DGAP-News

Petro Welt Technologies AG: Consolidated financial results 2020: Profit before tax shows one of the best performances in the oilfield services industry

DGAP-News: Petro Welt Technologies AG / Key word(s): Annual Report/Annual Results Petro Welt Technologies AG: Consolidated financial results 2020: Profit before tax shows one of the best performances in the oilfield services industry 27.04.2021 / 20:30 The issuer is solely responsible for the content of this announcement. In 2020, revenue in euros amounted to EUR 252.3 million (2019: EUR 298.4 million). EBIT increased to EUR 11.4 million. Although EBITDA decreased slightly to EUR 45.2 million, the EBITDA margin increased from 15.3% in 2019 to 17.9% in 2020. Consolidated profit before tax rose to EUR 13.6 million. Continuing international expansion: first operations of the Group's subsidiary in Romania and establishing a base in Oman. Vienna, April 27, 2021 Petro Welt Technologies AG (PeWeTe), which specializes in oilfield services mainly in Russia and Kazakhstan, has maintained its strong market position and financial strength despite adverse factors resulting from the COVID-19 pandemic, OPEC+ restrictions and the devaluation of the Russian Ruble. Expressed in euros, consolidated revenue declined by 15.4% to EUR 252.3 million. Due to optimization measures, EBIT showed an increase of EUR 3.8 million to EUR 11.4 million. EBITDA amounted to EUR 45.2 million (2019: EUR 45.6 million). The consolidated profit before tax increased to EUR 13.6 million, and net profit rose to EUR 6.7 million. Overall, the profitability of the Group was improved. The cash flow from operating activities decreased to EUR 23.5 million in 2020, down from EUR 36.1 million in 2019. The Company faces challenges through international expansion, investments in equipment and infrastructure, software and personnel development as well as environmental safety in order to maintain its reputation as a technology leader. Petro Welt Technologies AG's financial statements record no distributable profit. Therefore, no dividend will be distributed for 2020. General performance above industry average Despite the challenges posed by the COVID-19 pandemic in 2020, PeWeTe again achieved an above-average performance compared with its main peers. Thanks to targeted restructuring measures and a rapid response to the changed market environment, the Group succeeded in maintaining its financial strength and continued to be based on a self-financing model. An equity ratio of more than 50%, the controlled development of net debt, and solid cash flows are further evidence that PeWeTe is in a strong position today.