Geheim rapport over beursgang Sif in Roermond: bedrijf ongeveer € 500 miljoen waard

Die informatie staat in een geheim rapport waaruit Het Financieele Dagblad publiceert.

Sif gaat binnen enkele weken naar de beurs, zo is de verwachting. Grootaandeelhouder Egeria wil zo geld binnenkrijgen voor de aandelen die het meerdere jaren bezit.

Hieronder een verhaal van enkele weken geleden over de beursgang:

Winstmachine Sif uit Roermond naar de beurs: winst € 25,7 miljoen in 2015 (9 maanden)

Metaalbedrijf Sif in Roermond en Rotterdam wil binnenkort naar de beurs. Sif maakte in 2015 € 25,7 miljoen winst op een omzet van € 216,5 (beide voor negen maanden). Dat is grofweg vergelijkbaar met de cijfers uit 2014.

De opbrengst van de beursgang gaat naar grootaandeelhouder Egeria. De familie Schmeitz heeft het bedrijf opgericht en is voor zover bekend nog minderheidsaandeelhouder. Sif bouwt metalen installaties voor windmolens en de olie- en gasindustrie.

Hieronder meer over de voorgenomen beursgang:

SIF ANNOUNCES INTENTION TO LAUNCH INITIAL PUBLIC OFFERING ON EURONEXT AMSTERDAM

Roermond, the Netherlands – 19 January 2016. Sif Holding N.V. (“Sif” or “the Company”), a leading manufacturer of large steel tubulars which are used as foundation components for the offshore wind and offshore oil & gas markets, today announces its intention to proceed with the Initial Public Offering (the “IPO” or the “Offering”) and listing of Sif’s ordinary shares (the “Shares”) on Euronext Amsterdam. The IPO will consist of a secondary offering only, representing at least 35% of the Shares. The selling shareholders will remain highly committed and hold a significant stake following the IPO. The Offering is envisaged to be made available to retail and institutional investors in the Netherlands and to certain institutional investors in various other jurisdictions. The Offering, listing and timing are, among others, subject to market conditions.

Sif highlights

–  Since its establishment in 1948, Sif has grown from a metalworking firm for steel industrial vessels to a leading company with a focus on foundations (monopiles, transition pieces, pinpiles and legs) for the offshore wind and oil & gas industry;
-  As a trusted supplier of large steel tubulars, Sif has a unique proposition based on high growth1 of the European offshore wind market, which resulted in a leading position in foundations in the greater North Sea region;
-  Well-positioned to benefit from anticipated growth in offshore wind foundations as the market is switching to heavier, XL monopiles, fuelled by on-going industry trends towards larger turbines and installation in deeper waters;
-  Production facilities in Roermond covering 13 production halls to be expanded with a new facility in the Port of Rotterdam (Maasvlakte 2) which includes twin XL monopile production lines currently under development and set to increase maximum capacity in 2017 from 225ktons to 300ktons per annum, well-ahead of competition;
-  Attractive business model with a full order book for 2016, a clear wind project pipeline for 2017 onwards and flexible production with unique in-house developed welding capabilities;
-  Key capabilities in terms of quality, reliability and on-time delivery strongly contribute to track record of resilient growth, high profitability, strong cash conversion and high return on capital;
-  Market leading position in heavy steel tubular components for oil & gas jackets in the North Sea region2, with a strong order book for 2016/17 and flexibility to further diversify and deploy capacity to other civil engineering projects;
-  EBITDA of €46 million in 2014, representing a 17% compound annual growth rate since 2012, with continued growth in the first 9 months of 2015 with EBITDA of €39 million;
-  Strategy geared towards value creation and further profit enhancement, fuelled by growth and focus on cost reduction through continuous improvement and innovation of its products and processes;
-  Led by a senior management team consisting of four members with deep sector knowledge and industry experience of over 25 years on an average.

Jan Bruggenthijs, CEO of Sif, said: “As a market leading manufacturer of complete steel offshore foundations and components, our focus is on offering total solutions to our customers. Since our establishment in 1948, Sif was characterized by quality, cost efficiency, timely delivery and keeping an eye on continuous innovation going forward. As such, our aim to be ready for the future makes an IPO a logical next step, which will strengthen our business profile and provide us with additional financial flexibility to support our growth ambitions.

Offshore wind foundations currently represent over 80% of our business. As a first mover and market leader in monopiles, we are well-positioned to take advantage of the high growth in European offshore wind, a market which has been clearly de-risking and moving towards greater maturity with many countries entering into projects to meet EU wind energy and climate targets set for the coming years up to 2030. We believe we offer investors a unique proposition based on this anticipated growth. We have a full order book for 2016, clear wind project pipelines for the years 2017 and beyond and a track record of resilient growth and strong cash generation.

In particular, we are well-placed for the production of XL monopiles, which provide superior economics, and are poised to become the market’s preferred choice, given industry trends towards installations in deeper waters and larger wind turbines.

As barriers to entry in our industry are typically high, and capabilities in our industry for producing XL monopiles are scarce, we believe that combined with our in-house technology leadership and our track record of high-quality and on- time delivery, we have a clear competitive edge in capturing incremental demand for XL monopiles. Such XL monopile structures can ultimately reach diameters of up to 11 meters, lengths of up to 120 meters, and weights of up to 2,000 tons, and are able to carry the world’s largest turbines – over 10 megawatts, to come. Every three weeks our steel output equals the weight of an Eiffel Tower. We excel in big!”

Rationale for the Offering

Sif believes the Offering is a logical next step in its development, and that the timing of the Offering is appropriate, given Sif’s current profile and level of maturity. The Company expects that the Offering will increase its business profile with investors, business partners, customers and employees, and is thereby expected to further enhance Sif’s success. The Offering is also expected to provide Sif with additional financial flexibility and diversity through access to capital markets to support further growth.

Company background

Sif was established in 1948 as a metalworking firm for industrial steel vessels in Sittard, the Netherlands. During the 1970s, Sif increased its focus on foundations for the offshore oil & gas industry and large pressure vessels. The need for larger production facilities located on a large waterway prompted Sif to move to new facilities at Roermond in 1972. Sif successfully leveraged its leadership in offshore oil & gas foundations to build a position in offshore wind foundations. In the early 2000s, the Company further strengthened its strategic focus on offshore wind and became a first mover in monopiles and transition pieces fabrication. In 2005, Egeria acquired an 82.5% interest in Sif and has since made a significant contribution to further redefine the business and fuel growth, particularly in offshore wind.

To date, Sif has been a market leader in monopile and XL monopile foundations for offshore wind as well as in tubular steel components for offshore oil & gas foundations in the greater North Sea region. The Company has a production site in Roermond which covers over 100,000 m2 and 13 production halls, allowing a maximum capacity of 225ktons per annum. In August 2015, a temporary facility at the port of Vlissingen (Flushing) for field welding and coating of larger size monopiles was set up. Also in September 2015, Sif obtained a right of sub-leasehold for developing new facilities on Maasvlakte 2 in the Port of Rotterdam, which will expand maximum production capacity to 300ktons per annum and includes a state of the art coating facility for XL monopiles. Building has started late 2015.