fy 2012 financial results

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


Financial Results

Agenda


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


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%)


Financial Results

Agenda


FY 2012 Key Financials – Core Services€ Millions, % of Revenues


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


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%


FY 2012 Key Financials – SRS€ Millions, % of Revenues


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%



Financial Results

Agenda


Income Statement€ Millions


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


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


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


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


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


Revenues

Adjusted EBITDA1)

1) Non-GAAP measure. Adjusted EBITDA is EBITDA adjusted for non-recurring items

Disclaimer


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.

fy 2012 financial results

Documents

financial resultsfy

solid ebitda growth

ebitda of hq

adjusted ebitda1

nonrecurring itemsfy

nonrecurring itemsexcluding

nongaap measures

strong organic growth