Petro Welt Technologies AG
Petro Welt Technologies AG: HY1 2021 results: Revenue and EBITDA decrease due to slump in demand for fracturing, slight recovery during Q2.
DGAP-News: Petro Welt Technologies AG
/ Key word(s): Half Year Report/Half Year Results
HY1 2021 results of Petro Welt Technologies AG: Revenue and EBITDA decrease due to slump in demand for fracturing, slight recovery during Q2.
Vienna, August 23, 2021 In the second quarter, however, the decrease in revenue only amounted to 12.3% year on year in EUR terms and 1.6% in RUB, thus demonstrating a gradual improvement in PeWeTe’s overall business performance. At minus 25.4%, the cost of sales fell at a slightly slower rate than revenue, thus reducing the Group’s gross profit by 59.0% to EUR 10.9 million. In line with this, the gross profit margin was down from 17.3% in the first half of 2020 to 10.3% in the reporting period. At the same time, thanks to radical cost-cutting efforts, administrative expenses in EUR declined by 16.1% (or 1.9% in RUB) to EUR 9.9 million in the first half of 2021. Overall, EBIT for the first six months of 2021 amounted to EUR 0.1 million, down from EUR 13.0 million in the same period 2020. Due to the gradual rebound of the fracturing business and continuing operational improvements in conventional drilling during the second quarter (when EBIT was clearly positive at EUR 3.7 million) the EBIT margin for the first half of 2021 amounted to 0.1% (HY1 2020: 8.4%). In the second quarter, the EBIT margin was 6.1% (Q2 2020: 7.2%). Group EBITDA dropped by 52.9% to EUR 13.7 million year on year. At 12.9%, the EBITDA margin for the reporting period was still positive, yet down considerably from its level of 18.9% for the same period of the previous year. At EUR 13.2 million, cash flow from operating activities in the reporting period showed a decrease of 41.1% year on year. Despite the challenging environment, the Group was nevertheless able to achieve a solid operating cash flow. The managerial liquidity position containing bank deposits, cash, and cash equivalents is EUR 125.7 million as of June 30, 2021, up by 8.7% compared with the position as of December 31, 2020 thanks to the increased financial discipline and efficient communication with customers and contractors.
1 As of June 30, 2021 and December 31, 2020 respectively About Petro Welt Technologies AG
23.08.2021 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 |
WKN: | A0JKWU |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1228297 |
End of News | DGAP News Service |