EQS-News: First quarter 2023: SBO with continued strong development
EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Quarter
Results
First quarter 2023: SBO with continued strong development
24.05.2023 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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First quarter 2023: SBO with continued strong development
• Bookings increased to MEUR 158, sales up by around 50 % to MEUR 147
• EBIT rises to MEUR 27 (+72 %), profit after tax almost doubled to MEUR
21
Ternitz, 24 May 2023. Schoeller-Bleckmann Oilfield Equipment AG (SBO)
started 2023 with tailwinds, which was reflected in the high demand for
SBO’s products and services. The first quarter of 2023 saw a rise in
bookings of around 22 % to MEUR 157.6, thus exceeding sales again, which
grew by 47 % to MEUR 147.3. EBIT increased to MEUR 26.7, up by 72 %. The
EBIT margin also showed a clear improvement, reaching 18.1 %. Profit after
tax almost doubled to MEUR 21.3. Net liquidity increased to MEUR 41.7 and
gearing improved to minus 9.5 %.
Gerald Grohmann, CEO of SBO: “After a record year in 2022, we continue to
report a pleasing business development for the first quarter of the
current year. The persistently high level of bookings shows that demand
for our services remains unbroken. But of course, we are not resting on
our laurels. With our high-tech products for the energy sector, we
significantly contribute to enhancing energy security. At the same time,
we are preparing for the future and aim to become a strong player in the
renewable energies sector as we are in our core business.”
Robust bookings and continued strong growth
SBO’s bookings rose to MEUR 157.6 in the first three months of 2023
(1-3/2022: MEUR 129.1, +22.1 %). Sales increased significantly to MEUR
147.3 (1-3/2022: MEUR 100.5, +46.6 %). The order backlog at the end of
March stood at MEUR 269.6 (31 December 2022: MEUR 265.0).
Earnings before interest, taxes, depreciation and amortization (EBITDA)
came in at MEUR 33.4 in the first quarter of 2023, compared to MEUR 23.5
in the first quarter of 2022. The EBITDA margin decreased slightly to 22.7
% (1-3/2022: 23.4 %), caused by exchange losses of MEUR 3.8 (1-3/2022:
exchange gains of MEUR 1.8). Profit from operations (EBIT) amounted to
MEUR 26.7, an increase of 72.2 % year-on-year (1-3/2022: MEUR 15.5).
SBO generated a profit before tax of MEUR 27.0 (1-3/2022: MEUR 14.3), with
profit after tax almost doubling to MEUR 21.3 (1-3/2022: MEUR 11.4).
Earnings per share increased to EUR 1.35 in the first quarter of 2023
(1-3/2022: EUR 0.72).
„The year 2023 has started promisingly for us. We are enjoying continued
strong market momentum and strong customer demand. This is reflected in
our figures, both in sales growth and in the significant increase in EBIT
and EBIT margin. These results underpin our leading positioning in the
market“, comments SBO’s CEO Gerald Grohmann.
Positive development in both segments
SBO’s business consists of the two segments “Advanced Manufacturing &
Services” (AMS) and “Oilfield Equipment” (OE). Sales of the AMS segment
rose to MEUR 81.9 in the first three months (1-3/2022: MEUR 49.1), profit
from operations (EBIT) more than doubled to MEUR 17.5 (1-3/2022: MEUR
8.0). Sales of the OE segment grew to MEUR 65.4 (1-3/2022: MEUR 51.4),
EBIT increased by about half to MEUR 11.7 (1-3/2022: MEUR 7.6).
Balance sheet further improved
As at 31 March 2023, SBO’s equity amounted to MEUR 438.4 (31 December
2022: MEUR 425.0).
The equity ratio remained unchanged at 47.1 % (31 December 2022: 47.1 %).
Net liquidity increased to MEUR 41.7 (31 December 2022: MEUR 34.5).
Gearing improved to minus 9.5 % (31 December 2022: minus 8.1 %). Liquid
funds grew to MEUR 302.5 (31 December 2022: MEUR 287.8). Cashflow from
operating activities multiplied to MEUR 19.6 in the first quarter of 2023
(1-3/2022: MEUR 3.8), and free cashflow was clearly positive at MEUR 12.8,
after a negative free cashflow of MEUR minus 1.3 in the first quarter of
2022. Capital expenditure in property, plant and equipment and intangible
assets (excluding right of use assets) amounted to MEUR 7.3 (1-3/2022:
MEUR 5.0).
Positive outlook for the remainder of the year
The oilfield service industry is starting 2023 with a positive outlook:
The rising global demand for energy and effects of the necessary catch-up
from underinvestment in the exploration and production of new oil and gas
deposits in recent years require additional investment. Given the industry
fundamentals, it is common belief that this spending cycle will be more
durable and robust than previous cycles. While North America is expected
to see flat growth due to the moderate development of the gas price and
the ongoing budget discipline for a couple of years already, the Middle
East, South America and Africa continue to be growth drivers in the
industry. In addition, China, which was particularly impacted by the
COVID-19 pandemic at the beginning of the year, is also displaying a
resurgence in growth. The industry’s positive outlook is underpinned by
the need for supply security and mounting catch-up effects. The key
components provided by SBO are important tools for successful and
efficient drilling and well completion.
„We want to continue to provide energy security with our existing core
business and see good growth opportunities in those business areas. At the
same time, we are taking advantage of the current market situation to
build a new segment in the new energy area. We are currently involved with
our key components in geothermal projects on several continents. At
present, we anticipate a very good financial year 2023″, says CEO Gerald
Grohmann.
SBO’s Key Performance Indicators at a glance
1-3/2023 1-3/2022
Sales MEUR 147.3 100.5
Earnings before interest, taxes, depreciation and MEUR 33.4 23.5
amortization (EBITDA)
EBITDA margin % 22.7 23.4
Earnings before interest and taxes (EBIT) MEUR 26.7 15.5
EBIT margin % 18.1 15.4
Profit before tax MEUR 27.0 14.3
Profit after tax MEUR 21.3 11.4
Earnings per share EUR 1.35 0.72
Cashflow from operating activities MEUR 19.6 3.8
Liquid funds as of 31 March 2023 / MEUR 302.5 287.8
31 December 2022
Net liquidity as of 31 March 2023 / 31 December MEUR 41.7 34.5
2022
Headcount as of 31 March 2023 / 1,521 1,484
31 December 2022
SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktiengesellschaft (SBO) is a
globally operating group of companies and world market leader in the
manufacture of high-alloy, non-magnetic stainless steels. The SBO Group is
engaged in high-precision production of stainless steels as special
components for the oil, gas and other industries by applying innovative
and additive technologies. The SBO Group is equally recognized worldwide
for its directional drilling tools and equipment for well completion. With
its subsidiaries and more than 1,500 employees worldwide, the Group is
successfully positioned in technologically demanding, profitable niches.
The Group is headquartered in Ternitz, Austria. Making an active
contribution to energy transition is a key element of the Group’s Strategy
2030. More detailed information on the Strategy 2030 and sustainable
management (ESG) is available in the Annual Report 2022
at https://www.sbo.at/publikationen.
Contact:
Andreas Böcskör, Group Communications
Schoeller-Bleckmann Oilfield Equipment AG
Tel: +43 2630 315 DW 252
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
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24.05.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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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: 1639787
End of News EQS News Service
1639787 24.05.2023 CET/CEST
References
Visible links
1. a.boecskoer@sbo.co.at
2. i.fueredi@metrum.at
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