Key figures and highlights
· Contribution increased by 54% to € 65.2 million (HY 2015: € 42.3 million)
· Normalized EBITDA reached a level of € 36.9 million (HY 2015: € 24.2 million)

o including non-recurring IPO costs, EBITDA HY 2016 amounts to € 32.1 million
· Revenue increased to € 205.3 million (HY 2015: € 98.1 million)
· Operating Working Capital equaled € 2.7 million (YE 2015: € 19.3 million)
· Net Debt amounted to € 30.6 million (YE 2015: € 26.9 million)
· Production expansion program in Rotterdam (Maasvlakte 2) and Roermond is on schedule
· Tonnage increased to 97.4 ktons (HY 2015: 60.4 ktons)


CEO Jan Bruggenthijs comments:

“The high asset utilization realized in the first quarter continued throughout the second quarter, resulting in a very strong operational result for the first half year. Contribution, which is a leading financial indicator to measure performance of our business, showed an increase of 54% compared to the first half year 2015. The high production levels throughout the first half year resulted in a normalized EBITDA of € 36.9 million, 52% higher compared to the same period last year, when utilization levels were substantially lower. Including non-recurring IPO related costs, EBITDA amounted to € 32.1 million, 33% higher compared with the same period last year. During the second half of the year, maintenance to the production lines is scheduled, which will have a downward effect on the production volumes to be realized.”

The order book for Offshore Wind for 2016 is full and at base loading level for Offshore Oil & Gas. For 2017 and 2018, the order book for both Offshore Wind and Oil & Gas is building up and focus is put on confirming orders for 2017 in the second half year of this year. The Offshore Wind market is developing rapidly and we are witnessing an increasing demand compared to previous market projections. 3 jacket based projects in the UK have been cancelled and more cost efficient foundations are expected to be deployed, the reserved budgets for these projects are expected to be re-invested in other wind projects.

While BREXIT appears to have caused a slowdown of UK projects, the UK remains committed to offshore wind. The recent outcome of the Dutch tender process for the development of the Borssele I and II wind parks in the North Sea is worthwhile mentioning. A main target of offshore wind is to lower the production price of offshore wind energy. Much faster than foreseen, the sector has reached an important milestone and has proven that it is able to produce offshore wind energy at much lower prices than anticipated thus far. It is expected that Germany will follow the Dutch tendering system as used for Borssele I and II.

The offshore oil & gas market is, as anticipated, still at relatively low levels, but Sif has been able to secure orders for all major projects in the market at present, while margins remain under pressure.

The construction of the new facility in Rotterdam is on schedule. In response to the latest developments in the offshore wind market, a number of improvements were made to the buildings. These improvements are expected to result in an additional capex of approximately € 14 million. Management is focused on achieving a successful start-up of the Rotterdam facility and production is planned to start in the third quarter of this year.

Management Board of Sif Holding nv

tijd 09.06
SIF EUR 14,99 +17ct vol. 3.998