Sif Holding N.V.

Order book per 28 august 2020 of 300 kton for 2021 and beyond (300 kton 28 august 2019). h1 ebitda of 11.5 million ( hy 2019 12.7 million). sif holding nv h1 revenues of eur 151.2 million ( hy 2019 eur 170.4 million). h1 operating working capital stood at eur 64.5 million ( hy 2019 eur 11.7 million);. h1 net cash excluding LAN d lease ifrs 16 of eur 38,3 million ( hy 2019 net debt eur 14.9 million). order book for remainder of 2020 shows an estimated 2020 full year production of 170 kton. orderbook for 2021 and beyond has 100 kton contracted work and 200 kton in exclusive negotiations. expected production of approximately 95 kton for the second half of 2020 where we will mainly manufacture for the saint nazaire and hollandse kust zuid projects. expect trend of european projects for period 2021 2027 moving from drawing board to tendering and from tendering to manufacturing to manifest in h2 ceo. leverage ratio at the end of june 2020 was 0. expects an ebitda level equal to 2019. gross profit per ton also improved on the comparable period in 2019 and arrived at 349 for the first half of 2020. outside europe we see increasing materialization of plans to produce more sustainable energy ceo.

Trading update highlights and key figures q1 2020. q1 contribution eur 20.8 m ( eur 18.8 m q1 2019). q1 ebitda eur 2.7 m ( eur 4.1 m q1 2019). net working capital at end of q1 2020 eur 41.8 m ( eur 21.8 m at end q1 2019). net debt at end of q1 2020 eur 21 m ( net cash) ( eur 21.3 m at end 2019). order book approximately 135 kton for remainder 2020 and 230 kton for 2021 and beyond. workforce at end of q1 at 236 flexible and 312 permanent fte ( end of q1 2019; 220 flexible and 292 permanent). due to lower than earlier assumed production output and impact of covid 19, ebitda for 2020 is now expected to be equal to 2019 ebitda. for 2021 and beyond, orderbook is filling up with recently awarded projects for siemens gamesa and an undisclosed project in addition to earlier booked hollandse kust zuid projects.

Year end 2019 net debt pre ifrs 16 is eur 21.3 million ( ye 2018 eur 30.4 million). fy 2019 profit attributable to shareholders eur 5.5 million versus loss eur 2.1 million year ago. fy 2019 ebitda of eur 26.4 million ( fy 2018 eur 13.3 million). fy total revenue eur 325.6 million versus eur 235.1 million year ago. earnings per share 2019 0.22 ( 0.08 in 2018). expected other capex for 2020 ranges between 5 and 7 million. outlook 2020 annual maintenance capex will be 5 million. with an order book for 2020 at 170 kton and improving contribution margins, we expect a markedly better ebitda result for 2020. year end net working capital eur 4.3 million versus eur 14.2 million year ago.

Preferred supplier for 33 monopiles and 33 transition pieces. has entered into exclusive negotiations for delivery of 33 monopiles and 33 transition pieces (25 kton steel) for an offshore wind project in japan. orderbook for 2020 now has approximately 175 kton of which 25 kton under exclusive negotiations and 150 kton in firm projects.

Sif provides monopiles and transition pieces for saint nazaire offshore wind farm project. eiffage métal sas awarded sif holding n. v. order for delivery of 80 monopiles and primary steel for 80 transition pieces (77 kton steel) for 480 mw saint nazaire offshore wind farm, france. very first offshore wind farm project to be built in france, commissioning expected by end of 2022. at release of q3 trading update, vineyard wind project was still in sif' s orderbook for 2020. since boem has not issued a permit for project, manufacturing in 2020 has become illusive. project is still in our orderbook but no longer for 2020. removing vineyard from 2020 orderbook and including saint nazaire as a firm contract, orderbook for 2020 now stands at approximately 150 kton, all as firm contracts.

Highlights and key figures for q3 2019. ebitda year to date increased to eur 14.6 million ( eur 13.0 million ytd 2018). net debt excluding ifrs 16 at end of q3 2019 eur 19.2 million ( eur 43.1 million at end of q3 2018). operating working capital at end of q3 2019 eur 8.2 million ( eur 28.4 million at end of q3 2018). order book 47 kton for q4 2019, 245 kton for 2020 ( including 103 kton for vineyard) and 108 kton for 2021. outcome of 2020 remains uncertain with limited clarity on timing of vineyard project. vineyard project we are still in talks with CLI ent on different scenarios ranging from full delay of project to manufacture of part of order in 2020. vineyard project further news on timing is not expected before DEC ember 2019 but with passing of time it becomes less likely that vineyard will lead to production in 2020. for 2021 we already booked 108 kton following recent addition of 4( th) part of hollandse kust zuid in netherlands. with increasing ambitions of various countries and high tender activity, we expect good utilization from 2021 onwards.

Sif' s position on production in japan unchanged. says " nikkei wrongfully quoted ceo fred van beers on investment of 200 300 million euro' s in a plant in japan in next 2 to 3 years in japan".