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EANS-News: C.A.T. oil AG
C.A.T. oil AG benefits from initiatives to streamline operations

Wien (euro adhoc) -

- EBITDA improved by 10.3% YoY despite lower revenues
 - Cost of 
sales reduced by 16.9%, administrative expenses lowered by 32.1% 
Cash flow from operating activities up by 80.7% YoY
 - Order book 
grows to EUR 198 million in May on robust demand for core services
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
companies/Quarterly Report
May 29, 2009 - 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 2009. During the first three months C.A.T. oil 
realized first effects from its comprehensive cost cutting program 
which was initiated to streamline operations and increase efficiency.
As a result, the company improved its EBITDA by 10.3% YoY to EUR 8.1 
million (Q1 2008: EUR 7.3 million) despite lower group revenues. The 
EBITDA margin went up to 15.0% in the reporting period from 11.1% in 
the prior-year-quarter.
In the fourth quarter 2008 C.A.T. oil had renegotiated contracts with
suppliers and subcontractors and had implemented a program to adjust 
the number of employees in Russia and Kazakhstan to the changed 
market conditions. As a consequence, cost of sales were brought down 
by 16.9% to EUR 47.6 million (Q1 2008: EUR 57.3 million) and general 
and administrative costs were reduced by 32.1% to EUR 4.4 million (Q1
2008: EUR 6.6 million) in the first quarter 2009. Personnel expenses 
declined by 23.8% due to lower wage levels and the reduced workforce 
which amounted to 3,228 employees (Q1 2008: 3,449 employees). Cost 
saving effects from the Company´s cost cutting measures were, 
however, partly offset by provisions of EUR 1.5 million attributable 
to operating costs for seismic operations in Nigeria.
Revenues impacted by economic slowdown, seasonal effects and Rouble 
devaluation
The streamlining of operations offset declining group revenues which 
were mainly influenced by three factors: the economic slowdown as 
well as harsh weather conditions caused a decrease in total job count
by 7.2% to 667 jobs (Q1 2008: 719 jobs). In addition, the unfavorable
exchange rate of the Russian Rouble against the Euro had a 
significant impact. Revenues therefore declined by 18.4% to EUR 53.8 
million (Q1 2008: EUR 65.9 million), although they remained stable in
local currencies. Average revenues per job were par-ticularly 
impacted by the devaluation of the Rouble and fell by 12.2% YoY to 
TEUR 81 (Q1 2008: TEUR 92). Due to the greater complexity of service 
jobs carried out, however, C.A.T. oil was able to slightly increase 
revenues per job in local currencies by 3.9% YoY for hydraulic 
fracturing and 4.3% YoY for sidetrack drilling despite the ongoing 
price pressure for oil and gasfield ser-vices in Russia and 
Kazakhstan.
C.A.T. oil´s gross profit for the first quarter amounted to EUR 6.1 
million (Q1 2008: EUR 8.6 million) which mainly reflected the lower 
level of revenues on a Euro basis. Earnings before interest and 
corporate tax (EBIT) was at EUR 1.3 million (Q1 2008: EUR 2.2 
million), and EBIT margin amounted to 2.3% (Q1 2009: 3.3%).
Currency translation losses significantly impact financial result and
pre-tax result
For the first quarter 2009 C.A.T. oil reported a net financial result
of EUR -3.5 million (Q1 2008: EUR -0.5 million) which was affected by
unrealized foreign currency translation losses of EUR 2.1 million as 
well as realized foreign currency translation losses of EUR 0.7 
million on euro-denominated inter-company loans. Mainly as a 
consequence of the increased financial expenses C.A.T. oil reported a
pre-tax loss of EUR 2.2 million (Q1 2008: EUR 1.7 million).
C.A.T. oil´s net result amounted to EUR -0.9 million (Q1 2008: EUR 
0.4 mil-lion); an incurred net income tax gain of EUR 1.3 million (Q1
2008: EUR -1.2 million) failed to offset pre-tax losses. Losses per 
share amounted to EUR 0.019, compared to earnings per share of EUR 
0.009 in Q1 2008.
Solid financial position and extremely strong equity base
C.A.T. oil´s cash flow from operating activities grew by 80.7% to EUR
13.9 mil-lion compared to EUR 7.7 million in the same quarter of 
2008. Cash flow from investing activities was a net outflow of EUR 
3.2 million and was significantly lower than in Q1 2008 (net outflow 
of EUR 8.7 million) as the Company reduced its capital expenditures 
to a maintenance level. Cash flow from financing activities was a net
outflow of EUR 9.1 million in Q1 2009 (Q1 2008: net inflow of EUR 0.7
million) and reflects an early repayment of EUR 10 million of the EUR
30 million credit line which had been drawn in the fourth quarter 
2008 and which is part of the long-term total credit line C.A.T. oil 
had secured in November 2008. Cash and cash equivalents amounted to 
EUR 14.1 million at 31 March 2009 and remained effectively stable 
compared to the level of EUR 14.4 million at 31 December 2008. Since 
a strong equity base is critical for its corporate strategy, the 
Company kept its equity ratio at a very healthy level of 72.7% on 31 
March 2009 (31 December 2008: 73.4%).
Continued focus on increasing efficiency and further strengthened 
customer relationships
Following its massive capacity expansion between 2006 and 2008, 
C.A.T. oil is now focusing on making even more flexible and 
intelligent use of its existing technologies. The Company will 
therefore keep capital expenditures below historic levels and, apart 
from one sidetrack drilling rig to be delivered in the first half of 
2009, use investments primarily for material procurement and 
maintenance. Despite the continuing economic and financial crisis, 
C.A.T. oil sees itself in a solid position to deal with the 
challenging market conditions.
Manfred Kastner, CEO of C.A.T. oil, said: "We have just received 
another sidetrack drilling order worth EUR 10 million by Russia´s 
largest oil producer LUKOIL, raising our total order book volume to 
EUR 198 million. This proves yet again that our customers appreciate 
our integrated service approach, our state-of-the-art-technology and 
our high quality standards. As demand for our services remains robust
we see ourselves well prepared for the challenges ahead. We will, 
moreover, continue with our disciplined cost cutting program and 
remain committed to further streamline our operations, thereby 
preparing C.A.T. oil for the time when markets will fundamentally 
recover and we will be able to make full use of our capabilities and 
further improve our competitive position in Russia and Kazakhstan."
www.catoilag.com
Press contact:
A&B Financial Dynamics
Carolin Amann                   Lucie Kimmich
Tel.: +49 (0)69 92037-132       Tel.: +49 (0)69 92037-183
Email:  c.amann@abfd.de          Email:  l.kimmich@abfd.de
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 and is listed in the Prime Standard of the Frankfurt Stock
Exchange. One of C.A.T. oil´s core businesses 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. Hydraulic fracturing is a method 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 addi-tion, hydraulic 
fracturing can be used to revitalize wells which have previously been
idle.
Since its IPO in 2006 C.A.T. oil has also increasingly invested in 
sidetrack drilling and thus built up a second core business. 
Sidetrack drilling is a method which uses an already existing 
wellbore to create another one and is used to either avoid 
irreparable damages of the wellbore or the equipment or to reach 
further parts of the reservoir. Over the past few years demand for 
the high-margin sidetrack drilling service has con-tinuously 
increased. The method allows to efficiently build up additional 
production capacities and to further exploit the potential of a well.
In the field of sidetrack drilling, C.A.T. oil is already number 2 in
Russia.
The Company has its headquarters in Vienna and employed an average of
3,228 people in the first quarter of 2009, most of whom are based in 
Russia and Kazakh-stan. Customers include leading oil and gas 
producers such as Gazprom, KazMunai-Gaz, LUKOIL, Rosneft, and TNK-BP.
C.A.T. oil has been a member of the SDax since September 18, 2006.
Key financial figures for the first quarter 2009
[in million EUR]                          Q1 2009     Q1 2008 Change in %
Revenues                                     53.8      65.9     -18.4
Cost of sales                                47.6      57.3     16.9
Gross profit                                  6.1      8.6      -10.6
EBITDA                                        8.1      7.3      10.3
EBITDA margin                                15.0%     11.1%
EBIT                                          1.3      2.2      -42.4
EBIT margin                                  2.3%      3.3%
Net result for period                       -0.91      0.44     46.9
Earnings per share (in EUR)                 -0.019     0.009
Equity Ratio                                 72.7%     77.7%
Cash flow from operating activities           13.9       7.7     80.7
Cash flow from investing activities           -3.2      -8.7     -63.6
Cash flow from financing activities           -9.1       0.7     -1347.4
Cash and cash equivalents                     14.1      12.1     16.3
Total job count                                667      719      -7.2
Per-job revenue (in thou. EUR)                  81       92
Employees                                    3,228     3,449
end of announcement                               euro adhoc

Further inquiry note:

Lucie Kimmich
Tel.: +49 (69) 920 37-183
E-Mail: l.kimmich@abfd.de

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

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