Strong performance in first half year

Highlights HY 2015

  • Order book at EUR 1,176 million (HY 2014: EUR 1,280 million).
  • Revenue EUR 745 million (2014: EUR 685 million); y-o-y organic growth 5.9%1).
  • Strong revenue development in Colombia and a good performance in Continental Europe. UK and Power Services markets continue to be challenging.
  • EBITDA2) improves by EUR 8.7 million to EUR 43.5 million (2014: EUR 34.8 million). Margin up 70bp to 5.8%.
  • Non-recurring items of EUR 8.3 million (2014: EUR 3.3 million) are mainly relating to implemented restructuring programs in the UK and Continental Europe.
  • Operational result increased to EUR 14.3 million (2014: EUR 11.1 million).
  • Operational cash flow improved EUR 22.2 million to negative EUR 1.7 million (2014: negative EUR 23.9 million). Improved results and working capital control limited the seasonal cash outflow.
  • Oil price further declined to lowest level in 10 years.

Arnold Steenbakker, CEO Stork, comments:
Despite the development of the oil price we have been able to maintain momentum in improving our performance for the sixth consecutive time since the first quarter of 2014. Revenue increased with 8.7% in the first half of 2015. EBITDA improved 25.0% to € 43.5 million. These results confirm the resilience of our business as we provide maintenance, modification and asset integrity related services in primarily existing production facilities.

In the first half year we have seen significant growth in our Colombian business and a very solid performance in Continental Europe. In the UK market conditions will remain challenging. We have restructured our operation in Aberdeen responding to the deferred demand for our services. In Power Services we continue to face weak market conditions in Germany and other power markets in Europe. We are focused on initiatives to expand into other markets and improve productivity.

In response to the oil price development, our customers continue to look at constructive ways to reduce cost in the supply chain, whilst optimising maintenance spend with asset integrity and performance. In the past period we have adjusted our cost base proactively to support customers in maintaining their competitiveness. We remain alert to further opportunities to optimize our cost effectiveness.
The order book and pipeline of opportunities provide Stork a healthy basis to continue to work successfully with our customers to improve their operational performance.

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