HY 2023 - Highlights

Half-year financial report

BOOKINGS_ ________________________________ MEUR 299.2

1-6/2022

MEUR 271.5

SALES_ ____________________________________ MEUR 294.7

1-6/2022

MEUR 222.7

EBIT_______________________________________ MEUR

55.4

1-6/2022

MEUR

44.8

PROFIT AFTER TAX_ ________________________ MEUR

43.1

1-6/2022

MEUR

34.4

ENERGY.

SECURITY.

MANAGEMENT REPORT HY 2023 - Highlights

MANAGEMENT REPORT

HY 2023

HIGHLIGHTS

HY 2023: SBO with high profitability and double-digit growth

SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktienge­­ sellschaft (SBO), listed in the leading index ATX of the Vienna Stock Exchange, continued its strong growth in the first half of 2023 following the excellent year 2022. The company was taking advantage of the positive market­ environment in the energy sector and achieved double- digit growth in all relevant financial figures. A strong revenue growth of over 30 % yielded total sales of MEUR 294.7, backed by robust bookings that saw a 10 % increase to MEUR 299.2. EBIT showed a significant improve­ ment of 24 %, reaching MEUR 55.4. Adjusted for exchange losses, EBIT margin climbed to a high of 20.7 %, reflecting strong operational exe­ cution. Net liquidity re­mained high at MEUR 24.5 and the gearing ratio was minus 5.7 %. In addition, an excellent Free Cashflow of MEUR 27.0 underlines SBO's strong financial footing. The company paid a dividend of EUR 2.00 per share in the second quarter.

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MANAGEMENT REPORT HY 2023 - Highlights

The acquisition of Dubai-based Praxis Completion Technology, announced in June 2023, strengthens SBO's market positioning in well completion outside North America. The bolt-on acquisition not only enhances the company's position in the Middle East, which is considered the market with the greatest growth momentum in the energy sector, but also expands SBO's product offering with a meaningful well completion technology. In addition, Praxis offers products for Carbon Capture & Storage (CCS) applications.

Gerald Grohmann, CEO of SBO says:

"Our performance in the first half of this year demonstrates our financial and operational strength. In addition to capitalizing on existing market opportunities, we have further bolstered our foothold in an important area of our core business through the acquisition of Praxis Completion Technology. This acquisition also opens the door towards climate change mitigation technologies, in particular in the promising area of carbon capture and storage, where the company already enjoys first successes."

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Business development |   MANAGEMENT REPORT HY 2023 - Highlights

BUSINESS DEVELOPMENT

___

SALES AND EARNINGS

Demand for SBO's products and services remained strong in the first half of 2023: Bookings rose by

10.2 % to MEUR 299.2 (1-6/2022: MEUR 271.5). Sales increased strongly by 32.3 % to MEUR 294.7 (1-6/2022: MEUR 222.7). Order backlog at the end of June 2023 stood at MEUR 262.1 (31 December 2022: MEUR 265.0).

Earnings before interest, taxes, depreciation and amortization­ (EBITDA) increased to MEUR 69.0 in the first half of 2023 (1-6/2022: MEUR 60.9), the EBITDA margin reached 23.4 % (1-6/2022: 27.3 %). Excluding MEUR 5.5 in exchange losses, adj. EBITDA1 even reached MEUR 74.5 or 25.3 % of sales in the first half of 2023. In the same period of 2022, adj. EBITDA arrived at MEUR 49.0 or 22.0 % (excluding MEUR 11.9 in exchange gains).

Profit from operations (EBIT) rose by 23.5 % to MEUR 55.4 (1-6/2022: MEUR 44.8) and reached

18.8 % of sales (EBIT margin 1-6/2022: 20.1 %). Adj. EBIT (excluding exchange losses of MEUR 5.5) rose to MEUR 60.9, resulting in an adj. EBIT margin of 20.7 % In the first half of 2022, adj. EBIT (excluding exchange gains) amounted to MEUR 33.0 and resulted in an adj. EBIT margin of 14.8 %.

SBO's profit before tax grew by about a third (up

31.3 %) to MEUR 56.0 (1-6/2022: MEUR 42.7), while profit after tax rose by 25.3 % to MEUR 43.1 (1-6/2022: MEUR 34.4). Earnings per share in the first half of 2023 further improved to EUR 2.74 (1-6/2022: EUR 2.19).

IN MEUR

BOOKINGS

1-6/2023

299.2

1-6/2022

271.5

SALES

1-6/2023

294.7

1-6/2022

222.7

EBITDA

1-6/2023

69.0

1-6/2022

60.9

EBIT

1-6/2023

55.4

1-6/2022

44.8

0

50

100

150

200

250

300

1 Earnings before interest, taxes, depreciation, and amortization adjusted for exchange gains and losses

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Business development |   MANAGEMENT REPORT HY 2023 - Highlights

SEGMENTS

The SBO Group's business is divided into two seg­ ments: Advanced Manufacturing & Services (AMS) and Oilfield­ Equipment (OE). The AMS segment con­ tinued its strong performance, and sales increased to MEUR 162.7 in the first six months of 2023 (1-6/2022:

MEUR 108.9), while profit from operations (EBIT) rose to MEUR 35.0 (1-6/2022: MEUR 22.0). Sales in the OE segment grew to MEUR 131.9 (1-6/2022: MEUR 113.8), and EBIT increased to MEUR 24.0 (1-6/2022: MEUR 20.0).

"Our strong operational execution is reflected in the Group's growth and profitability. We achieved a double-digit increase in all relevant financial figures, continuing our upward trend. Both segments have been performing well and contributed to this success. Our high liquidity and cashflow generation demonstrate our financial strength and provide a solid base for continued growth,"

says SBO CEO Grohmann.

KEY BALANCE SHEET FIGURES

In the first half of 2023, SBO's equity increased to MEUR 430.7 (31 December 2022: MEUR 425.0). The equity ratio improved slightly­ to 47.7 % (31 De­ cember­ 2022: 47.1 %). Net liquidity remained strong at MEUR 24.5 (31 December 2022: MEUR 34.5)

even after the dividend payment of MEUR 31.5. Gearing stood at minus 5.7 % (31 December 2022: minus 8.1 %). Liquid funds amounted to MEUR 266.8 (31 December­ 2022: MEUR 287.8).

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SBO - Schoeller-Bleckmann Oilfield Equipment AG published this content on 12 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 September 2023 07:25:47 UTC.