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Abonner Petro Welt Technologies AG

Petro Welt Technologies AG

C.A.T. oil´s Q1 2007 results impacted by growth related costs and significant capacity additions

Baden/Vienna (euro adhoc) -

•	Revenues up 27.2% y/y to EUR 47.9 million
•	Strong appreciation in revenues per job
•	Operating capacities expanded substantially
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
finances
May 31, 2007 - C.A.T. oil AG (O2C, ISIN:
AT0000A00Y78), one of the leading providers of oil and gasfield 
services in Russia and Kazakhstan, has announced today its Q1 2007 
results. Despite hash weather conditions in Western Siberia, leading 
to a seasonal downturn in job count, the Company sustained dynamic 
growth and boosted revenues substantially. The increase in revenues 
was primarily driven by a strong y/y increase in an average per job 
revenue, which reached a new high during the reporting period. At the
same time C.A.T. oil pressed ahead with its aggressive growth 
strategy and continued adding operating capacity to its core 
hydraulic fracturing business and other services.
The Q1 2007 revenues rose 27.2% y/y to EUR 47.9 million compared to 
EUR 37.6 million a year ago. Driven by substantial enlargement of 
operating capacities, regional diversification, and personnel 
additions, cost of revenues went up 45.4% y/y to EUR 36.6 million (Q1
2006: EUR 25.2 million). Although general and administrative expenses
were successfully reduced 5.9% y/y, the increase in operating costs 
resulted in a 5.5% y/y decline in EBITDA to EUR 9.5 million compared 
to EUR 10.0 million in Q1 2006. EBIT amounted to EUR 7.1 million (Q1 
2006: EUR 8.0 million). As a result, EBITDA and EBIT margins shrinked
to 19.8% and 14.9% respectively (Q1 2006: 26.7% and 21.2%). The Q1 
2007 net income totaled EUR 4.9 million (Q1 2006: EUR 5.3 million), 
and earnings per share - EUR 0.101 (Q1 2006: EUR 0.133).
Investment in regional diversification and expansion of operations
Q1 2007 was again marked by substantial investments in future 
increase as the demand growth for the Company´s service portfolio 
accelerates. To meet customer´s needs the Company extensively 
invested in new equipment and personnel. In Q1 2007 C.A.T. oil set up
10 new workover crews, boosting its total workover operating capacity
to 35 crews. For its core business -hydraulic fracturing, C.A.T. oil 
put three new state-of-the-art fleets into operation at the beginning
of Q1 2007. Additional fracturing equipment, consisting of two new 
fleets, has been ordered and prepaid in order to increase total 
pumping capacity, and is expected to become operational in Q4 2007.
Overall, C.A.T. oil performed 444 service jobs in Q1 2007, up from 
429 jobs a year ago. Simultaneously, the Company significantly 
increased its average revenues per job to thou. EUR 108,000 in Q1 
2007 from EUR 88,000 in Q1 2006 on the back of rising job complexity 
and changing business mix. In Q1 2007, the Company´s headcount 
totaled 2,657 people, a 19.4% increase compared to Q1 2006.
"We are especially pleased with the record level of average revenues 
per job. As expected, our earnings situation has been characterized 
by seasonal weather conditions and by the on-going build-up of 
capacities, as newly operational fleets and teams need some time to 
achieve the same efficiency levels as the ones which have been 
operating for many years. We are convinced that our investment 
program will pay-off with improved growth dynamics during the future 
periods. We are confident that the following quarters will deliver a 
very positive momentum. By the end of this year we will have scaled 
up our capacities by eight more side tracking rigs, of which two will
be put into operation in the second quarter 2007. Four new coiled 
tubing units and two new nitrogen units will be added in the second 
half of 2007 and further strengthen our position in a growing segment
of package well services," outlined Manfred Kastner, CEO of the 
Company.
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 Baden near Vienna and employed 2,427 people at the 
end of 2006, 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 31.05.2007 08:30:00

Further inquiry note:

Claudia Werth
Telefon: +49 (0)69 920 37-114
E-Mail: c.werth@abfd.de

Branche: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
WKN: A0IKWU
Index: Classic All Share, Prime All Share, SDAX
Börsen: Frankfurter Wertpapierbörse / official dealing

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Plus de actualités: Petro Welt Technologies AG