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C.A.T. oil AG Annual Report 2015: Successful operations under challenging market conditions, but currency and oil price stress earnings and financial results in euro
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
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Subtitle: • Results in line with guidance • Revenue in Russian
roubles increased by 4.4% • Sales revenues in euros decreased by
21.8% to EUR 322.5 million • EBITDA contracted by 28.0% to EUR 81.5
million • Consolidated net profit reached EUR 20.3 million in 2015 •
Equity ratio improved from 44.5% to 48.3% • No dividend payment
proposed to AGM to keep key financials strong as a necessary basis
for future development
Financial Figures/Balance Sheet/Publication of Annual report 2015
Operating performance of the Group
2015 was a defining year for C.A.T. oil AG, a year in which the
foundation was laid for the further development of the Group. In
spite of extremely challenging economic conditions, the C.A.T. oil
Group led by a new management team developed satisfactorily, both in
terms of its operating business as well as from a financial point of
view.
The number of service jobs increased from 4,489 in 2014 to 4,975 in
2015, comprising an increase of 10.8%. Revenue generated in Russian
roubles was up by 4.4%. The consolidated financial statements
expressed in euros show a performance slightly above the original
guidance and the expected results. Revenue for the year 2015 totaled
EUR 322.5 million, whereas EBITDA and EBIT amounted to EUR 81.5 and
31.0 million respectively. Accordingly, C.A.T. oil AG performed
clearly better than its peers.
Yury Semenov, CEO, and Valeriy Inyushin, CFO, on the performance of
C.A.T. oil AG: "We are proud of our achieving an increase in the
number of contract scopes and revenues in the local currency despite
the backdrop of the current market environment featuring difficult
conditions for the oil field service business in Russia and CIS. We
maintained our financial solidity by a proactive approach in
managing, by a disciplined cost control and strong balance sheet
structure, enabling us to calmly and confidently look ahead to the
upcoming months. Today, we have already marketed almost all our
operation capacities across all service segments for the year 2016."
The most important business achievements of C.A.T. oil Group in 2015
were as follows:
- The company's market position was maintained in drilling and expanded in
the fracturing segment.
- A sufficient EBITDA margin and operating cash flow continued to be
generated.
- Capex and opex control were optimized.
- The Group business was converted to the self-financing model without the
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