Sif has announced its result and highlights of the third quarter of 2023. The Q3 2023 Highlights are:
- There was one lost-time safety incident in Q3 2023, making a total of eight incidents Year to Date (YTD) compared to seven in the first nine months of 2022.
- The expansion project remains on schedule with successful tests conducted on the longitudinal welding training machine.
- The rights issue concluded successfully, with a 98.9% uptake of new shares.
- The Year to Date throughput of 50 Kton increased the overall production to 144 Kton, compared to 129 Kton in Q3 2022.
- The ongoing load-out of Dogger Bank A transition pieces, nearing completion of Dogger Bank B monopile manufacturing, and the start of manufacturing for Dogger Bank C transition pieces are underway.
- The He Dreiht transition pieces were completed by the end of Q3 2023.
- Investigations are ongoing into the effects of the New York State Energy Research and Development Authority's decision on the Empire Wind projects by its partners, BP and Equinor.
- A license agreement with GS Entec (Korea) has been finalised.
- Annabelle Vos has been appointed as a Supervisory Board member.
Key Figures:
- The Year to Date (YTD) contribution increased to €106.2 million, with €93.0 million from foundation production, €5.8 million from marshalling activities, and €7.4 million from other activities, including engineering.
- The Adjusted EBITDA was €28.5 million in Q3 2023.
- The Net Working Capital at the end of Q3 2023 was -/-€59.9 million, compared to -/-€43.4 million at the end of Q3 2022 and -/-€74.8 million at the end of Q2 2023.
- The total cash position at the end of Q3 2023 was €124.4 million, primarily influenced by inflows related to the financing of the expansion project, including €50 million from the rights issue in July 2023, €18 million from AFP Ecowende in July 2023, and €19.5 million from AFP Empire Wind in September 2023.
- The order book reflects 56 Kton for Q4 2023 and 668 Kton for 2024 and beyond.
