C.A.T. oil AG

EANS-News: C.A.T. oil AG experienced good start in first quarter 2016: Revenues in Rouble and profitability maintained on level of 2015, but exchange rate dynamics puts pressure on consolidated financial statements

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Subtitle: •	Sales revenues in rouble maintain their level of 2015
•	Rouble declines by 16.9% yoy on average basis
•	Consolidated sales revenues in EUR by 16.0% lower
•	EBITDA margin at satisfying level of 25.3%
•	Consolidated net result lower by 22.0% at EUR 4.3 million
•	Equity base held on high level – equity ratio strengthened 
•	Strong turnaround in operating cash flow and strong liquidity position
•	Full capacity utilization of all plants in 2016 foreseeable


Earnings/Financial Results for the first quarter 2016

In the first three months of 2016 the C.A.T. oil Group experienced a good start
despite the ambivalent economic conditions: The revenues in Russian Roubles
maintained the level of 2015 and the service operation facilities of the Company
were contracted almost up to 100% for the year 2016. This was performed although
the business environment confronted the industry with some challenges. The
Russian Rouble had continued it's devaluation by 16.9%. The companies of C.A.T.
oil Group carry out almost all their service contracts in Russian Roubles,
whereas the consolidated financial statements are calculated in Euro. On the
other hand, the Brent oil price improved from the lowest level of 28.6 USD up to
39.6 USD. Unfortunately this strong recovery was not enough to reanimate
investment activities of oil producers and service fees paid to OFS providers
had remained under pressure.

In this environment C.A.T. oil Group managed to maintain the sales revenues in
Russian Roubles on the same level as in the first quarter of 2015, which was
better than expected. The number of jobs in the segment Well Services fell by
7.7% to 1,028 due to adjusted demand from oil companies (also because postponed
tender campaign), whereas in the segment Drilling, Sidetracking and IPM the job
count rose by 25.9% to 68 jobs which is mostly related to newly placed rigs and
improved contract conditions.

The consolidated sales revenues in Euro fell from 72.7 EUR million in the first
quarter of 2015 to 61.1 EUR million in the first quarter of 2016. This is a
decline of 16% that is better than depreciation of the Russian Rouble.

Cost of sales went down by 16.2% and amounted in the first quarter of 2016 to
52.0 EUR million. This reduction is justified by higher Rouble depreciation. As
a result, the EBIT dynamics were below the revenue's development.

Consolidated earnings before interest and taxes (EBIT) contracted by 19.5% in
the reporting period to 5.45 EUR millions, thus compressing the respective
margin to 8.9% from 9.3% in the Q1 2015. In the Q1 2015 EBIT amounted to 6.76
EUR millions.

In the first quarter of 2016 the consolidated net result decreased by 22.0%  to
4.3 EUR million (Q1 2015: 5.5 EUR million). The decline is more in comparison
with the reduction of EBIT due to marginally higher taxation rate (18.8% versus
17.1%). Earnings per share amount to 0.09 EUR in the reporting period after 0.11
EUR in the first quarter of the previous year.

High profitability and strong operating cash flows
EBITDA margin in the reporting period reached 25.3% and provided a contribution
of 15.4 EUR millions. Operating cash flow turned from minus 4.6 EUR millions in
Q1 2015 to 19.3 EUR millions in Q1 2016. The managerial cash position which is
presented as sum of cash and cash equivalents and bank deposits increased by
50.6% from 40.3 to 60.7 EUR millions. 

Confident outlook for 2016
Due to improved economic and market trends we adjusted our assumptions on
exchange rate to 75-77 Russian Rouble for 1 euro. The management expects revenue
from operations in Russian Rouble to raise by 1 or 2% in 2016. The margins
regarding EBIT and EBITDA are expected to keep their satisfactory level around
12% and 25% respectively. The Management will keep a focus on cost of sales
which are expected to keep their current level in Russian Rouble.

The full report on the first quarter  of 2016 is available for download on our
corporate website at www.catoilag.com.

Further inquiry note:
SCHOLDAN&Comp. 
Bernhard Grabmayr 
office@scholdan.com 
+43-1-513 23 88-0

end of announcement                               euro adhoc 
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company:     C.A.T. oil AG
             Kärntner Ring 11-13
             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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