EANS-News

C.A.T. oil AG / Business model verified - record operational and financial results in full year 2013 - Seite 2

the great potential of our Company, its strengths and capabilities.
Building upon these fundaments we are determined to archive
further profitable growth in the future."

Top-line growth at the record level

Driven by high operating activity and capacity utilization levels as
well as a favorable service mix, C.A.T. oil's consolidated revenues
went up by 26.7% yoy to a new record of EUR 426.6 million (2012:
EUR 336.8 million), in line with the Company's guidance for 2013.
The strong demand growth for the Company's services is witnessed
by a 16.3% yoy hike in the total job count to 4,006 jobs (2012:
3,444 jobs), whereas an 9.7% yoy rise in the average per job revenue
to TEUR 106 (2012: TEUR 97) underscores the strengthened price
environment and the higher average job size and complexity.

The Company's Well Services segment boosted its revenues by 23.9%
yoy to EUR 227.4 million in 2013 (2012: EUR 183.6 million) mainly
due to a strong upturn in the Company's fracturing job count on
the back of a burgeoning demand for multi-stage fracking services
during the reporting period. Multi-stage fracks surged to 16% of
the Company's total frack jobs (2012: 2%) as Russia's
horizontal drilling footage increased 62% yoy in 2013,
according to the government agency CDU TEK. The segment's job count
increased by 16.5% yoy to 3,772 jobs (2012: 3,237 jobs), whereas
the average per job revenue rose by 6.3% yoy to TEUR 60 (2012: TEUR
57).

Drilling, Sidetracking and IPM segment's revenues staged a 30.4%
growth yoy to EUR 199.5 million (2012: EUR 153.0 million). The
increase was primarily fuelled by a 43.1% yoy expansion in the
Company's drilling and sidetracking footage to 302 thousand meters
(2012: 211 thousand meters). The segment's job count was up 13.0%
yoy to 234 wells and sidetracks (2012: 207 wells and sidetracks),
whereas the share of horizontal wells and sidetracks rose to 48%
of the Company's overall drilling and sidetracking mix (2012: 38%).

Efficiency and cost management drive profitability

Despite swinging operating activity levels and the greater average
job size and complexity, the Company's cost of sales was up only by
20.7% yoy to EUR 341.2 million during the reporting period (2012:
EUR 282.7 million). Driven by the new staff additions to
sidetracking and drilling operations, C.A.T. oil's total weighted
average headcount rose by 10.0% yoy to 2,773 employees (2012:
2,522 employees). Thanks to the continued focus on efficiency gains