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C.A.T. oil AG reports strong 2006 annual results
Â• Revenues up 23.0% to EUR 193.6 million Â• EBIT increases 31.4% to EUR 36.9 million Â• Net income at a new high Â• Record levels of capital expenditures in 2007
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Baden/Vienna (euro adhoc) - April 30, 2007 - 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 annual results for the financial year 2006. In a favorable market environment characterized by strong demand from oil and gas producers, the group achieved significant revenue and earnings growth. At the same time C.A.T. oil accomplished important milestones, which strengthened the groupÂ´s market position and paved the way for sustainable future growth.
The 2006 financials clearly reflect both C.A.T. oilÂ´s positive fundamental dynamics and its efforts to expand its hydraulic fracturing and high-margin service capacities. Revenues rose by 23.0% to EUR 193.6 million (previous year: EUR 157.4 million). C.A.T. oil increased its EBITDA by 25.1% year-on-year to EUR 45.7 million (previous year: EUR 36.5 million), while EBIT grew by 31.4% to EUR 36.9 million (previous year: EUR 28.1 million). Accordingly, the EBIT margin increased to 19.1% compared to 17.9% in 2005. Net income in 2006 reached a new record high, rising by 37.6% to EUR 25.0 million compared to EUR 18.2 million during the previous year. Earnings per share amounted to EUR 0.54. The company achieved a Return on Capital Employed (ROCE) of 25.5%.
Market position strengthened - valuable new client relationships
Manfred Kastner, CEO of C.A.T. oil AG, commented on the annual results: "In the year 2006 C.A.T. oil took a big leap forward and approved a far reaching capex program at record levels which will significantly accelerate the growth and diversification of our services in 2007 and 2008. We not only increased top-line and bottom-line results in the year 2006, but we also expanded our platform for further growth, both in our core business hydraulic fracturing and in new value-added services such as inclined drilling and coiled tubing. In addition, we strengthened our management team which will support our future business development."
In 2006 C.A.T. oil again experienced a strong demand for its core business hydraulic fracturing and its high-margin services gas fracturing, side tracking, coiled tubing and nitrogen services. As a result, the groupÂ´s total job count increased by 11.5% to 2,335 jobs (previous year: 2,094). In order to meet the steadily rising demand for its services by the Russian and Kazakh oil and gas industries, C.A.T. oil committed significant capital expenditures to expanding its operating capacity. In the course of 2006, the group acquired one used fleet and three new state-of-the-art fleets, which have been operating since July and the beginning of 2007 respectively. The newly acquired fleets raised the total number of fleets from eight to twelve.
During the past year, C.A.T. oil also expanded its business relationships to major Russian customers. In July the group signed a partnership agreement with GazpromÂ´s field service subsidiary Burgaz. Two additional strategic partnerships agreements were concluded in September with rapidly growing oil producer RussNeft and with Gazprom-Neft, a subsidiary of Gazprom. These partnerships underscore the intention of these important customers to intensify their collaboration with C.A.T. oil in the future.
Moreover, C.A.T. oil accelerated the diversification of its service portfolio in 2006. The group multiplied the number of high margin special services on a year-on-year basis. Gas fracturing jobs, in particular, which are more complex and therefore more profitable than oil fracs, rose by 68% to a new record high in 2006. Russian gas producers increasingly have to bring natural gas to the surface from greater depths through more complex and less permeable reservoirs. The strategic partnership with Burgaz indicates the growing importance of this service in the Russian gas industry.
Significant increase in capex to fund expansion of capacities
In 2006, C.A.T. oil generated a cash flow from operating activities of EUR 23.4 million compared to EUR 12.9 million for the previous year. This increase was primarily due to a higher operating profit and lower investment in net working capital. The cash flow from investments rose to EUR 66.5 million compared to EUR 5.5 million for the financial year 2005. This was driven mainly by investment in fleet and side-tracking capacities and machinery. Following the successful IPO in May 2006, C.A.T. oilÂ´s management agreed on a strategic investment program targeting extensive investments in additional operating units and specialized service equipment. The cash flow from financing activities was primarily influenced by net IPO proceeds, growing to EUR 107.5 million compared to EUR -11.3 million in 2005. On December 31, 2006 C.A.T. oil had cash and cash equivalents of EUR 74.5 million compared to EUR 10.9 million at the end of the 2005 financial year. With total assets of EUR 234.9 million (previous year: EUR 109.7 million) and equity of EUR 216.1 million (previous year: EUR 71.5 million), the companyÂ´s equity ratio increased from 65.2% to 92.0% during the reporting period.
C.A.T. oil group had an average of 2,362 employees in 2006, which is a slight increase compared to the previous year. The group is continuously investing in the training and education of its employees in order to ensure highest standards in its operations. These training opportunities and social benefits, which exceed local standards, support C.A.T. oilÂ´s position as a preferred employer among other players in the region.
In view of the successful development of the Company in 2006 and the achievement of important milestones at the beginning of this year, the Board of Management is positive about the outlook for the financial year 2007. In November 2006 and March 2007, the Company signed three-year contracts with TNK-BP and Rosneft. Both contracts underline the ongoing high demand for C.A.T. oilÂ´s services. Additionally, in April 2007 the Group acquired the oilfield services Company FilOrAm from TNK-BP, thus increasing its fracturing fleet capacities by another additional fleet. Furthermore, the Company expects significant growth in its special services.
Commenting on the outlook for 2007, Manfred Kastner said: "With our strong operative and technical capabilities, our disciplined investment strategy and our accelerating diversification into high-margin service segments, we are well positioned to benefit from the positive sentiment in Russia and Central Asia.
The record level of investments and new employees confirms our high growth strategy and diversification into special services. In 2007, we plan to add more than 1,000 employees. We want to increase the number of side-tracking crews from two to ten and we also plan four new coiled tubing units, two new nitrogen units and three additional hydraulic fracturing fleets.
Our order backlog and the sustainable high demand for our services indicate that we should be able to achieve our ambitious targets for 2007 and 2008. We are confident that we are well prepared for the future."
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. oilÂ´s 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. The Company has its headquarters in Baden near Vienna and employed 2,427 people at the end of 2006, 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
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