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Petro Welt Technologies AG

C.A.T. oil AG increases revenues by 37.8% in Q1 2008

Vienna (euro adhoc) -

• New record high in job count
 • Massive expansion of operational 
capacities proves successful
 • Bottom-line results impacted by 
increasing price competition and a higher cost base
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
finances
May 30, 2008 - 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 quarter of financial year 2008. The first quarter results 
clearly reflect the massive expansion of the Company´s operative 
capacities. Overall, C.A.T. oil increased its total job count across 
all services by 64.2% to 729 jobs compared to 444 jobs in Q1 2007. As
a consequence, revenues in the first quarter rose 37.8% to EUR 65.9 
million in Q1 2008 (Q1 2007: EUR 47.9 million).
The main driver for the steep rise in job count and revenues in the 
first quarter was strong growth in demand for C.A.T. oil´s services 
supported by the improved utilization of new capacity which the 
Company put into operation in the course of 2007. In Q1 2008 C.A.T. 
oil operated 15 fracturing fleets and 10 sidetrack drilling rigs in 
comparison to 12 fracturing fleets and two sidetrack drilling rigs in
the first quarter of 2007. Consequently, the Company´s fracturing job
count rose 70.2% and sidetrack drilling job count increased by 350%. 
Additionally, auxiliary cementing jobs rose 68.4% and workover jobs 
15.9% YoY.
Bottom-line results impacted by increasing operating costs
Due to the massive expansion of the operating capacity and job count,
C.A.T. oil´s cost base significantly increased in Q1 2008. Costs of 
goods sold rose by 56.5% YoY to EUR 57.3 million in Q1 2008 (Q1 2007:
EUR 36.6 million) mainly due to a combination of a 31.4% YoY increase
in materials and supply, an 87.5% gain in direct costs and a 64.4% 
rise in wages and salaries due to a 29,8% expansion in the Company´s 
average headcount and a 29.9% rise in average wages. Furthermore, 
depreciation went up 116.7% YoY to EUR 5.2 million in Q1 2008 (Q1 
2007: EUR 2.4 million). Additionally, the extensive increase in the 
number of service jobs was partly offset by a decline in an 
average-per-job-revenue to thou. EUR 90.5 in Q1 2008 in comparison to
thou. EUR 107.8 in the first quarter of last year. This decrease is 
mainly due to a combination of the ruble devaluation against the euro
and weaker fracturing prices as a result of an intensifying 
competition in the Russian fracturing market since late 2007. 
Consequently, C.A.T. oil´s EBITDA decreased by 22.8% YoY to EUR 7.3 
million compared to EUR 9.5 million in the first quarter of financial
year 2007. A combination of lower EBITDA and higher depreciation led 
to a 69.4% decline in the Company´s EBIT to EUR 2.2 million in Q1 
2008 (Q1 2007: EUR 7.1 million). EBITDA- and EBIT-margins decreased 
to 11.1% and 3.3% respectively (Q1 2007: 19.8% and 14.9% 
respectively). The Q1 2008 net income amounted to EUR 0.4 million (Q1
2007: EUR 4.9 million) and earnings per share were EUR 0.01 (Q1 2007:
EUR 0.10).
The Company´s cash flow from operating activities in Q1 2008 climbed 
up to EUR 7.7 million compared to EUR 0.5 million in the same quarter
of 2007. Cash flow from investing activities was EUR -8.8 million (Q1
2007: EUR 28.6 million) and cash flow from financing activities 
amounted to EUR 0.7 million reflecting primarily short-term overdraft
facilities at the operating subsidiaries level. By the end of Q1 2008
C.A.T. oil had cash and cash equivalents of EUR 12.1 million compared
to EUR 15.0 million at the end of financial year 2007. C.A.T. oil´s 
impressive expansion in operating capacities in the course of 2007 is
also reflected in the average headcount of the Company. In Q1 2008 
C.A.T. oil had an average of 3,449 employees compared to 2,657 in the
first quarter of 2007.
Strong expansion and diversification to pay off in 2008
The significant investment program of 2007 has laid the foundation 
for further growth in the upcoming quarters. Manfred Kastner, CEO of 
C.A.T. oil, said: "The first quarter results certainly prove that 
C.A.T. oil keeps on growing. We saw persistently increasing demand 
for our services within the Russian and Kazakh oil and gas industry 
and have expanded our market position throughout our entire service 
portfolio. On the other hand, high front-loaded costs are still 
having a significant impact on our earnings situation. But we are 
convinced that we have set a clear course towards new, high-margin 
and strategically important sectors and that beyond doubt we will 
finally translate our massive investments into high EBITDA growth for
2008."
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 in Vienna and employed an average of
3,449 people in the first quarter of 2008, 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

Further inquiry note:

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

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

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