Petro Welt Technologies AG: HY1 2021 Results: Revenue and EBITDA decrease due to slump in demand for fracturing.
HY1 2021 Results of Petro Welt Technologies AG: Revenue and EBITDA decrease due to slump in demand for fracturing.
Revenue decreases by 31.2% in EUR and EBITDA by 52.9% due to the severe crisis in the fracturing market, with a sharp drop in the number of operations and extreme price pressure. Greater financial discipline and communications with customers and operating companies enable increase in liquidity position by 8.7% to EUR 125.7 million as of June 30, 2021.
Vienna, August 19, 2021 Mainly due to the slump in demand for stimulation operations (as a result of limited oil production under the OPEC+ agreement), the Russian fracturing market declined by 28.0% in the first half of 2021 compared to the same period in 2020.
As a result, Group revenue amounted to EUR 105.9 million for the first half of 2021, down 31.2% from EUR 154.0 million in the same period of the previous year. Expressed in rubles, Group revenue decreased by 19.4%.
Overall, EBIT for the first six months of 2021 showed a slightly positive result. Due to the gradual rebound of the fracturing business in the second quarter, the EBIT margin for the first half of 2021 is 0.1% (HY1 2020: 8.4%). Profit before tax was slightly negative at minus TEUR 85.0, down 100.7% compared to the same period of 2020.
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.
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.
Key figures ? HY1 2021 HY1 2020 Change in % Revenue EUR million 105.9 154.0 (31.2) EBITDA EUR million 13.7 29.1 (52.9) EBIT EUR million 0.1 13.0 (99.2) EBITDA margin % 12.9 18.9 - EBIT margin % 0.1 8.4 - Profit before tax EUR million (0.1) 14.5 (100.7)
1 As of June 30, 2021 and December 31, 2020 respectively
The Company's revised outlook for 2021 estimates revenue in the range of EUR 231.0 million to EUR 241.0 million based on an average exchange rate of RUB 86.0 per euro (former estimate: EUR 233.1 million to EUR 240.9 million, based on an exchange rate of RUB 92.0 per euro). The mitigation of the OPEC+ agreement will allow for an increase in global oil production from August 2021, and the appreciation of the ruble (the average RUB/EUR exchange rate in 2021 is forecasted at 86.0) are expected to have a positive impact on the HY2 results. EBITDA margin is anticipated to remain between 13.0% and 15.5% throughout 2021 (former estimate: 16.0% to 16.6%).
About Petro Welt Technologies AG Petro Welt Technologies AG, domiciled in Vienna, is one of the leading and first established oilfield services companies in Russia and the CIS and is specialized in services which increase the productivity of new as well as existing oil and gas formations.Contact Konstantin Huber (be.public) Investor Relations T: +43 1 503 2 503-29 firstname.lastname@example.org
19-Aug-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Petro Welt Technologies AG K?rntner Ring 11-13 1010 Vienna
Austria Phone: +43 1 535 23 20-0 Fax: +43 1 535 23 20-20 E-mail: email@example.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: 1227780 ? End of Announcement DGAP News Service