in the fourth quarter of 2017. The 66 Kton of steel produced in the fourth quarter brought the total for the whole of 2017 to 232 Kton, over 20% more than in 2016. At the same time we improved our safety performance resulting in a LTIF of 1.49 for the full year. Production in the last quarter included monopiles and transition pieces for appealing wind energy projects such as Hohe See, Trianel, Norther and Albatros. The expansion investment program is now complete and
production capacity has been increased from 225 to around 300 Kton a year.

In 2017 considerable energy was put into optimizing the production processes. In the main this involved training people and setting-up production lines, but it also included set up and improvement of coordination between the factory in Roermond and the assembly and coating facility in Rotterdam.
The higher than November 2017- forecast production in Kton of steel also contributed to EBITDA for the whole of 2017 being higher than we forecast in the previous update.
We are seeing a high utilization of the production capacity in the first months of 2018 and have even
had to contract-out some of the production in order to prevent delay damages due to late delivery.
We have drawn-up contingency plans that include the (temporary) reduction of the flexible labor pool and the carrying out of overdue maintenance to minimize the consequences of underutilization of capacity during the second half of the year in case the project for which we recently entered exclusive negotiations does not materialize into a contract. In view of the current uncertainties, it is too early to issue a forecast for the whole of 2018.
Due to the completed investment plan and the improvements to the production process the organization is very well positioned for the projects anticipated in the period 2019-2026 when analysts foresee an annual addition to the North Sea wind energy capacity of at least 4.1 GW.”

Q4 and FY 2017 results development
All amounts and numbers in this results press release are based on the Company’s annual accounts that will be published today and that will be presented to the Annual General Meeting of Shareholders for approval on 3 May 2018.

Read and see more on
http://hugin.info/174277/R/2176378/839586.pdf

http://hugin.info/174277/R/2176474/839645.pdf
voor 't Jaar overzicht 2017 van SIF.

tijd 09.03
De Smallcap 1.046,16 +1,89 +0,18% SIF H. EUR 15,40 +58ct vol. 16.000



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