Sif Fills 2016 Offshore Wind Order Book to the Max

Business & Finance

Dutch foundation components manufacturer Sif Holding N.V. has reported EUR 108.4 million in revenue for the first quarter of 2016, a 141% increase compared to EUR 44.9 million revenue in Q1 2015, mostly driven by the maximum production capacity reached at the company’s offshore wind division throughout the quarter.

Source: Sif

EBITDA amounted to EUR 16.9 million compared to EUR 10.7 million in the same period last year, an increase of 58%. The increase was again chalked up to Sif’s offshore wind business running at full capacity throughout the first quarter.

Contribution, calculated as revenues minus cost of sales which includes costs for raw materials, subcontracted work, logistic and other external project related charges, and is considered a key financial indicator for Sif, stood at EUR 30.9 million compared to EUR 19.3 million in the same period last year, an increase of 60%.

In Q1 2016, the contribution of offshore wind was 86% of the total contribution, compared to 68% in the same period last year.

Sif’s order book for offshore wind for the remainder of 2016 is full and for Oil & Gas, the order book is filled up to the base loading level. For 2017, Sif secured contracts up to the base loading level for Oil & Gas and has entered into an exclusivity phase for the first offshore wind project.

The company’s net debt amounted to EUR 18.7 million by the end of Q1 2016.

Earlier this month, Sif launched an Initial Public Offering (IPO) on Euronext Amsterdam, offering a total of 8 million existing shares for an issue price of EUR 14 per share.

This resulted in a total placement size of EUR 112 million, representing 31,4% of Sif’s ordinary shares excluding an over-allotment option of 0.8 million shares.

The selling shareholder, GKSE Holding B.V., still owns a majority of the shares and has agreed to a lockup period of 180 days.

“On the 12th of May, Sif proudly announced the successful listing of Sif at the Euronext Stock Exchange in Amsterdam. Being a public company, we will be in the position to further strengthen our business profile and gain additional financial flexibility to support our growth ambitions through access to capital markets,” Jan Bruggenthijs, CEO of Sif, said.

The production expansion program for the company’s new production facility in the Port of Rotterdam (Maasvlakte 2) is progressing in accordance with the planning, and will increase the maximum production capacity in the course of 2017 from 225ktons to 300ktons per annum.

”In 2015 we started building our new, additional production facility in Rotterdam (Maasvlakte 2), which is anticipated to be in full production in the course of 2017. We are making good progress and construction activities are on track,” Bruggenthijs said.