Schoeller-Bleckmann Oilfield Equipment AG
euro adhoc: Schoeller-Bleckmann Oilfield Equipment AG
Quarterly or
Semiannual Financial Statements
Promising development of bookings
in Q1/2004; Dollar exchange rate remains a burden
Sales and result marked by improving economic development; EBIT
m
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Ternitz, May 27, 2004. Schoeller-Bleckmann Oilfield Equipment AG, listed on the prime market of the Vienna Stock Exchange, looks back on a satisfying result for the first quarter of 2004. Group sales generated in Q1/2004 were EUR 35.27 mill. (following EUR 39.31 mill. in the first quarter of 2003). The EBIT was EUR 3.58 mill. (following EUR 5.06 mill. in the first quarter of last year). This corresponds to a satisfying EBIT margin of 10.1 per cent in Q1/2004, which is slightly above the level achieved in 2003.
"Positive economic data from Asia and the US have given the oilfield service industry an important impulse, which was mirrored in bookings worth EUR 37.81 mill., a 20 percent increase over the average quarterly bookings received in 2003 ", comments CEO Gerald Grohmann on the business development in the first quarter of 2004. This rise is due, on the one hand, to the positive demand, and, on the other hand, to the decrease of equipment inventories that took place in the oilfield service industry last year.
However, this development was impaired by the political uncertainties in the Middle East resulting in a speculative hike of the oil price.
The dollar exchange rate was also a burden on SBO. The decline in sales and profit compared with the first quarter of 2003 mainly resulted from an average dollar-euro exchange rate that was around 17% lower than in the same quarter of last year. Adjusted for these currency effects, the EBIT would have been EUR 5.09 mill., which is slightly better than in the same period last year.
Outlook
The development over the coming months will be influenced decisively by a sustained economic upswing in Asia and the US and the demand for oil it would trigger. However, a continued high oil price might have a dampening effect on economic growth and, therefore, also curb demand for high-quality oilfield equipment. For SBO, additional uncertainties arise from the development of the dollar-euro exchange rate. At the moment, however, the overall environment for SBO is predominantly favourable.
Comparison of key figures in MEUR
~
1-3 2004 1-3 2003
Sales 35.27 39.31
EBIT 3.58 5.06
EBIT margin (%) 10.1 12.9
Profit before tax 3.11 4.61
Consolidated group result 2.05 2.51
EPS* 0.16 0.19
Headcount ** 802 859
~* based on average shares outstanding **Reporting date March 31, 2004
Schoeller-Bleckmann Oilfield Equipment AG is the global leader for high-precision components for the oilfield service industry. The business focus is on non-magnetic drillstring components for directional drilling. Worldwide, SBO employs a workforce of 802 (end of 2003: 800), currently 205 in Ternitz, Lower Austria, and 407 in North America. The majority shareholder of the company (approx. 64 %) is the Berndorf group.
end of announcement euro adhoc 27.05.2004
Further inquiry note:
Gerald Grohmann, Chief Executive Officer
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz, Hauptstraße 2
Tel: +43 2630/315 DW 110, fax: ext. 101
E-mail: sboe@sbo.co.at
Mick Stempel
Tel.: 01/5046987-85
mailto:m.stempel@hochegger.com
Branche: Oil & Gas - Upstream activities
ISIN: AT0000946652
WKN: 94665
Index: ATX Prime, WBI
Börsen: Wiener Börse AG / official dealing
Original-Content von: Schoeller-Bleckmann Oilfield Equipment AG, übermittelt durch news aktuell