Petro Welt Technologies AG / Key word(s): Development of Sales
Vienna, May 24, 2021
Due to the continued decline in demand for stimulation operations as a result of limited oil production under the OPEC+ agreement, the number of operations in the fracturing business dropped by 45.2%, from 1,400 in the first quarter of 2020 to 767 in the first quarter of 2021. Fracturing revenue fell by 48.2% in RUB terms. The Oman Well Services segment carried out its very first operations during the reporting period. Proppant sales, an activity strongly correlated with fracturing, declined by 28.9% in RUB terms. The Drilling, Sidetracking, and IPM segment posted a decrease of 34.9% in physical volumes: Its job count fell from 74 in the intensive first quarter of 2020 to 48 in the first quarter of 2021.
Gross profit fell to EUR 1.3 million and EBIT to minus EUR 3.6 million. The decrease in interest income combined with lower foreign exchange gains also lowered the financial result in the first quarter of 2021, which thus contributed less to the loss before tax of minus EUR 2.8 million (Q1 2020: profit before tax of EUR 11.3 million).
At 7.5%, the EBITDA margin remained positive in the reporting period, but was down nonetheless from 19.5% in the same period the previous year. The Group also continues to generate positive cash flow.
Thanks to additional efforts to optimize working capital and bucking the negative industry trend, PeWeTe once again slightly improved its cash position (including bank deposits, cash, and cash equivalents) to EUR 127.2 million as of March 31, 2021, up 10.0% from EUR 115.6 million as of December 31, 2020.
The Q1 2021 Report of Petro Welt Technologies AG is available for download on our website at www.pewete.com.
1 As of March 31, 2021, and December 31, 2020, respectively
24-May-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Petro Welt Technologies AG
Kärntner Ring 11-13
+43 1 535 23 20-0
+43 1 535 23 20-20
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
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