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Petro Welt Technologies AG / Key word(s): Quarterly / Interim Statement/Quarter Results
Vienna, May 27, 2022
Revenue increased by 37.9% to EUR 62.4 million in the reporting period from EUR 45.2 million in the first three months of 2021. This was made possible by the recovery of the global economy and the Russian economy following the COVID-19-related recession, the gradual lifting of the OPEC+ restrictions and more successful contracting by the Group itself. Converted into RUB, the Group’s main operating currency, revenue grew by 48.4%.
The Well Stimulation segment showed a particularly positive development in the reporting period. The number of jobs performed in Q1 2022 increased by 54.8% to 1,187 (Q1 2021: 767). As a result, revenue for the Well Stimulation segment increased by 61.3% to EUR 29.2 million (Q1 2021: EUR 18.1 million). Due to the positive market environment, the management was also able to improve performance in the Drilling, Sidetracking, and IPM segment. Revenue in this segment increased by 22.9% to EUR 31.1 million, driven by a 75.0% growth in the number of jobs to 84 (Q1 2021: 48 jobs).
Growth in operating expenses was slower than revenue growth due to factors such as economies of scale and ongoing cost control. This led to a multiple growth in gross profit, which reached EUR 7.4 million in the reporting period (Q1 2021: EUR 1.5 million). Accordingly, the gross profit margin rose to 11.9% (Q1 2021: 3.3%).
Due to higher consulting fees related to the ongoing political and economic tensions, the Group recorded a 25.7% increase in administrative expenses.
On balance, the Group closed Q1 2022 with a positive EBIT of EUR 1.1 million (Q1 2021: EUR –3.3 million).
Given the high degree of uncertainty regarding the development of macroeconomic factors and political risks as well as their potential impact on the Russian economy and the Group’s performance, the management has identified indications of impairment related to the Group’s operating companies in Russia. Therefore, the Group performed a preliminary calculation of a potential impairment loss based on substantial inflation, an increase of the key interest rate in Russia, uncertainty regarding the development of the Russian ruble, and a continuation of import substitution. As of March 31, 2022, no impairment loss was charged.
Taking into account available measures, existing financial resources, and the Group’s ability to generate positive cash flows from operating activities, the management considers that the Company has sufficient financial stability to continue its operational activity for at least the next twelve months from the reporting date, even if the economic environment were to deteriorate significantly. Accordingly, the management has concluded that there is no material uncertainty regarding the Group’s ability to continue as a going concern.
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, 2022, and December 31, 2021, respectively
27-May-2022 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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