Key figures and highlights
Contribution amounted to € 98.6 million (Q3 2015: € 69.6 million)
Normalized EBITDA reached a level of € 54.9 million (Q3 2015: € 39.4 million)
§ Including non-recurring IPO costs, EBITDA Q3 2016 amounts to € 49.2 million
Operating Working Capital amounted to € 16.0 million (YE 2015 19.3 million)
Net Debt amounted to € 41.8 million
Production expansion program on track; new facility Rotterdam delivers first monopiles
CEO Jan Bruggenthijs comments:

“Results remained strong in the third quarter. The high asset utilization of the Offshore Wind production lines continued to date. Revenue and tonnage in the third quarter 2016 were slightly lower compared to the same period last year, but Contribution and EBITDA were both higher due to the efficiency of the production lines and the effect of a good product mix. As anticipated, the production for the Offshore Wind business continued to run at high capacity throughout the third quarter. Oil & Gas performed in line with expectations, despite challenging market conditions.

The production expansion program is on track and the first monopiles were completed at our new assembly facility at Maasvlakte 2 in Rotterdam, late September. It is anticipated that the first load-out will take place before the end of this year.

Planned maintenance in the second half of the year and the accelerated start of production at Maasvlakte 2 in Rotterdam are expected to have an impact on full year performance, resulting in a slightly lower EBITDA in the fourth quarter of this year.

Based on a full order book for Offshore Wind and the base loading of the Offshore Oil & Gas order book the projected production of 183 ktons for the entire year 2016 is reaffirmed.”

Tijd 17,19
SIF EUR 15,40 -28ct vol. 21.199