EANS-News

Schoeller-Bleckmann Oilfield Equipment AG: Positive operating result despite the prevailing turbulences on the global markets

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Annual Result

Ternitz/Vienna - 17 March 2021.

* Operating result of MEUR 1.2, COVID-19 related reduction in sales to MEUR
291.2
* Exchange losses and non-cash impairments weigh on results, with profit after
tax at MEUR minus 21.7
* High operating cashflow of MEUR 94.3 and net liquidity of MEUR 9.5 strengthen
position

Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the leading ATX index
of the Vienna Stock Exchange, has met the challenges of 2020 with experienced
management team and targeted measures to reduce the negative effects of the
COVID-19 pandemic. Despite the massive crisis resulting therefrom, the SBO Group
generated a break-even operating result. The exceptional global situation and
the drop in demand for oil and gas led to a decline in sales and results. The
high level of cash and net liquidity strengthened the company in this
challenging market environment.

SBO Group sales fell by 34.6% due to the global economic crisis and lower energy
consumption, arriving at MEUR 291.2, down from MEUR 445.3 in 2019. Bookings came
to MEUR 235.1 (2019: MEUR 467.2), a decrease of 49.7%. The order backlog was
MEUR 65.2 at the end of 2020 (31 December 2019: MEUR 123.0). Earnings before
interest, taxes, depreciation and amortization (EBITDA) stood at MEUR 27.1
(2019: MEUR 108.6). Profit from operations was positive at MEUR 1.2, but was
impacted by exchange losses of net MEUR 6.8. As a result, profit from operations
(EBIT) before one-off items was MEUR minus 5.6 (2019: MEUR 60.8). Due to non-
cash impairments at North American subsidiaries and restructuring expenses of
MEUR 22.3, EBIT after one-off items came to MEUR minus 28.0 (2019: MEUR 60.2).
The EBITDA margin was 9.3% (2019: 24.4%), and the EBIT margin was minus 9.6%
(2019: 13.5%).

The financial result in 2020 arrived at MEUR minus 3.2 (2019: MEUR minus 12.3).
Impacted by the one-off items described above, profit before tax dropped to MEUR
minus 31.2 (2019: MEUR 47.9). Profit after tax was MEUR minus 21.7 in 2020
(2019: MEUR 32.3). Earnings per share came to EUR minus 1.38 (2019: EUR 2.03).

"In 2020, the world was faced with the largest economic crisis since World War
II. We could not avoid the effects, but relying on our profound experience in
the management of crises, we navigated safely through the current cycle", says