Petro Welt Technologies AG
Petro Welt Technologies AG: Consolidated financial results 2020: Profit before tax shows one of the best performances in the oilfield services industry
DGAP-News: Petro Welt Technologies AG
/ Key word(s): Annual Report/Annual Results
Vienna, April 27, 2021 The Company faces challenges through international expansion, investments in equipment and infrastructure, software and personnel development as well as environmental safety in order to maintain its reputation as a technology leader. Petro Welt Technologies AG’s financial statements record no distributable profit. Therefore, no dividend will be distributed for 2020. The COVID-19 crisis also showed that the Group is well positioned in the market thanks to its processes, technologies, and services. In 2020, Wellprop, the Group’s proppant manufacturing subsidiary, introduced a new product to the Russian market (ROSPROP HS RCP), which serves a new niche in high-stress fracturing markets. Success through adaptation and diversification Despite the worsening of drilling market conditions in 2020, PeWeTe’s operating subsidiaries in the Drilling, Sidetracking, and IPM segment remained relatively stable (including KATOBneft and KAToil-Drilling). The total number of service jobs in this segment increased by 5.6% to 281 jobs in 2020 (2019: 266), but the average segment revenue per job in 2020 fell by 15.7% to TEUR 467.0 (2019: TEUR 554.0). Although the fracturing market declined sharply both in Russia and Kazakhstan, the total number of fracturing and remedial services jobs in the Well Services and Stimulation segment, which includes KATKoneft and PeWeTe Kazakhstan, decreased only slightly by 1.1% (or 50 jobs) from 4,486 in 2019 to 4,436 in 2020. The average revenue per job declined by 18.7% from TEUR 31.1 in 2019 to 25.3 in 2020. However, due to a swift adaptation of PeWeTe’s oilfield service business model, which created ground for further economic optimization, the operating margins of both oilfield services segments increased: in the Well Services and Stimulation segment from 5.3% in 2019 to 8.3% in 2020, and in the Drilling, Sidetracking, and IPM segment from 4.9% in 2019 to 12.0% in 2020 (without the effect of an impairment loss at the CGU PeWeTe EVO EUROPE charged to the cost of sales in 2020). Solid balance sheet and financing structure maintained The current liabilities of Petro Welt Technologies AG decreased by 27.3% as of December 31, 2020, because trade payables declined by 30.0% due to the devaluation of the Russian ruble. Overall, net debt increased from EUR 24.2 million in 2019 to EUR 42.4 million; gross debt dropped by EUR 10.2 million in 2020 to EUR 158.0 million as of December 31, 2020. The net debt-to-equity ratio thus deteriorated from 9.6% as of December 31, 2019, to 23.2% as of December 31, 2020, which corresponds to a net debt-to-EBITDA ratio of 93.7%, up from 53.1% in 2019. The Group’s gross leverage ratio is expected to remain below 3.0x and its net leverage ratio below 0.5x in 2020-21. Thus, Moody’s once again confirmed PeWeTe’s Ba3 rating. Outlook for 2021 The 2020 Annual Report of Petro Welt Technologies AG is available for download on our corporate website at www.pewete.com.
About Petro Welt Technologies AG
27.04.2021 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
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: | 1189558 |
End of News | DGAP News Service |