Summary Q3 2014
- Strong order intake from the Oil & Gas sector in Colombia, Australia and the UK, and in The Netherlands from the Chemical sector, resulted in an order book of €1,276 million (Q3 2013: €1,098 million).
- Revenue increase of 6.4% to €385.1 million (Q3 2013: €362.1 million). Organic growth 5.6%1).
- Strong revenue growth particularly in the Oil & Gas sector in Continental Europe, Colombia and Australia.
- EBITDA2) increased to €23.3 million (Q3 2013: €20.1 million on a comparable basis).
- Strong operating result; improved with € 8.4 million to €13.0 million (Q3 2013: €4.6 million).
- Operating cash flow was €15 million positive in the quarter.
- Net debt reduced with €10.6 million YoY to €326.3 million (Q3 2013: €336.9 million).
Arnold Steenbakker, CEO Stork, comments:
“Oil and Gas prices have dropped significantly in the quarter following increased economic and geopolitical uncertainties. Since the majority of our order book are maintenance and modifications related contracts, Stork is less exposed to these developments. However, it may cause some postponement of activities in certain regions, like in the UK. The order book continued to develop positively with a number of large projects wins in the Oil & Gas sector in our growth countries Colombia and Australia as well as in the U.K. In the Dutch Chemical sector we recorded some important projects wins. The quality of the Power Services order book and the pipeline confirms a stabilisation of performance. In the third quarter of this year we have continued revenue growth in Colombia, Benelux and Australia. Across the company we see our operational improvement programs and tight cost control structurally contributing to our overall performance and offsetting some local margin pressure. This resulted in a third consecutive quarter of solid growth in operating result.”