Cijfers SIF Holding

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Algemeen advies 03/05/2018 07:09
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

Jan Bruggenthijs, CEO of Sif Group, comments:
Postponement of several large wind projects, primarily in France, the Netherlands and Belgium, is
resulting in a lower degree of capacity utilization at Sif in 2018. We informed the market in early
2017 that this would occur. In combination with a number of mechanical issues in the last month of
the quarter, this led to more than 20% lower production in Kton compared to the preceding quarter.
The machines have been repaired and are once again operational. The lower capacity utilization
rate will still be evident in 2018, primarily in Q2 2018. We will use this period to carry out
maintenance activities. Production will increase from July 2018 in connection with the
commencement of projects including Borssele III & IV.
The offshore wind industry is noticeably preparing for the flow of projects for which production and
installation activities will be carried out in the years ahead. For the near- term, next steps in the
realization of projects were taken that include projects in the Netherlands, France, Belgium, UK and
Denmark. Roadmaps for additional capacity in the mid- term were presented by the Dutch, French,
English and Belgian Governments “Make Consultants” translates this into adding capacity
averaging more than 4 gigawatt per annum over the coming years. The current installed capacity
on the North Sea is 15.8 gigawatt. The continuing decrease in the costs of offshore wind energy will
certainly support this development.
The total order book in 2018 is approximately 185 Kton. The order book for 2019 contains 60 Kton
in signed contracts and 100 Kton in projects for which Sif is in exclusive negotiations. It is
consequently already approximately half-filled. The tender pipeline is also well filled for projects in 2019 and 2020.

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tijd 10.46
De Smallcap 1.092,50 +1,27 +0,12% SIF EUR 18,96 +28ct vol. 24.373

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