Schoeller-Bleckmann Oilfield Equipment AG
EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG
Schoeller-Bleckmann
Oilfield Equipment AG publishes results of first three quarters of 2011: Very
promising business development continues despite economic cooldown - SBO starts
into the fourth ...
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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quarterly report
16.11.2011
Ternitz/Vienna, 16 November 2011. Schoeller-Bleckmann Oilfield Equipment AG
(SBO), listed on the ATX market of the Vienna Stock Exchange, seamlessly
continued its promising business development in the previous quarters throughout
the third quarter of 2011. Sales generated in the first nine months of 2011
climbed from last year's MEUR 215.2 to MEUR 293.9, or by 36.6 %. Earnings before
interest and taxes (EBIT) in the first nine months came to MEUR 62.4 (following
MEUR 30.3), increasing by 105.7 % and representing an EBIT margin of 21.2 %
(following 14.1 % in the first nine months of 2010). The nine-month profit
before tax figures also improved significantly to MEUR 54.2 (following MEUR
25.9), bringing the PBT margin to an excellent 18.4 % (following 12.1 %). As a
result, the nine-month earnings per share also climbed to EUR 2.31 (following
EUR 1.09).
"The oilfield service industry has remained unaffected by the slowdown of global
economic momentum. We see strong demand for high-precision components and
downhole tools", says Gerald Grohmann, CEO of Schoeller-Bleckmann Oilfield
Equipment AG. The upturn in demand involved very strong bookings in the first
nine months of MEUR 338.5 versus MEUR 260.2 in the first nine months of 2010.
The order backlog as at 30 September 2011 stood at MEUR 167.4, significantly up
from MEUR 123.6 year-on-year.
Net debt arrived at MEUR 55.3 in the third quarter of 2011 (following MEUR 68.1
in the second quarter of 2011). With its gearing ratio of 19.4 % SBO is well
prepared for all eventualities.
Outlook
The economic cooldown in the OECD countries is offset by continued strong demand
for oil and gas in the emerging markets. At the same time, OPEC spare capacities
of now roughly 3 million barrels per day are substantially down from 2009 and
2010 when they had stood at approximately 5-6 million barrels per day.(1) This
fact, together with the lower additional oil supply for 2011 and 2012, has
stabilised the oil price at a high level. The currently robust oil price (USD
115.61 per barrel of Brent crude on 8 November 2011), in turn, is driving the
major oil companies' readiness to spend capital for exploration and production
projects considered indispensable from a medium to long-term perspective.
Schoeller-Bleckmann Oilfield Equipment AG starts into the fourth quarter of 2011
with a sound order backlog. Construction and expansion of production facilities
in Asia - Knust-SBO Far East in Singapore and Schoeller-Bleckmann Oilfield
Equipment Vietnam - are running as planned. As uncertainty about global economic
development persists, SBO remains prepared to face all scenarios in the months
ahead, demonstrating - as before - its ability to respond with great flexibility
to any short-term market changes, if required. At the moment, however, SBO does
not see any weakening of demand.
Comparison of key figures in MEUR
1-9/2011 1-9/2010 Change
Sales 293.9 215.2 + 36.6 %
EBIT 62.4 30.3 + 105.7 %
EBIT margin (%) 21.2 14.1 -
Profit before tax 54.2 25.9 + 108.8 %
Profit after tax 37.3 17.4 + 113.7 %
EPS in EUR * 2.31 1.09 + 111.3 %
Headcount ** 1418 1194 + 18.8 %
* based on average number of shares outstanding
** reporting date September 30.
Footnote (1) IEA: Oil Market Report, October 2009, October 2010, November 2011
end of ad-hoc-announcement
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Schoeller-Bleckmann Oilfield Equipment AG is the global market leader in
high-precision components for the oilfield service industry. The business focus
is on non-magnetic drillstring components for directional drilling. Worldwide,
SBO has employed a workforce of 1418 as at 30 September 2011 (31 December 2010:
1275), thereof 407 in Ternitz/Austria and 623 in North America (including
Mexico).
Further inquiry note:
MMag Florian Schütz, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz/Austria, Hauptstrasse 2
Tel.: +43 2630 315-251
Fax: +43 2630 315-501
E-Mail: f.schuetz@sbo.co.at
end of announcement euro adhoc
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issuer: Schoeller-Bleckmann Oilfield Equipment AG
Hauptstrasse 2
A-2630 Ternitz
phone: 02630/315110
FAX: 02630/315101
mail: sboe@sbo.co.at
WWW: http://www.sbo.at
sector: Oil & Gas - Upstream activities
ISIN: AT0000946652
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien
language: English