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Sif's H1 results impacted by COVID-19

By: James Bernthal-Hooker 28/08/2020 Sif Holding NV

Corporate General Windfarms

Foundation manufacturer Sif has reported its interim H1 2020 results, which include a drop in EBITDA of €1.2 million compared to H1 2019. EBITDA for H1 is €11.5 million, compared to €12.7 million at the same time last year. Although a lower figure, this is higher per ton (€151 per ton in H1 2020 compared to €135 per ton in H1 2019). The company cited ‘low utilization, sickness leaves and delays in final deliveries’ as contributing factors.

CEO Fred van Beers stated: ‘In the first half of 2020, we mainly focused on the completion of the Borssele 1-5 and Triton Knoll projects as well as the start-up and manufacture of the Akita Noshiro and Saint Nazaire projects, two projects that filled part of the gap that arose due to the disappearance from our order book of Vineyard in the United States and a number of smaller projects that were shelved as a result of COVID19.’

The Vineyard Wind 1 project has been delayed due to an extended permitting process, with the final decision on its consent no longer expected until after this year’s federal election. This means that several key contracts will likely have to be retendered.

van Beers went on to identify Sif’s ‘rigorous COVID19-related measures’ which he said ‘slowed production’. On the other hand, the company highlighted that these measures had led to ‘no COVID19 infections in our organisation.’ ‘Under the influence of these effects, production in the first half of the year amounted to 76 kilotonnes and 98 monopiles’, said van Beers. ‘This is in line with the expectation that we released in May for the full year 2020 to produce approximately 170 kilotonnes and to realise EBIDTA at the level of 2019.’

In H2 2020, Sif expects to deliver Akito Noshiro, produce part of Saint Nazaire, and commence work on Hollandse Kust Zuid. However, this depends on the Coronavirus pandemic remaining at the level it is now.

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Sif's H1 results impacted by COVID-19

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