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FY 2012 Financial Results. Stork Technical Services. Agenda. 2012 Highlights Key Financials Result per Division Financial Results. 2012 Highlights. Revenues of €1,418m; 5.6% organic growth compared to 2011: Adjusted EBITDA 1) of €96.6m (2011: €95.5m ) - PowerPoint PPT Presentation
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FY 2012 FINANCIAL RESULTSSTORK TECHNICAL SERVICES
2012 Highlights• Key Financials• Result per Division
Financial Results
Agenda
PAGE 2FY 2012 FINANCIAL RESULTS
2012 Highlights
PAGE 3
Revenues of €1,418m; 5.6% organic growth compared to 2011:
Adjusted EBITDA1) of €96.6m (2011: €95.5m)
Established Stork Technical Services as an independent company with own Supervisory Board and solid finance structure
Successful refinancing of STS by issuance of €272.5m of Senior Secured Notes
Integration of RBG Group has been completed by the end of 2012
Our excellent safety performance continues to differentiate us from our competitors
FY 2012 FINANCIAL RESULTS
1) Non-GAAP measure. Adjusted EBITDA is EBITDA adjusted for non-recurring items
2012 Highlights• Key Financials• Result per Division
Financial Results
Agenda
PAGE 4FY 2012 FINANCIAL RESULTS
Revenues
FY 2012 Key Financials€ Millions, % of Revenues
FY 2012 FINANCIAL RESULTS 5
Adjusted EBITDA1
Order book
Net operating working capital2)
7.2%
6.8% 4.5%
5.1%
+5.6%3)
1) Non-GAAP measures. Adjusted EBIT(DA) is EBIT(DA) adjusted for non-recurring items2) Current assets minus current liabilities excluding provisions and finance and tax related items3) Organic growth, excluding the impact of foreign exchange effects and acquisitions / disposals
Stork Technical Services at a glanceFY 2012 by Segment
FY 2012 FINANCIAL RESULTS 6
Revenues Breakdown by Geography
€1.4bn
Revenues Breakdown by Division
€1.4bn
Adjusted EBITDA by Division1)
€116m2)
Adjusted EBITDA Margin by Division1)
1) Non-GAAP measure. Adjusted EBITDA is EBITDA adjusted for non-recurring items2) Excluding adjusted EBITDA of HQ amounting to negative €19m
Solutions 13% (2011: 17%) SRS 4%
(2011: 5%)
Core Services 83% (2011: 78%)
Cont. Europe 49% (2011: 57%)
Americas 16% (2011: 13%)
MECAP 7% (2011: 7%)
UK & Africa 28% (2011: 23%)
Core Services 75% (2011: 70%)
Solutions 15% (2011: 19%)
SRS 10% (2011: 11%)
2012 Highlights• Key Financials• Result per Division
Financial Results
Agenda
PAGE 7FY 2012 FINANCIAL RESULTS
FY 2012 Key Financials – Core Services€ Millions, % of Revenues
FY 2012 FINANCIAL RESULTS 8
Revenues
Adjusted EBITDA1)
7.4%
+7.7%2) Strong organic growth of 7.7% favourable market conditions and additional
contract wins with key customers (Ecopetrol) in Latin America
Positive developments in North Sea basin and Subsea business
Significant drop in revenues in Belgium put volumes Continental Europe under pressure
Highlights
7.8%
Solid EBITDA growth on the back of increasing volumes
Strong profitability increase in regions UK and Americas
Lower profitability at Core Services resulting from downturn in Belgium industrial market. Management changed and restructuring announced
Highlights
1) Non-GAAP measure. Adjusted EBITDA is EBITDA adjusted for non-recurring items2) Organic growth, excluding the impact of foreign exchange effects and acquisitions / disposals
FY 2012 Key Financials – Solutions€ Millions, % of Revenues
FY 2012 FINANCIAL RESULTS 9
Revenues
Adjusted EBITDA1)
7.4%10%
Lower volumes resulting from difficult European Power market:
Volume pressure mainly at product lines Rotating and Electrical equipment
Revenues at Process Equipment hold well
Highlights
7.8%
Strong overhead cost reductions partly covered the effects from volume and margin drop
Integration US activities
Highlights
(7.5%)2)
9.2%11.2%
1) Non-GAAP measure. Adjusted EBITDA is EBITDA adjusted for non-recurring items2) Organic growth, excluding the impact of foreign exchange effects and acquisitions / disposals
FY 2012 Key Financials – SRS€ Millions, % of Revenues
FY 2012 FINANCIAL RESULTS 10
Revenues
Adjusted EBITDA1)
7.4%10%
Sustainable volumes after rationalization of the customer portfolio
Tailored Services to blue chip customers in Chemical, Oil & Gas and Power industry
Focus on Total Cost of Ownership solutions
Highlights
Improved profitability as a result of cost cutting measures and rightsizing footprint
Highlights
9.2%
(2.3%)2)
17.7%
17.3%
1) Non-GAAP measure. Adjusted EBITDA is EBITDA adjusted for non-recurring items2) Organic growth, excluding the impact of foreign exchange effects and acquisitions / disposals
2012 Highlights• Key Financials• Result per Division
Financial Results
Agenda
PAGE 11FY 2012 FINANCIAL RESULTS
Income Statement€ Millions
FY 2012 FINANCIAL RESULTS 12
Revenues 1,418 1,320YoY total growth 7.4%YoY organic growth 5.6%
Adj. EBITDA1) 97 96% on revenues 6.8% 7.2%Non-recurring items (10) (62)EBITDA 87 34% on revenues 6.1% 2.6%EBIT 40 (10)% on revenues 2.8% -0.7%Financial charges (62) (47)Taxes (6) (7)Result after taxes (28) (64)Result from discontinued operations - (1)Result for the year (28) (65)
FY 2012 FY 20112)
1) Non-GAAP measure. Adjusted EBIT(DA) is EBIT(DA) adjusted for non-recurring items2) 2011 figures are unaudited Pro forma consolidated figures included for comparitive purposes
Organic growth achieved of 5.6% EBITDA improved on the back of
volume growth Non-recurring items include
advisory costs refinancing and restructuring costs, offset by release of earn out provision legacy RBG
Financial charges increased as result of write down capitalized fees previous finance structure
Result for the year improved with €37m:
Stable EBITDA performance Non recurring expenses
significantly lower
Comments
Non-recurring items1)
€ Millions
FY 2012 FINANCIAL RESULTS 13
Restructuring cost (7) (7)Refinancing cost (7) -Pension cost - (36)Exceptional RBG (related to acquisition) - (9)Vacant rental buildings (6) (2)Earn out release RBG 16 -Other (6) (8)
EBIT(DA) adjustments (10) (62)Write-off bank fees (14) -
EBT adjustments (24) (62)
FY 2012 FY 20112)
Restructuring programs at HQ, Solutions and Sales & Rental
Advisory expenses of €7m in connection with refinancing
Provision of €6m to optimize footprint in UK and Netherlands
Release of €16m provision, regarding not realized earn out arrangement RBG
Write off of €14m capitalized fees of previous finance structure
Comments
1) Non-GAAP measure2) 2011 figures are unaudited Pro forma consolidated figures included for comparitive purposes
Financial Charges€ Millions
FY 2012 FINANCIAL RESULTS 14
Net interest expenses (46) (38)Bank fees amortization (4) (7)Gain/ (loss) on exchange rates (0) (3)Gain/ (loss) on financial instruments 2 (0)Non-recurring effects (14) -
Net financial charges (63) (47)Share of profit of associates 0 (0)
Total financial charges (62) (47)
FY 2012 FY 20111)
Higher net interest expenses resulting from increased average net debt (full year effect of RBG acquisition in May 2011)
Comments
1) 2011 figures are unaudited Pro forma consolidated figures included for comparitive purposes
Statement of financial position€ Millions
FY 2012 FINANCIAL RESULTS 15
Net fixed assets 748 772of which: intangible assets 599 618of which: property, plant & equipment 144 149
Net operating working capital 72 59Provisions & finance and tax items (47) (61)
Net Capital Employed 773 770Total equity 465 289Employee benefits 51 63Net debt 257 419
Total financing and equity 773 770
FY 2012 FY 20111)
1) 2011 figures are unaudited Pro forma consolidated figures included for comparitive purposes
Intangible assets result of delisting Stork and RBQ acquisition
Working capital increase in line with volumes
Robust new capital structure established
Decrease employee benefits provision reflects the payments settlement Dutch pension fund
Comments
1) Non-GAAP measure. Adjusted EBITDA is EBITDA adjusted for non-recurring items2) 2011 figures are unaudited Pro forma consolidated figures included for comparitive purposes3) Mainly relates to the contribution in kind during the refinancing in Aug. 2012, of the Deep Discount Bond at the level of RBG, to share premium of STS HOLDCO B.V.
Cash flow statement€ Millions
FY 2012 FINANCIAL RESULTS 16
Adj. EBITDA1) 97 96Non-recurring items (10) (62)EBITDA 87 34Changes in provisions (18) 17Change in net operating working capital (5) 15Settlement intragroup balances / Earn out RBG (26) 24Financial instruments 2 -Income tax paid (10) (7)Cash flow from operations 29 83Sale (acquisition) of subsidiary 13 (143)Capital expenditures (net) (27) (32)Interest and dividend received 1 2Free Cash Flow (pre financing) 16 (90)Financial charges (21) (21)Free Cash Flow (5) (111)Dividends - (24)Net Cash Flow (5) (135)Net debt beginning of the period (419)Net cash flow (5)Other variations3) 166Net debt end of the period (257)
FY 2012 FY 20112)
Cash flow from operations decreased by €54m Effect from
working Capital changes (€20m)
Settlement intragroup balance with parent company (€24m)
Comments
Bridge Revenues / Adjusted EBITDA€ Millions
FY 2012 FINANCIAL RESULTS 17
Revenues
Adjusted EBITDA1)
1) Non-GAAP measure. Adjusted EBITDA is EBITDA adjusted for non-recurring items
Disclaimer
FY 2012 FINANCIAL RESULTS 18
This presentation has been prepared by Stork Technical Services solely for informational purposes. Stork Technical Services has included non-IFRS financial measures in this presentation. These measurements may not be comparable to those of other companies. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures, but should not be considered a substitute for results that are presented in accordance with IFRS.
Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control of the management of Stork Technical Services. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.