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Petro Welt Technologies AG: Decreased revenue, but strengthened cash position

·3-min read

Petro Welt Technologies AG / Key word(s): Development of Sales
Petro Welt Technologies AG: Decreased revenue, but strengthened cash position

24-May-2021 / 15:25 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Vienna, May 24, 2021
Despite a difficult market environment and the consequent decrease in both job numbers and revenue, the PeWeTe Group once again succeeded in maintaining its sound financial structure.

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.

Key positions

 

Q1 2021

Q1 2020

+/- %

Revenue

EUR million

45.2

84.8

(46.7%)

EBITDA

EUR million

3.4

16.5

(79.6%)

EBIT

EUR million

(3.6)

8.1

(144.6%)

EBITDA margin

 

7.5%

19.5%

 

EBIT margin

 

(8.0%)

9.5%

 

Equity1

EUR million

185.7

183.0

 

 

1 As of March 31, 2021, and December 31, 2020, respectively


About Petro Welt Technologies AG
Petro Welt Technologies AG, a company domiciled in Vienna, Austria, is one of the leading and oldest oilfield services (OFS) companies in Russia and the CIS specializing in services that increase the productivity of both new and existing oil & gas formations.

Contact
Konstantin Huber (be.public)
Investor Relations
T: +43 1 503 2 503-29
huber@bepublic.at

24-May-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Petro Welt Technologies AG

Kärntner Ring 11-13

1010 Vienna

Austria

Phone:

+43 1 535 23 20-0

Fax:

+43 1 535 23 20-20

E-mail:

ir@pewete.com

Internet:

www.pewete.com

ISIN:

AT0000A00Y78

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1199924


 

End of Announcement

DGAP News Service

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