Schoeller-Bleckmann Oilfield Equipment AG
EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG
Third quarter bookings
again on the rise - Profitability at constantly high level - Expansion of
Ternitz site on schedule
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announcement.
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Financial Figures/Balance Sheet/9-month report
21.11.2013
Ternitz/Vienna, 21 November 2013. The sound business development of
Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the ATX market of the
Vienna Stock Exchange, continued throughout 2013. In the third quarter SBO
recorded the largest number of bookings exceeding even quarterly sales revenues
in this fiscal year. Profitability remained at a constantly high level in the
first nine months.
Sales revenues in the first nine months of 2013 arrived at MEUR 348.5, which, as
expected, was 9.9 % below the absolute record figure of MEUR 386.7 generated in
the first nine months of 2012. This reflects the lower bookings volume recorded
since the end of 2012, which, in turn, was a consequence of the high inventories
held by SBO's customers. Earnings before interest and taxes (EBIT) after
impairment were MEUR 65.8 (down 26.9 % from MEUR 89.9 year-on-year). This
represented an EBIT margin of 18.9 %, following 23.3 %. EBIT before impairment
were MEUR 73.3, representing an EBIT margin of 21 %. Profit before tax dropped
to MEUR 60.8 (following MEUR 83.0), and the pre-tax margin arrived at 17.5 %
(following 21.5 %). Profit after tax decreased to MEUR 42.0, following MEUR
57.0, and nine-month earnings per share to EUR 2.60 (following EUR 3.54 in the
first three quarters of 2012).
"In the third quarter of 2013 bookings totalled MEUR 129.0, which was
significantly above the figures of the preceding two quarters. This boost in
bookings was triggered by orders placed by SBO customers already for the first
half of 2014", says Gerald Grohmann, CEO of Schoeller-Bleckmann Oilfield
Equipment AG. The overall bookings volume of the first nine months arrived at
MEUR 330.8, which is below last year's record of MEUR 386.7, but at a sound
level similar to the strong financial year 2011.
SBO's net debt of MEUR 19.5 at the end of September 2013 remained largely
unchanged from the end of June 2013. Owing to the very strong cash-flow in the
second quarter of 2013 the cash-flow from operating activities in the first nine
months of 2013 came to MEUR 87.9 (following MEUR 67.7 in the first nine months
of 2012).
Regarding capital expenditure, construction works to build the new machining
centre for non-magnetic oilfield service drillstring components at the Ternitz
site are proceeding on schedule.
Outlook
Although forecasts on economic development are cautious, oil demand is expected
to rise both in the remaining weeks of 2013 and in 2014, whereas supplies are
tightening. This market situation supports stable oil prices and should, mainly
at the international level, lead to higher spending for exploration and
production and intense drilling activity. In North America oil drilling activity
is expected to remain at a high level.
Therefore, the business environment for SBO in fiscal 2013 should remain stable.
Leading-edge technological expertise and market acceptance are the foundation of
SBO's future growth which is supported by the company's low debt and high
cash-flow.
Comparison of key financial figures
1-9/2013 1-9/2012 Change
Sales in MEUR 348.5 386.7 - 9.9 %
EBITDA in MEUR 100.8 119.2 - 15.4 %
EBITDA margin in % 28.9 30.8
EBIT * in MEUR 65.8 89.9 - 26.9 %
EBIT margin * in % 18.9 23.3
Profit before tax in MEUR 60.8 83.0 - 26.7 %
Profit after tax in MEUR 42.0 57.0 - 26.4 %
EPS ** in EUR 2.60 3.54 - 26.7 %
Headcount *** in numbers 1565 1598 - 2.1 %
* after impairment (made in Q2 2013)
** based on average number of shares outstanding
*** reporting date 30 September
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 1565 as at 30 September 2013 (31 December 2012:
1591), thereof 443 in Ternitz/Austria and 609 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