Schoeller-Bleckmann Oilfield Equipment AG: Sound development continued in the first quarter of 2018, supported by rising bookings in international business
- International market environment shows first signs of recovery
- Bookings up 73 % year-on-year to MEUR 121.2
- North America remains driver of growth, SBO benefits from top positioning
Ternitz/Vienna, 23 May 2018. Schoeller-Bleckmann Oilfield Equipment AG (SBO) continued its sound business development in 2017 throughout the first quarter of 2018. The sustained strong market environment in North America had a positive effect on the business of SBO. At the same time, gradual international recovery led to sharply rising bookings for the company listed on the ATX market of the Vienna Stock Exchange.
In the first quarter of 2018, SBO's sales climbed by 56.6 % to MEUR 94.2, following MEUR 60.1 in the same period of last year. Bookings went up even higher, by 73.4 %, to MEUR 121.2 in the first quarter of 2018 (1-3/2017: MEUR 69.9). The order backlog doubled, standing at MEUR 61.8 at the end of the first quarter of 2018 (31 March 2017: MEUR 30.5).
"The positive trend observed in the past year has continued throughout the first quarter of 2018. What is encouraging is the fact that international markets have sent clear signals of revival", comments Mr. Grohmann, CEO of SBO. "This is also reflected in the steep rise of our bookings. North America continues to be the focus, but gradually recovering international markets are slowly gaining importance for our business.“
Result improved, balance sheet sound
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) more than tripled to MEUR 25.2, following MEUR 7.2 in the first quarter of 2017. The operating result (EBIT) turned clearly positive versus the same period of last year, arriving at MEUR 13.6 (1-3/2017: MEUR minus 5.8). The EBITDA margin stood at 26.8 % (1-3/2017: 12.0 %), which is above the long-term average of 24.1 %, and the EBIT margin came to 14.4 % (1-3/2017: minus 9.6 %).
The financial result in the first quarter of 2018 amounted to MEUR minus 8.0 (1-3/2017: MEUR minus 0.5), including MEUR minus 7.1 for dividend payments to minority shareholders. Profit before tax was MEUR 5.5 (1-3/2017: MEUR minus 6.3), profit after tax was MEUR 3.7 (1-3/2017: MEUR minus 4.9). Earnings per share came to EUR 0.23 (1-3/2017: EUR minus 0.31).
SBO's balance sheet is sound: The equity ratio stood at 42.6 % at the end of the first quarter of 2018 (31 March 2017: 52.6 %). The net debt arrived at MEUR 59.5 (31 March 2017: MEUR 54.9). Liquid funds at the end of the first quarter amounted to MEUR 157.9 (31 March 2017: MEUR 188.8). The operating cashflow came to MEUR 7.8 (1-3/2017: MEUR 2.1), free cashflow to MEUR 1.9 (1-3/2017: MEUR minus 2.6).
"Development has taken the right direction. Our operating result is strong, and our sound balance sheet structure enables us to invest wherever needed", comments Gerald Grohmann. "We have prepared thoroughly for the upswing and can exploit the opportunities arising in the market. As an example, we have expanded our manufacturing portfolio in Vietnam and are realigning our operations in Saudi Arabia to be prepared for further developments in this key market. With our excellent positioning in North America and our R&D activities aimed to evolve our product offering continuously we take an optimistic look as the year unfolds", concludes CEO Grohmann.
Comparison of SBO's key performance indicators
|
|
|
1-3/2018
|
1-3/2017
|
|
Sales
|
MEUR
|
94.2
|
60.1
|
|
Earnings before interest, taxes, depreciation and amortisation
(EBITDA) |
MEUR
|
25.2
|
7.2
|
|
EBITDA margin
|
%
|
26.8
|
12.0
|
|
Earnings before interest and taxes (EBIT)
|
MEUR
|
13.6
|
-5.8
|
|
EBIT margin
|
%
|
14.4
|
-9.6
|
|
Profit before tax
|
MEUR
|
5.5
|
-6.3
|
|
Profit after tax
|
MEUR
|
3.7
|
-4.9
|
|
Earnings per share
|
EUR
|
0.23
|
-0.31
|
|
Cashflow from operating activities
|
MEUR
|
7.8
|
2.1
|
|
Liquid funds
|
MEUR
|
157.9
|
188.8
|
|
Headcount as of 31 March
|
|
1,513
|
1,236
|
SBO is a leading supplier of tools and equipment for directional drilling and well completion applications and the global market leader in the manufacture of high-precision components made of non-magnetic steel. The product offering ranges from complex customer-specific components for the oilfield service industry to a selection of high-efficiency solutions and products for the oil and gas industry. As of 31 March 2018, SBO employed a workforce of 1,513 worldwide (31 December 2017: 1,432), thereof 310 in Ternitz / Austria and 830 in North America (including Mexico).
Further inquiry note:
Andreas Böcskör, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz, Hauptstraße 2
Phone: +43 2630/315 ext 252, fax ext 101
e-mail: a.boecskoer@sbo.co.at
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