2024-03-20 07:02:07
EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Annual
Results
Financial year 2023: SBO with all-time high in sales
20.03.2024 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Financial year 2023: SBO with all-time high in sales
• Sales of MEUR 585.9 at record level (+16.9%)
• EBIT improved to MEUR 102.3, operating cash flow increased by around
65% to MEUR 86.5
• Dividend proposal of EUR 2.00 per share
Ternitz/Vienna, 20 March 2024. Schoeller-Bleckmann Oilfield Equipment AG
(SBO), listed on the ATX of the Vienna Stock Exchange, continued its
growth in 2023 and recorded excellent sales and earnings development. The
SBO Group’s sales rose by 16.9% to an all-time high of MEUR 585.9 (2022:
MEUR 501.2), driven by the outstanding performance of the AMS division
with 32.2% growth. Thanks to continued high demand, particularly in
international markets, bookings reached MEUR 543.7, following a record
figure in the previous year (2022: MEUR 646.0). The order backlog per
year-end remained at a high level at MEUR 225.4 (2022: MEUR 265.0).
Earnings increased compared to the previous year, but were impacted by
negative foreign exchange effects in 2023. Earnings before interest,
taxes, depreciation and amortization (EBITDA) amounted to MEUR 131.3
(2022: MEUR 129.1); adjusted for foreign exchange losses, EBITDA increased
by 11.6% to MEUR 138.2 (adjusted EBITDA 2022: MEUR 123.8). Profit from
operations (EBIT) rose to MEUR 102.3 (2022: MEUR 96.2), the adjusted EBIT
increased by 20.1% to MEUR 109.2 (adjusted EBIT 2022: MEUR 90.9). This led
to an improved adjusted EBIT margin of 18.6% (2022: 18.1%).
Profit before and after tax with solid development: Profit before tax of
MEUR 94.2 was slightly higher than the previous year’s (2022: MEUR 93.3),
and profit after tax amounted to MEUR 71.6 (2022: MEUR 75.2). The higher
tax rate in 2023 (24.0%) was primarily due to the valuation of investments
in subsidiaries.
“The year 2023 was extraordinarily successful for SBO. We have once again
demonstrated our operational strength, achieved record sales, improved our
operating result and generated a high operating cash flow. In particular,
our AMS division delivered a top performance and contributed to these
accomplishments”, says Klaus Mader, CEO of SBO. “We also strengthened our
core business: With the acquisition of Praxis Completion Technology, we
have not only expanded our portfolio in the area of well completion, but
also extended our presence in the growing markets in the Middle East and
extended our product range for the promising area of Carbon Capture and
Storage.”
SBO completed the acquisition of Praxis Completion Technology in October
2023. The Dubai-based company is one of the leading suppliers of packer
systems and completion products in the Middle East, offering tailored
solutions that extend well life, assure well integrity and improve well
performance.
Sales growth in both business segments, AMS outstanding with +32%
SBO’s business is divided into two segments: The Oilfield Equipment (OE)
segment and the Advanced Manufacturing & Services (AMS) segment. The OE
division posted solid results, despite a reduction in drilling and
completion activities in the US market in 2023. Sales increased slightly
to MEUR 257.2 (2022: MEUR 252.6) after a strong finish at the end of the
year. Profit from operations (EBIT) of the OE division was influenced by
various one-off-effects – such as higher research and development
expenses, negative foreign exchange effects, and acquisition-related and
other one-off expenses – and was down on the previous year at MEUR 31.5
(2022: MEUR 50.1). In contrast, the AMS division had an outstanding year
thanks to growth in international markets and an excellent operating
performance. Sales in the AMS segment rose sharply to MEUR 328.7 (2022:
MEUR 248.7). The EBIT improved significantly to MEUR 80.3 (2022: MEUR
48.3) due to higher sales and increased productivity.
Excellent balance sheet ratios, cash flow further improved
The SBO Group’s equity increased to MEUR 448.0 as of 31 December 2023,
compared to MEUR 425.0 in the previous year. The equity ratio increased to
53.6% (2022: 47.1%). Cash and cash equivalents amounted to MEUR 162.4
(2022: MEUR 287.8), after one-off cash outflows of MEUR 21.7 for the
acquisition of Praxis Completion Technology and MEUR 119.0 for the
acquisition of minority interests following the final settlement of a
legal dispute. Net debt amounted to MEUR 92.3 (2022: net liquidity of MEUR
34.5), while gearing stood at 20.6% (2022: minus 8.1%).
Cash flow from operating activities increased by 65% or MEUR 34.1 compared
to the previous year and amounted to MEUR 86.5 (2022: MEUR 52.4),
primarily driven by a reduced increase in working capital. Despite the
acquisition-related cash outflow for Praxis Completion Technology, free
cash flow improved to MEUR 33.1 (2022: MEUR 27.1). Capital expenditure on
property, plant and equipment and intangible assets (CAPEX) increased to
MEUR 37.5 in 2023 (2022: MEUR 31.0).
“With our high level of cash, we are in an excellent position to implement
our strategic plans and make targeted investments for further growth,”
says CEO Mader.
Thanks to the excellent earnings, the Executive Board will propose to the
Annual General Meeting on 25 April 2024 again a dividend of EUR 2.00 per
share for the financial year 2023 (2022: EUR 2.00 per share).
Positive outlook
The ongoing need for energy security and increased investments,
particularly in the international markets and in offshore projects, lead
to optimism in SBO’s industry segment. SBO will consistently take
advantage of the favorable market environment in its core business and is
confident for 2024 thanks to well-filled order books, the integration of
Praxis Completion Technology and new product innovations. The Group is
focusing on expanding its activities in the growing markets of the Middle
East and Asia and strengthening its local presence there. At the same
time, SBO is concentrating on growth in the green tech energy sector, both
organically and through acquisitions, provided they offer clear strategic
advantages and long-term added value.
“For our core business, the market fundamentals support a sustained,
multi-year increase in global spending in exploration and production. We
are capitalizing on this opportunity, particularly by expanding our
facilities in Saudi Arabia and Vietnam,” says CEO Klaus Mader. “At the
same time, we continue to pursue our ambitious goals outside our core
business. We are increasing our efforts to identify strategic investment
targets and further diversify our existing product range to tap into
promising markets such as geothermal and carbon capture & storage. With
that, we will actively contribute to the energy transition and secure our
leading role in the long term. This puts us in an excellent position for
the future.”
SBO key figures at a glance
2023 2022
Sales MEUR 585.9 501.2
Earnings before interest, taxes, MEUR 131.3 129.1
depreciation and amortization (EBITDA)
Adjusted EBITDA MEUR 138.2 123.8
Adjusted EBITDA margin % 23.6 24.7
EBIT MEUR 102.3 96.2
Adjusted EBIT MEUR 109.2 90.9
Adjusted EBIT margin % 18.6 18.1
Profit before tax MEUR 94.2 93.3
Profit after tax MEUR 71.6 75.2
Earnings per share EUR 4.55 4.78
Cash flow from operating activities MEUR 86.5 52.4
Free cash flow MEUR 33.1 27.1
Cash and cash equivalents MEUR 162.4 287.8
as of 31 December
Net liquidity + / net debt – as of 31 December MEUR -92.3 34.5
Equity ratio % 53.6 47.1
Headcount as of 31 December 1,601 1,484
SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktiengesellschaft (SBO) is a
globally operating group of companies and world market leader in the
manufacture of high-alloy, non-magnetic steels. The SBO Group is engaged
in high-precision production of special components for the oil, gas and
other industries by applying innovative and additive manufacturing
technologies. The SBO Group is equally recognized worldwide for its
directional drilling tools and equipment for well completion in the oil,
gas, and geothermal industry. With its subsidiaries and about 1,600
employees worldwide, the Group is successfully positioned in
technologically demanding, profitable niches. The Group is headquartered
in Ternitz, Austria. Making an active contribution to energy transition is
a key element of the Group’s Strategy 2030. More detailed information on
the Strategy 2030 and sustainable management (ESG) is available in the
Annual Report 2023 at [1] https://www.sbo.at/publikationen.
Contact:
Monika Bell, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
Tel: +43 2630 315-253
E-Mail: [2][email protected] Ildiko Füredi-Kolarik, Senior Advisor Tel: +43 660 3211107 E-Mail: [3][email protected]
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20.03.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Schoeller-Bleckmann Oilfield Equipment AG
Hauptstrasse 2
2630 Ternitz
Austria
Phone: +43 (0)2630/315110
Fax: +43 (0)2630/315101
E-mail: [email protected]
Internet:
ISIN: AT0000946652
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1862423
1862423 20.03.2024 CET/CEST
References
2. [email protected]
3. [email protected]
1710918180
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