UTRECHT, The Netherlands, March 24, 2015 /PRNewswire/ --
Stork, global provider of knowledge-based asset integrity management services focused on the Oil & Gas, Chemical and Power sectors, announced today its 2014 Annual Results.
2014 was a year of stabilization and operational improvement for Stork. The company maintained a solid order pipeline in all our key markets resulting in significant project wins and the development of a strong order book throughout the year. The roll out of the improvement programs, initiated in 2013, contributed to a more robust performance in 2014.
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Highlights:
- 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.
- Operational improvement programs and tight cost control contributed structurally to overall performance.
- 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).
- Net debt of EUR 303 million (2013: EUR 280 million). Significant covenant headroom.
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."
For the full press release including the 2014 financial statements, please go to the News section on the Stork website : http://www.stork.com/en/news-media/news/
For the full Annual Report 2014, please go to the Investors section: http://www.stork.com/investors
Notes to Editors
About Stork
Stork is a global provider of knowledge-based asset integrity management services focusing Oil & Gas, Petrochemical and Power sectors. From concept through to execution - Stork aims to reduce risk, assure safety and improve asset performance for our customers to enhance their profits.
With more than 185 years of experience and 16,500 employees worldwide (UK & Africa, North and South America, Continental Europe, Middle East, Caspian, Asia-Pacific), Stork provides innovative solutions and integrated thinking and doing in the areas of asset integrity, consultancy, maintenance concepts, inspections, repair, renovations, modifications, relocations and other related complex projects.
For more information, please visit http://www.stork.com.
Financial calendar
Date Publication Press Release Investor call
24 March 2015 Annual results 2014 08:00 CET 11:00 CET
26 May 2015 First Quarter results 2015 08:00 CET 11:00 CET
25 August 2015 Half Year results 2015 08:00 CET 11:00 CET
27 October 2015 Third Quarter results 2015 08:00 CET 11:00 CET
SOURCE Stork
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