Sif Holding N.V.

Interim / Quarterly Report • Aug 28, 2020

Sif Holding N.V.

Operational Highlights and Key figures for HY 2020

Operational Highlights Year to Date:

Safety first:

• One LTI bringing LTIF to 2.36 for first half year 2020;

• No COVID19 infections in our organisation as a result of rigorous measures;

Sustainable products and production:

• 92% of production for Offshore Wind industry;

• CO2 neutral with 12 MW windmill on Sif- premises;

Innovations:

• Presentation of Skybox innovation;

• Slip-joint foundation for Borssele 5 project;

New projects:

• Contract win and production start for Akita Noshiro Japan;

• Exclusive position for a 130 Kt undisclosed Offshore Wind project;

• Contract win for marshalling activities from Siemens Gamesa for HKZ 1-4 project; >
• (post- closing date) Exclusive position for a 70 Kt undisclosed North Sea Offshore Wind project; >
• Contract win for logistical services for final assembly of 5 floating Offshore Wind units; >

Operations:

• Delivery of monopiles and transition pieces for Triton Knoll Offshore Windfarm;

• Delivery of monopiles for Borssele 1-5 Offshore Windfarms;

• Delivery of pinpiles and legs for Sverdrup P2 and Hod Field jackets;

• Delivery of the Marshalling services for DEME for Borssele 1-2 Offshore Windfarms; >

• Work in progress for Saint Nazaire and Akita Noshiro;

Total throughput of approximately 76 Kton steel (94 Kton in HY1 2019)

• 92% for offshore wind (96% HY1 2019)

• 8% for offshore oil & gas (4% HY1 2019)

Key figures:

Contribution of € 45.7 million (HY 2019: € 45.5 million);

EBITDA of € 11.5 million (HY 2019: € 12.7 million);

Revenues of € 151.2 million (HY 2019: € 170.4 million);

Operating working capital stood at - € 64.5 million (HY 2019: -€ 11.7 million);

Net cash excluding land lease IFRS 16 of € 38,3 million (HY 2019: net debt € 14.9 million);

Order book per 28 August 2020 of 300 Kton for 2021 and beyond (300 Kton 28 August 2019)

• 100 Kton signed contracts

• 200 Kton exclusive negotiations

Message from CEO Fred van Beers

"In the first half of 2020, we mainly focused on the completion of the Borssele 1-5 and Triton Knoll Projects as well as the start-up and manufacture of the Akita Noshiro and Saint Nazaire projects, two projects that filled part of the gap that arose due to the disappearance from our orderbook of Vineyard in the United States and a number of smaller projects that were shelved as a result of COVID19. Rigorous COVID19-related measures implemented by SIF slowed production because employees returned to their home base or because employees were placed in home quarantine by Sif as a precaution. Under the influence of these effects, production in the first half of the year amounted to 76 kilotonnes and 98 monopiles. This is in line with the expectation that we released in May for the full year 2020 to produce approximately 170 kilotonnes and to realise Ebitda at the level of 2019. In the second half of the year we expect to deliver Akito Noshiro, produce part of Saint Nazaire and start the Hollandse Kust Zuid project according to plan if the COVID19 situation remains as it momentarily is. We successfully started the first Logistics and Marshalling contract for DEME (Borssele 1-2) but saw a delay on new large Marshalling orders due to COVID19 related delays while relatively small logistic services continued at good pace.

We saw good progress in the fields of innovation, safety and quality. The Skybox has been presented as an innovation on the existing Transition piece solutions and aims to increase efficiency in the design and production process by installing modular applications such as switchboards, ladders and boatlandings later in the installation process offshore. Clearly higher safety and quality awareness improved efficiency. The first signs of improvement surfaced in June, resulting in output of 41 Kton in the second quarter compared to 35 Kton in Q1. Overall efficiency needs to improve further to decrease costs per ton. Improved production efficiency is crucial for the coming years in order to meet the expected orderbook commitments. Many countries have adjusted their offshore wind ambitions upwards and tender activity is correspondingly high. We expect the trend of European projects for the period 2021-2027 moving from drawing board to tendering and from tendering to

manufacturing to manifest in the second half of 2020. The exclusive position for a 70 Kton European Offshore Wind project that we announce today and that brings our orderbook for 2021 and beyond at 300 Kton, underpins this expectation. Also, on other continents we see increasing materialization of plans to produce more sustainable energy. The effects of the developing European pipeline alone is expected to raise the utilization of our production facilities to a higher level for a longer period of time whereby we keep a close and open eye on materializing opportunities outside Europe.

People determine the success of Sif. After a difficult 2019 we saw a good development in the organization in the mix between experienced employees and new colleagues coming from outside Sif on various levels. During the difficult COVID19 outbreak period the strength of our organisation was noticeable and I explicitly want to thank the Sif team for its constructive and open approach during this challenging first half of 2020."

Results for HY 2020

Contribution

The COVID19 outbreak had its impact on Sif which is reflected in higher sickness leave in mainly March and April of the year. This directly relates to our policy to aggressively quarantaine teams in case of suspicion of Covid related contacts. It is also reflected in workload, production and deliveries since smaller projects were shelved by clients and project hand-overs were delayed but still within contractual delivery dates. The production in the first half of 2020 is now mainly composed of activities for Akita Noshiro and Saint Nazaire, two projects that partly replace the Vineyard project. Total production for the first half of 2020 ended at 76 Kton. Despite personell issues related to the COVID19 outbreak, realised contribution of € 602 per ton was notably better than in the first half of 2019 when it was € 484. This confirms our earlier communicated expectations for contribution margins in the low 600's.

€ Per ton	HY 1 2020	HY 2 2019	HY 1 2019	HY 2 2018	HY 1 2018	HY 2 2017	HY 1 2017
Revenues	1,990	1,704	1,813	1,565	1,801	1,379	1,446
Contribution	602	613	484	504	563	494	689
Gross profit	349	328	285	235	335	301	442
Kton production	76	91	94	57	81	124	108

We define contribution as revenues minus cost of sales. Cost of sales include costs for raw materials, subcontracted work and other external charges, logistics and other project-related expenses.

Gross profit and EBITDA

Gross profit per ton also improved on the comparable period in 2019 and arrived at € 349 for the first half of 2020. This resulted in EBITDA of € 11.5 million (€ 151 per ton) compared to € 12.7 million (€ 135 per ton) for the first half of 2019. Low utilization, sickness leave and delays in final deliveries put pressure on revenue recognition and EBITDA.

At the end of the first half of 2020 Sif employed 190 temporary workers (285 end of June 2019) and 314 permanent staff (297 end of June 2019).

Net debt and solvency

Net cash excluding lease liabilities under IFRS 16 amounted to €38.3 million (€ 14.9 million net debt at the end of the first half of 2019). This strong improvement is primarily attributable to the decrease in working capital as a result of agreed project cash flow schedules. The leverage ratio at the end of June 2020 was 0. For covenant purposes, net debt is stated on an IFRS16 excluded basis. The leverage covenant as of end of 2019 is fixed at 2.5 until the current credit facility reaches maturity on June 30, 2022. Solvency covenant going forward is >35%. With 46% at the end of June 2020, Sif is well within covenants.

Operating working capital

The demand for operating working capital defined as current operating assets minus current operating liabilities was - € 64.5 million (- € 11.7 million at the end of June 2019).

Current operating assets include inventories, contract assets, trade receivables and prepayments. Current operating liabilities include trade payables and contract liabilities.

Orderbook tons and Outlook

Today's order book for the remainder of 2020 shows an estimated 2020 full year production of 170 Kton. This implies an 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. We expect this to result in an EBITDA level equal to 2019.

The orderbook for 2021 and beyond has 100 Kton contracted work and 200 Kton in exclusive negotiations. With various projects in tender procedures and with upscaled ambitions for sustainable production of energy by various European countries, the offshore wind industry faces high utilization for the period 2021- 2027.

Country	Current offshore wind	Ambition offshore wind
	capacity	capacity 2030
Belgium	1.8 GW	4.0 GW
Denmark	1.7 GW	5.3 GW
France	-	8.8 GW
Germany	7.7 GW	20.0 GW
Ireland	0.3 GW	5.0 GW
Italy	-	0.9 GW
Netherlands	1.0 GW	11.5 GW
Poland	-	3.8 GW
United Kingdom	10.4 GW	40.0 GW
Total	22.9 GW	99.3 GW

Source: Rystad energy 7 May 2020 and Country- updates for Ireland

Statement by the Management Board

The Management Board of Sif Holding NV ("Sif") hereby declares that, to the best of its knowledge, the unaudited interim condensed financial statements for the period ending 30 June 2020 as prepared in accordance with International Financial Reporting Standard (IFRS) IAS 34 Interim Financial Reporting give a true and fair view of the assets, liabilities, financial position and profit and loss of Sif and its jointly consolidated companies included in the consolidation as a whole, and that the report by the Management Board included in this interim report 2020 gives a fair view of the information required in accordance with Section 25d, subsections 8 and 9 of Book 5 of the Dutch Financial Supervision Act (Wet op het financieel toezicht).

Roermond, 28 August 2020 Fred van Beers (CEO) Leon Verweij (CFO)

Financial Calendar

Trading Update Q3 2020 6 November 2020

FY 2020 Earnings 12 March 2021

AGM and Trading Update Q1 2021 12 May 2021

Presentation of 2020 Interim Results

Following this release, the CEO and CFO of Sif will present the 2020 interim results during VCR webcast on August 28, 2020 at 10:00 AM CET. A transcript of the meeting will be available on the Sif website shortly after the meeting. The meeting can be followed (audio and slides only) via the link on the Company's website www.sif-group.com

Contact Information

Investor Relations

Fons van Lith

+31 (0)475 385 777

+31 (0)6 513 14 952

f.vanlith@sif-group.com

8

Sif Interim Report 2020

• 9 Consolidated statement of profit or loss and other comprehensive income for the six months ended 30 June
• 10 Interim condensed consolidated statement of financial position as at 30 June
• 11 Consolidated statement of changes in equity for the six months ended 30 June
• 12 Consolidated cash flow statement for the six months ended 30 June
• 13 Consolidated cash flow statement for the six months ended 30 June(continued)
• 14 Notes to the interim condensed consolidated financial statements for the six months ended 30 June

Consolidated statement of profit or loss and other comprehensive income for the six months ended 30 June

AMOUNTS IN EUR '000 Notes	2020	2019
	Unaudited	Unaudited
Total revenue from contracts with customers 4	151,244	170,392
Raw materials	56,984	81,333
Subcontracted work and other external charges	36,814	29,060
Logistic and other project related expenses	11,718	14,491
Direct personnel expenses	13,074	13,393
Production and general manufacturing expenses	6,182	5,308
Indirect personnel expenses	10,100	9,314
Depreciation and amortization	9,590	8,148
Facilities, housing and maintenance	2,479	2,079
Selling expenses	362	512
General expenses	2,128	2,176
Operating profit	1,813	4,579
Impairment losses on financial assets	(21)	-
Finance costs	(1,265)	(1,181)
Net finance costs	(1,286)	(1,181)
Share of profit of joint ventures	81	-
Profit before tax	608	3,398
Income tax expense	115	839
Profit after tax	493	2,558
Total comprehensive income	493	2,558
Attributable to:
Non-controlling interests	152	-
Equity holders of Sif Holding N.V.	341	2,558
Profit after tax	493	2,558
Earnings per share
Number of ordinary shares outstanding	25,501,356	25,501,356
Basic earnings per share (EUR)	0.02	0.10
Diluted earnings per share (EUR)	0.02	0.10

Interim condensed consolidated statement of financial position as at 30 June

AMOUNTS IN EUR '000 Notes		30-Jun-2020 31-Dec-2019
		Unaudited	Audited
Assets
Intangible fixed assets		1,576	1,609
Property, plant and equipment	5	116,231	119,459
Right-of-use assets		54,007	56,567
Investment property		400	400
Investments in joint ventures		175	94
Deffered tax receivable		260	181
Total non-current assets		172,649	178,310
Inventories		285	312
Contract assets	6	5,917	13,345
Trade receivables	7	25,261	45,242
VAT receivables		2,128	-
Other financial assets		15	20
Prepayments		2,157	802
CIT receivable		853	2,376
Cash and cash equivalents		38,339	1,579
Total current assets		74,955	63,676
Total assets		247,604	241,986

AMOUNTS IN EUR '000 Notes		30-Jun-2020	31-Dec-2019
		Unaudited	Audited
Equity
Share capital		5,100	5,100
Additional paid-in capital		1,059	1,059
Retained earnings		80,316	74,828
Result for the year		341	5,488
Equity attributable to
shareholder		86,816	86,475
Non-controlling interests		374	222
Total equity		87,190	86,697
Liabilities
Revolving credit facility		-	22,872
Lease Liabilities		51,945	54,255
Employee benefits		325	287
Other non-current liabilities		843	1,487
Total non-current liabilities		53,113	78,901
Lease Liabilities		4,683	4,743
Trade payables		41,831	37,733
Contract Liabilities	6	56,328	17,625
Employee benefits		1,388	2,390
Wage tax and social security		502	317
VAT payable		-	1,731
Other current liabilities		2,569	11,849
Total current liabilities		107,301	76,388
Total liabilities		160,414	155,289
Total equity and liabilities		247,604	241,986

Consolidated statement of changes in equity for the six months ended 30 June

		Additional paid	Retained earn	Result for the		Non-controlling
AMOUNTS IN EUR '000	Share capital	in capital	ings	year	Total	interests	Total equity
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
Balance as at 1 January 2020	5,100	1,059	74,828	5,488	86,475	222	86,697
Appropriation of result	-	-	5,488	(5,488)	-	-	-
Total comprehensive income
Profit for the year	-	-	-	341	341	152	493
Total comprehensive income	-	-	-	341	341	152	493
Transactions with owners of the Company
Dividend distributions	-	-	-	-	-	-	-
Total transactions with owners of the
Company	-	-	-	-	-	-	-
Balance as at 30 June 2020	5,100	1,059	80,316	341	86,816	374	87,190
Balance as at 1 January 2019	5,100	1,059	79,430	(2,052)	83,537	-	83,537
Appropriation of result	-	-	(2,052)	2,052	-	-	-
Total comprehensive income
Profit attributable to the shareholder	-	-	-	2,558	2,558	-	2,558
Total comprehensive income	-	-	-	2,558	2,558	-	2,558
Transactions with owners of the Company
Dividend distributions	-	-	(2,550)	-	(2,550)	-	(2,550)
Total transactions with owners of the
Company	-	-	(2,550)	-	(2,550)	-	(2,550)
Balance as at 30 June 2019	5,100	1,059	74,828	2,558	83,545	-	83,545

Consolidated cash flow statement for the six months ended 30 June

AMOUNTS IN EUR '000	2020	2019
	Unaudited	Unaudited
Cash flows from operating activities
Profit before tax	608	3,398
Adjustments for:
Depreciation and amortization of property, plant and equipment	6,846	6,394
Amortization of right-of-use assets	2,744	1,754
Unrealized changes in joint ventures	(81)	-
Net finance costs	1,265	1,181
Changes in net working capital
o Inventories	27	18
o Contract assets and liabilities	46,014	6,970
o Trade receivables	20,041	17,479
o Prepayments	(855)	(465)
o Trade payables	9,136	1,084
	74,363	25,086
VAT payable and receivable	(3,858)	(5,087)
Other financial assets	(65)	-
Employee benefits	(965)	(269)
Wage tax and social security	184	(807)
Other liabilities	(11,453)	(3,190)
	(16,157)	(9,353)
Income taxes paid	1,331	(1,307)
Interest paid	(1,232)	(1,114)
Net cash from operating activities	69,687	26,038

Consolidated cash flow statement for the six months ended 30 June(continued)

AMOUNTS IN EUR '000	2020	2019
	Unaudited	Unaudited
Cash flows from investing activities
Purchase of intangible fixed assets	(277)	(303)
Purchase of property, plant and equipment	(4,322)	(4,924)
Investments in joint ventures	-	-
Loans and borrowings to joint ventures	70	70
Net cash from (used in) investing activities	(4,529)	(5,157)
Cash flows from financing activities
Movements in revolving credit facility	(25,419)	(16,325)
Proceeds from new borrowing	-	80
Payment of lease liabilities	(2,979)	(1,576)
Dividends	-	(2,550)
Net cash from (used in) financing activities	(28,398)	(20,372)
Net increase / (decrease) in cash and cash equivalents	36,760	510
Cash and cash equivalents at 1 January	1,579	505
Cash and cash equivalents at 30 June	38,339	1,015

Notes to the interim condensed consolidated financial statements for the six months ended 30 June

1 Reporting entity

Sif Holding N.V. (the 'Company') is a company domiciled in the Netherlands. The Company's registered office is at Mijnheerkensweg 33, Roermond. These interim condensed consolidated financial statements comprise the Company and its subsidiaries (collectively the 'Group' and individually 'Group companies').

The Group is primarily involved in the manufacturing of metal structures, parts of metal structures, pipes, pipe structures, components for the offshore industry and foundation piles for offshore wind farms.

2 Basis of preparation

These interim condensed consolidated financial statements for the period ended 30 June 2020 have been prepared in accordance with International Financial Reporting Standards IAS 34 (Interim Financial Reporting) as adopted by the European Union (EU-IFRS).

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2019.

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2019, except for the adoption of new standards effective as of 1 January 2020. The Group has not early adopted any other standard, interpretation of amendment that has been issued but in not yet effective.

The interim condensed consolidated financial statements have been prepared on a historical cost basis, except for investment property that have been measured at fair value. The Group's consolidated financial statements are presented in EUR ('000), which is also the Company's functional currency, if not stated otherwise. All values are rounded to the nearest thousands (EUR '000) on individual line items which can result in minor rounding differences in sub-totals and totals, except when otherwise indicated. The interim condensed consolidated financial statements have not been audited.

Management estimates and judgements

The preparation of the Group's interim condensed consolidated financial statements requires management to make estimates and assumptions. To make these estimates and assumptions the Group uses factors such as experience and expectations about future events that are reasonably expected to occur given the information that is currently available. These estimates and assumptions are reviewed on an ongoing basis.

Revisions of accounting estimates and assumptions, or differences between accounting estimates and assumptions and the actual outcomes, may result in adjustments to the carrying amounts of assets and liabilities, which would be recognised prospectively.

Contract assets and liabilities

Revenues from contracts with customers and direct costs are recognised in the statement of profit or loss in proportion to the satisfaction over time of each performance obligation. The satisfaction is assessed based on the actual hours incurred compared with the estimated hours needed to complete the full performance obligation. In addition, management estimates at each reporting date the total expected costs to be incurred for each individual performance obligation and adjustments are made where appropriate.

Leases – determination of lease term of contracts with options

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to terminate or extend the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew or to terminate (e.g., a change in business strategy).

In previous years, the Group entered into a lease agreement with Havenbedrijf Rotterdam N.V. for the lease of three plots in the Rotterdam harbour. The leases contractually end as per 1 July 2041 and plot A and C are cancellable as per 1 july 2031 and plot B as per 1 July 2021 and 1 July 2031.

Jubilee scheme

The costs of the jubilee scheme are calculated according to actuarial methods. The actuarial method uses assumptions about discount rates, future salary increases, and retention rates. Such estimates are very uncertain, owing to the long-term nature of the scheme. The assumptions used are reviewed each reporting date.

3 New and amended standards and interpretations

Amendments to IFRS 3: Definition of a Business

The amendment to IFRS 3 clarifies that to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. Furthermore, it clarified that a business can exist without including all of the inputs and processes needed to create outputs. These amendments had no impact on the consolidated financial statements of the Group, but may impact future periods should the Group enter into any business combinations.

Amendments to IAS 1 and IAS 8: Definition of Material

The amendments provide a new definition of material that states "information is material if omitting misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity." The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. These amendments had no impact on the consolidated financial statements of, nor is there expected to be any future impact to the Group.

4 Operating segments

The following table presents revenue and profit information for the Group's operating segments for the six months ended 30 June 2020 and 2019, respectively.

AMOUNTS IN EUR '000	2020				2019
	Wind	Oil & Gas	Marshalling	Other	Total	Wind	Oil & Gas	Other	Total
Revenue from contracts with customers	140,907	6,347	3,098	891	151,244	165,305	4,296	791	170,392
Segment contribution	40,590	3,468	797	873	45,728	42,714	2,266	528	45,509
Gross profit	24,053	782	797	840	26,472	25,277	1,005	526	26,808
Indirect personnel expenses					(10,100)				(9,314)
Depreciation and impairment					(9,590)				(8,148)
Facilities, housing & maintenance					(2,479)				(2,079)
Selling expenses					(362)				(512)
General expenses					(2,128)				(2,176)
Net finance costs					(1,286)				(1,181)
Share of profit of joint ventures					81				-
Total profit before tax					608				3,398

As per 2020 the Group recognises a new operating segment called 'Marshalling'. The main activities of this segment concern logistical handling of Offshore Wind installations for third parties on location Maasvlakte 2.

Definitions for applied segments

For management purposes, the Group is organised into divisions based on its products and services and has four operating segments:

• Wind, which produces and delivers monopiles, transition pieces or other foundation components for the off-shore wind industry; >
• Oil and Gas, which produces and delivers piles, pile sleeves, pin-piles etcetera for application in the oil and gas industry; >
• Marshalling, which concerns logistical handling of Offshore Wind installations for third parties; >

• Other, not Wind, Oil and Gas, or Marshalling.

These divisions offer different products and services, and require different technology and target different markets.

Reconciliations of information on reportable segments to IFRS measures

The Group's revenues do not have a seasonal pattern. Finance income, finance costs, taxes and fair value gains and losses on certain financial assets and liabilities are not allocated to individual segments as these are managed on an overall group basis. Total assets, which are all located in the Netherlands, are not allocated to individual segments as these are managed on an overall group basis.

5 Property, plant and equipment

During the six months ended 30 June 2020, the Group acquired assets with a cost of EUR 3.4 million (the six months ended 30 June 2019 EUR 7.4 million). These acquisitions include EUR 3.3 million investments related to assets under construction (the six months ended 30 June 2019 EUR 7.3 million).

6 Contract assets and liabilities

AMOUNTS IN EUR '000		30-Jun-2020	31-Dec-2019
Contract assets		5,917	13,345
Contract liabilities		(56,328)	(17,625)
		(50,411)	(4,280)
Expenses incurred including realized profit to
date		483,626	386,056
Invoiced terms		(534,037)	(390,336)
		(50,411)	(4,280)

Management periodically reviews the valuation of work in progress based on project agreements, project results till date and estimates of project expenses to be incurred. Each period end management assesses the status of the projects and takes into consideration all aspects in order to finalize the projects in line with contractual agreement and relating contingencies, such as potential upward or downward adjustment in the projected estimates, and accounts for them accordingly. Due to changes in estimates, fluctuations in the anticipated project result can occur over the contract term.

The contract assets concern all projects in progress for which the incurred expenses, including realized profit and project losses to date (if any), exceed the terms invoiced to customers. The contract liabilities concern the balances of all projects in progress for which the invoiced terms exceed expenses incurred plus recorded profit minus project losses if any. The negative balance position is the result of regular invoiced installments.

Both the contract assets and contract liabilities predominantly have durations shorter than 12 months and are therefore considered to be current.

7 Trade Receivables

At 30 June 2020 approximately EUR 3.7 million of the total open belance refers to related parties (at year end 2019 approximately EUR 12 million).

8 List of subsidiaries

Included in the interim condensed consolidated financial statements are the following subsidiaries:

Name	Location	Share in issued capital %
Sif Property B.V.	Roermond	100
Sif Netherlands B.V.	Roermond	100
Sif Japan K.K.*	Tokyo	95
Twinpark Sif BV	Roermond	60

* Established per 3 June 2020

9 Off-balance sheet commitments

to the purchase of property, plant and equipment items. The commitments for raw materials amounts to EUR 46.9 million (per 30 June 2019: EUR 55.7 million).

Commitments for the purchase of property, plant and equipment and raw materials

At 30 June 2020, the Group's commitments for the purchase of property, plant and equipment amounts to EUR 1.4 million (per 30 June 2019: EUR 5.0 million) relating Guarantee facilities

At 30 June 2020 guarantee facilities of the Group can be specified as follows:

Name	Type	30 June 2020		31 December 2019
AMOUNTS IN EUR '000		Total facility	Used	Total facility	Used
Euler Hermes S.A. / Tokio Marine Europe S.A.	General	130,000	83,374	130,000	54,838
Coöperatieve Rabobank U.A.	General	40,000	8,834	40,000	13,642
ING Bank N.V.	General	40,000	7,979	40,000	10,440
ABN AMRO Bank N.V.	General	40,000	31,107	40,000	12,322
Nationale Borg Maatschappij	Project	2,405	2,405	2,405	2,405
Coöperatieve Rabobank U.A.	Project	16,034	16,034	16,034	16,034
ING Bank N.V.	Project	8,459	8,459	8,459	8,459
Total		276,898	158,192	276,898	118,140

The Group is jointly and severally liable for all amounts to which Euler Hermes S.A., Tokio Marine Europe S.A., ING Bank N.V., ABN Amro Bank N.V. and Nationale Borg Maatschappij have a right to claim in relation to the above mentioned guarantees. The former shareholder is also jointly and severally liable for all amounts of the pending guarantees which have been provided before 12 May 2016.

Short-term lease commitments

The Group rents equipment and several housing units with a remaining duration of less then one year. The remaining payment obligation of these short-term leases per 30 June 2020 is EUR 0.4 million.

10 Dividend

Over financial year 2019 Sif did not pay out any dividend (over 2018: EUR 2.6 million).

11 Events after the reporting period

There were no material events after 30 June 2020.

Roermond, 28 August 2020 The Board of Directors:

G.G.P.M. van Beers L.A.M. Verweij

Contact

Sif Holding N.V.

Corporate seat Roermond

Chamber of Commerce Roermond

Shareholder, clearing and settlement agent Euroclear Nederland

Listing and payment agent ABN AMRO Bank NV

Address Mijnheerkensweg 33 6040 AM Roermond The Netherlands

Telephone +31 475 385777

E-mail info@sif-group.com

No. 13027369

Herengracht 459-469 1017 BS Amsterdam The Netherlands

Gustav Mahlerlaan 10 1082 PP Amsterdam The Netherlands

Sif Holding N.V.

Mijnheerkensweg 33 6040 AM Roermond The Netherlands Telephone: +31 475 385777 E- mail: info@sif-group.com