C.A.T. oil AG

EANS-News: C.A.T. oil shows strong operational and financial performance in Q1 2012

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quarterly report

Subtitle: •	Revenues up 23.5% yoy to EUR 75.3 million 
•	Strong EBITDA growth of 61.4% yoy to EUR 14.0 million
•	Improved profitability with EBITDA margin of 18.5%
•	All new high class conventional drilling rigs successfully marketed 


Vienna, 30 May 2012 (euro adhoc) - C.A.T. oil AG (O2C, ISIN: AT0000A00Y78), one
of the leading providers of oil and gas field services in Russia and Kazakhstan,
today announced its results for the first quarter of 2012. C.A.T. oil succeeded
in both, top- and bottom-line growth: revenues rose by 23.5% yoy to EUR 75.3
million (Q1 2011: 61.0 million) and earnings before interest, tax and
depreciation (EBITDA) increased by 61.4 % yoy to EUR 14.0 million (Q1 2011: EUR
8.7 million). The EBITDA margin expanded to 18.5% (Q1 2011: 14.2%). Net income
amounted to EUR 2.5 million during the reporting period (Q1 2011: EUR - 1.0
million). Besides that, C.A.T. oil obtained additional orders for the remaining
two new rigs and has thus successfully accomplished the marketing of its third
core service, high class conventional drilling, bringing the total 2012 order
book to EUR 290 million. 

Manfred Kastner, CEO of C.A.T. oil, commented: "In the first quarter we had good
tailwinds, namely strong demand for our services, increased activity levels, as
well as mild winter conditions. We persistently drove our revenues and earnings,
by expanding both, our traditional and new businesses. In addition, we crossed
the target line in marketing our new conventional drilling capacities. All of
our new rigs obtained orders for 2012 and will be successively put into
operations by the beginning of Q3. The new service will make first noticeable
contributions to our growth this year and beyond. 
With our diversified and compelling service portfolio, state-of-the-art
technology and well-trained employees we are thus in a stronger position to
capitalize on the underlying opportunities in our core markets."

Strong revenue growth

A 23.5% yoy growth in C.A.T. oil's revenues to EUR 75.3 million (Q1 2011: EUR
61.0 million) was based on two factors: a 16.0% yoy rise in the average per job
revenue to TEUR 92 (Q1 2011: TEUR 79) and a 3.9% yoy increase in the total job
count to 800 jobs (Q1 2011: 770 jobs). Fracturing and sidetracking jobs were up
9.9% yoy and 7.9% yoy, respectively. The increased per job revenue primarily
stemmed from the greater size and complexity of service jobs, as well as
improved price levels; in addition the strengthened Russian rouble against the
euro had a positive impact. 

Cost base reflects high operating activity levels 

Despite the higher operating activity levels and the greater job size and
complexity, cost of sales rose at a slower pace than the top line and only
increased by 18.6% yoy to EUR 65.9 million (Q1 2011: EUR 55.5 million) General
and administrative expenses rose by 9.7% yoy to EUR 5.4 million in Q1 2012 (Q1
2011: EUR 4.9 million). The increase mainly reflected the set-up costs for the
new conventional drilling service. Effectively there had been no change in the
Company's total weighted average headcount, which stood at 2,375 employees in Q1
2012 (Q1 2011: 2,362 employees) due to the following counter trends: on the one
hand, C.A.T. oil saw a headcount reduction related to the outsourcing of the
remaining workover business in Q2 2011; on the other hand, the new hires for the
new conventional drilling business. 

Earnings swing and margins expansion 

EBITDA increased by 61.4% yoy to EUR 14.0 million (Q1 2011: EUR 8.7 million) on
the back of the strong top-line growth. As a result, the EBITDA margin expanded
to 18.5% yoy in Q1 2012 (Q1 2011: 14.2%). 
The Company's earnings before interest and tax (EBIT) went up more than 6.5
times yoy to EUR 4.0 million in Q1 2012 (Q1 2011: EUR 0.5 million), and the EBIT
margin increased to 5.3% (Q1 2011: 0.9%).
Net income came in at EUR 2.5 million during the reporting period (Q1 2011: EUR
- 1.0 million) primarily due to the combined effect of the higher EBIT and the
improved net financial result to EUR 2.0 million (Q1 2011: EUR 0.3 million). The
higher net financial result primarily owed to foreign currency translation gains
of EUR 2.8 million in Q1 2012 (Q1 2011: EUR 0.2 million).

Improved cash generation 

Funds from operations increased by 79.9% yoy to EUR 14.3 million (Q1 2011: EUR
7.9 million) primarily reflecting the combined effect of the higher pre-tax
profit and depreciation. Cash flow from operating activities was a net inflow of
EUR 9.0 million (Q1 2011: net inflow of EUR 0.3 million) due to the higher funds
from operations and the lower investments in net working capital. Capital
expenditure declined 79.1% yoy to EUR 5.8 million (Q1 2011: EUR 27.8 million)
reflecting the lower investment plans for 2012. As the majority of the EUR 150
million investment program had already been executed in 2011, C.A.T. oil
budgeted the remaining EUR 30 million for 2012 to finalize the setup of the new
drilling business and to maintain capacities in good working order. Cash flow
from investing activities was a net outflow of EUR 5.6 million (Q1 2011: net
outflow of EUR 27.4 million). Cash flow from financing activities was a net
outflow of EUR 9.5 million in Q1 2012 (Q1 2011: net inflow of EUR 6.0 million)
mainly due to an early redemption of long-term borrowings.
As of 31 March 2012, cash and cash equivalents stood at EUR 23.0 million (31
December 2011: EUR 30.4 million). In Q1 2012, C.A.T. oil strengthened its
balance sheet as witnessed by the increased equity ratio to 66.9% (31 December
2011: 62.3%). 

Confident outlook for FY 2012 

C.A.T. oil confirms its positive view of the 2012 Fiscal Year business
prospects. The Company expects the global oil demand to remain strong and
provide sufficient support to the oil price. The additional demand for the
Company's services comes from the increased upstream activities and investments
by its customers. As C.A.T. oil has efficiently marketed all the new high class
conventional drilling rigs it expects the first noticeable revenues and earnings
contributions to become visible this year. Three of the new rigs have already
been in operations since Q1 2012; the remaining six rigs will be successively
put into operations by the beginning of Q3. 

At the end of May, C.A.T. oil's 2012 order book, which comprises of orders for
fracturing, sidetracking and conventional drilling, stood at EUR 290 million
(based on a rouble-to-euro exchange rate of 40) compared to EUR 284 million at
the end of April. C.A.T. oil is confident that it is well positioned to receive
additional orders in the coming months and anticipates the total revenues for
Fiscal Year 2012 to surpass the current order book level. 


www.catoilag.com

Press contact:
FTI Consulting 
Carolin Amann
Phone: +49 (0)69 92037-132
Email: carolin.amann@fticonsulting.com

Thomas M. Krammer
Phone: +49 (0)69 92037-183
Email: thomas.krammer@fticonsulting.com


About C.A.T. oil AG: 
C.A.T. oil AG is one of the leading providers of oil and gas field services in
Russia and Kazakhstan and is listed on the Frankfurt Stock Exchange (SDAX).
C.A.T. oil offers a wide spectrum of services to increase the lifecycle of an
oil field or to make unexploited oil fields accessible. The Company's growth is
driven by the following factors: Existing oil fields need to be stimulated due
to shrinking oil and gas resources in order to optimize capacities.
Simultaneously, idle wells are reactivated or made accessible through new
methods in order to deploy wells to their maximum. Additionally, C.A.T. oil has
established conventional drilling as third core service which allows to access
completely unexploited oil and gas reserves. 
Since its foundation in 1991 in Celle, Germany, C.A.T. oil has built up a
leading hydraulic fracturing services business in Russia and Kazakhstan.
Following its IPO in 2006 the Company has invested more than EUR 250 million in
additional services and capacities: sidetrack drilling has become the Company's
second core business. In 2011, the Company initiated a comprehensive investment
program with a volume of EUR 150 million, focusing on the set up of conventional
drilling as third service offering. The new service line will fully be installed
in 2012.
C.A.T. oil's portfolio also includes cementing and seismic services. With its
state-of-the art technology the Company clearly differentiates itself in its
core markets as the equipment allows for very time-efficient and effective
deployment. C.A.T. oil's customer base includes the leading Russian and Kazakh
oil and gas producers amongst them Gazprom, KazMunaiGaz, LUKOIL, Rosneft and
TNK-BP. C.A.T. oil has a long-standing relationship with these customers and has
been a reliable service provider since its market entrance in the early
nineties.
The Company has its headquarters in Vienna. As of 31 March 2012, the Company
employed an average of 2,375 people, most of which are based in Russia and
Kazakhstan. 
 

Key financial figures for Q1 2012


[million EUR]   
                              Q1 2012    Q1 2011    Change in %
Revenues                         75.3       61.0       23.5
Cost of sales                    65.9       55.5       18.6
Gross profit                      9.5        5.5       73.5
EBITDA                           14.0        8.7       61.4
EBITDA margin (%)                18.5       14.2    
EBIT                              4.0        0.5       >100
EBIT margin (%)                   5.3        0.9     
Net income                        2.5       -1.0       >100
Earnings per share (EUR)        0.051     -0.020       >100
Equity Ratio (%)*                66.9       62.3    
                        
Cash flow from
operating activities              9.0        0.3       >100
Cash flow from
investing activities             -5.6      -27.4      -79.4
Cash flow from
financing activities             -9.5        6.0      >-100
Cash and cash equivalents*       23.0       30.4      -24.3
                        
Total job count                   800        770        3.9
Per-job revenue (thou. EUR)        92         79       16.0
Employees                       2,375      2,362        0.6



* As of 31 March 2012 and 31 December 2011 respectively


Further inquiry note:
Thomas M. Krammer
Tel: +49(0)69-92037-183
Email: thomas.krammer@fticonsulting.com

end of announcement                               euro adhoc 
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company:     C.A.T. oil AG
             Kärtner Ring 11-13
             A-A-1010 Wien
phone:       +43(0) 1 535 23 20 - 0
FAX:         +43(0) 1 535 23 20 - 20
mail:     ir@catoilag.com
WWW:      http://www.catoilag.com
sector:      Oil & Gas - Upstream activities
ISIN:        AT0000A00Y78
indexes:     SDAX, Classic All Share, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt 
language:   English
 



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