20.05.2020,
8257 Zeichen
Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
Quarterly Report
Ternitz/Vienna - 20 May 2020.
Profit after tax climbed 12 % to MEUR 8.6\nNet debt was halved to MEUR 9.1, high liquid funds of MEUR 247.5\nSchoeller-Bleckmann Oilfield Equipment Aktiengesellschaft (SBO), listed on the
ATX leading index of the Vienna Stock Exchange, posted a sound first quarter of
2020. There were huge regional differences in the business performance of SBO.
While the international market environment proved resilient, the negative impact
on the North American market was significant. In the first three months of the
year, SBO's sales came to MEUR 108.9, EBIT to MEUR 12.1 and profit after tax to
MEUR 8.6. Net debt was reduced from MEUR 20.1 to MEUR 9.1, and gearing was down
from 5.4 % to 2.4 %.
"We started 2020 on a positive momentum. Bookings and sales were in line with
expectations. However, the COVID 19 pandemic brought about a dramatic trend
reversal for us, as it did for all other industries. While we are facing
challenging times, we can draw on many years of experience in crisis management.
As we have a sound balance sheet and virtually no net debt, we are well prepared
to navigate through these difficult times", says
Gerald Grohmann, Chief
Executive Officer of SBO.
Solid results
In the first three months of 2020, bookings at SBO were MEUR 101.2 (1-3/2019:
MEUR 128.4, minus 21.1 %). Sales arrived at MEUR 108.9 (1-3/2019: MEUR 121.1,
minus 10.1 %). The order backlog totaled MEUR 116.4 at the end of March (31
December 2019: MEUR 123.0). Earnings before interest, taxes, depreciation, and
amortization (EBITDA) went from MEUR 32.9 in the first quarter of 2019 to MEUR
23.4 in 2020, while the EBITDA margin was 21.5 % (1-3/2019: 27.2 %). The
operating result (EBIT) arrived at MEUR 12.1 (1-3/2019: MEUR 20.2, minus 40.0
%).
SBO's profit before tax came to MEUR 11.6 (1-3/2019: MEUR 12.8, minus 9.4 %),
whereas profit after tax climbed 12.1 % to MEUR 8.6 (1-3/2019: MEUR 7.7), due to
lower tax expense than in the year before. Earnings per share improved in the
first quarter of 2020 to EUR 0.54 (1-3/2019: EUR 0.48).
"The first quarter began in line with our expectations. COVID 19 came
unexpectedly to us as to the market as a whole. Following a slowdown as
investment had been curbed by exploration and production companies before, the
North American market reacted immediately by further cutting back on activities.
Our international business was much more resilient, but the negative effects of
the prevailing crisis are emerging there as well", states CEO Gerald Grohmann.
Net debt halved, high liquid funds
SBO's equity continued to rise during the first quarter of 2020, climbing to
MEUR 379.2 (31 December 2019: MEUR 370.1). SBO's equity ratio improved to 43.5 %
(31 December 2019: 42.3 %). Net debt was halved compared to the end of 2019,
falling to MEUR 9.1 (31 December 2019: MEUR 20.1). Gearing was 2.4 % (31
December 2019: 5.4 %). Liquid funds went to MEUR 247.5 (31 December 2019: MEUR
265.2). Cashflow from operating activities in the first quarter of 2020 arrived
at MEUR 14.3 (1-3/2019: MEUR 36.8). Capital expenditure for property, plant and
equipment (CAPEX) decreased to MEUR 6.3 (1-3/2019: MEUR 10.1).
Extremely challenging year for global economy and oil and gas industry
Global economic activity has been severely impacted by the COVID 19 pandemic and
the governmental protective measures. The oil market is facing a sharp drop in
demand due to restrictions in economy and public life. This was further
aggravated also on the production side by a conflict among the OPEC+ countries
over production volumes. After the first quarter, oil prices reached their
historic lows in April. In order to support the oil price, the OPEC+ countries,
after intensive negotiations, agreed in mid-April on a two-year, staggered cut
in oil production. According to the current environment, global exploration and
production spending is expected to decline by 28 %, 36 % of which in North
America and 23 % internationally.[1]
"At this point, nobody can escape the effects of the COVID 19 pandemic on the
global economy. Although the governmental restrictions are starting to be
lifted, it cannot be predicted when the turning point in our industry will be
reached. What is clear, however, is that in the medium term a significant catch-
up effect will take place and with it also in the demand for oil and gas", says
Gerald Grohmann. The long-term assessment that oil and gas will continue to
cover more than 50 % of primary energy requirements in the next two decades
remains unchanged.[2] SBO is well prepared to meet the prevailing challenges.
"The current market environment has come over us most abruptly. However, it is a
proven strength of our company to respond very fast to changing market
conditions. This also includes curtailing spending instantly and pushing ahead
with cost-cutting programs. Our extremely sound balance sheet helps us to remain
fully functional in these difficult times and to make farsighted decisions with
a view to recovery when the time comes. We are currently bracing for an
extremely challenging year 2020", closes CEO Grohmann.
SBO's key performance indicators at a glance
________________________________________________________________
| | |1-3/2020|1-3/2019|
|_________________________________________|____|________|________|
|Sales |MEUR|108.9 |121.1 |
|_________________________________________|____|________|________|
|Earnings before interest, taxes, | | | |
|depreciation and amortization (EBITDA) |MEUR|23.4 |32.9 |
|_________________________________________|____|________|________|
|EBITDA margin |% |21.5 |27.2 |
|_________________________________________|____|________|________|
|Earnings before interest and taxes (EBIT)|MEUR|12.1 |20.2 |
|_________________________________________|____|________|________|
|EBIT margin |% |11.1 |16.7 |
|_________________________________________|____|________|________|
|Profit before tax |MEUR|11.6 |12.8 |
|_________________________________________|____|________|________|
|Profit after tax |MEUR|8.6 |7.7 |
|_________________________________________|____|________|________|
|Earnings per share |EUR |0.54 |0.48 |
|_________________________________________|____|________|________|
|Cashflow from operating activities |MEUR|14.3 |36.8 |
|_________________________________________|____|________|________|
|Liquid funds as of 31 March 2020 / | | | |
|31 December 2019 |MEUR|247.5 |265.2 |
|_________________________________________|____|________|________|
|Headcount as of 31 March 2020 / | | | |
|31 December 2019 | |1,406 |1,535 |
|_________________________________________|____|________|________|
SBO is a globally leading supplier of products and solutions used by the oil and
gas industry for directional drilling and well completion applications. SBO is
the global market leader in the manufacture of high-precision components made of
non-magnetic high-alloy stainless steel. The company produces the components
specifically according to the requirements of customers in the oilfield service
industry. As of 31 March 2020, SBO employed a workforce of 1,406 worldwide (31
December 2019: 1,535), thereof 399 in Ternitz / Austria and 637 in North America
(incl. Mexico).
[1] Evercore ISI Research, The EVRISI_OFS E&P Budget Barometer: The Sky Really
Is Falling, April 2020.
[2] IEA World Energy Outlook 2019, Stated Policies Scenario.
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
Digital press kit: http://www.ots.at/pressemappe/2917/aom
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SBO
Akt. Indikation: 46.00 / 46.75
Uhrzeit: 22:59:25
Veränderung zu letztem SK: 0.27%
Letzter SK: 46.25 ( -1.28%)
Bildnachweis
1.
Historischer Tag: offenbar erste virtuelle HV Österreichs am 23.4.2020, SBO.
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