The first quarter of 2019 for Sif saw moderate activity on a low- margin project resulting in 42 Kton production with € 4.1 million EBITDA. During the second quarter Sif has started production on newly won projects like Seamade. Total production in Q2 was 52 Kton. In the first half of the year 96% of the production was for offshore wind (78% HY1 2018) and 4% for offshore oil & gas (22% HY1 2018).
The Q2 EBITDA result of € 8.6 million is in line with their expectations. HY 2019 EBITDA stood at € 12.7 million, compared to € 14.0 million adjusted EBITDA (for € 0.7 million IPO related expenses) in the first half of 2018.
The 1 August 2019 order book for the remainder of 2019 shows an estimated 2019 full year production of 210 Kton and 270 monopiles. After the reporting date, Sif entered into new contracts for Vineyard (103 Kton steel, 84 monopiles) and Hollandse Kust Zuid (113 Kton steel, 114 monopiles). This brings the orderbook as per today at 220 Kton contracted work and 80 Kton exclusive negotiations. With the timing for Vineyard depending on the issuance of a permit to our client, the spread of projects over 2020 and 2021 is to a certain extend uncertain.
The number of employees in Fte stood at 320, of which 260 Fte permanent, at the end of June 2018. At the end of June 2019, we were at 582 Fte, of which 297 Fte permanent.
