EQS-Adhoc 117 0 Kommentare Petro Welt Technologies AG: Q1 2023 results for Petro Welt Technologies AG: Solid order and revenue development, slightly negative EBIT - Seite 2

Revenue of the PeWeTe Group increased by 58.2% to EUR 2.891 million in the reporting period from EUR 1.827 million[1] in the first three months of 2022. This was made possible by a significant expansion of activities in the Kazakh market and the use of new fracturing equipment, which increased operational capacity by 30%.

On this basis, the number of jobs increased by 17 or 22% to 96 fracturing operations in the reporting period (2022: 79).

Gross profit, on the other hand, showed a decrease of 18.4%, caused by an increase in the cost of sales. The reduction in administrative costs, which was achieved at the same time, was not sufficient to achieve a positive operating result. At EUR –0.3 million, EBIT is nevertheless significantly better than last year's EUR –2.1 million. The EBIT margin amounted to –9.8%, compared to –114.9% for the same period last year.

EBITDA was also significantly lower – although clearly positive – at EUR 0.3 million (Q1 2022: EUR 7.9 million). The reason for this reduction is the deconsolidation of the Russian subsidiaries which were sold in 2022.

Taking into account available measures and the existing solid liquidity position of PeWeTe, the management considers that the Company has sufficient financial stability to continue its operational activity for at least the next twelve months from the reporting date, even if the economic environment were to deteriorate significantly. Accordingly, the management has concluded that there is no material uncertainty regarding the Group’s ability to continue as a going concern.

The Q1 2023 Report of Petro Welt Technologies AG is available for download on our website at www.pewete.com.

Key positions		Q1 2023	Q1 2022 adjusted	+/– %	Q1 2022 published
Revenue	EUR million	2.891	1.827	58.2	62.380
EBITDA	EUR million	263	7.939	(96.7)	7.939
EBIT	EUR million	(282)	(2.099)	86.6	1.129
EBITDA margin		9.1%	12.7%	–	12.7%
EBIT margin		(9.8)%	(114.9)%	–	1.8%