Highlights full year 2014
- Solid recovery and performance improvement in 2014.
- Order book up 2.5% to EUR 1,337 million (2013: EUR 1,304 million).
- Healthy order intake and contract renewals in Colombia, Australia, the UK and the Netherlands.
- Revenue increase of 6.0% to EUR 1,492 million (2013: EUR 1,408 million). Organic growth of 6.1%1.
- Strong revenue growth in the Oil & Gas sector in Continental Europe, Colombia and Australia.
- EBITDA increase of 17.8% to EUR 81.1 million (2013: EUR 68.8 million). Margin improved to 5.4% (2013: 4.9%).
- Operating result improved by EUR 35.3 million to EUR 26.1 million (2013: negative EUR 9.2 million).
- Operational improvement programs and tight cost control contributed structurally to overall performance. Non-recurring costs declined 73.9% to EUR 9.4 million.
- Cash from operations was a solid EUR 63.1 million (2013: EUR 54.3 million).
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Net debt of EUR 303 million (2013: EUR 280 million). Significant covenant headroom.
Highlights Q4 2014
- Strong order intake in the UK and in the Americas with a large project award for the construction, operation and maintenance of three new power generation centers in Colombia.
- Revenue increase of 12.5% to EUR 422 million (2013: EUR 375 million). Organic growth of 12.2%.
- Fourth consecutive quarter of Y.o.Y EBITDA growth.
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Positive net cash flow of EUR 33 million (2013: EUR 57 million, including disposal of Subsea).
For comparison reasons all 2013 figures on page 1 to 7 are adjusted for the Subsea disposal. This release therefore includes figures from continuing operations only.
Arnold Steenbakker, CEO Stork comments:
”In 2014 we realized a strong recovery of our results. Our improved performance became visible from the first quarter onwards benefiting from the risk management initiatives and operational efficiency measures, taken in 2013. The healthy order book, which we have built over the years, delivered a solid revenue growth. Performance continued to improve throughout 2014 gaining momentum as the year progressed, resulting in 6% revenue growth and 17.8% increase in EBITDA. An achievement that we can be proud of and a strong foundation for our controlled growth ambition going forward. It is our aim to deliver sustainable and predictable results, without compromising on safety and quality.
During the past year, we were able to further expand our position in the Oil & Gas sector where the demand for our maintenance, modifications and asset integrity services continued to grow. We have built an impressive
customer portfolio over time with major contract wins in the year as a result. The most significant development in the Oil & Gas sector during 2014 was the strong drop in oil prices. This has a negative impact on investment decisions in the sector. However, our services and products are primarily associated with maintenance, modifications, and assurance of the integrity of production facilities. The demand for these services is relatively resilient to the oil price volatility. Going into 2015, our order book in the Oil & Gas sector remains strong and healthy.”
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