Sif's EBITDA grows in Q1

Image by Twitter, @SifGroupbv

May 6 (Renewables Now) - Sif Holding NV (AMS:SIFG), the Dutch firm that makes tubular components for offshore foundations, on Friday reported a sequential increase first-quarter EBITDA and said its order book for the year is full.

The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) grew to EUR 4.1 million (USD 4.6m) in January-March 2019 from EUR 300,000 in the last quarter of 2018. Meanwhile, contribution, a key indicator for the company which is calculated as revenues minus cost of raw materials, subcontracted work, logistics and other external project-related charges, came at EUR 18.8 million, up from EUR 17.3 million in the previous quarter.

The given first-quarter figures are under IFRS 16 standards.

Sif has an order book of 210 Kton for this year, plus “a sound funnel of projects for the years thereafter,” CEO Fred van Beers said. The Dutch firm’s order book for 2020 and beyond is estimated at 155 Kton. The CEO added that the company is well-placed to contribute to the planned growth of the offshore wind market, both in Europe and in emerging markets in Asia and the northeastern US. “We are negotiating exclusively on two projects and are involved on a non-exclusive basis in all other projects on the market,” he pointed out.

After ramping up production this quarter, Sif plans to work at normal quarterly production levels to the end of the year and reach total production numbers of around 210 Kton. It is currently working on equipment for the Seamade, Triton Knoll and Borssele 3&4 offshore wind projects and will move on to the Borssele 1&2 from the third quarter onwards.

(EUR 1.0 = USD 1.120)

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