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Dietsmann N.V. - Growth in a challenging 2012

April 9, 2013 - London

·     Autonomous revenue up by 31.4%

·     Operating profit up by 44.4%

·     Successful acquisition of 51% stake in REP Engineering

·     Workforce grows to 5,400

·     Record low accident rates achieved

Breda, the Netherlands, April 9, 2013.
2012 was a successful year for Dietsmann, the leading independent provider of integrated Operation & Maintenance services for oil, gas and LNG production facilities and for power plants. The Company achieved overall growth of over  31.4%, was awarded substantial new contracts in all its operating regions, successfully acquired a majority share in REP Engineering, a significant Russian maintenance company in the power sector, and once again achieved record-low accident rates.

Notwithstanding 2012 being another challenging year, Dietsmann's revenue rose to €323.6 million, 31.4% higher than the €246.2 million attained in 2011. All the regions showed an increase in revenue compared with the previous year. The Central, North and East Africa region achieved the greatest rise (62.3%) thanks to the resumption of activities in Libya and increased overhaul activities in Nigeria. Revenue from the West Africa region rose by 15.6% due to growing activity in Angola. Revenue from the Europe/Asia region increased by 28.3% as a result of new onshore and offshore contracts in Kazakhstan. The acquisition of REP Engineering in Russia had no impact on revenue as the investment has not been consolidated, but accounted for by use of the equity method.

Operating profit (EBIT) amounted to €29.6 million, 44.4% higher than the €20.5 million reported in 2011. The Central, North and East Africa region and the West Africa region were the main contributors towards the operating profit. At €16.5 million net profit for the year was 52.8% higher than the €10.8 million achieved in 2011.

During 2012 Dietsmann won new Operation & Maintenance contracts in Angola, the Republic of Congo, Libya, Nigeria, Kazakhstan and Russia. The acquisition of REP Engineering means that Dietsmann's power plant activities now equal its oil & gas activities in terms of the number of production sites.

Peter Kütemann, Dietsmann's Chairman and CEO said: "In 2012 we welcomed numerous new employees to the Dietsmann family, including 1800 Russian nationals who joined us as a result of Dietsmann's acquisition of 51% of REP Engineering. This means that Dietsmann now has more than 5400 employees of 62 nationalities all working together within a single global company culture, based on the same fundamental values, code of conduct and ethics principles. These values and principles sum up our commitments to all our stakeholders. The 2012 Annual Report not only details our progress in financial terms, it also explains in some depth our progress and activities in all the fields of Corporate Social Responsibility and includes a summary of the first 'Communication on Progress' we have compiled as signatory of the UN Global Compact.

I am extremely pleased to report that 2012 was a very successful year for Dietsmann. We achieved significant growth, we were awarded substantial new contracts and we maintained our reputation for working efficiently, safely and sustainably. In that respect I am also very proud to report that Dietsmann once again delivered an extremely solid sustainability performance. Our 2012 health and safety results have re-affirmed our position as a true industry leader."

The complete 2012 Annual Report of Dietsmann N.V. can be downloaded in PDF format from the company's website:

About Dietsmann
Founded in 1977, Dietsmann is the world's leading independent provider of integrated Operation & Maintenance services for oil, gas and LNG production facilities and for power plants. The company has accumulated over 35 years of plant and equipment know-how developed during long-term partnerships with many IOCs and NOCs. Dietsmann N.V. is a privately-held company with its registered office in Breda, the Netherlands, 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, the Middle East, Russia and Kazakhstan. The company is not an affiliate of any industrial or financial group, equipment manufacturer, construction group or engineering firm. This independence, which means that Dietsmann acts as an unconstrained expert interface between its clients and OEMs, combined with its consistent focus on its core business and its dedication to its clients, makes Dietsmann the most reliable maintenance partner for any 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 specifies policies and best practices for Management and Supervisory Boards, shareholders, financial reporting, auditors, disclosure, compliance and enforcement standards. Although the application of the Code is only compulsory for listed Dutch companies and therefore not for Dietsmann, the Management and Supervisory Boards use its provisions as a reference in the development and implementation of good corporate governance regulations for Dietsmann. These are published on the company's website, also in accordance with the principles of the Code.

Media contact
Tel: +377 93 10 16 15

Dietsmann NV - Growth in a challenging 2012

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Source: Dietsmann N.V. via Thomson Reuters ONE



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