Sif Holding N.v. · EURONEXT:SIFG
Sif — FY2018 Earnings Presentation
15 slides from Sif's earnings presentation, Mar 21, 2019
Slide 1: Full Year 2018 results
Full Year 2018 results Gearing up for new industry design standards and improved market outlook March 21, 2019
Slide 2: The strategic phases of Sif's evolution
The strategic phases of Sif’s evolution Business redefinition phase Start-up phase Rapid growth phase (1972-2000 define the business phase (2000-2014) Facility upgraded Successful issue of shares and listing on Euronext Accelerated growth phase (2014-present) Completion of second production line in
Slide 3: Business Environment has Further Improved for Offshore Wind Energy
Business Environment has Further Improved for Offshore Wind Energy Estimated Grid-connected capacity offshore wind by 2027 • zero-subsidy projects becomming more of a standard in various countries (Germany, The Netherlands, Danmark) Offshore Wind 46 • Offshore wind in Europe is maturing. LCOE to dro
Slide 4: Monopile Foundations: the Foundation of Preference with approx 80% Market Share in 2018
Monopile Foundations: the Foundation of Preference with approx 80% Market Share in 2018 installed end of 2017 end of 2027 gravity based 2% monopiles 87% jackets 9% other floating 1%
Slide 5: Sif Operational Highlights in 2018
Sif Operational Highlights in 2018 Monopiles and transition pieces for key offshore wind projects Hohe See, Trianel, Norther, Albatros and Borssele 3+4
Slide 6: Sif Operational Highlights in 2018
Sif Operational Highlights in 2018 Legs, pile sleeves and piles for Sverdrup and Peregrino oil & gas jackets
Slide 7: Sif Contract Wins in 2018
Sif Contract Wins in 2018 Monopiles for Borssele 3+4 offshore wind farm Legs and piles for Tyra oil & gas jackets (client supplied materials)
Slide 8: 2018 Highlights and developments
2018 Highlights and developments Sif entered into exclusive negotiations for 155 Kton projects for production in 2020 and beyond Successful Testing of new Blue 25 hammer installation technology Nomination of Fred van Beers as CEO
Slide 9: Key Figures for 2018
Key Figures for 2018 • Total production at 138 Kton compared to 232 Kton in 2017 • Adjusted EBITDA result of € 13.3 million compared to € 57.1 million in 2017: • Low utilization due to insufficient demand for 2018 (limited number of projects for entire market in 2018) • Cut back on flexible workforc
Slide 10: Movements in Contribution and (adjusted) EBITDA
Movements in Contribution and (adjusted) EBITDA Contribution 2015-2018 (€m) (Adjusted) EBITDA 2015-2018 (€m) 70 140 60 105 50 40 70 135,6 65,4 129,5 30 57,8 57,1 100,5 20 35 74,3 10 13,3 0 0 2015 2016 2017 2018 2015 2016 2017 2018 contribution adjusted EBITDA Contribution is leading financial indica
Slide 11: Operating Working Capital Requirement in Line with Developments
Operating Working Capital Requirement in Line with Developments Operating Working Capital (€m) (€m) 203 Current operating assets Current operating liabilities Operating working capital 135 68 19,3 14,2 8,3 7,1 0 (68) (135) end 2015 end 2016 end 2017 end 2018
Slide 12: Stable net debt development and renewed banking facilities
Stable net debt development and renewed banking facilities Net debt (€m) (€m) Current Facilities as 68 facilities of 1 April net debt 2019 Revolving € 90 € 100 credit facility 42 Committed € 150 € 250 guarantee facility 30,4 26,9 25,1 Leverage 1.5 2.5 covenant Solvency NA >30% 2019 covenant >35% yea
Slide 13: Outlook: Market for Offshore Wind is growing
Outlook: Market for Offshore Wind is growing; Average Addition Europe 2018-2027 4.8 GW; Average Global Addition 10 GW Growth in Offshore Wind Energy A record 3.8 GW of offshore projects awarded in Taiwan. Expected Annual Global Offshore Wind Installations (in GW) (by Date: May 8, 2018 – Source: MAKE
Slide 14: Outlook: Strong Order Book for 2019, 2020 and years beyond
Outlook: Strong Order Book for 2019, 2020 and years beyond Order Book (Kton) Comments ▪ Order Book 2019 & 2020 and beyond ▪ 210 Kton contracted; ▪ 155 Kton exclusive negotiations ▪ Progressive coating requirements in the industry require € 8 mln investment in extension of coating facilities at Maasv
Slide 15: Disclaimer
> Disclaimer Some of the statements contained in this release that are not historical facts are statements of future projections and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual resu