Schoeller-Bleckmann Oilfield Equipment AG
EANS-News: Schoeller-Bleckmann Oilfield Equipment AG: Business development in HY 2018 continues on path of growth, sales and earnings rising further
--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
--------------------------------------------------------------------------------
Mid Year Results
Ternitz -
* Growth in North America ongoingly robust, first signs of recovery
internationally
* Sales up nearly 50 % to MEUR 200, operating result (EBIT) to MEUR 32 and
clearly positive
* North America remains driver of growth, SBO benefits from top positioning
Ternitz/Vienna, 23 August 2018. Schoeller-Bleckmann Oilfield Equipment AG (SBO)
continued to grow in the first half of 2018, driving forward the company's
positive development. The strong market in North America combined with gradually
recovering international markets had a positive effect on the company listed on
the ATX segment of the Vienna Stock Exchange. Within this healthy market
environment, demand for highly efficient tools and equipment from SBO was
rising, as reflected in sharply rising bookings and sizable increases in sales
and earnings.
In the first half of 2018, SBO's sales climbed by 47.4 % to MEUR 200.0,
following MEUR 135.7 in the same period last year. Bookings went up even higher,
by 62.8 % to MEUR 244.1 (1-6/2017: MEUR 150.0). Therefore, the book-to-bill
ratio, which measures the amount of orders coming in compared to sales, was
greater than 1. The order backlog more than doubled, standing at MEUR 79.6 at
the end of the first half of 2018 (31 December 2017: MEUR 37.6).
"The expectations we had as we started into 2018 have already been met by the
market. North America is performing strongly, and international markets are now
also showing clear signs of recovery", says SBO's CEO Gerald Grohmann. "We have
prepared thoroughly for the upswing, and our business development demonstrates
that the measures we have implemented are taking effect. We are efficiently
positioned, and our range of technologically sophisticated solutions is in great
demand among our customers. This is reflected in our growing sales figures and
strong business result."
Result significantly improved, balance sheet remains sound
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) more
than doubled year-on-year to MEUR 55.8, following MEUR 22.0 in the first half of
2017. Compared with the same period last year, the operating result (EBIT)
clearly returned to positive territory, standing at MEUR 32.1 (1-6/2017: MEUR
minus 3.6). The EBITDA margin improved further to 27.9 % (1-6/2017: 16.2 %),
arriving above the long-term average of 24.1 %, while the EBIT margin was 16.0 %
(1-6/2017: minus 2.6 %).
In the first half of 2018, the financial result amounted to MEUR minus 13.3 (1-
6/2017: MEUR minus 4.4). Profit before tax turned positive and increased
considerably to MEUR 18.8 (1-6/2017: MEUR minus 8.0). Profit after tax climbed
to MEUR 13.2 (1-6/2017: MEUR minus 6.2), including the positive effects of the
tax reform initiated in the United States. Earnings per share amounted to EUR
0.83 (1-6/2017: EUR minus 0.39).
The balance sheet structure of SBO remains sound: Equity rose to MEUR 334.4 in
the first half of 2018 (31 December 2017: MEUR 322.0). After the raising of new
loans amounting to MEUR 137.3 and the associated increase in total assets, the
equity ratio decreased slightly, arriving at 36.6 % at the end of the first half
of 2018 (31 December 2017: 42.9 %). Net debt amounted to MEUR 71.4 (31 December
2017: MEUR 50.7). At the end of the first half of the year, liquid funds stood
at MEUR 278.9 (31 December 2017: MEUR 166.0). Cashflow from operating activities
amounted to MEUR 9.3 (1-6/2017: MEUR 6.3), free cashflow to MEUR minus 8.7 (1-6/
2017: MEUR minus 3.2). This resulted from the increase in capital expenditure
due to the high demand and the acquisition of the remaining 33 % of shares in
Canadian subsidiary Resource Well Completion Technologies Inc. ("Resource")
worth MEUR 2.6. The company is now a wholly-owned business of the SBO group.
"The optimism in our industry is reflected in our key figures. Needless to say
that also we have a very close eye on the protective trade endeavors currently
discussed - in particular those by the United States. However, it is our
fundamental expectation that the upward trend that has set in will continue,"
says CEO Gerald Grohmann. "That is why we will continue to invest in our growth.
For example, we are currently looking into expanding our production capacities
in Vietnam, where we see particularly strong demand. In any case, we will
continue to exploit all opportunities offered by the growing markets," concludes
Mr. Grohmann.
Comparison of SBO's key performance indicators
______________________________________________________________________________
| | | 1-6/2018| 1-6/2017|
|__________________|___________________|___________________|___________________|
|Sales_____________|_______________MEUR|______________200.0|______________135.7|
|Earnings before | | | |
|interest, taxes, | | | |
|depreciation, and | MEUR| 55.8| 22.0|
|amortisation | | | |
|(EBITDA)__________|___________________|___________________|___________________|
|EBITDA_margin_____|__________________%|_______________27.9|_______________16.2|
|Earnings before | | | |
|interest and taxes| MEUR| 32.1| -3.6|
|(EBIT)____________|___________________|___________________|___________________|
|EBIT_margin_______|__________________%|_______________16.0|_______________-2.6|
|Profit_before_tax_|_______________MEUR|_______________18.8|_______________-8.0|
|Profit_after_tax__|_______________MEUR|_______________13.2|_______________-6.2|
|Earnings_per_share|________________EUR|_______________0.83|______________-0.39|
|Cashflow from | | | |
|operating | MEUR| 9.3| 6.3|
|activities________|___________________|___________________|___________________|
|Liquid funds as of| | | |
|30 June 2018 / 31 | MEUR| 278.9| 166.0|
|December_2017_____|___________________|___________________|___________________|
|Headcount as of 30| | | |
|June 2018 / 31 | | 1,612| 1,432|
|December_2017_____|___________________|___________________|___________________|
SBO is a leading supplier of tools and equipment for directional drilling and
well completion applications and the global market leader in the manufacture of
high-precision components made of non-magnetic steel. The product offering
ranges from complex customer-specific components for the oilfield service
industry to high-efficiency solutions and products for the oil and gas industry.
As of 30 June 2018, SBO employed a workforce of 1,612 worldwide (31 December
2017: 1,432), thereof 327 in Ternitz / Austria and 885 in North America
(including Mexico).
Further inquiry note:
Andreas Böcskör, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz. Hauptstraße 2
Phone: +43 2630/315 ext 252, fax ext 101
E-Mail: a.boecskoer@sbo.co.at
Ildiko Füredi-Kolarik
Metrum Communications GmbH
Phone: +43 1 504 69 87 ext 351
E-Mail: i.fueredi@metrum.at
end of announcement euro adhoc
--------------------------------------------------------------------------------
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
ISIN: AT0000946652
indexes: ATX, WBI
stockmarkets: Wien
language: English