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17.03.2021 – 08:00

Schoeller-Bleckmann Oilfield Equipment AG

EANS-News: Schoeller-Bleckmann Oilfield Equipment AG: Positive operating result despite the prevailing turbulences on the global markets

  Corporate news transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is responsible for the content of this announcement.

Annual Result

Ternitz/Vienna - 17 March 2021.

* Operating result of MEUR 1.2, COVID-19 related reduction in sales to MEUR
* Exchange losses and non-cash impairments weigh on results, with profit after
  tax at MEUR minus 21.7
* High operating cashflow of MEUR 94.3 and net liquidity of MEUR 9.5 strengthen

Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the leading ATX index
of the Vienna Stock Exchange, has met the challenges of 2020 with experienced
management team and targeted measures to reduce the negative effects of the
COVID-19 pandemic. Despite the massive crisis resulting therefrom, the SBO Group
generated a break-even operating result. The exceptional global situation and
the drop in demand for oil and gas led to a decline in sales and results. The
high level of cash and net liquidity strengthened the company in this
challenging market environment.

SBO Group sales fell by 34.6% due to the global economic crisis and lower energy
consumption, arriving at MEUR 291.2, down from MEUR 445.3 in 2019. Bookings came
to MEUR 235.1 (2019: MEUR 467.2), a decrease of 49.7%. The order backlog was
MEUR 65.2 at the end of 2020 (31 December 2019: MEUR 123.0). Earnings before
interest, taxes, depreciation and amortization (EBITDA) stood at MEUR 27.1
(2019: MEUR 108.6). Profit from operations was positive at MEUR 1.2, but was
impacted by exchange losses of net MEUR 6.8. As a result, profit from operations
(EBIT) before one-off items was MEUR minus 5.6 (2019: MEUR 60.8). Due to non-
cash impairments at North American subsidiaries and restructuring expenses of
MEUR 22.3, EBIT after one-off items came to MEUR minus 28.0 (2019: MEUR 60.2).
The EBITDA margin was 9.3% (2019: 24.4%), and the EBIT margin was minus 9.6%
(2019: 13.5%).

The financial result in 2020 arrived at MEUR minus 3.2 (2019: MEUR minus 12.3).
Impacted by the one-off items described above, profit before tax dropped to MEUR
minus 31.2 (2019: MEUR 47.9). Profit after tax was MEUR minus 21.7 in 2020
(2019: MEUR 32.3). Earnings per share came to EUR minus 1.38 (2019: EUR 2.03).

"In 2020, the world was faced with the largest economic crisis since World War
II. We could not avoid the effects, but relying on our profound experience in
the management of crises, we navigated safely through the current cycle", says
Gerald Grohmann, CEO of SBO.

High liquidity strengthens position
SBO Group equity arrived at MEUR 287.0 in 2020 (2019: MEUR 370.1). The equity
ratio was 36.9 % at the end of 2020 (2019: 42.3 %). Due to a high positive
cashflow, net debt turned into net liquidity of MEUR 9.5 in 2020 (2019: net debt
MEUR 20.1). Accordingly, gearing also decreased from 5.4 % (2019) to minus 3.3 %
as at 31 December 2020.

Liquid funds increased sharply, arriving at MEUR 314.0 (2019: MEUR 265.2). In
the third quarter of 2020, SBO further strengthened its existing strong
liquidity base by raising funds of MEUR 81.0. The operating cashflow arrived at
MEUR 94.3 in the year 2020 (2019: MEUR 98.1). Free cashflow rose from MEUR 63.8
in 2019 to MEUR 80.1. Capital expenditure on property, plant and equipment and
intangible assets (CAPEX) amounted to MEUR 16.2 (2019: MEUR 31.5), and purchase
commitments for property, plant and equipment came to MEUR 3.7 (2019: MEUR 5.0).

Due to the development of the crisis year 2020 and the negative result, the
Executive Board will propose to the Annual General Meeting on 29 April 2021 not
to distribute a dividend for the financial year 2020 (2019: EUR 1.20 per share).

Outlook 2021
Although the uncertain current situation hardly allows for reliable, resilient
forecasts of future economic development and recovery of the oil and gas market,
there are clear signs of an upward trend: the oil and gas industry bottomed out
in the third quarter of 2020, leading to a slight recovery in the market. This
should continue in the following quarters and bring about a noticeable rise, in
particular from the second half of 2021 onward. However, these projections
depend largely on how quickly the COVID-19 pandemic is contained and global
economic growth picks up again.

"We are well prepared for 2021, given our strong liquidity base and effective
anti-crisis measures already in place. Market sentiment has improved recently
due to the roll-out of vaccination programs and additional stimulus packages.
However, we remain vigilant in view of the uncertain market conditions. At Group
level, we expect to see a moderate increase in activities in the first half of
the year, which should gain momentum in the second half of 2021", says CEO

With its high-quality products, the SBO Group contributes to making the supply
with energy more efficient and more economically friendly. "In parallel, we are
continuously working on the implementation of our sustainable growth strategy
and are gradually expanding the scope of application of our technologies in the
oil and gas market as well as in other industries", comments Gerald Grohmann.
The SBO Group has been using "Direct Metal Laser Sintering", an innovative 3D-
metal printing technology, for several years, involving the Group in projects
for the aerospace and semiconductor industries. The aim is to increasingly offer
this manufacturing competence to different industrial sectors so as to gradually
identify potential new business areas for high-precision manufacturing and
broaden the portfolio. Spending for research & development as well as the sound
positioning in demanding niches will secure the frontrunning position of the SBO
Group going forward.

SBO's key performance indicators at a glance
|                  |                   |               2020|               2019|
|Sales             |               MEUR|              291.2|              445.3|
|Earnings before   |                   |                   |                   |
|interest, taxes,  |                   |                   |                   |
|depreciation and  |               MEUR|               27.1|              108.6|
|amortization      |                   |                   |                   |
|(EBITDA)          |                   |                   |                   |
|EBITDA margin     |                  %|                9.3|               24.4|
|Profit from       |                   |                   |                   |
|operations (EBIT) |                   |                   |                   |
|before one-off    |               MEUR|               -5.6|               60.8|
|items             |                   |                   |                   |
|EBIT margin       |                   |                   |                   |
|before one-off    |                  %|               -1.9|               13.7|
|items             |                   |                   |                   |
|Profit from       |                   |                   |                   |
|operations (EBIT) |               MEUR|              -28.0|               60.2|
|EBIT margin       |                  %|               -9.6|               13.5|
|Profit before tax |               MEUR|              -31.2|               47.9|
|Profit after tax  |               MEUR|              -21.7|               32.3|
|Earnings per share|                EUR|              -1.38|               2.03|
|Cashflow from     |                   |                   |                   |
|operating         |               MEUR|               94.3|               98.1|
|activities        |                   |                   |                   |
|Liquid funds      |               MEUR|              314.0|              265.2|
|Headcount         |                   |              1,131|              1,535|

Schoeller-Bleckmann Oilfield Equipment AG (SBO) is a globally operating group of
companies and a leading supplier of sophisticated industrial manufacturing
processes. SBO is listed on the Vienna Stock Exchange and included in the
leading ATX index. The SBO Group is the global market leader in the production
of high-precision components made of non-magnetic, high-alloy stainless steels
manufactured to customer specifications. At the same time, the SBO Group holds a
leading position in high-efficiency drilling tools and equipment for the oil and
gas industry. The Group employs a workforce of more than 1,100 worldwide and is
successfully positioned in technologically demanding and profitable niches. []

Further inquiry note:
Andreas Böcskör, Corporate Communications
Schoeller-Bleckmann Oilfield Equipment AG
Phone: +43 2630 315 ext 252

Ildiko Füredi-Kolarik
Metrum Communications GmbH
Phone: +43 1 504 69 87 ext 351

end of announcement                         euro adhoc
issuer:       Schoeller-Bleckmann Oilfield Equipment AG
              Hauptstrasse 2
              A-2630 Ternitz
phone:        02630/315110
FAX:          02630/315101
ISIN:         AT0000946652
indexes:      WBI, ATX
stockmarkets: Wien
language:     English