Schoeller-Bleckmann Oilfield Equipment AG
euro adhoc: Schoeller-Bleckmann Oilfield Equipment AG
quarterly or semiannual
financial statement
Schoeller-Bleckmann Oilfield Equipment AG: Further
improvement of company financials in Q1/2008 - Successful commissioning of new
production facility at
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
3-month report
20.05.2008
ADHOC REPORT
Schoeller-Bleckmann Oilfield Equipment AG: Further improvement of company financials in Q1/2008 - Successful commissioning of new production facility at Ternitz site - Long-term demand for high-tech drilling technology sustained - Favourable business development expected for 2008
Ternitz, 20 May 2008. Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the ATX segment of the Vienna Stock Exchange, continued its positive business development throughout the first quarter of 2008. Group sales grew by 25 % from MEUR 70.8 in the first quarter of 2007 to MEUR 88.6 in the first quarter of 2008, EBIT rose from MEUR 15.9 to MEUR 20.2 (up 27 %). Accordingly, the EBIT margin was improved to 22.7% over the same quarter of last year (Q1/ 2007: 22.5 %). Profit before tax at the end of the first quarter of 2008 climbed to MEUR 18.9, following MEUR 15.8 (up 20 %) in the first quarter of 2007. Due to this excellent company development, profit after tax also went up to MEUR 13.3, following MEUR 11.5 in the previous year, increasing by 16 %. Consequently, earnings per share of EUR 0.83 also were up 16 % against last year´s EUR 0.72. The above sales and net income figures were achieved despite of the decline in the USD/EUR exchange rate by around 14 % over the first quarter of 2007.
Capacity expansions to reduce order backlog Bookings slightly slowed down towards the end of the first quarter, but despite of the weaker USD/EUR currency exchange rate went up as much as 11 % to MEUR 74.6 against MEUR 67.4 in the first quarter of 2007. Due to the current capacity expansions at all sites, delivery times were cut and the order backlog could be reduced for the first time in many quarters. At the end of the first quarter of 2008 bookings stood at MEUR 212 after MEUR 249 at the end of 2007 and MEUR 230 at the end of the first quarter of 2007. Despite of the continued tense situation in the skilled labour market, Schoeller-Bleckmann could hire additional employees, increasing the headcount to 1,249 as at 31 March 2008, following 1,222 at the end of 2007.
The strategic investment programme was strictly continued over the first quarter of 2008, as the new production facility in Ternitz/Austria was completed and commissioned as planned. In Houston/USA, development of land acquired last year was started.
Outlook - favourable business development 2008 Long-term demand for high-tech components for the oilfield service industry has remained unchanged, even if order intake at SBO has recently slowed down somewhat compared with the preceding quarters. Due to the production capacity expansion of Schoeller-Bleckmann and long-term delivery contracts for the new plant in Ternitz, long-ranging order dispositions of customers are not required any more to the extent seen in previous years. Business development may also be influenced by the USD/EUR exchange rate and global economic development. On the whole, however, business in 2008 is expected to develop favourably.
Comparison of key figures in MEUR
1-3/2008 1-3/2007 Change Sales 88.6 70.8 25 % EBIT 20.2 15.9 27 % EBIT margin(%) 22.7 22.5 Profit before tax 18.9 15.8 20 % Profit after tax 13.3 11.5 16 % EPS in EUR * 0.83 0.72 16 % Headcount ** 1,249 1,119 12 % * based on average shares outstanding ** reporting date 31 March. Schoeller-Bleckmann Oilfield Equipment AG is the global market leader in high-precision components for the oilfield service industry. The business focus is on non-magnetic drillstring components for directional drilling. SBO employs a workforce of 1,249 worldwide (31 December 2007: 1,222), 383 in Ternitz/Austria and 614 in North America (including Mexico).
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Gernot Bauer, Head of Investor Relations,
Schoeller-Bleckmann Oilfield Equipment AG, A-2630 Ternitz, Hauptstraße 2,
Tel: +43 2630/315 ext 250, fax ext 501, E-mail: g.bauer@sbo.co.at
Mick Stempel, Hochegger|Financials, Tel: +43 1/504 69 87 ext 85,
E-Mail: m.stempel@hochegger.com
Branche: Oil & Gas - Upstream activities
ISIN: AT0000946652
WKN: 907391
Index: WBI, ATX Prime, ATX
Börsen: Wiener Börse AG / official dealing
Original-Content von: Schoeller-Bleckmann Oilfield Equipment AG, übermittelt durch news aktuell