Schoeller-Bleckmann Oilfield Equipment AG
EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG
Sound business
development throughout first half of the year - Continuing upwards trend for
bookings - Very low net debt due to record cashflow
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Financial Figures/Balance Sheet/6-month report
22.08.2013
Ternitz/Vienna, 22 August 2013. Schoeller-Bleckmann Oilfield Equipment AG (SBO)
recorded sound business development in the first half of 2013. As expected, SBO
could not continue on the first half of 2012, when customers' overordering of
high-precision components had led to historically booming bookings. Following a
restrained start in 2013 the upwards trend in bookings solidified in the second
quarter of the year.
Half-year sales revenues in 2013 stood at MEUR 235.4, down 7.9 % from the
absolute record figure of MEUR 255.7 posted in the first half of 2012. EBITDA
totalled MEUR 68.5 (following MEUR 77.5), declining by 11.6 % from the first
half of 2012. The half-year EBITDA margin came to 29.1 % (following 30.3 % in
the first half of 2012). Profit before tax (PBT) of the first half of 2013 were
MEUR 40.8, down 24.2 % from MEUR 53.8 year-on-year. This represented a PBT
margin of 17.3 %, following 21.0 % in 2012. Profit after tax decreased by 24.4
%, from MEUR 37.2 (HY 2012) to MEUR 28.1 (HY 2013), bringing half-year earnings
per share to EUR 1.74 (following EUR 2.31 in the first half of 2012).
"Our business has stabilised again. As expected, orders have picked up again as
our customers have been drawing down their inventories continuously over recent
months. In addition, our downhole tools product group developed very positively
in the first half of 2013, posting increasing sales revenues. Business
performance seen at our Service & Supply Shops was also in line with last year",
says Gerald Grohmann, Chief Executive Officer of Schoeller-Bleckmann Oilfield
Equipment AG, commenting on business development in the first half of the year.
Bookings in the first half of 2013 amounted to MEUR 201.8, which is below the
historic record figure of the first half of 2012 (MEUR 276.9), but above the
second half of 2012. The order backlog at the end of the first half of the year
was MEUR 112.5, with some orders reaching into 2014.
Net debt at mid-year 2013 fell by 72.7 % compared to the first half of 2012
(from MEUR 68.1 to MEUR 18.6). One of the reasons was the very strong cash-flow
from operating activities in the first half of 2013 amounting to MEUR 67.6
(following MEUR 37.9 in the first half of 2012). SBO's gearing ratio at mid-2013
came to 5.1 % (following 9.5 % at year-end 2012) and was kept at a very low
level.
Outlook
The growing demand for oil and gas continues to be driven by the emerging
markets. At the moment, supply and demand in the international oil market appear
to remain in balance. Market analysts expect to see spending for exploration and
production increasing by 9.9 % in 2013 compared to 2012.
The above aspects should keep drilling activity at a continuously strong level
and involve further reductions of high-precision component inventories at SBO's
customers. With its current capital investment programme at the Ternitz site and
high degree of flexibility in production SBO is perfectly prepared for another
upswing when it sets in. The company's very low net debt, high cash-flow and
consistently attractive operating margins constitute a sound financial basis of
further growth.
Comparison of key financial figures
1-6/2013 1-6/2012 Change
Sales in MEUR 235.4 255.7 - 7.9 %
EBITDA in MEUR 68.5 77.5 - 11.6 %
EBITDA margin in % 29.1 30.3 -
Profit before tax (PBT) in MEUR 40.8 53.8 - 24.2 %
PBT margin in % 17.3 21.0 -
Profit after tax in MEUR 28.1 37.2 - 24.4 %
EPS * in EUR 1.74 2.31 - 24.8 %
Headcount ** in numbers 1540 1575 - 2.2 %
* based on average number of shares outstanding
** reporting date 30 June
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 1540 as at 30 June 2013 (31 December 2012:
1591), thereof 439 in Ternitz/Austria and 601 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