Press Release

Catalist-listed ES Group Announces FY2012 Unaudited Net Profit Attributable to Owners of the Company of S$3.3 Million on Revenue of S$47.8 Million; Proposes 0.25 Cents Final Dividend
Revenue increased 1.5% to S$47.8 million from S$47.1 million Revenue for repair segment up 28.9% to S$26.0 million from S$20.2 million due to more repair projects completed Positive operating cash flow of S$9.4 million, augmenting cash balance to S$5.3 million as at 31 December 2012 Proposes a final dividend of 0.25 cents
In S$ millions
for the year ended 31 December

FY2012
47.8 11.7 24.5% 2.1 3.3 2.33 23.02

FY2011
47.1 12.6 26.8% 4.5 4.0 2.81 21.19

Change
0.7 (0.9) (2.3)* (2.4) (0.7) (0.48) 1.83

Change (%)
1.5 (7.2) (54.2) (17.2) (17.1) 8.6

Revenue Gross profit GP margin Profit after tax Profit att. to owners EPS (cents) NAV (cents)
* percentage point change

SINGAPORE, 28 February 2013: Singapore Exchange Catalist-listed ES Group (Holdings) Limited (the Company, together with its subsidiaries, ES Group or the Group) announced today that its unaudited net profit attributable to owners

of the Company is S$3.3 million for the financial year ended 31 December 2012 (FY2012) on revenue of S$47.8 million. The board of directors of the Company (the Board) proposes a final dividend of 0.25 cents per share. ES Group, which builds, converts and repairs tugs, barges, rigs offshore support vessels, oil tankers and cargo ships, said revenue increased by S$0.7 million or 1.5% from S$47.1 million in the financial year ended 31 December 2011 (FY2011). The Groups revenue from the repair segment improved by S$5.8 million or 28.9%, from S$20.2 million in FY2011 to S$26.0 million in FY2012 due to more repair projects completed. However, revenue from the new building and conversion segment declined by S$5.1 million or 19.0%, from S$26.9 million in FY2011 to S$21.8 million in FY2012 due to fewer construction and conversion projects completed. Gross profit decreased by S$0.9 million or 7.2%, from S$12.6 million in FY2011 to S$11.7 million in FY2012. Gross profit margin decreased by 2.3 percentage points from 26.8% in FY2011 to 24.5% in FY2012. The decrease was mainly due to projects completed in the new building and conversion segment which yielded lower margins partially offset by projects completed in the repair segment which yielded higher margins. Apart from the lower gross profit, profit before tax decreased by S$2.1 million or 45.4%, from S$4.7 million in FY2011 to S$2.6 million in FY2012, mainly due to higher total expenses from increased staff-related expenses, professional fees, and rental expenses, as well as lower other operating income in the absence of a one-off gain on disposal of a property in FY2011. The Groups effective tax rate increased from 5.1% in FY2011 to 20.4% in FY2012. The Groups effective tax rate was lower in FY2011 due mainly to tax exemptions enjoyed by the Groups Thailand subsidiary as well as adjustments for overprovision of tax in the prior year. The Group recorded positive cash flow from operations of S$9.4 million and cash and cash equivalents of S$5.3 million as at 31 December 2012. Earnings per share decreased to 2.33 cents from 2.81 cents on 141,200,000 shares while net asset value per share increased to 23.02 cents from 21.19 cents over the comparative year.

Mr Christopher Low, ES Groups Chief Executive Officer, said, Although we have reported lower profit for the year under review, but we have managed to increase the number of projects in FY2012 than that of FY2011. The Board has proposed a final dividend of 0.25 cents per share, in addition to the interim dividend of 0.20 cents per share paid on 4 September 2012. The total dividend of 0.45 cents represents 19.3% of net profit attributable to the owners of the Company for FY2012. On the outlook, Mr Christopher Low, said Growing in tandem with offshore rigs is the demand for offshore platforms and offshore support vessels. The Group will continue to take advantage of this opportunity to grow its repair segment. The Group is facing increasing costs especially higher dormitory costs and foreign workers levy. The Group will continue to explore alternative accommodation arrangements and improve work processes to increase productivity. The Group remains on the lookout for opportunities to expand its core business while exploring possible mergers and acquisitions to enhance shareholders value. Based on the above and barring any unforeseen circumstances, the Board expects the Group to remain profitable in the financial year ending 31 December 2013. #End of Release#

Issued on behalf of the Company by WeR1 Consultants Pte Ltd

Investor Relations Contact: WeR1 Consultants Pte Ltd Tel: +65-6737 4844 Fax: +65-6737 4944 Josephine Auxilio, Consultant, josephine@wer1.net About ES Group

ES Group is a Singapore-headquartered marine and offshore group involved in new building, conversion and repair of ocean-going vessels. The company builds, converts and repairs a wide range of vessels, such as tugs, barges, rigs offshore support vessels, oil tankers and cargo ships. The company performs repairs on marine and offshore structure and vessels of all types and sizes, whether afloat or drydocked. ES Groups customers are primarily shipyard operators in Singapore including Sembawang Shipyard Pte Ltd, Keppel FELS Ltd and Singapore Technologies Marine Ltd.
This press release has been prepared by the Company and its contents have been reviewed by the Companys sponsor, Canaccord Genuity Singapore Pte. Ltd. (the Sponsor) for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the SGX-ST). Canaccord Genuity Singapore Pte. Ltd. has not independently verified the contents of this press release. This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made, or reports contained in this press release. The contact person for the Sponsor is Mr Alex Tan, Managing Director, Corporate Finance, Canaccord Genuity Singapore Pte. Ltd. at 77 Robinson Road #21-02 Singapore 068896, telephone (65) 6854 6160.