· Revenue stable at EUR 424.6 million
· Profit up to EUR 23.8 million
· New office opens in Bolivia
Breda, The Netherlands, 15 April 2015 - Dietsmann, the leading independent provider of integrated Operation & Maintenance services for oil, gas and LNG production facilities and for power plants, has published its 2014 Annual Report. Despite the business context becoming progressively more challenging during the course of 2014, Dietsmann's revenue remained stable at 424.6 million euro, compared with 414.1 million euro in 2013.
Operating result (EBIT) amounted to EUR 42.9 million compared with the EUR 40.2 million reported in 2013. Net result rose from EUR 17.4 million in 2013 to EUR 23.8 million in 2014.
The North and Central Africa region and East Africa region made steady progress in 2014 with revenue increases of 3.5% and 5% respectively and the West Africa achieved a substantial 19% revenue increase. These increases more than offset the overall 28% decrease in revenue from the Central Asia region due primarily to the reduction of activities in Kazakhstan. During 2014 Dietsmann won new contracts in Angola, the Republic of Congo, Nigeria, Iraq and Bolivia.
In 2013 Dietsmann started new branch activities in Bolivia and Mozambique which will enable the Company to respond to key clients' needs in Latin America and to serve increasing activities in Mozambique.
Peter Kütemann, Dietsmann's Chairman and CEO said: "With the rapid drop of the oil price by 60% in the just over six months since June last year, it does not come as a surprise that oil-companies, as a component of their cost-cutting efforts, are demanding that contractors, like us, reduce their prices. The pressure is mounting and we are obliged to respond. The challenge is to find the balance between our clients' demands for cost reductions, our employees' interest, our market share and our profitability. At the same time we are working with technology partners to develop new, innovative technologies that will help us offer our clients sustainable cost savings that will last longer than quick-fix margin cuts and that will enable us to provide our services in a more cost-effective way without compromising our most fundamental values of safety, integrity and respect for people and the environment. Notwithstanding the challenges and uncertainties currently being faced by the industry and the world in general, I have every confidence that the tried and tested Dietsmann resilience and resourcefulness will enable us to meet the challenges ahead and come through them stronger than ever".
The complete 2014 Annual Report of Dietsmann N.V. can be downloaded in PDF format from the company's website: www.dietsmann.com.
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 37 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, international support and coordination offices in Monaco, engineering offices in France and Italy and operational subsidiaries in most oil producing, countries in West, East, Central and North Africa, the Caspian Sea Region, Russia and Latin America.
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.
Contact
communication@dietsmann.com
Tel: +377 93 10 16 15
www.dietsmann.com
