Koninklijke Reesink NV : SUBSTANTIAL INCREASE OF TURNOVER AND RESULTS

Substantial increase of turnover through acquisitions but also organic growth

Despite local currency devaluation, CT Agro's contribution has already been positive

Agreement in principle on acquisition O. de Leeuw Groentechniek B.V. Merger with Stierman resulting in Stierman De Leeuw: one strong organisation for forest, park and garden management

Integration and optimisation of organisational structure

- Turnover of €248.5 million (2013: €111.5 million), an organic growth of 3%
- Operating income before depreciation and amortisation (EBITDA) of €15.7 million
(H1 2013: €7.3 million)
- Operating income (EBIT) of €10.0 million (H1 2013: €5.8 million)
- Net result of €6.0 million (H1 2013: €3.6 million)
- Cash flow (result after taxation plus depreciation) of €11.7 million (H1 2013: €5.1
million)

Gerrit van der Scheer (CEO Royal Reesink):

'We have succeeded with the strategy outlined - which includes the acquisitions of Pon Material Handling and CT Agro - to more than double our turnover. Reesink Green Equipment contributed well to our turnover growth. In the first half of the year we focused on integrating our new businesses and adapting the organisation to the new size. We also undertook steps to exchange knowledge and establish joint ventures. With the acquisition of CT Agro's operations, Royal Reesink has gained access to a large potential sales market in Kazakhstan.'

In the first half of the year Reesink Green Equipment reaped the benefits of the price
increases in 2013 for milk and grains and good weather conditions. Especially the markets for machines for silage and manure experienced growth. The markets for larger, more capital-intensive machines underperformed in comparison with 2013. We note that tight liquidity of the end customers in particular has an impact on sales of these machines. An additional factor is that our supplier is on the eve of launching its new line of tractors. In Kazakhstan, the markets show a mixed picture. In sowing complexes (main product group in the spring) we note that the devaluation of local currency has had a negative impact on sales. In other product groups, more orders were placed than budgeted. Our expectation that there would be a lower impact of the devaluation on the sales of harvesting machines has materialised. So despite a difficult start, including an exchange loss of more than €0.7 million, CT Agro seems set to perform well in its debut year. The market for landscape maintenance, forest, park and garden management is still suffering from government cutbacks. But despite these setbacks in the market our businesses performed very well and even showed an increase in turnover. This was mainly due to our strong position in the golf course segment and good sales of machines and equipment for the construction of underground infrastructure.

Reesink Construction Equipment

The new Kobelco brand has been well received in the market and has already acquired a good market share in the category of large earth-moving machines. However, the market for earth-moving machines in the Netherlands remains difficult. Although the Belgian market is doing better, it also seems to be stagnating. Lower investor interest led to a strong growth of Huur&Stuur operations, though it should be noted that there was continued investment in an expansion of the rental fleet.

Reesink Material Handling

In the areas in which we operate, the market for material handling showed a stable picture in the first half year. Overall, the Reesink businesses were able to maintain their market position. However, there is pressure on the new sales margin, particularly in the Netherlands. In contrast, the market for used trucks and rental trucks experienced excellent growth in the first six months. The strategy implemented to conclude more long-term contracts with our customers for maintenance was continued in the first half year. This means that we are taking on total maintenance responsibility for more and
more customers, thus enhancing our ability to retain customers for longer.

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Motrac Hydraulics experienced a good first half year but was hit by several bankruptcies. Reesink Staal and Safety Centre International were affected by the difficult market conditions. Continued pressure on prices and margins has got a hold on the steel market. Because of the mild winter, sales of personal protective equipment lagged behind. Reesink Staal is the first steel trader in the Netherlands to obtain CE Marking (execution class 4). This makes us an ideal partner for steel constructors in complex constructions.

TurnoverConsolidated turnover for the first half of 2014 amounted to €248.5 million, which is more than double compared to the same period in 2013 (€111.5 million). Organic1 turnover increased by 3.0%. CT Agro's turnover contribution in H1 2014 amounted to €17.2 million.
Reesink Equipment's turnover increased to €221.4 million (H1 2013: €93.2 million). Reesink Equipment's organic turnover grew by €8.1 million, an increase of 4.1%.
Reesink Green Equipment's turnover increased to €96.9 million (2013: €71.1 million). CT Agro's contribution was €17.2 million. This division experienced an organic increase of
12.1%. The increase in 2013 of milk and grain as well as other prices meant a good appetite for investment, especially in the agricultural sector. Nonetheless, in the first six months of 2014 the turnover figure for more capital-intensive machines was lower than in the same period in 2013. Consequently, part of the head-start in turnover was cancelled out, particularly in June. CT Agro started the year amid the devaluation of the Kazakhstan Tenge by almost 20%. This made the sales especially of seeders difficult. Sales in other product groups were better than expected, so on balance we are satisfied with CT Agro's performance in the first months. The turnover of landscape maintenance increased, despite government cutbacks.
Reesink Construction Equipment generated €24.6 million in turnover, an increase of €2.5 million. Organic turnover (Hans van Driel like-for-like in 2013) was marginally lower. Sales of earth-moving machines decreased slightly despite the good reception of Kobelco. Huur&Stuur, in contrast, achieved a turnover increase of 20%.
In mid-October 2013 Royal Reesink was strengthened by Reesink Material Handling Equipment. In the first half of 2014 this division generated €100.8 million in turnover, a modest increase compared to the same period in 2013. This was driven particularly by
higher turnover for used machines, parts and service.

1 2013 like-for-like Reesink Material Handling Equipment, Motrac Hydraulics and Hans van Driel, 2014 excluding CT Agro

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The turnover of Reesink Industries increased through the acquisition of Motrac Hydraulics to €26.8 million (2013: €18.0 million). Organic turnover decreased by 5%. Both steel sales and sales of personal protective equipment were markedly lower. Market circumstances in the steel segment were still very poor, which put prices under pressure. Motrac Hydraulics experienced a slight increase in turnover.

Gross operating income in the first half of 2014 increased to €37.4 million (2013:
€15.4 million). Organic gross operating income increased by 2%. Gross operating income expressed as a percentage of total turnover was 15.1%, compared to 15.0% for the same period in 2013 (pro forma). Reesink Equipment's gross operating income increased to €34.4 million - an organic increase of 2.9%. Gross operating income was negatively affected by a loss of more than €0.7 million related to the devaluation of the Kazakhstan Tenge. The gross operating income of Reesink Industries increased to €3.0 million but showed an organic decrease of 8%.

Total selling and administrative expenses increased to €28.2 million. These expenses increased organically by €1.0 million, which was especially due to higher administrative expenses. Royal Reesink has grown substantially as a result of the most recent acquisitions, and continues to expand globally. Furthermore, a number of services have to be acquired at Pon Holdings as part of the carve-out of Reesink Material Handling Equipment. Ensuring control and the ambition to grow further in the coming years have led to changes in the organisational structure, including the associated investments in the organisation.

The amount of €0.8 million for other operating income relates to external rental income. The decrease of €0.1 million is due to a rent reduction.

Operating income before depreciation and amortisation (EBITDA) increased from €7.3 million to €15.7 million. This was 5.3% higher than the pro forma EBITDA for the same period in 2013, €14.9 million.
The depreciation and amortisation expenses in the first half of 2014 were €5.7 million (2013: €1.5 million), which is €0.4 million higher than the pro forma depreciations and amortisation for the same period in 2013. The amortisation of capitalised goodwill (leases) amounted to €0.3 million.
Operating income (EBIT) increased from €5.8 million to €10.0 million. The pro forma
operating income for the same period in 2013 amounted to €9.5 million.

Net financing expenses increased by €0.7 million to €1.6 million. Besides through the expansion of bank financing, the acquisitions of Reesink Material Handling Equipment and Motrac Hydraulics were financed by means of a convertible subordinated loan and a subordinated loan with Pon Holdings. The acquisition price for CT Agro was partly paid
through an expansion of bank financing. In addition, the amortisation of the

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formalisation fee for the financing agreement (entered into on 31 October 2012 and adjusted for the acquisition) was higher.

Net result was €6.0 million, an increase of €2.4 million compared to the first half of 2013.

In view of the planned closure of Alternext by 31 December 2015 at the latest, alternatives are currently being investigated. The analysis of the impact of IFRS has begun.

We are reconsidering our position in THR. After years of losses, the company is now back on track.

Atlantic Capital has made a bid for all outstanding VIBA shares. We have accepted the
bid and will shortly receive €1.4 million.

We remain cautiously optimistic about the development of the relevant markets in general. However, the lack of liquidity in the market has an impact on investor appetite. This will slow down the sales of more expensive machines in particular. For now, the impact of the Russian boycott on our sales of agricultural machines in the Netherlands and Belgium is difficult to estimate. The expansion of our operations and global spread (Kazakhstan) will allow us to better offset any adverse effects.

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.

Apeldoorn, 27 August 2014 The Management Board of Royal Reesink N.V.

28 October 2014 Trading update

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HALF-YEAR RESULTS FOR ROYAL REESINK N.V.

These figures have not been audited.

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CONSOLIDATED PROFIT AND LOSS ACCOUNT (in EUR x million)

1st half 1st half

2014 2013

Net sales 248.5 111.5

Cost of sales -211.1 -96.1

Gross operating income 37.4 15.4

Sales expenses -15.5 -5.7

General administrative expenses -12.7 -4.8

Total expenses -28.2 -10.5

Net operating income 9.2 4.9

Other operating income 0.8 0.9

Operating profit (loss) 10.0 5.8

Net financing expenses -1.6 -0.7

Investment result - -

Result from ordinary activities before taxation

8.4 5.1

Taxation of result from ordinary activities -2.4 -1.5

Share in result of participating interests - -

Result after taxation 6.0 3.6

Third-party share in the result - 0.0

Net result 6.0 3.6

These figures have not been audited.

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CONSOLIDATED CASH FLOW STATEMENT (in EUR x million)

1st half 1st half

2014 2013

Operating profit (loss) 10.0 5.8

Adjustments for:

- Depreciation and amortisation of intangible fixet assets, property, plant and equipment

5.7 1.5

- Changes in provisions 0.6 0.5

- Changes in working capital -2.0 9.9

Cash flow from business operations 14.3 17.7

Financing expense paid (net) -1.6 -0.7

Income tax paid -2.2 -1.4

-3.8 -2.1

Cash flow from operating activities 10.5 15.6

Investments/disposals in property, plant and equipment

Investments/disposals in financial non-

current assets

-4.9 -2.1

- -1.3

Acquisition/disposal of group companies -16.0 -1.7

Cash flow from investment activities -20.9 -5.1

Changes in debts to credit institutions 15.0 -13.9

Issue of shares/depositary receipts for shares

- 4.4

Repayments of non-current liabilities -2.2 -0.4

Changes in other fixed financial assets -0.2 -0.1

Dividend paid -3.2 -

Cash flow from financing activities 9.4 -10.0

Changes in funds including foreign exchange and translation differences

-1.0 0.5

These figures have not been audited.

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STATEMENT OF OTHER COMPREHENSIVE INCOME (in EUR x million)

1st half 1st half

2014 2013

Consolidated net result after taxation attributable to the legal entity

6.0 3.6

Dividend -3.2

Goodwill paid/badwill on acquisition -0.7 0.2

Changes in reserve for price differences -0.1 -0.2

Total direct changes in equity of the company as part of group equity

-4.1 0.0

Total result of the legal entity 1.9 3.6

These figures have not been audited.

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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 Royal Reesink N.V. Tel.: +31 (0)575 599 301

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