EQS-News: Schoeller-Bleckmann Oilfield Equipment AG: Strong development in the first quarter of 2022

EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Quarter
Results
Schoeller-Bleckmann Oilfield Equipment AG: Strong development in the first
quarter of 2022

19.05.2022 / 08:00
The issuer is solely responsible for the content of this announcement.

══════════════════════════════════════════════════════════════════════════

SBO: Strong development in the first quarter of 2022

– Order intake more than doubled to MEUR 129, sales increased by around 70
%,
EBIT quadrupled to MEUR 15.5

– Profit after tax increases to MEUR 11.4, compared to MEUR 1 in Q1 2021

Ternitz, May 19, 2022. Schoeller-Bleckmann Oilfield Equipment
Aktiengesellschaft (SBO), which is listed on the ATX leading index of the
Vienna Stock Exchange, recorded a clearly positive development in the
first quarter of 2022. The upward trend of 2021 gained further momentum in
the first three months of 2022. The strong market situation was reflected
both in North America and international markets. Bookings more than
doubled from the first quarter of the previous year, rising to MEUR 129.1.
SBO’s sales in the first three months of the year went up by around 70 %
to MEUR 100.5. EBIT more than quadrupled to MEUR 15.5, and profit after
tax of MEUR 11.4 increased more than tenfold year-on-year. Net liquidity
came to MEUR 12.3 and gearing improved to minus 3.4 %. The book-to-bill
ratio, which compares the number of orders received with sales and serves
as an indicator of medium-term development, remained clearly above 1 and
underlines the positive expectations.

CEO Gerald Grohmann: “The war in Ukraine has a massive impact on energy
markets worldwide. It has triggered increased spending for exploration and
production in many regions in order to ensure supply with oil and gas.
This is reflected in our business, which benefited from a dynamic increase
in demand. At the same time, the expansion of renewable energy sources is
receiving a strong boost from the current situation. This is where we want
to make our contribution and, as announced, we have launched initial
market explorations to build a new business segment in line with our
Strategy 2030”

In March 2022, SBO presented its “Strategy 2030”, which provides for
building a new segment in the fields of energy transition and green tech
industries. At the same time, the company maintains its core business in
order to continue contributing to secure energy supply, with ESG criteria
being firmly entrenched in the Group’s strategy. Moreover, SBO is
continuously working on the structural improvement of its energy
efficiency and reduction of CO[2] emissions.

Strong order situation and substantial earnings growth
Bookings went up sharply, amounting to MEUR 129.1 in the first three
months of 2022, an increase of 115.2 % (1-3/2021: MEUR 60.0). Sales also
rose steeply to MEUR 100.5 (1-3/2021: MEUR 59.3). The order backlog
increased to MEUR 144.2 at the end of March (31 December 2021: MEUR
111.7).

Earnings before interest, taxes, depreciation, and amortization (EBITDA)
increased to MEUR 23.5 in the first quarter of 2022, following MEUR 11.6
in the first quarter of 2021. The EBITDA margin came to 23.4 % (1-3/2021:
19.5 %). Profit from operations (EBIT) arrived at MEUR 15.5, more than
four times the level achieved year-on-year (1-3/2021: MEUR 3.6). Profit
before tax generated by SBO came to MEUR 14.3 (1-3/2021: MEUR 2.4), and
profit after tax was MEUR 11.4 (1-3/2021: MEUR 1.0). Earnings per share in
the first quarter of 2022 went to EUR 0.72 (1-3/2021: EUR 0.06).

“Ensuring energy supply is and remains a major issue. To ensure it,
exploration projects for oil and gas are driven forward worldwide, which
is also reflected in demand for our products. Accordingly, our business
developed positively in the first quarter across all markets and in both
segments”, comments SBO’s CEO Gerald Grohmann.

SBO’s business is divided into two segments, Advanced Manufacturing &
Services (AMS) and Oilfield Equipment (OE). Sales of the AMS segment
increased in the first quarter to MEUR 49.1 (1-3/2021: MEUR 29.8), profit
from operations (EBIT) increased to a profit of MEUR 8.0, following a loss
of MEUR 0.4 in the previous year. Sales in the OE segment increased to
MEUR 51.4 (1-3/2021: MEUR 29.5), and EBIT more than tripled to MEUR 7.6
(1-3/2021: MEUR 2.3).

In the first quarter of 2022, SBO’s equity increased to MEUR 360.5 (31
December 2021: MEUR 340.9). SBO’s equity ratio went up to 42.9 % (31
December 2021: 42.3 %). Net liquidity came to MEUR 12.3 (31 December 2021:
MEUR 9.9). Gearing improved slightly to minus 3.4 % (31 December 2021:
minus 2.9 %). Liquid funds stood at MEUR 293.2 (31 December 2021: MEUR
291.8). Cashflow from operating activities arrived at MEUR 3.8 in the
first three months of 2022 (1-3/2021: MEUR 5.2). Capital expenditure in
property, plant and equipment and intangible assets (CAPEX) came to MEUR
5.0 (1- 3/2021: MEUR 4.3).

With tailwind into the further year 2022
The International Monetary Fund (IMF) expects global economic growth to
come to 3.6 % in 2022, following a significant increase of 6.1 % in the
previous year, with developed industrialized countries set to grow by 3.3
% and emerging markets by 3.8 %. The forecasts have recently been revised
slightly downward due to the war between Russia and Ukraine and the
associated uncertainties. From the underinvestments in exploration and
production of oil and gas in past years and the increasing demand for
these resources, a rising catch-up effect is expected to emerge, which has
already been evident since the second half of 2021. To mitigate the impact
of Russia’s war against Ukraine on the markets, OPEC+ intends to expand
production. Overall, global exploration and production spending should
increase by at least 16 % in 2022, with 21 % in North America and 15 %
internationally.

The developments and effects of the Russia-Ukraine war on the global
economy remain difficult to assess. However, it is already becoming
apparent that higher investments will be required worldwide in the various
regions outside Russia in order to secure the global supply of energy.
Accordingly, oil and gas production in regions outside Russia is expected
to rise continuously. Crude oil production in the United States has
already returned to pre-crisis levels, mainly from the depletion of wells
drilled but not yet completed. Delays in supply chains and tighter
sanctions may weaken global economic growth. Overall, the expected
positive effects on the oil and gas markets should outweigh these and lead
to a further revival of activities in the oilfield service industry – and
thus also at SBO.

“We had a strong start into the year and expect the momentum in our
markets to continue. Of course, uncertainties remain in this environment
with regard to the war, sanctions and supply chain bottlenecks. All in
all, the positive effects of rising demand on our business should
prevail”, concludes CEO Gerald Grohmann.
 

SBO’s key performance indicators at a glance

  UNIT 1-3/2022 1-3/2021
Sales MEUR 100.5 59.3
Earnings before interest, taxes, depreciation and MEUR 23.5 11.6
amortization (EBITDA)
EBITDA margin % 23.4 19.5
Profits from operations (EBIT) MEUR 15.5 3.6
EBIT margin % 15.4 6.0
Profit before tax MEUR 14.3 2.4
Profit after tax MEUR 11.4 1.0
Earnings per share EUR 0.72 0.06
Cashflow from operating activities MEUR 3.8 5.2
Liquid funds as of 31 March 2022 / 31 December 2021 MEUR 293.2 291.8
Net liquidity as of 31 March 2022 / 31 December MEUR 12.3 9.9
2021
Employees 31 March 2022 /   1,375 1,267
31 December 2021

 

SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktiengesellschaft (SBO) is the
global market leader in the production of high-precision components made
of non-magnetic, high-alloy stainless steels. The Group is equally
recognized worldwide for its high-efficiency drilling tools and equipment
for the oil and gas industry. The Group employs a workforce of almost
1,400 worldwide and is successfully positioned in technologically
demanding, profitable niches. Information on the “Quality First”-based
growth strategy and sustainable management (ESG) is available in the
annual report at [1] https://www.sbo.at/publikationen.

Contact:
Andreas Böcskör, Group Communications
Schoeller-Bleckmann Oilfield Equipment AG
Tel: +43 2630 315 DW 252, Fax: DW 101
E-Mail: [2]a.boecskoer@sbo.co.at

Ildiko Füredi-Kolarik
Metrum Communications GmbH
Tel: +43 1 504 69 87 DW 351
E-Mail: [3]i.fueredi@metrum.at
 

══════════════════════════════════════════════════════════════════════════

19.05.2022 This Corporate News was distributed by EQS Group AG.
www.eqs.com

══════════════════════════════════════════════════════════════════════════

Language: English
Company: Schoeller-Bleckmann Oilfield Equipment AG
Hauptstrasse 2
2630 Ternitz
Austria
Phone: +43 (0)2630/315110
Fax: +43 (0)2630/315101
E-mail: sboe@sbo.co.at
Internet: http://www.sbo.at
ISIN: AT0000946652
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1355679

 
End of News EQS News Service

1355679  19.05.2022 

References

Visible links
1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=a6f1465d21597ff93a3a12ea5cbf186b&application_id=1355679&site_id=apa_ots_austria&application_name=news
2. a.boecskoer@sbo.co.at
3. i.fueredi@metrum.at

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS. www.ots.at
© Copyright APA-OTS Originaltext-Service GmbH und der jeweilige Aussender