27.08.2020,
11360 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.
Mid Year Financial Report
Ternitz/Vienna - August 27, 2020.
Sales of MEUR 184.5 and EBIT before one-off items of MEUR 12.4 reflect the company's operational strength\nNon-cash assets impairment of MEUR 20.8 carried out on North American subsidiaries\nNet debt further reduced to MEUR 6.9, cashflow from operating activities increased to MEUR 50.6\nSchoeller-Bleckmann Oilfield Equipment AG (SBO) had a positive start into year
2020, but its business development was increasingly strained by the global
COVID-19 crisis in the course of the second quarter. The global lockdown has
brought business activities and transport to a standstill in many areas, causing
a historic slump in demand for oil and gas. The North American market was hit
particularly hard by the crisis, but the international oil markets also
developed clearly negatively, as reflected in the sharp reduction of active
drilling rigs. Owing to the exceptional global situation, SBO's sales and
earnings declined in the first half of 2020, but profit from operations before
one-off effects remained in positive territory.
Given the cyclical nature of the industry environment, SBO often demonstrated
its ability to react promptly to heavily fluctuating market movements in the
past. The company used its expertise once again in the first half of 2020 and
implemented a set of actions to mitigate the effects of the global crisis at an
early stage. The crisis-tested management team immediately applied strict
working capital management, reduced spending to a minimum and implemented
company-wide cost-saving programs. In the process, the US headcount was
downsized by around 40 %, while locations with a higher capacity utilization
were less affected. As the global economic environment was strongly impacted by
COVID-19, SBO recognized non-cash asset impairments amounting to MEUR 20.8 at
subsidiaries in North America. In August 2020, SBO's already strong liquidity
base was further extended by raising loans in the amount of MEUR 78.0 as a
precautionary measure. These efficient measures are the basis for securing SBO's
long-term business success.
CEO Gerald Grohmann says: "The global coronavirus crisis has plunged the world
economy into a deep recession in the first half of 2020. Clearly, SBO was not
immune to those effects. Unlike many other companies, however, we have developed
expertise in managing a crisis because of the cyclical nature of our industry.
We are most actively steering our Group through this environment and were able
to mitigate the impact, helping us to achieve a positive half-year profit from
operations before one-off effects. Our liquidity base is strong, and we have
further reduced our net debt that had been low even before. Our continued focus
on liquidity and cashflow gives us the security we need to navigate through this
cyclical low."
Positive operating result before one-off effects, solid balance sheet structure
maintained
Sales of SBO, listed on the ATX leading index of the Vienna Stock Exchange,
amounted to MEUR 184.5 in the first half of 2020 (1-6/2019: MEUR 236.2, minus
21.9 %). Due to the global economic crisis, bookings contracted by 41.7 % year-
on-year and came to MEUR 144.5 (1-6/2019: MEUR 247.8), while the order backlog
was MEUR 83.6 at the end of June 2020 (31 December 2019: MEUR 123.0).
Earnings before interest, taxes, depreciation and amortization (EBITDA) went
from MEUR 62.7 in the first half of 2019 to MEUR 28.5 in 2020, with the EBITDA
margin standing at 15.4 %. While remaining positive at MEUR 12.4 (1-6/2019: MEUR
38.9) before one-off effects, profit from operations (EBIT) was impacted by
impairment expenses of around MEUR 20.8, leaving EBIT after one-off effects at
MEUR minus 8.9. As a result, profit before tax for the first half of 2020 was
MEUR minus 10.0 (1-6/2019: MEUR 27.4), and profit after tax MEUR minus 12.0 (1-
6/2019: MEUR 17.2). Earnings per share for the first half of 2020 were EUR minus
0.76 (1-6/2019: EUR 1.08).
After the first six months of 2020, SBO's equity arrived at MEUR 330.6 (31
December 2019: MEUR 370.1), while the equity ratio remained stable at 41.5 % (31
December 2019: 42.3 %). Despite dividend payments and a share buyback program,
SBO significantly reduced its net debt compared to year-end 2019, to MEUR 6.9 as
of 30 June 2020 (31 December 2019: MEUR 20.1). Gearing improved to 2.1 % (31
December 2019: 5.4 %). Liquid funds remained high at MEUR 244.4 (31 December
2019: MEUR 265.2). SBO further secured the company's strong liquidity base by
raising loans in the amount of MEUR 78.0 as a precautionary measure in August
2020. This event after the balance sheet date will increase liquid funds by MEUR
59.5, considering early repayments. SBO's cashflow from operating activities
rose to MEUR 50.6 during the first half of 2020 (1-6/2019: MEUR 38.2), while
free cashflow went up to MEUR 42.2 (1-6/2019: MEUR 16.1). Capital expenditure
for property, plant and equipment (CAPEX, excluding rights of use) amounted to
MEUR 10.6 (1-6/2019: MEUR 15.9).
SBO well positioned in a challenging environment
The way in which the economy will recover depends to a large extent on further
developments in the number of COVID-19 infections and political measures taken.
In the current situation, even renowned experts and institutes are unable to
make reliable forecasts. The medium and long-term effects to the global economy
and also with regard to the oil and gas market remain to be seen.
SBO is bracing for a challenging year 2020. At the same time, the company, like
the market, expects oil and gas demand to normalize in the medium term. In the
long run, we should see a need to catch up spendings in exploration and
production (E&P). The low E&P spendings and the drastically reduced oil
production worldwide could cause production not to be ramped up quickly enough
with rising demand, which would again trigger marked increases in E&P spendings.
"The developments around coronavirus have created a high degree of uncertainty.
The repercussions on the oil and gas market have been massive and not all
effects are yet visible. But our position remains extremely sound even in this
difficult environment. We took decisive action immediately, cut costs and have
what is needed to survive a longer-lasting crisis in good shape", concludes CEO
Gerald Grohmann.
SBO's key performance indicators at a glance
______________________________________________________________________________
| | | 1-6/2020| 1-6/2019|
|__________________|___________________|___________________|___________________|
|Sales | MEUR| 184.5| 236.2|
|__________________|___________________|___________________|___________________|
|Earnings before | | | |
|interest, taxes, | | | |
|depreciation and | MEUR| 28.5| 62.7|
|amortization | | | |
|(EBITDA) | | | |
|__________________|___________________|___________________|___________________|
|EBITDA margin | %| 15.4| 26.5|
|__________________|___________________|___________________|___________________|
|Profit from | | | |
|operations (EBIT) | | | |
|before impairments| MEUR| 12.4| 38.9|
|and restructuring | | | |
|measures | | | |
|__________________|___________________|___________________|___________________|
|Profit from | | | |
|operations (EBIT) | | | |
|after impairments | MEUR| -8.9| 37.9|
|and restructuring | | | |
|measures | | | |
|__________________|___________________|___________________|___________________|
|EBIT margin | %| -4.8| 16.0|
|__________________|___________________|___________________|___________________|
|Profit before tax | MEUR| -10.0| 27.4|
|__________________|___________________|___________________|___________________|
|Profit after tax | MEUR| -12.0| 17.2|
|__________________|___________________|___________________|___________________|
|Earnings per share| EUR| -0.76| 1.08|
|__________________|___________________|___________________|___________________|
|Cashflow from | | | |
|operating | MEUR| 50.6| 38.2|
|activities | | | |
|__________________|___________________|___________________|___________________|
|Liquid funds as of| | | |
|30 June 2020 / 31 | MEUR| 244.4| 265.2|
|December 2019 | | | |
|__________________|___________________|___________________|___________________|
|Net debt as of 30 | | | |
|June 2020 / 31 | MEUR| 6.9| 20.1|
|December 2019 | | | |
|__________________|___________________|___________________|___________________|
|Headcount as of 30| | | |
|June 2020 / 31 | | 1,236| 1,535|
|December 2019 | | | |
|__________________|___________________|___________________|___________________|
SBO is a leading supplier of tools and equipment for directional drilling and
well completion applications. The company is the global market leader in the
manufacture of high-precision components made of non-magnetic steel. The product
offering ranges from complex customized components for the oilfield service
industry to a selection of high-efficiency solutions and products for the oil
and gas industry. As of 30 June 2020, SBO employed a workforce of 1,236
worldwide (31 December 2019: 1,535), thereof 390 in Ternitz / Austria and 493 in
North America (including Mexico).
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
BSN Podcasts
Christian Drastil: Wiener Börse Plausch
Börsepeople im Podcast S12/08: Robert Abend
SBO
Akt. Indikation: 46.35 / 47.10
Uhrzeit: 07:37:58
Veränderung zu letztem SK: -0.27%
Letzter SK: 46.85 ( -1.06%)
Bildnachweis
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