Schoeller-Bleckmann Oilfield Equipment AG
EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG
Schoeller-Bleckmann
Oilfield Equipment AG publishes half-year 2011 figures: Highly satisfying sales
and profit development - Continued strong bookings in Q2
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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6-month report
18.08.2011
Ternitz/Vienna, 18 August 2011. For Schoeller-Bleckmann Oilfield Equipment AG
(SBO), listed on the ATX market of the Vienna Stock Exchange, the first half of
2011 saw a highly satisfying development of sales and profit compared to the
same period of the previous year. Sales generated in the first half of 2011
surged 52 % vs. 2010, from MEUR 127.6 to MEUR 194.4. Following MEUR 14.2
year-on-year, earnings before interest and tax (EBIT) climbed to MEUR 40.1,
exceeding last year's figures by 183 %, which represents an EBIT margin of 20.6
% (following 11.1 % in the first half of 2010).
"Essentially, the solid business development was observed in all segments of SBO
and led to a remarkable rise in sales. Therefore, SBO could improve capacity
utilisation and fixed cost coverage, compared to the first half of the previous
year. These factors combined with rising sales figures drove up profit
considerably", says Gerald Grohmann, CEO of Schoeller-Bleckmann Oilfield
Equipment AG, commenting on business development in the first half of 2011.
Strong demand for SBO products was reflected in very high bookings totalling
MEUR 208 in the first half, up approximately 25 % from MEUR 166 posted in the
same period last year that had already been marked by the upward tendency seen
after the economic crisis. The order backlog as at 30 June 2011 worth MEUR 137.1
had also gone up from MEUR 116.7 as at 30 June 2010.
Profit before tax (PBT) also reached an attractive level of MEUR 34.7 (following
MEUR 11.5 in the first half of 2010), bringing the PBT margin to 17.8 %
(following 9.0 %). Profit after tax went up 204 % and came in at MEUR 23.6 in
the first half of 2011, from MEUR 7.8 year-on-year, which represents half-year
earnings per share of EUR 1.46 (2010: EUR 0.49).
The slightly grown net debt of MEUR 68.1 at mid-year (following MEUR 48.9 at the
end of 2010) was attributable to an increase of the working capital as a result
of larger business volumes. Consequently, SBO's gearing ratio at mid-2011 was
26.6 % (following 8.3 % as at 30 June 2010).
Outlook
Basically, we expect the positive development of the oilfield service industry
to continue throughout the second half of 2011, although international risks
threatening economic activity have been rising sharply due to the turbulences
recently occurring in the world trade markets.
However, as long as demand for oil and gas - mainly in the still booming
emerging markets - remains on a high level, we expect the positive development
of the industry cycle to continue, as it would gain additional support from the
current oil price.
From today's perspective, Schoeller-Bleckmann Oilfield Equipment AG therefore
expects to benefit from a friendly market environment and strong demand in the
second half of 2011. However, this trend could revert very rapidly in a global
economic downturn. At any rate, SBO has taken precautions to promptly respond to
such a scenario by adjusting capacities. In such a case, the company's low debt
and strong liquidity would provide a strong buffer to mitigate effects.
Mid- to long-term tendencies showing that the rising demand for oil and gas can
only be covered by more drilling activities and increasingly complex
technologies are unchanged and will remain a stable driver for growing demand
for products offered by Schoeller-Bleckmann Oilfield Equipment AG.
Comparison of key figures in MEUR
1-6/2011 1-6/2010 Change
Sales 194.4 127.6 + 52.4 %
EBIT 40.1 14.2 + 182.6 %
EBIT margin (%) 20.6 11.1
Profit before tax 34.7 11.5 + 200.4 %
Profit after tax 23.6 7.8 + 204.4 %
EPS in EUR * 1.46 0.49 + 199.8 %
Headcount ** 1368 1135 + 20.5 %
* based on average number of shares outstanding
** reporting date June 30.
end of ad-hoc-announcement
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Schoeller-Bleckmann Oilfield Equipment AG is the global market leader in
high-precision components for the oilfield service industry. The business focus
is on non-magnetic drillstring components for directional drilling. Worldwide,
SBO has employed a workforce of 1368 as at 30 June 2011 (31 December 2010:
1275), thereof 392 in Ternitz/Austria and 603 in North America (including
Mexico).
Further inquiry note:
Florian Schütz, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz, Hauptstraße 2
Tel: +43 2630/315 ext 251, fax ext 501
e-mail: f.schuetz@sbo.co.at
end of announcement euro adhoc
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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
sector: Oil & Gas - Upstream activities
ISIN: AT0000946652
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien
language: English