SBO increases half-year result 2022 eightfold
· Significant increase in bookings to MEUR 272 and sales to MEUR 223
· EBIT rose fivefold to MEUR 45, profit after tax eightfold to MEUR 34
Ternitz, August 18, 2022. Schoeller-Bleckmann Oilfield Equipment AG (SBO), which is listed on the ATX leading index of the Vienna Stock Exchange, considerably drove up sales and profit in the first half of 2022. The momentum on the energy markets and strong demand resulted in a clear increase in all key figures. Compared to the first half of the previous year, bookings doubled to MEUR 271.5. In the first six months of the year, SBO’s sales went up by more than two thirds to MEUR 222.7. At MEUR 44.8, EBIT rose fivefold year-on-year, and profit after tax of MEUR 34.4 increased eightfold compared to the previous year. Net liquidity rose to MEUR 13.8, and the gearing improved further to minus 3.5 %. The book-to-bill ratio, which compares the number of orders received with sales and serves as an indicator of medium-term development, remained consistently above 1.
CEO Gerald Grohmann: “The momentum observed on the energy markets is boosting spending for exploration and production outside Russia. In the first half of the year, there was strong demand for our products. With our services for the oil and gas industry, we are contributing to energy security. At the same time, we are exploring the market to develop new business areas in the field of renewable energies in the coming years.”
In March 2022, SBO presented its „Strategy 2030“, which provides for building a new segment in the fields of energy transition and green tech industries. In order to drive forward a structured development of the corporate strategy, SBO has concluded a cooperation with the Fraunhofer Institute. At the same time, the company’s core business aims to continue contributing to secure energy supply.
Strong sales and profit development
Bookings went up sharply in the first half of 2022, doubling to MEUR 271.5 (1-6/2021: MEUR 137.2, up 97.9 %). Sales increased by more than two thirds to 222.7 (1-6/2021: MEUR 129.5, up 72.0 %). The order backlog at the end of June rose to MEUR 166.2 (31 December 2021: MEUR 111.7).
Earnings before interest, taxes, depreciation, and amortization (EBITDA) arrived at MEUR 60.9 in 2022, compared to MEUR 25.0 in the first half of 2021, and the EBITDA margin increased to 27.3 % (1-6/2021: 19.3 %). Profit from operations (EBIT) stood at MEUR 44.8, a fivefold increase year-on-year (1-6/2021: MEUR 8.9). Profit before tax generated by SBO went to MEUR 42.7 (1-6/2021: MEUR 6.6), and profit after tax increased eightfold to MEUR 34.4 (1-6/2021: MEUR 4.2). Earnings per share in the first half of 2022 were EUR 2.19 (1-6/2021: EUR 0.27). The strong rise of the US dollar against the euro supported the development of earnings in the first half of 2022.
“Our focused management and the tailwind from the market have led to a positive development of our earnings situation. We have observed growth for the seventh quarter in a row and increased our net result eightfold compared to the first half of 2021. This underlines our course of sustainable growth”, comments SBO's CEO Grohmann.
Both segments with strong growth
SBO's business is divided into two segments, Advanced Manufacturing & Services (AMS) and Oilfield Equipment (OE). While sales of the AMS segment in the first half of the year climbed to MEUR 108.9 (1-6/2021: MEUR 64.7), profit from operations (EBIT) increased sixfold to MEUR 22.0 (1-6/2021: MEUR 3.5). Sales in the OE segment rose to MEUR 113.8 (1-6/2021: MEUR 64.8), and EBIT nearly quadrupled to MEUR 20.0 (1-6/2021: MEUR 5.3)
Solid balance sheet further improved
In the first half of 2022, SBO’s equity increased to MEUR 398.2 (31 December 2021: MEUR 340.9). SBO’s equity ratio went up to 45.2 % (31 December 2021: 42.3 %). Net liquidity rose to MEUR 13.8 (31 December 2021: MEUR 9.9). Gearing improved to minus 3.5 % (31 December 2021: minus 2.9 %). Liquid funds stood at MEUR 274.9 (31 December 2021: MEUR 291.8). Cashflow from operating activities in the first half of 2022 arrived at MEUR 11.4 (1-6/2021: MEUR 12.0). Capital expenditure for property, plant and equipment, and intangible assets (CAPEX) amounted to MEUR 13.8 (1-6/2021: MEUR 9.7).
Positive outlook for the second half of the year
The current environment is fundamentally favorable for the oil and gas industry. European efforts to secure energy independence from Russia, low OPEC spare capacity, low oil inventories and a rising demand support the industry's positive outlook. In addition, a catch-up effect has set in from the second half of 2021 after years of underinvestment in the exploration and production of oil and gas. Worldwide spending for exploration and production should increase by 22 %, by 33 % in North America and 18 % internationally. In order to secure global energy supply, it is expected that production of oil and gas will continue to go up and spending in the regions outside Russia will grow. According to current expectations, the negative effects of developments pointing to recession in some sectors will remain low on demand for oil and gas. This should also be reflected in demand for products and solutions of SBO.
“After years of underinvestment in the exploration and production of oil and gas and current concerns about energy security, exploration and production spending is picking up significantly in the shadow of Russia's war of aggression. This is quite necessary if a new global energy map is to be drawn”, concludes CEO Gerald Grohmann and adds: “Although trends pointing to recession are emerging in some sectors, we expect to see sustained positive business development for our industry in the second half of 2022.”
SBO's key performance indicators at a glance
|
|
UNIT |
1-6/2022 |
1-6/2021 |
|
Sales |
MEUR |
222,7 |
129,5 |
|
Earnings before interest, taxes, depreciation and amortization (EBITDA) |
MEUR |
60,9 |
25,0 |
|
EBITDA margin |
% |
27,3 |
19.3 |
|
Profit from operations (EBIT) |
MEUR |
44,8 |
8,9 |
|
EBIT margin |
% |
20,1 |
6.9 |
|
Profit before tax |
MEUR |
42,7 |
6,6 |
|
Profit after tax |
MEUR |
34,4 |
4,2 |
|
Earnings per share |
EUR |
2,19 |
0.27 |
|
Cashflow from operating activities |
MEUR |
11,4 |
12,0 |
|
Liquid funds as of 30 June 2022 / |
MEUR |
274,9 |
291.8 |
|
Net liquidity as of 30 June 2022 / |
MEUR |
13,8 |
9.9 |
|
Employees 30 June 2022 / |
|
1,417 |
1,267 |
SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktiengesellschaft (SBO) is the global market leader in the production of high-alloy, non-magnetic stainless steels and their high-precision manufacture into special components for the oil, gas and other industries. Innovative traditional and additive technologies are used, such as Direct Metal Laser Sintering (DMLS), a 3D metal printing technology. At the same time the SBO Group is known worldwide for its high-efficiency drilling tools and equipment for the oil and gas industry. The Group employs a workforce of more than 1,400 worldwide and is successfully positioned in technologically demanding, profitable niches. Making an active contribution to energy transition is a key element of the Group's Strategy 2030. With its high-quality products and technologies, the SBO Group already today provides for an increasingly efficient and environmentally friendly supply of energy. While oil and gas remain the most important energy sources, the company's new strategy is a response to changing environmental and climate targets. More detailed information on the Strategy 2030 and sustainable management (ESG) is available in the Annual Report at https://www.sbo.at/publikationen.
Contact:
Andreas Böcskör, Group Communications
Schoeller-Bleckmann Oilfield Equipment AG
Tel: +43 2630 315 DW 252, Fax: DW 101
E-Mail: a.boecskoer@sbo.co.at
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