EQS-News: SBO increases half-year result 2022 eightfold

EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Half
Year Results
SBO increases half-year result 2022 eightfold

18.08.2022 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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

 

• Significant increase in bookings to MEUR 272 and sales to MEUR 223
• EBIT rose fivefold to MEUR 45, profit after tax eightfold to MEUR 34

Ternitz, August 18, 2022. Schoeller-Bleckmann Oilfield Equipment AG (SBO),
which is listed on the ATX leading index of the Vienna Stock Exchange,
considerably drove up sales and profit in the first half of 2022. The
momentum on the energy markets and strong demand resulted in a clear
increase in all key figures. Compared to the first half of the previous
year, bookings doubled to MEUR 271.5. In the first six months of the year,
SBO’s sales went up by more than two thirds to MEUR 222.7. At MEUR 44.8,
EBIT rose fivefold year-on-year, and profit after tax of MEUR 34.4
increased eightfold compared to the previous year. Net liquidity rose to
MEUR 13.8, and the gearing improved further to minus 3.5 %. The
book-to-bill ratio, which compares the number of orders received with
sales and serves as an indicator of medium-term development, remained
consistently above 1.

CEO Gerald Grohmann: “The momentum observed on the energy markets is
boosting spending for exploration and production outside Russia. In the
first half of the year, there was strong demand for our products. With our
services for the oil and gas industry, we are contributing to energy
security. At the same time, we are exploring the market to develop new
business areas in the field of renewable energies in the coming years.”

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. In order to drive forward a structured development of the
corporate strategy, SBO has concluded a cooperation with the Fraunhofer
Institute. At the same time, the company’s core business aims to continue
contributing to secure energy supply.

Strong sales and profit development

Bookings went up sharply in the first half of 2022, doubling to MEUR 271.5
(1-6/2021: MEUR 137.2, up 97.9 %). Sales increased by more than two thirds
to 222.7 (1-6/2021: MEUR 129.5, up 72.0 %). The order backlog at the end
of June rose to MEUR 166.2 (31 December 2021: MEUR 111.7).

Earnings before interest, taxes, depreciation, and amortization (EBITDA)
arrived at MEUR 60.9 in 2022, compared to MEUR 25.0 in the first half of
2021, and the EBITDA margin increased to 27.3 % (1-6/2021: 19.3 %). Profit
from operations (EBIT) stood at MEUR 44.8, a fivefold increase
year-on-year (1-6/2021: MEUR 8.9). Profit before tax generated by SBO went
to MEUR 42.7 (1-6/2021: MEUR 6.6), and profit after tax increased
eightfold to MEUR 34.4 (1-6/2021: MEUR 4.2). Earnings per share in the
first half of 2022 were EUR 2.19 (1-6/2021: EUR 0.27). The strong rise of
the US dollar against the euro supported the development of earnings in
the first half of 2022.

“Our focused management and the tailwind from the market have led to a
positive development of our earnings situation. We have observed growth
for the seventh quarter in a row and increased our net result eightfold
compared to the first half of 2021. This underlines our course of
sustainable growth”, comments SBO’s CEO Grohmann.

Both segments with strong growth

SBO’s business is divided into two segments, Advanced Manufacturing &
Services (AMS)  and Oilfield Equipment (OE). While sales of the AMS
segment in the first half of the year climbed to MEUR 108.9 (1-6/2021:
MEUR 64.7), profit from operations (EBIT) increased sixfold to MEUR 22.0
(1-6/2021: MEUR 3.5). Sales in the OE segment rose to MEUR 113.8
(1-6/2021: MEUR 64.8), and EBIT nearly quadrupled to MEUR 20.0 (1-6/2021:
MEUR 5.3)

Solid balance sheet further improved

In the first half of 2022, SBO’s equity increased to MEUR 398.2 (31
December 2021: MEUR 340.9). SBO’s equity ratio went up to 45.2 % (31
December 2021: 42.3 %). Net liquidity rose to MEUR 13.8 (31 December 2021:
MEUR 9.9). Gearing improved to minus 3.5 % (31 December 2021: minus
2.9 %). Liquid funds stood at MEUR 274.9 (31 December 2021: MEUR 291.8).
Cashflow from operating activities in the first half of 2022 arrived at
MEUR 11.4 (1-6/2021: MEUR 12.0). Capital expenditure for property, plant
and equipment, and intangible assets (CAPEX) amounted to MEUR 13.8
(1-6/2021: MEUR 9.7).

Positive outlook for the second half of the year

The current environment is fundamentally favorable for the oil and gas
industry. European efforts to secure energy independence from Russia, low
OPEC spare capacity, low oil inventories and a rising demand support the
industry’s positive outlook. In addition, a catch-up effect has set in
from the second half of 2021 after years of underinvestment in the
exploration and production of oil and gas. Worldwide spending for
exploration and production should increase by 22 %, by 33 % in North
America and 18 % internationally. In order to secure global energy supply,
it is expected that production of oil and gas will continue to go up and
spending in the regions outside Russia will grow. According to current
expectations, the negative effects of developments pointing to recession
in some sectors will remain low on demand for oil and gas. This should
also be reflected in demand for products and solutions of SBO.

“After years of underinvestment in the exploration and production of oil
and gas and current concerns about energy security, exploration and
production spending is picking up significantly in the shadow of Russia’s
war of aggression. This is quite necessary if a new global energy map is
to be drawn”, concludes CEO Gerald Grohmann and adds: “Although trends
pointing to recession are emerging in some sectors, we expect to see
sustained positive business development for our industry in the second
half of 2022.”

SBO’s key performance indicators at a glance

  UNIT 1-6/2022 1-6/2021
Sales MEUR 222,7 129,5
Earnings before interest, taxes, depreciation and MEUR 60,9 25,0
amortization (EBITDA)
EBITDA margin % 27,3 19.3
Profit from operations (EBIT) MEUR 44,8 8,9
EBIT margin % 20,1 6.9
Profit before tax MEUR 42,7 6,6
Profit after tax MEUR 34,4 4,2
Earnings per share EUR 2,19 0.27
Cashflow from operating activities MEUR 11,4 12,0
Liquid funds as of 30 June 2022 / MEUR 274,9 291.8
31 December 2021
Net liquidity as of 30 June 2022 / MEUR 13,8 9.9
31 December 2021
Employees 30 June 2022 /   1,417 1,267
31 December 2021

SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktiengesellschaft (SBO) is the
global market leader in the production of high-alloy, non-magnetic
stainless steels and their high-precision manufacture into special
components for the oil, gas and other industries.  Innovative traditional
and additive technologies are used, such as Direct Metal Laser Sintering
(DMLS), a 3D metal printing technology. At the same time the SBO Group is
known worldwide for its high-efficiency drilling tools and equipment for
the oil and gas industry. The Group employs a workforce of more than 1,400
worldwide and is successfully positioned in technologically demanding,
profitable niches. Making an active contribution to energy transition is a
key element of the Group’s Strategy 2030. With its high-quality products
and technologies, the SBO Group already today provides for an increasingly
efficient and environmentally friendly supply of energy. While oil and gas
remain the most important energy sources, the company’s new strategy is a
response to changing environmental and climate targets. More detailed
information on the Strategy 2030 and sustainable management (ESG) is
available in the Annual Report at 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: [1]a.boecskoer@sbo.co.at

 

Ildiko Füredi-Kolarik

Metrum Communications GmbH

Tel: +43 1 504 69 87 DW 351

E-Mail: [2]i.fueredi@metrum.at

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

18.08.2022 CET/CEST 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: 1422761

 
End of News EQS News Service

1422761  18.08.2022 CET/CEST

References

Visible links
1. a.boecskoer@sbo.co.at
2. 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