Trading update Q3 2024

08 Nov 2024 07:00 CET

Operational Highlights Q3:

• No lost time safety incidents in Q3 2024. One LTI Year-to-Date resulted in LTIF of 0.81 on a twelve-month rolling basis (eight LTI in first nine months 2023 with LTIF of 5.97);
• Year-to-Date (YTD) [1] sick leave slightly down to 6.1% compared to 6.3% for the first nine months 2023;
• Replacement of fossil fuels by HVO 100 biofuels from start of Q4 2024 for all inland shipping will reduce carbon emission for this activity by almost 90%;
• Expansion project on schedule: two out of three production lines are mechanically complete and in the commissioning and operational start-up phase;
• Throughput of 42 Kton in Q3 2024 (50 Kton Q3 2023) brings Year-to-Date production to 128 Kton (144 Kton in first nine months 2023);
• Production and load-out of foundations for Dogger bank continued, manufacturing of Empire Wind 1 transition pieces and monopiles has started;
• Signed and converted reservation agreements into final contracts for 100 Baltyk 2&3 TPs (30 Kton) and for 64 MPs and TPs for East Anglia TWO wind farm (140 Kton).

Key figures:

• Year-to-Date (YTD) contribution increased to €111.0 million (€106.2 million first nine months 2023):
• €103.1 million from production of monopiles, transition pieces and other foundation components for offshore wind (€93.0 million first 9 months 2023);
• €0.9 million from Marshalling and Logistics services (€5.8 million first nine months 2023);
• €7.0 million from other activities (€7.4 million first nine months 2023), including engineering services for €5,7 million (€4,8 million first nine months 2023);
• Adjusted YTD EBITDA €31.3 million (€28.5 million first nine months 2023); 
• Net Working Capital at end of Q3 2024 -/-€ 119.2 million (-/-€59.9 million at end of Q3 2023 and -/-€106.0 million at end of Q2 2024);
• Total cash position at end of Q3 2024 €88.2 million (€124.4 million at end of Q3 2023 and €87.2 million at end of Q2 2024);
• Order book 525 Kton per end of September.  

For the full Q3  2024 release reference is made to the PDF attachment.

[1] Year-to-date (YTD) refers to the period 1 January-30 September