EQS-News: First quarter 2023: SBO with continued strong development

EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Quarter
   Results
   First quarter 2023: SBO with continued strong development

   24.05.2023 / 08:00 CET/CEST
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

    First quarter 2023: SBO with continued strong development

     • Bookings increased to MEUR 158, sales up by around 50 % to MEUR 147
     • EBIT rises to MEUR 27 (+72 %), profit after tax almost doubled to MEUR
       21

   Ternitz, 24 May 2023. Schoeller-Bleckmann Oilfield Equipment AG (SBO)
   started 2023 with tailwinds, which was reflected in the high demand for
   SBO’s products and services. The first quarter of 2023 saw a rise in
   bookings of around 22 % to MEUR 157.6, thus exceeding sales again, which
   grew by 47 % to MEUR 147.3. EBIT increased to MEUR 26.7, up by 72 %. The
   EBIT margin also showed a clear improvement, reaching 18.1 %. Profit after
   tax almost doubled to MEUR 21.3. Net liquidity increased to MEUR 41.7 and
   gearing improved to minus 9.5 %.

   Gerald Grohmann, CEO of SBO: “After a record year in 2022, we continue to
   report a pleasing business development for the first quarter of the
   current year. The persistently high level of bookings shows that demand
   for our services remains unbroken. But of course, we are not resting on
   our laurels. With our high-tech products for the energy sector, we
   significantly contribute to enhancing energy security. At the same time,
   we are preparing for the future and aim to become a strong player in the
   renewable energies sector as we are in our core business.” 

   Robust bookings and continued strong growth

   SBO’s bookings rose to MEUR 157.6 in the first three months of 2023
   (1-3/2022: MEUR 129.1, +22.1 %). Sales increased significantly to MEUR
   147.3 (1-3/2022: MEUR 100.5, +46.6 %). The order backlog at the end of
   March stood at MEUR 269.6 (31  December 2022: MEUR 265.0).

   Earnings before interest, taxes, depreciation and amortization (EBITDA)
   came in at MEUR 33.4 in the first quarter of 2023, compared to MEUR 23.5
   in the first quarter of 2022. The EBITDA margin decreased slightly to 22.7
   % (1-3/2022: 23.4 %), caused by exchange losses of MEUR 3.8 (1-3/2022:
   exchange gains of MEUR 1.8). Profit from operations (EBIT) amounted to
   MEUR 26.7, an increase of 72.2 % year-on-year (1-3/2022: MEUR 15.5).

   SBO generated a profit before tax of MEUR 27.0 (1-3/2022: MEUR 14.3), with
   profit after tax almost doubling to MEUR 21.3 (1-3/2022: MEUR 11.4).
   Earnings per share increased to EUR 1.35 in the first quarter of 2023
   (1-3/2022: EUR 0.72). 

   "The year 2023 has started promisingly for us. We are enjoying continued
   strong market momentum and strong customer demand. This is reflected in
   our figures, both in sales growth and in the significant increase in EBIT
   and EBIT margin. These results underpin our leading positioning in the
   market", comments SBO’s CEO Gerald Grohmann.

   Positive development in both segments

   SBO's business consists of the two segments “Advanced Manufacturing &
   Services” (AMS) and “Oilfield Equipment” (OE). Sales of the AMS segment
   rose to MEUR 81.9 in the first three months (1-3/2022: MEUR 49.1), profit
   from operations (EBIT) more than doubled to MEUR 17.5 (1-3/2022: MEUR
   8.0). Sales of the OE segment grew to MEUR 65.4 (1-3/2022: MEUR 51.4),
   EBIT increased by about half to MEUR 11.7 (1-3/2022: MEUR 7.6). 

   Balance sheet further improved

   As at 31 March 2023, SBO's equity amounted to MEUR 438.4 (31 December
   2022: MEUR 425.0).

   The equity ratio remained unchanged at 47.1 % (31 December 2022: 47.1 %).
   Net liquidity increased to MEUR 41.7 (31 December 2022: MEUR 34.5).
   Gearing improved to minus 9.5 % (31 December 2022: minus 8.1 %). Liquid
   funds grew to MEUR 302.5 (31 December 2022: MEUR 287.8). Cashflow from
   operating activities multiplied to MEUR 19.6 in the first quarter of 2023
   (1-3/2022: MEUR 3.8), and free cashflow was clearly positive at MEUR 12.8,
   after a negative free cashflow of MEUR minus 1.3 in the first quarter of
   2022. Capital expenditure in property, plant and equipment and intangible
   assets (excluding right of use assets) amounted to MEUR 7.3 (1-3/2022:
   MEUR 5.0).

   Positive outlook for the remainder of the year

   The oilfield service industry is starting 2023 with a positive outlook:
   The rising global demand for energy and effects of the necessary catch-up
   from underinvestment in the exploration and production of new oil and gas
   deposits in recent years require additional investment. Given the industry
   fundamentals, it is common belief that this spending cycle will be more
   durable and robust than previous cycles. While North America is expected
   to see flat growth due to the moderate development of the gas price and
   the ongoing budget discipline for a couple of years already, the Middle
   East, South America and Africa continue to be growth drivers in the
   industry. In addition, China, which was particularly impacted by the
   COVID-19 pandemic at the beginning of the year, is also displaying a
   resurgence in growth. The industry's positive outlook is underpinned by
   the need for supply security and mounting catch-up effects. The key
   components provided by SBO are important tools for successful and
   efficient drilling and well completion.

   "We want to continue to provide energy security with our existing core
   business and see good growth opportunities in those business areas. At the
   same time, we are taking advantage of the current market situation to
   build a new segment in the new energy area. We are currently involved with
   our key components in geothermal projects on several continents. At
   present, we anticipate a very good financial year 2023", says CEO Gerald
   Grohmann.   

   SBO’s Key Performance Indicators at a glance

                                                            1-3/2023 1-3/2022
   Sales                                               MEUR    147.3    100.5
   Earnings before interest, taxes, depreciation and   MEUR     33.4     23.5
   amortization (EBITDA)
   EBITDA margin                                          %     22.7     23.4
   Earnings before interest and taxes (EBIT)           MEUR     26.7     15.5
   EBIT margin                                            %     18.1     15.4
   Profit before tax                                   MEUR     27.0     14.3
   Profit after tax                                    MEUR     21.3     11.4
   Earnings per share                                   EUR     1.35     0.72
   Cashflow from operating activities                  MEUR     19.6      3.8
   Liquid funds as of 31 March 2023 /                  MEUR    302.5    287.8
   31 December 2022
   Net liquidity as  of 31  March 2023  / 31  December MEUR     41.7     34.5
   2022
   Headcount as of 31 March 2023 /                             1,521    1,484
   31 December 2022

   SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktiengesellschaft (SBO) is a
   globally operating group of companies and world market leader in the
   manufacture of high-alloy, non-magnetic stainless steels. The SBO Group is
   engaged in high-precision production of stainless steels as special
   components for the oil, gas and other industries by applying innovative
   and additive technologies. The SBO Group is equally recognized worldwide
   for its directional drilling tools and equipment for well completion. With
   its subsidiaries and more than 1,500 employees worldwide, the Group is
   successfully positioned in technologically demanding, profitable niches.
   The Group is headquartered in Ternitz, Austria. Making an active
   contribution to energy transition is a key element of the Group's Strategy
   2030. More detailed information on the Strategy 2030 and sustainable
   management (ESG) is available in the Annual Report 2022
   at https://www.sbo.at/publikationen.

   Contact:

   Andreas Böcskör, Group Communications

   Schoeller-Bleckmann Oilfield Equipment AG

   Tel: +43 2630 315 DW 252

   E-Mail: [1][email protected]

    

   Ildiko Füredi-Kolarik

   Metrum Communications GmbH

   Tel: +43 1 504 69 87 DW 351

   E-Mail: [2][email protected]

   ══════════════════════════════════════════════════════════════════════════

   24.05.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
   www.eqs.com

   ══════════════════════════════════════════════════════════════════════════

   Language:    English
   Company:     Schoeller-Bleckmann Oilfield Equipment AG
                Hauptstrasse 2
                2630 Ternitz
                Austria
   Phone:       +43 (0)2630/315110
   Fax:         +43 (0)2630/315101
   E-mail:      [email protected]
   Internet:    http://www.sbo.at
   ISIN:        AT0000946652
   Indices:     ATX
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 1639787


    
   End of News EQS News Service


   1639787  24.05.2023 CET/CEST

References

   Visible links
   1. mailto:[email protected]
   2. mailto:[email protected]

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS - WWW.OTS.AT |

print