EANS-News: Schoeller-Bleckmann Oilfield Equipment AG: Preliminary result for 2020 CNE

Tuesday, 19. January 2021 08:00
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Financial Figures/Balance Sheet

Ternitz/Vienna - 19 January 2021

- Break-even operating result despite massive crisis
- Sound balance sheet due to large liquid funds and net liquidity

Schoeller-Bleckmann Oilfield Equipment AG (SBO) met the challenges of 2020 with
profound crisis expertise and targeted measures to reduce the negative effects
of the COVID-19 pandemic. High liquidity and solid balance sheet strengthened
the company's position. However, the exceptional global situation and associated
drop in demand for oil and gas caused a decline in sales and earnings. The non-
cash asset impairments at North American subsidiaries and restructuring expenses
reported in the first half of 2020 in the amount of MEUR 21.3 had an additional
impact on earnings.

According to the preliminary figures for 2020, SBO's sales arrived at MEUR 291
(2019: MEUR 445.3). The operating result was break-even, but impacted by foreign
exchange losses of MEUR 7. Thus, profit from operations (EBIT) before non-
recurring items was MEUR minus 6 (2019: MEUR 60.8), while EBIT after non-
recurring items amounted to MEUR minus 28 (2019: MEUR 60.2). Profit before tax
came to MEUR minus 31 (2019: MEUR 47.9). Due to the high positive cashflow and
liquid funds of MEUR 314, the company recorded a net liquidity of MEUR 9 (2019:
net debt MEUR 20.1).

"The COVID-19 pandemic has triggered a global economic crisis, which we
naturally could not escape. However, in our cyclical industry, we are
experienced in responding very promptly to a volatile environment. Our strong
cash generation and sound balance sheet provide additional support in such
phases," says CEO Gerald Grohmann. "At the end of the year, an upward trend
began to emerge both in North America and in the international markets,
confirming that the bottom had been reached and we are starting 2021 on a
positive tendency, even if the level will remain low in the first half of the
year."

Note: All figures related to 2020 are preliminary and rounded.

SBO is a leading supplier of tools and equipment for directional drilling and
well completion applications and the global market leader in the manufacture of
high-precision components made of non-magnetic steel. The product offering
ranges from complex customized components for the oilfield service industry to a
selection of high-efficiency solutions and products for the oil and gas
industry. As of 31 December 2020, SBO employed a workforce of 1,131 worldwide
(31 December 2019: 1,535), thereof 353 in Ternitz / Austria and 464 in North
America (including Mexico).

Further inquiry note:
Andreas Böcskör, Corporate Communications	
Schoeller-Bleckmann Oilfield Equipment AG	 
Phone: +43 2630 315 ext 252	
E-Mail: a.boecskoer@sbo.co.at

Ildiko Füredi-Kolarik 
Metrum Communications GmbH 
Phone: +43 1 504 69 87 ext 351 
E-Mail: i.fueredi@metrum.at

end of announcement                         euro adhoc
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issuer:       Schoeller-Bleckmann Oilfield Equipment AG
              Hauptstrasse 2
              A-2630 Ternitz
phone:        02630/315110
FAX:          02630/315101
mail:         sboe@sbo.co.at
WWW:          http://www.sbo.at
ISIN:         AT0000946652
indexes:      WBI, ATX
stockmarkets: Wien
language:     English

EAX0003    2021-01-19/08:00

Related Links: Schoeller-Bleckmann Oilfield Equipment AG
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