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C.A.T. oil AG reports strong increases in revenues and earnings during the first nine months of 2006
Revenues grow 26.4% / EBIT rises 35.1 % / Earnings per share at EUR 0.50
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Baden (euro adhoc) - Austrian C.A.T. oil AG (O2C, ISIN: AT0000A00Y78), one of the leading providers of oil and gasfield services in Russia and Kazakhstan, today announced the results for the first nine months of the 2006 financial year. Following a successful half-year and robust sales during the third quarter, the company again enjoyed a strong increase in consolidated revenues and earnings thanks to the buoyant demand for hydraulic fracturing services and special services. C.A.T. oil AG performed a total of 649 service jobs during the third quarter.
Revenues during the first nine months of the current financial year rose 26.4% to EUR 145.2 million compared to EUR 114.9 million for the same period of last year. EBITDA grew 27.8% to EUR 38.6 million (previous year: EUR 30.2 Mio.). EBIT jumped 35.1% to EUR 32.0 million compared to EUR 23.7 million for the first three quarters of the previous year. C.A.T. oil AG thereby saw its EBIT margin rise to 22.0% compared to 20.6% for the previous year.
Demand for high-margin special services continues to grow
High-margin special jobs such as coiled tubing services and side tracking continued to account for a continually larger share of revenues during the third quarter. The number of gas fracturing jobs again grew significantly during the third quarter. Manfred Kastner, Chief Executive Officer of C.A.T. oil AG, said: "The results clearly underscore the success of our strategy of acquiring new technologies to our service portfolio and implementing them by our employees. During the coming financial year we will continue to promote growth by investing heavily in innovative services."
Three strategic alliances formed with leading Russian oil and gas companies were further milestone achievements during the third quarter of 2006. Following the conclusion of a strategic alliance in July with Burgaz, a subsidiary of the Gazprom Group in charge of production, two more strategic alliances were formed in September with Russian oil producer RussNeft OAO NK and Gazprom subsidiary Gazprom-Neft. All three alliances were concluded to intensify the level of cooperation and underscore the high standard of services provided by C.A.T. oil AG and the confidence of the Companys longstanding customers in the quality of its work.
The positive market environment during the first nine months of 2006 again led to an increase in earnings after taxes and adjustment for minority interests. Net profit for the period under review rose 42.2% to EUR 22.5 million compared to EUR 15.8 million for the same period of last year. The resulting earnings per share amounted to EUR 0.50.
During the first nine months of the 2006 financial year the Company generated a cash flow from operating activities of EUR 16.3 million compared to EUR 10.7 million for the comparable period of last year. This increase is primarily attributable to the below-average changes in net working capital as compared with the rise in earnings and lower exchange rate losses due to the revaluation of the ruble against the US dollar. The cash flow from investments during the first nine months of 2006 was EUR -37.5 million compared to EUR 5.6 million for the same period of the previous year. This includes prepaid expenses of EUR 16.5 million for equipment, which will be delivered in the coming year. The cash flow from financing activities during the period under review rose sharply to EUR 107.4 million (previous year: EUR -12.6 million). The increase is primarily attributable to the proceeds from the IPO in the amount of EUR 121.0 million. Cash and cash equivalents at the end of the reporting period were EUR 96.7 million compared to EUR 10.9 million at the end of the 2005 financial year.
C.A.T. oil AG had an average of 2,322 employees during the first nine months of the current financial year. The companys employees have extensive expertise in the oil and gas sector. Most of them have been with the company for many years, during which time they have built strong relationships with the Companys customers.
Based on the strong growth of revenues and earnings during the first nine months of the current financial year coupled with the ongoing high demand for the Companys services, the Board of Management of C.A.T. oil AG forecasts a strong rate of growth for the year as a whole. The management of C.A.T. oil AG is also optimistic about the coming financial year. "The new agreements already concluded and the outlook for the coming year are very encouraging. The formation of strategic alliances with three of our most important customers indicates that they are looking forward to continuing and expanding their relationships with C.A.T. oil well into the future. The addition of three new fracturing fleets by the beginning of 2007 will significantly expand capacity while boosting our revenues," said Manfred Kastner.
During the third quarter of 2006 the Company has set the stage for continued growth. In summer the Group approved an extensive investment package that will put the Companys development strategy on solid footing and further strengthen its market position. Most of the funds invested will be used to expand the service portfolio and to implement new attractive technologies to greatly accelerate the Companys diversification and expansion.
www.catoilag.com Press Contact: A&B Financial Dynamics
@@start.t2@@Dr. Lutz Golsch Claudia Werth
Phone: +49 (0)69 92037-110 Phone: +49 (0)69 92037-114
E-mail: email@example.com E-mail: firstname.lastname@example.org
About C.A.T. oil AG:
Austria-based C.A.T. oil AG (O2C, ISIN: AT0000A00Y78) is one of the leading
providers of oil- and gasfield services in Russia and Kazakhstan. C.A.T.oils
core business is hydraulic fracturing, a process which helps to open up oil- and
gas-bearing rock formations in order to increase or even enable oil and gas
production. The C.A.T.oil crews use state-of-the-art methods and technologies to
generate high pressure in the oil or gas reservoirs concerned. This pressure
causes cracks to appear in the rock through which oil or gas can be produced in
larger quantities from the production well, and hence efficiently boosts
extraction, particularly in the case of deposits that are difficult to develop
or low-output wells. In addition, hydraulic fracturing can be used to revitalize
wells that have previously been idle.@@end@@
The Company has its headquarters in Baden near Vienna and employed 2,230 people at the end of 2005, most of whom are based in Russia and Kazakhstan. Customers include leading oil and gas producers such as Gazprom, KazMunaiGaz, LUKOIL, Rosneft, and TNK-BP. C.A.T.oil has been listed in the Prime Standard of the Frankfurt Stock Exchange since May 4, 2006, and has been a member of the SDax since September 18, 2006.
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ots Originaltext: C.A.T. oil AG
Im Internet recherchierbar: http://www.presseportal.ch
Further inquiry note:
A&B Financial Dynamics
Dr. Lutz Golsch
Phone: +49 (0)69 92037-110
Branche: Oil & Gas - Upstream activities
Börsen: Frankfurter Wertpapierbörse / official dealing