Highlights and Key Figures for Q3 2017
Official opening of the new production plant at Maasvlakte 2 in Rotterdam
Contract awards for Tritan Knoll (offshore wind) and Peregrino (oil & gas)
Timely delivery of monopiles and transition pieces for Hohe See and Rentel offshore wind parks
Timely delivery of pin-piles for Oseberg and Sverdrup oil & gas jacket foundation
Contribution Year to Date increased by 6.2% to € 104.7 million (€ 98.6 million YTD 2016)
Normalized EBITDA Year to Date decreased by 18.2% to € 44.9 million (€ 54.9 million YTD 2016)
Operating Working Capital at end of Q3 2017 € 6,5 million (€ 18.1 million at end of Q2 2017)
Net Debt at end of Q3 2017 € 32.1 million (€ 47.7 million at end of Q2 2017)
Throughput of 59 Kton brings Year to Date production to 167 Kton (142 Kton YTD Q3 2016)
90% for offshore wind
10% for offshore oil & gas
Orderbook 53 Kton for Q4 2017, 122 Kton for 2018 and 60 Kton for 2019
Jan Bruggenthijs, CEO of Sif-group, comments:
Q3 has been a quarter with strong, timely delivery of structures for our clients; Sif is on track for a year of record production at approximately 220 Kton. Looking to the future, we have been encouraged by winning Triton Knoll, the first major offshore wind award for 2019, and Peregrino, the only significant oil & gas contract in the period.
Sif is now a significantly bigger and more capable business. Our new production plant at Maasvlakte, is Europe’s premier manufacturing facility for major-scale offshore installations. After the successful start- up, both production lines are already running at maximum capacity (150 Kton pa). With group annual maximum capacity of 300 Kton, we now have the industrial capability to meet the energy industry’s demand through the next decade. And at Rotterdam, it is ideally located close to customer’s preferred sites in the North Sea.
While servicing clients and building strategic capacity, the management team has also focused on the sales challenge of 2018, next to our focus on efficiency improvement. Key areas of attention have been the start-up of the second production line in Rotterdam, upgrade of production capacity in Roermond for cans and cones and alignment between the Roermond and Rotterdam facilities. I’m pleased to say that measures to increase efficiency have resulted in higher output. This will partly
compensate for the pressure on EBITDA from increased labor costs. Costs associated with training and the new facility start-up are non-recurring and will be spent before the first quarter of 2018. Given the muted demand outlook for 2018, we have made contingency plans to optimize our utilization of resources.
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