NEWS
Fiscal year 2022: SBO multiplies earnings
· Bookings reached an all-time high of MEUR 646 (+ 88 %), sales at MEUR 501 (+71 %)
· EBIT tripled to MEUR 96, earnings before taxes quadrupled to MEUR 93
· Dividend proposal of EUR 2.00 per share
Ternitz/Vienna, 16 March 2023. Schoeller-Bleckmann Oilfield Equipment AG (SBO), which is listed on the ATX leading index of the Vienna Stock Exchange, reported excellent business development in 2022. The momentum seen in the energy markets and the associated high demand for SBO’s products and solutions resulted in all-time high bookings and multiplied earnings.
SBO Group sales climbed by 71.2 % to MEUR 501.2, compared to MEUR 292.8 in 2021. Bookings reached a record level of MEUR 646.0, an increase of 88.2 % (2021: MEUR 343.3). The order backlog arrived at MEUR 265.0, compared to MEUR 111.7 in 2021. The operating result was increased even further: Earnings before interest, taxes, depreciation and amortization (EBITDA) more than doubled to MEUR 129.1 (2021: MEUR 60.0), EBIT more than tripled to MEUR 96.2 (2021: MEUR 28.2). The EBITDA margin improved to 25.8 % (2021: 20.5 %), the EBIT margin to 19.2 % (2021: 9.6 %).
Profit before and after tax increased strongly: SBO was able to almost quadruple profit before taxes to MEUR 93.3 (2021: MEUR 23.4), while profit after taxes rose to MEUR 75.2 (2021: MEUR 21.0). Earnings per share increased to EUR 4.78 (2021: EUR 1.33).
“Our growth engine was running at full speed last year. The experienced management team, motivated employees and the tailwind from the market contributed to the highly positive development of our business across all markets and in both segments. All of this helped us to generate an excellent result," says Gerald Grohmann, CEO of SBO, on the 2022 result.
High equity, strong liquidity, cashflow doubled
In 2022, equity of the SBO Group increased by 24.7 %, arriving at MEUR 425.0 as at 31 December 2022 (2021: MEUR 340.9). The equity ratio climbed to 47.1 % (2021: 42.3%). Liquid funds totalled MEUR 287.8 (2021: MEUR 291.8). Net liquidity increased significantly to MEUR 34.5 (2021: MEUR 9.9), and gearing ratio improved to minus 8.1 % (2021: minus 2.9 %). The cashflow from operating activities more than doubled to MEUR 52.4 (2021: MEUR 22.9), and free cashflow clearly turned into positive territory to MEUR 27.1 (2021: MEUR minus 17.0). Capital expenditure on property, plant and equipment and intangible assets (CAPEX) increased to MEUR 31.0, compared to MEUR 19.4 in 2021. Purchase commitments for property, plant and equipment amounted to MEUR 5.6 as of 31 December 2022 (2021: MEUR 3.2).
The Executive Board will propose to the Annual General Meeting on 27 April 2023 to distribute a dividend for the financial year 2022 of EUR 2.00 per share (2021: EUR 0.75 per share). At the end of March 2023, SBO will celebrate its 20th anniversary on the Vienna Stock Exchange. Shareholders have also been benefitting from the share price development: The share first quoted for trading at a price of EUR 9.08 on 27 March 2003 and closed at EUR 70.90 on 3 March 2023, an almost eightfold increase. “Over the past twenty years, we have been able to achieve high growth for our shareholders and enable them to participate in the success of our company. We are committed to continue this route and to further convince with our performance,” says CEO Grohmann.
Outlook 2023
Awareness for energy security increased significantly in 2022. For 2023, renowned banks and analyst firms expect global exploration and production (E&P) spending on new oil and gas fields to rise by 14 %, following already strong growth in 2022. In the North American market, E&P spending should go up by 18 %. Internationally, the forecast sees a 13 % increase. Given the above, oil and gas fundamentals remain strong. Increased spending for the exploration and production of new oil and gas fields, low oil inventories and OPEC spare capacities as well as international efforts to achieve energy independence from Russia lead us to expect rising demand for oil and gas. With that, the industry looks to a positive cycle in 2023 and the following years.
At the same time, significant expansion of the New Energy sector is projected as well. The International Energy Agency (IEA) expects primary energy demand to grow by around 1 % per year until 2030. Renewable energies are believed to cover more than half of the total increase in global energy demand on average. A key element of SBO’s Strategy 2030 is to build a new segment outside the current core business, which in the long term is to generate around 50 % of Group sales primarily in sustainable energy technologies. Internal and external projects already underway to identify promising technologies and targets in the new energy area will be continued consistently.
Gerald Grohmann, CEO of SBO: „With our Strategy 2030, we have positioned ourselves for the most important developments of the energy future and will help shape them with technological innovations. Fundamentals for energy remain strong and we expect the momentum in the markets to continue. With our order books well filled, we are convinced that we will make an important contribution also in 2023, when it comes to guarantee energy supply security and to reorganize the global energy map.”
SBO’s Key Performance Indicators at a glance
|
|
|
2022 |
2021 |
|
Sales |
MEUR |
501.2 |
292.8 |
|
Earnings before interest, taxes, depreciation and amortization (EBITDA) |
MEUR |
129.1 |
60.0 |
|
EBITDA margin |
% |
25.8 |
20.5 |
|
Profit from operations (EBIT) |
MEUR |
96.2 |
28.2 |
|
EBIT margin |
% |
19.2 |
9.6 |
|
Profit before tax |
MEUR |
93.3 |
23.4 |
|
Profit after tax |
MEUR |
75.2 |
21.0 |
|
Earnings per share |
EUR |
4.78 |
1.33 |
|
Cashflow from operating activities |
MEUR |
52.4 |
22.9 |
|
Liquid funds |
MEUR |
287.8 |
291.8 |
|
Headcount as of 31 December |
|
1,484 |
1,267 |
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 our subsidiaries and around 1,500 employees worldwide, we are successfully positioned in technologically advanced, 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: a.boecskoer@sbo.co.at
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