Outlook
For the Full Year 2017 we anticipate total production of 220 Kton, which is approximately 5% lower
than our output forecast at the release of interim results. This is due to a shift of production into 2018.
The full year 2017 EBITDA effect hereof will be a shortfall of approximately 8% on our latest outlook.
As previously stated, we anticipate a slower 2018, with 122 Kton currently in the order book.
Accordingly, we are reviewing short-term costs aggressively, while mindful of the need to preserve critical skills capacity for what is fundamentally a growth market through the next decade.
The completion of our investment program at Maasvlakte has ramped up Sif’s annual maximum manufacturing capacity from 225 Kton to 300 Kton. We can now comfortably cater for growth in
modern monopiles with diameters up to 11 meters and over 120 meters in height. Sif can benefit from the anticipated growth in offshore wind activities in the North Sea from 2019 when [according to MAKE consultants] capacity additions will average more than 3 GigaWatts per annum.
Looking to 2019, the first projects have been booked from a well-filled order pipeline. Our confidence in our future positioning of Sif rests on our own visibility of the contract pipe-line, and third party projections for European offshore wind indicating compound annual growth in the mid-single digits for
the period 2015- 2025.