EQS-News

Petro Welt Technologies AG: PeWeTe Kazakhstan sales almost doubled and number of fracturing jobs increased to 229 - Seite 2

Strong increase in sales in the Well Services and Stimulation segment

The Well Services and Stimulation segment recorded a 48.1% increase in revenue to EUR 8.0 million in the first six months of 2023 (HY1 2022: EUR 5.4 million) due to increased demand for stimulation operations. This was mainly due to an increased number of jobs (HY1 2023: 229 jobs; HY1 2022: 203 jobs), representing a year-on-year growth of 12.8%, as well as a 30.7% improvement in average revenue per job due to executed orders from Acid Fracturing.

 Financial position

Both current assets (–6.1%) and non-current assets (–11.9%) recorded decreases, mainly due to the devaluation of current and non-current receivables denominated in roubles.

Non-current liabilities increased slightly due to interest incurred on a long-term loan to an affiliated company. Due to the negative financial result, PeWeTe’s equity decreased in the reporting period.

 Negative cash flow development

The Group recorded a negative cash flow from operating activities. The main reason for this development was the change in trade payables. Investments amounted to EUR 1.1 million, which were offset by cash inflows from interest and loans. Cash flow from investing activities therefore turned positive. Cash and cash equivalents amounted to EUR 56.4 million in the reporting period and thus decreased slightly compared to the beginning of the year (January 1, 2023: EUR 58.6 million).
 

Key figures		HY1 2023	HY1 2022	Change in %
Revenue	EUR million	8.0	5.4	48.1
EBITDA	EUR million	0.3	-1.1	> 100
EBIT	EUR million	-1.1	-1.5	26.7
EBITDA margin	%	3.8	-20.4
EBIT margin	%	-13.8	-27.7
Group result	EUR million	-16.1	-1.0	> -100