Deme Hits 1: year low on losses in key offshore wind unit

DEME NV

29/08/2023 09:41

** Shares in Dutch dredging group DEME  DEME.BR  fall as
much as 5.1% to 110.6 euros, their lowest since July 2022, hit
by losses in offshore wind even as it reports growth on group
level
    ** The stock, down 3.4% as of 0835 GMT, is on track for
worst day since January
    ** Kepler Cheuvreux analyst Andre Mulder attributes the
share move to losses in offshore wind, which he says is the area
where most of the growth should come from
    ** The offshore energy division's H1 EBITDA fell 21% YoY to
79.1 mln euros ($85.57 mln)
    ** "The wind business took loss provisions on offshore wind
projects in the US and Taiwan," ING analyst Tijs Hollestelle
notes
    ** "Two smaller business units saved the day for the
headline EBITDA but the overall quality of the earnings rather
weak, on top of that the net debt position is higher than
expected as well," Hollestelle adds
    ** H1 group EBITDA increased by 14.8% to 222 mln euros

($1 = 0.9244 euros)

 (Reporting by Nathan Vifflin)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))