SIF HOLDING N.V. Interim results 2023
Sif Holding N.V.
Sif interim report 2023
Highlights first half year 2023
People Planet Profit
Safety
7.88 LTIF
Gross CO2 emission
1,635 mt
Participation in projects resulting in
1,344 MW
renewable energy capacity
(*) reference is made to the section Reporting Criteria of the annual report for further details
Contribution
€71.4 mln
Adjusted EBITDA
€21.4 mln
Earnings per share
€0.17
Sif interim report 2023
Operational Highlights and Key Figures for first Half Year 2023
Operational Highlights Year to Date:
Health and Safety first:
- Three incidents in the second quarter increase LTI to seven and LTIF to 7.88 for first half 2023 (five LTI and LTIF of 8.97 in first half 2022);
- Sick leave with 6.7% improved on the 7.2% of first half of the previous year.
People:
- Hiring of 200 FTE for expanded facilities progressing. Permanent staff 30 June 2023 at 382 FTE (with 305 temporary staff) compared to 368 FTE end of June 2022 (with 220 temporary staff);
- New appointment of Angelique Heckman to Supervisory Board and nomination of Annabelle Vos for appointment to Supervisory Board in September 2023;
- New appointments to Management Team of Monique van den Boogaard (director projects) and Robert Verkroost (director HR).
Strategic developments:
- Solid execution of the financing package for the expansion plan including Equinor as new shareholder for cumulative preference shares and successful rights issue with 98.9% take-up (completed in July 2023);
- Construction of expanded manufacturing plant at Maasvlakte 2 started according to plan in April 2023 and is progressing expeditiously, reaching its highest point on 17 August last. Almost 90% of construction and equipment expenses locked-in at firm rates;
- Phasing out of marshalling and logistics resulting in lower contribution levels in Q2 and to almost zero from Q3 2023.
New projects:
- Capacity reservation agreement for Baltyk 2+3. Production of 90 monopiles (105 Kton) for delivery in 2025 and 2026 (already reported in Q1 release);
- Shift from exclusive negotiation to firm contract for production of 54 transition pieces (20 Kton) for delivery in 2025;
- New preferred supplier agreement for the delivery of monopiles (approx.
80 Kton) in 2026.
Sustainable products and production:
- Sif participated in projects resulting in 1,344 MW renewable energy capacity (803 MW in first half 2022);
- Decreased CO2 footprint from 6,327* metric ton in first half 2022 to 1,635 metric ton in first half 2023.
*Prior period numbers are restated in line with the restatements as disclosed in the 2022 Annual report.
Operations:
- Final deliveries and ongoing load-out for Dogger bank A;
- Production of monopiles for Dogger bank B;
- Production of transition pieces for He Dreiht and Noirmoutier;
- Stable income from engineering activities;
- Marshalling & Logistics for Siemens' Hollandse Kust Zuid project almost completed.
Total throughput of approximately 94 Kton steel or 52 monopiles and 66 transition pieces (89 Kton or 74 monopiles and 55 transition pieces in HY1 2022). Of total production, 98.5% was for offshore wind projects.
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Sif interim report 2023
Key figures:
Revenue of €218.1 million in the first half of 2023 (HY 2022: €191.3 million); | |
Contribution of €71.4 million (HY 2022: €63.5 million): | |
> €60.8 million monopiles & transition pieces for offshore wind (HY 2022: | |
€54.5 million); | |
> €10.6 million marshalling and other which includes KCI for €3.0 million (HY | |
2022: €9.0 million and €2.7 million); | |
expansion of production facilities on schedule, reaching highest point in August | |
Adjusted EBITDA of €21.4 million slightly higher than in first half year | 2023 |
2022 (€21.1 million); | |
Diluted earnings per share of €0.17 (€0.18 first half 2022) allowing for allocation of | |
€0.7 million dividend to cumulative preference shares that were issued on 30 March | |
2023; | |
Operating working capital stands at -/- €74.8 million (YE 2022: -/- €81.5 million); | |
No external debt excluding lease liabilities (YE 2022: nihil). Total cash position | |
amounts to €103.6 million (YE 2022: €89.8 million); |
Order book per 25 August 2023: 754 Kton for remainder of 2023 and beyond:
- 464 Kton signed contracts;
- 290 Kton exclusive negotiations;
Outlook full year confirmed with adjusted EBITDA for 2023 expected to end at the level of 2022.
recruitment campaign
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Sif interim report 2023
PRODUCTION
(IN KTON)
250
200
150
100
94 | 89 | 88 | 94 |
76 | |||
50 | |||
0 |
HY 2023 | HY 2022 | HY 2021 | HY 2020 | HY 2019 |
contribution per ton excl Marshalling and Engineering
(IN € per TON)
700 | ||
676 | ||
600 | 622 | 623 |
591 | ||
500 | 484 | |
400 | ||
300 | ||
200 | ||
100 | ||
0 |
HY 2023 | HY 2022 | HY 2021 | HY 2020 | HY 2019 |
adjusted EBITDA
(IN € mln)
50
40
30
20 | 21.4 | 21.1 | 20.6 | ||
10 | 11.5 | 12.7 | |||
0 | |||||
HY 2023 | HY 2022 | HY 2021 | HY 2020 | HY 2019 |
CONTRIBUTION
(IN € mln)
125 | |
100 | |
75 | |
71.4 | |
63.5 | |
57.7 | |
50 | |
45.7 | 45.5 |
25 | |
0 |
HY 2023 | HY 2022 | HY 2021 | HY 2020 | HY 2019 |
gross profit per ton excl Marshalling and Engineering
(IN € per TON)
500 | |
400 | 393 |
357 | 361 |
338 | |
300 | 285 |
200 | |
100 | |
0 |
HY 2023 | HY 2022 | HY 2021 | HY 2020 | HY 2019 |
EMPLOYEES
(IN FTE at HYE)
750 | ||||
687 | ||||
600 | 588 | 582 | 582 | |
450 | 504 | |||
300 | ||||
150 | ||||
0 | ||||
HY 2023 | HY 2022 | HY 2021 | HY 2020 | HY 2019 |
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Sif Holding NV published this content on 25 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2023 19:55:01 UTC.
