Schoeller-Bleckmann Oilfield Equipment AG
EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG
All-time high in sales
and profit figures in the first quarter of 2012
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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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quarterly report
23.05.2012
Ternitz/Vienna, 23 May 2012. Schoeller-Bleckmann Oilfield Equipment AG (SBO),
listed on the ATX segment of the Vienna Stock Exchange, followed up on the
successful business development in the preceding quarters also in the first
quarter of 2012. The growing momentum in the oilfield service industry was
reflected in all-time high quarterly sales and profit figures.
Compared to the first quarter of 2011, sales improved by 23.9 %, from MEUR 97.3
to MEUR 120.6. Earnings before interest and taxes (EBIT) climbed to MEUR 28.1
(following MEUR 20.0 in the first quarter of 2011). Profit before tax grew by
49.3 %, from MEUR 17.3 to MEUR 25.8, profit after tax from MEUR 11.6 to MEUR
17.8, or 54.1 %. The quarterly earnings per share stood at EUR 1.11 (following
EUR 0.72 in the first quarter of 2011).
Bookings received in the first quarter worth MEUR 129.2 also clearly exceeded
last year's first quarter MEUR 94.6 (up 36.6 %). This brought about an order
backlog of MEUR 192.9 as at 31 March 2012 (up 9.3 % from MEUR 176.4 as at 31
December 2011), reflecting the general confidence the oilfield service industry
has in the development of the next quarters.
"The sound order and sales development was reflected across all segments of SBO.
It led to very high capacity utilisation at all sites, producing the very
encouraging quarterly result due to economies of scale", says Gerald Grohmann,
CEO of Schoeller-Bleckmann Oilfield Equipment AG, commenting on the successful
business development in the first quarter.
Outlook
At the end of the first quarter of 2012 the business activity within the
oilfield service industry remained robust and no signs of change in these
positive demand tendencies were observed. Constantly rising demand for oil and
gas and stable oil prices helped international oil companies to continue their
spending for exploration and production projects as before. Worldwide capital
spending for exploration and production are expected to grow from 2011 to 2012
to a new record high of USD 614 bn, reflecting growth of 10.5 %. Moreover, on
the supply-side current OPEC spare capacities of 2.4 million barrels per day are
still at a low level.
Provided that the global economy develops at a stable pace, the industry cycle
in the oilfield service industry is expected to remain strong. The ongoing shift
from gas to oil drilling in North America, gradually rising drilling activity in
the Gulf of Mexico and higher numbers of international deepwater projects should
be reflected positively in demand for SBO products. Nevertheless, potential
uncertainties resulting from geopolitical events or the sustained volatility of
the USD/EUR exchange rate must be taken into account.
SBO has an excellent order backlog to enter the second quarter of 2012. With its
position as the global market leader in high-precision components and
high-performance drilling motors for the oilfield service industry in addition
to a sustainable growth strategy SBO makes sure to fully benefit from the
positive industry development.
Comparison of key financial figures
1-3/2012 1-3/2011 Change
Sales in MEUR 120.6 97.3 + 23.9 %
EBIT in MEUR 28.1 20.0 + 40.9 %
EBIT margin in % 23.3 20.5 -
Profit before tax in MEUR 25.8 17.3 + 49.3 %
Profit after tax in MEUR 17.8 11.6 + 54.1 %
EPS * in EUR 1.11 0.72 + 54.7 %
Headcount ** Number 1506 1317 + 14.4 %
* based on average number of shares outstanding
** reporting date March 31
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 1506 (31 December 2011: 1459) as at 31 March
2012, thereof 428 in Ternitz/Austria and 643 in North America (including
Mexico).
Further inquiry note:
MMag Florian Schütz, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz/Austria, Hauptstrasse 2
Tel.: +43 2630 315-251
Fax: +43 2630 315-501
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