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Petro Welt Technologies AG: HY1 2020 results of Petro Welt Technologies AG: Improvements in operations and efficiency despite volatile economic and industrial environment

DGAP-News: Petro Welt Technologies AG / Key word(s): Half Year Results Petro Welt Technologies AG: HY1 2020 results of Petro Welt Technologies AG: Improvements in operations and efficiency despite volatile economic and industrial environment 20.08.2020 / 20:15 The issuer is solely responsible for the content of this announcement. HY1 2020 results of Petro Welt Technologies AG: Improvements in operations and efficiency despite volatile economic and industrial environment

• Revenue expressed in euros and rubles, respectively, grew by 12.5% and 16.4%.


• Successful optimization of both the cost of sales and administrative expenses, combined with the growth in revenue, led to an impressive increase in all profit indicators expressed in a double digit percentage.


• Operating cash flow experienced further expansion of 9.3% on a year-on-year basis, preserving the Company's financial reliability.


• Management decided to limit all CapEx programs in the Russian market due to the crisis in the global oil market and the negative impact of the lockdowns related to Covid-19.

Vienna, August 20, 2020

Total Group revenue was EUR 154.0 million in the first half of 2020, up a remarkable 12.5% from EUR 136.9 million in the same period of the previous year. Expressed in Russian rubles, revenue even rose by 16.4%. The Drilling, Sidetracking, and IPM segment remained the main contributor of revenue due to less exposure to the consequences of the OPEC+ agreement and continuing improvement of operational efficiency.

The cost of sales grew at a slower rate, making it possible to substantially boost the Group's gross profit margin from 12.8% in the first half of 2019 to 17.3% in the reporting period. EBIT more than doubled to EUR 13.0 million, in turn pushing the EBIT margin for the first six months of 2020 to 8.4% (HY1 2019: 3.1%).

In the first six months of 2020, Group EBITDA jumped by 24.4% to EUR 29.1 million compared with the same period of the previous year. Accordingly, the EBITDA margin rose to 18.9% in the reporting period, up from 17.1% in 2019.