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DGAP-News: Petro Welt Technologies AG Results Q1/2019: Improving the efficiency per job in Drilling despite reduced revenue; further cash generation

DGAP-News: Petro Welt Technologies AG / Key word(s): Quarter Results


Petro Welt Technologies AG Results Q1/2019: Improving the efficiency per job in Drilling despite reduced revenue; further cash generation


22.05.2019 / 20:00



The issuer is solely responsible for the content of this announcement.




Gross sales declined by 15.9% from EUR 76.6 mln. in Q1 2018 to EUR 64.5 mln. in Q1 2019;




The cost of sales reduced by 12.5% on the year-on-year basis;




EBITDA comprised EUR 9.3 million (minus 42.1% to Q1/2018);




Increase in total assets by 9.8% and rise of equity ratio;




Interim financial report of Petro Welt Technologies AG for Q1/2019 in new format.



Vienna, May 22, 2019. Following the reduction of volumes of work due to extreme cold in February 2019 alongside with the ongoing devaluation of the ruble the Groups gross sales in the reporting currency (the euro) fell by 15.9% to EUR 64.5 million in Q1/2019.

The rise of share of materials supplied by customers from 1.8% in Q1/2018 to 3.5% from gross sales in Q1/2019 had an impact on revenue dynamics and resulted in a significant reduction of revenue by 17.3%.

In line with sales dynamics, the cost of sales reduced by 12.5% (or EUR 7.9 million) to EUR 55.4 million in Q1/2019, down from EUR 63,3 million in the previous year's period.

Strengthening of the sales function expressed in the better contract conditions and improvement of production activity led to average revenue per job in euros rose by 6.9% (or EUR 35.5 thousand) in Drilling, Sidetracking and IPM segment.

EBITDA declined by 42.1% to EUR 9.3 million in Q1/2019, EBITDA margin reduced to 15.0% but was kept at sufficient level for the safe cash generation. Also, the cash position reached EUR 153.6 million thereby showing an increase of 21.4% compared to 31 December 2018.
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