EANS-News
C.A.T. oil AG experienced good start in first quarter 2016: Revenues in Rouble and profitability maintained on level of 2015, but exchange rate dynamics puts pressure on consolidated financial statements
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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: • Sales revenues in rouble maintain their level of 2015 •
Rouble declines by 16.9% yoy on average basis • Consolidated sales
revenues in EUR by 16.0% lower • EBITDA margin at satisfying level of
25.3% • Consolidated net result lower by 22.0% at EUR 4.3 million •
Equity base held on high level – equity ratio strengthened • Strong
turnaround in operating cash flow and strong liquidity position •
Full capacity utilization of all plants in 2016 foreseeable
Earnings/Financial Results for the first quarter 2016
In the first three months of 2016 the C.A.T. oil Group experienced a
good start despite the ambivalent economic conditions: The revenues
in Russian Roubles maintained the level of 2015 and the service
operation facilities of the Company were contracted almost up to 100%
for the year 2016. This was performed although the business
environment confronted the industry with some challenges. The Russian
Rouble had continued it's devaluation by 16.9%. The companies of
C.A.T. oil Group carry out almost all their service contracts in
Russian Roubles, whereas the consolidated financial statements are
calculated in Euro. On the other hand, the Brent oil price improved
from the lowest level of 28.6 USD up to 39.6 USD. Unfortunately this
strong recovery was not enough to reanimate investment activities of
oil producers and service fees paid to OFS providers had remained
under pressure.
In this environment C.A.T. oil Group managed to maintain the sales
revenues in Russian Roubles on the same level as in the first quarter
of 2015, which was better than expected. The number of jobs in the
segment Well Services fell by 7.7% to 1,028 due to adjusted demand
from oil companies (also because postponed tender campaign), whereas
in the segment Drilling, Sidetracking and IPM the job count rose by
25.9% to 68 jobs which is mostly related to newly placed rigs and
improved contract conditions.
The consolidated sales revenues in Euro fell from 72.7 EUR million in
the first quarter of 2015 to 61.1 EUR million in the first quarter of
2016. This is a decline of 16% that is better than depreciation of
the Russian Rouble.
Cost of sales went down by 16.2% and amounted in the first quarter of
2016 to 52.0 EUR million. This reduction is justified by higher
Rouble depreciation. As a result, the EBIT dynamics were below the
revenue's development.
Consolidated earnings before interest and taxes (EBIT) contracted by
19.5% in the reporting period to 5.45 EUR millions, thus compressing
the respective margin to 8.9% from 9.3% in the Q1 2015. In the Q1
2015 EBIT amounted to 6.76 EUR millions.
In the first quarter of 2016 the consolidated net result decreased by
22.0% to 4.3 EUR million (Q1 2015: 5.5 EUR million). The decline is
more in comparison with the reduction of EBIT due to marginally
higher taxation rate (18.8% versus 17.1%). Earnings per share amount
to 0.09 EUR in the reporting period after 0.11 EUR in the first
quarter of the previous year.
High profitability and strong operating cash flows EBITDA margin in
the reporting period reached 25.3% and provided a contribution of
15.4 EUR millions. Operating cash flow turned from minus 4.6 EUR
millions in Q1 2015 to 19.3 EUR millions in Q1 2016. The managerial
cash position which is presented as sum of cash and cash equivalents
and bank deposits increased by 50.6% from 40.3 to 60.7 EUR millions.
Confident outlook for 2016 Due to improved economic and market trends
we adjusted our assumptions on exchange rate to 75-77 Russian Rouble
for 1 euro. The management expects revenue from operations in Russian
Rouble to raise by 1 or 2% in 2016. The margins regarding EBIT and
EBITDA are expected to keep their satisfactory level around 12% and
25% respectively. The Management will keep a focus on cost of sales
which are expected to keep their current level in Russian Rouble.
The full report on the first quarter of 2016 is available for
download on our corporate website at www.catoilag.com.
Further inquiry note:
SCHOLDAN&Comp.
Bernhard Grabmayr
office@scholdan.com
+43-1-513 23 88-0
end of announcement euro adhoc
--------------------------------------------------------------------------------
company: C.A.T. oil AG
Kärntner Ring 11-13
A-1010 Wien
phone: +43(0) 1 535 23 20 - 0
FAX: +43(0) 1 535 23 20 - 20
mail: ir@catoilag.com
WWW: http://www.catoilag.com
sector: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
indexes: SDAX, Classic All Share, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt
language: English
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
Subtitle: • Sales revenues in rouble maintain their level of 2015 •
Rouble declines by 16.9% yoy on average basis • Consolidated sales
revenues in EUR by 16.0% lower • EBITDA margin at satisfying level of
25.3% • Consolidated net result lower by 22.0% at EUR 4.3 million •
Equity base held on high level – equity ratio strengthened • Strong
turnaround in operating cash flow and strong liquidity position •
Full capacity utilization of all plants in 2016 foreseeable
Earnings/Financial Results for the first quarter 2016
In the first three months of 2016 the C.A.T. oil Group experienced a
good start despite the ambivalent economic conditions: The revenues
in Russian Roubles maintained the level of 2015 and the service
operation facilities of the Company were contracted almost up to 100%
for the year 2016. This was performed although the business
environment confronted the industry with some challenges. The Russian
Rouble had continued it's devaluation by 16.9%. The companies of
C.A.T. oil Group carry out almost all their service contracts in
Russian Roubles, whereas the consolidated financial statements are
calculated in Euro. On the other hand, the Brent oil price improved
from the lowest level of 28.6 USD up to 39.6 USD. Unfortunately this
strong recovery was not enough to reanimate investment activities of
oil producers and service fees paid to OFS providers had remained
under pressure.
In this environment C.A.T. oil Group managed to maintain the sales
revenues in Russian Roubles on the same level as in the first quarter
of 2015, which was better than expected. The number of jobs in the
segment Well Services fell by 7.7% to 1,028 due to adjusted demand
from oil companies (also because postponed tender campaign), whereas
in the segment Drilling, Sidetracking and IPM the job count rose by
25.9% to 68 jobs which is mostly related to newly placed rigs and
improved contract conditions.
The consolidated sales revenues in Euro fell from 72.7 EUR million in
the first quarter of 2015 to 61.1 EUR million in the first quarter of
2016. This is a decline of 16% that is better than depreciation of
the Russian Rouble.
Cost of sales went down by 16.2% and amounted in the first quarter of
2016 to 52.0 EUR million. This reduction is justified by higher
Rouble depreciation. As a result, the EBIT dynamics were below the
revenue's development.
Consolidated earnings before interest and taxes (EBIT) contracted by
19.5% in the reporting period to 5.45 EUR millions, thus compressing
the respective margin to 8.9% from 9.3% in the Q1 2015. In the Q1
2015 EBIT amounted to 6.76 EUR millions.
In the first quarter of 2016 the consolidated net result decreased by
22.0% to 4.3 EUR million (Q1 2015: 5.5 EUR million). The decline is
more in comparison with the reduction of EBIT due to marginally
higher taxation rate (18.8% versus 17.1%). Earnings per share amount
to 0.09 EUR in the reporting period after 0.11 EUR in the first
quarter of the previous year.
High profitability and strong operating cash flows EBITDA margin in
the reporting period reached 25.3% and provided a contribution of
15.4 EUR millions. Operating cash flow turned from minus 4.6 EUR
millions in Q1 2015 to 19.3 EUR millions in Q1 2016. The managerial
cash position which is presented as sum of cash and cash equivalents
and bank deposits increased by 50.6% from 40.3 to 60.7 EUR millions.
Confident outlook for 2016 Due to improved economic and market trends
we adjusted our assumptions on exchange rate to 75-77 Russian Rouble
for 1 euro. The management expects revenue from operations in Russian
Rouble to raise by 1 or 2% in 2016. The margins regarding EBIT and
EBITDA are expected to keep their satisfactory level around 12% and
25% respectively. The Management will keep a focus on cost of sales
which are expected to keep their current level in Russian Rouble.
The full report on the first quarter of 2016 is available for
download on our corporate website at www.catoilag.com.
Further inquiry note:
SCHOLDAN&Comp.
Bernhard Grabmayr
office@scholdan.com
+43-1-513 23 88-0
end of announcement euro adhoc
--------------------------------------------------------------------------------
company: C.A.T. oil AG
Kärntner Ring 11-13
A-1010 Wien
phone: +43(0) 1 535 23 20 - 0
FAX: +43(0) 1 535 23 20 - 20
mail: ir@catoilag.com
WWW: http://www.catoilag.com
sector: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
indexes: SDAX, Classic All Share, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt
language: English
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