Koninklijke Reesink NV : TRADING UPDATE

Consolidated turnover in the first quarter was € 116 million; more than double the figure for the first quarter of 2013. Organic1 turnover was almost 4% higher. The operating result excluding interest, depreciation and amortisation (EBITDA) almost doubled and grew organically by a significant amount. The operating result excluding interest (EBIT) increased by more than 50%. There was a considerable organic increase. There was downward pressure on EBITDA and EBIT from the price loss on the value of the net investment in CT Agro TOO, due to the local currency's devaluation.

Turnover more or less doubled for the Reesink Equipment segment thanks to the merger of Reesink Material Handling Equipment per October 2013. Reesink Equipment's organic turnover was slightly higher.
Reesink Green Equipment's turnover grew sharply. Milk prices increased in the second half of 2013, which had a positive impact on the first quarter. There was extremely good growth in turnover on machinery and accessories for landscape maintenance, turf care, lawn and garden and forestry. CT Agro's contribution was still limited as the season only starts in the second quarter, owing to Kazakhstan's climate.
Reesink Construction Equipment had slightly higher turnover than in the first quarter of the preceding financial year. However, organic turnover was down. The order book grew well in Belgium but trade in earth-moving equipment in the Netherlands was difficult, despite Kobelco's good start. But where less is being invested in new equipment there is additional scope for growth in equipment rentals. This certainly applied to Huur&Stuur (Hire&Drive), which grew considerably.
Reesink Material Handling Equipment's turnover was the same vis-à-vis the comparable period last year. Slightly lower sales turnover was made up for by higher revenues from service activities.

Motrac Hydraulics accounted for strong turnover growth in the Reesink Industries segment. Organic turnover was slightly down in Reesink Industries. Tonnage at Reesink Staal was practically the same as in the comparable period last year but there was a further decline in price levels in the market. Reesink Staal succeeded in considerably improving the operating result by adjusting cost levels, for example. The mild weather held back sales of personal protection items. Motrac Hydraulics had a good first quarter,
which was driven in particular by sales to OEM customers.

1 For determination of organic growth of RMHE and Motrac Hydraulics like-for-like and CT Agro eliminated

We are moderately positive about developments in the relevant markets in general. The
construction industry is showing signs of stabilising but is not expected to actually recover in 2014. The market for material handling equipment is extremely competitive but benefits immediately from any economic recovery that does occur. Crop and milk prices are good and this currently translates into crop and dairy farmers being very willing to invest. The market for landscape maintenance, turf care, lawn and garden and forestry is expected to remain stable in 2014. We are assuming that our companies will retain the lead they enjoyed in the first quarter. However, the market still lacks liquidity. In particular this is impeding sales of expensive machinery, also in the civil engineering sector. Turnover came under pressure in Kazakhstan in the first six months due to the local currency's devaluation but the impact on harvester sales in the second half of the year is expected to be less.
We expect to achieve sharp growth in Reesink Equipment's turnover and results. Companies in the industrial segment have been sufficiently restructured to achieve better results.

This press release is published in both Dutch and English. In case of conflict between the Dutch and the English version, the Dutch version shall prevail.

27 May 2014 General Meeting of Shareholders
27 August 2014 Half-year results 2014
28 October 2014 Trading update
Apeldoorn, 23 April 2014 Management Board of Royal Reesink

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Royal Reesink focuses on two segments: Reesink Equipment and Reesink Industries.
In Reesink Equipment, our businesses are involved in the distribution of leading brands and/or the delivery of strong concepts for agriculture and horticulture, landscape maintenance, material handling and civil engineering. The products are supplied either directly or through dealers to farmers, contractors, green area companies, golf courses, municipalities, government bodies, water boards, foresters and logistics customers operating in the food & agri, non-food, industrial, transfer (harbours) and civil engineering sectors.
In Reesink Industries, our businesses are involved as a distributor of steel, personal protection items and hydraulic components and systems. In this segment, we supply mainly steel manufacturers, building sites, installation production companies, technical wholesalers, the offshore and shipping industry, machinery manufacturers and the agricultural industry.
See also: royalreesink.com

Mr G. van der Scheer, CEO Koninklijke Reesink N.V. Tel.: +31 (0)575 599 301

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