UTRECHT, The Netherlands, April 8, 2013 /PRNewswire/ --
Stork Technical Services, a leading provider of knowledge-based Asset Integrity Management services for the Oil & Gas, Power and Chemical sectors, publishes today its 2012 annual results
Operational Highlights 2012
- Established as independent company with own Supervisory Board and governance structure.
- Solid order book at December 31, 2012 of €1,127m (December 31, 2011: €1,138m).
- Global roll out of the REACH safety program delivers continuous improvement in safety performance.
- Successful integration of RBG Group leads to additional growth opportunities and broadens the existing portfolio.
Financial Highlights 2012
- Revenue up by 7.4% in 2012 compared to last year, driven by growth at Core Services Americas and Core Services UK & Africa.
- Adjusted EBITDA improved by 1.2% from €95.5m in 2011 to €96.6m in 2012, resulting from the outstanding performance of Core Services divisions UK & Africa and Americas.
- Successful refinancing with the issuance of €272.5m of Senior Secured Notes.
- Net Debt to Adjusted EBITDA ratio reduced from opening leverage to a solid 2.7x.
Per January 1, 2013 Stork Technical Services was established as an independent company with own Supervisory Board and governance structure, pursuant to the refinancing and integration of RBG in 2012.
The 2012 audited consolidated financial statements of the Group include the RBG Group for the period beginning on January 1, 2012. The 2011 comparative figures are unaudited pro forma consolidated figures. See pages 7-9.
Full press Release is available at: http://www.storktechnicalservices.com
 Non-GAAP measure. Adjusted EBITDA is EBITDA adjusted for non-recurring items.
SOURCE Stork Technical Services