Trading update Q1 2018

Operational highlights:
Q1 strong commercial quarter

• Contract award for Borssele III & IV for production 2018 (wind)
• Deutsche Bucht Demonstrator Project for production in 2018 (wind)
• 100 Kton exclusive negotiations for production in 2019 (wind)

Delivery of monopiles and transition pieces for Hohe See, Norther and Albatros offshore wind farms
Delivery of pin-piles for Johan Sverdrup jacket oil & gas project
Total throughput of approximately 52 Kton steel (66 Kton in Q4 2017)

• 82% for offshore wind
• 18% for offshore oil & gas

Financial key figures:
Contribution € 27.6 million (€ 30.9 million Q4 2017)
Normalized EBITDA € 10.1 million (€ 12.2 million Q4 2017) 
Net Working Capital at the end of Q1 2018 € 34.8 million (€ 7.1 million at year-end 2017)
Net Debt at the end of Q1 2018 € 48.2 million (€ 25.1 million at year-end 2017)
Order book approximately 185 Kton for 2018 and 160 Kton for 2019

Attachment