Schoeller-Bleckmann Oilfield Equipment AG
EANS-News: Schoeller-Bleckmann Oilfield Equipment AG
Quarterly result at
previous year's level - Bookings pointing upwards - Continued strong
profitability
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quarterly report/3-month report
Ternitz/Vienna, 21 May 2014. Schoeller-Bleckmann Oilfield Equipment AG (SBO),
listed on the ATX market of the Vienna Stock Exchange, looks back on sound
business development in the first quarter of 2014. With bookings clearly rising,
SBO has generated results arriving at the level of the first quarter of the
previous year.
Sales revenues of MEUR 112.4 posted in the first quarter of 2014 were down
slightly, by 2.9 %, from the reading of the first quarter of 2013 (MEUR 115.8).
This was still due to the weaker bookings situation of last year reflected in
the sales figures of the first weeks of 2014. The gross margin climbed to 32.0 %
(following 29.3 %). EBITDA totalled MEUR 31.8 (following MEUR 32.8). Earnings
before interest and taxes (EBIT) of MEUR 21.9 in the first quarter (following
MEUR 23.2) also arrived at the level of the first quarter of 2013, and the EBIT
margin was 19.5 % (following 20.0 %). Profit before tax of MEUR 20.0 (following
MEUR 20.5) was similar to last year as was profit after tax standing at MEUR
14.5 (following MEUR 14.2), representing quarterly earnings per share of EUR
0.91 (following EUR 0.88 in the first quarter of 2013).
In the first quarter of 2014 bookings increased 22 % year-on-year to MEUR 114.0
(following MEUR 93.3 in the first quarter of 2013). It was mainly the segment of
high-precision components, which had been hit by a decline in demand in fiscal
2013, where numbers of bookings rose substantially. In the first quarter of
2014, the product group of downhole tools, oilfield supplies and service also
developed positively both in terms of sales and profit. "We made a sound start
into the year 2014. Bookings have gone up considerably and our improved product
mix has increased the gross margin," says Gerald Grohmann, CEO of SBO,
commenting on business development.
Capital expenditure in tangible fixed assets in the first quarter of 2014
amounted to MEUR 11.5 (following MEUR 9.1 in the first quarter of 2013) and was
spent mainly for maintenance activities at all sites.
Outlook
Fundamental data of global economic recovery and, with it, further continuous
rise of oil and gas consumption remain intact, despite decelerating economic
growth in the emerging markets. This is why the International Energy Agency
(IEA) expects global oil consumption to increase by 1.3 million barrels per day,
or 1.4 %, to a total of 92.7 million barrels per day in 2014.
For the months ahead, this means continuation of a stable environment for the
oilfield service industry, supported by a well-balanced supply and demand
situation for oil, strong drilling activity in North America and robust oil
prices. With its ongoing capex programme, SBO is prepared to fully meet future
customer requirements.
Comparison of key financial figures
1-3/2014 1-3/2013 Change
Sales in MEUR 112.4 115.8 - 2.9 %
EBITDA in MEUR 31.8 32.8 - 2.9 %
EBITDA margin in % 28.3 28.3 -
EBIT in MEUR 21.9 23.2 - 5.7 %
EBIT margin in % 19.5 20.0 -
Profit before tax in MEUR 20.0 20.5 - 2.4 %
Profit after tax in MEUR 14.5 14.2 + 1.7 %
EPS * in EUR 0.91 0.88 + 3.5 %
Headcount ** in numbers 1625 1569 + 3.6 %
* based on average number of shares outstanding
** reporting date 31 March
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 employed a workforce of 1625 as at 31 March 2014 (31 December 2013: 1574),
thereof 436 in Ternitz/Austria and 635 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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company: 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