EANS-News

C.A.T. oil AG / Business model verified - record operational and financial results in full year 2013 - Seite 3

and strict cost management, the Company's earnings before
interest, tax, depreciation and amortization (EBITDA) staged a
significant increase of 43.6% yoy to EUR 114.9 million (2012: EUR
80.0 million). Thereby, C.A.T. oil surpassed the upper part of its
EBITDA guidance range of EUR 105 to 110 million for 2013. The
EBITDA margin widened to 26.9% in 2013 from 23.8% in 2012. The
Company more than doubled its earnings before interest and tax
(EBIT) to EUR 64.6 million (2012: EUR 32.1 million), resulting in
the EBIT margin of 15.1% (2012: 9.5%).

Net income advanced by more than 140%

The Company's net financial result improved to EUR -1.9 million from
EUR -2.3 million a year ago, primarily reflecting foreign currency
exchange losses of EUR 0.7 million (2012: gains of EUR 0.7 million)
and net interest expenses of EUR 1.1 million (2012: EUR 3.0
million). Thereby, the Group's net income was up 141.7% yoy to EUR
50.8 million in 2013 (2012: EUR 21.0 million).

Sound balance sheet and plenty of funding capacity

C.A.T. oil's funds from operations increased by 34.1% yoy to EUR
100.1 million (2012: EUR 74.7 million) and cash flow from operating
activities went up by 28.0% yoy to EUR 107.4 million (2012:
EUR 83.9 million). Driven by the successful implementation of
the 2013 investment program aimed at expansion of the Company's
operating capacities by 30% for sidetracking and 10% for
fracturing, capital expenditures surged 71.6% yoy to EUR 64.7
million (2012: EUR 37.7 million). Cash flow from investing
activities was a net outflow of EUR 62.1 million (2012: net outflow
of EUR 35.3 million) and cash flow from financing activities was a
net outflow EUR 45.7 million (2012: net outflow of EUR 39.4 million).

As of 31 December 2013, cash and cash equivalents amounted to EUR
42.6 million, representing an increase of 9.9% from EUR 38.8 million
as of 31 December 2012. The Company had net cash of EUR 24.6
million as of 31 December 2013 compared to net debt of EUR 11.8
million as of 31 December 2012. The Company's equity ratio improved
to 71.4% as of 31 December 2013 from 67.0% as of 31 December 2012.

Proposal for a 40% yoy increase in dividend per share to EUR 0.35

To share the 2013 success with the Company shareholders, the
Management Board and the Supervisory Board will propose a dividend
of EUR 0.35 per share for 2013 at the AGM on 13 June 2014. This
represents an increase of 40% compared to the previous year's
dividend and a payout ratio of around 34%, well above the Company