Results Q1/2017: Petro Welt Technologies AG with strong increase in sales revenues und EBITDA
- Sales revenues in euros increased by 30.7% to EUR 79.8 million
- EBITDA rose to EUR 17.1 million (+10.8%)
- Group result decreased by 1.5% to EUR 4.2 million
- Equity base increased by 8.9% - equity ratio at 57.9%.
Vienna, May 22, 2017 - In the first quarter of 2017, consolidated revenues in euros showed a 30.7% increase compared to the prior-year period.
The 10.5% increase in revenues generated by the Well Services segment in euros to EUR 38.8 million in the period under review is primarily due to the average revenue per job, which was kept in euros, and the successful fulfillment of the production program.
Revenue generated by the Drilling, Sidetracking and IPM segment in euros rose by 57.7% to EUR 41.0 million in the first three months of 2017. The average revenue per job in euros was up by 34.0% and there was an increase of 17.6% in the job count following the geographical expansion of conventional drilling services.
At EUR 5.58 million, profit before tax exceeded a level of the prior-year period (Q1/2016: EUR 5.31 million). Net profit of EUR 4.2 million was kept at a level of Q1/2016 (EUR 4.3 million) due to the higher income tax expense of EUR 1.3 million (Q1/2016: EUR 1.0 million).
The EBITDA margin decreased to 21.4% during the period under review, compared to 25.3% in the prior-year period. The gross profit margin decreased due to unchanged gross profit but higher sales revenues (11.7% in the first quarter of 2017 compared to 14.9% in the previous year). Cost of sales control and the improvement in the net financial result enabled the Group to keep its operating cash flow at relatively comfort level of EUR 14.5 million (Q1/2016: EUR 19.3 million). Intensified accounts payable turnover caused by extended production program contributed to the decrease of operating cash flow. The liquidity position calculated as the sum of cash and cash equivalents and bank deposits, increased from EUR 113.7 million as of December 31, 2016 to EUR 131.2 million as of March 31, 2017.
Balance sheet
As of March 31, 2017, total assets showed growth of 4.2% to EUR 438.6 million compared to the end of 2016. The most significant contribution to this development was the increase in current assets, which was attributable to the improved liquidity position and growth in trade receivables. Equity increased by 8.9% to EUR 254.0 million at the end of the reporting period. As a result, the equity ratio also rose, reaching a level of 57.9% as of the reporting date of March 31, 2017 compared to 55.5% as of December 31, 2016.
The Q1/2017 Report of Petro Welt Technologies AG is available for download on our corporate website at
www.pewete.com
Contact:
Dirk Moser-Delarami (Grayling Austria GmbH)
IR contact
T: +43 1 524 4300 34 | M: +43 664 605 08 801
dirk.moser-delarami@grayling.com
