Schoeller-Bleckmann Oilfield Equipment AG: Quarterly result at previous year's level – Bookings pointing upwards – Continued strong profitability

Ternitz/Vienna, 21 May 2014. Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the ATX market of the Vienna Stock Exchange, looks back on sound business development in the first quarter of 2014. With bookings clearly rising, SBO has generated results arriving at the level of the first quarter of the previous year.

Sales revenues of MEUR 112.4 posted in the first quarter of 2014 were down slightly, by 2.9 %, from the reading of the first quarter of 2013 (MEUR 115.8). This was still due to the weaker bookings situation of last year reflected in the sales figures of the first weeks of 2014. The gross margin climbed to 32.0 % (following 29.3 %). EBITDA totalled MEUR 31.8 (following MEUR 32.8). Earnings before interest and taxes (EBIT) of MEUR 21.9 in the first quarter (following MEUR 23.2) also arrived at the level of the first quarter of 2013, and the EBIT margin was 19.5 % (following 20.0 %). Profit before tax of MEUR 20.0 (following MEUR 20.5) was similar to last year as was profit after tax standing at MEUR 14.5 (following MEUR 14.2), representing quarterly earnings per share of EUR 0.91 (following EUR 0.88 in the first quarter of 2013).

In the first quarter of 2014 bookings increased 22 % year-on-year to MEUR 114.0 (following MEUR 93.3 in the first quarter of 2013). It was mainly the segment of high-precision components, which had been hit by a decline in demand in fiscal 2013, where numbers of bookings rose substantially. In the first quarter of 2014, the product group of downhole tools, oilfield supplies and service also developed positively both in terms of sales and profit. "We made a sound start into the year 2014. Bookings have gone up considerably and our improved product mix has increased the gross margin," says Gerald Grohmann, CEO of SBO, commenting on business development.

Capital expenditure in tangible fixed assets in the first quarter of 2014 amounted to MEUR 11.5 (following MEUR 9.1 in the first quarter of 2013) and was spent mainly for maintenance activities at all sites.

Outlook

Fundamental data of global economic recovery and, with it, further continuous rise of oil and gas consumption remain intact, despite decelerating economic growth in the emerging markets. This is why the International Energy Agency (IEA) expects global oil consumption to increase by 1.3 million barrels per day, or 1.4 %, to a total of 92.7 million barrels per day in 2014.

For the months ahead, this means continuation of a stable environment for the oilfield service industry, supported by a well-balanced supply and demand situation for oil, strong drilling activity in North America and robust oil prices. With its ongoing capex programme, SBO is prepared to fully meet future customer requirements.


Comparison of key financial figures

* based on average number of 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. Worldwide, SBO employed a workforce of 1625 as at 31 March 2014 (31 December 2013: 1574), thereof 436 in Ternitz/Austria and 635 in North America (including Mexico).

Further inquiry note:
Florian Schütz, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz, Hauptstraße 2
Phone: +43 2630/315 ext 251, fax ext 501
e-mail: f.schuetz@sbo.co.at