Dietsmann reports healthy results in challenging 2011
(Thomson Reuters ONE) -
Breda, the Netherlands, April 11, 2012 - Dietsmann, the leading independent
provider of integrated operation and maintenance services for oil, gas, LNG
production facilities and power plants, today published its 2011 annual results.
Dietsmann is proud to report that it booked healthy revenues and profits in
2011, in what proved to be a very challenging year.
The civil war in Libya forced us to suspend our activities in the country for
more than eight months, while delayed contract awards in Iraq and deferred major
C-inspection overhauls in Nigeria all had a negative impact on our results.
Dietsmann responded quickly and effectively to these setbacks and managed to win
a number of very important contracts that have put the company firmly back on
the road to growth.
Despite very challenging circumstances, Dietsmann's revenues came in at ?246.2
million, just 6.3% down on the ?263.0 million recorded in 2010. Due to the war
in Libya and the absence of Okpai C-inspection in Nigeria, the Central/North
African and Middle East region booked 30.4% lower revenues in 2011. On the
positive side, revenues from our West Africa region and Europe/Asia region were
up by 8.7% and 9.7% respectively.
Total operating expenses fell by 3% to ?225.7 million, compared with ?232.8
million in 2010, again largely due to the Central/North African and Middle East
region with the turmoil in Libya and the absence of Okpai C-inspection in
Nigeria. This also accounted for most of the 20% drop in expenditure on goods
and services, which came in at ?54.9 million, down from ?68.7 million in 2010.
Operating profit (EBIT) came in at ?20.5 million, 32% lower than the ?30.2
million reported in 2010, again largely due to the civil war in Libya. The
Central/North African and Middle East Region and West Africa Region were the
main contributors to operating profit. Net profit for the year fell by 30% to
?10.8 million, from ?15.5 million in 2010.
In 2011, Dietsmann won new contracts in Congo, Angola, Nigeria, Kazakhstan and
Libya. Thanks to these and other developments and excluding the one-off negative
impact from Nigeria and Libya, Dietsmann's underlying business became even
stronger in 2011. Barring unforeseen circumstances, we are confident that we
will return to revenue and profit growth in 2012.
"Looking back at last year, I am pleased to report that Dietsmann's management
was able to steer the company very effectively through a difficult and
challenging year", says Dietsmann's Chairman and CEO, Peter Kütemann. "We were
one of the first contractors to report back to duty in liberated Libya and our
joint venture with Libya's National Oil Company (NOC) was quickly awarded new
contracts. New major contracts in Kazakhstan put us in a strong strategic
position as a maintenance contractor in the huge Kashagan oil project."
"I'm also very proud to report that Dietsmann once again delivered an extremely
solid sustainability performance for the year. Our 2011, health and safety
results have reaffirmed our position as a true industry leader."
"We took our commitment to sustainability a step further in 2011, by signing up
to the United Nations Global Compact. By doing so, Dietsmann publicly recognizes
the importance and value of operating in an ethical, environmental, and socially
responsible manner. As a signatory to the Compact, we will continue to
contribute in every way we can towards building a sustainable society. We have
also expanded the Sustainability section of our 2011 Annual Report to include
the targets we have set in line with the ten principles laid down in the Global
Compact. We will report on the progress we make on these targets on a regular
basis."
You can download the complete 2011 Dietsmann N.V. Annual Report in PDF format
from the company's website: www.dietsmann.com.
About Dietsmann
Founded in 1977, Dietsmann is the leading independent specialist provider of
operation and maintenance services for oil, gas, LNG and power plants. The
company leverages over 35 years of accumulated plant and equipment know-how
developed during its long-term partnerships with many IOCs and NOCs. Dietsmann
acts as an independent expert interface between its clients and OEMs, making
maintenance as efficient, coordinated and well-managed as possible. Dietsmann
N.V. is a privately held company, with its registered office in Breda, the
Netherlands and support and coordination offices in Monaco, engineering offices
in France and Italy and operational subsidiaries in most oil producing countries
in West and North Africa and the Middle East, as well as in Russia and
Kazakhstan. The company is not an affiliate of any industrial or financial
group, equipment manufacturer, construction group or engineering firm. This
independence, combined with its consistent focus on its core business and its
dedication to its clients, makes Dietsmann the most reliable maintenance partner
for any capital plant owner or operator.
Corporate governance
Dietsmann's major customers are large international energy companies listed on
the world's most reputable stock exchanges. These companies are subject to high
standards of corporate governance and expect their business partners to apply
these same high standards. Dietsmann's management fully acknowledges the
importance of good corporate governance and has developed procedures and
activities to apply the Dutch Corporate Governance Code, which prescribes
policies and best practices for Management and Supervisory Boards, shareholders,
financial reporting, auditors, disclosure, compliance and enforcement standards.
Although the code applies only to listed Dutch companies and therefore not to
Dietsmann, the Management and Supervisory Boards use its provisions as a
reference in the development and implementation of good corporate governance
regulations for the Dietsmann Group. These are published on the company's
website, also in accordance with the principles of the code.
Media contact
e-mail: communication(at)dietsmann.com
Tel: +377 93 10 16 15
Website: www.dietsmann.com
Dietsmann reports healthy results in challenging 2011:
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Source: Dietsmann N.V. via Thomson Reuters ONE
[HUG#1601540]
Unternehmensinformation / Kurzprofil:
Datum: 11.04.2012 - 17:10 Uhr
Sprache: Deutsch
News-ID 134053
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contact information:
Town:
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Kategorie:
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