Sif Holding NV: 2017 Interim Results
August 24 2017 - 1:02AM
Operational Highlights and Key Figures for H1
2017
Operational highlights:
- Contract wins for Norther and
Hohe See in Q1 and for Borkum II and Albatros in Q2
- Delivery of monopiles and
transition pieces for Galloper and Rentel offshore wind
parks
- Delivery of pinpiles for
Beatrice and Sverdrup jacket foundations
- Production expansion program in
Rotterdam (Maasvlakte 2) and Roermond on schedule for increase of
capacity from 225 Kton to 300 Kton per annum by the end of
2017
- Total throughput of
approximately 108 Kton steel (97 Kton in HY1 2016)
Key figures:
- Contribution increased by 14.1%
to € 74.4 million (HY 2016: € 65.2 million)
- Higher set- up and start- up
expenses both recurring and non- recurring had an impact on EBITDA;
EBITDA normalized for IPO costs reached € 33.7 million (HY 2016: €
36.9 million)
- Revenue decreased to € 156.2
million (HY 2016: € 205.3 million)
- Operating working capital stood
at € 18.1 million (YE 2016: € 8.3 million)
- Net debt totaled € 47.7 million
(YE 2016: € 42.0 million)
- Order book of 109 Kton signed
contracts for 2018
CEO Jan Bruggenthijs:
"Sif once again contributed to
some of the most prominent energy projects in Northwest Europe in
the first half of 2017 through deliveries for Sverdrup, Rentel and
Galloper. The commissioning of the first production line at our new
Rotterdam-based facilities played a crucial part in being able to
complete the products for these projects on time. Production
increased by more than 11% in the first half of 2017 compared to
the same period of last year. Contribution rose 14% vis-à-vis the
first half of 2016. The costs of commissioning the new production
facilities and start- up expenses were, however, higher than
anticipated and production efficiency was less than in the first
half of 2016, which was strong on the back of exceptional project
results. This placed pressure on EBITDA in this reporting period.
For the second half of 2017 we anticipate that these start- up
issues will gradually be resolved. We anticipate that the EBITDA
shortfall in the second half of 2017, compared to the second half
of 2016, will be roughly half of the shortfall in EBITDA for the
first half of 2017 compared to the first half of 2016.'
The order book and the pipeline
are the main performance indicators for the future. Projects such
as Albatros and Borkum II have increased our order book for 2018 to
109 Kton. Other projects, including St Nazaire and Courseulles in
France and Fryslan in the Netherlands, scheduled for 2018 have been
shifted to 2019 primarily relating to environmental issues. Some
projects, such as Borssele in the Netherlands, have been pushed
back for other reasons. With annual capacity of 300 Kton from 2018
and only few remaining opportunities for production in 2018, we
anticipate some underutilization of production facilities, which
demonstrates the volatility of the project-driven industry of which
Sif is a part. Momentum for offshore wind has, however, accelerated
with unsubsidized contract wins, decreased LCOE for offshore wind
in Europe, increasing interest in the United States and the Far
East and contracts for the first projects for 2019 under
negotiation."
HY1 2017 report 20170823
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Sif Holding NV via Globenewswire
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