Alle Storys
Folgen
Keine Story von Petro Welt Technologies AG mehr verpassen.

Petro Welt Technologies AG

C.A.T. oil reports strong increase in revenues and earnings for the first half of 2007

Baden/Vienna (euro adhoc) -

•	Revenues increased by 15% to EUR 102.8 million
•	EBIT up 10.4% year-on-year
•	Expansion of capacities and regional diversification advanced
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
finances
August 31, 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 its results for 
the first half of 2007. On the back of a keen demand and continued 
capacity additions, the Company achieved a strong growth of top line 
and bottom line results. After a seasonal downturn in job count in 
the first quarter of 2007, C.A.T. oil accomplished 688 jobs and 
achieved a new record high of service jobs in the second quarter. On 
top of that, the Company continued its aggressive growth and 
diversification strategy by significantly expanding its operating 
base. Compared to Q2 2006, C.A.T. oil increased its fracturing 
capacity by 62.5%, its sidetracking capacities by 100% and its 
workover platforms by 40%.
Two-digit growth in top and bottom line results
Driven by high capacity utilization and a growing job complexity, 
revenues in the first half of 2007 increased by 15.0% to EUR 102.8 
million compared to EUR 89.4 million in the same period last year. 
Due to strict cost management C.A.T. oil´s cost of sales only grew by
22.6% despite considerable launch costs for the mobilization of new 
equipment and additional service crews. As a result, EBITDA rose 
12.0% to EUR 27.1 million year-on-year (H1 2006: EUR 24.2 million) 
and EBIT increased by 10.4% to EUR 22 million year-on-year (H1 2006: 
EUR 19.9 million). EBITDA and EBIT margins amounted to 26.4% and 
21.4% respectively. Net income in the first half of 2007 gained 15.3%
to EUR 15.9 million compared to EUR 13.8 million last year. Earnings 
per share amounted to EUR 0.33 (H1 2006: EUR 0.32).
Quarter-on-quarter C.A.T. oil´s EBITDA gained 24.5% to EUR 17.6 
million (Q2 2006: EUR 14.2 million). In the same period EBIT also 
increased by 24.5% to EUR 14.9 million (Q2 2006: EUR 11.9 million).
Due to higher investments in working capital, cash flow from 
operating activities decreased to EUR 6.4 million from EUR 9.2 
million in the first half of 2006 - mainly a consequence of changes 
in the net working capital of EUR 14.0 million. Cash flow from 
investing activities amounted to EUR -47.4 million (H1 2006: EUR 
-10.3 million). This significant increase is mainly due to 
investments in property and equipment. Additionally, C.A.T. oil made 
further prepayments for new operating capacities and acquired a 100% 
stake in oilfield service provider FilOrAm.
The Company´s cash and cash equivalents decreased by EUR 12.0 million
to EUR 33.8 million on June 30, 2007, a consequence of C.A.T. oil´s 
substantial investment program.
Extensive investment program and regional diversification continued
The first half of 2007 was marked by a significant expansion of 
C.A.T. oil´s capacities and an ongoing strong diversification 
process. In the second quarter the Company added two more 
sidetracking rigs, expanding its total sidetracking capacities to 
four units. Delivery of another three rigs is expected within the 
third quarter of this year. To meet the opportunities of Russia´s 
highly lucrative sidetrack drilling market, C.A.T. oil set up a new 
operating subsidiary, C.A.T. oil Drilling, in April 2007. This step 
underlines the significant potential of this service for C.A.T. oil. 
By the end of 2007 the Company will have increased its total 
sidetracking capacities to ten rigs.
The acquisition of FilOrAm, a former service subsidiary of oil and 
gas major TNK-BP was another important milestone in the second 
quarter of 2007. With this move C.A.T. oil not only increased its 
hydraulic fracturing platform by another fleet but also got strategic
access to the important Volga-Urals region in European Russia.
In addition to substantial enhancements of the Company´s equipment 
base, C.A.T. oil made major investments in staff expansions. In the 
first half of 2007, the Company had an average of 2,875 employees 
compared to 2,269 in the same period last year (up 26.7%).
Positive outlook for 2007
C.A.T. oil´s management anticipates sustained future growth for the 
Company. Manfred Kastner, CEO of C.A.T. oil, outlined: "Our 
aggressive regional and product diversification combined with the 
implementation of our extensive investment program of 2007 will 
translate into an accelerated development of C.A.T. oil. Our Company 
is at the stage of entering a new phase in its history: the 
transformation away from a pure pressure pumping specialist into a 
more comprehensive integrated service provider. The planned expansion
into geotechnical services with the launch of the new subsidiary 
C.A.T. oil-GEODATA at the beginning of Q3 2007 marks another 
important step in this process. In view of this excellent environment
we are optimistic for C.A.T. oil´s future performance."
www.catoilag.com
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. oil´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 Baden/Vienna and employed an average
of 2,875 people in the first half of financial year 2007, 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.
end of announcement                               euro adhoc 31.08.2007 08:30:00

Further inquiry note:

Press contact:
A&B Financial Dynamics
Dr. Lutz Golsch Claudia Werth
Tel.: +49 (0)69 92037-110 Tel.: +49 (0)69 92037-114
Email: l.golsch@abfd.de Email: c.werth@abfd.de

Branche: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
WKN: A0IKWU
Index: Classic All Share, Prime All Share, SDAX
Börsen: Börse Frankfurt / official dealing

Weitere Storys: Petro Welt Technologies AG
Weitere Storys: Petro Welt Technologies AG