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Schoeller-Bleckmann Oilfield Equipment AG

EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG: Solid result despite extremely difficult market environment- Further capacity adjustments planned - Very weak industry cycle expected in 2009

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
19.05.2009
Ternitz/Vienna, 19 May 2009. Schoeller-Bleckmann Oilfield Equipment 
AG (SBO), listed in the ATX segment of the Vienna Stock Exchange, 
generated a solid result despite the extremely difficult market 
environment in the first quarter of 2009, although the considerable 
downturn of the industry cycle was already reflected in the company´s
key financial figures.
Quarterly sales went down around 9 % from MEUR 88.6 in the first 
quarter of 2008 to MEUR 80.8. EBIT arrived at MEUR 15.6, decreasing 
by 23 % over the same quarter of last year (31 March 2008: MEUR 
20.2). As a result, the EBIT margin dropped to 19.3 % (31 March 2008:
22.7 %). Profit before tax of MEUR 13.9 was down 26 % compared with 
the same quarter of last year (MEUR 18.9). In line with this 
development, profit after tax also fell from MEUR 13.3 to MEUR 9.7 
(down 27 %). Earnings per share dropped 27 % quarter-on-quarter from 
EUR 0.83 to EUR 0.61 per share.
This decline was mainly due to the lower operating income, one-off 
expenses for required capacity adjustments and the price pressure 
resulting from the very weak market environment in the oilfield 
service industry.
Cautious review of backlog - basic capacity utilisation secured In 
line with the industry cycle, bookings of SBO were extremely low in 
the first quarter of 2009. As further economic development remains 
highly uncertain, many customers reduced their inventories and 
hesitated to place orders. Negotiations on delivery postponements and
cancellation of existing orders were conducted. For reasons of 
commercial prudence, the existing order backlog was verified for its 
validity with particular caution. Orders currently under negotiation 
with customers for postponement or cancellation were deleted from the
backlog for the time being. Due to the above precautions total 
numbers of bookings and cancellations were roughly equal in the first
quarter.
The order backlog as at the end of the first quarter of 2009 was 
approximately MEUR 146 (following MEUR 212 at the end of the first 
quarter of 2008 and MEUR 214 at the end of 2008) and safeguards basic
capacity utilisation for the large part of 2009.
Outlook - continuation of very weak industry cycle expected for 2009 
In the next months, no major change in the hesitant order behaviour 
of SBO´s customers is expected due to the very weak industry cycle in
the oilfield service industry.
Therefore, further capacity adjustments at all sites cannot be ruled 
out, which may result in additional personnel downsizing. Short time 
working in Ternitz beginning with July was agreed with the workers 
council, subject to the formal approval of the Austrian Social 
Partners. In the past, SBO repeatedly demonstrated its ability to 
master economically difficult times with utmost flexibility. 
Moreover, financing of current business is very well secured.
As long-term prospects for the oilfield service industry and SBO 
remain fully intact, SBO adheres to the strategic expansion projects 
in Vietnam (MWD/LWD component manufacture) and in Brazil (Service & 
Supply).
Comparison of key figures in MEUR
1-3/2009           1-3/2008       Change
Sales                       80.8               88.6        - 9 %
EBIT                        15.6               20.2       - 23 %
EBIT margin (%)             19.3               22.7
Profit before tax           13.9               18.9       - 26 %
Profit after tax             9.7               13.3       - 27 %
EPS in EUR *                0.61               0.83       - 27 %
Headcount **                1224               1249        - 2 %
*       based on average shares outstanding
**      reporting date 31 March.
Schoeller-Bleckmann Oilfield Equipment AG is the global market leader
in high-precision components for the oilfield service industry. The 
business focus is on non-magnetic drillstring components for 
directional drilling. As at the end of March 2009, SBO employed a 
workforce of 1224 worldwide after 1394 at the end of 2008, 379 in 
Ternitz/Austria and 539 in North America (including Mexico).
end of announcement                               euro adhoc

Further inquiry note:

Gernot Bauer, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz, Hauptstraße 2
Tel: +43 2630/315 DW 250, Fax: DW 501
E-Mail: g.bauer@sbo.co.at

Mick Stempel, Martin Keitel / Hochegger|Financials
Tel: +43 1/504 69 87 0
E-Mail: m.stempel@hochegger.com / m.keitel@hochegger.com

Branche: Oil & Gas - Upstream activities
ISIN: AT0000946652
WKN: 907391
Index: WBI, ATX Prime, ATX
Börsen: Wien / official dealing

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