Petro Welt Technologies AG
- ISIN: AT0000A00Y78
- Land: Österreich
Nachricht vom 29.04.2019 | 19:45
Petro Welt Technologies AG: Weaker performance with respect to gross sales and net profit in 2018 due to challenging industrial environment
DGAP-News: Petro Welt Technologies AG / Key word(s): Annual Results
Vienna, 29 April 2018. In 2018 the leading oil companies in the Russian Federation continued to put pressure on prices in oilfield services, especially in fracturing. This trend is similar for the most part of oilfield service industry in the global context. Thus, Petro Welt Technologies AG, Vienna (which is listed on the Frankfurt Stock Exchange) delivered a weaker performance with respect to gross sales in the Russian OFS market for top oil-producing clients.
In the Drilling, Sidetracking, and Integrated Project Management (IPM) segment the number of service jobs at Petro Welt Technologies AG fell by 36.4% to 218 jobs in 2018 (2017: 343). The well services segment experienced a reduction of the number of jobs by 15.9% resulting in a 7.9% decline in gross sales to EUR 170.0 million (2017: EUR 184.6 million). Additionally, the ruble depreciated by 12.2% compared to 2017 resulting in a gross sales decrease by 17.3% in euro.
During the reporting period the EBITDA margin declined to 18.0% compared to 23.5% year-on-year. Determined by the lower EBITDA and the profit before tax the cash flow from operating activities was EUR 41.9 million, down 46.1% from EUR 77.7 million in 2017. The operating result, which is reported as earnings before interest and taxes (EBIT), declined by 69.8% to EUR 11.1 million (2017: EUR 36.8 million) due to the reduction of revenues coupled with the increase in administrative costs also related to the international expansion and the recognition of provisions for several accounting issues such as impairment of goodwill and other write-offs.
By lowering trade receivables in order to reduce the aforementioned effects on the cash flow the management kept the working capital relatively stable. Cash flow from investing activities was EUR 27.1 million in 2018. The cash flow from operating activities was cut in half to EUR 41.9 million in the reporting period (down 46.1% year on year).
The operating expenses fell by 13.2% to EUR 251.7 million in 2018, down from EUR 290.0 million in 2017. This decrease is in line with the 2018 decrease in gross sales (-17.3%) and even reductions across all cost components. The expenses of raw materials declined year on year by 16.9% to EUR 81.1 million due to the excluded costs proppant supplied from customers.
Due to reductions in both non-current and current assets total assets decreased by 12.8% to EUR 381.8 as at 31 December 2018. Equity was EUR 205.4 million (minus 15.1% year on year). This is mainly due to the decrease by 27.8% in the currency translation reserve, from minus EUR 171.0 million in 2017 to minus EUR 218.5 million in 2018. The non-current liabilities of Petro Welt Technologies AG rose sharply as at 31 December 2018, whereas the current liabilities decreased by 70.8% due to the extension of the loan from Petro Welt HOLDING (CYPRUS) LIMITED. As at 31 December 2018, total net debt was EUR 26.8 million, which corresponds to a net debt/EBITDA ratio of 51.0%
Establishment of PEWETE EVO EUROPE S.R.L in Bucharest, Romania
Outlook for 2019
The 2018 Annual Report of Petro Welt Technologies AG is available for download on our corporate website at www.pewete.com
|Company:||Petro Welt Technologies AG|
|Kärntner Ring 11-13|
|Phone:||+43 1 535 23 20-0|
|Fax:||+43 1 535 23 20-20|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||804943|
|End of News||DGAP News Service|
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