Schoeller-Bleckmann Oilfield Equipment AG
euro adhoc: Schoeller-Bleckmann Oilfield Equipment AG
Quarterly or Semiannual Financial Statements
Schoeller-Bleckmann Oilfield Equipment listed exclusively in Vienna as of July 1 (E)
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Schoeller-Bleckmann Oilfield Equipment listed exclusively in Vienna as of July 1 Satisfying Q1 result
Ternitz - May 27, 2003. Vienna Stock Exchange-listed Schoeller-Bleckmann Oilfield Equipment AG/Ternitz will delist from Nasdaq Europe by the end of June 2003. Nasdaq Europe has accepted SBOs application to have SBO shares traded only in the prime market of the Vienna Stock Exchange as of July 1, 2003.
"The final move to Vienna will focus the liquidity of the SBO share on a single stock market. In addition, our exclusive listing in Vienna will meet a request by Austrian institutional investors. Under the new legal provisions for pension fund facilities, they will - as a focus - have to include purely Austrian shares in their portfolios", explains CEO Gerald Grohmann.
Despite of a difficult market environment SBOs performance in Q1 2003 was better than expected only at the beginning of the year. The result before taxes was EURO 4.6 mill. (following around 6.6 mill. in Q1 2002 and roughly 5.3 mill. in Q4 2002). With an EBIT of EURO 5.1 mill., the EBIT margin was 12.9 %, thus slightly above the long-term average of 12.1 %.
Group sales generated in the first quarter were EURO 39.3 mill., around 10 % less than what was achieved in Q4 2002. The decline in sales was due both to the flat business in the industry and the sharp rise of the Euro. Changed currency parities were set off only in part by increased sales in Euros.
SBO continued to maintain its market position in the first quarter as well. Thus, for instance, one of the globally leading oil service companies awarded a two-year exclusive contract to SBO for supplying drill string components to be used in Russia. However, overall Q1 bookings worth EURO 35.8 mill. (following 46.5 mill. in Q1 2002) reflect the current uncertainties and the growth forecasts revised downward for the major industrial regions.
For the next two quarters, SBO does not expect the market to gain any substantial momentum. For SBO, business development is additionally aggravated by the sustained weakness of the US-dollar against the Euro. SBO will counter these adverse overall conditions with flexible capacity control and cost-cutting measures. However, expanding and securing SBOs leadership in technology will be continued consistently.
Comparison of key figures, in EURO 1000
~
Q1 2003 Q1 2002
Sales 39,306 49,673
EBIT 5,057 7,360
EBIT margin (%) 12.9 14.8
Profit before tax 4,614 6,581
Net income 2,514 3,936
Headcount 859 899
~Schoeller-Bleckmann Oilfield Equipment AG is the global market leader for high-precision components for the oilfield service industry. The business focus is on non-magnetic drill string components for directional drilling. Worldwide, the company employs a workforce of 859 (end of 2002: 852), currently 222 in the company headquarters at Ternitz, Lower Austria, and 327 in Houston, Texas. The majority shareholder of the company is Berndorf AG.
end of announcement euro adhoc 28.05.2003
Further inquiry note:
Gerald Grohmann, Chief Executive Officer Tel: +43 2630/315 DW 110, E-Mail: sboe@sbo.co.at
Mick Stempel, Hochegger|Financials Tel.:+43 1/504 69 87 DW 85, E-Mail: m.stempel@hochegger.com
Branche: Oil & Gas - Upstream activities
ISIN: AT0000946652
WKN: 94665
Index: NECI, Prime.market
Börsen: Wiener Börse AG / official dealing
Nasdaq Europe / official dealing
Original content of: Schoeller-Bleckmann Oilfield Equipment AG, transmitted by news aktuell